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A Comparison on Efficiency of Specialized Credit Finance Companies Using a Meta-Frontier (메타프론티어 분석을 이용한 여신전문금융회사의 효율성 비교)

  • Cho, Chanhi;Lee, Sangheun;Lee, Hyoung-Yong
    • Knowledge Management Research
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    • v.22 no.3
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    • pp.151-172
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    • 2021
  • The government's implementation of customer-friendly financial policies, such as lowering commission fees for credit card merchants and lowering the maximum interest rate, put the specialized credit finance companies in a crisis of lowering profitability. In this unfavorable situation, the efficiency study of specialized credit finance companies is meaningful. Accordingly, this study measured the efficiency of 34 specialized credit finance companies through Data Envelopment Analysis (DEA) and meta-frontier analysis. For meta-frontier analysis, specialized credit finance companies were divided into two groups (card companies and non-card companies) by industry or three groups (AA0 and above, AA-, and A+ or below) by credit rating. The results of the analysis will provide general insight into the efficiency of specialized credit finance companies. The results of this study are as follows. First, the average meta-efficiency of card companies was analyzed higher than that of non-card companies. Second, 80% of non-card's decision-making units (DMUs) were inefficient by pure technology rather than by scale. Third, decision-making units (DMUs), which account for 62.5% of the credit card company group and 80% of the 'AA-' credit rating group, are in non-economic areas of scale. Fourth, there was no statistically significant difference in meta-efficiency values (TE and PTE) by industry (card companies, non-card companies) and credit rating (AA0 or higher, AA-, A+ or lower). The contribution of this study will provide strategic initiatives for establishing management strategies to improve inefficiency by measuring the efficiency level of companies under an unfriendly business environment for specialized credit finance companies.

New demand forecast for vocational high school graduates in regional strategic industries: Focusing on comparison between Daejeon and Jeonnam (지역전략산업에 따른 특성화고 졸업자 신규수요 예측: 대전과 전남 지역 비교를 중심으로)

  • Kim, Jin-Mo;Choi, Su-Jung;Jeon, Yeong-Uk;Oh, Jin-Ju;Ryu, Ji-Eun;Kim, Seon-Geun
    • Journal of vocational education research
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    • v.36 no.1
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    • pp.47-75
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    • 2017
  • The purpose of this study was to provide basic data for policy making for secondary vocational education in each region and transformation in vocational high schools. To achieve this, the regional strategic industries in Daejeon and Jeonnam were selected, new demand for vocational high school graduates was forecasted in each industry and occupation. The results of the study are as follows. First, locational quotient analysis and regional shift-share analysis revealed that Daejon and Jeonnam have different strategic industries. Daejon, unlike Jeonnam strategically develops 'manufacturing food, beverage and tobacco', 'manufacturing timber and paper, printing and copying', 'public service and administration of national defense and social security' and 'manufacturing electrical devices, electronics and precision devices'. Jeonnam has specialized industries distinguished from Daejon's, which are 'manufacturing of machinery transportation equipments and etc', 'manufacturing of non-metallic minerals and metal products', 'electric, gas, steam and water supply systems/industries', 'manufacturing coal and chemical products, refining petroleum', 'mining' and 'agriculture, forestry and fishery'. Second, new demand for vocational high school graduates by occupations and industries showed regional differences(in Daejon and Jeonnam). According the forecast, Daejon will have many workforce demands based on manufacturing industries, on the other hand Jeonnam's focused on service industries. Analysis by occupations was also different, Daejon showed high demands on professional and related workers, while Jeonnam requested many new office and service workers. Third, new workforce demand by occupations in regional strategic industries is big part of overall new workforce demand both in Daejon and Jeonnam. Forth, according to the results of analyzing the new demand for vocational high school graduates in Daejeon and Jeonnam in terms of industry location quotient and change effect, there was high demand in industries with positive total change effects. In terms of location quotient, Daejeon and Jeonnam showed different results.

