• Asia Marketing Journal
• /
• v.10 no.1
• /
• pp.1-23
• /
• 2008

It is natural that firms would like to increase their profits and value through customer satisfaction (CS). It is therefore important for the academic and practical purposes to investigate the relationship between CS and firm's performance. Previous studies about this relationship have examined mainly the current effect of CS on firm's performance. According to the research that many marketing activities have dynamic effects over time, however, the dynamic effect of CS on firm's performance needs to be tested. Failure to assess the dynamic effects might lead to the underestimation of the impact of CS. This study thus attempts to investigate the dynamic effects of CS on firm's profitability and value by panel data analysis. The results show that CS has dynamic effects on firm's profitability and value. There was a significant improvement in model fit compared with the model examining the current effects only. On the other hand, it was difficult to interpret the estimation results of the alternative model incorporating two lagged variables of CS, and there was also a multicollinearity problem.

• International Journal of Computer Science & Network Security
• /
• v.23 no.11
• /
• pp.128-132
• /
• 2023

Investment authorities are broad financial institutions that carefully manage investments on behalf of the national government using a long-term value development approach. To provide a stronger structure or framework for In-vestment Authorities to govern the distribution of funds to public and private markets, we've started research to create a blockchain-based prototype for managing and tracking numerous finances of such authorities. We have taken the case study of Oman Investment Authority (OIA) of Sultanate of Oman. Oman's wealth is held in OIA. It is an organization that oversees and utilizes the additional capital generated by oil and gas profits in public and private markets. Unlike other Omani funds, this one focus primarily on assets outside the Sultanate. The operation of the OIA entails a huge number of transactions, necessitating a high level of transparency and administration among the parties involved. Currently, OIA relies on various manuals to achieve its goals, such as the Authorities and Responsibilities manual, the In-vestment Manual, and the Code of Business Conduct, among others. In this paper, we propose a Blockchain based framework to manage the operations of OIA. Blockchain is a part of the Fourth Industrial Revolution, and it is re-shaping every industry. The main components of every blockchain are assets and participants. The funds are the major assets in the proposed study, and the participants are the various fund shareholders/recipients. The block-chain's transactions are all safe, secure, and immutable, and it's part of a trustless network. The transactions are simple to follow and verify. By replacing intermediary firms with smart contracts, blockchain-based solutions eliminate any middlemen in the fund allocation process.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.1
• /
• pp.173-188
• /
• 2023

This paper analyzed the Earnings management of firms selected as preliminary Unicorn. If a manager is selected as a preliminary unicorn firm, he can receive financial support of up to 20 billion won, creating a factor in managing the manager's earnings. The motive for management's earnings management is related to the capital market. Accounting information is used by investors and financial analysts, and corporate profits affect corporate value. Therefore, if the accounting earning is adjusted upward, the corporate value will be raised and investment conditions will be favorable. In this paper, earnings quality was measured by the modified Jones model of Dechow et al.(1995) by the ROA control model of Kothari et al.(2005) among the discretionary accruals estimated using an alternative accrual prediction model. Competing similar companies in the same market as the selected companies were formed, and the discretionary accruals were mutually compared to verify the research hypotheses, and only the selected companies were analyzed for the audit year and after the audit year. As a result of the analysis, it was found that the companies selected as preliminary unicorns had higher earnings management compared to the corresponding companies in question, which had a negative impact on the quality of accounting profits. It was found that the companies selected as preliminary unicorns continued to receive incentives for management's earnings management even after being selected. These results indicate that the companies selected as prospective unicorns are recognized for their value in the market through external growth rather than internal growth, and thus, incentives for management's earnings management to attract investment from external investors under favorable conditions are continuing. In the future preliminary unicorn selection evaluation, it was possible to present what needs to be reviewed on the quality of accounting earning. The implication of this paper is that the factors of management's earnings management eventually hinder investors and creditors from judging the reliability of accounting information. It was suggested that a policy alternative for the K-Unicorn Project, which enhances reliability were presented by reflecting the evaluation of earnings quality through discretionary accruals.

• Journal of the Korean Geographical Society
• /
• v.29 no.2
• /
• pp.137-165
• /
• 1994

