논문 : 배당의 미래이익 예측력과 외국인투자자

강태구 ( Tae Goo Kang ),이창우 ( Chang Woo Lee ),남혜정 ( Hye Jeong Nam ) 명지대학교 금융지식연구소 2013 금융지식연구 Vol.11 No.3

본 연구는 배당의 미래이익 예측력이 외국인 투자자들의 지분율에 따라 어떻게 달라지는지 검증하였다. 일반적으로 배당지급은 기업의 미래이익을 예측하는 데 유용한 정보로 여겨지고 있으나, 이에 대한 실증연구결과들은 혼재되어 있다. 또한 배당의사결정과 관련된 연구들은 투자자들의 배당선호현상에 따라 기업의 배당의사결정이 영향을 받고 있음을 제시하고 있으며, 특히 우리나라의 경우, 배당의사결정에 외국인투자자가 미치는 영향이 매우 높게 나타나고 있다. 이는 특정투자자집단의 배당요구가 높은 경우, 기업의 배당의사결정이 미래이익에 대한 사적정보의 전달수단이기 보다는 단기적으로 배당에 대한 투자자들의 요구를 반영한 결과로 나타날 수 있음을 보여준다. 나아가 이러한 배당의사결정은 배당의 미래이익 예측력을 낮게 만들 것으로 예측된다. 본 연구는 배당의 미래이익 예측력을 재검증하고, 나아가 외국인지분율에 따라 배당의 미래이익예측력이 달라지는지 검증하였다. 먼저, 배당의 미래이익 예측연구들은 자기자본이익률(ROE)의 평균회귀(mean reverting)현상과 배당증가 또는 배당감소가 이익변화에 미치는 비대칭적 영향을 고려하고 있으나, 이익변화에 영향을 미치는 여러 가지 변수들을 통제하지 않고 있다. 따라서 본 연구는 선행연구에서 제시되고 있는 기업규모(SIZE), 성장성(SGR), 부채비율(LEV), 그리고 연도더미를 추가하여, 이를 통제하고 난 후에도 배당의 미래이익예측력이 여전히 존재하는지 검증하였다. 둘째, 배당의 미래이익 예측력이 기업의 배당의사결정에 영향을 미치는 특정집단에 의하여 달라지는지 검증하였다. 2000년부터 2007년까지 배당지급을 한 6,720 기업-년 표본을 대상으로 분석한 결과, 기본 모형뿐만 아니라 여러 통제변수를 포함한 모형에서도 우리나라 기업들의 배당변화는 미래 1년 뒤의 이익변화와 유의한 양의 관계를 나타냈으나, 미래 2년 뒤의 이익변화와는 유의하지 않았다. 또한 이익변화에 영향을 미치는 변수들을 추가한 모형의 설명력(R2=0.46)이 기본모형의 설명력(R2=0.28)보다 급격히 증가함을 알 수 있었다. 그러나 이러한 관계는 외국인지분율을 통제할 경우, 유의하지 않게 나타났다. 이는 기업의 배당의사결정이 미래전망에 근거하여 이루어지기보다는 특정투자자집단의 배당요구를 반영하는 수단으로 사용되고 있음을 보여준다. 즉 우리나라의 경우, 배당의사결정이 외국인투자자들의 배당요구를 반영하여 이루어짐을 알 수 있다. 본 연구는 대부분의 선행연구들이 외국인투자자와 배당성향간의 동시적인 관계에 대한 결과들을 제시한 반면에, 외국인투자자가 우리나라 기업들의 배당의사결정에 미치는 영향과 함께 배당의 미래이익예측력의 관점에서 살펴보았다는 점에 의의가 있다. This paper investigates whether the dividend payout predicts future earnings and the predictability varies depending on the proportion of investors. Specifically, this paper examines the effect of foreign investors on the relationship between dividend change and the predictability of future earnings in Korean firms. Reasoning from the hypothesis that dividend changes convey new information about a firm`s future profitability, a dividend increase is seen as a positive signal about the firm`s future earnings and profitability. However, the results from prior studies are controversial. Some papers have suggested that dividend changes would mean different things depending on a firm`s dividend policy and the motives behind its managers` decision to pay dividends. In addition, a firm`s governance is considered as one of important factors that affects dividend policy. In the Korean security market, foreign investors owned about 38% of the stock in 2007. As the percentage of foreign ownership had grown, many researchers have analyzed the effect of this ownership on dividend policy. However, prior studies found mixed results and have focused on the association between foreign investors and the level of the dividend or dividend change. They also suggest that predictability of dividend on future earnings is influenced by applied assumption on earnings and other factors like governance as well. We revisit the dividend signaling issue in the light of the catering theory of dividends suggested by Baker and Wurgler (2004). Lintner (1956) argued that managers unwilling to change payout ratio without any important change on the firm`s future performance. Won and Kim (1992) report that managers are more likely to be concerned about the internal factors such as net income, divisible surplus, predicted future performance, and the shareholders` preference for dividend policy. More importantly, several studies suggest that the foreign investors have a significant effect on the Korean market. Park (2004) reports that foreign investors` participation in firms generally pushes up the dividend payments while pulling down investments made in facilities no matter which industry a company is in. Sul and Kim (2006) show that those companies whose majority shareholders are foreign investors tend to pay higher dividends than others whose majority shareholders are domestic investors. In contrast to negative effect of foreign investor, there are empirical studies claiming positive impact of foreign investor in Korean market. Ahn, Shin, and Chang (2005) suggest that foreign investors prefer firms with lower information asymmetry. The study also shows that foreign investors can effectively monitor the management of firm in lessening information asymmetry. Similarly, Park and Lee (2006) suggest that foreign investors` participation in investment of domestic firms can help them make more efficient management decision by improving their corporate governance. Thus, Park and Lee claim that it is problematic to generalize the negative role of foreign investors in the Korean market. Based on this argument, we predict that if foreign investors play an effective monitoring role in a dividend policy, dividend change for firms with higher level of foreign investors is a good indicator in predicting future earnings than for firms with lower level of foreign investors. However, if foreign investors play a negative role in dividend decision process, predictability of dividend decreases. We test this prediction by using the modified model with several control variables that can affect earnings changes. Using 6,720 observations from 1993 to 2007, we find that the dividend change predicts future earnings for next one year relative to the dividend change year. Specifically, the coefficient on RDIV is 0.045 (t=6.85) and this indicates the dividend increases is a good indicator in predicting future earnings. When it comes to model specification, adjusted R2 of modified model is greater than that of the basic model, which means that the modified model is well specified in explaining earnings changes. The result of the effect of foreign investors on predictability of dividend is not significant. This finding implies that managers, on average, decide to pay dividend as a response to demand from foreign investors.

