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Electronic Word-of-Mouth in B2C Virtual Communities: An Empirical Study from CTrip.com (B2C허의사구중적전자구비(B2C虚拟社区中的电子口碑): 관우휴정려유망적실증연구(关于携程旅游网的实证研究))

  • Li, Guoxin;Elliot, Statia;Choi, Chris
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.3
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    • pp.262-268
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    • 2010
  • Virtual communities (VCs) have developed rapidly, with more and more people participating in them to exchange information and opinions. A virtual community is a group of people who may or may not meet one another face to face, and who exchange words and ideas through the mediation of computer bulletin boards and networks. A business-to-consumer virtual community (B2CVC) is a commercial group that creates a trustworthy environment intended to motivate consumers to be more willing to buy from an online store. B2CVCs create a social atmosphere through information contribution such as recommendations, reviews, and ratings of buyers and sellers. Although the importance of B2CVCs has been recognized, few studies have been conducted to examine members' word-of-mouth behavior within these communities. This study proposes a model of involvement, statistics, trust, "stickiness," and word-of-mouth in a B2CVC and explores the relationships among these elements based on empirical data. The objectives are threefold: (i) to empirically test a B2CVC model that integrates measures of beliefs, attitudes, and behaviors; (ii) to better understand the nature of these relationships, specifically through word-of-mouth as a measure of revenue generation; and (iii) to better understand the role of stickiness of B2CVC in CRM marketing. The model incorporates three key elements concerning community members: (i) their beliefs, measured in terms of their involvement assessment; (ii) their attitudes, measured in terms of their satisfaction and trust; and, (iii) their behavior, measured in terms of site stickiness and their word-of-mouth. Involvement is considered the motivation for consumers to participate in a virtual community. For B2CVC members, information searching and posting have been proposed as the main purpose for their involvement. Satisfaction has been reviewed as an important indicator of a member's overall community evaluation, and conceptualized by different levels of member interactions with their VC. The formation and expansion of a VC depends on the willingness of members to share information and services. Researchers have found that trust is a core component facilitating the anonymous interaction in VCs and e-commerce, and therefore trust-building in VCs has been a common research topic. It is clear that the success of a B2CVC depends on the stickiness of its members to enhance purchasing potential. Opinions communicated and information exchanged between members may represent a type of written word-of-mouth. Therefore, word-of-mouth is one of the primary factors driving the diffusion of B2CVCs across the Internet. Figure 1 presents the research model and hypotheses. The model was tested through the implementation of an online survey of CTrip Travel VC members. A total of 243 collected questionnaires was reduced to 204 usable questionnaires through an empirical process of data cleaning. The study's hypotheses examined the extent to which involvement, satisfaction, and trust influence B2CVC stickiness and members' word-of-mouth. Structural Equation Modeling tested the hypotheses in the analysis, and the structural model fit indices were within accepted thresholds: ${\chi}^2^$/df was 2.76, NFI was .904, IFI was .931, CFI was .930, and RMSEA was .017. Results indicated that involvement has a significant influence on satisfaction (p<0.001, ${\beta}$=0.809). The proportion of variance in satisfaction explained by members' involvement was over half (adjusted $R^2$=0.654), reflecting a strong association. The effect of involvement on trust was also statistically significant (p<0.001, ${\beta}$=0.751), with 57 percent of the variance in trust explained by involvement (adjusted $R^2$=0.563). When the construct "stickiness" was treated as a dependent variable, the proportion of variance explained by the variables of trust and satisfaction was relatively low (adjusted $R^2$=0.331). Satisfaction did have a significant influence on stickiness, with ${\beta}$=0.514. However, unexpectedly, the influence of trust was not even significant (p=0.231, t=1.197), rejecting that proposed hypothesis. The importance of stickiness in the model was more significant because of its effect on e-WOM with ${\beta}$=0.920 (p<0.001). Here, the measures of Stickiness explain over eighty of the variance in e-WOM (Adjusted $R^2$=0.846). Overall, the results of the study supported the hypothesized relationships between members' involvement in a B2CVC and their satisfaction with and trust of it. However, trust, as a traditional measure in behavioral models, has no significant influence on stickiness in the B2CVC environment. This study contributes to the growing body of literature on B2CVCs, specifically addressing gaps in the academic research by integrating measures of beliefs, attitudes, and behaviors in one model. The results provide additional insights to behavioral factors in a B2CVC environment, helping to sort out relationships between traditional measures and relatively new measures. For practitioners, the identification of factors, such as member involvement, that strongly influence B2CVC member satisfaction can help focus technological resources in key areas. Global e-marketers can develop marketing strategies directly targeting B2CVC members. In the global tourism business, they can target Chinese members of a B2CVC by providing special discounts for active community members or developing early adopter programs to encourage stickiness in the community. Future studies are called for, and more sophisticated modeling, to expand the measurement of B2CVC member behavior and to conduct experiments across industries, communities, and cultures.

