• 유통과학연구
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• 제13권9호
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• pp.37-45
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• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• 유통과학연구
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• 제14권2호
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• pp.113-121
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• 2016

Purpose - The purpose of this study is to identify team commitment affecting employees' innovative activities and factors affecting team commitment including empowerment by leaders and job enrichment factors. In other words, so as to explain outcome variables of innovative activities, this study aims to emphasize employees' attachment roles towards their groups within nomological network, and identify the motives encouraging employees' innovative activities. The research purpose is significant due to the realistic situation of hotel industry. The reason why innovative activities are important can be found in recent changes of business environment. Also, unlike other various studies on precedence factors encouraging employees' innovative activities, this study classified those precedence factors into job and leader characteristics, and it emphasized the importance of team commitment as the process that job and leader characteristics are connected to innovative activities. Research design, data and methodology - The survey for this study was conducted during October 6^th ~ November 10^th in 2014 to the employees who are working in 5-star hotels in Korea. As for the selection of hotels and sampling method, convenience sampling method was used to the employees in 5-star hotels. Self-report method was used in the survey, judging that the employees' characteristics would be relatively homogeneous. 311 questionnaires were distributed in total, and 275 reponses were collected. After excluding the missing and unreliable responses, 245 questionnaires were used in the research. SPSS and AMOS programs were used for the analysis. Results - First, empowering leadership had positive effects on hotel employees' team commitment. It indicates that hotel employees are more committed to their team when their leaders set examples, provide information, and involve employees in decision-making process. Second, as a result of the relationship analysis in task diversity, task significance, task identity and team commitment, task diversity and task significance had significant effect on team commitment, while task identity had no significant effect on team commitment. It indicates that team commitment is enhanced when the employees can conduct diverse types of jobs and get more opportunities to talk with the guests. Also, the repetition for the same jobs in hotel rooms and the space for preparing food and beverage do not lead to team commitment, even though the employees fulfill their duties to the end. Third, hotel employees' team commitment has positive effect on their innovative activities. It indicates that employees voluntarily conduct innovative activities when they are attached to their team and identifies themselves with the team. Conclusions - There are theoretical and practical implications in this study. First, in terms of the theoretical perspective, this study proposes structural framework in team commitment, and it identifies the psychological mechanism in team commitment from the aspect of social exchange, which resulted in identification of precedence factors related to team commitment. In addition, this study presents new possibilities for relevant studies about team commitment by examining the effect on team commitment when the importance of innovative activities is emphasized in recent business environment.

• 지질공학
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• 제20권2호
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• pp.127-136
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• 2010

본 연구에서는 현장에서 수행한 단계양수시험을 이용하여 최적 양수량, 우물효율 및 양수 영향반경을 산정하였다. 시험결과 최적 양수량은 KDPW 1, KDPW 2에서 수위강하가 0.5, 1.0 m 일어났을 때 각각 9.37, 16.20 $m^3/day$과 8.11, 14.10 $m^3/day$으로 계산되었다. 또 우물효율은 KDPW 1에 대하여 72.02~90.73%의 효율을 그리고 KDPW 2에 대하여 70.62~88.52%의 효율을 보였다. 한편 정류상태 해석으로 영향반경은 KDPW 1에서 양수하였을 경우 관측정에서 3.50~31.92 m로 계산되었다. 또 KDPW 2에서 양수하였을 경우 관측정에서 영향반경이 0.14~37.43 m로 산정되었다. 부정류 해석결과에 따르면 KDPW 1에서 양수하였을 경우 관측정에서 영향반경이 0.02~8.34 m로 계산되었다. 그리고 KDPW 2에서 양수하였을 경우 관측정에서 영향반경이 0.24~9.68 m로 계산되었다. 본 연구에서 적용한 방법론은 오염지하수 양수처리법의 설계에 실용적으로 활용될 수 있을 것으로 사료된다.

• 유통과학연구
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• 제11권6호
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• pp.41-50
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• 2013

