• Culinary science and hospitality research
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• v.16 no.2
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• pp.64-76
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• 2010

This research presented research objective on service recovery equity and related scientific purpose and a practical view based on actual problems and needs of hotel restaurant service management, deriving following research results. First, through considering previous research related to service recovery equity, theoretical system on segmentation of customer appraisal through business situation variables and recovery equity are presented. Second, in the enlarged meaning of existing recovery equity and related previous research, relationship was examined closely through an analysis of new causal relationship on recovery equity and research on relationship between recovery equity and customer appraisal. Third, the effect of service recovery equity affecting consequences on satisfaction and the intention of action were analyzed through customer appraisal and examined the relationship between service recovery equity and customer attitude. In this research, implications on future scientific and practical views based on the results are as follows. Not only the necessity of further research on the general service industry but also research on customer appraisal systems were suggested by offering parameters segmented from service recovery through customer satisfaction and intention of action for customer appraisal.

• The Journal of Small Business Innovation
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• v.19 no.1
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• pp.1-16
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• 2016

The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raising through crowdfunding.

• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.37-50
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• 2021

Purpose - This study aimed to examine the behavior surrounding the Initial Public Offering (IPO) event of firms within the same conglomerate and the impact of under-pricing and Return on Equity(ROE) on a firm's abnormal stock returns. Design/methodology - This study collected data from 166 South Korean Chaebols, consisting of 355 firms distributed as 202 listed on Korea Composite Stock Price Index (KOSPI) and 153 firms listed on Korean Securities Dealers Automated Quotations (KOSDAQ) from 2000 to 2020. The Capital Asset Pricing Model (CAPM) and the multiple regression analysis were hired to analyze the data. Findings - First, we found an adverse price reaction of IPO listing in the same chaebol group, and firms with higher under-pricing affect other firms' stock prices more adversely within the conglomerate. Next, we explored a negatively significant relation between ROE and the chaebol firms' stock returns during IPO events. Research implications - The novelty of this study is there are not many empirical studies on the impact of IPO within a conglomerate. So, the findings of this study contribute to the literature for analyzing stock's abnormal returns within a conglomerate.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.331-339
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• 2003

We investigate long-run relationships between industry relatedness, operating performance, and stock performance after equity carve-outs(ECO). For homo-industry ECOs, 12-month CAR of subsidiary firms is 26.52% and significantly positive at the 5% level and BHAR is 22.19%. For hetero-industry ECOs, subsidiary 12-month CAR and BHAR are 35.14% and 39.64%, respectively, which are significant at the 1% level. On the other hand, long-run performance of parent firms is insignificant for any sub-sample. Excess operating performance of subsidiaries is significantly positive at the first year and insignificant thereafter. The lower the offering ratio is and the better the operating performance is, the better the subsidiary stock performance is. Unlike IPOs and SEOs, shareholders of subsidiaries benefit from ECOs and parent stocks do not underperform. Hetero-industry ECOs improving corporate focus are more effective restructurings than homo-industry ECOs.

• Journal of Industrial Convergence
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• v.1 no.1
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• pp.127-142
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• 2003

This Study examines the implications for event studies using the daily stock data. The output present the event study results. The event period is defined from 30 days before through 30 days after the event date, and is broken into four "windows" for abnormal return cumulation: the pre-event period, days -30 through -2; dajys -1 and 0, a period commonly investigated for the immediate impact of the event; and the post-event period, days +1 through +30. It shows how firm's information offerings affect the price process and consequent issues. The Patell Z test is an examples of a standardized abnormal return approach, which estimate a separate standard error for each security-event and assumes cross-sectional independence. The generalized sign test adjusts for the fraction of positive abnormal returns in the estimation period instead of assuming 0.5.

