• Science of Emotion and Sensibility
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• v.20 no.3
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• pp.49-60
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• 2017

Previous research found that merely touching an object can create psychological ownership and the endowment effect. It was also found that just imagining touching an object without actually touching the object can make the same effect on psychological ownership. Prior research on haptic imagery examined the effect of haptic imagery induced by direct instruction of imaging on psychological ownership. We investigate a new method which can induce the haptic imagery in a more natural way than direct instruction of imaging. We manipulated imagery conditions such as visual-haptic congruence multimodal cue, visual-haptic incongruent multimodal cue, direct instruction condition and control condition, and examined the effects on imagery vividness, feeling of physical control, perceived ownership, and purchase intention. We conducted the experiment on 140 undergraduate students and our results showed that visual-haptic congruence multimodal cue condition is more effective than direct instruction of haptic imagery while visual-haptic incongruence multimodal cue condition is not effective. Our study extends prior haptic imagery research by making important marketing implications for online retailing.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.3
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• pp.145-155
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• 2016

The purpose of this study is to review the relationship between empowerment and innovative behavior, and the moderating effect of psychological ownership in small business. In order to verify and achieve the purposes mentioned above, questionnaire data are gathered and analysed from 315 employees in manufacturing enterprises of Kangwon-do province. Multiple regression and multiple hierarchical regression analysis were applied to test the proposed hypotheses: 1) the relationship between empowerment(meaning, autonomy, self-efficacy, impact) and innovative behavior(idea development, idea implementation), 2) the moderating effect of PO(psychological ownership for organization) on the relationship between empowerment and innovative behavior, 3) the moderating effect of PJ(psychological ownership for job) on the relationship between empowerment and innovative behavior. Empirical survey's findings are as follows; First, empowerment(meaning, autonomy, self-efficacy, impact) appeared to be positively related with innovative behavior(idea development, idea implementation). Second, there was no evidence of moderating effect of PO on the relationship between empowerment and innovative behavior. Third, meaning of work was more positively related with innovative behavior(idea development, idea implementation) in higher PJ group than in lower PJ group. Fourth, impact was more positively related with idea implementation in higher PJ group than in lower PJ group.

• Korean Journal of Social Welfare
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• v.67 no.3
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• pp.253-280
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• 2015

This study reconsiders the concept of publicness by raising a question about the problems which the recent marketization of social services in South Korea. The existing perspective on publicness, however, is insufficient to account for the entire Long-term care market because only public organizations have publicness. Accordingly, this study presents 'integrated publicness', particularly 'dimensional publicness' and 'normative publicness'. A disproportional stratified sampling procedure was used to consider ownership. A merged dataset combining surveys from 248 Long-term Care facilities and on-line resources was used and analyzed by multiple regression, negative binomial regression and multiple imputation analysis. The analysis results suggest as follows. First, ownership publicness appeared more effective in the overall. Second, the regulations on the government funding did not show effective, and the regulation on evaluation system showed the effect. Third, professionalization of normative publicness showed a negative effect on service structure and showed a positive effect on service process. Lastly, user of free services whose public accountability was identified to be effective on service structure and outcome. These findings suggest that not only existing ownership but also dimensional publicness and normative publicness showed an effect on service quality. In this respect, this is important as the performance produced by empirical models of integrated publicness, in this situation that the outcome of marketization is insignificant.

• Journal of the Korea Convergence Society
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• v.6 no.1
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• pp.71-76
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• 2015

Using a sample of publicly-traded Chinese firms, this study examines a relationship between managerial ownership and corporate debt maturity decisions. China has transformed dramatically into a market capitalist economy over the past decades. However, so far, little attention has been paid to the role of professional managers. In this situation, this study explores the effect of stock grants to managers as incentive system by providing evidence that managerial ownership affects corporate debt maturity decisions. The findings are as follows: First, I find that like US firms, managerial ownership is negatively related to the proportion of long-term debt. Second, I divide the entire sample into two subsamples of state-owned and privately owned firms. For the privately owned firms, I find that there is a negative relationship between managerial ownership and the proportion of long-term debt. In contrast, for the state-owned firms, the relationship is positive and insignificant.

• Journal of Korean Critical Care Nursing
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• v.16 no.3
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• pp.62-72
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• 2023

Purpose : This study aims to assess the extent of work value, psychological ownership, the nursing work environment, and retention intention, examine the correlation between these variables, and identify the factors that influence retention intention. The goal is to provide foundational data to enhance retention intention. Method : The study involved 159 nurses employed at a tertiary general hospital and a general hospital. Data were gathered through structured questionnaires and analyzed using an independent t-test, one-way ANOVA, Scheffé test, Pearson correlation coefficient, and multiple regression analysis with a simultaneous stepwise method, all conducted using the SPSS 26.0 software. Results : The intention to remain in the profession was found to have a positive correlation with work value (r = .45, p < .001), psychological ownership (r = .37, p < .001), and the nursing work environment (r = .27, p = .001). Significant factors influencing the intention to stay included total clinical career (𝛽 = .17, p = .016), work value (𝛽 = .38, p < .001), and psychological ownership (𝛽 = .19, p = .020). These variables accounted for 24.1% of the variance in the intention to remain in the profession (F = 17.71, p < .001). Conclusion: To enhance the intention of hospital staff to remain in their positions, it is crucial to identify and bolster positive psychological competencies, such as a sense of work value and psychological ownership.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.341-350
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• 2021

This study tested the effect of the board of directors' (BOD) characteristics on the corporate performance of the Jordanian industrial and service companies listed on the Amman Stock Exchange (ASE) during the period 2015-2019. The characteristics of the BOD were measured through the following variables: MO = managerial ownership; CEODU = CEO duality; BI = board independence; GD = gender diversity; ND = nationality diversity; AE = advanced education; BM = board meetings; BSIZ = board size; CSIZ = corporate size; CA = corporate age. The corporate performance was measured by return on assets (ROA) and return on equity (ROE). The corporate size and corporate age were used as control variables. The study sample consisted of 85 industrial and service companies with 425 observations to identify the nature of the effect of the BOD characteristics on performance. This study applied time-series data (panel data), and the multiple linear regression method was used to achieve study objectives. Results showed a positive effect of the study variables on performance, while the corporate age and the education level (BOD members) have a negative effect on performance.

