• Journal of Distribution Science
• /
• v.15 no.8
• /
• pp.47-54
• /
• 2017

Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.

• Journal of Korea Technology Innovation Society
• /
• v.21 no.1
• /
• pp.265-299
• /
• 2018

Patent litigation has been considered as a tool to protect and facilitate innovation. Ironically, yet, the misguided uses of patent litigation as a strategic tool for vigilance against competitors are acting as a hindrance for innovation. Previous studies show that the better the quality of a patent, the higher the chance of the patent being litigated. Therefore, it is particularly important for the innovating firms to take strategic precautions to minimize the risk of patent litigation. This study investigates the moderating role of firms' past alliance experiences on the relationship between patent quality and patent litigation from the perspective of a defendant. A unique dataset on patents, infringement lawsuits, and firm performances in the printed electronics industry confirms that firms' previous alliance experiences mitigate the impact of patent quality on infringement litigation. For instance, the results confirm that the presence of past alliance experience reduces the litigation rate by 33% for firms with median-quality patents. This paper makes two major contributions. First, it contributes to the literature on alliance experience by confirming its role as a reputation in mitigating future litigations. Second, this paper contributes to the literature on patent litigation by identifying a unique moderator, i.e., alliance experience, on the linkage between patent quality and litigation. An innovating firm is likely to become an alleged infringer under a false accusation. Therefore, this paper focuses on firms that partake in infringement lawsuits unwillingly. Despite the importance, to the best of our knowledge, this is the first study to investigate patent litigations from the perspective of defendants.

• Information Systems Review
• /
• v.21 no.4
• /
• pp.197-220
• /
• 2019

This study aims to identify consumer motivations of open innovation project participation from digital transformation perspective. By extending a traditional intrinsic/extrinsic motivation framework, we propose a three-dimensional perspective of the self-driven, firm-driven, and sociality-driven motivations. This reveals the significance of the social effects of open innovation projects as an example of digital transformation by categorizing the motivations based on the 'influencer' of the motivation building and by highlighting the importance of sociality as an influencer. As a result, self-efficacy is identified as a key motivation when the influencer exists internally. Economic incentive and firm reputation are identified when the influencer exists externally. Finally, competition, peer evaluation and social contributions are identified when the influencer exists socially. The role of knowledge type sought through innovation projects is further introduced to explain its moderating effects on motivations. The study is validated in two steps. First, we investigate four cases of open innovation projects and examine what motivations are highlighted in each context. Second, we collect survey data from 203 online game users and ask them on their motivations. The results confirm most of our hypotheses and highlight the significance of sociality in the knowledge-seeking process in open innovation projects. This study largely contributes to digital transformation literature by extending the view of motivation and examining the moderating role of knowledge involved in the projects.

• KIPS Transactions on Computer and Communication Systems
• /
• v.4 no.2
• /
• pp.65-72
• /
• 2015

According to recent statistics published by the National Industrial Security Center, former and current employees are responsible for 80.4% of companies' technology leakages, and employees of cooperative firms are responsible for another 9.6%. This means that 90% of technology leakages are intentionally or mistakenly caused by insiders. In a recent incident, a credit card company leaked private information, and the person responsible was an employee of a cooperative firm. These types of incidents have an adverse effect not only on a company's assets but also on its reputation. Therefore, most institutions implement various security solutions to prevent information from being leaked. However, security solutions are difficult to analyze and distinguish from one another because their logs are independently operated and managed. A large number of logs are created from various security solutions. This thesis investigates how to prevent internal data leakage by setting up individual scenarios for each security solution, analyzing each scenario's logs, and applying a monitoring system to each scenario.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.20 no.2
• /
• pp.180-189
• /
• 2019

The purpose of this study is to analyze the factors that affect the entrepreneurial satisfaction of entrepreneurs, based on the characteristics of entrepreneurial firms. For this purpose, we tried to derive the psychological factors besides the personal characteristics of the entrepreneurs as the factors affecting the entrepreneurial satisfaction, which is the result of much research. Psychological factors were empirically analyzed by satisfaction with job and work environment through entrepreneurship, satisfaction with economic employment stability and income factors, and individual development potential, autonomy, and social reputation. The results of this study are as follows: First, the sample consists of entrepreneurs who have been engaged in entrepreneurship activity in Busan for 3 years. Through technical statistical analysis, correlation analysis and multiple regression analysis, The hypotheses about entrepreneurship satisfaction were verified and meaningful results and implications could be derived. Based on this, it can be extended to include research on firm capacity variables such as financial indicators and technological power that were not reflected in this study in the future.

