• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.1-40
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• 2007

We test a model of investment-cashflow-growth opportunities relationship in order to estimate the sensitivities to investments. In this study, we use a new proxy variable for the value of growth opportunities(hereafter "VGO"), which is based on the seminal papers of M&M(1958:1961:1963) and Lee(2006;2007). The empirical findings on the sensitivities of cashflow and growth opportunities are as follows. First, when the traditional proxy variables for the growth opportunities such as Tobin's Q, MBR and sales growth are included with the new proxy VGO in the estimation, their coefficients are turned out to be insignificant. Second, only the new proxy variable VGO shows a statistically significant positive sensitibity to investment, which can be regarded that the growth opportunities hold the positive influences to investments. Third, the Tobin's Q can be decomposed into three factors such as the value of growth opportunities(VGO), the value of asset-in-place and valuation errors. It turns out that only the VGO shows a statistically significant positive relationship with investment among others. This means that the new variable VGO is a good proxy variable for the growth opportunities in the investment-cashflow sensitivity analysis. In sum, thanks to the above findings in this study, we can say that it will not be proper to choose a proxy variable for the growth opportunities from the traditional set of proxies such as Tobin's Q, MBR, or sales growth rate.

• Asia pacific journal of information systems
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• v.18 no.2
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• pp.1-14
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• 2008

According to technology acceptance model(TAN) which is one of the most important research models for explaining IT users' behavior, on intention of using IT is determined by usefulness and ease of use of it. However, TAM wouldn't explain the performance of using IT while it has been considered as a very good model for prediction of the intention. Many people would not be confirmed in the performance of using IT until they can control it at their will, although they think it useful and easy to use. In other words, in addition to usefulness and ease of use as in TAM, controllability is also should be a factor to determine acceptance of IT. Especially, there is a very close relationship between controllability and ease of use, both of which explain the other sides of control over the performance of using IT, so called perceived behavioral control(PBC) in social psychology. The objective of this study is to identify the relationship between ease of use and controllability, and analyse the effects of both two beliefs over performance and intention in using IT. For this purpose, we review the issues related with PBC in information systems studies as well as social psychology, Based on a review of PBC, we suggest a research model which includes the relationship between control and performance in using IT, and prove its validity empirically. Since it was introduced as qa variable for explaining volitional control for actions in theory of planned behavior(TPB), there have been confusion about concept of PBC in spite of its important role in predicting so many kinds of actions. Some studies define PBC as self-efficacy that means actor's perception of difficulty or ease of actions, while others as controllability. However, this confusion dose not imply conceptual contradiction but a double-faced feature of PBC since the performance of actions is related with both self-efficacy and controllability. In other words, these two concepts are discriminated and correlated with each other. Therefore, PBC should be considered as a composite concept consisting of self-efficacy and controllability, Use of IT has been also one of important areas for predictions by PBC. Most of them have been studied by analysis of comparison in prediction power between TAM and TPB or modification of TAM by inclusion of PBC as another belief as like usefulness and ease of use. Interestingly, unlike the other applications in social psychology, it is hard to find such confusion in the concept of PBC in the studies for use of IT. In most of studies, controllability is adapted as PBC since the concept of self-efficacy is included in ease of use explicitly. Based on these discussions, we can suggest perceived use control(PUC) which is defined as perception of control over the performance of using IT and composed of controllability and ease of use as sub-concepts. We suggest a research model explaining acceptance of IT which includes the relationships of PUC with attitude and performance of using IT. For empirical test of our research model, two user groups are selected for surveying questionnaires. In the first group, there are freshmen who take a basic course for Microsoft Excel, and the second group consists of senior students who take a course for analysis of management information by Excel. Most of measurements are adapted ones that have been validated in the other studies, while performance is real score of mid-term in each class. In result, four hypotheses related with PUC are supported statistically with very low significance level. Main contribution of this study is suggestion of PUC through theoretical review of PBC. Specifically, a hierarchical model of PUC are derived from very rigorous studies in the relationship between self-efficacy and controllability with a view of PBC in social psychology. The relationship between PUC and performance is another main contribution.

