• 디지털융복합연구
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• 제11권2호
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• pp.101-114
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• 2013

본 연구는 우리나라 기업의 유상증자 공시효과는 경영성과에 영향을 받을 수 있다는 증거를 제시하고자 한다. 2000년 1월 1일부터 2007년 12월 31일까지 유상증자를 공시했던 308개의 표본기업들을 당기순이익 혹은 당기순손실에 따라 두 개의 표본 집단으로 분류하여 S.Brown and J.Warner(1985)의 사건연구 방법론에서 고안한 시장모형(ex-post market model)을 활용하여 유상증자 공시효과를 분석하였다. 당기순이익기업의 경우 유상증자공시효과가 긍정적이며 그리고 지속적으로 나타났다. 반면에, 당기순손실기업의 경우 유상증자 공시효과가 일시적으로 긍정적이었으나, 공시일 이후 +25일 전후에서 긍정적인 효과가 사라졌다. 이러한 결과는 통제변수들을 고려한 횡단면회귀분석에서도 일관되게 분석됨에 따라, 경영성과가 유상증자 공시효과에 영향을 미친다는 본 논문의 가설이 지지됨을 알 수 있다.

• 아태비즈니스연구
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• 제15권1호
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• pp.145-157
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• 2024

Purpose - In this study, we propose an empirical model for predicting seasoned equity offering (SEO here after) using machine learning methods. Design/methodology/approach - The models utilize the random forest method based on decision trees that considers non-linear relationships, as well as the gradient boosting tree model. SEOs incur significant direct and indirect costs. Therefore, CEOs' decisions of seasoned equity issuances are made only when the benefits outweigh the costs, which leads to a non-linear relationship between SEOs and a determinant of them. Particularly, a variable related to market timing effectively exhibit such non-linear relations. Findings - To account for these non-linear relationships, we hypothesize that decision tree-based random forest and gradient boosting tree models are more suitable than the linear methodologies due to the non-linear relations. The results of this study support this hypothesis. Research implications or Originality - We expect that our findings can provide meaningful information to investors and policy makers by classifying companies to undergo SEOs.

• 재무관리연구
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• 제25권1호
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• pp.51-84
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• 2008

자기주식매입 공시 후 1년 이내에 유상증자를 실시한 표본을 이용하여 자기주식의 유상증자에 대한 신호효과를 검증하였다. 자기주식직접매입은 유상증자의 신주발행가격을 부양시키는 반면, 자기주식펀드 및 신탁은 신주발행가격을 끌어올리는 역할을 하지 못함을 발견했다. 또한 자기주식매입이 유상증자 시 신주발행가격을 올리기 위한 거짓신호로 사용된 가능성을 검증하기 위해서 표본집단들과 대응집단의 장기성과를 비교하였다. 자기주식매입이 선행된 표본들은 유상증자에 비해 장기저성과정도가 심하지 않았으며, 자기주식 펀드 및 신탁이 선행된 유상증자기업의 장기성과 또한 대응집단과 유의하게 다르지 않다는 실증결과를 발견하였다. 따라서 자기주식매입이 신주발행가격의 시세조정을 위해 불공정하게 사용되고 있다는 기존의 주장에 대한 증거를 발견하지 못하였다.

• International journal of advanced smart convergence
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• 제12권4호
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• pp.246-259
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• 2023

This study explores the evolving landscape of consumer experiences in the context of pop-up stores, considering the shifts from product economy to service economy and now the experience economy. It investigates the factors influencing consumer word-of-mouth intentions by examining the interplay of pop-up store experiences, brand equity, brand charisma, and verbal intent. Using Schmitt's strategic experience modules and the Aaker brand equity model, the study employs quantitative methods and data analysis to uncover the relationships among these variables. Surprisingly, it finds limited associations between the aspects of the pop-up store experience and brand equity. However, it highlights the direct impact of brand equity on brand charisma, which subsequently influences consumers' intentions to share brand-related information. This research contributes to our understanding of word-of-mouth marketing for pop-up stores, filling a knowledge gap and offering valuable insights for academics and businesses navigating the evolving marketing landscape. It also emphasizes the significance of brand charisma in the context of transient in-store experiences and evolving consumer preferences.