Structural adjustment of industry (or industrial restructuring) seems to be inherent in the process of capitalist economic development, which tends to be proceeded with shifts from one stage to another in order to overcome structural crises generated in each stage. The structural adjustment of industry is necessarily accompanied with regional restructuring, since it is not only projected on spece, but also mediated by space. Such a restructuring necessitates industrial and uneven regional devlopment through which capital can seek excessive profits over the rate of socio-spatial average. The industrial restructuring and uneven regional development in the 1980s in Korea can be seen as a process in which capital attempted with a strong support of the govenment to overcome the crises in the end of 1970s and hence to go on rapid economic growth. In this process, capital, especially monopoly capital concentrated into few conglomerates, pursued both extensive expansion and intensive development of industry simultaneously. In results, the Korean economy could eliminate some of peripheral characters and maturate the Fordist accumulation system. The extensive expansion of the Korean industry in the 1980s was stimulated mainly through the enlargement and adjustment of investment for equipment facilities which was planned to exclude or rationalize traditional light industries on some places, and to continue rapid growth of key heavy-chemical industries, especially of fabricated metal industry, on other places. In this process, keeping mainly the existing developmental axis which polarized the Seoul Metroplitan region and the Southeast region in Korea, the enhancing spatial mobiiity of capital and the further differentiating division of labour enforced a tendency of concentration of all types of industry in the Seoul Metropolitan region, and at the same time provoked the diffusion of some industries over Jeolla and Chungchong regions in a considerable extent. The intensive development of industriai structure in the 1980s was pursued through the strategic encouragement of subcontracting small firms mainly which produced assembling components, the technical enhancement and factory (semi-) automation, and the enrichment of service industries for estate management, finance, distribution and retailing which supported and complemented the production of goods. In this process, enabling capital to extend and elaborate its domination over space through the reorganization of regulating systems, the Fordist division of labour generated a socio-spatial hierarchy in the nation-wide scale that characterized: the Seoul Metropolitan region as an overmaturated (or overarching) Fordist region performing the conceptive functions of management, research and development, in which all types of industry (including service industries) tended to be reconcentrated; Kyungsang region as a maturated Fordist region with excutive branches of large conglomerates and with subcontracting firms around them which produced standardized products through the automized production processes in secialized Fordist industries or rationalized traditional industries; and Jeolla and Chungchong regions as newly devloping Fordist regions with newly migrated branches and some subcontracting small firms-in relatively older Fordist industries or partly rationalized traditional industries. From these analyses, it can be argued that the structural adjustment of the Korean industry in the 1980s, which had carried out both through the extensive expansion and the intensive deveiopment, strengthened further uneven regional development process, even though it appears to have reduced apparently the economic and regional disparity by balancing numerically large and small firms and by extending the Fordist industrial space nation-wideiy. And it seems more persuasive to see that the Korean industrial structure in the 1980s maturated the Fordist system of accumulation, but not yet transformed towards the post-Fordist (or the so-called flexible) accumulation system, even though the Korean economy in the 1990s seems to be under a pressure of restructuring towards the latter system.

• Management & Information Systems Review
• /
• v.36 no.1
• /
• pp.233-249
• /
• 2017

This study investigates the relation of managerial ability and firm performance in case of Chaebol in Korea. We employ non-financing firms at Korean markets for the period 2000-2015. Most important decision is made by the head of Chaebol which increases firm value eventually and he has such a strong dominant power that managers belongs to Chaebol have to follow mother firm's decision directions. So it is expected that managers belongs to Chaebol have to focus on long term performance rather than short term profits, which means they concentrate their managerial ability much on the firm value. Otherwise, managers in which non-Chaebol focus their ability on periodic accounting earnings. Thus, this study examines an empirical analysis on the relation of managerial ability and firm performance and the effect of Chaebol on the relation of managerial ability and firm performance. Empirical results are as follows: First, there exists a statistically significant positive relation between managerial ability and firm performance either short- or long-term. Second, we extend this relationship into Chaebol condition and find that managerial ability of Chaebol positively influences on the firm value which is long-term performance, rather than return on assets which is short-term performance. These results imply that managers belongs to Chaebol much concentrate their ability on long-term value which is differenciated from the case of non-Chaebol samples. Chaebol is an important issue in Korea because it dominates most of Korean local economy so its' impact from small changes on our economy is big enough. Our study examining the relationships between managerial ability of Chaebol and firm performance is meaningful and it is a good signal that they concentrate their ability much on the long-term value rather than short-term profits. We expect that the results of this study will provide the academic and practical references. This study will contribute to the future research in accounting through an analysis of managerial ability which is a new measure, Chaebol, and firm value.

