• Journal of Distribution Research
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• v.17 no.3
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• pp.1-24
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• 2012

Franchises have recently emerged as the most rapidly expanding industry positioned to create a large impact in the domestic economic. The Chinese franchise industry developed rapidly in the period prior and subsequent to WTO accession with more than 50% of new franchises brands emerging since 2000. M&A transactions in the Chinese franchise industry have progressed actively. In the period from 2005-2007, due to the wholesale and retail market opening in accordance with the guidelines laid forth within the MOU by the WTO the Chinese franchise market is now the largest market in the world all despite a short history of only 20 years. The amount of franchise market research on China is disproportional to its current size and development potential. Beginning in the 1990s, market research conducted by the International Franchise Association focused on emerging markets in Eastern Europe and China. While the research dealt with the Chinese investment environment, it insufficiently explained the market region and cultural environment. The purpose of this research is (i) to investigate the determinants of the performance of franchise systems in China and (ii) new contract renewals based on performance factors. This study will complement existing research in terms of the franchisee perspective. This study may also prove of the benefit to the franchise companies entering the Chinese franchise market enabling them to develop an effective strategy. This study shows that support, incentives, and system standardization by franchisor yielded a positive effect on management performance. This is consistent with previous studies by Shin (2000) and Kim (2008) targeting Korean franchises. Therefore, in the Chinese market, the franchisor must focus on support, incentives, and system standardization rather than concentrate only on the recruitment of franchisees in order to improve revenue. Hypotheses regarding franchisor control have been dismissed in existing research, in the opinion of this study, due to their complexity and inability to control the merchant as a one-kind-assessment-standard. Our findings show that the franchisees' financial condition, management ability and entrepreneurial spirit, among franchisee's characteristics, have a positive effect on franchisor's business performance and satisfaction for the franchisee. This is consistent with previous studies on headquarters' management performance of Lussier (1996), Heo and Jang (2008), and franchisees' financial condition, management ability and entrepreneurial spirit effect on franchisor's satisfaction of Weaven and Franzer (2007), Kim (2009), Han (2009), and Yoon etc. (2008). Therefore, when permitting a franchisee, financial condition, management ability, entrepreneurship of the franchisee should be carefully considered. Among relational factors between franchisor and franchisee, trust has the positive influence on the management performance of the franchisor while conflict has a negative effect. However, trust, commitment and conflict factors have been shown not to have any impact on the satisfaction of the franchise headquarters. This result is consistent with the previous studies of Pavlou and Ba (2000), Morrison (1999), Weaven and Frazer (2007), Kim and Park (1994), Sohn (2007) which show that trust between franchisor and the franchisees have a positive effect and that conflict has a negative impact on franchisor's management performance. Other factors causing a negative effective on the franchisor's management performance are a rapid environmental changes and uncertainty in the business. This is consistent with Campbell et al (2007), Kim and Kim (2009), Han and Baek (2008). Finally, the high management performance and satisfaction of the franchise headquarters has a positive effect on the intention of franchise renewal. In the case of large markets such as China, the franchisor's strategy and the role is very important. In this study, we also investigated the characteristics of franchisor and franchisee, relationship, and environmental uncertainty affecting on the management performance and satisfaction of franchisor. Recently, Korean franchises are attempting to enter foreign markets through the rise in popularity of Korean culture and entertainment commonly referred to as the Korean wave. This study provides recommendations for Korean franchises intending on entering the Chinese market. First, in order to achieve stable profits, the franchise corporation needs to support the operation of the individual franchisee through incentives and standardization of services. Second, because trust between the franchisor and franchisee has a positive effect on management performance, on-going discussion and cooperation is necessary to reduce the level of conflict.

