본 연구는 유가증권시장 및 코스닥에 상장된 기업을 대상으로 CEO의 나이와 기업위험 간 관계를 분석하였다. 실증분석결과, 본 연구는 CEO의 나이가 적을수록 기업위험이 증가함을 발견하였다. 그리고 CEO의 나이에 따라 50세 미만, 50세에서 59세, 그리고 60세 이상 등과 같이 분류하여, 50세 미만의 CEO가 기업위험을 보다 적극적으로 추구하고 있음을 확인하였다. 본 연구의 결과는 관측될 수 없는 기업특성을 통제하기 위한 기업 고정효과 모형과 관찰할 수 없는 CEO의 개별 특성을 고려하기 위한 CEO 고정효과 모형을 추정하여도 동일한 것으로 관찰되었다. 더불어, 성향점수매칭으로 CEO의 연령대에 따른 기업특성의 차이를 통제하여도 본 실증결과는 강건하였다. 나아가, 50세 미만의 CEO를 가리키는 더미변수와 CEO 과신 간 상호작용 항은 유의한 양(+)의 추정계수를 갖는 것으로 관찰되었다. 즉, 젊은 CEO들이 자기 과신으로 인해 위험을 더욱 추구하려는 유인을 갖고 있는 것으로 해석될 수 있다. 반면, CEO 지분 간 상호작용 항은 유의하지 않은 것으로 나타났는데, 이러한 결과는 젊은 CEO들이 보유한 지분과는 관계없이 위험을 적극적으로 추구할 유인이 있음을 뜻한다. 끝으로, 전체 표본기업을 재벌 기업과 비재벌 기업으로 구분하여도 본 연구의 결과는 동일한 것으로 관찰되었다. 본 연구는 한국 기업의 젊은 CEO가 위험을 보다 적극적으로 추구할 유인이 존재하기 때문에, 평판 또는 능력과 같은 비금전적 보상을 적절하게 제공하는 것이 기업위험을 관리하는 데에 중요하다는 시사점을 제공한다.
The aim of this investigation was to examine the influence of extrusion on dietary fiber profile and the content of bioactive compounds, rutin and quercetin in young sprout, whole seed, and matured stem of Tartary buckwheat. WSI(water soluble index) is increased by a function of both screw profile and process temperature, compared to control in different parts of Buckwheat. Also, WSI of ME is increased more than 5.2 times in grain, compared to that of control. The effect of precooking by extrusion on the dietary fiber profile of buckwheat flour was evaluated. Precooking by extrusion significantly increased SDF in flour, although in most cases extrusion decrease in TDF a little. The thermo-mechanical treatment undergone by the buckwheat flour during extrusion led to redistribute part IDF fraction to SDF, leading to an increase in the latter. The content of rutin was increased about two fold in extruded flour of sprout, compared to in control. This increase maybe why these compounds are released from cell wall by high shear processing under high temperature.
Morus alba (Mulberry) leaves were exposed to fermentation for varying amounts of time: no fermentation (0 min, MANF), medial fermentation (10 h, MAMF), and full fermentation (24 h, MAFF). The chemical compositions of the teas were determined and compared with those of commercial Camellia sinensis teas. The results showed that mulberry leaf teas contained significantly higher amounts of ash and fat than Camellia sinensis tea. Compared with Camellia sinensis teas, all mulberry leaf teas contained significantly more total free amino acids (24.26~54.25㎎ L-glutamic acid equivalent g-1), but the concentration of caffeine was relatively low for mulberry leaf teas. High thiamine, riboflavin, and niacin contents were found in all mulberry leaf teas, but ascorbic acid and pyridoxine were found at higher levels in Camellia sinensis teas than in mulberry leaf teas. Color measurements demonstrated that mulberry leaf tea infusions generally had lower a* (greenness) and b* (yellowness) values than Camellia sinensis tea infusions. All infusions exhibited low turbidity levels (less than 10%). The contents of total phenols were measured as 71.8 and 74.9㎎ 100 ㎖-1 infusion in MANF and MAFF, respectively, but the MAMF tea infusion showed significantly lower total phenols (64.6㎎ 100㎖-1 infusion). The total flavonoid contents of mulberry leaf tea infusions were lower (8.9~20.6㎎ 100 ㎖-1 infusion) than those of Camellia sinensis teas and thus had lower antioxidant capacities (DPPH: 326.8~526.9 μM trolox equivalent g-1 and FRAP: 364.6~387.6 μM trolox equivalent g-1) than Camellia sinensis teas. The amounts of Υ-aminobutyric acid (GABA) and rutin were higher in fermented mulberry leaf teas; the level of GABA increased with increasing fermentation time and the content was highest in MAFF, but rutin content was highest in MAMF.