Projections of summertime ozone concentration over East Asia under multiple IPCC SRES emission scenarios

Lee, Jae-Bum,Cha, Jun-Seok,Hong, Sung-Chul,Choi, Jin-Young,Myoung, Ji-Su,Park, Rokjin J.,Woo, Jung-Hun,Ho, Changhoi,Han, Jin-Seok,Song, Chang-Keun Elsevier 2015 Atmospheric environment Vol.106 No.-

<P><B>Abstract</B></P> <P>We have developed the Integrated Climate and Air Quality Modeling System (ICAMS) through the one-way nesting of global–regional models to examine the changes in the surface ozone concentrations over East Asia under future climate scenarios. Model simulations have been conducted for the present period of 1996–2005 to evaluate the performance of ICAMS. The simulated surface ozone concentrations reproduced the observed monthly mean concentrations at sites in East Asia with high R<SUP>2</SUP> values (0.4–0.9), indicating a successful simulation to capture both spatial and temporal variability. We then performed several model simulations with the six IPCC SRES scenarios (A2, A1B, A1FI, A1T, B1, and B2) for the next three periods, 2016–2025 (the 2020s), 2046–2055 (the 2050s), and 2091–2100 (the 2090s). The model results show that the projected changes of the annual daily mean maximum eight-hour (DM8H) surface ozone concentrations in summertime for East Asia are in the range of 2–8 ppb, −3 to 8 ppb, and −7 to 9 ppb for the 2020s, the 2050s, and the 2090s, respectively, and are primarily determined based on the emission changes of NO<SUB>x</SUB> and NMVOC. The maximum increases in the annual DM8H surface ozone and high-ozone events occur in the 2020s for all scenarios except for A2, implying that the air quality over East Asia is likely to get worse in the near future period (the 2020s) than in the far future periods (the 2050s and the 2090s). The changes in the future environment based on IPCC SRES scenarios would also influence the change in the occurrences of high-concentrations events more greatly than that of the annual DM8H surface ozone concentrations. Sensitivity simulations show that the emissions increase is the key factor in determining future regional surface ozone concentrations in the case of a developing country, China, whereas a developed country, Japan would be influenced more greatly by effects of the regional climate change than the increase in emissions.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Change in ozone level is determined by the combination of NO<SUB>x</SUB> and NMVOC emissions. </LI> <LI> Ozone level over East Asia would get worse in the near future (the 2020s) than far future. </LI> <LI> A high-concentration event generally increases and more frequently occurs in the future. </LI> <LI> Change in ozone air quality in a developing country depends more on emissions change. </LI> <LI> Change in ozone air quality in a developed country depends more on climate change. </LI> </UL> </P>