• Information Systems Review
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• v.14 no.3
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• pp.53-74
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• 2012

IT outsourcing (ITO) is an integration of two firms-external vendor(s) and a client firm-IT resources by contract. According to resource-based view(RBV), three different resources-ITO vendor's resource, client firm's resource, and the relationship resource between two firms- may have an impact on ITO performance. However, there have been few previous studies considering all three IT resources simultaneously. There have been also few empirical studies in ITO context, which test Bharadwaj (2000)'s findings: 1) IT resources can be divided into tangible IT asset and intangible IT capability, and 2) only IT capability has an impact on the IT performance. Therefore we examined whether, in ITO context, all three different resources have a significant impact on ITO performance. Adopting the findings of previous IT studies, we also divided IT resource into IT asset and IT capability. To achieve this research objective, we analyzed 62 ITO cases of 45 companies being listed in Korean top 100 companies for recent 3 years. Also, we analyzed the data with the Partial Least Squares method. The results of this research lead to the following conclusions: First, only when partnership is high, ITO vendors' resource can have an influence on ITO performance. Second, only client firm's IT capability, not IT asset, is directly related to the ITO success. Third, a firm's IT capability can increase the partnership. Therefore, we concluded that 1) RBV is also an useful theory in ITO context, 2) Bharadwaj(2000)'s suggestion is valid in ITO context as well, and 3) the relationship resource is also important in ITO.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.30 no.1
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• pp.93-102
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• 2004

Recently, the golden age of herbal cosmetics has come. Along with active introduction of oriental herbal lines, diversification of distribution channels is designated as a major feature. In this background, the present study attempts to consider the domestic market for oriental herbal cosmetics, which is growing rapidly with the introduction of various new brands, and examine the perceptions of this new type of cosmetics by women consumers based on their purchase behaviors, and search for the ways for its promotion and development. A survey was conducted to adult women consumers aged 19∼60 residing in Seoul or Gyeonggi-do. Out of a total of 430 surveys distributed, 350 answer sheets were used for the analysis Among the results, the first-hand information on the herbal cosmetics market, their usage, and the consumer needs obtained in the present study will serve as a fundamental data for planning the marketing strategies for the oriental herbal cosmetics.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.99-109
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• 2016

The purpose of this study is to review the relationship between corporate entrepreneurship and performance, and the moderating effect of CEO's transformational leadership in entrepreneurs'cooperative. In order to verify and achieve the purposes mentioned above, questionnaire data were gathered and analysed from 215 employees of entrepreneurs'cooperative in Metropolitan and kangwon-do vicinity. Multiple regression and multiple hierarchical regression analysis were applied to test the proposed hypotheses: 1) the relationship between corporate entrepreneurship(innovativeness, risk-taking, and proactiveness) and performance(sales volume, profit, employment), 2) the moderating effect of CEO's transformational leadership(charisma, individual consideration, intellectual stimulation) on the relationship between corporate entrepreneurship and performance. Empirical survey's findings are as follows; First, risk-taking appeared to be positively related with sales volume, profit, and employment. Proactiveness appeared to be positively related with sales volume and profit. But innovativeness appeared not to be significantly related with sales volume, profit, and employment. Second, CEO's transformational leadership appeared to be related with financial performance(sales volume and profit), but not to be related with employment. Charisma and individual consideration moderated positively the relationship between corporate entrepreneurship and financial performance(sales volume and profit). Intellectual stimulation moderated positively only the relationship between corporate entrepreneurship and profit.

• Journal of Distribution Research
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• v.13 no.2
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• pp.29-57
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• 2008

Empirical model was developed to test the building mechanism of trust dimensions and loyalty with the suppliers' bonding tactics to service firms. And interactive effects between suppliers' bonding tactics and service firms' store age was hypothesized in the trust-loyalty building processes. The model was tested in the context of animal clinics which belong to Korean Animal Hospital Association (KAHA). The data was analysed using structural equation model (SEM). The findings are as follows. First, two different relational bonding tactics play different roles in their effects on building trust dimensions toward suppliers. While supplier's social bonding tactic significantly influences on both the affective and cognitive trust of service firms, suppliers' structural bonding tactic only influences significantly on affective trust of service firms. Second, while suppliers' social bonding tactic influences on building service firms' loyalty significantly, suppliers' structural bonding tactic doesn't influence on building their loyalty. Suppliers' structural bonding tactic influences on building their loyalty indirectly through affective trust. Third, while service firms' affective trust influences on building loyalty significantly, cognitive trust doesn't. Their cognitive trust influences on building loyalty indirectly through affective trust. Fourth, the higher the firms' store age is, the more suppliers use social bonding tactics to build trust and loyalty directly. While the shorter the firms' store age is, the more suppliers partially use both the social and structural bonding tactics to build trust and loyalty. In conclusion, in the context of animal clinics' distribution channels, suppliers' relational bonding tactics with service firms differently influence to build trust sub-dimensions and loyalty. And, suppliers should take note of the interactive role of service firms' store age in the utilization of the different bonding tactics to build service firms' trust and loyalty toward suppliers. At the end of the paper, managerial implications, limitations, and future research directions are suggested.

