• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.123-129
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• 2020

The objective of this study is to examine the differentiated influence of sell-side advisors and buy-side advisors on mergers and acquisitions (M&A). Unlike prior studies on M&A advisors, the study addresses different roles of target and acquirer advisors, and explores their influences on the cumulative abnormal returns (CAR) and acquisition premiums with an empirical analysis of longitudinal data of M&As conducted by Japanese listed firms except financial companies from 1995 to 2012. M&A data were obtained from the Securities Data Corporation's (SDC) database, and the individual firm data were collected from the Nikkei Economic Electronic Databank System (NEEDS), which provides a wide range of corporate information including financial status, operational performance, and strategy. Using a sample of 452 cases for the CAR and 498 cases for the analysis of acquisition premiums, the empirical results support the hypotheses of the target advisor's positive association with CAR and acquirer advisor's positive association with acquisition premiums. The findings of this study indicate the target advisor's positive contribution to the success of acquisition process and performance, and acquirer advisor's negative influence on the deal progress. The study provides theoretical implications on M&A research and practical insights into the investment banking industry.

• Journal of Fashion Business
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• 제6권5호
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• pp.112-124
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• 2002

Japanese apparel industries have deployed the activities of plannings, production & sellings by brand marketings. Owing to it, they satisfied customers and accomplished the goal of corporation objective market advantage. All through this process it is very essential to establish the concept of product Through the analysis of the brand development in Japanese total apparel corporation; 1) it accesses synthetically to acquire sales and target benefit by active marketing based on the analysis of market environment; 2) on relation with customer, it comes close to customer in the process of buying and consuming product and provides a customer satisfaction in the process of those. All the way of the process above and the precedent, it is to complete the goal of corporation. The development of the brand in Japanese apparel corporation depends on the corporate's customeroriented marketing. Due to it, Japanese apparel corporation perceives the differentiation that the consuming pattern of customer is its life style so that Japanese apparel corporation provides the product that can satisfy customer needs.

• Culinary science and hospitality research
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• 제14권2호
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• pp.181-192
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• 2008

The objective for this study was to clarify the relationships between perceived value, customer satisfaction, switching intention, and loyalty for foodservice. A total of 258 questionnaires were completed. Structural equation model was used to measure the causal effect. Results of the study demonstrated that the confirmatory factor analysis result for the data also indicated good model fit. The unrestricted model yielded a significantly better fit to the data than the restricted model. The influences of perceived value on customer satisfaction, switching intention and loyalty were statistically significant. The influences of customer satisfaction on switching intention and loyalty were statistically significant. Moreover, customer satisfaction played a mediating role in the relationship between perceived value and switching intention. Customer satisfaction also played a mediating role in the relationship between perceived value and loyalty. The obvious implication is the need for further consideration of similar composite models. The possible moderating effects of such individual characteristics as risk aversion, involvement, and experience/expertise, or switching cost might be relevant pursuits in future research. Finally, this research illuminates the need for additional research that considers the effect of perceived value and satisfaction on customers' decision-making and corporate profits.

• Journal of the Korean Operations Research and Management Science Society
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• 제39권2호
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• pp.131-140
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• 2014

Customer networks go through constant changes. They may expand or shrink once they are formed. In dynamic environments, it is a critical corporate challenge to identify and manage influential customer groups in a cost effective way. In this context, we apply inverse optimization theory to suggest an efficient method to manage customer networks. In this paper, we assume that there exists a subset of nodes that might have a large effect on the network and that the network can be modified via some strategic actions. Rather than making efforts to find influential nodes whenever the network changes, we focus on a subset of selective nodes and perturb as little as possible the interaction between nodes in order to make the selected nodes influential in the given network. We define the following problem based on the inverse optimization. Given a graph and a prescribed node subset, the objective is to modify the structure of the given graph so that the fixed subset of nodes becomes a minimum dominating set in the modified graph and the cost for modification is minimum under a fixed norm. We call this problem the inverse dominating set problem and investigate its computational complexity.

• Journal of Distribution Science
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• 제11권7호
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• pp.31-37
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• 2013

Purpose - The objective of this research is to be acquainted with the spending patterns and buying motives of Indian gold consumers along with the opinions of gold traders. Research design, data, and methodology - The study administers a structured questionnaire survey with 450 consumers and conducts personal interviews with 60 gold businesspersons in the Indian state of Andhra Pradesh, a leading gold consuming state in the entire country. Using Analysis of Variance, the collected data was analyzed and the hypotheses were tested. Results - Results indicate that 85 percent of Indian gold consumers are purchasing gold in the form of ornaments and jewellery as against 10 percent invested in gold coins/bars. Another 5 percent consumers is investing in gold by choosing either gold traded mutual funds or gold schemes introduced by corporate gold traders. Conclusions - Majority of the Indian gold consumers are considering occasions and festivities while buying gold and then giving preference to price as against least preference to recommendations of brand ambassadors.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.717-728
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• 2020