• 재무관리연구
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• 제11권2호
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• pp.175-193
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• 1994

This paper relates the valuation consequences of common-stock, convertible-debt and straight-debt offering announcements to the issuing firms' stock price performance in periods before the announcements. Similar to previous studies on equity offerings, we find that the announcement effects of security offerings, regardless of offering types, are negatively correlated with the short-term pre-offering stock returns. We show that the informational impact of the preceding earnings and dividend(E/D) announcements account for the previous findings of the negative correlation. We further report that security issues following 'good-news' E/D announcements result in larger stock price declines than issues following 'bad-news' E/D announcements. The finding is consistent with the hypothesis that the E/D information affects the investors' assessments of the firm's cash flow expectations and of the probability of external financing.

• 가정과삶의질연구
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• 제27권5호
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• pp.207-220
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• 2009

This study investigates the obstacles to implementing family-friendly policies and offering flexible work arrangements and provides policy directions. A survey was conducted of employers at 147 firms, resulting in 42-43 questionnaires being statistically analyzed. Frequencies, means and factor analysis were conducted by SPSSWIN 12.0. The findings are as follows: First, the main obstacle to implementing family-friendly policies was the burden of cost. Second, eight obstacle factors were extracted through factor analysis. They are; lack of replacement workers and concerns about equity issues, nonfamily-friendly culture, no guarantee of the effectiveness of programs, lack of information about the programs or polices, lack of communication and public relations, potential loss of productivity, administrative hassles, and structural obstacles. Third, there was a difference in implementing flexible work arrangements according to the factors of lack of replacement workers and concerns about equity issues and no guarantee of the effectiveness of programs. That is, the firms which didn't have these two obstacles tried to implement flexible work arrangements more than the others.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.181-193
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• 2020

The midst competition makes a brand all together with its offering products and services is becoming a crucial element for company existence. This requires direct involvement from internal organizational to develop effective strategic branding. According to Asosiasi Penyelenggara Internet Indonesia (APJII), Indonesia's internet penetration is among the highest in Asia. The purpose of this research is to improve the strategic role of brand orientation within Internet Service Provider (ISP) for maximizing return on the company's financial and non-financial benefits by proposing organization change readiness variable. The data collection is taken using an online survey with a non-parametric sampling method and collected 68 qualified respondents for data analysis using SEM-PLS (Structural Equation Modeling with Partial Least Square). The result indicates partial hypotheses on the constructed model between variables brand orientation, brand commitment, and internal brand equity is acceptable. Another finding is stated hypotheses on organization change readiness as moderation is not accepted and means there is no significance to the constructed model. The main conclusion resumes associative human memory can shape up organization change readiness inside internal toward then brand. Relevant cues generate information received in the human brain then will create common associative and becoming social identity on internal brand equity.

• 복식
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• 제60권8호
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• pp.100-117
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• 2010

The cosmetics industry is executing the experiential marketing strategy, which focuses the brand experiential experience for the connection with consumers and differentiated strategy for the company's brand image, according to the expansion of quality service, which increasingly consume a diverse experience. Among these, the low-priced cosmetics market is trying a variety of experiential marketing to provide positive experience of their product and their brand through a unique service or event to stimulate the motions of young woman, who are changing rapidly, and is actively utilizing the means of marketing to form brand equity for these experiential marketing. Therefore, this study is to find out the effect of customer experiential on the brand equity through a variety of experiential marketing of low-priced cosmetics brand and based on the result, we were able to find out that the experiential marketing is also used as important means of marketing for low-priced cosmetics market to secure the brand equity and to maintain long-term relationship with the customer. This is expected to provide strategic and practical implications to the cosmetic marketing managers for customer management and this will recognize the importance of customer experiential in cosmetic marketing and suggest proper marketing strategy plan. In this study, the multiple regression analysis was mainly uses to find out the influence between the variables for low-cost cosmetic brand but we're hoping to execute a study, which directly and indirectly covers the complete path by using the various parameters, which can be effected on the brand equity.

