• Culinary science and hospitality research
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• v.22 no.7
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• pp.267-280
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• 2016

Customer Experience Management (CEM) appeared as a complementary solution to overcome CRM limitations. CEM enhances profitability through building long-term relations with customers by understanding their experiences. This study aims at investigating the impact of customer experience quality on the willingness to pay more through customer satisfaction in the hotel businesses. The survey for this study was carried out on customers who had domestic hotel experience s within the last 6 months. Out of the 306 questionnaires retrieved, 225 valid responses were used for the empirical analysis that utilizied the statistical package programs SPSS 18.0 and AMOS 18.0. The research findings may be summarized as follows. First, as an outcome of the research hypothesis that each component of customer experience management would influence satisfaction, 'the peace of mind' & 'the moment of truth' were shown to have a significantly positive (+) impact on it. On the other hand, 'the product experience' was shown not to significantly influence it in a positive (+) way. Second, as an outcome of the research hypothesis that satisfaction would influence willingness to pay more. From the findings of the study, theoretical implications are as follows. It can be predicted that customer experience management will likely make customers more profitable because customers are willing to pay more with a sense of loyalty built through satisfaction of the hotel industry. In the practical implications, the dimension of experience quality examined by the study can be used as an index to measure and manage customer experience in the hotel industry.

• Korean Journal of Construction Engineering and Management
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• v.16 no.1
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• pp.3-14
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• 2015

Since the global financial crisis, the Korean domestic construction market has continuously experienced downturns, and the Korean domain construction firms'profitability has been persistently deteriorated. Domestic construction firms have rapidly advanced to overseas markets exclusively for the construction contract packages. However, the profitability for the construction contracts has been lower compared to engineering or project management contracts. One of the critical issues the Korean firms have faced was project management capability across all phases in project execution. Even though several project management capability assessment tools were introduced, most tools were applicable to a wide variety of industry sectors rather than construction industry. Project management capability assessment tool specifically applicable to domestic CM firms was developed through this research, in order to assess project and program management capabilities and improve the competitiveness in overseas market Also, the correlation between project, programs, and the CM infrastructure were identified. The CM firms were divided into two groups according to the size of the business, and both were evaluated at the project and the program level based for the 9 different criteria. The project management capability assessment tool developed for the CM firms can be used for self-assessment to distinguish the strengths and weaknesses of each company at the project and program level. In addition, the current status of each group can be identified by spotting improvement areas for the management capabilities.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• The Korean Journal of Air & Space Law and Policy
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• v.35 no.1
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• pp.181-202
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• 2020

The Non-Appropriation Principle was stipulated in the OST and the MA. However the MA, creating CHM in international law for the first time, attempted to further limit the prohibitions to include ownership of resources extracted from celestial bodies, its rejection by the U.S. and most of the international spacefaring community prevented it from serving as a binding international treaty. Individuals or private enterprises intending to perform space exploitation must receive approval from the nation and may not appropriate outer space or celestial bodies. In the course of this space activity, each party will be liable. Articles 6 and 7 of the OST and the Liability Convention of 1972 deal with matters concerning those problems. The CSLCA of 2015 and Luxembourg Space Resources Law of 2017 allows States to provide commercial exploration and use of space resources to their own nationals and to companies operated by other countries within their territory. These laws do not violate Article 2 of the OST. In the case of the CSLCA of 2015, the law clearly states that it cannot claim ownership, sovereignty or jurisdiction over certain celestial bodies. Even if scholars claim that the U.S. CSLCA and Luxembourg Space Resources Law violate the non-appropriation principle of the OST, they cannot prevent these two countries from extracting the space resources on "the first come, first served" basis. The legal status of outer space including the moon and other celestial bodies is res extra commercium, like the high seas, where the fishing vessels from each country catch and sell fish without occupying the sea. Major space-faring nations must push for the adoption of an international regulatory committee which will oversee applications and issue permits based on a set of robust, modern, and forward-thinking ideals that are best equipped to govern and protect outer space as individuals, businesses, and nations compete to commercialize space through mining and the extraction of space-based resources. The new Corpus Juris Spatialis on the development of space resources, whether it is a treaty or a soft law such as recommendation and declaration, in the case of the Moon and Mars, will cover a certain amount of area to develop, and the development period by the states should be specified.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.1
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• pp.45-67
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• 2010

