• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Journal of the Daesoon Academy of Sciences
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• v.16
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• pp.69-85
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• 2003

Death has been one of the basic objects in philosophy and religion. Why do people feel afraid about death? Maybe it is because they don't know the situation after death or because they have a wrong idea about it. Someone may think that he/she doesn't care the situation. But this attitude is wrong. We must understand that our attitude about life is shaped by our knowledge of the situation after death. A recurrent theme about death in popular thought is the idea that death is mysterious. As we have seen, it is difficult to formulate a satisfactory philosophical analysis of the concept of death. If it is impossible to analyse the concept of death, then it is impossible to explain precisely what we mean when we say that something dies. It might be said therefore that, in virtue of this fact, death is mysterious. Of course, death is not distinctively mysterious - all other unanalysable concepts are equally mysterious in this way. Reflection on death gives rise to a variety of philosophical questions. One of the deepest of these is a question about the nature of death. Typically, philosophers interpret this question as a call for an analysis or definition of the concept of death. Plato, for example, proposed to define death as the separation of soul from body. However, this definition is not acceptable to those who think that there are no souls. It is also unacceptable to anyone who thinks that plants and lower animals have no souls, but can nonetheless die. Others have defined death simply as the cessation of life. This too is problematic, since an organism that goes into suspended animation ceases to live, but may not actually die. The eastern philosophers proposed to define death as the nonduality of life and death. Taoists, for example, do not believe in the Wheel of Life of the Buddhists nor in the Heaven or Hell of Christianity. Taoists view existence as glorious. The whole Universe, they teach, is a marvelous, vibrant Unity wherein everything, visible and invisible, pulses with energy and changes. As being develops through the experience of existence, its vessels are swept onwards by the mighty stream of the eternal TAO to other forms of expression and activity. Man does not die; he merely extends into new fields. Taoists teach that the end of a person is the return to the Ultimate Reality. "Life is uncertain - Death is certain": This is a well known saying in Buddhism. Knowing very well that death is certain and it is a natural phenomenon that everyone has to face, we should not be afraid of death. Yet, instinctively, all of us fear death because we do not know how to think of its inevitability. We like to cling to our life and body and so develop too much craving and attachment.

• Korean small business review
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• v.40 no.3
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• pp.1-24
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• 2018

The purpose of this study is verifying with corporate financial data that the required investment amount flow shows a similar pattern as times passed, in new product development by start-up company. In the previous paper, the same authors proposed the required investment amount flow as a 'New Product Investment Curve (NPIC)'. In this study, we have studied further in various types of companies. The samples used are accounting data of 462 companies selected from 5,873 Korean companies which were finished external audit in 2015. The results of this study are as follows; The average investment period was 3 years for the listed companies, while 6 years for the unlisted companies. The investment payback period was 6 years for listed companies, while 17 years for unlisted companies. The investment payback period of the company supported by big affiliate company (We call 'greenhouse company') was 14~15 years, while 17 years for real venture companies. When we divide all companies into 4 groups in terms of R&D cost and variable cost ratio, NPIC explanatory power of 'high R&D and high variable cost ratio group (Automobile Assembly Business) is best. Among the eight investment cost indexes proposed to estimate the investment amount, the 'cash 1' (operating cash flow+fixed asset excluding land & building+intangible asset, deferred asset change)/year-end total assets) turned out to be the most effective index to estimate the investment flow patterns. The conclusion is that NPIC explanatory power is somewhat reduced when we estimate all companies together. However, if we estimate the sample companies by characteristics such as listed, unlisted, greenhouse, and venture company, the proposed NPIC was verified to be effective by showing the required investment amount pattern.

