• Title/Summary/Keyword: Equity Theory

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Study on the Influencing Factors of Brand Equity from the Perspective of Consumers - Taking Rizhao Green Tea as an Example (소비자의 관점에서 브랜드 자산에 영향을 미치는 요인에 대한 연구 - 일조녹차(日照綠茶) 를 중심으로)

  • Hu, Jiangsheng;Lee, Jinho
    • The Journal of the Korea Contents Association
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    • v.22 no.10
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    • pp.615-626
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    • 2022
  • At present, there are a lot of theoretical studies on the theme of tea industry brand construction, but in the survey, it is found that the theory that can study the tea industry brand from the perspective of brand equity is extremely lacking. This paper takes Rizhao Green tea as the research object, focusing on the influencing factors of Rizhao Green tea brand equity from the perspective of consumers and the relationship between various factors. The results show that the brand equity of Rizhao Green tea is composed of brand awareness, regional association, quality perception and brand loyalty. There is a certain correlation between each dimension and has an impact on brand equity. There is a significant correlation between brand awareness and regional association. Brand awareness has no significant impact on quality perception. Regional association has a significant positive impact on quality perception and brand loyalty. Brand awareness and quality perception have a significant positive impact on brand loyalty. The research results can provide theoretical basis and practical guidance for the construction of Rizhao Green tea brand assets while making up for the lack of theoretical research in this field.

Prospect Theory and Risk Preferences of Real Estate Development Companies (부동산 개발 및 공급 기업의 손익과 경영진의 위험 선호도)

  • Kim, Byungil;Kim, Won Tae;Chung, Do-Bum
    • Korean Journal of Construction Engineering and Management
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    • v.23 no.1
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    • pp.83-88
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    • 2022
  • Companies make decisions with risks such as choosing an investment plan in order to pursue profits. This study explained the decision making of the management of construction companies in South Korea using the tendency to avoid losses in the Prospect Theory. To this end, 20-year financial data of 2,881 companies engaged in real estate development, which have to bear the greatest risk among the construction industry, were collected. The collected companies were roughly classified based on the reference point, and the causal relationship between average return on equity and risk preference by group was empirically analyzed through regression analysis. As a result, it was confirmed that if the average return on equity of a company decreases for the group above the reference point, it tends to select an investment plan with low uncertainty in order not to lose additional money. In addition, it was confirmed that if the average return on equity of a company decreases for the group below the reference point, it tends to select an investment plan with high uncertainty to move to the profit area. This result is exactly consistent with the loss aversion tendency of the Prospect Theory.

An Empirical Research on the COO Performance effect from the Brand equity and COO Capacity (브랜드 가치와 원산지 역량이 원산지 제도 성과에 미치는 영향에 대한 실증적 연구)

  • Kwon, Seung Ha;Hyun, Hwa Jung
    • International Commerce and Information Review
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    • v.18 no.1
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    • pp.131-150
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    • 2016
  • Recently, as most companies are getting globalized, global sourcing of raw materials are also provided actively. Since each country has different, strict and complex rules-of-origins, importance of COO(country-of-origin) is increasing more and more. This study was surveyed with 127 manufacturing companies in South Korea. The purpose of this study is to verify the effect relationship how brand equity and COO capacity impact on the COO performance. The research hypothesis and model was derived from the basis of existing theory and empirical research, and obtained the following results. Firstly, brand equity of the COO showed positive (+) effect on the COO information capacity and product brand equity showed positive (+) effect on the COO management capacity. Secondly, the COO information capacity showed positive (+) effect on the COO management capacity. Lastly, product brand equity and the COO information capacity showed positive (+) effect on the COO performance. This study is differentiated from previous research information by empirically evaluating the relationship between the brand equity and the COO. This study contributed to academic by examining the research on the COO management in South Korea and also practically suggested the direction how manufacturing company in South Korea is to take the advantage of the brand equity and the COO capacity.

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A Study on the Motivation Theory In the Point of Cognitive Views (인지적 관점에서의 모티베이션 이론에 관한 연구)

  • 이영식;신승국
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.10 no.16
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    • pp.173-182
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    • 1987
  • Motivation models based on the Psychology have contributed to Predict and understand individual behaviors. During the many period, a various type of motivation models have been experimented by the researchers(i.e., need theory that is the first theory in motivation and equity theory, expectancy theory, reinforcement theory, and goal-setting theory centered on cognitive mechanisms). This article's objectives is to analyze motivation models mentioned above in the point of cognitive views (cognitive processes and cognitive mechanisms). Accordingly, the article's structure is consisted of five parts as follows. Part 1. Introduction. Part 2. The theoritical backgrounds of motivation. Part 3. The major theories of motivation. Part 4. The cognitive analysis of motivation theories. Part 5. Conclusion.