• Asia pacific journal of information systems
• /
• v.23 no.2
• /
• pp.1-20
• /
• 2013

Social commerce has been gaining explosive popularity, with typical examples of the model such as Groupon and Level Up. Both local business owners and consumers can benefit from this new e-commerce model. Local business owners have a chance to access potential customers and promote their products in a way that could not have otherwise been easily possible, and consumers can enjoy discounted offerings. However, questions have been increasingly raised about the value and future of the social commerce model. A recent survey shows that about a third of 324 business owners who ran a daily-deal promotion in Groupon went behind. Furthermore, more than half of the surveyed merchants did not express enthusiasm about running the promotion again. The same goes for the case in Korea, where more than half of the surveyed clients reported no significant change or even decrease in profits compared to before the use of social commerce model. Why do local business owners fail to exploit the benefits from the promotions and advertisements through the social commerce model and to make profits? Without answering this question, the model would fall under suspicion and even its sustainability might be challenged. This study aims to look into problems in the current social commerce transactions and provide implications for the social commerce model, so that the model would get a foothold for next growth. Drawing on justice theory, this study develops theoretical arguments for the effects of transaction characteristics on consumers' distributive justice and purchase intention in the social commerce. Specifically, this study focuses on two characteristics of social commerce transactions-the discount rate and the purchase rate of products-and investigates their effects on consumers' perception of distributive justice for discounted transactions in the social commerce and their perception of distributive justice for regular-priced transactions. This study also examines the relationship between distributive justice and purchase intention. We conducted an online experiment and gathered data from 115 participants to test the hypotheses. Each participant was randomly assigned to one of nine manipulated scenarios of social commerce transactions, which were generated based on the combination of three levels of purchase rate (high, medium, and low) and three levels of discount rate (high, medium, and low). We conducted MANOVA and post-hoc ANOVA to test hypotheses about the relationships between the transaction characteristics (purchase rate and discount rate) and distributive justice for each of the discounted transaction and the regular-priced transaction. We also employed a PLS analysis to test relations between distributive justice and purchase intentions. Analysis results show that a higher discount rate increases distributive justice for the discounted transaction but decreases distributive justice for the regular-priced transaction. This, coupled with the result that distributive justice for each type of transaction has a positive effect on the corresponding purchase intention, implies that a large discount in the social commerce may be helpful for attracting consumers, but harmful to the business after the promotion. However, further examination reveals curvilinear effects of the discount rate on both types of distributive justice. Specifically, we find distributive justice for the discounted transaction increases concavely as the discount rate increases while distributive justice for the regular-priced transaction decreases concavely with the dscount rate. This implies that there exists an appropriate discount rate which could promote the discounted transaction while not hurting future business of regular-priced transactions. Next, the purchase rate is found to be a critical factor that facilitates the regular-priced transaction. It has a convexly positive influence on distributive justice for the transaction. Therefore, an increase of the rate beyond some threshold would lead to a substantial level of distributive justice for the regular-priced transaction, threrby boosting future transactions. This implies that social commerce firms and sellers should employ various non-price stimuli to promote the purchase rate. Finally, we find no significant relationship between the purchase rate and distributive justice for the discounted transaction. Based on the above results, we provide several implications with future research directions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.9 no.5
• /
• pp.129-139
• /
• 2014

This study supplements the limitation as much as possible that existing literatures have, and, on the target of new registered businesses to KOSDAQ, this study presents answers to the worries raised earlier by recovering problems on causal relationship direction between foreigner investment and dividend level and by analyzing them with dividend level as an independent variable. First, with the whole samples used, dividend income rate didn't show significant relationship with foreigners' investments. It is similar to study result of the existing literature. A panel analysis, on the target of sample businesses that paid dividends before foreigners' investments originated, showed that foreigners' investments didn't have a significant effect on dividend rate. It means that foreigner investors don't have an effect on dividend level. But, a panel analysis of samples shows that foreigner investments have a significant thesis relationship with dividend level variable, that is dividend return rate, except the businesses which paid dividend before foreigners' investments originated. It means that in case foreign investors' preference is controlled, in the businesses which pay dividends, foreign investors have a significant effect on dividend level to native KOSDAQ. Especially, this study result is very significant, for it shows that dividend return rate, insignificant in existing studies, was significant when foreigners' preferences to the businesses which pay dividends was controlled. It means that the more foreigners' shares increase, the more relative importance of dividend out of all profits increases, compared with all of the amounts at the time, and that foreign investors stick to short-term profit and induce big dividend.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.11 no.1
• /
• pp.85-95
• /
• 2016

Generally a venture capital aims at investment and support Venture businesses that signifies a start-up which has high technologies but frailty of the economy so that raise fund from financial agencies at high risk rate, it has high risk but when the venture businesses launch into general orbit, the venture capital guarantee high-rate profits. Venture capital do not just provide risk capital but also takes a role as a mentor for continuous growth with total consulting service at business and technical management. Also it offers in-depth support to reform the supported enterprise in order to enhance the competitive. Venture capital receives attention for years as a principal agent to be promoted strategically at national level. Bio venture, a major concern of venture capital and one of core industries in Korea, is different from other industries because it needs long-term and large scale of investment. these factors bring about difficulties in an investment and growth. Therefore, it is very important to identify growth and profitability of start-ups and small and venture businesses with long-term appreciation above all other industries. This research analyze management results of bio venture businesses empirically by investment from venture capital. according to the results, bio venture businesses need huge capital and a long gap of time, henceforth, formation of model for growth is necessary with angel investing as well as venture capital. Since, there are not many listed bio venture businesses, significant statistical result would be limited. This research studied at only economic focus but further study need to examine a question from various angles.