• Korean Journal of Culture and Social Issue
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• v.13 no.2
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• pp.55-76
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• 2007

This study investigated the relationship between emotional contagion and altruistic behaviors and also examined the moderating effect of self-construals(independent and interdependent self) in this relationship. It was hypothesized that the emotional expression of people in need would be caught by others through automatic mimicry, that emotional information would be internalized through the facial-feedback process and that the transferred emotion would eventually result in a motive to call for altruistic behaviors. In Study 1, participants watched a video clip about a disabled student reporting difficulties in school life but showing facial expression opposite to the contents of message to separate emotional contagion and empathy. Participants' decision to participate in voluntary works for the disabled student was measured. As a result, it was found that the more participants experienced emotional contagion, the more they participated in altruistic behaviors. Study 2 measured the vulnerability to emotional contagion, actual experiences of altruistic behaviors, and self-construals. The results of hierarchical regression showed that interdependent self moderated the influence of emotional contagion on altruistic behaviors whereas independent self moderated the relationship in an opposite direction. The implications of emotion and altruistic behaviors in human evolution process are discussed.

• Information Systems Review
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• v.25 no.4
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• pp.89-112
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• 2023

In March 2020, as it was declared a COVID-19 pandemic, various quarantine measures were taken. Accordingly, many changes have occurred in the tourism and hospitality industries. In particular, quarantine guidelines, such as the introduction of non-face-to-face services and social distancing, were implemented in the restaurant industry. For decades, research on restaurant attributes has emphasized the importance of three attributes: atmosphere, service quality, and food quality. Nevertheless, to the best of our knowledge, research on restaurant attributes considering the COVID-19 situation is insufficient. To respond to this call, this study attempted an exploratory approach to classify new restaurant attributes based on understanding environmental changes. This study considered 31,115 online reviews registered in Naverplace as an analysis unit, with 475 general restaurants located in Euljiro, Seoul. Further, we attempted to classify restaurant attributes by clustering words within online reviews through TF-IDF and LDA topic modeling techniques. As a result of the analysis, the factors of "prevention of infectious diseases" were derived as new attributes of restaurants in the context of COVID-19 situations, along with the atmosphere, service quality, and food quality. This study is of academic significance by expanding the literature of existing restaurant attributes in that it categorized the three attributes presented by existing restaurant attributes and further presented new attributes. Moreover, the analysis results have led to the formulation of practical recommendations, considering both the operational aspects of restaurants and policy implications.

• Information Systems Review
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• v.23 no.4
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• pp.103-125
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• 2021

Mobility services are rapidly developing along with information and communication technology (ICT) innovation. Recently, the on-demand mobility platform market is growing, and an environment is provided in which users can call services more conveniently and check the connection status in real time using smartphones. This study investigates the current status of users' perceptions and experiences of car-hailing mobility services such as KAKAO Taxi and UT Taxi, and it analyzes the factors affecting the intention to continuously use the car-hailing service, focusing on environmental and instrumental benefits and trust in driver and platform. In particular, this study examines whether the significance of the relationship between influencing factors and continuous use intention could vary depending on the degree of innovativeness and ICT utilization. The results of this study showed that perceived benefits (environmental benefits and convenience and economic instrumental benefits) and trust in driver had significant effects on increasing trust in platform. It was analyzed that the higher the trust in platform, the higher the intention to continuously use the car-hailing service. Furthermore, the influence of perceived environmental benefits and economic benefits on the trust in platform was different depending on the degree of individual innovativeness, and the influence of convenience and economic benefits on the trust in platform varied depending on the degree of ICT utilization. Referring to the results of this study, mobility service providers can better understand the current status of users' perceptions and trust for car-hailing services, and implement service promotion strategies suitable for individual characteristics.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.34 no.2
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• pp.263-279
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• 2024

With the increasing trend of Cloud migration, security threats in the Cloud computing environment have also experienced a significant increase. Consequently, the importance of efficient incident investigation through log data analysis is being emphasized. In Cloud environments, the diversity of services and ease of resource creation generate a large volume of log data. Difficulties remain in determining which events to investigate when an incident occurs, and examining all the extensive log data requires considerable time and effort. Therefore, a systematic approach for efficient data investigation is necessary. CloudTrail, the Amazon Web Services(AWS) logging service, collects logs of all API call events occurring in an account. However, CloudTrail lacks insights into which logs to analyze in the event of an incident. This paper proposes an automated analysis framework that integrates Cloud Matrix and event information for efficient incident investigation. The framework enables simultaneous examination of user behavior log events, event frequency, and attack information. We believe the proposed framework contributes to Cloud incident investigations by efficiently identifying critical events based on the ATT&CK Framework.