Purpose - Inducing consumers' behavioral intent to use an outlet shopping center is a critical issue for managers since it can be used as a guide for developing marketing strategies. Low prices could lead to a growth in retail purchases, but there might also be a positive relationship between prices and customer perceptions of product quality. The extent to which consumers use price as a predictor of quality may differ according to the availability of important alternative cues such as brand, store name, and identity salience triggered by the store. Consumers can obtain non-economic benefits from marketing exchanges that go beyond basic economic achievement. We argue that identity salience can play a crucial mediating role when consumers, acting as exchange partners, seek to obtain social benefits. This study shows that identity salience could mediate the relationship between identity salience-inducing factors such as multi-finality, prestige and role performance, and consumers' behavioral intent to use an outlet shopping center. Research design, data and methodology - The survey was conducted on college students enrolled in marketing classes. A total of 200 questionnaires were distributed, of which only 194 were returned. After five incomplete questionnaires were excluded, a final sample of 189 was used for empirical analysis. Using a covariance structural analysis in Amos17, we confirmed the fit of the research model and estimated its parameters by using the maximum likelihood method. Results - The results of the hypotheses testing are as follows. First, both identity salience and economic benefits have positive effects on the behavioral intent to use an outlet shopping center. Second, role performance, prestige, and multi-finality have positive effects on identity salience. Finally, the additive analysis of the direct effects of identity salience-inducing factors shows that the role performance, prestige, and multi-finality factors have no direct effects on the behavioral intent to use an outlet shopping center, suggesting that identity salience plays a positive mediating role. Conclusions - This study informs marketers that not only price but shoppers' identity salience directly affects their intent to visit an outlet shopping center. To strengthen shoppers' identity salience, marketers should find ways to help shoppers fulfill their multiple social roles, realize their multiple goals, and achieve prestige. In other words, outlet shopping centers must improve their personal service environment in order to enhance their employees' service quality and assist the execution of multi-finality by minimizing the perceived costs (e.g., travel time, effort) associated with shopping trips, thus making it easier for consumers to combine visits to multiple stores in outlet shopping centers and buy the items required for their consumption goals. Outlet shopping centers must also offer assortments with both breadth and depth in order to help consumers play the social roles their social networks have given them.

• 유통과학연구
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• 제11권6호
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• pp.67-80
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• 2013

Purpose - This study aims to establish the relationships among brand equity, brand attitudes, and Visual Merchandising (VMD) in bakery stores. The results will help bakery franchisees and franchisers in devising appropriate strategies for successfully managing their bakery shops. Research design, data, and methodology - The VMD model for bakery shops comprises harmony, attractiveness, suitability, pandemic, functionality, and reliability. Further, brand equity encompasses brand awareness, perceived quality, and brand image. In this study, the VMD factors of bakery shops are used as independent variables, while brand equity and brand attitude are used as dependent variables. This study aims to ascertain the extent of the influence VMD components of bakery shops have on brand equity and brand attitude. Regression analysis was used to verify those effects. The measurement items, deemed reliable and valid in a previous study, were modified for this study. Questionnaires were distributed to 500 consumers nationwide, of whom 340 were used for the sample. The SPSS 19.0 statistical program was used for the analysis. Results - First, among the VMD bakery shop components, harmony, attractiveness, and pandemic have a positive impact on brand equity (brand awareness and brand image). Second, amongst the VMD components of bakery shops, attractiveness, pandemic, and reliability have a positive impact on brand equity (perceived quality). Third, amongst the VMD components of bakery shops, harmony, attractiveness, and reliability have a positive impact on brand attitude. Fourth, brand equity (brand awareness, brand image, and perceived quality) have a positive effect on brand attitude. Conclusions - This study identifies the relationships between the VMD components of a bakery shop and brand equity and attitude in order to propose a new model. The study has several practical implications. First, the development of brand equity and management can be important components in bakery shops' determination of whether their VMD components have an impact on brand equity. Second, among VMD components, harmony and attractiveness have a positive influence on the choice of bakery shop, while reliability and pandemic have a partly positive influence on the choice of bakery shop. Therefore, store atmospheres should be attractively designed, and store menus and interiors should be reviewed periodically to conform to the latest trends. This study suggests marketing strategies for brand equity formation. First, providing collateral product quality, hygiene, and safety benefits as well as product offerings to complement the season and employees' services should be considered. Second, display methods, illumination designs, and new product ideas should be periodically reviewed. Third, these should complement the overall harmony of the interior and exterior and of the store atmosphere in order to be attractive. Funds should thus be dedicated specifically for the facilities and their interiors. Fourth, it is necessary to build a friendly and relaxed image that can be easily called to mind by the customers.

• 한국산학기술학회논문지
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• 제21권8호
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• pp.407-416
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• 2020

