Korean Management Science Review (경영과학)

The Korean Operations Research and Management Science Society (한국경영과학회)
권호 표지

Effect of Korean Service Quality Awards on the Market Value by using Event Study Methodology

한국의 서비스 품질상 수상이 기업가치에 미치는 영향 : 사건연구방법론적 접근

  • 오병섭 (한성대학교 사회과학대학 경영학과) ;
  • 박지영 (서울대학교 경영대학 경영학과) ;
  • 정승환 (한성대학교 사회과학대학 경영학과) ;
  • 최강화 (한성대학교 사회과학대학 경영학과)
  • Received : 2009.12.02
  • Accepted : 2010.09.09
  • Published : 2010.11.30
Download PDF
⟨ Previous Next ⟩

Abstract

This paper empirically investigates the impact of winning a service quality award on the market value in Korea. We estimates the mean "abnormal" change in the stock prices of sample firms when information of winning a service quality award was publicly announced. To access the validity of the research question, this paper employed collected 47 firms data that received the Korean Service Quality Awards so far. Event study methodology was used to analyze the effect of Korean service quality awards. The findings are as follows; The average abnormal returns on the event date are not significant at the 0.05 level which means that the receiving Korean Service Quality Awards has no influence on the firms' market value. On the other hand successive awarded firms have an increasing effect on the market value and it is significant at the 0.05 level. Furthermore, the results show that the factors of firm size such as firm's total assets are critical to vary the firms' abnormal returns. There might be some limitations in this study. The most obvious problem is the limitation of sample size. Although 518 sample cases were found during the period from 2000 to 2008, most of the cases were deleted according to the sample criteria. We are expecting the future research with more data and more precise results. Furthermore, our research consider the only two service award institutions even though there are several different service award authorities in Korea. It is needed to expand the research scope and range to adopt the various service award institutions for the future work.

