Earticle

본 연구는 신용등급 변경 가능성과 기업의 재무정책 간의 관계를 조사한다. 기업의 세부 신용등급이 ‘+’ 또는 ‘-’인 경우를 신용등급 변경 가능성이 높은 기업으로 정의하 여, 2011년부터 2022년까지 한국 유가증권시장과 코스닥시장에 상장된 기업들을 대 상으로 분석하였다. 분석 결과, 신용등급 변경 가능성이 높은 기업들은 그렇지 않는 기업들에 비해 자산 대비 더 낮은 부채를 보유하였고, 더 적은 배당을 지급하였으며, 더 많은 현금을 보유하였다. 이러한 결과는 신용등급 변경 가능성이 높은 기업들이 자본 비용을 줄이고 금융기관들의 투자 기준을 충족시키기 위해 보수적인 재무정책을 추구하고 있음을 제시한다. 본 연구는 신용등급과 기업재무정책 간의 관계를 단순 선형관계로서 분석한 이전 연구와 차별화되며, 신용등급 변경 가능성과 다양한 기업재 무정책 사이의 관계에 대해 분석했다는 점에서 관련 문헌에 공헌한다.

Previous studies have examined how credit ratings are associated with corporate financial decisions by focusing on their linear relationship (e.g., Baghai, Servaes, and Tamayo, 2014; Khieu and Pyles, 2016; Jung and Kim, 2018; Kim and Kim, 2019; Jeon and Lee, 2020). However, this relationship is not likely to be linear because market recognition on credit ratings and financial regulations are affected by alphabetic ratings (Kisgen, 2006). For example, firms near credit rating upgrade (a rating designated with "+") or downgrade (a rating designated with "-") have stronger incentives to obtain a credit rating jump or avoid a credit rating downgrade than these not near credit rating change issue, resulting in different corporate financial decisions. In this paper, we thus examine how the likelihood of credit rating changes affects corporate financial policies. We hypothesize that firms near credit rating changes are more likely to have conservative financial policies than these not near rating changes. Our hypothesisis based on two reasoning. First, firms closer to credit rating changes are more likely to pursue conservative financial decisions to reduce the cost of raising capital. Because credit ratings are a significant factor to determine the cost of raising capital, firms near a rating change issue are more concerned about possible changes in their cost of capital. Hence, firms with a plus (minus) rating will be more conservative regarding their financial decisions to obtain the higher rating (maintain the current rating) than these without a plus (minus) rating. Second, firms near a change in rating are likely to choose more conservative policies to meet the investment criteria of financial institutions. Financial institutions face several regulations with respect to their investments. Under the regulations, a firm’s credit rating is one of important criteria to decide the investments of financial institutions. Therefore, firms with a minus (plus) rating are motivated to set greater conservative policiesto maintain current investments (obtain new investments) from financial institutions than these not near a rating change issue. To test our conjecture, we use data on credit ratings to Korean firms over the 2011-2022 period. Following Kisgen (2006), We define firms with a plus (+) or minus (-) rating as these closer to rating changes (upgrade or downgrade). Using the rating outlook data, we also define firms with a "Positive" or "Negative" ("Stable") outlook as these near (not near) rating changes. Moreover, we measure corporate financial policies using a firm’s leverage, dividend, and cash holdings. Our final sample includes 2,736 firm-year observations between 2011 and 2022. We find that firms with a plus or minus rating tend to use less debt, pay less dividend, and hold more cash than these without a plus or minus rating. We further find that firms with a "Positive" or "Negative"outlook are likely to borrow less, pay less dividend, and reserve more cash than these with a "Stable" outlook. The results suggest that firms more prone to rating changes are more likely to have conservative financial policies to reduce the cost of raising capital and meet the investment criteria of financial institutions. In addition, our findings remain consistent after mitigating endogeneity issues subject to reverse causality, omitted variable bias, and measurement errors. Specifically, our results persist when we re-estimate the likelihood of credit rating changes using the rating outlook data and perform propensity score matching analysis and system generalized method of moments (GMM) estimations. Unlike the previous literature that hasexamined on a linear relationship between credit ratings and corporate decisions, this paper contributes to the corporate finance literature by suggesting a non-linear relationship between the likelihood of credit rating changes and corporate financial policies. Furthermore, while existing studies on credit rating changes have focused on capital structure (Kisgen, 2006; Kim, Seol, and Kim, 2007; Kim and Yoon, 2013), earnings management (Kim, 2016), cost behavior (Kim and Chung, 2017), corporate governance (Hong and Kim, 2019), and voluntary disclosure incentive (Kim, 2022), this paper adds to the literature by exploring various corporate financial policies and enriching the understanding of corporate decisions with respect to credit rating concerns.