전통주 주박의 항혈전 활성 평가

김미선(Mi-Sun Kim),이예슬(Ye-Seul Lee),김종식(Jong Sik Kim),신우창(Woo-Chang Shin),손호용(Ho-Yong Sohn) 한국생명과학회 2014 생명과학회지 Vol.24 No.8

전통주 주박을 이용한 고부가가치 식품소재 개발을 위해, 상업적 시설에서 생산된 3종 약주(J-B, J-S, J-Y) 및 2종 탁주(J-H, J-W) 주박의 ethanol 추출물 및 열수 추출물을 조제하고 이들의 혈액응고 저해활성, 혈소판 응집저해 활성 및 인간 적혈구 용혈활성을 평가하였다. 5종 주박의 pH는 3.90~4.29로 유사하였으나, brix는 5.0~27.0으로 다양하게 나타났으며, 수분 및 알코올 함량에서도 시료에 따라 1.8배의 차이를 나타내었다. 주박의 색차와 성분은 첨가된 부재료 및 사용누룩에 좌우되었으며, J-W 주박의 경우 수분함량이 80.3%, brix 13, 알코올 함량 1.8%를 함유하여 다른 주박에 비해 다양한 식품제조에 용이하게 이용 가능하리라 판단되었다. Ethanol 추출효율은 J-H, J-W, J-B, J-S, J-Y의 순, 열수 추출효율은 J-S, J-B, J-W, J-H, J-Y의 순으로 높았으며, 총폴리페놀 및 총플라보노이드함량은 ethanol 추출물 중에서는 J-H, 열수 추출물 중에서는 J-Y 주박에서 가장 높았다. 5종 주박의 10종 추출물은 모두 5 mg/ml 농도까지 인간 적혈구에 대한 용혈활성이 나타나지 않았으며, J-B, J-S, J-Y의 약주 주박의 ethanol 추출물에서 유의적인 혈액응고저해 활성이 나타났으며, J-W 탁주 주박의 열수 추출물에서 thrombin 저해 활성과 J-B, J-S 및 J-H 주박 열수 추출물에서 혈액 응고인자 저해활성을 확인하였다. 혈소판 응집저해 활성평가의 경우 J-W 탁주 주박의 ethanol 및 열수 추출물에서만 아스피린에 필적하는 우수한 활성이 확인되었다. 본 연구결과는 다양한 약주 및 탁주 주박이 항혈전 활성을 가지고 있으며, 주박으로부터 항혈전제 개발이 가능함을 제시하고 있다. In this study, ethanol and hot water extracts of lees from Korean traditional wine (J-B, J-S, J-Y, J-H, and J-W) were prepared, and their effects on blood coagulation, platelet aggregation, and hemolysis of human red blood cells (hRBCs) were investigated to develop functional food ingredients from lees. The pH and brix of the lees ranged from 3.90 to 4.29 and 5.0 to 27.0o, respectively, and there was a huge difference in the water and ethanol content among the lees. The nuruk and additives used affected the color and physicochemical properties of lees. The J-W takju made from only rice and traditional nuruk, which has 13o brix and 1.8% of alcohol, has potential as functional food ingredient. With regard to the extraction yields of lees, higher yields were obtained from J-H, which contains different medicinal plants, in ethanol, followed by J-W, J-B, J-S, and J-Y. Higher extraction yields of lees were obtained from J-S in hot water, followed by J-B, J-W, J-H, and J-Y, respectively. The ethanol extract of J-H and the hot water extract of J-Y had the highest contents of total polyphenol and total flavonoids among the lees extracts. The 10 lees extracts did not show hemolysis activity against hRBCs up to 5 mg/ml. In an anticoagulation activity assay, the ethanol extracts of three yakju lees (J-B, J-S, and J-Y) and the hot water extract of J-W inhibited thrombin activity, whereas the hot water extract of J-B, J-S, and J-H inhibited blood coagulation factors. In an antiplatelet aggregation activity assay, only the J-W takju lees showed significant inhibition activity. Our results suggest that lees from traditional wine had high potential as a novel antithrombosis agent.

