• Asia pacific journal of information systems
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• v.24 no.2
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• pp.233-253
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• 2014

Can the stock market really be predicted? Stock market prediction has attracted much attention from many fields including business, economics, statistics, and mathematics. Early research on stock market prediction was based on random walk theory (RWT) and the efficient market hypothesis (EMH). According to the EMH, stock market are largely driven by new information rather than present and past prices. Since it is unpredictable, stock market will follow a random walk. Even though these theories, Schumaker [2010] asserted that people keep trying to predict the stock market by using artificial intelligence, statistical estimates, and mathematical models. Mathematical approaches include Percolation Methods, Log-Periodic Oscillations and Wavelet Transforms to model future prices. Examples of artificial intelligence approaches that deals with optimization and machine learning are Genetic Algorithms, Support Vector Machines (SVM) and Neural Networks. Statistical approaches typically predicts the future by using past stock market data. Recently, financial engineers have started to predict the stock prices movement pattern by using the SNS data. SNS is the place where peoples opinions and ideas are freely flow and affect others' beliefs on certain things. Through word-of-mouth in SNS, people share product usage experiences, subjective feelings, and commonly accompanying sentiment or mood with others. An increasing number of empirical analyses of sentiment and mood are based on textual collections of public user generated data on the web. The Opinion mining is one domain of the data mining fields extracting public opinions exposed in SNS by utilizing data mining. There have been many studies on the issues of opinion mining from Web sources such as product reviews, forum posts and blogs. In relation to this literatures, we are trying to understand the effects of SNS exposures of firms on stock prices in Korea. Similarly to Bollen et al. [2011], we empirically analyze the impact of SNS exposures on stock return rates. We use Social Metrics by Daum Soft, an SNS big data analysis company in Korea. Social Metrics provides trends and public opinions in Twitter and blogs by using natural language process and analysis tools. It collects the sentences circulated in the Twitter in real time, and breaks down these sentences into the word units and then extracts keywords. In this study, we classify firms' exposures in SNS into two groups: positive and negative. To test the correlation and causation relationship between SNS exposures and stock price returns, we first collect 252 firms' stock prices and KRX100 index in the Korea Stock Exchange (KRX) from May 25, 2012 to September 1, 2012. We also gather the public attitudes (positive, negative) about these firms from Social Metrics over the same period of time. We conduct regression analysis between stock prices and the number of SNS exposures. Having checked the correlation between the two variables, we perform Granger causality test to see the causation direction between the two variables. The research result is that the number of total SNS exposures is positively related with stock market returns. The number of positive mentions of has also positive relationship with stock market returns. Contrarily, the number of negative mentions has negative relationship with stock market returns, but this relationship is statistically not significant. This means that the impact of positive mentions is statistically bigger than the impact of negative mentions. We also investigate whether the impacts are moderated by industry type and firm's size. We find that the SNS exposures impacts are bigger for IT firms than for non-IT firms, and bigger for small sized firms than for large sized firms. The results of Granger causality test shows change of stock price return is caused by SNS exposures, while the causation of the other way round is not significant. Therefore the correlation relationship between SNS exposures and stock prices has uni-direction causality. The more a firm is exposed in SNS, the more is the stock price likely to increase, while stock price changes may not cause more SNS mentions.

• Journal of Digital Convergence
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• v.14 no.2
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• pp.377-388
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• 2016

The purposes of this study are; first, to supply useful suggestions for the market segmentation of the Chinese market according to individual psychological variables(self-congruence) of customers. Second, it figures out the relative importance of actual self-congruence and ideal self-congruence. Lastly, it reveals whether there are any differences in the preference of attributes according to the popular cultural involvement. According to the results, actual self-congruence had a positive influence on the contents factor evaluation while ideal self-congruence had positive effect on the human and cultural factors evaluation. Also, the human and cultural factor had a positive influence on the purchase intention, as well as content factor and cultural factor had the influence on the word-of-mouth. In addition, the group of highly interested in the involvement at the popular culture was significantly higher in the evaluation on the human and contents factor than the low group.

