• Journal of Distribution Science
• /
• v.13 no.10
• /
• pp.73-82
• /
• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• Quality Improvement in Health Care
• /
• v.28 no.2
• /
• pp.30-38
• /
• 2022

Purpose: The Health Insurance Review and Assessment Service (HIRA) in South Korea initiated a quality assessment (QA) program for blood transfusion healthcare services in 2020 to ensure patient safety and appropriate blood use. This study examines the quality of blood transfusion services since the first national QA program for blood transfusion services in Korea. Methods: We analyzed HIRA claims and QA investigation data based on inpatient medical records from all tertiary, general, and primary hospitals between October 2020 and March 2021. The target population was patients aged 18 years and older who received either total knee arthroplasty or red blood cell transfusion. The QA indicators for transfusion healthcare service consisted of four quality indicators and four monitoring indicators. Results: We analyzed the results of QA indicators for transfusion service from the medical records of 189,668 patients from 1,171hospitals and expressed indicators as proportions. The average results for evaluation indicators were as follows: transfusion checklist presence, 64.8%; irregular antibody tests, 61.8%; transfusions in which the hemoglobin levels before transfusion met the transfusion guidelines for patients undergoing total knee arthroplasty, 20.6%, and transfusions in patients undergoing total knee arthroplasty, 59.3%. The average results for monitoring indicators were as follows: transfusion management implementation in medical institutions, 56.9%; preoperative anemia management in anemia patients undergoing total knee arthroplasty, 43.9%; one-unit transfusions, 82.5%; and the transfusion index. Conclusion: The quality of blood transfusion healthcare varied and the assessment revealed that there is scope for improvement. Hospitals require more effective blood transfusion management and this can be facilitated by providing feedback on the QA results about blood transfusion healthcare services to medical institutions, and by disclosing the results to the public.

• Archives of design research
• /
• v.12 no.3
• /
• pp.227-234
• /
• 1999

We paid attention to the fact that a project will always tend to increase in size even if its scope is narrowing. The complexities and multidisciplinary aspects of projects require that the many parts should be put together so that the prime objectives- performance, time, and cost- are met. These aspects lead to the use of teams to solve problems that used to be solved by individuals. Firstly, We surveyed the design companies and their clients on the design projects, and categorized the design task into 5 phases, that are marketing, planning, idea development, presentation, and follow-up. Among the phases, the presentation has the most difficult task, longest processing time, and highest cost, whereas idea development phase has relatively low cost, longer processing time, and more difficult task. Most of the companies used to be faced several bottlenecks on their design projects - time control, budget control, and resource control. Secondly, for improving the project managing process, we adopted that dividing and analyzing the sub critical paths may help in the effective managing.(Badiru, Adedeji B., 1995) Some critical paths require almost as much attention as the critical path since they have a high potential of becoming critical when changes occur in the network. Therefrom we suggest the Total task weight(Gt) as a management formula for the design project management.${Gt=\mathrm{T}\ast\leftthreetimes\ast1/100}$<\TEX> ( Gt = Total task weight, mathrm{T} = Task Weight, \leftthreetimes= Criticality ) Thirdly, In order to support to managing for the design projects, we set up an application system, which is graphically planning and implementing a complex undertaking. It is helpful to make the control of a project easy. The DPMS(Design Project Management System), which has two sub system. One is Project Screening System(PSS), and another Project Managing System(PMS). In PMS, we divided the design project into three modules; Project Planning, Project Implementation, and Project Evaluation. As a result, the DPMS will contribute to supply the control of a project easily and effectively. Also teams are used for making decisions and taking action with the DPMS. But we need to get further studies on the relationships between the whole project and its tasks.