• 재무관리연구
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• 제25권3호
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• pp.79-109
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• 2008

비대칭적정보(Asymmetric Information)에 근거한 정보가설에 의하면 (Ross, 1977; Myers and Majluf, 1984 등), 유상증자 공시가 기업가치에 미치는 효과는 결국 정보의 효율성에 달려있음을 강조하고 있다. 그럼에도 불구하고 지금까지 진행된 국내 유상증자 관련 연구들은 대부분 유상증자를 공시한 모든 기업을 하나의 샘플로 분석함으로서 모든 기업들의 정보효율성이 동일하다는 가정 하에서 연구가 이루어졌다. 본 연구는 이러한 문제인식 아래 2000년 1월 1일부터 2005년 12월 31일까지 유상증자를 공시했던 국내 122개 기업들을 정보효율성에 따라 분류하여 다양한 기간별로 유상증자 공시효과를 분석하였다. 유상증자를 공시한 모든 기업을 대상으로 분석한 결과는 대다수의 국내선행연구들과 마찬가지로 유상증자 공시시점의 주가상승과 공시직후의 주가하락으로 나타났다. 그러나 정보효율성 고려시 상대적으로 효율성이 높을 것으로 여겨지는 KOSPI200에 속하는 기업은 평균적으로 공시시점에 주가가 하락하고 공시직후엔 오히려 주가가 상승하는 모습을 보인 반면 기타의 KOSPI 기업의 경우는 전체기업 분석결과와 마찬가지로 공시시점에 주가상승과 공시직후의 주가하락을 보여 상반된 주가 움직임을 보이고 있는 것으로 나타났다. 유상증자공시가 장 단기적으로 주가에 악영향을 미친다는 미국시장에서의 연구들과는 달리 한국의 경우는 공시시점까지는 주가가 상승하고, 공시직 후 및 장기적으로는 주가가 하락한다는 상이한 연구결과가 주를 이루었는데 이러한 차를 그간 제도상의 차이로 설명하였다. 그러나 본 연구에서는 유상증자공시 기업을 정보효율성에 따라 개략적으로나마 구분함으로써 공시시점의 유상증자효과가 기존의 국내 연구들과 반대로, 국내시장보다 좀 더 효율적일 것으로 여겨지는 미국시장에서의 분석과 동일한 결과를 도출함으로써, 이러한 상이한 유상증자효과가 제도상의 차이뿐만 아니라 시장효율성의 차에 기인할 수 있음을 발견하였다.

• 유통과학연구
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• 제17권9호
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• pp.117-125
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• 2019

Purpose - We investigate how to increase consumer incentives to buy public offering funds, resulting in activating the public offering fund market. In particular, this study aims to find ways to expand diversity and to improve efficiency of public offering fund. The public fund market of Korea has been stagnant in recent years. However, the public offering fund market plays a very significant role in terms of consumer welfare. Since only a few wealthy investors can participate in the private equity market, the stagnation in the public offering fund market usually reduces the opportunity of consumer's buying funds thus ultimately affecting their future wealth. Research design, data, and methodology - To attain our purpose, the 'factor-based portfolio strategy' has been considered. It is an alternative portfolio strategy, which composites the advantages of the passive management and active management. For our empirical anaylsis, we used global stock distribution market data over the period of 1991 and 2016. Then we constructed portfolios based on firm-size, firm-value, and momentum. Finally, a regression model was set, then hypotheses were tested, analyzing the performances. Results - First, among the 15 factor-based portfolios of global, Europe, Asia-Pacific(ex Japan), US and Japan, in eight portfolios, positive excess returns are observed at 5% significance level. Further, there is another portfolio with positive excess return at 10% significance level. Second, most of the portfolios with significant excess performance show positive relationship with the market portfolio. However, the firm-value based portfolio in Asia-Pacific region shows no relationship, and the firm-value based portfolio in US shows negative relationship. Third, we confirmed that the two firm-value factor portfolios in Asia-Pacific region and US, not having positive relationship with market portfolio, provide significant excess returns. Conclusions - In this paper, we provide empirical evidences supporting that the factor-based portfolios expand the diversity of funds and improve the efficiency of investment performance. However, there is no guarantee that the efficiency will continue in the future. In addition, various constraints and costs must be considered. Nevertheless, our novel findings in the advanced financial market such as US and Asia-Pacific are very interesting and offers important implications.