Deriving adoption strategies of deep learning open source framework through case studies (딥러닝 오픈소스 프레임워크의 사례연구를 통한 도입 전략 도출)

  • Choi, Eunjoo;Lee, Junyeong;Han, Ingoo
    • Journal of Intelligence and Information Systems
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    • v.26 no.4
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    • pp.27-65
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    • 2020
  • Many companies on information and communication technology make public their own developed AI technology, for example, Google's TensorFlow, Facebook's PyTorch, Microsoft's CNTK. By releasing deep learning open source software to the public, the relationship with the developer community and the artificial intelligence (AI) ecosystem can be strengthened, and users can perform experiment, implementation and improvement of it. Accordingly, the field of machine learning is growing rapidly, and developers are using and reproducing various learning algorithms in each field. Although various analysis of open source software has been made, there is a lack of studies to help develop or use deep learning open source software in the industry. This study thus attempts to derive a strategy for adopting the framework through case studies of a deep learning open source framework. Based on the technology-organization-environment (TOE) framework and literature review related to the adoption of open source software, we employed the case study framework that includes technological factors as perceived relative advantage, perceived compatibility, perceived complexity, and perceived trialability, organizational factors as management support and knowledge & expertise, and environmental factors as availability of technology skills and services, and platform long term viability. We conducted a case study analysis of three companies' adoption cases (two cases of success and one case of failure) and revealed that seven out of eight TOE factors and several factors regarding company, team and resource are significant for the adoption of deep learning open source framework. By organizing the case study analysis results, we provided five important success factors for adopting deep learning framework: the knowledge and expertise of developers in the team, hardware (GPU) environment, data enterprise cooperation system, deep learning framework platform, deep learning framework work tool service. In order for an organization to successfully adopt a deep learning open source framework, at the stage of using the framework, first, the hardware (GPU) environment for AI R&D group must support the knowledge and expertise of the developers in the team. Second, it is necessary to support the use of deep learning frameworks by research developers through collecting and managing data inside and outside the company with a data enterprise cooperation system. Third, deep learning research expertise must be supplemented through cooperation with researchers from academic institutions such as universities and research institutes. Satisfying three procedures in the stage of using the deep learning framework, companies will increase the number of deep learning research developers, the ability to use the deep learning framework, and the support of GPU resource. In the proliferation stage of the deep learning framework, fourth, a company makes the deep learning framework platform that improves the research efficiency and effectiveness of the developers, for example, the optimization of the hardware (GPU) environment automatically. Fifth, the deep learning framework tool service team complements the developers' expertise through sharing the information of the external deep learning open source framework community to the in-house community and activating developer retraining and seminars. To implement the identified five success factors, a step-by-step enterprise procedure for adoption of the deep learning framework was proposed: defining the project problem, confirming whether the deep learning methodology is the right method, confirming whether the deep learning framework is the right tool, using the deep learning framework by the enterprise, spreading the framework of the enterprise. The first three steps (i.e. defining the project problem, confirming whether the deep learning methodology is the right method, and confirming whether the deep learning framework is the right tool) are pre-considerations to adopt a deep learning open source framework. After the three pre-considerations steps are clear, next two steps (i.e. using the deep learning framework by the enterprise and spreading the framework of the enterprise) can be processed. In the fourth step, the knowledge and expertise of developers in the team are important in addition to hardware (GPU) environment and data enterprise cooperation system. In final step, five important factors are realized for a successful adoption of the deep learning open source framework. This study provides strategic implications for companies adopting or using deep learning framework according to the needs of each industry and business.

How Can Non.Chaebol Companies Thrive in the Chaebol Economy? (비재벌공사여하재재벌경제중생존((非财阀公司如何在财阀经济中生存)? ‐공사층면영소전략적분석(公司层面营销战略的分析)‐)