A Study on Estimating Shear Strength of Continuum Rock Slope (연속체 암반비탈면의 강도정수 산정 연구)

  • Kim, Hyung-Min;Lee, Su-gon;Lee, Byok-Kyu;Woo, Jae-Gyung;Hur, Ik;Lee, Jun-Ki
    • Journal of the Korean Geotechnical Society
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    • v.35 no.5
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    • pp.5-19
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    • 2019
  • Considering the natural phenomenon in which steep slopes ($65^{\circ}{\sim}85^{\circ}$) consisting of rock mass remain stable for decades, slopes steeper than 1:0.5 (the standard of slope angle for blast rock) may be applied in geotechnical conditions which are similar to those above at the design and initial construction stages. In the process of analysing the stability of a good to fair continuum rock slope that can be designed as a steep slope, a general method of estimating rock mass strength properties from design practice perspective was required. Practical and genealized engineering methods of determining the properties of a rock mass are important for a good continuum rock slope that can be designed as a steep slope. The Genealized Hoek-Brown (H-B) failure criterion and GSI (Geological Strength Index), which were revised and supplemented by Hoek et al. (2002), were assessed as rock mass characterization systems fully taking into account the effects of discontinuities, and were widely utilized as a method for calculating equivalent Mohr-Coulomb shear strength (balancing the areas) according to stress changes. The concept of calculating equivalent M-C shear strength according to the change of confining stress range was proposed, and on a slope, the equivalent shear strength changes sensitively with changes in the maximum confining stress (${{\sigma}^{\prime}}_{3max}$ or normal stress), making it difficult to use it in practical design. In this study, the method of estimating the strength properties (an iso-angle division method) that can be applied universally within the maximum confining stress range for a good to fair continuum rock mass slope is proposed by applying the H-B failure criterion. In order to assess the validity and applicability of the proposed method of estimating the shear strength (A), the rock slope, which is a study object, was selected as the type of rock (igneous, metamorphic, sedimentary) on the steep slope near the existing working design site. It is compared and analyzed with the equivalent M-C shear strength (balancing the areas) proposed by Hoek. The equivalent M-C shear strength of the balancing the areas method and iso-angle division method was estimated using the RocLab program (geotechnical properties calculation software based on the H-B failure criterion (2002)) by using the basic data of the laboratory rock triaxial compression test at the existing working design site and the face mapping of discontinuities on the rock slope of study area. The calculated equivalent M-C shear strength of the balancing the areas method was interlinked to show very large or small cohesion and internal friction angles (generally, greater than $45^{\circ}$). The equivalent M-C shear strength of the iso-angle division is in-between the equivalent M-C shear properties of the balancing the areas, and the internal friction angles show a range of $30^{\circ}$ to $42^{\circ}$. We compared and analyzed the shear strength (A) of the iso-angle division method at the study area with the shear strength (B) of the existing working design site with similar or the same grade RMR each other. The application of the proposed iso-angle division method was indirectly evaluated through the results of the stability analysis (limit equilibrium analysis and finite element analysis) applied with these the strength properties. The difference between A and B of the shear strength is about 10%. LEM results (in wet condition) showed that Fs (A) = 14.08~58.22 (average 32.9) and Fs (B) = 18.39~60.04 (average 32.2), which were similar in accordance with the same rock types. As a result of FEM, displacement (A) = 0.13~0.65 mm (average 0.27 mm) and displacement (B) = 0.14~1.07 mm (average 0.37 mm). Using the GSI and Hoek-Brown failure criterion, the significant result could be identified in the application evaluation. Therefore, the strength properties of rock mass estimated by the iso-angle division method could be applied with practical shear strength.

