• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.209-237
• /
• 2010

This paper examines the relationship between information risk and equity premium in the Korean stock market. We use accruals quality as a proxy of information risk. Accruals quality (AQ) is estimated by Dechow and Dichev (2002) model, and then AQfactor is constructed based on the estimated AQ. Time-series and cross-sectional regression models are used to examine the relationship between information risk and equity premium, reflecting the critics of Core et al. (2008). The result of the paper shows that information risk proxied by accruals quality is not priced in equity premium in the Korean stock market. This result is consistent with Core et al. (2008) for US firms, but different with Francis et al. (2005) for US firms and Gray et al. (2008) for Australia firms. Also, the result shows that AQfactor is closely correlated with firm characteristic variables such as firm size. This implies that the effect of AQ on equity premium is more likely to arise from the pricing error due to firm characteristics rather than from an unknown risk factor.

• Journal of Digital Convergence
• /
• v.15 no.7
• /
• pp.415-424
• /
• 2017

The purpose of this study was to examine the relationship among public's risk characteristics, risk severity, risk perception and risk acceptability of human stem cell technology. The subjects were 300 Koreans selected. The data were analyzed by the exploratory factor analysis, confirmatory factor analysis, correlation analysis and structural equation modeing analysis. The results were as followed. First, public's risk characteristics on human stem cell technology influenced positively on risk severity. Second, public's risk characteristics on human stem cell technology influenced positively on risk perception. Third, public's risk severity on human stem cell technology influenced positively on risk perception. Fourth, public's risk characteristics on human stem cell technology influenced negatively on risk acceptability. Fifth, public's risk severity on human stem cell technology influenced not significantly on risk acceptability. Sixth, public's risk perception on human stem cell technology influenced not significantly on risk acceptability. These results will contribute to develop the risk communication strategy on the acceptability of human stem cell technology.

• International Area Studies Review
• /
• v.21 no.1
• /
• pp.3-24
• /
• 2017

The effects of strategic partnership can be positive or negative. This paper intends to explain why the partnership produces opposite results. This paper incorporates strategic behavioral direction and perceived values for relational performance. The conceptual model as well as empirical analysis was made and the results are as follows. First, this study uses bi-directional decomposition of two research constructs. The first construct of perceived values is classified into benefits and risks. Also, the behavioral directions are either active or passive behaviors. The critical path is found that the perceived benefits make significant effects on active behavioral direction which does on commitment. Another path is that the perceived risks make passive behavioral direction which results in opportunistic behaviors between strategically partnered firms.

• Journal of Digital Convergence
• /
• v.14 no.10
• /
• pp.147-158
• /
• 2016

The purpose of this study is to define determinants of tourists' behavior focused on tourism omni-channel and to verify the relationship between tourism information search motivation, tourism omni-channel satisfaction, tourism experience and perceived risk. We presented the hypotheses including ease of use, trust and satisfaction and also analyzed the moderator effects of tourism experience and perceived risk(financial risk, psychological risk) variables. For an accuracy of expected results, we focused on survey with 298 respondents. Based upon prior studies, it is meaningful that this study verified 1) the positive relationship between tourism information search motivation and tourism omni-channel satisfaction and 2) the significant moderating effect of financial risk on the relationship between tourism information search motivation and tourism omni-channel satisfaction.

• Management & Information Systems Review
• /
• v.29 no.4
• /
• pp.207-223
• /
• 2010

One of the important prudential regulations is the capital regulation. The current domestic and international capital regulation sets the minimum capital requirement according to the size of risk which is the simple sum of market risk and credit risk. However the portfolio theory suggests that, due to the effect of diversification, the total risk is less than the summation of market and credit risk. This paper investigates and does empirical test to verify the diversification effect in measuring financial firm's integrated risk. We verify the diversification effect between the market risk and credit risk. This paper's contribution is to present the empirical evidence that, considering the relationship between market and credit risk, the integrated risk is less than sum of them. This implication is that the surplus capital may be used for the other purposes, therefore enhancing capital allocation efficiency in view of society as a whole.

• The Journal of the Institute of Internet, Broadcasting and Communication
• /
• v.21 no.1
• /
• pp.79-86
• /
• 2021

In order to increase the probability of success in big data projects, quantified techniques are required to analyze the root cause of risks from complex causes and establish optimal countermeasures. To this end, this study measures risk factors and relationships through SNA analysis and presents a way to respond to risks based on them. In other words, it derives a dependency network matrix by utilizing the results of correlation analysis between risk groups in the big data projects presented in the preliminary study and performs SNA analysis. In order to derive the dependency network matrix, partial correlation is obtained from the correlation between the risk nodes, and activity dependencies are derived by node by calculating the correlation influence and correlation dependency, thereby producing the causal relationship between the risk nodes and the degree of influence between all nodes in correlation. Recognizing the root cause of risks from networks between risk factors derived through SNA between risk factors enables more optimized and efficient risk management. This study is the first to apply SNA analysis techniques in relation to risk management response, and the results of this study are significant in that it not only optimizes the sequence of risk management for major risks in relation to risk management in IT projects but also presents a new risk analysis technique for risk control.