• Asia pacific journal of information systems
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• v.18 no.1
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• pp.97-115
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• 2008

Introduction The e-government is concerned with using Internet and Web technologies to exchange information and services with citizens, businesses and other related organizations, and it centers on three functions, namely informational, interactive, and transactional [UN, 2001]. Many developed countries like the U.S. have been actively involved in e-government projects, since they enable both more effective public services for citizens and more efficient internal operations. Korea is among these leading countries that are planning to leverage computer and communication technologies to provide for integration of work processes and information as well as convenient access to information and services. For this reason, evaluating e-government projects is becoming a crucial issue for both researchers and policy-makers. However, most research to date has primarily focused on a model of success of an e-government system designed for citizens, overlooking internal systems specifically created for employees working in a public organization. This paper is intended to propose a model to measure the success of a Web-based information system designed for use by internal users at Chungwadae, the executive branch of Korea's central government. The paper is also aimed at applying the model to the assessment of the present system being used at Chungwadae in comparison with the preceding system. Evaluating an e-Government System The most widely cited model of information systems success today is that of DeLone and McLean[1992, 2003, 2004]. The original model states that the success of an information system can be measured using six dimensions, including system quality, information quality, use, user satisfaction, individual impact, and organizational impact. Although the ultimate success of an information system may be reflected in the impact that the system has upon individuals as well as an organization, aspects of using the system such as system use and user satisfaction can play an important role in determining the system success, because the system would be a sheer failure if users don't like and use the system. As a response to criticisms given by numerous researchers, the authors adapted their model to fit the emerging Web-based environment. The revised model[DeLone and McLean, 2003] they offered included an additional quality dimension, namely service quality, and combined individual and organizational impacts into net benefits which can also influence user satisfaction. The e-government system success model can be built around this updated model. Our model incorporates information quality, system quality, and service quality as in the DeLone and McLean model. However, the 'system use' dimension has been replaced by perceived usefulness, as suggested by Seddon[1998]. In addition, because the e-government systems that this paper focuses on are internal public systems used in government agencies, the 'net benefits' dimension has been replaced by perceived work efficiency. Based on the proposed model, a total of nine hypotheses have been formulated which we tested using an empirical analysis. Methods A questionnaire form has been created with items that are designed to examine the relationships among the variables in the model. The questionnaire has been handed over, in person, to 65 members of Chungwadae staff who are now actively using the E-Support System, the present information system created to support internal work at Chungwadae. We made arrangements to meet with each individual who agreed to participate in our survey, and helped to fill out the survey form with explanations. Of the 65 copies that were delivered, only 33 were returned, and 30 responses of these have been adopted for our analysis, since three were not valid. The extremely small sample size was due to the limited number of staff members who had adequate experience required of this study. Results We gathered data from the questionnaire survey and analyzed them using a regression analysis to test the hypotheses. As shown in the table below, the results indicated that all three dimensions of an information system’s quality are positively related to user satisfaction. However, information quality and system quality were found to be positively related to perceived usefulness, while service quality was not. In addition, perceived usefulness is not positively related to user satisfaction, implying that a user may find a system useful, but may not be satisfied with it. Finally, user satisfaction and perceived usefulness both are positively related to perceived work efficiency. This suggests that workers' positive experience with the system is important to guarantee favorable work efficiency. Conclusions We conclude that the proposed model proved useful in measuring the success of an internal information system used by a government agency. To demonstrate the applicability and usefulness of the model in the paper, we applied the model to the assessment of the present internal system used at Chungwadae in comparison with the preceding system. The results showed that the present system outperforms the preceding one in a statistically significant way. Future research will have to focus on applying the model to Korea's governmental agencies other than Chungwadae and examine whether it proves applicable in different types of governmental organizations.