An Analysis of the Comparative Importance of Systematic Attributes for Developing an Intelligent Online News Recommendation System: Focusing on the PWYW Payment Model (지능형 온라인 뉴스 추천시스템 개발을 위한 체계적 속성간 상대적 중요성 분석: PWYW 지불모델을 중심으로)

  • Lee, Hyoung-Joo;Chung, Nuree;Yang, Sung-Byung
    • Journal of Intelligence and Information Systems
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    • v.24 no.1
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    • pp.75-100
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    • 2018
  • Mobile devices have become an important channel for news content usage in our daily life. However, online news content readers' resistance to online news monetization is more serious than other digital content businesses, such as webtoons, music sources, videos, and games. Since major portal sites distribute online news content free of charge to increase their traffics, customers have been accustomed to free news content; hence this makes online news providers more difficult to switch their policies on business models (i.e., monetization policy). As a result, most online news providers are highly dependent on the advertising business model, which can lead to increasing number of false, exaggerated, or sensational advertisements inside the news website to maximize their advertising revenue. To reduce this advertising dependencies, many online news providers had attempted to switch their 'free' readers to 'paid' users, but most of them failed. However, recently, some online news media have been successfully applying the Pay-What-You-Want (PWYW) payment model, which allows readers to voluntarily pay fees for their favorite news content. These successful cases shed some lights to the managers of online news content provider regarding that the PWYW model can serve as an alternative business model. In this study, therefore, we collected 379 online news articles from Ohmynews.com that has been successfully employing the PWYW model, and analyzed the comparative importance of systematic attributes of online news content on readers' voluntary payment. More specifically, we derived the six systematic attributes (i.e., Type of Article Title, Image Stimulation, Article Readability, Article Type, Dominant Emotion, and Article-Image Similarity) and three or four levels within each attribute based on previous studies. Then, we conducted content analysis to measure five attributes except Article Readability attribute, measured by Flesch readability score. Before conducting main content analysis, the face reliabilities of chosen attributes were measured by three doctoral level researchers with 37 sample articles, and inter-coder reliabilities of the three coders were verified. Then, the main content analysis was conducted for two months from March 2017 with 379 online news articles. All 379 articles were reviewed by the same three coders, and 65 articles that showed inconsistency among coders were excluded before employing conjoint analysis. Finally, we examined the comparative importance of those six systematic attributes (Study 1), and levels within each of the six attributes (Study 2) through conjoint analysis with 314 online news articles. From the results of conjoint analysis, we found that Article Readability, Article-Image Similarity, and Type of Article Title are the most significant factors affecting online news readers' voluntary payment. First, it can be interpreted that if the level of readability of an online news article is in line with the readers' level of readership, the readers will voluntarily pay more. Second, the similarity between the content of the article and the image within it enables the readers to increase the information acceptance and to transmit the message of the article more effectively. Third, readers expect that the article title would reveal the content of the article, and the expectation influences the understanding and satisfaction of the article. Therefore, it is necessary to write an article with an appropriate readability level, and use images and title well matched with the content to make readers voluntarily pay more. We also examined the comparative importance of levels within each attribute in more details. Based on findings of two studies, two major and nine minor propositions are suggested for future empirical research. This study has academic implications in that it is one of the first studies applying both content analysis and conjoint analysis together to examine readers' voluntary payment behavior, rather than their intention to pay. In addition, online news content creators, providers, and managers could find some practical insights from this research in terms of how they should produce news content to make readers voluntarily pay more for their online news content.