Effect of Total Hip Arthroplasty on Ipsilateral Lower Limb Alignment and Knee Joint Space Width: Minimum 5-Year Follow-up

Choi Yun Seong,Park Jung-Wee,Kim Tae Woo,Kang Kee Soo,Lee Young-Kyun,Koo Kyung-Hoi,Chang Chong Bum 대한의학회 2023 Journal of Korean medical science Vol.38 No.20

Background: This study aimed to 1) assess the effect of total hip arthroplasty (THA) on coronal limb alignment, namely, the hip–knee–ankle angle (HKA), 2) identify factors that determine changes in the HKA, and 3) determine whether alignment changes influence the knee joint space width. Methods: We retrospectively evaluated 266 limbs of patients who underwent THA. Three types of prostheses with neck shaft angles (NSAs) of 132°, 135°, and 138° were used. Several radiographic parameters were measured in the preoperative and final radiographs (at least 5 years after THA). A paired t-test was used to confirm the effect of THA on HKA change. Multiple regression analysis was performed to identify radiographic parameters related to HKA changes following THA and changes in knee joint space width. Subgroup analyses were performed to reveal the effect of NSA change on the HKA change, and the proportion of total knee arthroplasty usage and changes in radiographic parameters between maintained joint space and narrowed joint space groups were compared. Results: The preoperative mean HKA was 1.4° varus and increased to 2.7° varus after THA. This change was related to changes in the NSA, lateral distal femoral angle, and femoral bowing angle. In particular, in the group with a decrease in NSA of > 5°, the preoperative mean HKA was largely changed from 1.4° varus to 4.6° varus after THA. The prostheses with NSA of 132° and 135° also led to greater varus HKA changes than those with an NSA of 138°. Narrowing of the medial knee joint space was related to changes in the varus direction of the HKA, decrease in NSA, increase in femoral offset. Conclusion: A large reduction in NSA can lead to considerable varus limb alignment after THA, which can have adverse effects on the medial compartment of the ipsilateral knee.

Which Environmental Factors Caused Lammas Shoot Growth of Korean Red Pine?

Lee, Chang-Seok,Song, Hye-Gyung,Kim, Hye-Soo,Lee, Bit-Na-Ra,Pi, Jeong-Hoon,Cho, Yong-Chan,Seol, Eun-Sil,Oh, Woo-Seok,Park, Sung-Ae,Lee, Seon-Mi The Ecological Society of Korea 2007 Journal of Ecology and Environment Vol.30 No.1

Lammas growth, a rare phenomenon for Korean red pine (Pinus densiflora), occurred in 2006. Lammas shoots showed higher frequency and longer length in Seoul's hotter urban center than in urban boundary or suburban forest sites. Frequency and length showed a close correlation with urbanization density and vegetation cover expressed in NDVI. Air temperature in the late summer of 2006 was more than $1^{\circ}C$ higher than an average year. Of the predominant environmental signals that modulate bud flush, only temperature changed significantly during the year. Differences in temperature between the urban centers, urban boundaries and suburban forests correlated with varying land-use density. The rise in temperature likely spurred lammas growth of the Korean red pine. Symptoms of climate change are being detected throughout the world, and its consequences will be clearer in the future. Considerate interest in the responses of ecological systems to the variable changes is required to prepare for unforeseeable crises. Monitoring of diverse ecological phenomena at Long Term Ecological Research sites could offer harbingers of change.

Predictive Risk Assessment Using Cooperation Concept for Collision Avoidance of Side Crash in Autonomous Lane Change Systems

Hyunsoo Lee,Chang Mook Kang,Wonhee Kim,Woo Young Choi,Chung Choo Chung 제어로봇시스템학회 2017 제어로봇시스템학회 국제학술대회 논문집 Vol.2017 No.10

We present an innovative approach to risk assessment using cooperation concept for collision avoidance of side crash for autonomous lane change system. The cooperation concept is proposed to check an available space in the target lane for lane change in a short period of the future. Before moving to the target lane, the ego vehicle needs to check whether the object vehicle is cooperative or not for the lane change. The object vehicles are indexed as cooperative driver (CD) or non-cooperative driver (NCD) through the conditions based on the relative longitudinal acceleration and the collision free time. If the object vehicle is CD, the ego vehicle moves toward the target lane within the original lane for the preparation of the lane change. The ego vehicle should keep its lateral position within the original lane until the situation for the lane change becomes safe. As soon as the risk assessment becomes safe, the lane change is performed. Therefore, lane change can be started in advance compared to the conventional methods. The proposed method was validated via computational simulation and experimental results.

