As Internet and information technology (IT) continues to develop and evolve, the issue of big data has emerged at the foreground of scholarly and industrial attention. Big data is generally defined as data that exceed the range that can be collected, stored, managed and analyzed by existing conventional information systems and it also refers to the new technologies designed to effectively extract values from such data. With the widespread dissemination of IT systems, continual efforts have been made in various fields of industry such as R&D, manufacturing, and finance to collect and analyze immense quantities of data in order to extract meaningful information and to use this information to solve various problems. Since IT has converged with various industries in many aspects, digital data are now being generated at a remarkably accelerating rate while developments in state-of-the-art technology have led to continual enhancements in system performance. The types of big data that are currently receiving the most attention include information available within companies, such as information on consumer characteristics, information on purchase records, logistics information and log information indicating the usage of products and services by consumers, as well as information accumulated outside companies, such as information on the web search traffic of online users, social network information, and patent information. Among these various types of big data, web searches performed by online users constitute one of the most effective and important sources of information for marketing purposes because consumers search for information on the internet in order to make efficient and rational choices. Recently, Google has provided public access to its information on the web search traffic of online users through a service named Google Trends. Research that uses this web search traffic information to analyze the information search behavior of online users is now receiving much attention in academia and in fields of industry. Studies using web search traffic information can be broadly classified into two fields. The first field consists of empirical demonstrations that show how web search information can be used to forecast social phenomena, the purchasing power of consumers, the outcomes of political elections, etc. The other field focuses on using web search traffic information to observe consumer behavior, identifying the attributes of a product that consumers regard as important or tracking changes on consumers' expectations, for example, but relatively less research has been completed in this field. In particular, to the extent of our knowledge, hardly any studies related to brands have yet attempted to use web search traffic information to analyze the factors that influence consumers' purchasing activities. This study aims to demonstrate that consumers' web search traffic information can be used to derive the relations among brands and the relations between an individual brand and product attributes. When consumers input their search words on the web, they may use a single keyword for the search, but they also often input multiple keywords to seek related information (this is referred to as simultaneous searching). A consumer performs a simultaneous search either to simultaneously compare two product brands to obtain information on their similarities and differences, or to acquire more in-depth information about a specific attribute in a specific brand. Web search traffic information shows that the quantity of simultaneous searches using certain keywords increases when the relation is closer in the consumer's mind and it will be possible to derive the relations between each of the keywords by collecting this relational data and subjecting it to network analysis. Accordingly, this study proposes a method of analyzing how brands are positioned by consumers and what relationships exist between product attributes and an individual brand, using simultaneous search traffic information. It also presents case studies demonstrating the actual application of this method, with a focus on tablets, belonging to innovative product groups.
With the development of media, the methods for the documentation of intangible cultural heritage have been also developed and diversified. As well as the previous analogue ways of documentation, the have been recently applying new multi-media technologies focusing on digital pictures, sound sources, movies, etc. Among the new technologies, the documentation of intangible cultural heritage using the method of 'Motion Capture' has proved itself prominent especially in the fields that require three-dimensional documentation such as dances and performances. Motion Capture refers to the documentation technology which records the signals of the time varing positions derived from the sensors equipped on the surface of an object. It converts the signals from the sensors into digital data which can be plotted as points on the virtual coordinates of the computer and records the movement of the points during a certain period of time, as the object moves. It produces scientific data for the preservation of intangible cultural heritage, by displaying digital data which represents the virtual motion of a holder of an intangible cultural heritage. National Research Institute of Cultural Properties (NRICP) has been working on for the development of new documentation method for the Important Intangible Cultural Heritage designated by Korean government. This is to be done using 'motion capture' equipments which are also widely used for the computer graphics in movie or game industries. This project is designed to apply the motion capture technology for 3 years- from 2005 to 2007 - for 11 performances from 7 traditional dances of which body gestures have considerable values among the Important Intangible Cultural Heritage performances. This is to be supported by lottery funds. In 2005, the first year of the project, accumulated were data of single dances, such as Seungmu (monk's dance), Salpuri(a solo dance for spiritual cleansing dance), Taepyeongmu (dance of peace), which are relatively easy in terms of performing skills. In 2006, group dances, such as Jinju Geommu (Jinju sword dance), Seungjeonmu (dance for victory), Cheoyongmu (dance of Lord Cheoyong), etc., will be documented. In the last year of the project, 2007, education programme for comparative studies, analysis and transmission of intangible cultural heritage and three-dimensional contents for public service will be devised, based on the accumulated data, as well as the documentation of Hakyeonhwadae Habseolmu (crane dance combined with the lotus blossom dance). By describing the processes and results of motion capture documentation of Salpuri dance (Lee Mae-bang), Taepyeongmu (Kang seon-young) and Seungmu (Lee Mae-bang, Lee Ae-ju and Jung Jae-man) conducted in 2005, this report introduces a new approach for the documentation of intangible cultural heritage. During the first year of the project, two questions have been raised. First, how can we capture motions of a holder (dancer) without cutoffs during quite a long performance? After many times of tests, the motion capture system proved itself stable with continuous results. Second, how can we reproduce the accurate motion without the re-targeting process? The project re-created the most accurate motion of the dancer's gestures, applying the new technology to drew out the shape of the dancers's body digital data before the motion capture process for the first time in Korea. The accurate three-dimensional body models for four holders obtained by the body scanning enhanced the accuracy of the motion capture of the dance.