Removal of ${\alpha}$-Gal Epitopes in Aortic Valve and Pericardium of Pig Using Green Coffee Bean ${\alpha}$-Galactosidase (돼지의 대동맥 판막 및 심낭에서 녹색콩 알파-갈락토시다아제를 이용한 알파-갈 항원결정인자 제거)

  • Park, Seong-Sik;Kim, Woong-Han;Kim, Kyung-Hwan;Lee, Chang-Ha;Choi, Sun-Young;Lee, Cheul;Oh, Sam-Sae;Kim, Kwan-Chang;Kim, Yong-Jin
    • Journal of Chest Surgery
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    • v.41 no.1
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    • pp.12-24
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    • 2008
  • Background: It is currently thought that tissue valve degeneration is related to an animal's immune response, which is mainly due to cell surface ${\alpha}$-Gal epitopes. Cell surface ${\alpha}$-Gal epitopes are known to be degraded by the enzyme called green coffee bean ${\alpha}$-Galactosidase. It is also well known that ${\alpha}$-Gal epitopes are immunologically stained by Griffonia Simplicifolia isolectin type B4. We know that many commercially available tissue valves are made of aortic valves and pericardial tissue of pig. So, we investigated whether ${\alpha}$-Gal epitopes of the aortic valve and pericardial tissue of a pig can be removed by green coffee bean ${\alpha}$-Galactosidase, and we did so by comparing immunologic staining of the tissues before and after the enzyme treatment. Material and method: After treating fresh porcine aortic valve and pericardial tissue with green coffee bean ${\alpha}$-Galactosidase at concentrations of 0.5 unit/mL, 1.0 unit/mL, 2.0 unit/mL, respectively, under the condition of pH 6.5, temperature. $4^{\circ}C$ and 24 hours of incubation, each sample was stained with Griffonia Simplicifolia isolectin type B4 immunpfluorescent labeling. We then examined whether the ${\alpha}$-Gal epitopes were reduced or abolished in each consecutive. concentration of green coffee bean ${\alpha}$-Galactosidase by comparing the degree of the Griffonia Simplicifolia isolectin B4 staining in each sample. Result: In the pig aortic valve tissue, a 1.0 unit/mL concentration of green coffee bean ${\alpha}$-Galactosidase at pH 6.5, $4^{\circ}C$ and reaction for 24 hours was enough for complete removal of ${\alpha}$-Gal epitopes from the cell sur face on the immunostaining with Griffonia Simplicifolia isolectin B4. On the other hand, more ${\alpha}$-Gal epitopes were present in the pig pericardial tissue on Griffonia Simplicifolia isolectin B4 staining before the enzyme treatment, and 1.0 unit/mL of galactosidase was not sufficient for complete removal of ${\alpha}$-Gal from the tissue. 2.0 units/mL of green coffee bean ${\alpha}$-Galactosidase was needed to completely remove the ${\alpha}$-Gal epitopes from the pericardial tissue on immunostaining. Conclusion: The ${\alpha}$-Gal epitopes of the pig's aortic valve and pericardial tissue were successfully stained with Griffonia Simplicifolia isolectin B4. We could remove nearly all the ${\alpha}$-Gal epitopes using green coffee bean ${\alpha}$-Galactosidase at the concentration of 1.0 unit/mL in the aortic valve. Of pig, and 2.0 unit/mL was need to nearly completely remove all the ${\alpha}$-Gal epitopes in the pericardial tissue of pig under the condition of pH 6.5, $4^{\circ}C$ and 24 hours of reaction time. In the near future, removal of ${\alpha}$-Gal epitapes in the pig's aortic valve and pericardial tissue will become a powerful tool for the improvement of the tissue valve durability. It needs to be determined if ${\alpha}$-galactosidase treated pig tissue is immune to human anti-Gal antibody or anit-Gal mooclonal antibodies.

A Study on the Wooden Seated Vairocana Tri-kaya Buddha Images in the Daeungjeon Hall of Hwaeomsa Temple (화엄사 대웅전 목조비로자나삼신 불좌상에 대한 고찰)