• Management & Information Systems Review
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• v.30 no.4
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• pp.195-227
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• 2011

There is no doubt that distribution channels and services greatly satisfy consumers' desires. Lots of products and services, stimulate consumers to purchase products to relieve their depressed feeling/stress temporarily, leading them gradually to a shopping addiction. Shopping addiction generates lots of problems, damaging not only consumers themselves but also other consumers and the entire society. Therefore, the purposes of this study were 1) to examine psychological factors that affected addictive shopping orientation of consumers, 2) to explore the effects addictive shopping orientation on the post-purchase emotions(positive emotion/negative emotion), 3) to examine the effect of post-purchase emotions on post-purchase behaviors (repurchasing/refund and exchange/negative word of mouth). 4) the study explored the differences in terms of effects of addictive shopping orientations on post-purchase emotions and behaviors, depending on the retailing channel (online and off line). The study performed a questionnaire survey for female adults older than 18 years old, living Seoul and Pusan areas. By using 404 copies for questionnaires, factor analysis, reliability analysis, and Amos 7.0 were used for the data analysis. It was found that psychological variables, self-esteem, compensatory buying and impulsiveness, had significant effects on addictive shopping orientations. Addictive shopping orientations affect both positive and negative post-purchase emotions in case of off-line shopping. Negative post-purchase emotions have higher impact on the postpurchase behaviors than positive post-purchase emotions.

• The Journal of the Korea Contents Association
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• v.22 no.3
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• pp.343-353
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• 2022

This study examines which factors will act as important factors for the public in designing a platform in the future to raise public awareness of the horse industry, and through this, a study on platform design factors of the horse industry to present insights on optimal platform design. For this study, structured questionnaires were distributed to 300 domestic adults who were interested in the horse industry to collect data, and the research questions set by using the statistical processing program SPSS 22.0 Ver were verified. As a result of the study, the usefulness of information in the central route and the playfulness of the information source among the peripheral routes were the most influential factors for consumer attitudes, and the up-to-dateness of information in the central route on consumer behavioral intentions. It was found that the attractiveness of the information source among the surrounding routes was the most influential factor. In addition, it was found that the positive attitude of consumers toward the horse industry platform is a factor that has a positive effect on the purchase intention and positive word of mouth intention for the horse industry in the future. Based on these results, this researcher needs to design content that can unravel useful information related to the horse industry in an interesting way to raise public awareness of the horse industry, and to provide the latest trends related to the horse industry at all times to draw real demand It should be possible and suggested that a design configuration that can make the platform feel more attractive is needed.

• Journal of Service Research and Studies
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• v.8 no.1
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• pp.123-143
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• 2018

This research examines empirically the causal relationship among service quality, CSR, trust, customer-company identification(=CCID), customer's behavioral intention as well as the mediating effect of trust and CCID on the relationship between service quality, CSR and customer's behavioral intention in insurance industry. With this background, this study conducted a statistical analysis based on survey data collected from insurance customers. The result of this empirical study is as follows. First, insurance company's CSR activity has a positive impact on customer's trust and customer-company Identification( =CCID). Second, both customer's trust and CCID have positive and significant effect on customer's behavioral intention. Third, we also find that both trust and CCID has a mediating effect on the relationship between service quality, CSR and customer's behavioral intention. This research shows that CSR activity of insurance company can enhance both customer's trust and CCID, in turn, when CSR activity and service quality is mediated by customer's trust and customer-company identification, it could be linked to customer's behavioral intention such as repurchasing, positive WOM(=word of mouth). This study is likely to contribute to CSR and service marketing research of insurance company.

• The Journal of the Korea Contents Association
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• v.9 no.8
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• pp.255-271
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• 2009

Since consumers have difficulty in acquiring information related to products in online, they are apt to use WOM(word-of-mouth). It seems to be more popular and acceptable methods to acquire information about products sold in online. In other words, consumers who visit the Internet shopping-mall can not make a purchase-decision immediately because they have no sufficient knowledge about products. To solve this problem, consumers make use of the service called "online review". The objective of this study is to verify how these reviews can influence attitude toward the message, product and several buying behaviors in the online. In particular, this study focus on the message's sidedness(positive or negative) and objectivity(objective or subjective), because it is expected that consumers are likely to behave differently according to the characteristics of online reviews. Thus, to measure consumer's attitude and buying behavior, this study was examined by 4 types of messages. The results of this study are as follows: First, in the positive-objective message, the message attitude has a stronger effect on purchase intention than other outcomes. Second, in the positive-subjective message, the message attitude has a stronger effect on revisiting intention than others. Third, in the negative-objective message, the message attitude has a stronger effect on purchase intention than others. Hence, it is said that online shopping-mall managers need to understand the effects of multidimensional online review.

