• Asian Journal of Business Environment
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• v.9 no.3
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• pp.5-9
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• 2019

Purpose - This paper examines whether fiscal and monetary expansion would affect output in Australia. Research design, data, and methodology - An extended IS-LM model which describes the equilibrium in the goods market and the money market is applied. The real effective exchange rate and the real stock price are included in order to determine whether there may be any substitution or wealth effect. The sample consists of Annual data ranging from 1990 to 2018. The GARCH process is used in empirical work to correct for potential autoregressive conditional heteroscedasticity. Results - Expansionary fiscal policy reduces output; whereas, expansionary monetary policy raises output. In addition, real appreciation of the Australian dollar, a lower U.S. interest rate, a higher real stock price or a lower expected inflation would increase output. The finding that expansionary fiscal policy has a negative impact on real GDP suggests that the negative crowding-out effect on private spending dominates the positive impact. Conclusions - Fiscal prudence needs to be pursued. Real depreciation of the Australian dollar hurts output. Monetary tightening in the U.S. generates a negative effect on Australia's output. A healthy stock market is conducive to economic growth as higher stock prices tend to result in the wealth and other positive effects, increasing consumption and business spending.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.4
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• pp.101-105
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• 2018

Price discount is one of the commonly used promotion strategies to increase sales and revenue. If a discount is perceived before the purchase (i.e., pre-purchase discount), consumers are likely to perceive it as a potential gain. If it is noticed after making a regular-priced purchase (i.e., post-purchase discount), consumers may develop negative emotions and attitudes. Based on the rising transparency and omnipresence of price and discount information through web and mobile platforms, we attempt to tackle an understudied topic on the negative effect of post-purchase price discount. Specifically, post-purchase discount information may increase consumers' perception of monetary loss, which may affect consumers' decision to return the product, potentially increasing the operating costs borne by retailers. Based on a close scrutinization of the current market environment and previous academic literature, we suggest a novel conceptual framework to understand consumers' perception, attitude, and behavior (perception of loss, willingness to return) upon perceiving various formats of discount promotion (absolute value vs. percentage discount) posterior to the purchase of a product. We also look at the effect of price level (low-priced vs. high-priced). For marketing practitioners, we intend to suggest optimal promotion formats that can alleviate consumers' negative perceptions and prevent additional operation costs.

• Asian Journal of Business Environment
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• v.5 no.4
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• pp.29-35
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• 2015

Purpose - This study intended to identify how resilience and character strength among employees are influenced by employment instability and the negative impact it could have on job satisfaction and psychological wellbeing. Research design, data, and methodology - This study hypothesizes that employment instability will have a negative effect on resilience and character strength, but resilience and character strength will have a positive effect on job satisfaction and psychological wellbeing. A total of 150 valid questionnaires were collected and utilized for analysis. Results - Employment instability was found to have a negative impact not only on job satisfaction and psychological wellbeing but also on employee resilience and character strength. Conclusion - The results suggest that along with the necessity for a strategic approach at the corporate level, enterprises should also acknowledge employee failures and support them in job situations. They should create a positive work environment and a structure of empowerment, interesting jobs, and a positive organizational culture to build various systems and the ability to enhance self-esteem and stamina in order to reinforce character strength.

• The Journal of Economics, Marketing and Management
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• v.9 no.4
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• pp.1-8
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• 2021

Purpose: This study empirically investigates what factors contribute to corporate value in the Korea New Exchange (KONEX) market and determines whether financial constraints contribute any effect on it. Research design, data and methodology: A fixed-effect panel regression model was utilized to analyze financial constraints on firm value for KONEX listed firms through the fiscal period from 2013 to 2020. Results: we find that firms' research and development, volatility, size, and sales growth give significant impacts to firm value, but the significance and direction are different. In addition, no significant relationship exists between the largest shareholder's equity ratio and firm value in all models. The debt-to-equity ratio did not show a significant relationship with corporate value. A significant negative relationship was found between R&D and corporate value in the entire sample. Volitility exhibited a positive relationship with corporate value in the entire sample and financially unconstrained companies. Firm size presented a significant negative relationship with company value in all models. Sales growth showed a significant negative relationship with corporate value in financially constrained companies. Conclusions: No difference is found between financially constrained and unconstrained companies in the KONEX market. We can infer that KONEX companies have a large difference with KOSPI or KOSDAQ. Further analysis is needed on the differences among these markets.

• Journal of Distribution Science
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• v.19 no.1
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• pp.27-35
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• 2021

Purpose: This study is to investigate the effect of managerial ownership level in distribution and service companies on the stock price crash. The managerial ownership level affects the firm's information disclosure policy. If managers conceal or withholds business-related unfavorable factors over a long period, the firm's stock price is likely to plummet. In a similar vein, management's equity affects information opacity, and information asymmetry affects stock price collapse. Research design, data, and methodology: A regression analysis is conducted using the data on companies listed on the Korea Composite Stock Price Index (KOSPI) between 2012-2017 to examine the effect of the managerial ownership level on stock price crash risks. Results: Logistic and regression results indicate that the stock price crash risk was reduced as managerial ownership levels are increased. The managerial ownership level has a significant negative coefficient on stock price crash risk, negative conditional return skewness of firm-specific weekly return distribution, and asymmetric volatility between positive and negative price-to-earnings ratios. Conclusions: As the ownership and management align, the likeliness of withholding business-related information is reduced. This study's results imply that the stock price crash risk reduces as the managerial ownership level increases because shareholder and manager interests coincide, thereby reducing information asymmetry.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.105-112
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• 2021