On July 21st in 2005, People's Bank of China (PBOC) turned the currency peg against the U.S. dollar into managed currency system based on a basket of unnamed currencies under China's exchanged rate regime. This change means that China's enterprises are not free from currency fluctuations. The purpose of this study is to analyze the relations between Renminbi fluctuations in the floating exchange rate and financial results of venture companies. The process and outcomes of this study are as follows, First, in order to measure the financial results of venture companies, I choose venture companies in Shandong Province listed on the Shanghai Stock Exchange (SSE) at random and several quarter financial sheets according to safety ratios, profitability ratios, growth ratios, activity ratios. Second, I arrange the daily Renminbi exchange rate data announced from July 21st, 2005 to December 31st, 2008 by PBOC into the quarterly data. Third, in order to confirm the relations between Renminbi fluctuations and financial results of venture companies, I carry out Pearson's correlation analysis. As a result, the revaluation of the Chinese Renminbi has weakly negative effects on debt ratio, total assets turnover ratio and equity turnover ratio in statistics. But the revaluation of the Chinese Renminbi is not related to other financial index in statistics. The result of this study is that the revaluation of the Chinese Renminbi has little influence on the export and import of Chinese venture companies and certifies the fact that Chinese venture companies have much foreign currency assets. In addition to avoid the currency exposure risk, this study shows the effective method about currency exposure risk which adjusts proportion of Renminbi to foreign currency.

• Journal of Mushroom
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• v.2 no.2
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• pp.76-87
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• 2004

This experiments were conducted to study on the economic analysis of Phellinus spp.(Comercial name: Sanghwang mushroom). These results were as follows: Phellinus spp. can be cultivated about 4 years by one time inoculation. This mushroom has been cultivated by the method of burying log into the soil(BM) at the first time. Recently, however, the method of hanging log on the shelves in the house(HM) is used, because HM has more advantage than BM that HM can be cultivated more pieces of logs than BM. On the other hand, HM is required to invest more 5,678,230Won for the equipments than the BM. And also, HM is required 14,400 pieces(2.8 times) more log numbers than BM 5,000 pieces. Also, HM is required more 3,680,000Won to purchase log, 1,104,000Won to purchase spawn. The cost of production is required to 20,180,971Won for BM, and 37,953,825Won for HM. Accordingly, product cost of HM is 1.9 times higher than BM. The operating cost is required to 1,207,712Won for BM, and 24,075,432Won for HM. Accordingly, operating cost of HM is 2.0 times higher than BM. The net income is 580,940,000Won for BM, and 1,683,300,000Won for HM. Accordingly, net income of HM is 2.9 times higher than BM. The income is 589,040,000Won for BM, and 169,718,000Won for HM. Accordingly, income of HM is 2.9 times higher than BM. In conclusion, HM is required 2.8 times more logs. HM has 1.03 times more products per a piece of log. HM has 1.9 times more production cost, and 2.0 times more operating cost. As you read above, HM and BM have two different aspects. BM is required less investment cost than HM, but BM has lower income because of the different capacity of production. By the comparing those two methods, HM is resulted more efficient method for the producing mushroom. Only in the side of cash flowing, the cash expenditure of BM is required less money at first year. But it has no production at first year. BM would get the income after 2 years buring the logs. The cash expenditure of HM is required much money for the equipments and the logs at first year, but HM would get the income at first year.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.2
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• pp.1-13
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• 2014

