• East Asian Economic Review
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• 제20권1호
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• pp.37-65
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• 2016

This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure), quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test) are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

• 유통과학연구
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• 제20권12호
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• pp.81-87
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• 2022

Purpose: This study aims to explore the relationship between stock liquidity and skewness risk-tail risk (stock price crash risk) in an emerging market, in which problems on liquidity are more severe than in developed markets. Research design, data, and methodology: Based on the Thai market stock exchange over the period of 2000 to 2019, our sample include 13,462 firm-period observations. We employ a panel regression models regarding to five liquidity measures. These five liquidity measures cover three dimensions of liquidity namely the volume-based, price-based, and transaction cost-based measures for the liquidity-tail risk relationship. Results: We find a positively significant relationship between stock liquidity and tail risk in all cases. The finding here shows that the higher the stock liquidity, the larger the tail risk is. Conclusion: As the prior studies show inconclusive effect of stock liquidity on stock price crash risk, we demonstrate that mixed results found in prior studies are probably driven from the type of liquidity measure. The stock liquidity-tail risk association is present in the Stock Exchange of Thailand. The results remain the same regardless of the definition of tail risk and liquidity factors. An endogeneity issue is addressed by employing the two-stage least squares regression.

• 자원ㆍ환경경제연구
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• 제13권1호
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• pp.119-131
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• 2004

환경친화적인 소비형태란 제품의 환경친화도에 따라 그 제품에 대한 지불용의가 달라지는 것을 의미한다. green market은 환경친화적인 소비형태를 보이는 소비자로 구성된 시장이다. 이러한 green market에서 시행되는 환경정책수단의 효과에 대해 소수의 연구가 시도되었다. 버트란드모형을 바탕으로 한 기존의 연구에서는 단위배출기준이나 제품에 대한 환경세를 통해 배출량 감축효과를 거둘 수 없다는 결과가 도출되었는데, 이는 직관적인 예상과 어긋난다. 본 연구에서는 쿠르노모형을 상정하여 단위배출기준과 환경세의 효과를 분석하였다. 여전히 제품에 대한 환경세의 환경적 유효성은 결여되어 있는 것으로 나타났으나,(버트란드모형과는 다르게) 단위 배출기준은 오염감축효과를 보이는 것으로 나타났다. 이는 기업간 경쟁방식이 어떤 한지가 환경정책수단의 유효성을 결정하는데 중요한 역할을 하게 된다는 것을 의미한다.

• 유통과학연구
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• 제11권9호
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• pp.31-34
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• 2013

Purpose - This paper aims to explain that the Chinese distribution market will continue to bring tremendous business opportunities to commercial enterprises, given the relatively strong economic fundamentals and substantial government-led measures to boost domestic demand. Research design, data, methodology - A survey was conducted on China's retail market data during 2012. By empirically analyzing the data for retail sales of online markets and franchises, we conclude that the online retail market in China will continue to grow. Results - Based on data from 2012, 2013 is expected to be a challenging year for the retail sector, as both external and internal pressure is likely to persist. This paper outlines some major challenges facing retailers in China. Conclusions - The study shows that retailers in the Chinese market will face some major challenges: 1) the Chinese retail market is considerably affected by an uncertain economic outlook 2) an unfair environment of competition exists and 3) product safety is a serious issue. However, in the future, China's retail market will continue to bring tremendous business opportunities to commercial enterprises, given the relatively strong economic fundamentals and substantial government-led measures to boost domestic demand.

• The Journal of Asian Finance, Economics and Business
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• 제9권7호
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• pp.63-79
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• 2022

Past studies on the influence of corporate social responsibility (CSR) activities on firms have been inconsistent, highlighting the significance of examining how CSR affects the performance of Malaysian government-linked companies (GLCs). The study aims to investigate the impact of CSR dimensions (economic, legal, ethical, and philanthropic) on firm performance from 2016 to 2020 using a sample of 31 GLCs from the top 100 companies under the Main Board of Bursa Malaysia. A total of 35 GLCs were selected as the study sample size based on the top 100 businesses listed under the board of Bursa Malaysia as of 31 December 2020. The study employed correlation and multiple linear regression models to examine the relationship between CSR dimensions and firm performance. Financial performance is evaluated using accounting-based models of return on assets (ROA) and return on equity (ROE) and market-based models of earnings per share (EPS) and market value (MV). The CSRHub database was employed to collect information on the performance of company CSR dimensions. The findings suggested a significant positive relationship between ethical and philanthropic CSR and firm performance regarding ROE. Thus, GLCs prioritized ethical and philanthropic CSR over other dimensions.

• International Journal of Knowledge Content Development & Technology
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• 제11권1호
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• pp.85-111
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• 2021

This study aims to analyze users' assessment of electronic libraries in the mobile app market and promote service improvement based on this. To this end, the basic background and purpose of the research, research method, and research scope were first set, and the relevant literature and empirical prior studies were analyzed. Next, users' evaluations of electronic libraries were collected and analyzed from Google Play Store. Based on the results analyzed, measures to improve the quality of electronic libraries were discussed. Based on the results of the study, the following improvement measures are proposed. Need for systemic improvement and stabilization. Provision of applications suitable for multi-device environments. Resumption of services after systematic inspection after updating. Simplification of sign up, log in, and authentication procedures. User support through real-time chat. Introduction of a detailed assessment of reviews. Provision of guidance and user manual for electronic libraries. Improvements to expand user convenience, and Securing differentiation from other similar services.