본 연구는 신용등급 변경 가능성과 기업의 재무정책 사이의 관계를 조사한다. 기업의 세부 신용등급이 ‘+’ 또는 ‘-’인 경우를 신용등급 변경 가능성이 높은 기업으로 정의하여, 2011년부터 2022년까지 한국 유가증권시장과 코스닥시장에 상장된 기업들을 대상으로 분석하였다. 분석 결과, 신용등급 변경 가능성이 높은 기업들은 그렇지 않는 기업들에 비해 자산 대비 더 낮은 부채를 보유하였고, 더 낮은 배당을 지급하였으며, 더 많은 현금을 보유하였다. 이러한 결과는 신용등급 변경 가능성이 높은 기업들이 자본 비용을 줄이고 금융기관들의 투자 기준을 충족시키기 위해 보수적인 재무정책을 추구하고 있음을 제시한다. 본 연구는 신용등급과 기업재무정책 간의 관계를 단순 선형관계로서 분석한 이전 연구와 차별화되며, 신용등급 변경 가능성과 다양한 기업재무정책 사이의 관계에 대해 분석했다는 점에서 관련 문헌에 공헌한다.

본 연구는 기업의 환경, 사회 및 기업 지배구조(Environmental, Social, and Governance; 이하 ESG) 성과가 내부자 거래와 정보비대칭 사이의 관계에 미치는 영향을 분석한다. 2011년부터 2020년까지 한국 유가증권시장과 코스닥시장에 상장된 기업을 대상으로 분석한 결과, 내부자 주식거래와 재무분석가의 이익 예측 오차 및 분산 간의 음(-)의 관계는 ESG 성과가 높은 기업에서 강화되는 것으로 관찰되었다. 이러한 결과는 높은 ESG 성과를 보이는 기업에서 내부자 거래가 제공하는 정보의 투명성과 신뢰성이 향상되어 정보비대칭을 더 많이 감소할 수 있음을 제시한다. 기존 연구와 달리 본 연구는 내부자 거래와 정보비대칭 사이의 관계가 내부자 거래 정보의 질적 측면에 따라 상이할 수 있음을 보였다는 점에서 의의를 갖는다.