• (The) Research of the performance art and culture
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• no.41
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• pp.5-38
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• 2020

The current state of performance halls in South Korea is closely related to the performance art and culture of the nation as the culture of putting on and enjoying a performance is deeply rooted in public culture and arts halls representing each area at the local government level. Today, public culture and arts halls have multiple management purposes, and the subjects of their management are in the public domain including the central and local governments or investment and donation foundations in overwhelming cases. Public culture and arts halls thus have close correlations with the institutional aspect of cultural policies as the objects of culture and art policies at the central and local government level. The full-blown era of public culture and arts halls opened up in the 1980s~1990s, during which multi-purpose performance halls of a similar structure became universal around the nation. Public culture and arts halls of the uniform shape were distributed around the nation with no premise of genre characteristics or local environments for arts, and this was attributed to the cultural policies of the military regime. The Park Chung-hee regime proclaimed Yusin that was beyond the Constitution and enacted the Culture and Arts Promotion Act(September, 1972), which was the first culture and arts act in the nation. Based on the act, a five-year plan for the promotion of culture and arts(1973) was made and led to the construction of cultural facilities. "Public culture and arts" halls or "culture" halls were built to serve multiple purposes around the nation because the Culture and Arts Promotion Act, which is called the starting point of the nation's legal system for culture and arts, defined "culture and arts" as "matters regarding literature, art, music, entertainment, and publications." The definition became a ground for the current "multi-purpose" concept. The organization of Ministry of Culture and Public Information set up a culture and administration system to state its supervision of "culture and arts" and distinguish popular culture from the promotion of arts. During the period, former President Park exhibited his perception of "culture=arts=culture and arts" in his speeches. Arts belonged to the category of culture, but it was considered as "culture and arts." There was no department devoted to arts policies when the act was enacted with a broad scope of culture accepted. This ambiguity worked as a mechanism to mobilize arts in ideological utilizations as a policy. Against this backdrop, the Sejong Center for the Performing Arts, a multi-purpose performance hall, was established in 1978 based on the Culture and Arts Promotion Act under the supervision of Ministry of Culture and Public Information. There were, however, conflicts of value over the issue of accepting the popular music among the "culture and arts = multiple purposes" of the system, "culture ≠ arts" of the cultural organization that pushed forward its establishment, and "culture and arts = arts" perceived by the powerful class. The new military regime seized power after Coup d'état of December 12, 1979 and failed at its culture policy of bringing the resistance force within the system. It tried to differentiate itself from the Park regime by converting the perception into "expansion of opportunities for the people to enjoy culture" to gain people's supports both from the side of resistance and that of support. For the Chun Doo-hwan regime, differentiating itself from the previous regime was to secure legitimacy. Expansion of opportunities to enjoy culture was pushed forward at the level of national distribution. This approach thus failed to settle down as a long-term policy of arts development, and the military regime tried to secure its legitimacy through the symbolism of hardware. During the period, the institutional ground for public culture and arts halls was based on the definition of "culture and arts" in the Culture and Arts Promotion Act enacted under the Yusin system of the Park regime. The "multi-purpose" concept, which was the management goal of public performance halls, was born based on this. In this context of the times, proscenium performance halls of a similar structure and public culture and arts halls with a similar management goal were established around the nation, leading to today's performance art and culture in the nation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Journal of Service Research and Studies
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• v.9 no.3
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• pp.39-60
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• 2019

The purpose of this study is to analyze the determinants of insurance product cross selling performance. For the study, 11 insurance managers and 2 sales managers belonging to A insurance agency were selected and in-depth interviews were conducted. The analysis of the research data was done by the open coding method suggested by Strauss & Corbin(2001). As a result, 84 concepts, 28 subcategories and 10 categories were derived. The ten categories that were determinants of insurance product cross-selling performance were personal characteristics, consultation method, cross-selling ratio, sales culture, education, customer change, customer DB provision, satisfaction, business support system, and customer service. In order to verify the qualitative results, quantitative analysis was emplyed to the actual performance data of insurance planners belonging to A insurance agency during April 2016~March 2019. As a result of the analysis, the age, position, and the number of months worked in the insurance company had a statistically significant effect on the number of life insurance contracts in total insurance contracts and life insurance contracts in total insurance contracts. In addition, the age, position, and the number of months worked in the insurance company had a statistically significant negative impact on the number of non-life insurance contracts in the total number of insurance contracts and the total amount of insurance contracts in total insurance contracts. The result of this study can be an important basic data for the development of educational programs and job support systems for the training of insurance planners. Insurance companies should refer to ten categories derived from qualitative research in order to increase the performance of insurance planners and to promote long-term service. Especially, it is necessary to develop specialized education programs and job support systems so that cross sales that increase the proportion of life insurance sales increase.