  • Kim, Nam-Kuk;Sengupta, Sanjit;Kim, Dong-Jae
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.3
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    • pp.28-36
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    • 2009
  • While existing literature has focused extensively on the strengths and weaknesses of the Chaebol and their ownership and governance, there have been few studies of Korean non-Chaebol firms. However, Lee, Lee and Pennings (2001) did not specifically investigate the competitive strategies that non-Chaebol firms use to survive against the Chaebol in the domestic Korean market. The motivation of this paper is to document, through four exploratory case studies, the successful competitive strategies of non-Chaebol Korean companies against the Chaebol and then offer some propositions that may be useful to other entrepreneurial firms as well as public policy makers. Competition and cooperation as conceptualized by product similarity and cooperative inter.firm relationship respectively, are major dimensions of firm.level marketing strategy. From these two dimensions, we develop the following $2{\times}2$ matrix, with 4 types of competitive strategies for non-Chaebol companies against the Chaebol (Fig. 1.). The non-Chaebol firm in Cell 1 has a "me-too" product for the low-end market while conceding the high-end market to a Chaebol. In Cell 2, the non-Chaebol firm partners with a Chaebol company, either as a supplier or complementor. In Cell 3, the non-Chaebol firm engages in direct competition with a Chaebol. In Cell 4, the non-Chaebol firm targets an unserved part of the market with an innovative product or service. The four selected cases such as E.Rae Electronics Industry Company (Co-exister), Intops (Supplier), Pantech (Competitor) and Humax (Niche Player) are analyzed to provide each strategy with richer insights. Following propositions are generated based upon our conceptual framework: Proposition 1: Non-Chaebol firms that have a cooperative relationship with a Chaebol will perform better than firms that do not. Proposition 1a; Co-existers will perform better than Competitors. Proposition 1b: Partners (suppliers or complementors) will perform better than Niche players. Proposition 2: Firms that have no product similarity with a Chaebol will perform better than firms that have product similarity. Proposition 2a: Partners (suppliers or complementors) will perform better than Co.existers. Proposition 2b: Niche players will perform better than Competitors. Proposition 3: Niche players should perform better than Co-existers. Proposition 4: Performance can be rank.ordered in descending order as Partners, Niche Players, Co.existers, Competitors. A team of experts was constituted to categorize each of these 216 non-Chaebol companies into one of the 4 cells in our typology. Simple Analysis of Variance (ANOVA) in SPSS statistical software was used to test our propositions. Overall findings are that it is better to have a cooperative relationship with a Chaebol and to offer products or services differentiated from a Chaebol. It is clear that the only profitable strategy, on average, to compete against the Chaebol is to be a partner (supplier or complementor). Competing head on with a Chaebol company is a costly strategy not likely to pay off for a non-Chaebol firm. Strategies to avoid head on competition with the Chaebol by serving niche markets with differentiated products or by serving the low-end of the market ignored by the Chaebol are better survival strategies. This paper illustrates that there are ways in which small and medium Korean non-Chaebol firms can thrive in a Chaebol environment, though not without risks. Using different combinations of competition and cooperation firms may choose particular positions along the product similarity and cooperative relationship dimensions to develop their competitive strategies-co-exister, competitor, partner, niche player. Based on our exploratory case-study analysis, partner seems to be the best strategy for non-Chaebol firms while competitor appears to be the most risky one. Niche players and co-existers have intermediate performance, though the former do better than the latter. It is often the case with managers of small and medium size companies that they tend to view market leaders, typically the Chaebol, with rather simplistic assumptions of either competition or collaboration. Consequently, many non-Chaebol firms turn out to be either passive collaborators or overwhelmed competitors of the Chaebol. In fact, competition and collaboration are not mutually exclusive, and can be pursued at the same time. As suggested in this paper, non-Chaebol firms can actively choose to compete and collaborate, depending on their environment, internal resources and capabilities.

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Analysis on the core factors in the successful importing of ERP system in Small & Medium Enterprises - Focusing on the Cooperation Model between Industry and Education in Chung-Buk province (중소기업 ERP 시스템 도입 핵심성공요인 분석 -충북지역 산학연계 모델을 중심으로-)