췌장염에 의한 가성낭종내에 생긴 가성동맥류 : 1례 보고

오연희,이채경,김승현,이성우,양창현,이정호,이영현 동국대학교 경주대학 1996 東國論集 Vol.15 No.-

만성 췌장염의 합병증으로 생긴 가성동맥류는 드문질환으로, 반복적으로 다량의 출혈을 일으킬 수 있으며, 치료를 하지 않을 경우 사망율이 높기 때문에, 조기 진단과 치료가 필수적이다. 저자들은 38세 남자 환자에서 췌장염의 합병증으로 생긴 가성낭종내에서 발생한 가성동맥류 1예를 경험하였기에 보고하는 바이다. 가성 동맥류의 색혈류도플러상 낭종내에 양방향 흐름의 와류를 볼 수 있었다. Pancreatic Pseudoaneurysm within Pseudocyst from Pancreatitis: 1 Case Department of Diagnostic Radiology and Internal Medicine, College of Medicine,DongGuk University Yeon Hee OH M.D., Chae Kyeong Lee M.D., Seoung Hyeon Kim M.D., Sung Woo Lee M.D., Chang Heon Yang M.D., Jung Ho Lee M.D., Young Hyun Lee M.D. Pseudoaneurysm from pancreatitis is uncommon, but it can cause recurrent and massive hemorrhage. Because of high morbidity and mortality, early detection and treatment of the pseudoaneurysm is needed. We report a case of pseudoaneurysm within pseudocyst from pancreatitis. Color-flow Doppler sonography shows bidirectional flow and turbulent arterial flow, within anechoic mass.

Long second toe: its nail and skin changes

( Geun-hwi Park ),( Woo-il Kim ),( Min-young Yang ),( Won-ku Lee ),( Tae-wook Kim ),( Sung-min Park ),( Hyun-joo Lee ),( Gun-wook Kim ),( Hoon-soo Kim ),( Hyun-chang Ko ),( Byung-soo Kim ),( Moon-bum 대한피부과학회 2018 대한피부과학회 학술발표대회집 Vol.70 No.2

Background: Nail can be affected by trauma, infection, and systematic disorders. In particular, the toe nails are exposed to the repeated and cumulative minor traumas, which usually result in thickened, splitted, and discolorated nails. Considering these, it can be inferred that the long second toe can be related to various nail and skin changes by repeated minor traumas such as friction in shoes, but the study or report on this topic hasn’t been done yet. Objectives: The purpose of this study was to introduce various nail and skin changes on long second toe. Methods: We analyzed the kinds of nail/skin changes of 50 patients with long second toe, enrolled at Pusan National University Hospitals (Busan and Yangsan) from 2013 to 2018. Results: There was no significant difference in the incidence of left and right toe and toenail, and 7 (14%) patients presented bilateral distribution. The most common nail change on long second toe was melanonychia (23, 46%), followed by subungual hematoma (15, 30%), onycholysis (2, 4%), subungual hyperkeratosis (2, 4%), onychomadesis (1, 2%), and retronychia (1, 2%). The most common skin change was corn (9, 18%), followed by paronychia (2, 4%). Twenty (20/50, 40%) patients also had other toe or toenail changes. Among them, the most common site was big toe/nail (13, 62%), and the most common change was subungual hematoma (8, 42%). Conclusion: Through this study, the dermatologists can recognize and diagnose the nail and skin changes of long second toe.

Carotenoids 식이와 알코올이 혈액학적 성분과 간조직에 미치는 영향에 관한 연구

조만희,김연선,이상한,우기민,장예진,김창세 순천향의학연구소 1999 Journal of Soonchunhyang Medical Science Vol.5 No.2