【This study was performed to determined the antioxidant activities, anticancer and immuno-activities of anthocyanin fraction from Rubus coreanus Miquel fruits (Bokbunja). Anthocyanin fraction extracted from Bokbunja revealed the presence of three anthocyanin components, which were tentatively identified as cyanidin 3-O-sambubioside, cyanidin 3-O-xylosylrutinoside and cyanidin 3-O-rutinoside using RP-HPLC/DAD/MS. The anthocyanin fraction from Bokbunja always showed reducing power and high scavenging activities against DPPH, hydroxy radical (OH) and superoxide anion radical ( $O_2{^-}$ ) similar to general synthetic antioxidant and polyphenol compounds from plant origin. Anthocyanin fraction from Bokbunja showed high inhibition on proliferation of LNCaP and A549 cells and did not inhibit the proliferation of other cancer cells. Immuno-activities of Anthocyanin fraction from Bokbunja were investigated, it showed high promotion of human B and T cells growth about 50% and secretion of IL-6 and TNF- ${\alpha}$ by treatment after 6 days. Over all, the result of the study suggest that anthocyanin fraction from Bokbunja displays antioxidant activity comparable to that general synthetic antioxidant, also, anthocyanin fraction from Bokbunja are expected to be good candidate for development into source of anticaner and immuno-activator agent in food industry.】
본 연구의 목적은 반응표면분석법을 통해 최적화한 뽕잎과 오디 혼합비율을 기본 녹두죽에 첨가하여 고혈압 개선에 도움을 줄 수 있는 기능성 죽을 개발하는 것이다. 뽕잎분말과 오디분말을 독립변수로 하였고, 칼륨, 나트륨, GABA, C3G, rutin 및 flavonoid를 종속변수로 하여 뽕잎분말과 오디분말의 최적 혼합비율을 모니터링 하고자 하였다. 반응표면분석법을 이용하여 산출된 뽕잎분말과 오디분말의 최적 혼합비율 함량은 뽕잎분말 함량 5.41 g, 오디분말 함량 2.65 g이었다. 이때 종속변수들의 최적 함량은 칼륨 함량이 1,844.22 mg/100 g, 나트륨 함량이 52.74 mg/100 g, GABA 함량은 139.98 mg/100 g, C3G 함량은 1,134.89 mg/100 g, rutin 함량은 101.56 mg/100 g 및 flavonoid 함량은 201.28 mg/100 g으로 나타났다. 최적 혼합비율의 뽕잎분말(5.41 g)과 오디분말(2.65 g)을 첨가한 기능성 죽을 제조하여 일반성분과 무기질 함량 분석을 한 결과 수분 함량은 88.54 g, 탄수화물 함량은 8.77 g, 단백질 함량은 2.24 g, 지방 함량은 0.04 g, 조회분 함량은 0.41 g으로, 최적 혼합비율의 뽕잎분말과 오디분말을 첨가한 녹두죽의 탄수화물, 단백질, 지방, 조회분 및 무기질 함량이 뽕잎과 오디의 혼합분말이 첨가되지 않은 기본 녹두죽보다 모두 높았다. 결론적으로 최적 혼합비율의 뽕잎분말과 오디분말이 첨가된 기능성 죽은 고혈압 개선에 도움을 줄 수 있는 칼륨, 나트륨, GABA, C3G, rutin 및 flavonoid와 같은 기능성 성분이 우수하여 고혈압 환자의 혈압개선에 도움을 줄 수 있을 것이다.
It is not surprising that executives take more money than employees do. In recent years, however, great attention has been shown to the question of whether executive’s compensation is too much. Since the 1997 financial crisis, with the introduction of the U.S. compensation regimes, employees in Korean firms are expected to find the ever-increasing pay gap between executive and employees as unfair. So far, very little has been done in this direction. Therefore, this study’s main objective is to draw policy implications as to whether Korea’s pay gap is indeed justified and provides empirical evidence on employees’ incentives and behaviors with compensation-related managers, by examining how the pay gap between executives and employees affects firm productivity. In addition, by estimating managerial ability following Demerjian et al. (2012) and then exploring how the managerial ability affects the relationship between pay gap and firm productivity, this study investigates whether there are differences in employees’ perception over whether executives’ overpay is the pay they deserve.