The objective of this study is to explore the whole process of fraud risk management strategies that should be implemented by the organizations. Secondly, this study discusses the governance issues that arise at each stage of the process. For the purpose of this study, a content analysis of previous literatures is used as a technique for gathering data. This process usually involves codifying qualitative and quantitative information into pre-defined categories in order to derive patterns in the presentation and reporting of information. Based on our content analysis, we found that the fraud risk management process should be made of at least five stages which are inculcating the culture of managing risks in an organization, identifying the risks, evaluating the risks, determining preventive actions and implementing and reviewing stages. Our extended analysis of the fraud risk management process finds that a lot of governance issues arise in the fraud risk management process that should be solved by regulators and companies in order to ensure that fraud risk management process is embedded as corporate culture, not merely as a process. Among them are how to create the risk culture in an organization and whether auditors and risk management committees identify risks from each available source.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.129-139
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• 2020

The objective of this study is twofold: first, to investigate how organizations encourage factors that have an impact on employees' entrepreneurial behavior from employee's perspectives and experiences; and second, to discover how and why employees behave entrepreneurially within the organization. A case study method is considered as an appropriate approach to scrutinize intrapreneurial behavior because it principally concentrates on an investigation into a contemporary organizational phenomenon and context concerning entrepreneurial activities in-depth within its real situation. In data collection, an Asian multinational retail company was selected. Semi-structured interviews were carried out with 24 executive-level employees who had been working in various departments for more than 5 years. Each in-depth interview lasts for a duration of 40 to 60 minutes. The results reveal several understandings into the combination of individual-level and organizational-level factors that promote the intrapreneurial behavior and activities of the established firm in the context of Thailand. In this regard, six factors have been found as the key determinants that make an impact on innovativeness, proactiveness, and risk-taking behaviour of the employees. Those factors are personal preference, organizational stability, management support, compensation, reward system, teamwork, quality of relationship with colleagues, work autonomy and the quality of relationship with the superiors.

• Journal of the Ergonomics Society of Korea
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• 제25권4호
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• pp.145-151
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• 2006

The objective of this study is to investigate the perceived discomfort for postures combined with shoulder flexion/extension and elbow flexion, and external load. 12 healthy male undergraduate and graduate students participated in this experiment. Experimental variables were the shoulder flexion/extension angle(-20°, 0°, 45°, 90°, 135°), the elbow flexion angle (0°, 45°, 120°), and the external load(0, 1.5Kg, 3Kg) as independent variables and a whole body perceived discomfort using Borg's CR10 as a dependent variable. The subjects maintained the given posture for 60 seconds and then rated the perceived discomfort. The ANOVA results showed that all main factors and two-way interactions were statistically significant at α=0.05. As a result of regression analysis to examine the effect of external load on the perceived discomfort, the perceived discomfort linearly increased as the level of external load increased. Then, the effect of external load on the perceived discomfort was quantitatively classified into three levels based on the result of regression analysis.

• Journal of Institute of Control, Robotics and Systems
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• 제18권9호
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• pp.854-862
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• 2012

The optimal design of batch-storage network by using periodic square wave model provides analytical lot sizing equations for a complex supply chain network characterized as multi-supplier, multi-product, multi-stage, non-serial, multi-customer, cyclic system including recycling and/or remanufacturing. The network structure includes multiple currency flows as well as material flows. The processes are represented by multiple feedstock/product materials with fixed composition which are very suitable for production processes. In this study, transportation processes that carry multiple materials with unknown composition are added and the time frame is changed from single period into multiple periods in order to represent nonperiodic parameter variations. The objective function of the optimization involves minimizing the opportunity costs of annualized capital investments and currency/material inventories minus the benefit to stockholders in the numeraire currency. The expressions for the Kuhn-Tucker conditions of the optimization problem are reduced to a multiperiod subproblem for average flow rates and analytical lot-sizing equations. The multiperiod lot sizing equations are different from single period ones. The effects of corporate income taxes, interest rates and exchange rates are incorporated.

• IE interfaces
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• 제16권spc호
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• pp.116-122
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• 2003

We analyze how much employees' work abilities and overall satisfaction on the job or corporate influence on the productivity and customer satisfaction in the service industry, which is characterized by simultaneity, heterogeneity, intangibility and etc. Employees always encounter customers in process of the service. So, the employees' attitudes and behaviors have direct influences on the service quality or satisfaction which customers perceive. Also, employees' satisfaction or work abilities can lead to increase or decrease the productivity. To grasp and demonstrate the cause and effect relationship, we firstly measure the degrees of employee satisfaction organized by 11 factors through survey, and also measure employees' overall satisfaction, organizational commitment and productivity. Secondly, we define service value as the employee's objective measure index and collect it with the data related to customer satisfaction. Based on the collected data, thirdly we define how the relationship among the employee satisfaction, the productivity, the service value and the customer satisfaction are affected by the employees' work abilities and overall satisfaction with SEM(Structural Equation Model). And finally, we classify employees according to their abilities and the degrees of satisfaction respectively and suggest important strategies to manage them effectively.