• 아태비즈니스연구
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• 제13권4호
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• pp.109-121
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• 2022

Purpose - This study investigates how earnings volatility influences current stock price informativeness about expectations of future earnings. Design/methodology/approach - I adopt the FERC model developed by Collins et al. (1994) and modified by Lundholm and Myers (2002) to investigate the connection between earnings volatility and future earnings reflected in current returns. I define five-year rolling standard deviations of earnings and components as earnings volatility measures and the degree of deviation of earnings from cash flows over the same five-year, which is developed by Jayaraman (2008). Finding - My results show that earnings volatility delays current stock price response to future operation expectations. They also verify that as earnings are more divergent from cash flows, current returns are less timely incorporating value-relevant future operation. Research implications or Originality This study shows that when volatile earnings deliver obscure and unreliable information about future operation expectations, they cause the market to be conflicting in understandings their implications and make it difficult in attaining correct future cashflow estimates.

• 한국의류학회지
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• 제19권3호
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• pp.434-447
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• 1995

This research was intended to identify variables influencing on risk perception and risk reduction behavior in clothing purchase situations. Responses from 631 female adults living in Seoul area were collected and analyzed. Towner for social occasions or working in office was used as clothing stimulus. The analysis included three product variables(price, style, type of clothing), 4 personality variables(generalized self-confidence, specific self-confidence, generalized informativeness, fashion informativeness), 2 clothing attitude variables(clothing importance, clothing interest), 4 demographic variables(age, educational level, occupation, income), and 3 situational variables(purchase planning, time pressure, effects of shopping company). Multiple regression revealed the fact that each type of clothing risk and each type of risk reduction behavior was influenced by the set of different variables. Generalized self- confidence and age and time pressure had more effects on clothing risk perception, while clothing risk reduction behavior was more influenced by clothing risk type, clothing interest, price of clothing and fashion informativeness. Implications for marketing strategies planning were also provided.

• 복식
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• 제62권8호
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• pp.134-148
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• 2012

Social commerce is not only a new form of shopping malls that did not exist in the past, but also a new form of media as it gets combined with social networking services. The purpose of this study is to analyze the influence of clothing involvement on the relationship between shopping values, attitudes, and purchase intentions of consumers in the group-buying type of social commerce. A specialized Internet survey company carried out the survey targeting consumers in their 20s and 30s with experience of purchasing fashion products using group-buying type of social commerce. A total of 200 questionnaires were used for the final analysis. Descriptive statistics, factor analysis, t-test, and regression analysis were conducted by using SPSS 12.0 and AMOS 19.0. The results are as follows. First, diversity/informativeness, impulse/accumulation, price, convenience, reliability, interaction, and adventure were identified as shopping value dimensions. Second, especially in cases of diversity/informativeness, price, and interaction, there were significant differences between the high involvement group and the low involvement group. Third, five of the categories, which were diversity/informativeness, price, convenience, reliability, and interaction, had significant influence on attitude and purchase intention. When the attitude variable was included with shopping value as independent variables in the regression model to predict purchase intention, the attitude variable presented a full mediating effect or a partial mediating effect between shopping value and purchase intention. Also, the relationship among shopping value, attitude, and purchase intention was different to some degree according to the level of consumer clothing involvement.

• 아태비즈니스연구
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• 제14권4호
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• pp.255-273
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• 2023

Purpose - This study examines whether internal control has an effect on stock price informativeness about future earnings. High quality internal control provides continuous assurance for the quality of financial reports, and these future earnings-related information is accurately reflected in the current stock price. Design/methodology/approach - This study collected 12,862 data from 2006 to 2021 in China to make an empirical analysis using the future earnings response coefficient (FERC) and the multiple regression analysis were hired in order to analyze the data. Findings - We find that internal control strengthens the association between current returns and future earnings, indicating that more information about future earnings is reflected in current stock prices. This positive effect exists in both the main board market and the growth enterprise market of China's stock market, especially in the main board market after the implementation of the internal control policy. In addition, we find that the positive effect is weaker for firms that report internal control deficiencies or receives non unqualified internal control audit opinions. The results using earnings persistence yield similar findings, further supporting the results based on the FERC model. Research Implications or Originality - Our tests provide strong evidence that the quality of internal control affects FERC in China stock market.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.833-843
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• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• 한국의류학회지
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• 제40권3호
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• pp.574-589
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• 2016