• KDI Journal of Economic Policy
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• v.37 no.2
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• pp.64-97
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• 2015

This paper studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s - 1980s). The purpose of this paper is twofold. The first purpose is to understand the policy approaches Korea took, and the second is to extract lessons that can benefit policymakers in the developing world, where capital market promotion is an important policy goal. There are two key features of Korea's capital market promotion policies. First, the government was actively involved, sometimes indirectly by giving tax incentives to encourage IPOs. However, in other times, it was directly involved by giving IPO orders and threatening those that did not comply. No stock exchange in a developed country has ever experienced such government involvement. Combined with rapid economic growth, this interventionist approached allowed the Korean stock market to experience phenomenal growth over a short period of time. Second, the capital market promotion policies had multiple objectives. One was to mobilize domestic capital for economic development. Another was to lower firms' debt-to-equity ratios. Most interestingly, however, the Korean government wanted to popularize stock ownership, thereby allowing ordinary Koreans to share in the fruits of economic growth.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.59-70
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• 2020

The purpose of this study is to construct the ACD model for the block trading volume duration. The ACD model based on the block trading volume duration is referred to as Volume ACD (VACD) in this study. By integrating with GARCH-type models, the VACD based GARCH type models, which include VACD-GARCH, VACD-IGARCH and VACD-FIGARCH models, are set up. This study selects Chunghwa Telecom (CHT) Inc., offering the America Depository Receipt (ADR) in NYSE, to investigate the block trading volume duration in Taiwanese equity market. The empirical results indicate that the long memory in volume duration series increases dependence at level of volatility clustering by VACD (2,1)-FIGARCH (3,d,1) model. Moreover, the VACD (2,1)-IGARCH (1,1) exhibits relatively better performance of prediction on capturing block trading volume duration. This volatility model is more appropriate in this study to portray the change of the CHT Inc. prices and provides more information about the volatility process for investment strategy, which can be a reference indicator of financial asset pricing, hedging strategy and risk management.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.3 no.3
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• pp.203-209
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• 2002

The Korean venture industry showed a rapid growth due to various government incentive measures, development in information technology, and explosive growth of the KOSDAQ market. Recently, however, the Korean venture industry has revealed numerous side effects, which seemed to be coming from excessively aggressive government involvement in the industry, and fallen into a deep depression. This phenomenon may imply that the Korean venture industry has been established by the government policy rather than based on the venture capital market, whereas the venture industry in advanced nations has grown up autogenously based on it. This paper analyzes the Korean venture capital market and suggests policy recommendations to revitalize the domestic venture capital market. They include facilitating the supply of funds through limited partnerships and overseas venture capital, extending the direct equity investment, and actively promoting the KOSDAQ market.

• Health Policy and Management
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• v.32 no.3
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• pp.272-281
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• 2022

With the outbreak of coronavirus disease 2019 (COVID-19) pandemic, health policymakers are adopting new policies regarding the issue of immunization disparities, especially for children in low-income communities of color who lack awareness and thereby access to vaccines. The purpose of this paper is to propose an evaluation framework using program theory-based evaluation approach and logic model to analyze and evaluate the immunization disparities in children aged 19-35 months. Data is collected from New York City department of Health and the U.S. Census Bureau for Northern Manhattan Start Right Coalition program which consists of 19,800 children, and the community-provider partnership includes 26 practices and 20 groups. Program theory is used to evaluate this community-based initiative with the logic model which is a visual depiction that illustrations the program theory to all stakeholders. The logic model highlights the resources, activities, outputs, outcomes, and impacts of the program to guide to planners and evaluators and to call attention to the inadequacies or flaws in the operational, implementation and service delivery process of the program in offering a new perspective on the program. This framework adds to the literature on evaluations of immunization disparities in determining whether evaluators can definitively attribute positive immunization outcomes in the community to the program and conclude whether it has potential in expanding or duplicating it to other similar settings, especially in other rural areas of the United States, and abroad, where routine immunization equity gaps are wide due to income, racial and ethnic diversity, and language barrier.