  • Choe, Songeun
    • MISULJARYO - National Museum of Korea Art Journal
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    • v.100
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    • pp.140-170
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    • 2021
  • This paper investigates the Wooden Seated Tri-kaya Buddha Images(三身佛像) of Vairocana, Rushana, and Sakyamuni enshrined in Daeungjeon Hall of Hwaeomsa temple(華嚴寺) in Gurae, South Cheolla Province. They were produced in 1634 CE and placed in 1635 CE, about forty years after original images made in the Goryeo period were destroyed by the Japanese army during the war. The reconstruction of Hwaeomsa was conducted by Gakseong, one of the leading monks of Joseon Dynasty in the 17th century, who also conducted the reconstructions of many Buddhist temples after the war. In 2015, a prayer text (dated 1635) concerning the production of Hwaeomsa Tri-kaya Buddha images was found in the repository within Sakyamuni Buddha. It lists the names of participants, including royal family members (i.e., prince Yi Guang, the eighth son of King Seon-jo), and their relatives (i.e., Sin Ik-seong, son-in-law of King Seonjo), court ladies, monk-sculptors, and large numbers of monks and laymen Buddhists. A prayer text (dated 1634) listing the names of monk-sculptors written on the wooden panel inside the pedestal of Rushana Buddha was also found. A recent investigation into the repository within Rushana Buddha in 2020 CE has revealed a prayer text listing participants producing these images, similar to the former one from Sakyamuni Buddha, together with sacred relics of hoo-ryeong-tong copper bottle and a large quantity of Sutra books. These new materials opened a way to understand Hwaeomsa Trikaya images, including who made them and when they were made. The two above-mentioned prayer texts from the repository of Sakyamuni and Rushana Buddha statues, and the wooden panel inside the pedestal of Rushan Buddha tell us that eighteen monk-sculptors, including Eungwon, Cheongheon and Ingyun, who were well-known monk artisans of the 17th century, took part in the construction of these images. As a matter of fact, Cheongheon belonged to a different workshop from Eungwon and Ingyun, who were most likely teacher and disciple or senior and junior colleagues, which means that the production of Hwaeomsa Tri-kaya Buddha images was a collaboration between sculptors from two workshops. Eungwon and Ingyun seem to have belonged to the same community studying under the great Buddhist priest Seonsu, the teacher of Monk Gakseong who was in charge of the reconstruction of Haweonsa temple. Hwaeomsa Tri-kaya Buddha images show a big head, a squarish face with plump cheeks, narrow and drooping shoulders, and a short waist, which depict significant differences in body proportion to those of other Buddha statues of the first half of 17th century, which typically have wide shoulders and long waists. The body proportion shown in the Hwaeomsa images could be linked with images of late Goryeo and early Joseon period. Rushana Buddha, raising his two arms in a preaching hand gesture and wearing a crown and bracelets, shows unique iconography of the Bodhisattva form. This iconography of Rushana Buddha had appeared in a few Sutra paintings of Northern Song and Late Goryeo period of 13th and 14th century. BodhaSri-mudra of Vairocana Buddha, unlike the general type of BodhaSri-mudra that shows the right hand holding the left index finger, places his right hand upon the left hand in a fist. It is similar to that of Vairocana images of Northern and Southern Song, whose left hand is placed on the top of right hand in a fist. This type of mudra was most likely introduced during the Goryeo period. The dried lacquer Seated Vairocana image of Bulheosa Temple in Naju is datable to late Goryeo period, and exhibits similar forms of the mudra. Hwaeomsa Tri-kaya Buddha images also show new iconographic aspects, as well as traditional stylistic and iconographic features. The earth-touching (bhumisparsa) mudra of Sakymuni Buddha, putting his left thumb close to the middle finger, as if to make a preaching mudra, can be regarded as a new aspect that was influenced by the Sutra illustrations of the Ming dynasty, which were imported by the royal court of Joseon dynasty and most likely had an impact on Joseon Buddhist art from the 15th and 16th centuries. Stylistic and iconographical features of Hwaeomsa Tri-kaya Buddha images indicate that the traditional aspects of Goryeo period and new iconography of Joseon period are rendered together, side by side, in these sculptures. The coexistence of old and new aspects in one set of images could indicate that monk sculptors tried to find a new way to produce Hwaeomsa images based on the old traditional style of Goryeo period when the original Tri-kaya Buddha images were made, although some new iconography popular in Joseon period was also employed in the images. It is also probable that monk sculptors of Hwaeomsa Tri-kaya Buddha images intended to reconstruct these images following the original images of Goryeo period, which was recollected by surviving monks at Hwaeomsa, who had witnessed the original Tri-kaya Buddha images.

