• The Korean Journal of Financial Management
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• v.6 no.1
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• pp.31-62
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• 1989

By using deterministic dynamic models, we observe the behavior of the foreign exchange rate of a small open economy with rational expectation formation and different restrictions on the international economic integrations. First, an economy connected to the world by purchasing power parity and uncovered interest parity is studied in the next section. In both sections, financial assets available in the economy are domestic money and bonds. Stocks are added as a financial instrument in the next section, and real capital accumulation is also taken into account. Furthermore, the economy concerned there is fairly autonomous, and not directly governed by either purchasing power parity or uncovered interest parity. The expectation formation used throughout the whole paper is complete perfect foresight, which is the certainty version of rational expectation and free from any forecast errors. It is found that upon monetary expansion the short run depreciation of the foreign exchange rate is a fairly robust result regardless of the degree of the international economic integration, while it is not true for fiscal expansion. The expectation on the long run state significantly affects the short run response of the exchange rate. All of our models postulate that the current account should be balanced eventually. As the result, the short run behavior of the exchange rate is affected by the expectation on the long run balance and may well be a blend of the traditional flow view and modem asset view. The initial overshooting of the exchange rate is easily observed even in the fairly autonomous economy Furthermore, the initial overshooting is not reduced over time, but augmented for some time before it is eventually eliminated. As long as we maintain rational expectaion, introducing time delay in the adjustment of the foreign goods price to the foreign exchange rate does not make much difference.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.11
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• pp.4881-4887
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• 2011

The research purposes is apply to the expectation theory for the China's entrepreneurs want to know the relations model among the entrepreneurial expectancy, start-up business and expect growth. The entrepreneurial expectancy is defined expectation about entrepreneurial establishment, start-up business and expect growth intentions are defined entrepreneur's lead consider. According to the study, all of hypothesis have been suggested. In other words, expectation about entrepreneurial establishment, start-up business and expect growth effects and start-up business show the mediated effect in the research.

• Journal of the Korea Convergence Society
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• v.10 no.11
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• pp.429-435
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• 2019

The purpose of this study was to test the mediation effects of grit on the relationship between expectancy-value and achievement behavior in physical education class. Data for the study were collected from a survey of 353 middle school students. For data processing, this study confirmed the goodness of fit test of the whole model using SPSS 20.0 and AMOS 20.0, and then did hypothesis testing; the study results are as follows: First, students' expectation-value perception had a positive effect on grit, and only success expectation had a significant effect on achievement behavior. Second, students' grit had significant impacts on their achievement behavior. Third, grit had mediating effects on relations between expectancy-value and achievement behavior.

• Management & Information Systems Review
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• v.34 no.2
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• pp.171-191
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• 2015

This study is about the exhibition and convention visitors' satisfaction level and the participating companies' perception on the performance. The two topics were approached with integrated model. Accordingly, this study examined how service quality and experiential quality affect exhibition and convention visitors' satisfaction level and the participating companies' perception on the performance, and how the correlation between exhibition and convention visitors' satisfaction level and the participating companies' perception on the performance is affected. The result demonstrates that the quality of experience exerts positive effect on the visitors' sense of satisfaction(Hypothesis 3), while service quality is not statistically significant when it comes to the visitors' satisfaction(Hypothesis 1). When the correlation between service quality and experiential quality, and the participating companies' perception on the performance is examined, service quality exerts positive effect on the participating companies' perception on the performance(Hypothesis 2), while experiential quality is not statistically significant on the participating companies' perception on the performance(Hypothesis 4), When the correlation between exhibition and convention visitors' satisfaction level and the participating companies' perception on the performance is examined, it was shown that positive effect is exerted just like the results of the previous studies(Hypothesis 5), lastly, correlation between participating companies' perception on the performance, companies' satisfaction and company loyalty was examined. In case of the participating companies' perception on the performance, it exerts positive effect on the companies' satisfaction(Hypothesis 6), while company loyalty is not statistically significant (Hypothesis 7). In case of companies' satisfaction, it exerts positive effect on the company loyalty (Hypothesis 8). The results of this study will provide help to increase overall understanding of the exhibition and convention visitors' satisfaction level and the participating companies' perception on the performance, and to provide important implications for the development of strategy for exhibition and convention's vitalization.