In light of the above, this study hypothesizes that pay gap between executives and employees makes a negative impact on firm productivity and that the negative effect is amplified in firms with low managerial abilities, and test the two hypotheses for firms listed on the KSE (Korean Stock Exchange) and KOSDAQ (Korean Securities Dealer Quotation). Using 17,731 firm-year observations listed on two Korean stock markets between 2002 and 2017, this study finds a negative relationship between pay gap (measured as the logarithm of the ratio of the annual average cash pay of executives to that of employees) and firm productivity (measured as sales per employees or total factor productivity). A tentative explanation for this result is that most employees in Korean listed firms believe that their executives’ pay is unjustifiably high. This sentiment seems to support the equity theory of Adams (1965) or the relative deprivation theory suggested by Crosby (1976) and Martin (1981) for Korean listed firms. Meanwhile, based on the managerial abilities of firms, this study reports that the negative effect of pay gap between executives and employees only occurs in low managerial ability firms. Employees in firms with low managerial ability may consider their executives’ overpay as unfair, while those in firms with high managerial ability accept the executives’ pay as deserving.
This study conducts some additional tests. Two main findings remain robust in firm-fixed effect model to alleviate an endogeneity problem from omitted variable bias, in two-stage regressions using peer-firm pay gaps as an instrumental variable to consider a potential reverse causality, and in a dynamic panel data model of Arellano and Bond (1991) for controlling for inter-temporal persistence of firm productivity. Finally, this study tests whether main findings appear differently in subsamples divided into Chaebol and non-Chaebol firms and manufacturing and non-manufacturing firms. The negative effect of pay gap between executives and employees is pronounced for non-Chaebol firms or manufacturing firms than in Chaebol firms or non-manufacturing firms. Specially, this study finds the results that two hypotheses are supported in all subsamples except for Chaebol firms. This study first presents empirical evidence on the effect of pay gap between executives and employees on productivity of Korean listed firms. Furthermore, this study also contributes to useful evidence concerning the equity theory or relative deprivation theory by exploring how managerial ability is associated with the relationship between pay gap and firm productivity. The findings in this study may be used as reference for how pay for executives should be determined so as not to impede productivity and then as information to enhance productivity of Korean firms in pay-related decision makings considering managers’ abilities.
고추냉이의 향미를 형성하는 sinigrin과 allyl isothiocyanate 함량 조절 가능성을 보기위해 황을 함유하는 비료 중 유황, 황산마그네슘, 황산가리, 황산암모늄을 처리한 결과, 생육수량의 경우 추비용 황 함유 비료 처리시 생산수량이 3-18% 감소하였다. sinigrin의 경우 황 함유 비료를 추비로 하지 않은 구에서의 함량과 큰 차이를 나타내지 않았으나, Allyl isothiocyanate의 경우 유황의 추비를 제외하고 모든 황함유 비료를 추비하는 경우 추비를 하지 않은 대조구에서 보다 높은 함량을 나타내었다. 특히 황산가리를 추비로 시용하는 경우 allyl isothiocyanate 함량이 약 404.4 mg/gDW으로 나타나 황 함유 비료를 추비로 하지 않은 대조구에서의 함량 303.1 mg/gDW 보다 100mg/gDW 이상 높은 결과를 나타내었으며 황함유 비료 중 가장 높은 수준으로 검정되었다. 이러한 것은 추출과 분석과정에서 sinigrin이 myrosinase에 의해 가수분해 되어 allyl isothocyanate가 생성되기 때문이며 고추냉이에서의 향미성분의 분석은 sinigrin의 함량과 함께 allyl isothiocyanate의 함량을 검정하는 것이 애초 고추냉이에 포함되어진 sinigrin의 함량을 예측할 수 있는 방법이 될 것으로 생각된다. 줄기에서도 유사하게 검정되어 황 함유 비료를 추비하지 않은 대조구에서 allyl isothiocyanate 함량이 86.3 mg/gDW이 검출된데 반하여 황산가리를 첨가하는 경우 437.9 mg/gDW을 나타내어 5배 이상 증가되는 것을 확인하였다. 황 함유 비료를 추비하는 모든 구에서 황함유 비료를 추비하지 않은 대조구에 비하여 allyl isothiocyanate 함량이 증가되는 것을 확인할 수 있었다. 이러한 결과를 통해 황 함유 비료를 이용한 고추냉이 잎의 향미 제어기술 개발이 가능할 것으로 판단된다.
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