• 유통과학연구
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• 제10권8호
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• pp.15-23
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• 2012

This study is an attempt to explore the nature and characteristics of strategic impact of green strategy by environmental capital, corporate reputation, and technology strengths on the firm's performance across countries. The main question addressed in this paper relates to how corporate sustainability, corporate reputation, technology strength, and capabilities influence the firm's economic performance with respect to diverse dimensions of performance measures including sustained growth through the leading firms across countries in the United States, Canada, Europe, and Asia-Pacific countries. Particularly, this study attempts to empirically explore the directions and magnitudes of the operational links between new emerging strategic core competencies (e.g., sustainability green strategy by environmental focus for more sustainable path, corporate reputation by corporate social responsibility and image enhancement, and technology strengths to develop a new product and market) and the firm's economic performance with respect to diverse dimensions of performance such as accounting (ROE and EOA) - and market-based performance (Market value and Tobin's q). Considering all possible limitations that might exist with regard to selected samples and methods, this study demonstrates that environmental sustainability, corporate reputation, technological capabilities and competencies through R&D intensity and patent are most likely to be significantly associated with most market-based performance measures, but the strategic significance of other variables such as capital intensity, leverage, and administrative cost efficiency on performance tends to be different depending on which performance measure is used across different countries with diverse economic and business contexts.

• 한국산업융합학회 논문집
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• 제25권4_2호
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• pp.627-636
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• 2022

Market convergence plays an increasingly important role in sustaining competitiveness and providing impetus for the new product development. However, existing research focused mostly on the analysis of convergence at technology level. This study examines the phenomenon of market convergence based on the start-up data. Similar to the analysis of technology convergence, this study adopts the concept of co-classification analysis for constructing the co-occurrence matrix and the corresponding network. In this context, network centrality measures were calculated to assess the influence of individual market segments. Based on three metrics "growth", "persistence" and "novelty", the market convergence dynamics were explored and promising interactions between two distinct market segments were highlighted. The findings suggest that both segments "AI" and "blockchain" are acting as a driver that fosters market convergence in the startup landscape. The analysis results can provide valuable information for the R&D managers and policy makers in the design of targeted policies and programs, which can promote market convergence and interdisciplinary knowledge transfer.

• 유통과학연구
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• 제12권12호
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• pp.43-54
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• 2014

Purpose - This study examines how perceived benefits and costs of traditional market support affect relationship quality and support for a marketeer. In addition, it investigates whether support for traditional market aid programs leads to support for the government. The author developed a structural model comprising several variables, in which perceived benefits and costs comprising economic, social, and environmental costs were proposed, to affect the relationship quality (satisfaction and trust) of traditional market aid programs and the government. Consequently, marketeers satisfied and trusted by traditional market aid programs and the government would support the traditional market aid program, resulting in higher support for the government. The model proposed that customer satisfaction would improve customer loyalty and business performance. Thus, the relationship quality (satisfaction and trust) of the traditional market aid program and government was proposed as a core mediating variable between perceived benefits and costs and support. Research design, data, and methodology - To analyze the proposed model, this study investigates the scenario with a traditional marketeer. Data were collected from 331 respondents, and analyzed with SPSS/PC 18.0 and AMOS 18.0. To test the unidimensionality and nomological validity of the measures of each construct, we employed a scale refinement procedure. The result of the reliability test with Cronbach's and confirmatory factor analysis warranted unidimensionality of the measures for each construct. In addition, nomological validity of the measures was warranted from the result of correlation analysis. Results - First, perceived benefit affects the relationship quality of traditional market aid programs and government. Second, perceived costs affect the satisfaction of traditional market aid programs and government. Third, the relationship quality of a traditional market aid program affects the support of a traditional market aid program, and the relationship quality of government affects the support of government. Finally, the support of traditional market aid program affects support of government. The results confirm the findings of previous studies that local development positively influences support, based on the social exchange theory. Conclusions - The theoretical and managerial contributions of this study are as follows. First, it is the first such study, and defines mediating variables, analyzing relationship quality (satisfaction and trust) between perceived benefits and costs and support for the traditional market industry. Further, it investigates the structural relationships between them with the AMOS program. Second, while most previous studies investigating the relationship between similar variables and those of the present study analyzed how perceived benefits and costs influenced support, this study identified the transfer relationship between the support for traditional market programs and support for the government. This study confirms that support for traditional market aid program increases support for the government. Therefore, government policy makers for traditional market aid programs should explain to marketeers the benefits and costs of traditional market development in terms of economic, social, and environmental factors. At the end, limitations, further research directions, and implications are suggested.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 1998년도 추계학술대회 논문집
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• pp.245-248
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• 1998

In this paper, as a forecasting method, the market survey for forecasting demand is introduced for the estimation of subscriber line demand in the optical access networks. The market survey method for the new multimedia services is attempted to collect information directly from customers using the questionnaires for home-users and business-users in local loops. Analysis rationale of questionnaires is suggested to estimate the number of subscriber lines. Also, two measures are presented to quantify the credibility on survey responses; one is the probability that the customer will use the multimedia services and the other is the rate that the subscriber line demand will be actually realized. The former measure is calculated based on the information on customers and the Logit analysis. The latter is obtained by the degree of customer's knowledge about specific services and the customer's willingness to use the services. Based on the values of two measures, the number of subscriber line demand can be developed for installing the optical access networks.