• Asia Marketing Journal
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• 제22권3호
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• pp.51-69
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• 2020

This study empirically examines the link between marketing knowledge management and innovation performance focusing on the moderating role of business environmental volatility. We define marketing knowledge management as the integration of knowledge generation, knowledge dissemination and knowledge storage. Using a unique data set that consists of 439 employees at 156 firms in China, we find that knowledge dissemination and knowledge storage have a positive effect on innovation performance. Also found is the negative moderating effect of business environmental volatility on innovation performance. Our findings suggest that firms should strengthen their marketing knowledge management to improve innovation performance and stay flexible to cope with the ever-changing and often volatile market environments.

• 자원ㆍ환경경제연구
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• 제22권4호
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• 수산경영론집
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• 제49권2호
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• pp.21-35
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• 2018

Squid is a popular seafood in Korea. However, since the 2000s, the squid production has been declining. The unstable supply of the squid products may cause price fluctuations of fresh and chilled squid. These price fluctuations may be relatively more severe than them of other commodities, because the fresh and chilled squid can not be stored for a long period of time. Thus, this study analyzes the structural characteristics of price volatility and price asymmetry of fresh squid based on off-diagonal GARCH model. Data used to analysis of this study are daily wholesale and retail prices of fresh squid from January 1, 2006 to December 31, 2016 provided in the KAMIS. As theoretical approaches of this study, first of all, the stability of the time series is confirmed by the unit root test. Secondly, the causality between distribution channels is checked by the Granger causality test. Thirdly, the VAR model and the off-diagonal GARCH model are adopted to estimate asymmetry effect and price volatility spillover between distribution channels. Finally, the stability of the model is confirmed by multivariate Q-statistic and ARCH-LM test. In conclusion, fresh squid is found to have shock and volatility spillover between wholesale and retail prices as well as its own price. Also, volatility asymmetry effect is shown in own wholesale or retail price of fresh squid. Finally, this study shows that the decrease in the fresh squid retail price of t-1 period than the increase in the t-1 period has a greater impact on the volatility of the fresh squid wholesale price in t period.

• KIEE International Transactions on Power Engineering
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• 제4A권3호
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• pp.159-166
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• 2004

Forecasting prices in electricity markets is critical for consumers and producers in planning their operations and managing their price risk. We utilize the generalized autoregressive conditionally heteroskedastic (GARCH) method to forecast the electricity prices in two regions of New York： New York City and Central New York State. We contrast the one-day forecasts of the GARCH against techniques such as dynamic regression, transfer function models, and exponential smoothing. We also examine the effect on our forecasting of omitting some of the extreme values in the electricity prices. We show that accounting for the extreme values and the heteroskedactic variance in the electricity price time-series can significantly improve the accuracy of the forecasting. Additionally, we document the higher volatility in New York City electricity prices. Differences in volatility between regions are important in the pricing of electricity options and for analyzing market performance.

• 산학경영연구
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• 제14권
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• pp.45-62
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• 2001

이 연구는 전략적 제휴의 존속기간을 결정하는 요소들에 대해 분석한다. 일반적으로 성공하는 전략적 제휴는 오랫동안 지속될 가능성이 맡고, 실패하는 전략적 제휴는 오랫동안 지속될 가능성이 낮다. 국가간의 차이, 산업형태 또는 환경, 파트너와의 전략적 제휴 경험, 다른 기업들과의 전략적 제휴 경험 등이 전략적 제휴들의 지속기간에 미치는 효과들을 조사함으로써 간접적으로 전략적 제휴의 성공, 실패요인을 조사한다. 이 효과를 조사하기 위하여 네델란드의 Limburg의 대학교 연구자들에 수집된 CATI (Cooperative Agreements and Technology Indicators)에서 표본을 추출하여 Cox-Regression을 이용한다. 결과들이 보고되어지고, 어떤 전략적 의미들을 가지는지 조사한다.

• Asia pacific journal of information systems
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• 제32권4호
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• pp.707-727
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• 2022

Industrial revolution 4.0 makes business competition more challenging and will impact the instability of the company's financial performance. Dynamic environmental conditions make it difficult for companies to make predictions in making decisions. Investing in information technology (IT) is one way for companies to maintain financial stability and competitive advantage in dynamic competition. Resource-Based Theory (RBT) explains that information technology (IT) is a resource that can create a competitive advantage for the company. This study aims to examine the moderating role of dynamic industrial environments and IT strategic emphasis on the relationship between a lag effect of IT investment and firm's financial performance volatility. Using the data of companies listed on the Indonesia Stock Exchange (IDX) for five years starting from 2013-2017, the method used to estimate the research model's parameters is the generalized method of moments (GMM) approach. The results show that the industrial environment and the emphasis on IT strategy have a role in moderating and strengthening the relationship between the time lag in IT investment in reducing the firm's financial performance volatility.