• The Korean Journal of Financial Management
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• v.27 no.2
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• pp.1-33
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• 2010

This study explores if the higher initial returns and the poorer long-run performance observed in the IPOs markets are associated with the firms offered in the 'hot markets,' and then empirically examines the effect of optimistic investors' sentiment on this phenomenon, particularly in the aspects of both pricing mechanism and the opportunistic behavior of offering firms. We analyzed a total of 432 IPO firms for the years between 2001 and 2005. This analysis finds that the initial returns and long-run under-performances of 'IPOs in the hot market' are significantly higher than those of 'IPOs in the cold market.' This study also finds that the proxy variables for the optimistic investors' sentiment have a positive effect on the initial return and negative effect on the long-run performance. Finally, this research finds no difference of ownership structure, venture capital backed, and financial properties between hot market IPOs and cold market IPOs. R&D expenditure rate and financial qualities of IPOs are higher in the hot market than in the cold market. These results do not support the 'windows of opportunity' hypothesis that low quality firms take advantage of hot market condition for successful IPOs.

• International Area Studies Review
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• v.20 no.1
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• pp.105-125
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• 2016

The expansionary monetary policy was practiced after 2001 in Japan to treat the deflation spiral, and reduced only the nominal interest rates and domestic household demand. One of the most serious factors for this failure was the change of private sector's expectancy. This paper has studied the effect of Japanese monetary policy in 21c., with empirical research based on a renewed macroeconomic model and the VAR. The empirical analysis shows that the effect of monetary policy on the national income during 2001.01-2015.03 is weaker than that of 1985.01-1994.04. Money volume has a diminutive effect on the growth of GDP within a short term after 2001. The change in the expectations of the private sectors might have been the cause of ineffectiveness of the expansive monetary policy. Economic agents learned from the past Japanese financial crisis that an expansive monetary policy increased the inflation rate and caused the 'bubbles to burst' afterwards. The VAR analysis says that the effectiveness of monetary policy on the economic depression declined over the past 20 years and the expansion of money volume has no influence on exchange rate and net export. This means that the expansive monetary policy lost its effect on net export and national income steadily. Monetary policy makers have to recognize this fact, and to consider another anti-cycle political instrument, i.e. the fiscal policy with government debt.

• Information Systems Review
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• v.19 no.3
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• pp.1-21
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• 2017

The Internet of Things (IoT) analysis aims to verify the technical characteristics, performance expectations, and adoption intentions of IoT. This work refers to IoT data from foreign and domestic publications and websites as well as aims to benefit related organizations by referring to reports from agencies. The literature review summarizes the relevant theories and background of the unified theory of acceptance and use of technology. The SPSS 22.0 software and structural equation models (smart PLS 2.0) are used in the data analysis. Technical statistics analysis, reliability analysis, validity analysis, structural equation models, and statistical methods are employed to test the research hypotheses, that is, the technical characteristics of IoT will have positive effects on its performance expectations. This study introduces the characteristics and expected performance of IoT to present relevant IoT guidelines for companies that aim to adopt such technology.

• Journal of Digital Convergence
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• v.11 no.10
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• pp.295-303
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• 2013

This study highlight the role of perceived cost on user's continuance intention to use mobile TV service in china. We proposed research model based on the expectation-confirmation model(ECM) and reclaim 243 questionnaires from experienced users in china. Above all, the analysis results support significant relationship perceived variables, satisfaction, and continuance intention of mobile TV. First, while expectation confirmation has positive influence on perceived playfulness and satisfaction, the effect on perceived usefulness is not significant. Second, perceived cost can significantly predict perceived usefulness and satisfaction, however, we found no evidence of a statistically significant influence on perceived playfulness. Third, perceived usefulness and perceived playfulness have a positive influence on satisfaction, and perceived usefulness, satisfaction, and perceived playfulness have a positive influence on continuance intention. This results provide implications from both theoretical and managerial perspectives and the limitations have been discussed for future research.