• Journal of the Korean Applied Science and Technology
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• v.41 no.2
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• pp.260-272
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• 2024

This study utilized the Delphi technique to derive results by gathering opinions from experts, analyzing the problems in university survival swimming education, and seeking improvement methods. The conclusions of this study revealed several issues in university survival swimming education. From the perspective of instructors, the lack of expertise and certification in survival swimming was identified as a problem. From a program standpoint, discrepancies between educational content and real-world applications led to decreased practicality. Regarding facilities, the absence of swimming pools within universities was highlighted as a major issue. Proposed solutions included mandatory completion of instructor certification courses to address instructor-related issues. For program improvements, conducting education in environments similar to real-world scenarios was suggested. In terms of facilities, there was a call for expanding swimming facilities within universities. It is anticipated that addressing the identified problems and implementing proposed solutions will lead to more systematic and professional education. Furthermore, it is believed that addressing changeability and hopefulness, and continuously improving based on them, will positively impact the establishment of societal safety consciousness and, ultimately, enhance awareness of water safety.

• Journal of Christian Education in Korea
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• v.76
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• pp.73-93
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• 2023

Purpose of study: The purpose of this study is to propose an autobiographical writing as an alternative Christian education for the elderly. Research Contents and Methods : First, after analyzing the previous studies on Christian education for the elderly, it was found that most of the studies suggest the need for integrated Christian elderly education and church elderly ministry, and there is a need for a study that suggests a curriculum that can be implemented in the field. Second, there are two educational objectives derived from Fowler's study of faith. One is to describe, analyze, and reconstruct the three elements that make up the content of faith: centers of value, image of powers, and central stories. Second, to explore vocation through a life of pilgrimage in response to the call to partnership with God. Third, autobiographical writing involves an approach based on the tradition of qualitative research and should be oriented toward teaching and learning principles based on descriptive, native, holistic, lived-experience, pathic, interpretive, and open-ended principles. Conclusions and Recommendations: Autobiographical writing will contribute to helping the elderly experiencing crises of despair and anxiety to integrate the meaning of their lives through the holistic expression of their thoughts and feelings, to helping socially isolated older adults to feel connected to society, and to helping them to envision and imagine the future through the present act of revealing their voice. It is hoped that autobiographical writing will increase the number of conversations through retrospection and confession of faith of the elderly.

• Journal of Christian Education in Korea
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• v.76
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• pp.51-71
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• 2023

Purpose of study: Recognizing the importance of securing professionalism in church education in the context of the serious problem of church eucation in the Korean church today, this study aims to reveal the problems of current church education and suggest alternatives for solving the problems. Research content and method: The Korean church is facing crises. One of the crises is the decline in church membership and worship attendance. Another, more fundamental problem is the crisis of church education, where the number of students in Sunday schools is plummeting, and many young people are leaving the church. Many of them are questioning the quality of church education leaders. The decline and demise of Sunday schools does not bode well for the future of the Korean church. What the church needs to do to address these issues is to build up educational professionals. Leadership and professionalism are critical issues. Until now, the needs of church education in the Korean church have relied on dedication and life mission rather than professionalism. And these criteria were enough. It has been 34 years since the October 1989 resolution of the General Assembly of the Christian Church in Korea to establish a system of educators. However, little progress has been made and the system has not been changed to a system of educators. One of the ways to solve this problem is for the Korean church to prepare for the future of the Korean church by utilizing educators for church growth and the restoration of Sunday schools. Conclusions and Suggestions: For the function, mission, and purpose of the church, the system of educators is requested to be established in the Korean church as soon as possible to fulfill the professional church education and educational pastoral mission. In response to this call, current Korean church education needs to change and innovate. The direction of innovation is professional education, which means that there is a need and urgency for professional educators qs church education leaders.