• Journal of Korea Trade
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• v.24 no.7
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• pp.1-28
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• 2020

Purpose - This paper empirically investigates the predictors and main determinants of consumers' ratings of mobile applications in the Google Play Store. Using a linear and nonlinear model comparison to identify the function of users' review, in determining application rating across countries, this study estimates the direct effects of users' reviews on the application rating. In addition, extending our modelling into a sentimental analysis, this paper also aims to explore the effects of review polarity and subjectivity on the application rating, followed by an examination of the moderating effect of user reviews on the polarity-rating and subjectivity-rating relationships. Design/methodology - Our empirical model considers nonlinear association as well as linear causality between features and targets. This study employs competing theoretical frameworks - multiple regression, decision-tree and neural network models - to identify the predictors and main determinants of app ratings, using data from the Google Play Store. Using a cross-validation method, our analysis investigates the direct and moderating effects of predictors and main determinants of application ratings in a global app market. Findings - The main findings of this study can be summarized as follows: the number of user's review is positively associated with the ratings of a given app and it positively moderates the polarity-rating relationship. Applying the review polarity measured by a sentimental analysis to the modelling, it was found that the polarity is not significantly associated with the rating. This result best applies to the function of both positive and negative reviews in playing a word-of-mouth role, as well as serving as a channel for communication, leading to product innovation. Originality/value - Applying a proxy measured by binomial figures, previous studies have predominantly focused on positive and negative sentiment in examining the determinants of app ratings, assuming that they are significantly associated. Given the constraints to measurement of sentiment in current research, this paper employs sentimental analysis to measure the real integer for users' polarity and subjectivity. This paper also seeks to compare the suitability of three distinct models - linear regression, decision-tree and neural network models. Although a comparison between methodologies has long been considered important to the empirical approach, it has hitherto been underexplored in studies on the app market.

• Journal of Distribution Science
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• v.14 no.6
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• pp.45-52
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• 2016

Purpose - This study was conducted to present a study on the perception and satisfaction with the brand agricultural products targeted at consumers who use a lot of local products. According to the data of 2011, the total number of the brand agricultural products of Korea is 5,291 with various kinds. Research design, data and methodology - The survey shows that the brand agricultural products are being used by some specific people. However, it can be a useful idea which can help the consumption of brand agricultural products to be expanded if we understand how consumers' recognitions are different between various groups. For an empirical Analysis, the response data of 110 adult patients residing in the metropolitan area were used and conducted with a factor analysis, frequency analysis in order to ensure the validity and conducted a regression analysis and correlation analysis using SPSS statistical program. Results - According to the analysis, it showed consumers with an interest in brand agricultural products are 40-50 age housewives and the middle class of about 5 million won in monthly income more than 3 million won with a college education. As for consumers' purchasing status, all the subjects said that they had experienced buying brand agricultural products and the level of satisfaction for them was very high. Relatively, consumers' satisfaction level with high income and education is high. And recognition of the brand agricultural products was found mainly goes through word of mouth. The age and income are very important factors in customers' repurchase for brand agricultural products. The result of the analysis for the influences on brand agricultural products of customer satisfaction suggests even if the recognitions for safety, quality, and value are vital factors, the recognition of quality doesn't influence on brand agricultural products statistically and significantly. It was analysed if there were any differences between recognitions by group to brand agricultural products, that is to say recognition of safety, quality and value and the result can be summarized as follows. There are all statistical significant differences depending on their age, educational background and income. In the case of 30 or 40 aged, as they got the education level of college and graduate school and earned relatively high income, most customers have positive recognition on the brand agricultural products. This implies the group which can buy and consume the brand agricultural more easily has much more positive recognition. Conclusion - The results of this study shows consumers' brand awareness and satisfaction with brand agricultural products are affected by their age and income level. The purpose of this study is to find the information that can help brand agricultural products markets to be expanded by understanding the factors which encourage consumers to behave repurchase as well as customers' various levels of recognition to the brand agricultural products. The survey says that brand agricultural products are being used by some specific people.