• Korean Institute of Interior Design Journal
• /
• v.19 no.6
• /
• pp.206-213
• /
• 2010

This study, for church architectural amenities for the aged, with a base of 'laws on securing promotion of convenience for the disabled, aged, and pregnant women,' would like to propose improvement program after figuring out church worker (priest)'s willingness for amenities improvement, request of the aged church members, and level of request by different ages of the aged church members and total number of church members. The scope of geographical range for the study is limited to Northern side of Han River in Seoul and the churches with its own building having 500 to 3,000 people attending services, and implementation range, with a base of laws on promotion of convenience, separates specific items into mediation facility, interior facility, sanitary facility, and other facilities. The study selected 40 workers in church and 339 aged church members as subjects. As analysis method for the study, we have measured reliance level of questions by performing reliance test on each question, and performed frequency analysis in order to observe church worker's willingness to improve and request level of the aged church members. And, in order to find out the difference on opinion by the aged church members and total number of church members, we have performed "One way ANOVA," that verifies average difference. For evidence analysis we have verified all of them in attention level of p<.05, and for statistics analysis we have analyzed them using SPSSWIN 12.0 program. We are proposing improvement program based on study and analysis as next: First, since most of church workers have strong willingness to improve amenities we have learned that it is very optimistic to see improvements on church's amenities in the future. Second, since the aged church members' level of request was high on 3 of mediation facilities, elevators, and restrooms, it is desirable to improve mainly with these facilities. Third, the result on level of request for facilities based on the total number of church members revealed that the churches with 1,000-2,000 members have the highest level of request. Thus, we feel that the churches with 1,000-2,000 members should try harder to improve compared with churches with different number of members. Fourth, since the level of request on church amenities by different age group showed that the age group with 65-70 had the highest level of request on all facilities, except elevators, there are needs to apply the opinions of this age group more in depth based on this result.

• International Journal of Contents
• /
• v.11 no.1
• /
• pp.41-51
• /
• 2015

Management systems for electronic library have been developed on the basis of Client/Server or ASP framework in domestic market for a long time. Therefore, both service provider and user suffer from their high cost and effort in management, maintenance, and repairing of software as well as hardware. Recently in addition, mobile devices like smartphone and tablet PC are frequently used as terminal devices to access computers through the Internet or other networks, sophisticatedly customized or personalized interface for n-screen service became more important issue these days. In this paper, we propose a new scheme of integrated management system for electronic library based on SaaS and Web Standard. We design and implement the proposed scheme applying Electronic Cabinet Guidelines for Web Standard and Universal Code System. Hosted application management style and software on demand style service models based on SaaS are basically applied to develop the management system. Moreover, a newly improved concept of duplication check algorithm in a hierarchical evaluation process is presented and a personalized interface based on web standard is applied to implement the system. Algorithms of duplication check for journal, volume/number, and paper are hierarchically presented with their logic flows. Total framework of our development obeys the standard feature of Electronic Cabinet Guidelines offered by Korea government so that we can accomplish standard of application software, quality improvement of total software, and reusability extension. Scope of our development includes core services of library automation system such as acquisition, list-up, loan-and-return, and their related services. We focus on interoperation compatibility between elementary sub-systems throughout complex network and structural features. Reanalyzing and standardizing each part of the system under the concept on the cloud of service, we construct an integrated development environment for generating, test, operation, and maintenance. Finally, performance analyses are performed about resource usability of server, memory amount used, and response time of server etc. As a result of measurements fulfilled over 5 times at different test points and using different data, the average response time is about 62.9 seconds for 100 clients, which takes about 0.629 seconds per client on the average. We can expect this result makes it possible to operate the system in real-time level proof. Resource usability and memory occupation are also good and moderate comparing to the conventional systems. As total verification tests, we present a simple proof to obey Electronic Cabinet Guidelines and a record of TTA authentication test for topics about SaaS maturity, performance, and application program features.