There has been an ongoing debate on the impact of insidertrading on financial markets. Insiders can easily access inside information and make abnormal profits through this information advantage, consequently decreasing the confidence of investors in financial markets. In contrast to this negative side, insider trading can positively affect financial markets. Since insider trading provides investors with crucial information that is not publicly released about firms’performance or financial policies, insider trading reduces information asymmetry between firms and investors (Ke, Huddart, and Petroni, 2003; Lustgarten and Mande, 1998; Sivakumar and Vijayakumar, 2001; Kim and Choi, 2010; Sohn, Kim, and Goh, 2009). Insider buying (selling) signals that firms are possibly undervalued (overvalued) or may have good (bad) news, suggesting that insider trading benefits financial markets by decreasing information asymmetry. However, this negative relationship between insider trading and information asymmetry is likely to depend on information quality. Because insider trading in firms that disclose transparent information conveys valuable information to financial markets, the positive effect of insider trading on information asymmetry is expected to increase in these firms. In this reasoning, the relationship between insider trading and information asymmetry is likely to depend on the quality of information that firms provide. Meanwhile, a firm’s environmental, social, and governance (ESG) has received a growing attention from both practitioners and academics over the past decade. ESG is regarded as an important factor for firms to improve a good reputation and achieve sustainable survival (Leem, Cheung, and Son, 2019). Existing studies has examined the relationship between ESG and information asymmetry (Cho, Lee, and Pfeiffer, 2013; Kim, Park, and Wier, 2012; Yoon and Lee, 2019). These studies find that information asymmetry between firms and investors tends to decrease in firms with greater EGS because these firms provide markets with trustworthy information, implying that ESG is likely to improve the quality of information that firms disclose. In line with this extant literature, information quality can affect the relationship between insider trading and information asymmetry, but relatively little is known about this research. Thus, we examine how a firm’s ESG affects the relationship between insider trading and information asymmetry. Since the information quality of firms with more ESG is higher than that of firms with less ESG, the positive effect of insider trading on information asymmetry will be pronounced in firms that invest in more ESG. Based on this discussion, we propose the hypothesis that the negative association between insider trading and information asymmetry strengthens in firms with greater ESG. To test our hypothesis, we use data on Korean firms over the 2011-2020 period. Following existing literature (e.g., Lang and Lundholm, 1996; Krishnaswami and Subramaniam, 1999; Drobetz, Grüninger, and Hirschvogl, 2010), we measure information asymmetry using analysts’forecast errors and dispersion. In addition, we measure insider trading as net insider trading, which is the difference between insider buying and selling in a given year. Furthermore, given that our ESG data comprises six ratings, we define firms with A+, A, or B+ of ESG rating as high ESG firms and these with B, C, or D of ESG rating as low ESG firms, respectively. Our final sample includes 3,531 firm-year observations from 2011 to 2020. We find that the negative relationship between insider trading and analysts’ earnings forecast errors and dispersion is stronger in firms that engage in more ESG. Our results suggest that firms’ ESG is likely to improve the transparency and credibility of insider trading’s information, resulting in a greater decrease in information asymmetry. Further, our findings persist after addressing endogeneity issues such as reverse causality and omitted variable bias concerns. Specifically, our results hold when we conduct various robustness tests including regressions with firm fixed effects, change regressions, and System Generalized Method of Moments (GMM) estimations, and alternative measures of analyst forecasts. While previous studies on insider trading have examined a negative relationship between insider trading and information asymmetry, this paper contributes to the corporate finance literature by showing that the association between insider trading and information asymmetry depends on the information quality of insider trading. Moreover, this study adds to the literature on ESG by focusing on how a firm’s ESG affects information asymmetry.

This study aims at investigating how chosen attributes of bulgogi restaurants have an impact on customer satisfaction and word of mouth intention. To carry out this study, a survey was conducted on the customers who had used bulgogi restaurant in Korea. For randomized convenience samples, 400 copies of a questionnaire were handed out and after disregarding unreliable responses, 380 of them were used for an empirical analysis. The result of this study is as follows: (1) Among chosen attributes has positive effect on customer satisfaction. (2) Customer satisfaction has a positive effect on word of mouth intention. (3) Quality of menu and tradition also has positive effect on word of mouth intention. Such result contributes on establishing marketing strategy for foodservice businesses and suggests implications on marketing.

본 연구는 한국기업을 대상으로 기관투자자의 투자기간과 자사주 매입 간의 관계에 대해 조사하였다. 2004년부터 2017년까지 유가증권시장에 상장된 기업들을 대상으로 분석한 결과, 기관투자자의 투자기간과 투자 대상 기업의 자사주 매입 사이에 유의한 음(-)의 관계가 발견되었다. 특히, 단기 기관투자자의 지분이 높은 기업일수록 더 많은 자사주를 매입하는 것으로 나타났다. 이러한 결과는 단기 기관투자자들이 장기 기관 투자자들과 달리 기업의 성장보다 단기적 주가 상승에 관심이 많고, 주가에 대한 많은 정보를 보유하여 기업의 자사주 매입 후 이어지는 주가 상승으로부터 보다 많은 이익을 취할 수 있기 때문이라 생각된다. 흥미롭게도 기업을 재벌기업과 비재벌기업으로 나누고 기관투자자의 투자기간과 자사주 매입 간의 관계에 대해 조사한 결과, 둘 사이의 유의한 음(-)의 관계는 재벌기업에서만 관찰되었다. 이는 재무적 제약이 적고 지배주주의 지배력이 높은 재벌기업에서 자사주 매입이 더 높은 주가 상승으로 이어지기 때문으로 보인다. 본 연구는 기관 투자자들을 동질적 집단으로 간주하였던 기존 국내 연구들과 달리 기관투자자들의 상이성에 초점을 맞춰 기관투자자들마다 투자 대상 기업의 재무 정책, 특히 자사주 매입 정책에 대한 관심이 다를 수 있음을 보였다는 점에서 의의를 갖는다.