• Communications for Statistical Applications and Methods
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• 제15권6호
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• pp.925-937
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• 2008

본 논문에서는 주식시장에서 거래되는 다수의 주식거래종목들을 몇 개의 그룹으로 군집화하는 주제를 연구한다. 시간에 관계없이 분산이 일정한 ARMA모형과 다르게, 주가, 환율 등의 금융시계열자료에서는 조건부 이분산성을 따르게 된다. 또한, 많은 사람들이 금융시계열자료에서 관심을 갖는 것은 바로 이 변동성이다. 그러므로, 이 연구에서는 조건부 이분산성을 모형화하기에 적합하다고 알려진 일반화 조건부 이분산성 자기회귀모형에 초점을 맞춘다. 먼저 두 개의 주식종목들 사이에 변동성(volatility)의 유사성 그리고 구조의 유사성을 재는 거리를 정의하고, 모의실험을 수행한다. 실증자료로 최근 3년 동안 관찰된 국내 11개 주가의 수익률을 변동성과 구조에 따라 군집화한다.

• 경영과학
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• 제33권1호
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• pp.35-47
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• 2016

Generation of electricity using wind power has received considerable attention worldwide in recent years mainly due to its minimal environmental impact. However, volatility of wind power production causes additional problems to provide reliable electricity to an electrical grid regarding power system operations, power system planning, and wind farm operations. Those problems require appropriate stochastic models for the electricity generation output of wind power. In this study, we review previous literatures for developing the stochastic model for the wind power generation, and propose a systematic procedure for developing a stochastic model. This procedure shows a way to build an ARIMA model of volatile wind power generation using historical data, and we suggest some important considerations. In addition, we apply this procedure into a case study for a wind farm in the Republic of Korea, Shinan wind farm, and shows that our proposed model is helpful for capturing the volatility of wind power generation.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.865-873
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• 2021

COVID-19 pandemic has brought the world into economic recession. This study aims to present an analysis of the readiness of creative e-commerce in Indonesia. Data was collected from various locations that may represent the Creative Industry in Indonesia. The quantitative method has been applied as a research approach by gathering questionnaires from 383 business owners selected using the cluster random sampling method. Based on the results of the analysis and discussion, it is concluded that E-Commerce Readiness is very important in times of uncertainty such as the COVID-19 pandemic. The level of readiness will determine the continuity and sustainability of a company or business in a volatile business environment. E-Commerce Readiness can be evaluated based on Technology Readiness, Organizational Readiness, and Environmental Readiness. Not all perspectives are taken into consideration in making decisions about the implementation or improvement of E-Commerce in the pandemic period. Technology Readiness is seen as the most significant impact on a company's ability to cope with volatility, while Environmental Constraints encourage businesses to adopt E-Commerce and take it to the next level. On the other hand, Organizational Readiness has no effect on the E-Commerce readiness of the company because the company or organization does not consider this aspect.

• 지식경영연구
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• 제22권1호
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• pp.57-84
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• 2021

본 연구는 21세기형 초경쟁 환경에서 지속가능한 경쟁우위를 위해 전략적 자원인 기술자원을 보호하기 위한 기업의 시도에 영향을 미치는 요인들을 실증 연구한다. 이를 위해 본 연구는 전략경영의 자원기반관점과 거시 조직이론의 관점에서 기업들이 불확실하고 급변하는 환경에 대응하여 신속하고 강력하게 자신의 혁신적 기술을 보호하는 동시에 경쟁자들의 기술탐색을 제한할 수 있는 제도인 '우선권주장출원'이라는 기술보호전략의 실행에 영향을 미치는 시장 환경요인들을 분석한다. 본 연구에서는 기업들이 특허출원이라는 기술혁신 성과를 보호하기 위한 일반적 전략을 넘어서서, 더 강력한 경쟁전략인 우선권주장출원을 왜 선택하는지, 그리고 이 강화된 기술자원 보호전략이 어떻게 경쟁자들을 견제할 수 있는지에 대해, 대표적인 초경쟁 산업인 대한민국 하이테크 전자기업들 특허데이터와 재무데이터를 이용하여 실증 연구한다. 1994년부터 2008년까지 우리나라 하이테크 전자기업들이 출원한 특허출원 데이터와 재무데이터를 기반으로 한 실증분석의 결과, 기업들의 우선권주장출원전략을 실행하는 것은 외생적 충격과 환경불확실성에 의해 부정적인 영향을 받는 반면, 시장변동성에 의해 긍정적인 영향을 받는 것으로 나타났다. 또한 각 기업의 지위는 위 세 가지 요인들의 영향을 약화시키는 방향으로 조절효과를 가지는 것으로 나타났다.