• Asian Pacific Journal of Cancer Prevention
• /
• v.16 no.11
• /
• pp.4549-4553
• /
• 2015

Background: Colorectal carcinoma (CRC) is one of the major causes of cancer death worldwide. Data from the literature indicate differences between the proliferation rate of endothelial cells relative to the morphology growth type, possibly due to origin of specimens (autopsy material, surgery fragments) or quantification methods. Vascular endothelial growth factor (VEGF) is a factor that stimulates the proliferation of endothelial cells. It is expressed in more than 90% of cases of metastatic CRC. Aim: The aim of this study was to evaluate the endothelial cell proliferation and VEGF expression in primary tumors and corresponding liver metastases. Materials and Methods: Our study included 24 recent biopsies of primary tumors and corresponding liver metastases of CRC cases. CD34/Ki67 double immunostaining and RNA scope assay for VEGF were performed. Results: In the primary tumors analysis of VEGFmRNA expression indicated no significant correlation with differentiation grade, proliferative and non-proliferative vessels in the intratumoral and peritumoral areas. In contrast, in the corresponding liver metastases, VEGFmRNA expression significantly correlated with the total number of non-proliferative vessels and total number of vessels. CD34/Ki67 double immunostaining in the cases with poorly differentiated carcinoma indicated a high number of proliferating endothelial cells in the peritumoral area and a low number in the intratumoral area for the primary tumor. Moderately differentiated carcinomas of colon showed no proliferating endothelial cells in the intratumoral area in half of the cases included in the study, for both, primary tumor and liver metastasis. In well differentiated CRCs, in primary tumors, a high proliferation rate of endothelial cells in the intratumoral area and a lower proliferation rate in the peritumoral area were found. A low value was found in corresponding liver metastasis. Conclusions: The absence of proliferative endothelial cells in half of the cases for the primary tumors and liver metastases in moderately differentiated carcinoma suggest a vascular mimicry phenomenon. The mismatch between the total number of vessels and endothelial proliferation in primary tumors indicate that a functional vascular network is already formed or the existence of some mechanisms influenced by other angiogenic factors.

• Journal of Environmental Science International
• /
• v.17 no.8
• /
• pp.891-898
• /
• 2008

This study was conducted to develop the effects of site environmental factors on estimation of site index function for Chamaecyparis obtusa Endlicher stands. We derived nonlinear growth equation and the draw site index curves by applying this estimated equation. This study with Chapman-Richards function showed significant P-value which was less then 0.0001 and $R^2$ value 0.5947. This study was conducted to develop the feasible site index equation of Chamaecyparis obtusa Endlicher. For the table, the data of 82 sample areas that were thought to be without errors among the data of Chamaecyparis obtusa Endlicher sample area located on the value-oriented forest location chart were used and estimated. After analyzing the quantification method I based on 13 environmental factors to develop the score table for the site-index estimation of Chamaecyparis obtusa Endlicher, $R^2$ value of the model was 0.7555. It has been analyzed that the scope value of Soil moisture in horizon A was 7.5045, that of total soil depth was 6.3896, that of topography was 5.3471, that of slope was 4.7000 and that of aspect was 3.2038. After analyzing the partial correlation to examine the factors that affected most the site-index of Chamaecyparis obtusa Endlicher, it has been noted that the partial correlation of climatic zone was 0.4987, which was highest, and it was followed by Soil moisture in horizon A (0.4592), slope (0.4537), topography (0.3299) and total soil depth (0.1035). As a result of conducting the significance test for partial correlation, it has been found that topography, climatic zone, parent rock, slope, altitude, aspect, Soil moisture in horizon A, soil hardness in horizon A and total soil depth were recognized significant with 1% of significance level and sedimentary type and soil texture in horizon A were recognized significant with 5% of significance level.