In recent decades, share repurchases have greatly increased (Dittmar and Field, 2015; Floyd, Li, and Skinner, 2015; Sul, Kim, and Jang, 2004). Institutional ownership has also grown during this period, and institutional investors have had an increasingly significant effect on corporate decision making (Gugler, Mueller, and Yurtoglu, 2008; Yun and Kim, 2015). Even so, the existing literature has generally maintained that each institutional investor has unique characteristics. In particular, institutional investment horizons can be a notable dimension of heterogeneity among institutional investors (Bushee, 1998; Gaspar, Massa, and Matos, 2005; Chen, Harford, and Li, 2007; Aghion, Van Reenen, and Zingales, 2013). In this paper, we examine the relationship between institutional investment horizons and share repurchases. We hypothesize that firms with higher short-term institutional ownership engage in more share repurchases than those with lower short-term institutional ownership. Our conjecture is based on two considerations. First, short-term institutional investors are more likely to care more about the capital gains they expect from an increase in a firm’s stock price than they care about the firm’s long-term value. In financial markets with information asymmetry, share repurchases of overvalued firms benefit the shareholders who sell their shares, but such repurchases harm the investors who hold their shares. Accordingly, firms typically repurchase their stocks only when they are undervalued, and then stock repurchases typically stimulate an increase in stock prices (Lucas and McDonald, 1998). Although stock repurchases reduce the information asymmetry between firms and shareholders by providing the market with information on a firm’s intrinsic value, these repurchases may not enhance the firm’s growth or improve its operations. Given that short-term institutional investors may not remain shareholders of the firm for long, those investors are more likely to be concerned with the short-term capital gains that can result from share repurchases. Long-term institutional investors are more concerned with how share repurchases may affect a firm’s long-term value creation. Second, short-term institutional investors often have more information on a firm’s stock prices than long-term institutional investors (Yan and Zhang, 2009). More informed shareholders can make better decisions on a firm’s stock trades, and they can gain more profit from selling their shares. Therefore, more informed shareholders prefer share repurchases that can reap greater capital gains (Brenan and Thakor, 1990). Previous studies (Grinblatt and Titman, 1989; Wermers, 2000; Yan and Zhang, 2009) have indicated that short-term institutional investors are better informed about stock prices, and they tend to realize abnormal profits. Therefore, short-term institutional investors are more likely to prefer stock repurchases. To test our hypothesis, we measure institutional investors’ investment horizons with reference to turnover ratios. Following the literature (Gaspar et al., 2005; Attig, Cleary, El Ghoul, and Guedhami, 2013), we define a turnover ratio as the weighted average of the total portfolio’s churn rates among a firm’s institutional investors. We also use two other proxies for investment horizons, which are measured as the percentages of ownership of a firm held by long- and short-term investors. We define long-term (short-term) investors as those whose turnover ratios are in the bottom (top) tertile. In addition, a firm’s stock repurchases are measured as the amounts paid for stock repurchases, divided by the amounts of total payouts (that is, the sums of cash dividends and stock repurchases). Our final sample represents 3,404 Korean firm-year observations from 2004 to 2017. We find that the investment horizons of institutions are negatively related to share repurchases. In particular, firms that are mainly held by short-term institutional investors tend to make more repurchases. Our findings remain unchanged when we address endogeneity issues subject to measurement error and omitted variable bias. Specifically, our results are robust to using various measures of stock repurchases, and they hold after conducting a propensity score matching procedure and a change regression. Interestingly, we also find that when firms are classified as Chaebol or non-Chaebol firms, the negative association between institutional investment horizons and share repurchases is observed only in the Chaebol firms. Chaebol firms often have fewer financial constraints, due to the presence of internal capital markets. The controlling owners of Chaebol firms also tend to exercise greater control than owners of non-Chaebol firms. These characteristics of Chaebol firms are likely to provide a suitable environment for increased repurchases. Overall, our empirical findings suggest that shorter institutional investment horizons are among the most important factors explaining increased buybacks. Previous studies have analyzed the effects of institutional investors on corporate policies by regarding institutional investors as an homogeneous group. Relatively few researchers have investigated the heterogeneity of institutional investors. This study focuses on examining the differing investment horizons of institutions, and it makes a contribution to the corporate finance literature by examining the determinants of firms’ payout policies. Moreover, we add to the literature on Chaebol firms by showing that firm characteristics appear important for explaining the relationships between institutional investment horizons and stock repurchases.

