• 제목/요약/키워드: Financial Consumer

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A study on the occurrence and resolution of disputes among crowd-funding stake-holders (크라우드펀딩 이해관계자 간의 분쟁발생과 해결방안)

  • Kim, Kee Hong
    • Journal of Arbitration Studies
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    • v.31 no.1
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    • pp.155-171
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    • 2021
  • Recently, the e-business market has become a place of convergence where consumers and suppliers communicate with each other, and a new method of trading of funds has emerged in the process. Crowd-funding is one of the types of money transactions that have emerged in the online space, and its interest and trading volume have been growing rapidly recently. The platform in the online space using crowd-funding method operates in the form of online telecommunication sales, and it is in the form of producing and delivering products based on funds obtained from potential consumers by the operators involved in securing funds. However, if the participating business operators do not deliver the product or deliver the product other than the promoted product and avoid responsibility, the potential demander will not be compensated without mediation by the platform operating entity. In this study, despite the rapid growth in the market size of crowd-funding, consumers who participated in the funding are protected and able to resolve disputes in the event of a conflict amid growing complaints from potential consumers and side effects. The structure or method of crowd-funding is a new form of trading that has different features from conventional e-commerce. Therefore, the legal basis is not yet in place and the standards need to be laid out through various and sufficient discussions politically, legally, socially and culturally and economically. As the potential market and positive effects of crowd-funding around the world have been recognized, a role is required as an ecosystem for new financial transactions. And the potential market could be realized as a new industry if the right legal system and policy consultation were made.

The Relationship between Creativity and Salespersons' Work Performance: Depending on the Classification of Sales Work and the Industrial Category (영업사원의 창의성과 업무성과와의 관계: 영업업무 분류와 산업군의 구분에 따라서)

  • Kim, Jhong Yun
    • The Journal of the Korea Contents Association
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    • v.19 no.2
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    • pp.305-316
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    • 2019
  • This study aims to examine a relationship between creativity and work performance of salespersons, and understand how the relationship between salesperson's creativity and their work performance changed depending on the classification of sales business and the industrial category. An on-line survey was targeted for salespersons who were working in consumer goods sales, industry materials sales, financial business, and service industry. A total number of the completed surveys was 588. According to the study, creativity is an important competency to improve salespersons' work performance. Also, companies should focus on the investment in developing creativity of employees who are in charge of industrial materials sales compared to people in other industrial categories.

Per Capita Consumption Expenditure by Consumption Quintile of Middle and Older Elderly Households (중고령자 가구의 소비분위별 개인단위 소비지출 결정요인)

  • Kim, Soon-Mi
    • Human Ecology Research
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    • v.56 no.6
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    • pp.573-588
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    • 2018
  • This study analyzed per capita consumption expenditure by the consumption quintile of Middle and Older Elderly Households and the variables that affected it. Sample of 2,983 households was collected from the 6th KLoSA in 2016. First, when comparing the HH's living expenses by the number of family members, two persons to a person ratio, more than six persons to a person ratio were 2.007 and 4.148, respectively. The ratio increased as the number of family member increased; however, the rate of ratio increase decreased. Second, the per capita living expenses for the first and fifth quintile were 5.11 million won and 16.93 million won at the per capita living expenses that applied the OECD's equivalence scale to the HH's living expenses. The per capita living expenses for the fifth quintile was 3.31 times higher than in the first quintile. Third, among the variables influencing per capita living expenses by the consumption quintile, the marital status was the significant for all consumption quintiles; however, HH's income, HH's total asset, HH's financial asset, pension, subjective perception of the economy class, home ownership, residence (metropolitan or small city), education (elementary school), participation groups were significant in some quintiles among all quintiles. Fourth, of the significant variables influencing per capita living expenses, the most influential variables were first quintile followed by second quintile, third quintile, fourth quintile, marital status, HH's income, home ownership, HH's total asset, participation groups, residence (metropolitan), subjective perception of the economy class, in order.