• KDI Journal of Economic Policy
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• v.31 no.1
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• pp.239-276
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• 2009

The paper investigates the possible relationship between earnings prediction by security analysts and special ownership ties that link security companies those analysts belong to and firms under analysis. "Security analysts" are known best for their role as information producers in stock markets where imperfect information is prevalent and transaction costs are high. In such a market, changes in the fundamental value of a company are not spontaneously reflected in the stock price, and the security analysts actively produce and distribute the relevant information crucial for the price mechanism to operate efficiently. Therefore, securing the fairness and accuracy of information they provide is very important for efficiencyof resource allocation as well as protection of investors who are excluded from the special relationship. Evidence of systematic distortion of information by the special tie naturally calls for regulatory intervention, if found. However, one cannot presuppose the existence of distorted information based on the common ownership between the appraiser and the appraisee. Reputation effect is especially cherished by security firms and among analysts as indispensable intangible asset in the industry, and the incentive to maintain good reputation by providing accurate earnings prediction may overweigh the incentive to offer favorable rating or stock recommendation for the firms that are affiliated by common ownership. This study shares the theme of existing literature concerning the effect of conflict of interests on the accuracy of analyst's predictions. This study, however, focuses on the potential conflict of interest situation that may originate from the Korea-specific ownership structure of large conglomerates. Utilizing an extensive database of analysts' reports provided by WiseFn(R) in Korea, we perform empirical analysis of potential relationship between earnings prediction and common ownership. We first analyzed the prediction bias index which tells how optimistic or friendly the analyst's prediction is compared to the realized earnings. It is shown that there exists no statistically significant relationship between the prediction bias and common ownership. This is a rather surprising result since it is observed that the frequency of positive prediction bias is higher with such ownership tie. Next, we analyzed the prediction accuracy index which shows how accurate the analyst's prediction is compared to the realized earnings regardless of its sign. It is also concluded that there is no significant association between the accuracy ofearnings prediction and special relationship. We interpret the results implying that market discipline based on reputation effect is working in Korean stock market in the sense that security companies do not seem to be influenced by an incentive to offer distorted information on affiliated firms. While many of the existing studies confirm the relationship between the ability of the analystand the accuracy of the analyst's prediction, these factors cannot be controlled in the above analysis due to the lack of relevant data. As an indirect way to examine the possibility that such relationship might have distorted the result, we perform an additional but identical analysis based on a sub-sample consisting only of reports by best analysts. The result also confirms the earlier conclusion that the common ownership structure does not affect the accuracy and bias of earnings prediction by the analyst.

• The Journal of Asian Finance, Economics and Business
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• v.3 no.4
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• pp.25-37
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• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• Land and Housing Review
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• v.4 no.1
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• pp.23-31
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• 2013

The regional economic crises in the late 1990s and the global economic crisis in the late 2000s had reduced the differences in housing policies among the major Asian economies. This paper attempts to explain and compare housing welfare policy shifts between subsidizing home owning and subsidized renting from the perspectives of the economic and social roles of housing, the lock-in effect of policy processes, and the welfare provision strategy of the East Asian economies. It argues that the impact of economic crises on housing welfare policy in East Asia depended on the duration and the intensity of the crisis and the length and severity of the subsequent economic depression. Another important factor was the role of housing in the economic and social development, especially whether housing market development was considered as an engine of economic growth or revival, and whether the tools of housing policy caused the economic crisis. The loss of impetus for home ownership drive and the new emphasis on rental subsidy provision are new policy trends. Nonetheless, the economic revival since mid-2009 has caused the re-introduction of home ownership subsidies for quenching the housing affordability problems and enhancing home ownership making use of the strong economic conditions.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.327-339
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• 2021

This study examines the impact of bank restructuring on the financial performance of commercial banks in Vietnam. The data for this study was obtained from the audited financial statements of 30 Vietnamese commercial banks from 2007 to 2019. Multiple regression analysis was used for investigation. Financial performance, as evaluated by ROAA, ROEA, and NIM, is the dependent variable. Financial restructuring, ownership restructuring, and operational restructuring are the independent variables. Pooled least squares (Pooled OLS), fixed effects model (FEM), random effects model (REM), and system generalized moment regression model (System GMM) are the estimate methods used to increase the accuracy of the regression coefficient. The research results show that the variables of financial restructuring activities such as government intervention and the ratio of equity to total assets; variables of ownership restructuring such as capital adequacy ratio, privatization of state-owned commercial banks, mergers, and acquisitions; variables of operational restructuring such as employees, branches, the cost to total assets; GDP variables and the second restructuring period have a positive impact on financial performance. Variables such as debt-to-capital ratio, bad debt ratio, state ownership ratio, expense-income ratio, and inflation have a negative effect on financial performance.