본 연구는 한국기업을 대상으로 기관투자자의 투자기간과 자 사주 매입 간의 관계에 대해 조사하였다. 2004 년부터 2017 년까지 유가증권시장에 상장된 기업들을 대상으로 분석한 결 과, 기관투자자의 투자기간과 투자 대상 기업의 자사주 매입 사이에 유의한 양(+)의 관계가 발견됐으며, 특히 단기 기관투 자자의 지분이 높은 기업일수록 더 많은 자사주를 매입하는 것으로 나타났다. 이러한 결과는 자사주 매입에 의해 기대되 는 자본 이득(capital gain)이 주식 매각 시에만 실현된다는 점에서 주식을 단기간 보유하는 단기 기관투자자들이 상대적 으로 자사주 매입에 더 집중할 유인이 있기 때문이라 생각된 다. 흥미롭게도 기관투자자의 투자기간과 자사주 매입 간의 양(+)의 관계는 오직 재벌 기업에서만 보여지며, 이는 재벌 기업의 내부자본시장이 자사주 매입을 위해 필수되는 재무적 유동성을 증가시킬 수 있음을 시사한다.

In this paper, we examine how institutional investment horizons influence share repurchases in Korea. Using s ample of Korean public firms over the period of 2004-2017, we find that the investment horizons of institutions are positively related to share repurchases. Moreover, firms held by short-term investors make more repurchases because those investors care about the expected capital gain from the short-term price reaction of buybacks. Interestingly, this effect remains only in Chaebol firms. Given that Chaebol firms have less financial constraints by the presence of internal capital markets, this characteristic of Chaebol firms is likely to provide a suitable environment to increase repurchases. Overall, our empirical findings suggest that shorter institutional investment horizons might be one of important factors to explain the increasing buybacks.

비대칭정보인 경영자의 유형(type)과 행위(action)로 인하여 경영자는 기회주의적인 동기로 기업의 이익을 재량적으로 조정하고 사적이익을 추구할 수 있으며 경영자를 선별(screening), 감시 (monitoring)하는 메커니즘을 필요로 한다. 특히 현직을 유지하고자 하는 경영자의 참호형성 (management entrenchment) 유인에 의하여 재량적 이익조정이 발생할 수 있다. 본 연구는 경영 자가 자신의 직위와 사적이익을 위하여 기업의 회계이익을 일정 정도 재량적으로 조정할 수 있는 상황에서 신용등급이 기회주의적 재량적 이익조정을 통제하는 도구로서 기능하는지 실증적으로 분석한다. 또한 신용등급이 경영자 교체에 미치는 영향을 추정하여 내부통제기능을 수행하는 외 부기제로서 역할을 하는지 실증적으로 분석한다. 본 연구의 실증분석은 신용등급이 재량적 이익 조정을 통제하고 감소시키는 추정결과를 초보적으로 제시한다. 신용등급이 경영자 교체에 미치는 영향은 추정결과의 유의성과 일관성이 낮아서 경영자 교체에 대한 자료 상의 추가적인 통제를 필 요로 한다.

Type and activity of management are the main factors of effective operation and termination of business projects of a firm, leading to key determinants firm value. Since the type and activity of management are asymmetric information, a firm needs to design mechanism for screening and monitoring the management. Management entrenchment under asymmetric information can cause discretionary earnings management and restraint in effective management replacement. This paper examines whether credit rating plays a role as an internal control device to constrain discretionary earnings management and to facilitate expedite effective management replacement while limiting management entrenchment and private benefit acquired from discretionary earnings management. This paper shows clear evidence that credit rating controls management entrenchment for private benefits and discretionary earnings management. In turn, this evidence provides implication that credit rating provides a mechanism controlling the management’s discretionary decision making and accounting reports for boosting up income numbers.

The purpose of this study is to explore and deduct important factors of image enhancement, operational system improvement and space vitalization on the Seoul National Cemetery. This study attempted to deduct and analyze important factors on image enhancement, operational system and vitalization plan. Moreover, this study attempted to conduct the analysis using the general statistical processing method based on the demographical data obtained from the questionnaire research on the basis of the understanding that the identity of the specialist is ambiguous when AHP is used under the improvement of operational system improvement and space activation of the Seoul National Cemetery. And it attempted to analyze the cross-tabs of demographical characteristics by professional group to make an in-depth understanding of the specific contents. Finally, This study was made to find out the degree of importance through the case revealed that improve operational system and activate space of the Seoul National Cemetery. The results of the study are as follows, First, it was found that it is to introduct local · foreign tourist program. Second it was found that complex cultural space is the most important factor for the improvement of operational system and space vitalization. Third, it was found that to form a friendly space.