• Korean Journal of Poultry Science
• /
• v.6 no.2
• /
• pp.91-102
• /
• 1979

The basic problem of the broiler industry is that of fluctuating prices, mainly thanks to unstable supply of and inelastic demand for products as usually indicated as a peculiarity of agricultural commodities. This particularly brings the producer to a great economic risk, because he has to sell products under the condition of pure competition, whereas others from whom he has to buy deal under the condition of oligopoly or even monopoly. Therefore, producers economic position is generally placed in the worst comparing others dealing with, which results in unbalanced economic status of elements involved in broiler operation and further obstruction of industry development as a whole. A certain type of business coordination to overcome such a problem should be measured in order to improve the efficiency of entire operation and thus assure the balanced industry development. The concept of the economic integration developed in modern business system had been adapted to U.S. poultry industry which became common later around the world as a means of stabilizing producers price and whole industry as well. There are two main typos of integration; horizontal and vertical The former refers to the general grouping of similar business units, eg. a hatchery tying with other hatchery, while the latter refers to the knitting together of two or more stages of economic activities, eg. tying together among units of hatching, fled milling, production, processing and marketing. By having the industry integrated, risk and uncertainty involved in various stages of operation could be diversified. The typo of integrating contract between producers and integrators include the share of profits, flat fee payment, feed conversion payment and salary basis. In the U.S., extensive changes in production, processing, and marketing during the last few decades have changed the thicken broiler industry from one of small, widely scattered farms to one that is largo, concentrated and efficient. More than 99 percent of all broilers produced are grown under contract and by integrated firms which vary in size of operation and complexity. About 84 percent of all production is concentrated in 10 States. Some of the other factors ;hat contributed to these choses arc costs, energy use, prices, processing, marketing and demand. No integrated broiler production system has yet been applied in Korea's poultry industry, thus all stages all broiler operation run independently seeking for its own profit. Consequently, producers price fluctuate very widely around the year even more than 50 percent in a few months. This also leads to disadvantages of material supplies, processors and distributors and enforce the industry unstable. The current economic environment in Korea seems that the time for broiler integration comes and as an ideal integrator, feed millers, food processors and producers group may be considered.

• Journal of Distribution Science
• /
• v.11 no.6
• /
• pp.31-40
• /
• 2013

Purpose - The Northeast Asian Logistic Hub strategy was established to create a national competitive advantage in northeast Asia. Countries in this region are competing fiercely to become the central base distribution port as the volume of container shipping continues to increase due to the northeast Asian (especially Chinese) economic growth. The primary method by which shippers are improving their customer service and distribution is enhancing profits by minimizing call ports on the key route through strategic affiliations and the use of large vessels. Each nation is planning large-scale investments in the construction of sea ports that can accommodate large vessels. This paper proposes ways by which the logistical strategies of domestic corporations can keep pace with changes in government policy concerning the Northeast Asian Business Hub policy. It examines the logistics system in the Northeast Asian region, analyzes the government's Northeast Asian Business Hub policy, and suggests logistical strategies for domestic corporations through an analysis based on a questionnaire designed to grasp domestic firms' needs and goals. Research design, data and methodology - The purpose of this study is to determine how shipping companies establish partnerships with third-party logistics providers and draws out the implications of the results. The survey methods used were personal interviews and questionnaires distributed to a sample population through e-mail, fax, mail, and telephone. A total of 600 questionnaires were distributed, of which 165 were returned. Among these, ten were excluded due to insufficient content; ultimately, 155 were used for the sample. The statistical data collection process was analyzed through data coating and a statistical package program. Results - This study argues that greater flexibility in policies, administration, and systems will be needed to significantly improve established business practices. In this dissertation, we primarily identify that in order to become a center of northeast Asian logistics, Korea must adopt a new paradigm and abandon the existing systems that are based on the economic and social systems that have stemmed from bureaucracy, inflexibility, chauvinism, and equalitarianism. Flexible policies, administration, and systems will be necessary to improve business practices. Domestic corporations must establish a strategic logistics hub and related network while simultaneously pursuing value-added logistics businesses by increasing their manpower and building a logistics information system. This will strengthen their competitive edge and lead to system improvements. Conclusions - Domestic corporations must adopt a new paradigm and use more reasonable business laws, systems, and policies that are based on market-driven flexibility and transparency. Moreover, social norms and regulations should be established to help ensure political and social security. Korea must also develop a culture of tolerance for foreign companies. Finally, the paradigm defining the policy governing the development of the capital city and its satellite cities in this context must be changed.