Alcohol is well known agent which can damage the human tissues such as liver via stimulating lipid peroxidation and storage, denaturation of macromolecules, and inhibiting protein metabolism. On the other hand, carotenoids in addition to vitamins A, C, E and lipoic acid, play important roles in protecting these oxidative damages as well as preventing the production of free radicals. This study was carried out to elucidate the precise effects of alcohol administration into rats on the antioxidative functions of dietary carotenoids and isolated β-carotene, and to find out any parameters to uncover more detailed biochemical mechanisms of these agents. For these purposes, two different approaches were performed: 1) examination of the changes in hematological parameters (e.g., total proteins, A/G ratio, ALT/AST et. al) and statistical correlations among inter- and intragroups, 2) examination of the histopathological changes by an electron microscope. The results were analyzed and summarized as following; (1) Carrot diet for one week caused a slight increase in albumin. A/G ratio and AST levels, and a slight decrease in ALT, ALP, BUN and uric acid levels. Two-week alcohol administration following carrot diet increased total proteins, albumin A/G ratio and BUN levels. However, both groups were shown to have little significant changes in cholesterol concentrations. (2) Cheese diet for one week caused a significant increase in total proteins, albumin, AST, ALP, uric acid and total cholesterol levels, and a significant decrease in A/G ratio and glucose concentrations. However, two-week β-carotene diet following cheese intake increased total proteins albumin, A/G ratio, BUN and total cholesterol levels, whereas AST, ALT, ALP and uric acid levels were decreased. (3) Alcohol administration for one week caused an increase in AST activities and a decrease in total proteins, albumin, ALT, ALP and BUN levels. A successive β-carotene diet following alcohol administration increased total proteins, albumin, ALT, ALP and BUN levels, whereas decreased AST and uric acid levels. However, there were not significant changes in A/G ratio, glucose and total cholesterol levels in both groups. (4) β-carotene diet for one week caused a slight increase in albumin, glucose, AST and uric acid levels, and a slight decrease in ALP and BUN levels. Two-weeks alcohol administration following β-carotene diet increased albumin, glucose, BUN and total cholesterol levels, whereas decreased AST, ALT, ALP and uric acid levels. (5) Although the pathological investigation on the liver did not reveal significant changes, cheese diet group (CH-BC/1-CH) was shown to have some lipid deposits. Some results were unexpected and different from typical hematological changes shown by other researchers. Nonetheless, these results strongly suggest that the liver damage or hepatism caused by alcohol intake affects many kinds of biochemical metabolisms, which results in significant changes in many hematological parameters. In addition, dietary carotenoid and isolated β-carotene were shown to have protective roles against the biochemical changes by alcohol intake.

Causes and Predictive Factors Associated with "Diagnosis Changed" Outcomes in Patients Notified as Tuberculosis Cases in a Private Tertiary Hospital

Kang, Byung Ju,Jo, Kyung-Wook,Park, Tai Sun,Yoo, Jung-Wan,Lee, Sei Won,Choi, Chang-Min,Oh, Yeon-Mok,Lee, Sang-Do,Kim, Woo Sung,Kim, Dong Soon,Shim, Tae Sun The Korean Academy of Tuberculosis and Respiratory 2013 Tuberculosis and Respiratory Diseases Vol.75 No.6

Background: The aim of our study was to evaluate the "diagnosis changed" rate in patients notified as tuberculosis (TB) on the Korean TB surveillance system (KTBS). Methods: A total of 1,273 patients notified as TB cases on the KTBS in one private tertiary hospital in 2011 were enrolled in the present study. Patients were classified into three groups: "diagnosis maintained", "diagnosis changed" (initially notified as TB, but ultimately diagnosed as non-TB), and "administrative error" (notified as TB due to administrative errors). Results: Excluding 17 patients in the "administrative error" group, the "diagnosis maintained" and "diagnosis changed" groups included 1,097 (87.3%) and 159 patients (12.7%), respectively. Common causes of "diagnosis changed" were nontuberculous mycobacterial (NTM) disease (51.7%, 61/118), and pneumonia (17.8%) in cases notified as pulmonary TB, and meningitis (19.5%, 8/41) and Crohn's disease (12.2%) in cases notified as extrapulmonary TB. Being older than 35 years of age (odds ratio [OR], 2.18) and a positive acid-fast bacilli stain (OR, 1.58) were positive predictors and a TB-related radiological finding (OR, 0.42) was a negative predictor for a "diagnosis changed" result via multivariate logistic regression analysis in pulmonary TB cases. Conclusion: Because of a high "diagnosis changed" rate in TB notifications to the KTBS, the TB incidence rate measured by the KTBS may be overestimated. Considering the worldwide trend toward increased NTM disease, the "diagnosis changed" rate may increase over time. Thus, when reporting the annual TB notification rate in Korea, the exclusion of "diagnosis changed" cases is desirable.