• Explosives and Blasting
• /
• v.31 no.1
• /
• pp.55-63
• /
• 2013

With increasing needs in power, Singapore is requiring stronger power transmission. Singapore Transmission Cable Tunnel is underground tunnel for transmission system installation such as 400 kV cable. This Transmission Cable Tunnel is 35 km long in total. The North-South Transmission Cable Tunnel is 18.5 km long and there is a total of three (3) contracts; NS1, NS2 and NS3 in respect of the design and construction. The East-West Transmission Cable Tunnel is 16.5 km long, and also there is a total of three (3) contracts; EW1, EW2 and EW3. Among of them, SK E&C has been awarded and operating contract EW2 and NS2. In scope of works, each contract has 3 to 4 shafts which connect aboveground and underground high volt cable and those shafts are used as TBM launching shafts during construction. Transmission Cable Tunnel is undercrossing middle of Singapore and most of shafts are located in urban area. Thus, optimal blasting design satisfying high blasting efficiency as well as blasting vibration limit of Singapore is highly required. Blasting design for large shaft of Singapore Transmission Cable Tunnel follows blasting vibration limits in Singapore and reflects our blasting engineering skills. With Singapore Transmission Cable Tunnel Contract EW2, it is expected that our excellent blasting engineering and performance skills can be delivered to the world.

• Journal of the Society of Disaster Information
• /
• v.17 no.1
• /
• pp.184-193
• /
• 2021

Purpose: In this study, since the operation principle of the CCFL Exit light is the same as that of general lighting equipment, the characteristics of the CCFL Exit light were analyzed by deriving test items that can affect the characteristics of the light source from the KS standard, which is the standard for lamp ballast performance certification of general lighting equipment. Method: The samples used in the experiment were performed on products of two manufacturers for each size, such as large, medium, and small, and the test items were power factor, crest factor, and current harmonic distortion. Result: As a result of the experiment, the power factor showed a value between 0.4 and 0.6 in all samples, which was smaller than the 0.9 value set by KS. The crest factor ranged from 3.6 to 3.7 for large, 4.4 to 4.7 for medium, and 3.5 to 3.7 for small. It showed a value more than two times higher than the KS standard of 1.7. Current total harmonic distortion ranged from 81% to 110%, and considering that the KS standard was less than 20%, it could be confirmed that all samples had a value significantly exceeding the KS standard. Conclusion: The crest factor and current total harmonic distortion may affect the temperature rise of the light source and the burnout of the device. When developing an exit light, if this item is developed within the scope of the KS standard, the quality improvement and maintenance of the exit light will be greatly improved.

• Journal of Korean Society of Transportation
• /
• v.24 no.2 s.88
• /
• pp.65-78
• /
• 2006

This paper investigates the cost structure ot the Korea and Japan railroad industry with respect to density, scale and scope economies as well as productivity growth rate using a generalized trans)og multiproduct cost function model. The paper then assumes that the Korea and Japan railway companies pi·educe three outputs (incumbent railway passenger-kilometers. Shinkansen passenger-kilometers, ton-kilometers of freight) using four input factors (labor, fuel, maintenance, rolling stock and capital). The specified cost function includes foul other independent variables: track lengths to reflect network effects, two dummies to reflect nation and ownership effects, and time trend as a proxy for technical change. The simultaneous equation system consisting of a cost function and three input share equations is estimated with the Zellner's iterative seemingly unrelated regression. The unbalanced panel data used in the paper, a total of 154 observations. are collected from the annual records of the Korea National Railroad (KNR) for the yews $1977{\sim}2003$, Japan National Railways (JNR) for the years $1977{\sim}1984$. seven Japan Railways (JR's) for the years $1987{\sim}2003$. The findings show that the Korean and Japanese railways exhibit product-specific and overall economies of density but product-specific diseconomies of scale with respect to incumbent railway passenger-kilometers, Shinkansen-kilometers and ton-kilometers. However, the railways experience mild overall economies of scale which result from economies of scope associated with the joint production of incumbent railway/Shinkansen and feight, freight/incumbent railway and Shinkansen except Shinkansen/incumbent railway and freight. In addition, the economies of density and scale in the KNR, JR east, JR central, and JR west companies at the point of the years $1990{\sim}2003$ average is generally analogous to the above results at the point of sample average. There also appear to be economies of ssope associated with the joint Production of the incumbent railway and Shinkansen in JR central but diseconomies of scope in JR East and JR West. The findings also indicate that the productivity growth rate of the privately-owned JR's is larger than that of the government-owned KNR.