• Monthly Duck's Village
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• s.225
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• pp.2-9
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• 2022

매년 찾아오는 가축 질병과 강화되는 정부 규제 등 생산기반이 위축되는 상황에서 현 오리사육 농가가 생산성을 높여야 할 필요가 있다고 느낀 청정오리농장 황문주 대표는 고상식 오리사를 도입했다. 고상식 오리사는 깔짚을 사용하지 않아 작업자가 오리사에 들어갈 필요가 없어 작업자로 인한 가축질병 감염 위험이 특히 적다. 또 단위면적당 사육수수 증가로 더 많아 소득에도 도움이 될 것으로 기대된다. 특히 최근 정부에서 가설건축물에 대한 축산업 허가를 불허하고 기존 가설건축물도 5년 이내 건축허가를 받아야만 한다. 청정오리농장은 기존 비닐하우스 축사를 보강해 무창 오리사로 리모델링을 통해 정식 건축허가를 받았다는 점도 주목할만하다. 기존 축사를 리모델링할 경우 신축 대비 비용도 1/3로 절감 가능하다는게 황 대표의 설명이며 축사에 대한 투자 여력이 부족한 오리농가들에게 대안으로 주목받고 있다. 이 뿐만 아니라 황문주 대표는 최근 새로운 도전에 나서고 있다. 축사 1동을 고상식 축사로 개조해 사육실험을 하고 있는 것이다. 고상식 축사는 깔짚이 필요없을 뿐만 아니라 환경개선으로 질병차단은 물론 생산성 향상에도 크게 도움이 되고 있다는 것이 황 대표의 설명이다.

• Proceedings of the Korean DIstribution Association Conference
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• 2006.02a
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• pp.283-307
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• 2006

최근의 서비스 마케팅 문헌은 서비스 조직의 경쟁력 향상의 방편으로 서비스 고객에게 관심을 집중하고 있는 실정이다. 특히 서비스 고객은 부분적 종업원으로 인식될 수 있기 때문에 서비스 조직에 대해 참여행동을 나타낼 수 있으며, 이를 통해서 서비스 조직은 추가적 비용 없이 경쟁력을 향상시킬 수 있다. 이에 따라 고객행동 관리가 강조되고는 있으나 아직까지 실증적 연구의 주제로는 거의 다루어지고 있지 않다. 따라서 본 연구는 지금까지 간과되었던 부분인 고객참여가 고객만족에 어떻게 영향을 미치는지에 대한 메카니즘을 실증적으로 분석하기 위해, 고객참여의 영향을 매개하는 변수로서 서비스 성과와 기대를 제시하는 연구모델을 설정하였다. 구성개념을 측정하기 위해 관련 문헌들을 참고하였으며, 본 연구의 서비스 상황에 적합하도록 수정을 가하였다. 최근에 교육 서비스와 병원 서비스를 제공받은 경험이 있는 대학생을 대상으로 구조방정식을 사용하여 분석한 결과, 연구모델의 적합도는 양호하였으며 모든 연구가설이 지지되었다. 참여는 매개변수로 제시된 성과, 기대와 유의한 관계를 가지는 것으로 나타났으며, 성과와 기대는 또한 만족에 유의한 영향을 미치는 것으로 나타났다. 이러한 분석결과를 통해서 서비스 관리자는 종업원과 마찬가지로 서비스 고객을 적극적으로 관리할 필요성이 있고, 특히 고객의 서비스 성과지각과 서비스 기대에 더욱 관심을 기울여야 함을 이해할 수 있었다. 마지막으로, 이러한 실증결과에 대한 시사점을 논의하였고 미래연구를 위한 방향을 제시하였다.