Analysis of Architectural Characteristics to Utilize Senior Centers as an Community Anchor Space in Apartment Complex (공동주택 경로당의 건축적 특성과 커뮤니티 거점공간으로서의 활용방안 연구)

  • Eun, Nan-Soon;Park, Hae-sun
    • Journal of The Korea Institute of Healthcare Architecture
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    • v.25 no.2
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    • pp.37-50
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    • 2019
  • Purpose: The purpose of this study was to analyze the space planning of the Senior Center which was supplied recently in apartment complex, to activate the spaces suitable for the changes and needs of the elderly and to explore the complex functions as a community space where intergenerational exchanges are possible. In other words, we sought implications for the physical plan of the district as a community base space and searched for improvement plan. Methods: The survey was conducted by five large private sectors of construction, and 10 of them were built after 2010 in an urban area(Seoul). Literature review, data analysis, field survey and interview were used for the research method. Results: As a result, it was difficult to meet the demands of various elderly people in the space planning, program and operation mode at the current level. In particular, the Baby Boomer generation as an active silver generation will not use the Senior Center. Therefore, based on the results of the survey, we propose some of the following about the Senior Center in apartment complex. First, it is necessary to change the term "the Senior Center" as defined in Article 55-2 of the "Regulations on Housing Construction Standards, etc.". Second, the criteria for setting up the elderly complex space should be presented specifically. Third, it is necessary to secure financial resources in operation and management. Finally, it is necessary to support the residents' organization for community revitalization. Implication: Through the amendment of the laws, it will be possible for various generations to have opportunities to interact by activating the existing community spaces for seniors. It will also contribute to improving the community of apartment complexes.

Blockchain for Securing Smart Grids

  • Aldabbagh, Ghadah;Bamasag, Omaimah;Almasari, Lola;Alsaidalani, Rabab;Redwan, Afnan;Alsaggaf, Amaal
    • International Journal of Computer Science & Network Security
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    • v.21 no.4
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    • pp.255-263
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    • 2021
  • Smart grid is a fully-automated, bi-directional, power transmission network based on the physical grid system, which combines sensor measurement, computer, information communication, and automatic control technology. Blockchain technology, with its security features, can be integrated with Smart Grids to provide secure and efficient power management and transmission. This paper dicusses the deployment of Blockchain technology in Smart Grid. It presents application areas and protocols in which blockchain can be applied to in securing smart grid. One application of each area is explored in detail, such as efficient peer-to-peer transaction, lower platform costs, faster processes, greater flexibility in power generation to transmission, distribution and power consumption in different energy storage systems, current barriers obstructing the implementation of blockchain applications with some level of maturity in financial services but concepts only in energy and other sectors. Wide range of energy applications suggesting a suitable blockchain architecture in smart grid operations, a sample block structure and the potential blockchain technicalities employed in it. Also, added with efficient data aggregation schemes based on the blockchain technology to overcome the challenges related to privacy and security in the smart grid. Later on, consensus algorithms and protocols are discussed. Monitoring of the usage and statistics of energy distribution systems that can also be used to remotely control energy flow to a particular area. Further, the discussion on the blockchain-based frameworks that helps in the diagnosis and maintenance of smart grid equipment. We have also discussed several commercial implementations of blockchain in the smart grid. Finally, various challenges have been discussed for integrating these technologies. Overall, it can be said at the present point in time that blockchain technology certainly shows a lot of potentials from a customer perspective too and should be further developed by market participants. The approaches seen thus far may have a disruptive effect in the future and might require additional regulatory intervention in an already tightly regulated energy market. If blockchains are to deliver benefits for consumers (whether as consumers or prosumers of energy), a strong focus on consumer issues will be needed.

Predicting Default Risk among Young Adults with Random Forest Algorithm (랜덤포레스트 모델을 활용한 청년층 차입자의 채무 불이행 위험 연구)

  • Lee, Jonghee
    • Journal of Family Resource Management and Policy Review
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    • v.26 no.3
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    • pp.19-34
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    • 2022
  • There are growing concerns about debt insolvency among youth and low-income households. The deterioration in household debt quality among young people is due to a combination of sluggish employment, an increase in student loan burden and an increase in high-interest loans from the secondary financial sector. The purpose of this study was to explore the possibility of household debt default among young borrowers in Korea and to predict the factors affecting this possibility. This study utilized the 2021 Household Finance and Welfare Survey and used random forest algorithm to comprehensively analyze factors related to the possibility of default risk among young adults. This study presented the importance index and partial dependence charts of major determinants. This study found that the ratio of debt to assets(DTA), medical costs, household default risk index (HDRI), communication costs, and housing costs the focal independent variables.