The Effect of Perceived Shopping Value Dimensions on Attitude toward Store, Emotional Response to Store Shopping, and Store Loyalty (지각된 쇼핑가치차원이 점포태도, 쇼핑과정에서의 정서적 경험, 점포충성도에 미치는 영향에 관한 연구)

  • Ahn Kwang Ho;Lee Ha Neol
    • Asia Marketing Journal
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    • v.12 no.4
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    • pp.137-164
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    • 2011
  • In the past, retailers secured customer loyalty by offering convenient locations, unique assortments of goods, better services than competitors, and good credit policy. All this has changed. Goods assortments among stores have become more alike as national-brand manufacturers place their goods in more and more retail stores. Service differentiation also has eroded. Many department stores have trimmed services, and many discount stores have increased theirs. Customers have become smarter shoppers. They don't pay more for identical brands, especially when service differences have diminished. In the face of increased competition from discount storess and specialty stores, department stores are waging a comeback war. Growth of intertype competition, competition between store-based and non-store-based retailing and growing investment in technology are changing the way consumers shop and retailers sell. Different types of stores-discount stores, catalog showrooms, department stores-all compete for the same consumers by carrying the same type of merchandise. The biggest winners are retailers that have helped shoppers to be economically cautious, simplified their increasingly busy and complicated lives, and provided an emotional connection. The growth of e-retailers has forced traditional brick-and-mortar retailers to respond. Basically brick-and-mortar retailers utilize their natural advantages, such as products that shoppers can actually see, touch, and test, real-life customer service, and no delivery lag time for small-sized purchases. They also provide a shopping experience as a strong differentiator. They are adopting practices as calling each shopper a "guest". The store atmosphere should match the basic motivations of the shopper. If target consumers are more likely to be in a task-oriented and functional mindset, then a simpler, more restrained in-store environment may be better. Consistent with this reasoning, some retailers of experiential products are creating in-store entertainment to attract customers who want fun and excitement. The retail experience must deliver value to turn a one-time visitor into a loyal customer. Retailers need a tool that measures the full range of components that define experience-based value. This study uses an experiential value scale(EVS) developed by Mathwick, Malhotra and Rigdon(2001) which reflects the benefits derived from perceptions of playfulness, aesthetics, customer "return on investment" and service excellence. EVS is useful to predict differences in shopping preferences and patronage behavior of customers. EVS consists of items measuring efficiency, economic value, visual appeal, entertainment value, service excellence, escapism, and intrinsic enjoyment, which are subscales of experiencial value. Efficiency, economic value, service excellence are linked to the utilitarian shopping value. And visual appeal, entertainment value, escapism and intrinsic enjoyment are linked to hedonic shopping value. It has been found that consumers value hedonic experiences activated from escapism and attractiveness of shopping environment as much as the product quality, price, and the convenient location. As a result, many department stores, discount stores, and other retailers are introducing differential marketing strategy based on emotional/hedonic values. Many researches suggest that consumers go shopping not only for buying products but also for various shopping experiences. In other words, they seek the practical, rational value as well as social, recreational values in the shopping process(Babin et al, 1994; Bloch et al, 1994). Retailers may enhance buyer's loyalty to store by providing excellent emotional/hedonic value such as the excitement from shopping, not just the practical value of buying good products efficiently. We investigate the effect of perceived shopping values on the emotional experience and store loyalty based on the EVS(Experiential Value Scales) developed by Holbrook(1994), Mathwick, Malhotra and Rigdon(2001). This study assumes that the relative effect of shopping value dimensions on the responses of shoppers will differ according to types of stores and analyzes the moderating effect of store type(department store VS. discount store) on the causal relationship between shopping value dimensions and store loyalty. Emprical results show that utilitarian values of shopping experience and hedonic value of shipping experience give the positive effect on the emotional response of consumers and store loyalty. We also found the moderating effect of store types. The effect of utilitarian shopping values on the attitude toward discount store is higher than the effect of utilitarian shopping values on the attitude toword department store. And the effect of hedonic shopping value on the emotional response to discount store is higher than on the emotional response to department store. The empirical results reflect on the recent trend that discount stores try to fulfill the hedonic needs of consumers as well as utilitarian needs(i.e, low price) that discount stores traditionally have focused on