본 연구는 북한의 정치적 노선 변화에 따른 개방과 미래 한반도의 평화와 번영을 대비하여 증가하고 있는 인프라 건설 수요에 대응하기 위한 방안 마련의 일환으로 수행되었다. 북한의 인프라 건설 및 정비에 대한 수요는 급증하고 있으나, 체계적인 건설기능인력의 양성 및 관리에 대한 인식이 부족하고, 이에 따라 숙련된 건설기능인력 수가 절대적으로 부족하다. 이에 북한 탈북민을 대상으로 설문조사를 통해 북한 건설 공사 현황과 건설기능인력의 기술수준 및 애로사항을 집중 분석하고, 이에 대응하여 적절한 교육·훈련 프로그램 과정 및 운영 방안을 도출하고자 하였다. 설문조사 결과 건설기능인력의 기술수준이 낮은 것은 기술숙련도 부족, 동원된 인력에 의한 근로의욕상실, 인력 양성 및 관리체계의 부족 등이 원인이었다. 교육·훈련의 필요성은 모두 인지하고 있었으며, 적정 교육·훈련 시간은 1년 이내가 전체 응답의 56%를 차지하였으며, 이 중 6개월 이내가 36%를 차지하였다. 이와 같은 설문조사 결과를 바탕으로 북한의 건설기능인력 급속 양성을 위한 교육·훈련 기간을 1년으로 채택하였다. 그리고 건설현장의 기능인력 양성이라는 관점에서 우리나라의 NCS 표준과 비교하여 전문 지식이 요구되는 계획 및 설계, 건설관리 등의 교육과정을 제외한 적정 교육시간을 제시하였다. 마지막으로 유닛별로 교육·훈련 과정에 해당하는 교과목을 도출하고, 시설 운영에 필요한 시설명과 소요 면적에 대한 기준을 제시하였다.

• 유통과학연구
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• 제15권1호
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• pp.105-114
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• 2017

Purpose - Recently, domestic pharmaceutical market is growing steadily, but top-tier companies are concentrating on sales growth. In this market, SMEs, which account for more than 80% of the entire market, suffer from the problem of lower margins and increasing inventory costs. According to the government's policy changes related to pharmaceuticals, it is pointed out that the management of existing customers and the control of salespeople are important issues for pharmaceutical companies. This study investigates the effect of the control system on the salesperson in domestic pharmaceutical distribution channel on customer-oriented selling behaviors and sales performance. Research design, data, and methodology - To verify the proposed research model and test hypotheses, the authors selected 244 MR(medical representatives)'s responses which have currently relationship with doctors or pharmacists. This study carefully investigated the reliability, content validity, convergent validity, and discriminant validity of the proposed model. Results - The authors find out the following results: capacity control, activity control, and self control have positive effects on customer-oriented selling behaviors and customer-oriented selling behaviors have a positive effect on sales performance. In addition, we present alternative model to check the direct effect between the control systems and the sales performance, but control system factors except self control have no direct influence. Conclusions - First of all, competency control and activity control increases the customer-oriented selling behavior of the salesperson. This means that the salesperson's sales skill, negotiation skill, customer access skill, presentation ability, monitoring, direction and evaluation are important and it is also important to control activities to check the number of visits to customers, report preparation, and customer service etiquette. Second, the fact that self-control of salesperson affects the customer-oriented selling behavior suggests that self-control is not controlled by external factors but rather establishes short/long-term goals. Therefore, it is important for sales organization to create an environment in which members can induce persistent incentives for self-control. Finally, output control did not affect customer-oriented sales behavior, which is less likely to form confidence or motivation to MRs when output control is perceived as a means of monitoring, supervising, or controlling rather than providing information to salespeople.

• 유통과학연구
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• 제14권12호
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• pp.71-78
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• 2016

Purpose - This paper is for the Analysis on the Hindrance Factors and Activation Scheme by the Type of Distribution Channel in Direct transaction of Agricultural Products. As the distribution structure of agricultural products has become changable, farmers seem to use the type of direct distribution in order to enhance the receiving price. This study aims to explore the hindrance factors and income variation rate in direct transaction of agricultural produces, specifically focusing on the 167 farmers. Research design, data, and methodology - To ascertain the hindrance factors exactly by the type of distribution channel, the managements were classified by four subcategories, that is high sales percentage with shopping malls, SNS, shopping malls and SNS, and off-line direct transaction. Results - As a result of the hypothesis test, hinderance factors in online direct deal activation were found to be in the order of the difficulty in continuous content production, the difficulty in shopping mall operation and maintenance, and the difficulty in card commission problems, and in the order of the difficulties in continuous content production, the difficulty in continuous content production, the difficulty in shopping mall operation and maintenance, and the difficulty in branding for the SNS group. Thus, it can be seen that the difficulty in continuous content production, shopping mall operation and maintenance were found to be the biggest obstacles. In addition, hindering factors in online direct deal activation were found to be in the order of the difficulty in credit card settlement, the difficulty in publicity, and the difficulty in dealing with unsold goods. The group with high sales rate in shopping mall was found to be increased by 23.9% in the gross income compared to the previous year, the group with high SNS sales ratio increased by 56.5%, the group with direct offline transaction increased by 37.1%, among which the group with the highest increase rate of SNS sales ratio was found to be the highest from the rate of increase/decrease of the income, which was statistically significant. Conclusions - It can be suggested that government and local government may provide agricultural management with supporting plan which in turn can activate direct transaction in any possible ways.