• Journal of Distribution Science
• /
• v.15 no.12
• /
• pp.73-84
• /
• 2017

Purpose - Over recent years, O2O and shared economy have been an eye-catching topic. Many researches on O2O and shared economy have been published gradually. The emerging enterprise of chauffeured car services developed rapidly in the past two years. Therefore, it is necessary to explore the influencing factors of use intention of the chauffeured car services users. Through active use of O2O and shared economy, put up with operation strategy in line with their use intention. Research design, data, and methodology - After collecting 324 respondents in China with questionnaires, this study begin the empirical research with users of Chauffeured Car Services, and analyzes data with IBM SPSS 24.0 and IBM AMOS 24.0. Results - Personal Propensity to Trust significantly affects the Initial Trust of chauffeured car services users. Firm Reputation significantly affects the Initial Trust and use intention of chauffeured car services users. Initial Trust significantly affects the use intention of chauffeured car services users. Performance Expectancy and Effort Expectancy significantly affect chauffeured car services users' use intention. Social Influence also significantly affects the use intention of chauffeured car services users. Conclusions - First, Initial Trust significantly affects the use intention of chauffeured car services users. Thus, the enterprise should make efforts to improve users' initial trust in order to attract their attention. For this reason, chauffeured car services enterprises should conduct questionnaires to deeply explore what needs can improve users' initial trust. Second, performance expectancy and effort expectancy significantly affect chauffeured car services users' use intention. When users enjoy chauffeured car services, they attach great importance to the convenience, simplicity and efficiency, which reflects that chauffeured car services' desire for greater development in the O2O and shared economy market. Therefore, they need to grasp users' needs (convenience, simplicity and efficiency) and carefully improve the quality of chauffeured car services. Finally, social influence also significantly affects the use intention of chauffeured car services users. It means friend recommendation or mass media influences users' intention. So, it is more important to increase differentiated benefits, advertising and publicity of chauffeured car services.

• Korean Business Review
• /
• v.15
• /
• pp.25-45
• /
• 2002

The purpose of study is to examine how tour wholesaler's relationship characteristics to tour retailer affect trust, commitment, and repurchase intention in the distribution channel of travel industry. There are several detailed purposes of this study. First, this study is to grasp the factors of tour wholesaler's relationship characteristics to tour retailer. Secondly, this study is to examine how tour wholesaler's relationship characteristics to tour retailer affect trust and commitment. Thirdly, this study is to examine how trust on tour wholesaler, which is divided into two levels, firm and salesperson in charge, affects each other and commitment. Fourthly, this study is to examine how trust on tour wholesaler finn and salesperson in charge and commitment affect repurchase intention. Fifthly, this study is to suggest more efficient basis for marketing strategies to C.E.O or officer in charge of decision making of tour wholesaler, and help them to make right decisions. Managerial implications can be drawn from this study. One is that it is recognized that tour wholesaler's relationship characteristics to tour retailer consist of those to tour wholesaler finn such as reputation, physical characteristics, communication and those to salesperson in charge such as expertise, likability, similarity, frequent contact affect trust and commitment positively. Therefore, C.E.O and officer in charge of decision making of tour wholesaler should set up marketing strategies to get positive results at both levels, a finn and a salesperson. The other is that it is important that a tour wholesaler should manage their tour retailer with relationship oriented methods such as building trust, and make every endeavor to retain long term relationship with tour retailer.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.38 no.6
• /
• pp.1021-1028
• /
• 2018

As entering the international construction market became more difficult than the past, ODA projects can be a breakthrough for domestic engineering companies to enter the international market. However, since many companies compete for limited projects, it is necessary to reinforce the competitiveness of bidding success. The competitiveness is the result of accumulating experience, reputation, and networking through partnering. Therefore, depending on which partnering strategy has been taken over a long period, the bidding success is decided. The objective of this study is to identify the effective partnering strategy for bidding success. For this, the World Bank bid results, focusing on consulting projects in Vietnam, are collected. Using the bid results, inter-firm network representing the partnering relationship is constructed and the Social Network Analysis is conducted. After then, by conducting the Logistic Regression Analysis, effective partnering strategies are suggested. The result shows that the diversification strategy is advantageous for transportation and city development projects and the concentration strategy is advantageous for water projects. The partnering strategy for the consulting project proposed in this study will be used as a reference for the domestic engineering companies to enter the Vietnam construction market in the future.

• The Journal of the Korea Contents Association
• /
• v.19 no.5
• /
• pp.644-657
• /
• 2019

This study examines the types of strategic alliances formed between terrestrial broadcasters and content start-ups, their resource inter-dependence and the dynamic evolution of their relationship through a case study of KBS Labs, a strategic alliance between KBS and content start-ups. Mergers, acquisitions and strategic alliances sought by large media companies or strategic alliances made only between disparate providers in broadcasting and telecommunications industries are now actively pursued by traditional media and start-ups. The alliances between traditional media and start-ups are beneficial to both parties: traditional media can quickly implement start-ups' innovative ideas and business models and start-ups can tap into not only vast amounts of content being created by or in the archives of traditional media but also their capital, office space and reputation. Therefore, the case study of KBS Labs will help draw out important implications for motivating strategic alliances between traditional media and start-ups. To this end, the resource-based view and the evolutionary theory of the firm are adopted to explore the characteristics and development process of the KBS Labs business.

• Asia Marketing Journal
• /
• v.13 no.4
• /
• pp.191-212
• /
• 2012

With the introduction of the Capital Market Integration Act in 2009, the new competitive scope and paradigm is opened in Korean financial services market. The change of financial industry and institutions will lead to the behavioral change of customers who consume and choose financial services. While researches from the financial perspective have been conducted, works from the marketing or customer oriented approach has long been relatively ignored. The purpose of this study is to investigate influencing factors and process of financial services customers' choice behavior. More specifically, the main theme is how to enhance customer brand loyalty and purchase intention through the perception of overall quality of the service product. An integrated conceptual model including antecedents, mediating variables and consequences is established through comprehensive literature reviews of extant works on environmental change, customer behavioral change and choice behaviors. Hypothesis testing is done with SEM analysis. According to the results, the attractiveness of financial product, the reputation of financial firm, and self-brand image congruence among exogenous variables make a positive effect on perceived overall quality. And perceived overall quality has a significant effect on brand loyalty.