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A Theory on the Scope of Financial Activity (금융(金融)의 전업(專業) 및 겸업화(兼業化) 이론(理論): 금융산업조직론(金融産業組織論)의 모색(摸索))

  • Jwa, Sung-hee
    • KDI Journal of Economic Policy
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    • v.13 no.1
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    • pp.167-197
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    • 1991
  • This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

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"A Study on Hebrews Clothing in the Old Testament" - Especially on Hair Styles, Headgears, Footwear and Personal Ornaments - (구약성서(舊約聖書)에 나타난 히브리인의 복식(服飾) - 두식(頭飾), 신발 및 장신구(裝身具) 중심(中心)으로 -)

  • Park, Chan-Boo
    • Journal of the Korean Society of Costume
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    • v.10
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    • pp.63-80
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    • 1986
  • The Old Testament cotains mention of the history of creation and clothing in ancient Hebrew. This study dealt with Hebrew dress customs especially aimed at the manners of their hair styles, headgears, footwear and personal ornaments. References are Korean Revised Version, English King James Version and Revised Standard Version. There is little mention of hair styles and headgears in the Old Testament. Some sort of turban was worn by priests, and soldiers protected themselves with helmets, but most Israelitish men went bareheaded except on special occasions and often wear simple headbands. It was more common for women to use headwear of some type-turbans, scarves, and veils concealing the face. The veil was the distinctive female wearing apparel. All females, with the exception of maidservants and women in a low condition of life, wore a veil. It was the custom for women to wear a veil entirely covering their head in the public. Through most of the Old Testament periods long and thick hair was admired on men and women alike. The Hebrews were proud to have thick and abundant long hair, and they gave much attention to the care of their hair. The caring of hair was deeply related to their rituals. Nazirites never took a razor to their hair during his vow-days, but instead let it grow long, as an offering to God. Men would not cut their beards, but allow them to grow long. The Israelites' standard footwear was a pair of simple leather sandals. This was one of the items of clothing not highly prized. In a colloquial saying of the time, a pair of shoes signified something of small value, and to be barefoot except in times of mourning or on holy place, was a sign either of extreme poverty or humiliation, as in the case of war prisoners. Because precious stones were not mined in the Palestine-Syria region, Hebrews imported them from foreign country. They were consumer-to a large degree limited by their very modest standard of living-but not producers. Hebrews liked the precious stones and were motivated to acquire and wear jewels. Besides their use for adornment and as gifts, the precious or semiprecious stones were regarded by Jews of property. The Hebrews were not innovators in the field of decorative arts. The prohibition of the Law against making any "graven image" precluded the development of painting, sculpture, and other forms of representational art. Jewish men did not indulge in extravagances of dress, and there was little ornamentation among them. Men wore a signet ring on their right hand or sometimes suspended by a cord or chain around the neck. The necklaces, when worn by a male, also bore any symbol of his authority. Bracelets were extremely popular with both men and women, men usually preferring to wear them on their upper arms. The girdle was a very useful part of a man's clothing. It was used as a waist belt, or used to fasten a man's sword to his body, or served as a pouch in which to keep money and other things. Men often carried a cane or staff, which would be ornamented at the top. Among the women there was more apt to be ornamentation than among the men. Hebrew women liked to deck themselves with jewels, and ornamentation of the bride were specially luxurious and numerous. They wore rings on their fingers or On toes, ankle rings, earrings, nosering, necklace, bracelets. Their shapes were of cresent, waterdrops, scarab, insect, animal or plant. Sometimes those were used as amulets. They were made of ceramics, gold, silver, bronze, iron, and various precious stones which were mostly imported from Egypt and Sinai peninsular. Hebrews were given many religious regulations by Moses Law on their hair, headgears, sandals and ornamentation. Their clothing were deeply related with their customs especially with their religions and rituals. Hebrew religion was of monotheism and of revealed religion. Their religious leaders, the prophets who was inspired by God might need such many religious regulations to lead the idol oriented people to God through them.

