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A Study on Earnings Management of Zero-leverage Firms from the Perspective of Financial Constraints
이현아 사람과세계경영학회 2022 Global Business and Finance Review Vol.27 No.1
Purpose: This study verifies the debt covenant hypothesis by exploring the earnings management of zero-leverage firms that are not constrained by debt covenants. Furthermore, this study investigates whether the earnings management of zero-leverage firms varies depending on financial constraints, whether a consecutive zero-leverage period is associated with the level of earnings management, and whether this association varies depending on financial constraints. Design/methodology/approach: Using a sample of 5,669 firm-year data of listed firms in the securities market in South Korea from 2011 to 2019, this study conducts multiple regression analysis to examine the earnings management of zero-leverage firms from the perspective of financial constraints. In the analysis, two types of earnings management behaviors (i.e., accrual-based and real activities earnings management) are considered. Findings: The findings of this study show that zero-leverage firms are less likely to manage earnings than leveraged firms. Moreover, the longer the zero-leverage period, the lower the level of earnings management. However, these findings disappear when the analysis is conducted for firms with financial constraints. They indicate that a zero-leverage policy or a consecutive zero-leverage period is related to earnings management and that this relation varies depending on financial constraints. Research limitations/implications: This study provides insight into the attributes of zero-leverage firms by analyzing their earnings management. The findings of this study provide compelling evidence that zero-leverage firms are not homogeneous and are significantly distinct according to their status with or without financial constraints. Originality/value: This is the first study to test the debt covenant hypothesis by investigating the earnings management of zero-leverage firms. This study also extends the literature by examining the financing decisions that maintain zero leverage for a long period.
지모뿌리를 활용하여 생합성한 은나노, 금나노 입자의 항암 효과에 관한 연구
이현아,베로니카 카스트로 아세튜노,라가벤드란 아바이,문성수,사키아 야스민 시무,김연주,양덕춘 한국약용작물학회 2018 한국약용작물학술대회 발표집 Vol.2018 No.05
Background : Anemarrhena asphodeloides has efficacy such as anti-fungal, anti-cancerous, anti-inflammatory, anti-diabetic, Anti-UV etc. Metal nanoparticles are used for photo imaging, cancer resection and drug delivery etc in medical field. Therefore A. asphodeloides nanoparticles will be expected better efficacy for therapeutic properties in medical field. Methods and Results : The water extract of A. asphodeloides mediated the synthesis of Aa-AgNPs and Aa-AuNPs. Their characterized by several physicochemical techniques such as UV-Vis spectrophotometry, FE-TEM, EDX spectroscopy, SAED pattern, DLS size analysis, XRD analysis, and FTIR analysis. Both Aa-Ag/AuNPs were evaluated for cytotoxicity towards 3T3-L1, A549, HT29 and MCF7. Aa-AgNPs and Aa-Au NPs were found to be spherical, face-centered cubic nanocrystals with hydrodynamic diameter of 190 and 258 ㎚. In vitro cytotoxic analysis revealed that up to 50 ㎍/㎖-1 concentration Aa-Au NPs did not exhibit any toxicity on 3T3-L1, HT29 and MCF7 cell lines, while being specifically cytotoxic to A549 cell line. On the contrary, Aa-Ag NPs displayed a significantly higher toxicity in all cell lines specially MCF7 cell line. ROS generation was not affected by Aa-Au NPs, but Aa-AgNPs has a higher potential to induce oxidative stress in A549 cells than HT29 and MCF7 cells. Aa-Au NPs have the potential for anticancer agent during lung cancer treatment. Aa-AgNPs is also exhibited to inhibit cell migration by induce oxidatie stress. Conclusion : The Aa-Au/AgNPs might have the anticancer potential and might be effective in the lung cancer therapy, however further evaluation is must needed.
Effects of cold stress as a pathogenic factor on fatal disease progression of canine herpesvirus
이현아,홍선화,이윤성,김동우,권혜영,Cheol-Yong Lee,김옥진 충북대학교 동물의학연구소 2014 Journal of Biomedical and Translational Research Vol.15 No.3
Canine herpesvirus (CHV) is a member of the alphaher- pesvirus subfamily, which can cause severe hemorrhagic diseases in neonatal pups as well as mild or subclinical respi- ratory infections in adult dogs. We examined the effects of cold stress on disease progression of CHV, an alphaherpes- virus, in neonatal puppies. Eight puppies were challenged intranasally with CHV suspension and divided into a cold stress treatment group and a hyperthermal group. Four pups were left uninoculated as controls and divided into cold and hyperthermal groups. In the challenged cold treatment group, all pups showed CHV-related disease within 5 days; pathological changes were observed in organs of puppies showing clinical symptoms. Grossly, numerous petechial red foci were scattered throughout lungs, kidneys, livers, and intestines of all CHV-infected puppies exposed to cold stress. Most puppies showed typical clinical signs and macroscopic lesions, and CHV infection was confirmed by isolation of the virus. However, in the challenged hyperthermal group, only one of the pups showed mild symptoms of CHV-induced disease. None of the puppies in the uninoculated group showed abnormal signs, although they were exposed to cold stress. These findings indicate that cold stress can cause rapid disease progression of CHV, an alphaherpesvirus.