• Journal of Digital Convergence
• /
• v.20 no.5
• /
• pp.239-251
• /
• 2022

This study tried to understand the structural relationship between public crisis communication, emotional influence, and behavioral intention in a national crisis/risk situation. Based on the results of previous studies and empirical studies, the results of crisis/threat type, crisis/threat response, sentiment (crisis/risk responsibility, strategic risk/risk reflective response), and action intention For tourists who visit tourist destinations, as well as the relationship between crisis and risk communication at the tourist destination and one of the unique emotions of Koreans (crisis threat responsibility, strategic response, and reflective response to crisis threat) The relationship between the outcome variable, behavioral intention, was identified. A theoretical study was conducted on each research concept to achieve the proposed research purpose. Based on this, a questionnaire was drawn up and empirical research was conducted in parallel. Three hypotheses were established, and meaningful results were confirmed according to the results of the hypotheses. When a risky situation occurs, the government, business, and local community will actively respond and respond to it as an opportunity to offset the risk of crisis.

• Korean Association of Arts Management
• /
• no.50
• /
• pp.213-241
• /
• 2019

Recently, many interests in the economic contribution of performing arts for the city's tourist attractions have been increasing, and the policy projects supporting surtitle for foreign tourists are expanding. Therefore, the purpose of this study is to explore the acceptance process of subtitle systems using the TAM(Technical Acceptance Model) to understand the influential relations of factors affecting the viewing of the performance of subtitling service by foreign tourists. Data for empirical analysis were collected in a survey of foreign tourists who had experienced performance subtitles with smart pads in three languages. The results of this study are as follows. First, the higher the information system quality of the performance subtitles, the higher the perceived usefulness of the subtitles. Second, for Korean performances, the decreasing level of both the performance-based risk and the psychological risk has a positive influence on the viewing intent. But, the decreasing level of the financial risk has a negative influence on the viewing intent. Third, the decreasing level of performance risk has a positive influence on the perceived usefulness, while the decreasing level of psychological risk has a negative influence on the perceived usefulness. Finally, the psychological risk has the moderating effect of the viewing intention, which it has a negative influence on the perceived usefulness.

• The Korean Journal of Financial Studies
• /
• v.3 no.1
• /
• pp.115-140
• /
• 1996

이 논문(論文)은 효용함수가 감소절대위험회피(DARA)와 일정상대위험회피(CRRA)의 성격을 갖는 멱함수라는 가정 하에 투자자의 상대위험외피계수(相對危險回避係數)를 추정하였으며 추정된 상대위험회피계수를 이용하여 효용기준 자산가격결정모형의 기대수익률과 위험의 선형관계를 실증적으로 분석하였다. 상대위험회피계수(相對危險回避係數)(RRA)는 실제 소비자료를 이용하는 방법과 시장수익률을 이용하는 두 가지 방법에 의해 추정하였다. 실증적(實證的) 연구결과(硏究結果), 첫째 한국증권시장에서 투자자의 상대위험회피계수는 3과 4 사이에 존재하는 것으로 나타나 투자자의 효용함수가 멱함수 형태임이 확인되었다. 둘째 효용함수를 멱함수 이외 다른 2개 (2차형 함수, 대수함수)의 함수로 가정하고 효용기준 자산가격결정모형을 검증한 결과 멱함수 하에서만 자산의 기대수익률과 위험간에는 선형관계(線形關係)가 성립하는 것으로 나타났다.

• The Journal of Information Systems
• /
• v.19 no.3
• /
• pp.127-147
• /
• 2010

전자상거래의 급속한 발전 속에서 기업들은 세계적 시장에서 경쟁력을 지니기 위해 전자상거래를 이용하여 상품판매, 서비스 제공, 고객과 소통하고자 한다. 그러나, 기존의 연구들은 TAM 모형을 통한 상호관계나 선행관계에만 초점을 맞추고 있기 때문에 좀 더 확장한 모형이 필요하다. 본 연구에서는 상품정보와 서비스 제공수준은 소비자 행동에 영향을 미치는 중요한 요인이지만 연구가 충분치 못한 실정이다. 따라서 본 연구의 목적은 첫째, 상품정보제공수준과 서비스제공수준에 따른 소비자 태도 차이를 조망하고자 한다. 둘째, 기존에 연구가 미약하였던 상품정보제공수준 및 서비스제공수준과 기존에 인지된 가치, 인지된 위험, 구매의도와 구전의도간의 상호인과관계를 조망하고자 한다. 본 연구의 결과는 다음과 같다. 첫째, 상품정보제공수준과 서비스제공수준에 따라 소비자 태도 차이에는 차이가 있었다. 둘째, 상품정보제공수준과 서비스제공수준에 따라 소비자들이 인지된 가치, 인지된 위험, 구매의도, 구전효과에는 차이가 있었다. 셋째, 변수들간에 상호인과관계와 선행관계가 존재하였다. 상품정보제공수준과 서비스 제공수준은 인지된 가치와 인지된 위험에 각각 직접적인 영향을 미쳤다. 뿐만 아니라, 인지된 가치는 인지된 위험, 구매의도, 구전효과에, 인지된 위험은 구매의도와 구전효과에 직접적인 영향을 나타내었다.