• Asia pacific journal of information systems
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• v.18 no.1
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• pp.25-51
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• 2008

Researchers have been continuously interested in the adoption of information technology (IT) since it is of great importance to the information systems success and it is also an important stage to the success. Adoption alone, however, does not ensure information systems success because it does not necessarily lead to achieving organizational or individual objectives. When an organization or an individual decide to adopt certain information technologies, they have objectives to accomplish by using those technologies. Adoption itself is not the ultimate goal. The period after adoption is when users continue to use IT and intended objectives can be accomplished. Therefore, continued IT use in the post-adoption period accounts more for the accomplishment of the objectives and thus information systems success. Previous studies also suggest that continued IT use in the post-adoption period is one of the important factors to improve long-term productivity. Despite the importance there are few empirical studies focusing on the user behavior of continued IT use in the post-adoption period. User behavior in the post-adoption period is different from that in the pre-adoption period. According to the technology acceptance model, which explains well about the IT adoption, users decide to adopt IT assessing the usefulness and the ease of use. After adoption, users are exposed to new experiences and they shape new beliefs different from the thoughts they had before. Users come to make decisions based on their experiences of IT use whether they will continue to use it or not. Most theories about the user behaviors in the pre-adoption period are limited in describing them after adoption since they do not consider user's experiences of using the adopted IT and the beliefs formed by those experiences. Therefore, in this study, we explore user's experiences and beliefs in the post-adoption period and examine how they affect user's intention to continue to use IT. Through deep literature reviews on the construction of subjective beliefs by experiences, we draw three meaningful constructs which theoretically have great impacts on the continued use of IT: perceived habit, confirmation, and computer self-efficacy. Then, we examine the role of the subjective beliefs on the cognitive/affective attitudes and intention to continue to use that IT. We set up a research model and conducted survey research. Since IT use implies interactions among a user, IT, and a task, we carefully selected the sample of users using same/similar IT to perform same/similar tasks, to exclude unwanted influences of other factors than subjective beliefs on the IT use. We also considered that the sample of users were able to make decisions to continue to use IT volitionally or at least quasi-volitionally. For each construct, we used measurement items recognized for reliability and widely used in the previous research. We slightly modified some items proper to the research context and a pilot test was carried out for forty users of a portal service in a university. We performed a full-scale survey after verifying the reliability of the measurement. The results show that the intention to continue to use IT is strongly influenced by cognitive/affective attitudes, perceived habits, and computer self-efficacy. Confirmation affects the intention to continue indirectly through cognitive/affective attitudes. All the constructs representing the subjective beliefs built by the experiences of IT use have direct and/or indirect impacts on the intention of users. The results also show that the attitudes in the post-adoption period are formed, at least partly, by the experiences of IT use and newly shaped beliefs after adoption. The findings suggest that subjective beliefs built by the experiences have deep impacts on the continued use. The results of the study signify that while experiencing IT in the post-adoption period users form new beliefs, attitudes, and intentions which may be different from those of the pre-adoption period. The results of this study partly demonstrate that the beliefs shaped by the behaviors, those are the experiences of IT use, influence users' attitudes and intention. The results also suggest that behaviors (experiences) also change attitudes while attitudes shape behaviors. If we combine the findings of this study with the results of the previous research on IT adoption, we can propose a cycle of IT adoption and use where behavior shapes attitude, the attitude forms new behavior, and that behavior shapes new attitude. Different from the previous research, the study focused on the user experience after IT adoption and empirically demonstrated the strong influence of the subjective beliefs formed in the post-adoption period on the continued use. This partly confirms the differences between attitudes in the pre-adoption and in the post-adoption period. Users continuously change their attitudes and intentions while experiencing (using) IT. Therefore, to make users adopt IT and to make them use IT after adoption is a different problem. To encourage users to use IT after adoption, experiential variables such as perceived habit, confirmation, and computer self-efficacy should be managed properly.

• Asia pacific journal of information systems
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• v.18 no.1
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• pp.53-77
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• 2008