Up to this day, mobile communications have evolved rapidly over the decades, mainly focusing on speed-up to meet the growing data demands of 2G to 5G. And with the start of the 5G era, efforts are being made to provide such various services to customers, as IoT, V2X, robots, artificial intelligence, augmented virtual reality, and smart cities, which are expected to change the environment of our lives and industries as a whole. In a bid to provide those services, on top of high speed data, reduced latency and reliability are critical for real-time services. Thus, 5G has paved the way for service delivery through maximum speed of 20Gbps, a delay of 1ms, and a connecting device of 106/㎢ In particular, in intelligent traffic control systems and services using various vehicle-based Vehicle to X (V2X), such as traffic control, in addition to high-speed data speed, reduction of delay and reliability for real-time services are very important. 5G communication uses high frequencies of 3.5Ghz and 28Ghz. These high-frequency waves can go with high-speed thanks to their straightness while their short wavelength and small diffraction angle limit their reach to distance and prevent them from penetrating walls, causing restrictions on their use indoors. Therefore, under existing networks it's difficult to overcome these constraints. The underlying centralized SDN also has a limited capability in offering delay-sensitive services because communication with many nodes creates overload in its processing. Basically, SDN, which means a structure that separates signals from the control plane from packets in the data plane, requires control of the delay-related tree structure available in the event of an emergency during autonomous driving. In these scenarios, the network architecture that handles in-vehicle information is a major variable of delay. Since SDNs in general centralized structures are difficult to meet the desired delay level, studies on the optimal size of SDNs for information processing should be conducted. Thus, SDNs need to be separated on a certain scale and construct a new type of network, which can efficiently respond to dynamically changing traffic and provide high-quality, flexible services. Moreover, the structure of these networks is closely related to ultra-low latency, high confidence, and hyper-connectivity and should be based on a new form of split SDN rather than an existing centralized SDN structure, even in the case of the worst condition. And in these SDN structural networks, where automobiles pass through small 5G cells very quickly, the information change cycle, round trip delay (RTD), and the data processing time of SDN are highly correlated with the delay. Of these, RDT is not a significant factor because it has sufficient speed and less than 1 ms of delay, but the information change cycle and data processing time of SDN are factors that greatly affect the delay. Especially, in an emergency of self-driving environment linked to an ITS(Intelligent Traffic System) that requires low latency and high reliability, information should be transmitted and processed very quickly. That is a case in point where delay plays a very sensitive role. In this paper, we study the SDN architecture in emergencies during autonomous driving and conduct analysis through simulation of the correlation with the cell layer in which the vehicle should request relevant information according to the information flow. For simulation: As the Data Rate of 5G is high enough, we can assume the information for neighbor vehicle support to the car without errors. Furthermore, we assumed 5G small cells within 50 ~ 250 m in cell radius, and the maximum speed of the vehicle was considered as a 30km ~ 200 km/hour in order to examine the network architecture to minimize the delay.
The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPSt), and independent variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt). We hypothesized that firms adjust partially the gap between the current dividend per share(DPSt) and the target payout ratio(Ω) each year, when the past dividend per share(DPSt-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPSt), explanatory variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt), and control variables are the current capital expenditure ratio(CEAt), the current leverage ratio(LEVt), the current operating return on assets(ROAt), the current business risk(RISKt), the current trading volume turnover ratio(TURNt), and the current dividend premium(DPREMt). In these control variables, CEAt, LEVt, and ROAt are the determinants suggested by the residual dividend theory and the agency theory, ROAt and RISKt are the determinants suggested by the dividend signaling theory, TURNt is the determinant suggested by the transactions cost theory, and DPREMt is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.