Impacts of Perceived Risk on Satisfaction, Trust, and Loyalty in Food-Service Franchise Context (외식 프랜차이즈 기업에 대한 지각된 위험이 만족, 신뢰, 그리고 충성도에 미치는 영향)

  • Park, Sang-Eon;Woo, Sung-Keun;Choi, Myeong-Soo
    • The Korean Journal of Franchise Management
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    • v.9 no.4
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    • pp.45-56
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    • 2018
  • Purpose - Consumers perceive various risks while using food service franchise stores. Food service franchise stores offer consumers not just menus, but services, physical environment, and prices, which can be perceived as risk to consumers. This means that consumer behavior in foos service franchise stores needs to be studied based on perceived risk theory. Perceived risk consists of performance risk, financial risk, social risk, psychological risk, and time risk. The purpose of this study is to investigate the effects of perceived risk on satisfaction and trust, and in turn affect loyalty. The results of this study will provide guidelines for marketers to develop strategies to reduce the perceived risk of consumers. Research design, data, methodology - In order to achieve research purposes, the authors developed several hypotheses. Data were through online survey through an online survey firm. A questionnaire survey was distributed to customers who have visited the restaurant in the past three months. The survey was conducted from March 5, 2017 to October 14, 2017. A total of 1,500 people were e-mailed and 260 were returned. A total of 245 items were used in the analysis except 15 of the questionnaire. Data was analyzed by using SPSS 21.0 and AMOS 21.0. Results - The findings of this study are as follows: First, performance risk, economic risk, and psychological risk had negative effects on satisfaction. Social and time risks did not affect on satisfaction. Performance risk and time risk had negative impact on trust. Second, economic, social, and psychological risks did not affect trust, but satisfaction had significant positive effect on trust and loyalty. Third, satisfaction had positive effect on loyalty. Conclusions - The implications of this study are as follows. First, food service franchise marketers should increase their customer loyalty by establishing a risk reduction strategy. Second, there are various risks to customers visiting the store. Therefore, marketers need to analyze the perceived risks of customers. Third, it is also necessary to eliminate the perceived risks of customers. In addition, a restaurant franchise company needs to find a reasonable way to reduce the material cost and present a reasonable menu price.

A Study on Risk Parity Asset Allocation Model with XGBoos (XGBoost를 활용한 리스크패리티 자산배분 모형에 관한 연구)

  • Kim, Younghoon;Choi, HeungSik;Kim, SunWoong
    • Journal of Intelligence and Information Systems
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    • v.26 no.1
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    • pp.135-149
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    • 2020
  • Artificial intelligences are changing world. Financial market is also not an exception. Robo-Advisor is actively being developed, making up the weakness of traditional asset allocation methods and replacing the parts that are difficult for the traditional methods. It makes automated investment decisions with artificial intelligence algorithms and is used with various asset allocation models such as mean-variance model, Black-Litterman model and risk parity model. Risk parity model is a typical risk-based asset allocation model which is focused on the volatility of assets. It avoids investment risk structurally. So it has stability in the management of large size fund and it has been widely used in financial field. XGBoost model is a parallel tree-boosting method. It is an optimized gradient boosting model designed to be highly efficient and flexible. It not only makes billions of examples in limited memory environments but is also very fast to learn compared to traditional boosting methods. It is frequently used in various fields of data analysis and has a lot of advantages. So in this study, we propose a new asset allocation model that combines risk parity model and XGBoost machine learning model. This model uses XGBoost to predict the risk of assets and applies the predictive risk to the process of covariance estimation. There are estimated errors between the estimation period and the actual investment period because the optimized asset allocation model estimates the proportion of investments based on historical data. these estimated errors adversely affect the optimized portfolio performance. This study aims to improve the stability and portfolio performance of the model by predicting the volatility of the next investment period and reducing estimated errors of optimized asset allocation model. As a result, it narrows the gap between theory and practice and proposes a more advanced asset allocation model. In this study, we used the Korean stock market price data for a total of 17 years from 2003 to 2019 for the empirical test of the suggested model. The data sets are specifically composed of energy, finance, IT, industrial, material, telecommunication, utility, consumer, health care and staple sectors. We accumulated the value of prediction using moving-window method by 1,000 in-sample and 20 out-of-sample, so we produced a total of 154 rebalancing back-testing results. We analyzed portfolio performance in terms of cumulative rate of return and got a lot of sample data because of long period results. Comparing with traditional risk parity model, this experiment recorded improvements in both cumulative yield and reduction of estimated errors. The total cumulative return is 45.748%, about 5% higher than that of risk parity model and also the estimated errors are reduced in 9 out of 10 industry sectors. The reduction of estimated errors increases stability of the model and makes it easy to apply in practical investment. The results of the experiment showed improvement of portfolio performance by reducing the estimated errors of the optimized asset allocation model. Many financial models and asset allocation models are limited in practical investment because of the most fundamental question of whether the past characteristics of assets will continue into the future in the changing financial market. However, this study not only takes advantage of traditional asset allocation models, but also supplements the limitations of traditional methods and increases stability by predicting the risks of assets with the latest algorithm. There are various studies on parametric estimation methods to reduce the estimated errors in the portfolio optimization. We also suggested a new method to reduce estimated errors in optimized asset allocation model using machine learning. So this study is meaningful in that it proposes an advanced artificial intelligence asset allocation model for the fast-developing financial markets.