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Thoracoscopic T-3 Sympathicotomy for Palmar Hyperhidrosis (수부 다한증에서 흉부 3번 교감신경 차단 수술의 효과)

  • Kim, Kwang-Taek;Kim, Il-Hyun;Lee, Song-Am;Baek, Man-Jong;Sun, Kyung;Kim, Hyoung-Mook;Lee, In-Seong
    • Journal of Chest Surgery
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    • v.32 no.8
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    • pp.739-744
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    • 1999
  • Background: This study was designed to evaluate the effectiveness of T3 sympathicotomy in treatment of palmar hyperhidrosis. Material and Method: During the period of June to December 1998, 50 patients (24 females and 26 males) suffering from palmar hyperhidrosis either in isolation (n=37) or in combination with axillary hyperhidrosis (n=13) were operated. The mean age of the patients was 20 years. The bilateral sympathetic trunks were severed on the 3rd rib (2nd and 3rd ganglia) for the isolated palmar hyperhidrosis and on the 3rd and 4th ribs for the combined type using electrocoagulation scissors. A linear analogue scale was used to assess the degree of sweating on the palms, face, trunk, and feet (ranged 0 to 10:0 = anhidrosis: 10 = excessive sweating) as well as the patient's satisfaction with the surgery (ranged 0 to 10:0 = regret; 10 = completely satisfied). Result: All of the patients were relieved from palmar hyperhidrosis. A mean palmar sweat production score after T3 sympathicotomy was $1.5\pm$0.8. Some degree of compensatory sweating had occurred in 39 patients (78%) with a mean score of 3.4$\pm$1.6. Gustatory sweating occurred in 2 patients (4%). The mean score of the patient's satisfaction after the surgery was 8.5$\pm$1.2. Conclusion: Palmar hyperhidrosis can be successfully relieved by the T3 sympathicotomy. When considering the advantages of T3 sympathicotomy with respects to a better preservation of facial sympathetic function, less occurrence of severe compensatory sweating, and lower incidence of gustatory sweating. We recommend T3 sympathicotomy as a treatment of choice for palmar hyperhidrosis.

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The Effect of Inositol and Phytic Acid on Skin (이노시톨과 피틴산이 피부에 미치는 영향)

  • Zho Choon Koo;Han Chang Giu;Song Hwan
    • Journal of the Society of Cosmetic Scientists of Korea
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    • v.30 no.4 s.48
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    • pp.515-524
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    • 2004
  • Inositol and phytic acid extracted from rice bran were investigated for applying cosmetics. Skin lotions containing $0{\~}3.0\;wt\%$ inositol and $0{\~}1.50\;wt%$ phytic acid were applied respectively, to the arm skins of 45 Asian women 20'~40's for 7 weeks. Improvement on moisture was evaluated. In addition, improvements on sebum, elasticity, and wrinkle were examined after applying placebo, inositol and phytic acid-containing skin lotions tot face, respectively. For $1.0\;wt\%$ inositol, it resulted in $19\%$ increase of moisture. The wrinkle reduction and elasticity improved $12.4%\;and\;17.0\%$ on average, respec-tively. Applying $0.5\;wt\%$ phytic acid resulted in $71.6\%$ increase the moisture. Improvements on wrinkle and elasticity were $16.9%\;and\;21.9\%$ respectivelv. hpplving inositol or phytic acid regardless of dry or oily skin, resulted in sebum value recovery to that of the normal skin after 2~4 weeks. Although inositol is inferior to phytic acid in improvements of the skin, phytic acid is not suitable to sensitive skin. So, $0~0.50\;wt\%$ of phytic acid were added to $1.0\;wt\%$ inositol and similar experiments were carried out. In case of added $1.0\;wt\%$ phytic acid, moisture increased $63.8\%$ approximately. Improvements on elasticity and reduction on wrinkle were $17.2%\;and\;17.4\%,$ respectively. Both skin types were turned to normal skin type after 2 weeks. It could improve the skin condition when used inositol added phytic acid. The optimized concentration of phytic acid was $0.10\;wt\%\;with\;1.0\;wt\%$ of inositol without side effect.