This study aims to find empirical evidence of the effect of increasing income on the potential transfer of wealth from manufacturing companies that go public to stakeholders. Earnings management with an accrual approach with the Modified Jones model is an identifier of the availability of earnings management practices, without paying attention to both positive and negative symbols. The interpretation of the results of the discretionary accrual measurement between positive and negative symbols has different meanings. Positive discretionary accruals indicate that management uses income-increasing techniques. Meanwhile, negative discretionary accruals indicate that management uses income-reducing techniques. Income-increasing techniques tend to be viewed as opportunistic behavior of managers. This study used 111 data from manufacturing companies listed on the IDX (Indonesia Stock Exchange) from 2015-2018. Path analysis is used to test the hypothesis. The results of this study are in line with the point of view of management strategy, increasing income is used as a way to transfer potential welfare from the company to stakeholders. Social welfare (tax) and managerial remuneration are proven to be mediators in increasing the effect of increasing income on future company value. Further research can complete the potential welfare transfer against the shareholders related to income-increasing strategy.

• The Journal of Economics, Marketing and Management
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• v.10 no.5
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• pp.15-24
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• 2022

Purpose: The purpose of this study is to find a way to improve and overcome the psychological treatment limited to the negative factors dealt with in psychology from a positive psychological point of view. To this end, this study aims to verify whether a positive psychotherapy program can improve happiness, resilience, and post-traumatic growth along with improvement of psychological symptoms such as depression. Research design, data and methodology: To this end, in this study, mean difference analysis was conducted using t-test on 10 participants in the 16th PPT program and 14 in the control group. Also, after setting the main variables, we tried to confirm the effectiveness through simple regression analysis and multiple regression analysis of the causal relationship model. Results: As a result of the independent sample t-test and the paired sample t-test, it was confirmed that the group participating in the PPT program had higher flourish, happiness, resilience, post-traumatic growth, and lower depression. In addition, as a result of regression analysis, it was confirmed that post-traumatic growth had a positive effect, and that depression was a life-threatening factor. Conclusions: Since the PPT program has a positive effect on the participants with relatively negative psychological symptoms, it is necessary to expand it. In addition, it is necessary to introduce various preventive programs such as PPT as well as traditional psychological treatment for negative symptoms such as depression.

• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.197-212
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• 2022

Purpose - The current paper not only investigates the intermediating process of the association between job insecurity and organizational performance, but also tries to find a factor which mitigates the negative influence of job insecurity. Design/methodology/approach - By conducting structural equation modeling(SEM) analysis with survey data from 351 employees, this study tried to identify the mediating effect of organizational trust, as well as the moderating influence of ethical leadership in the job insecurity-organizational trust link. This paper built hypotheses that job insecurity decreases the level of employee's organizational trust, then the level of the employee's organizational trust would influence organizational performance. In addition, ethical leadership would function as a buffering factor between the association between job insecurity and organizational trust. Findings - This paper found that job insecurity had a negative influence on employee's organizational trust, and the employee's organizational trust had a positive influence on organizational performance. The ethical leadership mitigated the negative impact of job insecurity on organizational trust. Research implications or Originality - By empirically delving into the importance of ethical leadership and organizational trust to increase organizational performance, this paper may provide top management and leaders in an organization with important insights that they should adequately monitor and manage the level of ethical leadership and organizational trust.

• The Journal of Industrial Distribution & Business
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• v.14 no.8
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• pp.27-35
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• 2023

The main objective of this study is to examine the impact of entrepreneurial orientation (EO) on small and medium-sized enterprises' (SMEs) performance in the context of subcontracting buyer-supplier relation. Specifically, we seek to examine whether the power dynamics between buyer and supplier either support or hamper subcontracting SMEs' ability to effectively pursue EO for enhancing their performance. Research design, data, and methodology: We collected survey questionnaires from Korean SMEs that are certified with Inno-biz by the Korean Ministry of SMEs and Startups. The collected data was analyzed using SPSS 26 and AMOS to create an integrated model. Result: Based on the analysis, our findings indicate that the proactiveness and innovativeness dimensions of EO have a positive effect on the SMEs' performance. However, the risk-taking dimension of EO has a negative effect on performance. Additionally, buyer dependency exhibit both positive and negative moderating effects on different dimensions of EO. Conclusion: For SMEs that rely heavily on a particular buyer in terms of sale, pursuing innovativeness dimension of EO could lead to positive performance, while pursuing proactiveness dimension of EO had a negative moderating effect on performance.

• International Journal of Internet, Broadcasting and Communication
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• v.16 no.3
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• pp.346-354
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• 2024

Time-limited promotions have become a popular strategy across various product categories including fashion mobile platforms. While consumer feel content and satisfied when they get this , those who miss the opportunity may develop negative feelings and tend to give up on additional price discounts. This phenomenon, known as inaction inertia, has been a crucial subject of consumer behavior research. However, the underlying mechanism within the context of fashion consumption has yet to be discussed. This study investigated whether consumers show inaction inertia when purchasing fashion products and whether involvement moderates product purchases in inaction inertia situations. Hypotheses were tested through an online survey with 336 Korean participants based on fictitious purchase scenarios. In the results, the hypothesized negative influence of inaction inertia on purchase intention for fashion products was statistically confirmed. Furthermore, the hypothesized moderation effect of involvement in the mechanism was confirmed - only within the high (vs. low) age group. To explain, the negative effect of inaction inertia significantly decreases among older consumers of high (vs. low) involvement levels. We contributed to the related academic flow by performing an experimental study on inaction inertia, which had relatively little empirical research compared to the influence confirmed in practice so far. We also provided a novel idea by demonstrating that the moderating effect of product involvement differs depending on the age group.