방대한 콘텐츠가 생산되고 소비되면서 빅데이터를 활용한 개인 추천 서비스가 최근 주목 받고 있다. 개인 추천 서비스를 위하여 개인 정보나 콘텐츠 평가 정보를 수집하는 것은 서비스 제공자 입장에서 중요해지고 있다. 기존 연구들은 적은 평점 정보로 더 나은 추천을 제공할 수 있는 알고리즘을 제안하거나, 평점의 양을 늘리기 위한 서비스 디자인을 제시하였다. 그러나 추천서비스 사용자가 어떤 동기로 평점을 입력하고, 서비스를 지속적으로 사용하는지에 대한 연구는 거의 없었다. 본 논문에서는 추천 서비스를 사용하고 있는 사용자들을 심층 인터뷰하여 평점 입력의 동기와 평점의 의미에 대하여 탐구하였다. 그 결과, 서비스를 경험 하면서 평점의 의미와 활용 정도가 달라짐을 알 수 있었다. 초기 평점을 입력할 때에는 과거 경험에 대한 데이터베이스를 구축하는 의미로 활용하였고, 초기 평점 단계를 지나면 현재의 느낌과 생각을 반영하는 도구로 활용하였다. 이 과정에서 자신의 평점 체계를 정교하게 다듬으며 자신만의 의미를 부여하는 모습을 보였다. 마지막 단계에서는 자신의 평점 체계뿐만 아니라 다른 사람의 평점 체계나 평점의 의미를 읽어내고 적극적으로 활용하는 모습을 보인다. 서비스에서 제공하는 알고리즘의 한계를 파악하고 있기 때문에 서비스의 추천을 불신하기도 하였다. 연구 결과를 바탕으로 추천 서비스에 대한 실무적 시사점을 도출하였다.

Research on personalized recommender service that uses big data has gained considerable attention given the increasing volume of contents being created. This development indicates the need for service providers to collect personal information and content rating data to personalize content recommendations. Previous studies on this topic proposed algorithms to offer improved recommendations using minimal rating data or service designs and increase the number of ratings. However, limited studies have been conducted on the factors that motivate the ratings input of users, as well as the factors that influence their continuous usage of recommender service. The present study explored the factors that motivate users to enter ratings by conducting in-depth interviews with users who use recommender services. The meanings of these ratings were also explored. Results show that the meaning and usage range of ratings differed based on the stage of a user's with utilization of the service. When users input an initial rating, they treat such a rating as a database to save the impression of a past experience. Such a rating is then used as a tool to reflect the current feeling and thoughts of a user. In the end, users were not only interested in their own rating system, but they also actively sought out the meaning of the rating systems of others and utilized them. Users also expressed mistrust in the recommendations of the service because they were aware of the limitation of the algorithms. This study identified a number of practical implications regarding recommender services.

현재 우리사회에 확산되어 있는 불법도박은 그 규모면에서 결코 간과할 수 없을 정 도로 추정되고 있으며, 질적인 측면에서는 스마트폰이나 인터넷 등을 이용한 신종 불 법도박에 이르기 까지 그 단속이 점점 어려워질 정도로 지능화되는 양상을 띠고 있 다. 특히 개인 간에 은밀하게 행해지는 불법도박은 최근에 사기에 의하며 이루어지거 나 폭력조직이 개입하여 폭력을 행사하는 등 사회적 해악도 극심한 것으로 드러나고 있다. 따라서 불법도박이 우리사회에서 어느 정도로 확산되어 있고, 또한 구체적 실태 와 그것이 가져오는 개인적 ․ 사회적 심각성과 폐해가 어떠한지 파악하여 불법도박 을 조속히 근절하는 방안을 모색하여야 할 것이다.

Can not ignore illegal gambling that is currently spreading in our society, in terms of scale never enough is estimated, and the qualitative aspects of the Internet using a smartphone or swine ranging from illegal gambling crackdown increasingly difficult quality so intelligentaspect has been carried out. Made or shall be made in fraud in recent gang violence to the intervention, such as social harm done covertly between individuals illegal gambling is revealed severe that. Illegal gambling in our society and spread to some extent, also the concrete realities and it brings personal measures to eradicate illegal gambling as soon as possible by identifying abuses and social seriousness about will be sought.