• 유통과학연구
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• 제14권12호
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• pp.107-118
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• 2016

Purpose - In today's markets, new technologies such as social network systems and user generated contents have provided consumers with access to unlimited amounts of information and an ability to communicate with other consumers in the world. Specially, the massive of the internet and the development of online communities and interactive platforms offer the potential to cocreate with a large number of consumers. Significant changes in marketplace suggest that simply being consumer oriented is not enough, so firms must learn from and collaborate with consumers to create values that meet their individual and dynamic needs. In these sense, emergent perspectives in marketing highlight new opportunities for co-opting consumers as a means to define and cocreate value through their engagement. Although the importance of consumer co-creation with firms, the current literature lacks the respond to two questions: (1) who are the most competent consumers for creating the values with firm? and (2) what are the stimulaters to help the consumers engage for co-creation? To this answer the question, this research investigate how to structure consumer motivations to encourage consumers to be more engaged for co-creation and what drives a consumer to get involved to respond to a call for co-creation. Research design, data, and methodology - To empirically test the hypotheses, a survey was conducted among consumers who had experienced the co-creation including upstream, downstream, autonomous, and sponsored co-creation with the firms. We collected a total of 343 responses. After we excluded 37 questionnaire because of incomplete responses, a total of 306 questionnaire remained. Working with a sample of 306 responses in Seoul and Kwangju, hierarchical moderated regression is employed to test research hypotheses. Results - The results indicated that consumer creativity and emergent nature are positively related to engagement in co-creation including upstream, downstream, autonomous, and sponsored co-creation. Also, the relationships between consumer creativity/emergent nature and engagement in co-creation were moderated by intrinsic motivation in case of upstream and downstream co-creation. Finally, interaction effects between consumer creativity/emergent nature and extrinsic motivation were not significant. Conclusions - These results suggest that marketing managers have to consider the consumer personality such as creativity and emergent nature and stimulate the intrinsic motivation of consumer to achieve the co-creation project successfully.

• 유통과학연구
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• 제13권3호
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• pp.51-60
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• 2015

Purpose - Among potential marketing strategies, the most efficient method to encourage purchase intention is through sales promotions. Sales promotions also serve to enhance customer satisfaction, which is closely related to the incidence of repurchases. Therefore, the success of retail stores greatly depends on the effectiveness of their promotional activities. The present study aimed to obtain the necessary information for apparel stores to establish more effective promotional activities. To this end, the study's specific research questions were to examine 1) consumer satisfaction with the recent sales promotions of retail apparel stores, 2) the levels of consumer preferences for different types of sales promotions (cash discounts, promotional gifts, prize drawings, discount coupons, stamp cards, or mileage cards), and 3) the differences in purchase intention according to preference levels for different types of sales promotions. Research design, data, and methodology - The research employed a descriptive survey method using a self-administered questionnaire. The sample consisted of 700 men (n=234) and women (n=466) ranging in age from their 20s to their 50s and residing in the Seoul area. Data were analyzed through methods including factor analysis as well as Cronbach's α coefficients, the t-test, ANOVA, and the Duncan test. Results - Differences among consumer preferences were identified for each type of sales promotion according to the purchase amount and the customer's age. In relation to purchase amounts below 500,000 won, participants in their 50s have lower preferences for price discounts than those in their 20s or 30s, whereas participants in their 40s or 50s have lower preferences for stamp cards and mileage cards than those in their 20s. When the purchase amount is greater than 500,000 won, housewives have higher preferences for promotional gifts than respondents with other occupations. However, no gender differences were found with regard to preference levels for the different types of sales promotions. Respondents generally exhibited mediocre satisfaction with the sales promotion events of retail apparel stores. They also expressed negative opinions about sales promotions when such promotions lead to high prices, as well as dissatisfaction with the poor quality of promotional gifts. It was also found that, regardless of the purchase amount, the groups with higher preferences for discount coupons and mileage cards displayed higher purchase intentions. Only when the purchase amount is greater than 200,000 won did the group with higher preferences for lottery system promotional gifts express higher purchase intentions. On the other hand, for all purchase amount sizes, there were no differences in purchase intentions according to preferences for cash discounts, promotional gifts, or stamp cards. Conclusions - The results revealed that greater effort must be devoted to enhancing consumers' satisfaction levels with the promotional activities performed by apparel retail stores. The results also showed that it is necessary to differentiate among sales promotion strategies according to preference levels for different types of sales promotions, purchase amounts, and target consumer ages.