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Relationship between Consumer Self-Determined Psychological Needs and Brand Equity for Fair Trade Products (공정무역제품에 대한 소비자의 자기결정성 심리욕구와 브랜드 자산의 관계)

  • Ock, Jung-Won
    • Management & Information Systems Review
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    • v.36 no.2
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    • pp.59-79
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    • 2017
  • The purpose of this study is to verify the relationship between consumer 's self - determination psychological needs (autonomy, competence, and relevance) related to fair trade and brand equity related to fair trade products through empirical analysis. It is meaningful that it is linked to strategic brand management based on consumer need satisfaction. As a result of empirical analysis of this study, Fair Trade attitude plays an important role in the relationship between self - determination psychological desire and brand equity. Especially, Consumer need Satisfaction with competence was found to be a strategically important construct. Based on the results of this study, it is expected to provide important implications for future strategic management of brand equity related to Fair Trade products.

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A Study of the Agency Theory on Owership Structure Affecting corporate performance (소유구조와 경영성과에 관한 대리이론 연구)

  • 김형준;황동섭
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.19 no.37
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    • pp.195-199
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    • 1996
  • The objectives of this study are to analyze, based upon agency theory, empirically the relevance between ownership structure and corporate performance. In this study, samples are 285 firms listed in Korea stock exchage from 1990 to 1994. The results of this empirical test are summarized as follows : Insider-equity ratio of firm in Korea has been positively correlated with performance of corporate. This study intended to present the desirable implecations for seperation of ownership and management.

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A Study on Referents and Inputs in Pay Comparisons (임금비교에 있어서 비교대상 및 비교기준에 관한 연구)

  • Hong, Kwang-Hoon
    • Management & Information Systems Review
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    • v.19
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    • pp.223-241
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    • 2006
  • This study has two purposes. One is to systematize a number of referents and to examine the types of comparisons. The other is to examine categories of comparative standards such as inputs in equity theory. In pay comparison process, referents and inputs are very important elements. The first factor analysis is related to referents, which include 18 variables in 6 categories were subjected to factor analysis. 3 factors emerge with an eigenvalue of 1.0 or greater. Factor I, economic need, includes referents in personal worth and system referent. Factor II, market comparison, includes internal and external referents except one variable(external-peer). Between internal and external referents is not distinguished. This result is corresponded with Hills'(1980) and Hong's(1995) findings. FactorIII is named 'historical/social comparisons'. 14 inputs are subjected to the second factor analysis. 3 factors emerge with an eigenvalue of 1.0 or greater. The 5 variables loading on factor I, equity standard, are responsibility, competency, effort, outcome, and skill. FactorII, equality standard, includes age, gender, and education. FactorIII, seniority standard, includes career and company tenure. All the factors are positively associated with each other. Especially, personal worth is associated with equity standard(r=0.50466). Internal and external referents are associated with any comparative standard.

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A Validity Study on Brand Identity-based Strategy Model for Culture Content's One Source Multi Use : A Case Study on (브랜드 아이덴티티 기반 OSMU 전략 모델의 타당성 연구 : <해리포터 (Harry Potter)>를 중심으로)

  • Kim, Young Jae
    • Cartoon and Animation Studies
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    • s.32
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    • pp.289-313
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    • 2013
  • According to many researches on brand management, the decision makings on brand marketing should center on the brand identity. Based on the brand management theory, Brand Identity-based OSMU Strategy has been suggested, in which the decision makings for culture content's OSMU should be focused on the brand identity of content to maximize the brand equity. In this study, the effectiveness of suggested brand identity-based OSMU strategy model is empirically studied, together with the effect on the brand equity. The study on the consumer's attitude toward the Harry Potter T-shirt with the associations of 'magic, courage and confrontation against evil' proved that consumers respond more favorably in terms of their recognition of the fit-to-content, preference and perceived quality. With this result, the positive effect of brand identity-based OSMU on consumer attitude is verified. On the other hand, the study on the effect of brand identity bearing T-shirt on brand equity did not support the hypothesis that the brand identity-based OSMU has the positive feedback effect on the brand equity of culture content. Still, while the brand equity is established through the long period of time with consumer's consistent experience on the certain culture content, the effect of brand identity-based OSMU on brand equity has a room for further discussion and research. While the ultimate goal of marketing is to create the power brand with high brand value, the further discussion on the effective culture content OSMU strategy to create a power brand is needed.

The Pricing of Corporate Common Stock By OPM (OPM에 의한 주식가치(株式價値) 평가(評價))

  • Jung, Hyung-Chan
    • The Korean Journal of Financial Management
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    • v.1 no.1
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    • pp.133-149
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    • 1985
  • The theory of option pricing has undergone rapid advances in recent years. Simultaneously, organized option markets have developed in the United States and Europe. The closed form solution for pricing options has only recently been developed, but its potential for application to problems in finance is tremendous. Almost all financial assets are really contingent claims. Especially, Black and Scholes(1973) suggest that the equity in a levered firm can be thought of as a call option. When shareholders issue bonds, it is equivalent to selling the assets of the firm to the bond holders in return for cash (the proceeds of the bond issues) and a call option. This paper takes the insight provided by Black and Scholes and shows how it may be applied to many of the traditional issues in corporate finance such as dividend policy, acquisitions and divestitures and capital structure. In this paper a combined capital asset pricing model (CAPM) and option pricing model (OPM) is considered and then applied to the derivation of equity value and its systematic risk. Essentially, this paper is an attempt to gain a clearer focus theoretically on the question of corporate stock risk and how the OPM adds to its understanding.

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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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