  • 김범년;김영렬
    • Journal of Korea Society of Industrial Information Systems
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    • v.8 no.3
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    • pp.51-60
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    • 2003
  • In the radical char]go of the business environments that the existing facilities can not guarantee the business-frosts anymore, enterprises have been importing ERP system. In Korea, Sam-sung Electronics did it for the first tin in the latter half of 1994 and other enterprises succeeded. Currently, government and public enterprises as well as most of the large enterprises are employing ERP system to sharpen the competitiveness and to win the business transparency. On the other hand, it is harder for small and medium enterprises shaded by the large enterprises to be well-equipped with information system such as ERP, because they have already suffered from chronic financial difficulties and shortage of many resources. Most of all, they prefer the short-term project that does not need much tine for them to make decisions and to carry out fully. Grounded on the above factors, in this work, I suggest the suitable ERP model for the small and medium enterprises and the successful importing process of ERP, which is derived from the previous researches made by other masters' thesis. If necessary information and human resources are interchanged pertinently between local education institute and small and medium enterprise, the latter could not only deal with the confronted difficulties successfully inside and outside but attain the goal of being proficient in up-to-minute high technology. Besides, giving the students the opportunity of researching into the practice of the business they have not ever known, local universities could help their students accumulate knowledges and acquire ideas which could not be achieved in pure academic studies. When the above-mentioned procedure is over, the students might get the intellectual faculty to ponder on the future more concretely and enter a profession more carefully. In the result, we would raise up the percentage of the employment among the graduates. And active participation of university professors is the last important factor that assists the small and medium enterprises for introducing ERP system successfully. Their scholarly attainments play an important role in strengthening local economy and make the business competitiveness balanced between the capital and the local economy.

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Recycling of Acidic Etching Waste Solution Containing Heavy Metals by Nanofiltration (I): Evaluation of Acid Stability of Commercial Nanofiltration Membranes (나노여과에 의한 중금속 함유 산성 폐에칭액의 재생(I): 상용 나노여과 막의 산 안정성 평가)

  • Youm, Kyung-Ho;Shin, Hwa-Sup;Jin, Cheon-Deok
    • Membrane Journal
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    • v.19 no.4
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    • pp.317-323
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    • 2009
  • In this study the nanofiltration (NF) membrane treatment of a nitric acid waste solutions containing $Pb^{+2}$ heavy metal ion discharging from the etching processes of an electronics and semiconductors industry has been studied for the purpose of recycling of nitric acid etching solutions. Three kinds of NF membranes (General Electric Co. Duraslick NF-4040 membrane, Dow Co. Filmtec LP-4040 membrane and Koch Co. SelRO MPS-34 4040 membrane) were tested for their separation efficiency (total rejection) of $Pb^{+2}$ ion and membrane stability in nitric acid solution. NF experiments were carried out with a dead-end membrane filtration laboratory system. The membrane permeate flux was increased with the increasing storage time in nitric acid solution and lowering pH of acid solution because of the enhancing of NF membrane damage by nitric acid. The membrane stability in nitric acid solution was more superior in the order of Filmtec LP-4040 < Duraslick NF-4040 < SelRO MPS-34 4040 membrane. The total rejection of Pb+2 ion was decreased with the increasing storage time in nitric acid solution and lowering the pH of acid solution. The total rejection of $Pb^{+2}$ ion after 4 months NF treatment was decreased from 95% initial value to 20% in the case of Duraslick NF-4040 membrane, from 85% initial value to 65% in the case of SelRO MPS-34 4040 membrane and from 90% initial value to 10% in the case of Filmtec LP-4040 membrane. These results showed that SelRO MPS-34 4040 NF membrane was more suitable for the treatment of an acidic etching waste solutions containing heavy metal ions.

Proposal of Localization Policy Based on the Status of Chinese's Research Facilities and Equipment Construction in Korean Basic and Analytical Science Field (국내 기초·분석과학 분야 내 중국산 연구시설·장비 구축 현황에 따른 국산화 정책 제언)