• Korean Journal of Construction Engineering and Management
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• v.13 no.4
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• pp.110-119
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• 2012

Recently as the advent of knowledge-based competition, the major industrialized countries including Korea, are expanding their R&D investment and promoting policies for diffusing of R&D performance. For this, NASA, DoD and such agencies in the United States define Technology Readiness Level (TRL) as a quantified indicator for performance management, and also impose Technology Readiness Assessment (TRA) as a evaluation system, that evaluates technology maturity using TRL. These tools are judged to be very effective in R&D projects especially with the object of practical use. When this concept is applied to the domestic national construction and transportation R&D project for the purpose of practical use, it is expected that the evaluation system overcomes its weakness of focusing only on academic results and improves significantly on intent of achieving practical use. Thus in this study, TRL/TRA implementation model of construction and transportation R&D project for achieving purpose of practical use is presented through an analysis of TRL/TRA concept and domestic national construction and transportation R&D project's characteristics and current evaluation/management system.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.7
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• pp.3203-3210
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• 2013

Amid the importance of design is being emphasized as a new barometer for boosting enterprise competitiveness, high expectations are being placed on design consulting that evaluate design from a comprehensive perspective. SMEs, however, are not easy to gain access to design services compare to their counterparts - large companies. This will eventually cause them to ignore the importance of design, not to mention lack of financial resources for investing in design. With this regard, the paper analyzed the design status and design consulting performance of SMEs in industrial complex through the 2012 Design Innovation Project in Industrial Complex of Busan Design Center; also analyzed the effect of design consulting on improving competitiveness of SMEs as well as design awareness. As a result, the study found that a majority of companies do not invest in design or postponed investment, despite they are not satisfied with their design performance. However, 65.6 percent of SMEs that realized the importance of design after consulting have carried out design development, which brought about sales increase through their improved corporate images and product images. We believe design consulting played an important role for boosting awareness and competitiveness of SMEs. Eventually, we need to provide an intensified design analysis process that can facilitate SMEs. Design consulting support projects should offer practical design development programs through continuous follow-up, including interaction with state projects and design-specialized companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.3
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• pp.39-54
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• 2009

As of July, 2009, Chungnam Province get DI (Direct Investment) of 2,502 corporations as the amount of 31 billion US dollars only for 3 years. Especially, Chungnam provincial governor make a excessive performance of 2.5 times comparing to the target number, 1,000 of inviting capital, that is public promise in the election. Now, the amount of inviting foreign capital is 1.2 billion dollars, at the end of this year it might be 1.4 billion dollars just in case of making a success on going negotiations. This outstanding performance comes from governor's leadership and aggressive strategies of well-trained subordinates. Chungnam Province has nation-wide multiple targets focused on interdisciplinary industries including strategic industries of display, auto-parts, steel, and oil-chemistry. Also, it has organic network system based on the very descriptive and accurate informations managing the task force team consisted of 35 competent members. In conclusion, the core competence of inviting foreign capital in a regional government is governor's strong leadership, activated organization consisted of specially well trained subordinates, and predominant differentiated strategies in details.