Seeking a Better Place: Sustainability in the CPG Industry (추심경호적지방(追寻更好的地方): 유포장적소비품적산업적가지속발전(有包装的消费品的产业的可持续发展))

  • Rapert, Molly Inhofe;Newman, Christopher;Park, Seong-Yeon;Lee, Eun-Mi
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.2
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    • pp.199-207
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    • 2010
  • For us, there is virtually no distinction between being a responsible citizen and a successful business... they are one and the same for Wal-Mart today." ~ Lee Scott, al-Mart CEO after the 2005 Katrina disaster; cited in Green to Gold (Esty and Winston 2006). Lee Scott's statement signaled a new era in sustainability as manufacturers and retailers around the globe watched the world's largest mass merchandiser confirm its intentions with respect to sustainability. For decades, the environmental movement has grown, slowly bleeding over into the corporate world. Companies have been born, products have been created, academic journals have been launched, and government initiatives have been undertaken - all in the pursuit of sustainability (Peattie and Crane 2005). While progress has been admittedly slower than some may desire, the emergence and entrance of environmentally concerned mass merchandisers has done much to help with sustainable efforts. To better understand this movement, we incorporate the perspectives of both executives and consumers involved in the consumer packaged goods (CPG) industry. This research relies on three underlying themes: (1) Conceptual and anecdotal evidence suggests that companies undertake sustainability initiatives for a plethora of reasons, (2) The number of sustainability initiatives continues to increase in the consumer packaged goods industries, and (3) That it is, therefore, necessary to explore the role that sustainability plays in the minds of consumers. In light of these themes, surveys were administered to and completed by 143 college students and 101 business executives to assess a number of variables in regards to sustainability including willingness-to-pay, behavioral intentions, attitudes, willingness-to-pay, and preferences. Survey results indicate that the top three reasons why executives believe sustainability to be important include (1) the opportunity for profitability, (2) the fulfillment of an obligation to the environment, and (3) a responsibility to customers and shareholders. College students identified the top three reasons as (1) a responsibility to the environment, (2) an indebtedness to future generations, and (3) an effective management of resources. While the rationale for supporting sustainability efforts differed between college students and executives, the executives and consumers reported similar responses for the majority of the remaining sustainability issues. Furthermore, when we asked consumers to assess the importance of six key issues (healthcare, economy, education, crime, government spending, and environment) previously identified as important to consumers by Gallup Poll, protecting the environment only ranked fourth out of the six (Carlson 2005). While all six of these issues were identified as important, the top three that emerged as most important were (1) improvements in education, (2) the economy, and (3) health care. As the pursuit and incorporation of sustainability continues to evolve, so too will the expected outcomes. New definitions of performance that reflect the social/business benefits as well as the lengthened implementation period are relevant and warranted (Ehrenfeld 2005; Hitchcock and Willard 2006). We identified three primary categories of outcomes based on a literature review of both anecdotal and conceptual expectations of sustainability: (1) improvements in constituent satisfaction, (2) differentiation opportunities, and (3) financial rewards. Within each of these categories, several specific outcomes were identified resulting in eleven different outcomes arising from sustainability initiatives. Our survey results indicate that the top five most likely outcomes for companies that pursue sustainability are: (1) green consumers will be more satisfied, (2) company image will be better, (3) corporate responsibility will be enhanced, (4) energy costs will be reduced, and (5) products will be more innovative. Additionally, to better understand the interesting intersection between the environmental "identity" of a consumer and the willingness to manifest that identity with marketplace purchases, we extended prior research developed by Experian Research (2008). Accordingly, respondents were categorized as one of four types of green consumers (Behavioral Greens, Think Greens, Potential Greens, or True Browns) to garner a better understanding of the green consumer in addition to assisting with a more effective interpretation of results. We assessed these consumers' willingness to engage in eco-friendly behavior by evaluating three options: (1) shopping at retailers that support environmental initiatives, (2) paying more for products that protect the environment, and (3) paying higher taxes so the government can support environmental initiatives. Think Greens expressed the greatest willingness to change, followed by Behavioral Greens, Potential Greens, and True Browns. These differences were all significant at p<.01. Further Conclusions and Implications We have undertaken a descriptive study which seeks to enhance our understanding of the strategic domain of sustainability. Specifically, this research fills a gap in the literature by comparing and contrasting the sustainability views of business executives and consumers with specific regard to preferences, intentions, willingness-to-pay, behavior, and attitudes. For practitioners, much can be gained from a strategic standpoint. In addition to the many results already reported, respondents also reported than willing to pay more for products that protect the environment. Other specific results indicate that female respondents consistently communicate a stronger willingness than males to pay more for these products and to shop at eco-friendly retailers. Knowing this additional information, practitioners can now have a more specific market in which to target and communicate their sustainability efforts. While this research is only an initial step towards understanding similarities and differences among practitioners and consumers regarding sustainability, it presents original findings that contribute to both practice and research. Future research should be directed toward examining other variables affecting this relationship, as well as other specific industries.