In recent years, although numbers of corporations are bringing in PMO, they seem to be indifferent to PMO performance measurement. This demonstrates that there are also other reasons beside performance measurement of information systems (IS) project being ambiguous by introducing PMO; the lack of acknowledging the concrete function of PMO, and the scarcity of empirical study about the effect of PMO on the project members and project performance. In this sense, this study is aimed at proposing a new research model in which project success factors (i.e., standardization, management advocacy, and staff expertise) affect PMO capability (i.e., knowledge management, resources management, and problem solving competency) positively, leading to project performance (i.e., task outcomes, psychological outcomes, and organizational outcomes) eventually. To empirically test the research model, data are surveyed from PMO department and IS department. To prove the validity of the proposed research model, PLS analysis is applied with valid 132 questionnaires. By employing PLS technique, the measurement reliability and validity of research variables are tested and the path analysis is conducted to do the hypothesis testing. The path analysis results can be organized into 7 ways in large scale. First, standardization of project success factors has a positive association with knowledge management, resources management, and problem solving competency of PMO capabilities. The findings of this result indicate that the multiple or single project management should satisfy standardization in order to operate an effective PMO. Second, management advocacy of project success factors has a positive association with knowledge management, resources management, and problem solving competency. Management advocacy refers to the willingness of management to provide the required resources and authority for project success. There is agreement among researchers regarding the importance of management advocacy for favorable PMO capability. Third, staff expertise of project success factors has a positive association with knowledge management, resources management, and problem solving competency. The findings of this result indicate that the formation of an exceptional consultant or members with a proficient knowledge for staff expertise of project member is the key factor to elevate the PMO capability. Past research suggests that experience and knowledge and the resultant familiarity with the problem faced can be an important determinant of PMO capability. A capable project with appropriate staff expertise means that it enjoys a diversity of abilities and experiences. Fourth, knowledge management competency of PMO capabilities has a positive impact on psychological outcomes but has no direct effect on task outcomes and organizational outcomes. In domestic case of S. Korea, PMO was finally introduced to many other corporations in 2005 though it started bringing in 2000. Therefore, it had neither a significant impact on the task outcomes nor organizational outcomes by lacking the contents and the infrastructure of the knowledge management because the knowledge consolidation and management period of PMO is comparatively shorter by terms than other foreign nations. Fifth, resources management competency of PMO capabilities has a positive association with task outcomes, psychological outcomes, and organizational outcomes. In addition, problem solving competency of PMO capabilities has a positive association with task outcomes, psychological outcomes, and organizational outcomes. Therefore, the findings of this results stress that PMO capabilities has a positive impact on project performance. Sixth, according to the path analysis of the hypothesis, which suggested in this research, problem solving competency is the PMO capability which is the key success factor for task, psychological, and organizational outcomes as an integrated performance model. Further, the analysis reveals that problem solving competency is an important factor for integrated performance model. The finding is in line with past IS research, which affirms that the work of IS projects is essentially a problem solving endeavor. Seventh, in the path analysis of the hypothesis in this research, the path of the management advocacy $\rightarrow$ problem solving competency $\rightarrow$ organizational outcomes appears to be the most important and strongest path. In brief, the finding of this study suggests that project success factors influence PMO capability positively, and project performance as well. From the results, it can be concluded that PMO helped great improve the project success rate and project performance. This study advances research on PMO capability in three important aspects. First, the findings of our study have implications for IS theory and future research. Our study contributes to IS theory by synthesizing concepts from PMO research and project management research with those in IS research. We proposed and tested PMO capability of IS projects and the findings of our investigation provided some preliminary answers to some of the questions raised. Secondly, this thesis does not only help depicting the concept of IT governance but also approaches empirically. It makes a gradual approach to the main content, step by step, in contrary of simple standard, scholastic way of thinking. Finally, we argued that this task-oriented(technical) view is not sufficient to adequately conceptualize IS project performance. Hence, we applied that the research on organization teams, which provides a flip viewpoint to that of project management research in that it gives more weight for psychological outcomes of organizational work groups, can be very helpful in reconceptualizing the IS project performance construct. The limitations of this study are also discussed to provide research directions for future research.

• Journal of the Korean Society of Food Culture
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• v.20 no.6
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• pp.661-667
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• 2005

This study was to examine the effect of the environmental characteristics on overall quality of employee and food service in Korean foodservice firms. The four factors of the environmental characteristics of Korean foodservice firms consist of service, atmosphere, food & beverage, and event. To analyze the data collected from 414 respondents, the several statistical methods were used including frequency and descriptive analysis, factor analysis, reliability test, and multiple regression analysis. The empirical results are as follows: First, the employee service factor has a significantly positive effect on overall employee service quality. Second, the food & beverage factor has a significantly positive effect on overall employee service quality. Third, the food & beverage factor has a significantly positive effect on overall food & beverage service quality. Fourth, the event factor has a significantly positive effect on overall food & beverage service quality Managerial implications can be drawn from the present data. First, Korean restaurant managers can identify which factors of environmental characteristics influence customers' attitudes and evaluations in service encounter. Second, Korean restaurant managers can use the environmental characteristics as differentiation strategy, and allocate their resources into the activities of marketing strategy.