• Journal of Distribution Science
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• v.11 no.12
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• pp.51-62
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• 2013

Purpose - A pre-study on service quality-based customer value is conducted with the path structure (perceived value of service quality→customer satisfaction→behavior intention) based on the hierarchical model of service quality including interaction and outcome quality, physical environment quality and the SERVQUAL model of process quality, namely, reliability, responsiveness, assurance, empathy, and tangibles. In addition, customer value in the service industry is studied by dividing into the two-way structure of utilitarian and emotional values. This study classifies customer values of family restaurants through the customer value model based on the 4×4 matrix needs system of Jeon and Kim (2009). It illustrates the path structure of customer value→customer satisfaction→behavior intention targeting college students in order to generalize the customer value system of family restaurants. Research design, data, and methodology - This study established seven hypotheses based on the relationship between each type of customer value (food quality, convenience, social, emotional, interior quality, service encounter, and purchasing) and customer satisfaction, and the relationship between customer satisfaction and behavior intention. The study data were collected from students in the Department of Business and Tourism at Kimpo University. In all, 294 survey papers were returned of the 300 distributed: 253 pieces were used in the final analysis excluding 41 with insufficient and less effective answers. For statistical analysis, the statistics software package SPSS 15.0 was used. Results - The results of the analysis are as follows: first, the customer values of family restaurants are classified by seven customer values: goods quality value, emotional value, convenience value, social value, purchasing value, service encounter value, and inner quality value. Second, emotional value, purchasing value, service encounter value, and inner quality value had positive impact on customer satisfaction. In particular, purchasing value through being included in functional value was not classified in the previous study; however, this study could classify and generalize this value in a new way. Finally, customer satisfaction had a positive impact on behavior intention. This showed that college students had behavior intention - repurchase intention and word-of-mouth - because they could be content with the food items on the menu and the service provided by employees. Conclusions - The main points based on the above-mentioned results are as follows. This study with college students as study subjects could be classified into four dimensions, namely, generic value, usage value, purchasing value, and physical value and seven sub-dimensions on customer values of family restaurants based on a 4×4 matrix needs system. Then, to confirm its generalization, the path structure of customer value→customer satisfaction→behavior intention was verified. While existing pre-studies used simplified values by classifying restaurant values largely as utilitarian value and hedonic value, this study classified various forms of customer value, and that customer value especially could be expanded by adding purchasing value. As a result, it is shown that marketers need to diversify their customer services because this study proved that customer values can be classified in various ways based on customer needs.

• Journal of Distribution Science
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• v.11 no.2
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• pp.35-44
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• 2013

Purpose - Until recently, studies on customer values for restaurants recognized two path structures; the SERVQUAL model, that is, service quality? perceived value? customer satisfaction? behavioral intention, and the customer value? customer satisfaction? behavioral intention path that categorizes customer values into functional value and hedonic value. This study, instead, classifies the consumption values of fast-food restaurants based on the consumption value system provided by Sheth, Newman and Gross (1991) and illustrates the new path structure, consumption value? customer satisfaction? behavioral intention, targeting college students for a generalization of the consumption value system of fast-food restaurants. Research design, data, and methodology - This study establishes five hypotheses based on the relationship between each type of consumption value (functional, emotional, social, and epistemic) and customer satisfaction, and the relationship between customer satisfaction and behavioral intention. For this analysis, data was collected by conducting a pre-test and administering a survey to 213 college students who are regular customers at fast-food restaurants in Seoul, Korea. The data collected was then analyzed using SPSS 15.0 and AMOS 6.0 statistical packages. Results - The study showed that: First, the consumption values of fast-food restaurants are classified into the following four categories: functional value, emotional value, social value, and epistemic value while consumption value can be applied to customer value of fast-food restaurants. Second, the functional and epistemic values had a positive impact on customer satisfaction. The resulting satisfaction is attributed to the intrinsic characteristics of fast-food restaurants like the consistent quality of food, reasonable prices, fast service, and unique or new experiences on every visit. On the other hand, emotional and social values did not affect customer satisfaction. The results on emotional value differed from the general studies on restaurants while the results obtained for social value were not consistent with the studies on high-end restaurants. Third, customer satisfaction had a positive impact on behavioral intention. The survey showed that college students reflected behavioral intention - repurchase intention and word-of-mouth - if they were satisfied with the food quality and employee services provided. Simultaneously, it was seen that the impact of functional value on customer satisfaction of fast food restaurant goers was more than that of epistemic value. Conclusions - The consumption values of fast-food restaurant users could be classified into four categories, functional, emotional, social and epistemic values, based on the consumption value system provided by Sheth, Newman and Gross (1991). It proved that the customer values of restaurant goers can be extended to the path structure of consumption value? customer satisfaction? behavioral intention to confirm its generalization. The study also showed that marketing managers need to focus more on the factors that influence functional value as the fast-food restaurant users consider timely services with the consistent quality of food at a reasonable price and at a convenient place more important than the new experiences or uniqueness.