A Case Study - IT Outsourcing of the Korea Development Bank (산업은행: 금융 IT 아웃소싱 - 공동협력으로 안전한 문을 연다)

  • Kang, Ju-Young;Lee, Jae-Kyu
    • Information Systems Review
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    • v.7 no.2
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    • pp.229-255
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    • 2005
  • The Korea Development Bank promoted a total outsourcing for IT operation in 1999 for the first time in the banking industry. The Korea Development Bank became the center of public attention because the most banks were unwilling to take an outsourcing with external sources for the reason of financial operation accidents, securities, and threats of strikes. After the introduction of the total IT outsourcing, the Korea Development Bank has continuously diagnosed the problems of the IT outsourcing and adopted various proper complements for the enhancement of the IT outsourcing. As the result of the enhancement, the IT outsourcing of the Korea Development Bank marched into the joint liability operation period after going through the outsourcing operation period and the co-operation period. The joint liability operation which is the most leading outsourcing system which is adopted by the Korea Development Bank for the first time in the banking industry. Through the joint liability operation, the Korea Development Bank could accept the most up-to-date IT, concentrate internal manpower on the core capability, and secure flexibility of manpower. Also, the bank changed the relationship between the bank and the external sources from the one-sided relationship between a producers and a consumer to the joint liability relationship on which both sides are responsible for the operation, and could integrate the internal capacity with the professional know-how of the external IT outsourcing company. In this paper, we testified the soundness and validity for the worries of banks about the total IT outsourcing with external sources. And, we arranged the advantages and outcomes of the total IT outsourcing with external sources compared to the IT outsourcing with internal sources. Moreover, we expect that we can improve the closed financial IT outsourcing industry structure and raise the world competitive power of domestic IT outsourcing companies by correcting wrong ideas on the IT outsourcing with external sources.