  • Kim, Chang-Yong;Chung, Taewon;Kong, Jaehyun;Park, Chan-Soo
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.20 no.6
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    • pp.460-471
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    • 2019
  • The aim of this study was to examine the scale and market share of Chinese's research facility & equipment in the domestic research equipment market of basic and analytical science field for analyzing the difference of the number and amount of construction by year of acquisition, national research facility equipment standard classification code, and type of institution based on the information of the research equipment invested by the Korean government for the past 14 years. In addition, we analyzed the correlation among the year of acquisition, equipment standard classification code, and type of institution variables. As of January 1 2019, from 2005 to 2018, 50 Chinese's research facilities & equipments (main equipment with a construction cost of 30 million won or more) built in the basic and analytical science fields were selected for this study and their number of construction, amount of construction, year of acquisition, type of institution, and standard classification code were analyzed. Differences of the number and amount of construction with-in and by year of acquisition, standard classification code, and type of institution were tested using a single sample Chi-square test, Mann-Whitney U test, and Kruskal-wallis test. The correlation among the three variables was analyzed by using the Chi-square test of cross-tabulation analysis. And there was a statistically significant correlation among the year of acquisition, standard classification code, and type of institution (p<.05). Compared to the 2000s, in the 2010s, high-priced Optical Electronics/Video Equipment was installed at private universities, private enterprises, and government-affiliated research institute. Therefore, the domestic construction status of Chinese's research facility & equipment in the basic science and analytical science field is less than that of the domestic ones, but the number and the amount of construction are increasing statistically. So it is necessary for the government to be able to recognize the possibility that the Chinese's research facility and equipment can encroach on the domestic research industry market and to prepare related provision.

A Study on Medium-Sized Enterprises of Japan (일본의 중견기업에 관한 연구 : 현황과 특징, 정책을 중심으로)

  • Kang, Cheol Gu;Kim, Hyun Sung;Kim, Hyun Chul
    • Korean small business review
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    • v.32 no.2
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    • pp.209-223
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    • 2010
  • Korea's business is composed of a few large-sized enterprises (which can be abbreviated as LSE) and a majority of small-sized enterprises (SSE). Although there has been a growing recognition of the need for the development of medium-sized enterprises (MSE) which can serve as a link between SSE and LSE, as yet there has not yet been a consensus on the definition, characteristics and the function of the MSE in Korea. Nowadays, the world is being globalized, and Japan and China are in competition to ne a great economic power. While East Asia is experiencing rapid changes, promoting MSE which can secure flexibility and efficiency through covering up the limitation of LSE and SSE is needed in order to respond the global market which is being specialized. The features of MSE in Japan can be listed as follows. First, the MSE in Japan is developing the company through getting into niche markets which are hard for major companies to enter rather than developing markets in order to compete against major companies directly. While MSEs are endeavoring to build the business firmly in the domestic market, they can possess special and competitive technical skills through trials and errors; so that they can get a chance develop their business through independent business system rather than putting their effort to compete against major companies. Second, from the MSEs with competitive edge in the market, there are many contributions to the national exportation. Those MSEs produce in domestic and maintain the quality of high price products which need cutting-edge technology, while they relocate the low and middle priced goods to the country where manufacturing costs are low, so that they can maintain the price competitiveness. Third, the industrial structure in Japan is formed from dual structure between major companies and small sized companies. In other words, in Japan's industrial structure which are composed of subcontract structure, this dual structure has taken a major role of small sized companies' growth and manufacturing businesses' international competitive power. Forth, MSE in Japan adopt