• International Commerce and Information Review
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• v.14 no.3
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• pp.281-306
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• 2012

Global competition has resulted in companies' expectations to heighten competitiveness and enhance customer service through ownership companies' reduced investment on logistics costs, in turn focusing on the development of core competence, in addition to logistics companies' increased tendencies to satisfy customers' needs and requirements through logistics outsourcing. However, a partial perspective of the logistics contract exists due to its flexible characteristic in order to act accordingly in times of sudden changes and uncertainty. Therefore, this study is designed to test through a survey the standard of desired format of logistics contract in comparison to the currently existing format based on the results of researcher's previous study on the specific clauses in the logistics contract and its effect on the logistics outcome. A hypothesis has been designed to test the differences of perspective between two test groups, and a t-test &IPA (Importance-Performance Analysis) was performed. As a result, firstly, there was a significant difference of perspective between the ownership companies and logistics companies when dealing with the logistics contract; secondly, a significant difference of perspective was also expressed between the two groups on how to guide and re-direct the present standard of logistics contract. In addition, the two groups also showed a difference of expectations between the current and future service standard. Therefore, this study is designed to specify the difference of perspective and expectations between the ownership companies and the logistics companies in order to provide a gateway for the two groups in order to further develop and enhance the field of logistics.

• The Journal of Fisheries Business Administration
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• v.32 no.1
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• pp.15-39
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• 2001

The study, using the input-output analysis of 402 industrial sectors by Bank of Korea(BOK) and the resulting outcomes of price model, aims to evaluate the spillover effects the international fluctuations in crude oil prices have on the commodities prices and consequently, analyse the management and profitability of the offshore fisheries in Korea. At present, the fisher men are provided with tax-free oils for their fishing operations as specified under the Special Tax Treatment Control Law. However, the exhaustion of marine resources and new international fisheries agreements, which resulted in the loss of fishing grounds, made the stable catch even more unpredictable and the hike in the price of the international crude oil would have adverse effects on the fishing industry. The study revealed that the increasing rise in the price of crude oil would exert sweeping spillover effects on other industry sectors in general and accordingly, lead to a poorer performance by fisheries. The price spillover coefficients for the diesel oil was 0.6026, which would translate into the 42.6% increase in the prices of oil when the increase ratio of 73.3% for the base crude oil was applied based on the calculation methods employed in the study. This in turn increased the ratio of diesel oil required in the offshore fisheries from 23.3% to 16.6%, diminishing the ratio of current net profits to minus 2.0% from 4.2% otherwise. By fishing type, the Pair Trawl suffered current net profits loss most by ratio of minus 9.4% and other fisheries such as Coastal Stow Nets, Coastal Angling, Danish Sein also suffered ratio of 7% and more in the loss of current net profits. With the deteriorating fishing performance, coupled with the increasing international crude oil prices, it is urgently required that the authorities concerned deliberate in depth on such schemes as follows in efforts to secure stable fishing production. First, provision of large-scale storage facilities for oil is needed to timely adapt to the fluctuations in international crude oil prices. Secondly, in line with the stabilization of tax-free oil prices, duty levied on oils for fishing and tax collected from the refineries need to be tax-exempt. Thirdly, the beneficiaries from the provision of tax-free oil should be broadened, not limited to special fishing operation only. Fourth, investment in stabilization of the oil prices should be encouraged, possibly through funding from the formation of fisheries development funds underway.

• Information Systems Review
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• v.7 no.2
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• pp.257-276
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• 2005

The most distinctive characteristic in Maeil's outsourcing strategy was the rapid decision process done by CEO. At first, Maeil made a contract with a outsourcing vendor based on 50% investment for 5 years. However, 3 years later Maeil changed their outsourcing strategy from 10% share to 100% outsourcing. This is for the efficiency improvement and cost reduction. Also, Maeil organized separate TFT which could control IS quality. This TFT reviewed the feasibility of requirement analysis and IS planning process. Through this cooperation between TFT and the outsourcing vendor, Maeil could get the stable IT development and operation. During last 5 years, Maeil achieved great performance in the area of IT development and operation from the outsourcing. The present issue related to outsourcing strategy is whether Maeil will continue the current contract or change the vendor due to the anxiety of becoming a captive customer.