Background: Hemiplegic patients have the problems of the balance and weight shifting to the affected leg in walking. The aim of this study was to investigate the effect of unilateral stepping exercise combined with auditory feedback on balance and walking ability of the hemiplegic patients. Methods: Thirty hemiplegic patients were allocated in study group (n=15) or control group (n=15). General exercise and weight supporting exercise were conducted for the control group, and general exercises and unilateral stepping exercise combined with auditory feedback were conducted for the study group. Exercise were conducted three times a week for six weeks. Balance ability was measured by Berg Balance Scale (BBS), postural assessment scale for stroke (PASS), and performance-oriented mobility assessment (POMA). Walking ability was measured by time up and go test (TUG), 10m walk test (10mWT), and six minutes walk test (6MWT). Results: Balance and walking ability were significant increased in both group (p<.05). Balance and walking ability of the study group were more increased than that of the control group (p<.05). Conclusions: Unilateral stepping exercise combined with auditory feedback is more effective than weight supporting exercise to increase on balance and walking ability for the hemiplegic patients.

Objective To demonstrate the utility of Scale for the Assessment and Rating of Ataxia (SARA) for evaluation of posterior circulation-related features in patients with mild stroke. Methods Forty-five subjects, diagnosed with acute infarction in the cerebellum, basis pontis, thalamus, corona radiata, posterior limb of internal capsule, and their National Institutes of Health Stroke Scale (NIHSS) scores ≤5 were enrolled. SARA scores were graded by the cut-off value of severity in dependency of activities of daily living (ADL). SARA, Berg Balance Scale (BBS), Timed Up-and-Go (TUG), and Trunk Control Test (TCT) were correlated in regression analysis with the modified Rankin Scale (mRS) at discharge. Correlation between SARA and other tools was analyzed. Patients were divided based on mRS at admission (group A, mRS 0?2; group B, mRS 3?5). Scores between the two groups were compared. Results Among the subjects, 48.9% (22/45) scored above 5.5 on SARA, and even 11.1% (5/45) scored higher than 14.25, which is the cut-off value of ‘severe dependency’ in ADL. SARA showed significant value for prediction of mRS at discharge. SARA was correlated with BBS (r=-0.946, p<0.001), TUG (r=-0.584, p<0.001), and TCT (r=-0.799, p<0.001). The SARA, BBS, TUG, and TCT scores between were lower in group B than in group A patients. SARA as well as BBS, TUG, and TCT reflect the functional severity of all patients. Conclusion SARA is a complementary tool for evaluation of the severity of ataxia in mild stroke patients with features of posterior circulation.

Objective To investigate the changes of activation of the abdominal muscles depending on exercise angles and whether the activation of rectus abdominis differs according to the location, during curl up and leg raise exercises, by measuring the thickness ratio of abdominal muscles using ultrasonography. Methods We examined 30 normal adults without musculoskeletal problems. Muscle thickness was measured in the upper rectus abdominis (URA), lower rectus abdominis (LRA), obliquus externus (EO), obliquus internus (IO), and transversus abdominis (TrA), at pre-determined angles (30o, 60o, 90o) and additionally at the resting angle (0o). Muscle thickness ratio was calculated by dividing the resting (0o) thickness for each angle, and was used as reflection of muscle activity. Results The muscle thickness ratio was significantly different depending on the angles in URA and LRA. For curl up?URA p=0 (30o<60o), p=0 (60o>90o), p=0.44 (30o<90o) and LRA p=0.01 (30o<60o), p=0 (60o>90)o, p=0.44 (30o>90o), respectively, by one-way ANOVA test?and for leg raise?URA p=0 (30o<60o), p=0 (60o<90o), p=0 (30o<90o) and LRA p=0.01 (30o<60o), p=0 (60o<90o), p=0 (30o<90o), respectively, by one-way ANOVA test?exercises, but not in the lateral abdominal muscles (EO, IO, and TrA). Also, there was no significant difference in the muscle thickness ratio of URA and LRA during both exercises. In the aspect of muscle activity, there was significant difference in the activation of RA muscle by selected angles, but not according to location during both exercises. Conclusion According to this study, exercise angle is thought to be an important contributing factor for strengthening of RA muscle; however, both the exercises are thought to have no property of strengthening RA muscle selectively based on the location.