a strategy of putting their value on qualitative scale growth rather than quantitative scale growth. In this paper, the case of Japanese MSE is analyzed. Along with its long history of Industrialization, Japan has a corporate environment where the SSEs can develop as a MSE and later a LSE through a full-support system. Among its SSEs, there are a number of world class corporations equipped with a large domestic market, win-win cooperation with the LSEs and an independent technology development. It can also be observed that these SSEs develop into MSEs with sustainable growth potentials. This study will focus on the condition under which the MSEs of Japan have been developed, and how they have survived the competition between SSEs and LSEs. Through this study, this paper attempts to offer solutions to Korea's polarization between the SSE and LSE, while providing the basis for SSEs revitalization. In general, if both extremities phenomenon deepen between LSE and SSE, there are possible fears of occurring disutility in national economy by the monopolization of LSE. For that reason, enterprise group, which can make SSE or MSE compete LSE in some area and ease the monopoly and oligopoly problem, is needed. This awareness has been shared for ages long. Nevertheless, there is no legal definition for MSE in Japan, and there is no definition about the enterprise size or unified view of MSE between scholars, but it is defined differently by each of academical person or research institution and study meeting. For that reason, this paper will organize the definition of MSE in Japan, and then will propose the characteristics of the background which has made MSE secure competitiveness and sustainable growth in global market. This study focus on that because through this process, the positive change to the awareness of MSE can be proposed in Korea and to seek the policy direction for building institutional framework which can make SSE become MES. Through this way, the fundamentals for SSE to become MSE can be managed and some appropriate suggestions which will be able to make MSE enter the global market in the future can also be proposed. Due to these facts, this study is very important and well timed task. In a sense of this way, this study will examine the definition and role of MSE in Japan. after this examination, this study will deal with the status, special feature, and promotion policy for MSE. Through this analysis of MSE in Japan, the foundation which be able to set the desirable role model for MSE in Korea can be proposed. Also, the political implication which is needed to push ahead to contribute to creating employment and economic growth through sustainable growth of MSEs in economic system of Korea can be offered through this study. It has been found that Japan's MSE functions as an indispensable link among various industrial structures by holding a significant position in employment rate, production and value added. Although the MSEs took up less than 1% of the entire number of businesses with 2700 manufacturing firms and 7000 non-manufacturing firms, its employment ratios are about 15%, while taking about 25% of the manufacturing industry's exports. In industries such as machinery and electronics which is considered Japan's major industry, the MSEs showed a higher than average ratio of manufacturing exports and employment rate. It can be analyzed that behind Japan's advantageous industries, close and deeply knit MSEs exist. Although there are no clearly stated policies geared towards the MSEs by the Japanese government, various political measures exist such as the R&D Project and the inducement of cooperation between enterprises which gives room for MSEs to participate in the SSE policies. In relation to these findings, the following practical measures can be considered in order to revitalize Korea's MSEs: First, there is a need for a legal definition of MSE and the incentives to provide legal support for its growth. Second, if a law to support the MSEs is established, it could provide a powerful inducement for the SSE to grow as a MSE, rather than stay as a SSE. Third, there is a need for a strategy of MSEs to establish a stable base in the domestic market and then advance to the global market with the accumulated trial and error and competitiveness. Fourth, the SSE themselves need the spirit of entrepreneurship in order to make the leap to a MSE. Because if nothing is to be changed about the system on the firms that grew, and the parts of the past custom was left to be managed alone, confusion and absence of management can take place. No matter how much tax favors the government will give and no matter how much incentive there could be through the policies, there are limits for industries to higher the ability to propagate. And because of that it is a period where industries need their own innovative skills to reform their firms.