Keywords

References

  1. 김경원, 김찬웅, "사건연구에서의 주식성과 측정", 증권학회지, 제20권, 제1호(1997), pp.301-327.
  2. 김경학, "품질 인증 소구가 광고 및 제품 태도에 미치는 영향에 관한 연구", 홍익대학교 광고홍보대학원 석사학위논문, 2002.
  3. 김준호, 지명구, "서비스 품질평가 모델 및 제도의 효율적 운영방안에 관한 연구", 산업경영연구, 제26권, 제1호(2003), pp.139-166.
  4. 노형봉, "한국 서비스 품질 인증제도에 대한 기업 및 소비자의 신뢰도", 경영연구, 제31 권(2006), pp.5-25.
  5. 박수용, "서비스 품질 우수기업 인증시스템의 적용에 관한연구", 한밭대학교 산업대학원, 석사학위논문, 2004.
  6. 서영호, 이현수, "국내 품질경영상 수상업체들의 주식시장에서의 성과에 관한 연구", 품질 경영학회지, 제27권, 제3호(1999), pp.51-66.
  7. 서창적, 김선우, "한국서비스 대상의 실효성에 관한 연구", 서비스경영학회지, 제9권, 제2호 (2008), pp.289-318.
  8. 이유재, 서비스마케팅, 4판, 학현사, 2008.
  9. 이유재, 라선아, 한국기업의 서비스 품질 평가 제도 변천과정, 서울대출판부, 2006.
  10. 임종원, 강명수, 박형진, 마케팅조사방법론, 법문사, 2001.
  11. 윤재홍, 김진국, "품질경영시스템이 기업 성과에 미치는 영향에 관한 연구", 한국생산관리학회지, 제14권, 제3호(2004), pp.23-49.
  12. 정용수, "수상이 기업가치에 미치는 영향", 서울대학교 대학원 석사학위논문, 2004.
  13. 조유겸, 여정성, "서비스 품질인증제의 실효성 에 관한 연구", 소비자학연구, 제17권, 제1 호(2006), pp.1-20.
  14. 최강화, 곽영환, 김수욱, "기업의 품질성과와 재무성과의 관계 연구", 한국생산관리학회지, 제16권, 제2호(2005), pp.153-179.
  15. 최현경, 박재홍, "품질경영활동과 기업성과에 관한 연구", 한국생산관리학회지, 제8권, 제 3호(1997), pp.77-101.
  16. Adam, E.E., "Alternative Quality Improvement Practices and Organization Performance," Journal of Operations Management, Vol. 12, No.1(1994), pp.27-44. https://doi.org/10.1016/0272-6963(94)90004-3
  17. Adams, G., G. McQueen, and K. Seawright, "Revisiting the stock price impact of quality awards," Omega, Vol.27, No.6(1999), pp.595- 604. https://doi.org/10.1016/S0305-0483(99)00025-0
  18. Anderson E.W., C. Fornell, and D.R. Lehmann, "Customer Satisfaction, Market Share, and Profitability : Findings from Sweden," The Journal of Marketing, Vol.58, No.3(1994), pp.53-66. https://doi.org/10.2307/1252310
  19. Beaver, W.H., "The Information Content of Annual Earnings Announcements," Journal of Accounting Research, Vol.6(1968), pp.67-92. https://doi.org/10.2307/2490070
  20. Binder, J., "The Event Study Methodology Since 1969," Review of Quantitative Finance and Accounting, Vol.11, No.2(1998), pp.111- 137. https://doi.org/10.1023/A:1008295500105
  21. Boulding W., A. Kalra, R. Staelin, and V.A. Zeithaml, "A Dynamic Process Model of Service Quality : From Expectations to Behavioral Intentions," Journal of Marketing Research, Vol.30, No.1(1993), pp.7-27. https://doi.org/10.2307/3172510
  22. Brown, S.J. and J.B. Warner, "Measuring security price performance," Journal of Financial Economics, Vol.8, No.3(1980), pp.205-258. https://doi.org/10.1016/0304-405X(80)90002-1
  23. Brown, S.J. and J.B. Warner, "Using Daily Stock Returns：The Case of Event Studies,"Journal of Financial Economics, Vol.14(1985), pp.3-31. https://doi.org/10.1016/0304-405X(85)90042-X
  24. Buzzell, R. and B. Gale, The PIMS Principles, Free Press, New York, 1987.
  25. Cohen, S. and R. Brand, "Total Qulaity Management in the U.S. Environmental Protection Agency," Public Productivity and Management Review, Vol.14, No.1(1990), pp.99- 114. https://doi.org/10.2307/3380525
  26. Cronin and Taylor, "Measuring Service Quality : A Reexamination and Extension," The Journal of Marketing, Vol.56, No.3(1992), pp. 55-68. https://doi.org/10.2307/1252296
  27. Dyckman. T., D. Phillbrick, and J. Stephan, "A Comparison of Event Study Methodologies Using Daily Stock Returns : A Simulation Approach," Journal of Accounting Research, Vol.22(1984), pp.1-33.
  28. Evans, R., "Perspectives : In defence of TQM," The TQM Magazine, Vol.7, No.1(1995), pp. 5-6. https://doi.org/10.1108/09544789510076834
  29. Capon, N., J.U. Farley, and S. Hoenig, "Determinants of Financial Performance : A Meta- Analysis," Management Science, Vol.36, No.10(1990), pp.1143-1159. https://doi.org/10.1287/mnsc.36.10.1143
  30. Fama, E.F, "The behavior of stock market price," The Journal of Business, Vol.38, No. 1(1965), pp.33-105.