Objective To analyze the differences in the vertical ground reaction force (GRF) variables of hemiplegic patients compared with a control group, and between the affected and unaffected limbs of hemiplegic patients using foot scans. Methods Patients (n=20) with hemiplegia and healthy volunteers (n=20) underwent vertical force analysis. We measured the following: the first and second peak forces (F1, F2) and the percent stances at which they occurred (T1, T2); the vertical force impulse (VFI) and stance times. The GRF results were compared between the hemiplegic patients and control individuals, and between the affected and unaffected limbs of hemiplegic patients. Additionally, we analyzed the impulse of the unaffected limb according to the motor assessment scale (MAS), Brunnstrom stage, and a Timed Up and Go Test. Results The F1s and F2s of the affected and unaffected limbs were significantly less than those of the normal control individuals (p<0.05). The T1s of both the affected and unaffected limbs of the patients were greater than control individuals, whilst the T2s were lower (p<0.05). Greater impulses and stance times were recorded on both sides of the patients than in the limbs of the control individuals (p<0.05). The MAS, Brunnstrom stage and Timed Up and Go Test results were significantly correlated with the VFI of the unaffected limbs (p<0.05).Conclusion The high impulse values of the unaffected limb were associated with complications during gait rehabilitation. Therefore, these results suggest that unaffected limbs should also be taken into consideration in these patients.

Objective To compare transverse abdominis (TrA) contractility in stroke patients with hemiparesis and healthy adults using musculoskeletal ultrasonography.Methods Forty-seven stroke patients with hemiparesis and 25 age-matched healthy control subjects participated in this study. Stroke patients were divided into three groups on the basis of their degree of ambulation. Group A consisted of 9 patients with wheelchair ambulation, group B of 23 patients with assisted ambulation, and group C of 15 patients with independent ambulation. Inter-rater reliability regarding ultrasonographic measurement of abdominal muscle thickness in the control group was assessed by two examiners. The TrA contraction ratio (TrA contracted thickness/TrA resting thickness) was measured during abdominal drawing-in maneuver and was compared between the patients and the control group and between the ambulation groups.Results The inter-rater reliability ranged from 0.900 to 0.947. The TrA contraction ratio was higher in the non-paretic side than in the paretic side (1.40±0.62 vs. 1.14±0.35, p<0.01). The TrA contraction ratio of the patient group was lower in the non-paretic side as well as in the paretic side than that of the control group (right 1.85±0.29, left 1.92±0.42; p<0.001). No difference was found between the ambulation regarding the TrA contraction ratio.Conclusion The TrA contractility in hemiparetic stroke patients is significantly decreased in the non-paretic side as well as in the paretic side compared with that of healthy adults. Ultrasonographic measurement can be clinically used in the evaluation of deep abdominal muscles in stroke patients.

Objective To observe the changes in protein expression induced by botulinum toxin A (BoNT-A) injection and to characterize the molecular and cellular action of mechanisms of BoNT-A injection on skeletal muscles using proteomic elements as biomarkers.Methods BoNT-A was injected into left gastrocnemius muscles of 12 Sprague-Dawley rats (2 months of age) at a dosage of 5 units/kg body weight. For the controls same volume of normal saline was injected to right gastrocnemius muscle of each rat. Muscle samples were obtained at 4 time points (3 rats per time point): 3, 7, 14, and 56 day post-injection. To reveal the alterations in muscle protein, we performed 2-dimensional electrophoresis (2DE) and compared Botox group and normal saline group at each time point. Altered protein spots in 2DE were identified using matrix-assisted laser desorption/ionization-time-of-flight mass spectrometer (MALDI-TOF MS) proteomics analysis.Results Compared with normal saline group, 46 protein spots showed changed protein expression. Twelve protein spots demonstrated increased volume and 34 protein spots demonstrated decreased volume. Among spots of decreased volume, 17 spots showed statistically significant differences. Thirty-eight identified proteins were associated with alterations in energy metabolism, muscle contractile function, transcription, translation, cell proliferation, and cellular stress response.Conclusion BoNT-A gives influences on muscle contractile function and energy metabolism directly or indirectly besides neurotoxic effects. Proteomic expression provides better understanding about the effect of BoNT-A on skeletal muscle.