A Study on Commodity Asset Investment Model Based on Machine Learning Technique (기계학습을 활용한 상품자산 투자모델에 관한 연구)

  • Song, Jin Ho;Choi, Heung Sik;Kim, Sun Woong
    • Journal of Intelligence and Information Systems
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    • v.23 no.4
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    • pp.127-146
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    • 2017
  • Services using artificial intelligence have begun to emerge in daily life. Artificial intelligence is applied to products in consumer electronics and communications such as artificial intelligence refrigerators and speakers. In the financial sector, using Kensho's artificial intelligence technology, the process of the stock trading system in Goldman Sachs was improved. For example, two stock traders could handle the work of 600 stock traders and the analytical work for 15 people for 4weeks could be processed in 5 minutes. Especially, big data analysis through machine learning among artificial intelligence fields is actively applied throughout the financial industry. The stock market analysis and investment modeling through machine learning theory are also actively studied. The limits of linearity problem existing in financial time series studies are overcome by using machine learning theory such as artificial intelligence prediction model. The study of quantitative financial data based on the past stock market-related numerical data is widely performed using artificial intelligence to forecast future movements of stock price or indices. Various other studies have been conducted to predict the future direction of the market or the stock price of companies by learning based on a large amount of text data such as various news and comments related to the stock market. Investing on commodity asset, one of alternative assets, is usually used for enhancing the stability and safety of traditional stock and bond asset portfolio. There are relatively few researches on the investment model about commodity asset than mainstream assets like equity and bond. Recently machine learning techniques are widely applied on financial world, especially on stock and bond investment model and it makes better trading model on this field and makes the change on the whole financial area. In this study we made investment model using Support Vector Machine among the machine learning models. There are some researches on commodity asset focusing on the price prediction of the specific commodity but it is hard to find the researches about investment model of commodity as asset allocation using machine learning model. We propose a method of forecasting four major commodity indices, portfolio made of commodity futures, and individual commodity futures, using SVM model. The four major commodity indices are Goldman Sachs Commodity Index(GSCI), Dow Jones UBS Commodity Index(DJUI), Thomson Reuters/Core Commodity CRB Index(TRCI), and Rogers International Commodity Index(RI). We selected each two individual futures among three sectors as energy, agriculture, and metals that are actively traded on CME market and have enough liquidity. They are Crude Oil, Natural Gas, Corn, Wheat, Gold and Silver Futures. We made the equally weighted portfolio with six commodity futures for comparing with other commodity indices. We set the 19 macroeconomic indicators including stock market indices, exports & imports trade data, labor market data, and composite leading indicators as the input data of the model because commodity asset is very closely related with the macroeconomic activities. They are 14 US economic indicators, two Chinese economic indicators and two Korean economic indicators. Data period is from January 1990 to May 2017. We set the former 195 monthly data as training data and the latter 125 monthly data as test data. In this study, we verified that the performance of the equally weighted commodity futures portfolio rebalanced by the SVM model is better than that of other commodity indices. The prediction accuracy of the model for the commodity indices does not exceed 50% regardless of the SVM kernel function. On the other hand, the prediction accuracy of equally weighted commodity futures portfolio is 53%. The prediction accuracy of the individual commodity futures model is better than that of commodity indices model especially in agriculture and metal sectors. The individual commodity futures portfolio excluding the energy sector has outperformed the three sectors covered by individual commodity futures portfolio. In order to verify the validity of the model, it is judged that the analysis results should be similar despite variations in data period. So we also examined the odd numbered year data as training data and the even numbered year data as test data and we confirmed that the analysis results are similar. As a result, when we allocate commodity assets to traditional portfolio composed of stock, bond, and cash, we can get more effective investment performance not by investing commodity indices but by investing commodity futures. Especially we can get better performance by rebalanced commodity futures portfolio designed by SVM model.

Brand Equity and Purchase Intention in Fashion Products: A Cross-Cultural Study in Asia and Europe (상표자산과 구매의도와의 관계에 관한 국제비교연구 - 아시아와 유럽의 의류시장을 중심으로 -)

