• Title/Summary/Keyword: 토빈의 Q계수

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Vertical Integration of Solar business and its Value Analysis: Efficiency or Flexibility (태양광 수직통합화가 사업가치에 미치는 영향: 효율성 및 유연성)

  • Kim, Kyung-Nam;Jeon, Woo-Chan;SonU, Suk-Ho
    • New & Renewable Energy
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    • v.8 no.2
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    • pp.33-43
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    • 2012
  • Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.

Effects of Customers' Relationship Networks on Organizational Performance: Focusing on Facebook Fan Page (고객 간 관계 네트워크가 조직성과에 미치는 영향: 페이스북 기업 팬페이지를 중심으로)

  • Jeon, Su-Hyeon;Kwahk, Kee-Young
    • Journal of Intelligence and Information Systems
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    • v.22 no.2
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    • pp.57-79
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    • 2016
  • It is a rising trend that the number of users using one of the social media channels, the Social Network Service, so called the SNS, is getting increased. As per to this social trend, more companies have interest in this networking platform and start to invest their funds in it. It has received much attention as a tool spreading and expanding the message that a company wants to deliver to its customers and has been recognized as an important channel in terms of the relationship marketing with them. The environment of media that is radically changing these days makes possible for companies to approach their customers in various ways. Particularly, the social network service, which has been developed rapidly, provides the environment that customers can freely talk about products. For companies, it also works as a channel that gives customized information to customers. To succeed in the online environment, companies need to not only build the relationship between companies and customers but focus on the relationship between customers as well. In response to the online environment with the continuous development of technology, companies have tirelessly made the novel marketing strategy. Especially, as the one-to-one marketing to customers become available, it is more important for companies to maintain the relationship marketing with their customers. Among many SNS, Facebook, which many companies use as a communication channel, provides a fan page service for each company that supports its business. Facebook fan page is the platform that the event, information and announcement can be shared with customers using texts, videos, and pictures. Companies open their own fan pages in order to inform their companies and businesses. Such page functions as the websites of companies and has a characteristic of their brand communities such as blogs as well. As Facebook has become the major communication medium with customers, companies recognize its importance as the effective marketing channel, but they still need to investigate their business performances by using Facebook. Although there are infinite potentials in Facebook fan page that even has a function as a community between users, which other platforms do not, it is incomplete to regard companies' Facebook fan pages as communities and analyze them. In this study, it explores the relationship among customers through the network of the Facebook fan page users. The previous studies on a company's Facebook fan page were focused on finding out the effective operational direction by analyzing the use state of the company. However, in this study, it draws out the structural variable of the network, which customer committment can be measured by applying the social network analysis methodology and investigates the influence of the structural characteristics of network on the business performance of companies in an empirical way. Through each company's Facebook fan page, the network of users who engaged in the communication with each company is exploited and it is the one-mode undirected binary network that respectively regards users and the relationship of them in terms of their marketing activities as the node and link. In this network, it draws out the structural variable of network that can explain the customer commitment, who pressed "like," made comments and shared the Facebook marketing message, of each company by calculating density, global clustering coefficient, mean geodesic distance, diameter. By exploiting companies' historical performance such as net income and Tobin's Q indicator as the result variables, this study investigates influence on companies' business performances. For this purpose, it collects the network data on the subjects of 54 companies among KOSPI-listed companies, which have posted more than 100 articles on their Facebook fan pages during the data collection period. Then it draws out the network indicator of each company. The indicator related to companies' performances is calculated, based on the posted value on DART website of the Financial Supervisory Service. From the academic perspective, this study suggests a new approach through the social network analysis methodology to researchers who attempt to study the business-purpose utilization of the social media channel. From the practical perspective, this study proposes the more substantive marketing performance measurements to companies performing marketing activities through the social media and it is expected that it will bring a foundation of establishing smart business strategies by using the network indicators.