This study is preliminary founding start-ups of restaurant entrepreneurs to study the characteristics of management in order to provide useful information was studied. Survey period is from 2013 March 15 to August 31. About the nature of the preparation and establishment founder findings restaurant entrepreneurs of Western Gyeongnam area were most often in the form of an independent establishment has been compiled, work experience and other industries operating experience was more than restaurant entrepreneurs of operating experience. Hypothesis Testing in accordance with results of this study are as follows. First, the 50 founders than 30 founders quickly when the customer complaint or that service, order food and non-food note is issued after obtaining the order or that provide food, no customer is often inconvenient check the sharing services, such as personnel activities were devoting a lot of effort. Second, the re-startups restaurant entrepreneurs than new startups restaurant entrepreneurs was founded after the founder of career-related customer complaints about food more active coping was, and re-startups restaurant entrepreneurs by the founder other than business founded by the founder of the food-related customer complaints more aggressively for coping, respectively. Third, restaurant entrepreneurs of the store operations management has integrity, words and actions match, such as the degree of belief in the promise of reliability and the possibility of failure, which means the degree of recognition and response efforts are having an impact deal. Fourth, restaurant of food service management services and after-sales service has impact on the founder of the self-efficacy and self-efficacy of pre-service features and reliability founder affecting. Fifth, the revenue of the restaurant for dealing with customer complaints management includes efforts are having an impact. Sixth, restaurant founder of reliability and customer care has influenced the self-efficacy. Seventh, management of operational management activities have a positive impact on business performance are.

• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

• Korean Security Journal
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• no.11
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• pp.203-226
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• 2006

A highly sophisticated expertise and systematic and integrated management of security operation are essential for a crowded stadium. a special object of security guarding. Nonetheless, the recent incident in a singing concert hall reveals the overall problem like the lacking safety management system. lacking deployment of professional security personnel, absence of safety manuals and safety measures, as well as the lack of professionalism of private sector security companies. In this study, we presented three categories that needed improvement, like the legal and institutional improvement, improvement of policy and improvement of operation which are required to set up the model to operate the optimal private sector security duties. For the revision of law and institution for a better and more desirable method, we discussed the revision of related laws and regulations pursuant to the security operation at places where events are held, including the revision of law on security guarding work, regulation on common housing management, uniformity of security guarding, and law on performance. For the improvement of policies, we discussed the introduction of security consultants, strengthening the security instructor system, expansion of relevant organizations, establishment of mutual cooperation, privatization of profitable events, improvement of awareness about the security activities provided by private sector, policy for the professionalism of private security operation, expansion of security exhibition and seminar. For the improvement of operation. we discussed professional security techniques. such as the technique of security consulting, the application of CPTED technique, the technique for the integration of system, the method of operation, the establishment of a system to support public security operations and volunteers, establishment of a manual for security guarding performance, modernization and high tech-oriented equipment, organization of security guarding entity in which the industry, academic society and government participates together.

• Journal of Chest Surgery
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• v.35 no.5
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• pp.387-391
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• 2002

Background: Postoperative morbidity and mortality in destroyed lung are relatively high. We tried to identify the prognostic factors affecting postoperative morbidity and mortality in destroyed lung through a retrospective study. Material and method: The retrospective study was undertaken in 112 patients who had undergone pneumonectomy or pleuropneumonectomy for destroyed lung at Severance Hospital from 1970 to 2000. We analyzed the correlation between postoperative morbidity and mortality and etiology, duration of disease, preoperative FEV1, presence or absence of peroperative empyema, operation timing, the side of operation, duration of operation, and operation type. Result: There were 55 men and 57 women, aged 20 to 81 years (mean 44 years). Etiologic diseases were tuberculosis in 86 patients(76.8%) including tuberculos empyema in 20 and tuberculous bronchiectasis in 4, pyogenic empyema in 12(10,7%), bronchiectasis in 12(10.7%), and lung abscess in 2(1.8%). Postoperative morbidity were 25%(n=28) and postoperative mortality was 6%(n=7). The presence of preoperative empyema(p=0.016), pleuropneumonectomy(p=0.037) and preoperative FEV1 of less than 1.75 L(P=0.048) significantly increased the postoperative morbidity, If operation time was less than 300min, postoperative morbidity(p=0.002) and mortality(p=0.03) were significantly low. Conclusion: Postoperative morbidity and mortality in destroyed lung were acceptable. Postoperative morbidity and mortality were significantly low when operation time was less than 300 min. Preoperative existence of empyema, pleuropneumonectomy and preoperative FEV1 of less than 1.75 L significantly increased postoperative morbidity.