  31. Fama, E.F., L. Fisher, M.C. Jensen and R. Roll, "The adjustment of stock prices to new information," International Economic Review, Vol.10, No.1(1969), pp.1-21. https://doi.org/10.2307/2525569
  32. Fornell, C., "A National Customer Satisfaction Barometer : The Swedish Experience," The Journal of Marketing, Vol.56, No.1(1992), pp.6-21. https://doi.org/10.2307/1252129
  33. Fornell, C. and A. Westlund, "Customer satisfaction measurement and its relation to production analysis," 8th World Productivity Congress, Stockholm, 1993.
  34. General Accounting Office, US Companies Improve Performance through Quality Efforts, GAO/NSIAD-9-190, 1991.
  35. Goh, T., P.C. Low, K.L. Tsui, and M. Xie, "Impact of Six Sigma implementation on stock price performance," Total Quality Management and Business Excellence, Vol.14, No.7(2003), pp.753-763.
  36. Griffin, A. and J.R. Hauser, "The Voice of the Customer," Marketing Science, Vol.12, No.1(1993), pp.1-27. https://doi.org/10.1287/mksc.12.1.1
  37. Hendricks, K.B. and V.R. Singhal, "Quality Awards and the Market Value of the Firm : An Empirical Investigation," Management Science, Vol.42, No.3(1996), pp.415-436. https://doi.org/10.1287/mnsc.42.3.415
  38. Hendricks, K.B. and V.R. Singhal, "Does Implementing an Effective TQM Program Actually Improve Operating Performance? : Empirical Evidence from Firms that Have Won Quality," Management Science, Vol.43, No.9(1997), pp.1258-1274. https://doi.org/10.1287/mnsc.43.9.1258
  39. Hendricks, K.B. and V.R. Singhal, "Firm characteristics, total quality management, and financial performance," Journal of Operations Management, Vol.19, No.3(2001), pp.269-285. https://doi.org/10.1016/S0272-6963(00)00049-8
  40. Hendricks, K.B. and V.R. Singhal, "The Long-Run Stock Price Performance of Firms with Effective TQM Programs," Management Science, Vol.47, No.3(2001), pp.359-368. https://doi.org/10.1287/mnsc.47.3.359.9773
  41. Newman, J.W. and R.A. Werbel, "Multivariate Analysis of Brand Loyalty for Major Household Appliances," Jounal of Marketing Research, Vol.10, No.4(1973), pp.404-409. https://doi.org/10.2307/3149388
  42. Nelson, E.C. R.T. Rust, A. Zahorik, R.L. Rose, P. Batalden and B.A. Siemanski, "Do patient perceptions of quality relate to hospital financial performance?," Journal of Health Care Marketing, No.12, Vol.4(1992), pp.6-13.
  43. Oliver, R.L., "A Cognitive Model of the Antecedents and Consequences of Satisfaction Decisions," Journal of Marketing Research, Vol.17, No.4(1980), pp.460-469. https://doi.org/10.2307/3150499
  44. Phillips, L.W., D.R. Chang, and R.D. Buzzell, "Product Quality, Cost Position and Business Performance : A Test of Some Key Hypotheses," The Journal of Marketing, Vol.47, No.2(1983), pp.26-43. https://doi.org/10.2307/1251491
  45. Schneider, B., "Service Quality and Profits : Can You Have Your Cake and Eat it Too?," Human Resource Planning, Vol.14(1991), pp. 151-157.
  46. Tornow, W.W. and J.W. Wiley, "Service Quality and Management Practices : A Look at Employee Attitudes, Customer Satisfaction, and Bottom-line Consequences," Human Resource Planning, Vol.14, No.2(1991), pp. 105-115.
  47. Wiley, J.W., "Customer Satisfaction : A Supportive Work Environment and Its Financial Cost," Human Resource Planning, No.14, Vol.2(1991), pp.117-127.
  48. Zbigniew H., Z.H. Przasnyski, and L.S. Tai, "Stock market reaction to Malcolm Baldrige National Quality Award announcements : does quality pay?," Total Quality Management and Business Excellence, Vol.10, No.3 (1999), pp.391-400.
  49. Zbigniew H., Z.H. Przasnyski, and L.S. Tai, "Stock performance of Malcolm Baldrige National Quality Award winning companies," Total Quality Management and Business Excellence, Vol.13, No.4(2002), pp.475-488. https://doi.org/10.1080/09544120220149287