  • Kim, Kyung-Hoon;Ko, Eun-Ju;Graham, Hooley;Lee, Nick;Lee, Dong-Hae;Jung, Hong-Seob;Jeon, Byung-Joo;Moon, Hak-Il
    • Journal of Global Scholars of Marketing Science
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    • v.18 no.4
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    • pp.245-276
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    • 2008
  • Brand equity is one of the most important concepts in business practice as well as in academic research. Successful brands can allow marketers to gain competitive advantage (Lassar et al.,1995), including the opportunity for successful extensions, resilience against competitors' promotional pressures, and the ability to create barriers to competitive entry (Farquhar, 1989). Branding plays a special role in service firms because strong brands increase trust in intangible products (Berry, 2000), enabling customers to better visualize and understand them. They reduce customers' perceived monetary, social, and safety risks in buying services, which are obstacles to evaluating a service correctly before purchase. Also, a high level of brand equity increases consumer satisfaction, repurchasing intent, and degree of loyalty. Brand equity can be considered as a mixture that includes both financial assets and relationships. Actually, brand equity can be viewed as the value added to the product (Keller, 1993), or the perceived value of the product in consumers' minds. Mahajan et al. (1990) claim that customer-based brand equity can be measured by the level of consumers' perceptions. Several researchers discuss brand equity based on two dimensions: consumer perception and consumer behavior. Aaker (1991) suggests measuring brand equity through price premium, loyalty, perceived quality, and brand associations. Viewing brand equity as the consumer's behavior toward a brand, Keller (1993) proposes similar dimensions: brand awareness and brand knowledge. Thus, past studies tend to identify brand equity as a multidimensional construct consisted of brand loyalty, brand awareness, brand knowledge, customer satisfaction, perceived equity, brand associations, and other proprietary assets (Aaker, 1991, 1996; Blackston, 1995; Cobb-Walgren et al., 1995; Na, 1995). Other studies tend to regard brand equity and other brand assets, such as brand knowledge, brand awareness, brand image, brand loyalty, perceived quality, and so on, as independent but related constructs (Keller, 1993; Kirmani and Zeithaml, 1993). Walters(1978) defined information search as, "A psychological or physical action a consumer takes in order to acquire information about a product or store." But, each consumer has different methods for informationsearch. There are two methods of information search, internal and external search. Internal search is, "Search of information already saved in the memory of the individual consumer"(Engel, Blackwell, 1982) which is, "memory of a previous purchase experience or information from a previous search."(Beales, Mazis, Salop, and Staelin, 1981). External search is "A completely voluntary decision made in order to obtain new information"(Engel & Blackwell, 1982) which is, "Actions of a consumer to acquire necessary information by such methods as intentionally exposing oneself to advertisements, taking to friends or family or visiting a store."(Beales, Mazis, Salop, and Staelin, 1981). There are many sources for consumers' information search including advertisement sources such as the internet, radio, television, newspapers and magazines, information supplied by businesses such as sales people, packaging and in-store information, consumer sources such as family, friends and colleagues, and mass media sources such as consumer protection agencies, government agencies and mass media sources. Understanding consumers' purchasing behavior is a key factor of a firm to attract and retain customers and improving the firm's prospects for survival and growth, and enhancing shareholder's value. Therefore, marketers should understand consumer as individual and market segment. One theory of consumer behavior supports the belief that individuals are rational. Individuals think and move through stages when making a purchase decision. This means that rational thinkers have led to the identification of a consumer buying decision process. This decision process with its different levels of involvement and influencing factors has been widely accepted and is fundamental to the understanding purchase intention represent to what consumers think they will buy. Brand equity is not only companies but also very important asset more than product itself. This paper studies brand equity model and influencing factors including information process such as information searching and information resources in the fashion market in Asia and Europe. Information searching and information resources are influencing brand knowledge that influences consumers purchase decision. Nine research hypotheses are drawn to test the relationships among antecedents of brand equity and purchase intention and relationships among brand knowledge, brand value, brand attitude, and brand loyalty. H1. Information searching influences brand knowledge positively. H2. Information sources influence brand knowledge positively. H3. Brand knowledge influences brand attitude. H4. Brand knowledge influences brand value. H5. Brand attitude influences brand loyalty. H6. Brand attitude influences brand value. H7. Brand loyalty influences purchase intention. H8. Brand value influence purchase intention. H9. There will be the same research model in Asia and Europe. We performed structural equation model analysis in order to test hypotheses suggested in this study. The model fitting index of the research model in Asia was $X^2$=195.19(p=0.0), NFI=0.90, NNFI=0.87, CFI=0.90, GFI=0.90, RMR=0.083, AGFI=0.85, which means the model fitting of the model is good enough. In Europe, it was $X^2$=133.25(p=0.0), NFI=0.81, NNFI=0.85, CFI=0.89, GFI=0.90, RMR=0.073, AGFI=0.85, which means the model fitting of the model is good enough. From the test results, hypotheses were accepted. All of these hypotheses except one are supported. In Europe, information search is not an antecedent of brand knowledge. This means that sales of global fashion brands like jeans in Europe are not expanding as rapidly as in Asian markets such as China, Japan, and South Korea. Young consumers in European countries are not more brand and fashion conscious than their counter partners in Asia. The results have theoretical, practical meaning and contributions. In the fashion jeans industry, relatively few studies examining the viability of cross-national brand equity has been studied. This study provides insight on building global brand equity and suggests information process elements like information search and information resources are working differently in Asia and Europe for fashion jean market.

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