This research investigates the characteristics of the mobile social commerce and explores the moderating effects of perceived risk and price sensitivity. This survey targeted consumers in their 20s to 30s who use mobile social commerce applications. We used 261 questionnaires for the final statistical analysis. Descriptive analysis, factor analysis, reliability analysis, and hierarchical regression analysis were applied in the data analysis. The results are summarized as follows. First, characteristics of mobile social commerce are composed of economics, informativeness, entertainment and promotion. Second, perceived risk (which had a negative effect on purchase intention) had moderating effects between perceived risk and economics or entertainment. Third, price sensitivity (which had a positive effect on purchase intention) had a moderating effect between price sensitivity and promotion. This study contributes to the disclosure of the role of perceived risk and price sensitivity as moderating factors between the characteristics of mobile social commerce and purchase intention. Finally, useful implications (both academic and practical) are provided for fashion retail managers.

• 한국전자거래학회지
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• 제15권1호
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• pp.17-37
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• 2010

최근 온라인 상품검색기능을 제공하는 여러 사이트에서는 단순하게 특정상품을 검색하거나 신제품에 대한 소개 및 검색 기능뿐만 아니라 가격별 정렬, 제조사별 정렬, 출시일별 정렬 기능을 통해 상품을 판매하는 인터넷 쇼핑몰 사이트로의 연결기능과 함께 상품에 대한 주요 기능설명과 이용자들의 구매후기 등과 같은 다양한 서비스를 제공하고 있어, 온라인 쇼핑을 즐기는 소비자들에게 구매를 위한 준거점으로서 양질의 정보를 제공하고 있다. 본 연구는 온라인 상품 검색사이트에서 제공하는 이용후기의 역할을 살펴보고자 수행되었다. 이를 위해 온라인 상품검색사이트의 이용후기 특성으로 정보제공성과 유용성을 각각 설정하고, 온라인 상품검색사이트의 친숙성과 함께 사이트 신뢰, 만족, 충성도에 미치는 영향력 과정을 확인하기 위해 8개의 연구가설을 설정하였으며, 175명으로부터 자료를 수집, 이를 구조방정식 모형을 이용하여 검증하였다. 그 결과 친숙성과 이용후기의 정보제공성, 유용성 등이 사이트 신뢰, 만족을 경유하여 충성도에 유의적인 영향력을 미치고 있음을 확인하였다. 이를 통해 온라인 상품검색사이트 이용자의 충성도를 높이기 위해서는 사이트 친숙성을 높이는 전략, 제공되는 이용후기의 정보제공성을 높이고 유용성을 높이기 위한 운영전략의 마련이 필요하다 하겠다. 본 연구의 이러한 결과들이 향후 온라인 상품검색사이트를 운영하는 기업에게 많은 도움이 되었으면 한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.51-58
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• 2020

The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

• 한국ITS학회 논문지
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• 제9권4호
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• pp.113-122
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• 2010

지하철의 유지보수성, 경제성 등의 문제점을 보완하기 위하여 현재 차세대전동차 시스템 개발연구가 활발히 진행되고 있으며, 이는 지하철의 첨단성, 승객편의성, 시스템 안전성 및 신뢰성확보를 목적으로 하고 있다. 이러한 시점에서 차세대 전동차 개발이 지하철 이용자들에게 미치는 영향에 대한 사전연구가 필요하며, 본 연구에서는 서울시 지하철 1~8호선 이용자를 대상으로 차세대전동차 시스템 도입에 따른 지불의사금액 및 결정요인을 도출하였다. 차세대전동차 시스템 도입에 따른 이용자의 편의성(운행속도, 승차감, 안전성, 쾌적성, 보안성, 정보성)에 대한 지불의사금액 도출을 위하여 Price Sensitivity Method(PSM)를 적용하였으며, 지하철 이용자를 대상으로 차세대전동차 도입시 발생하는 효과에 대한 정의를 상세히 설명하고, 추가지불의사금액(willingness to pay) 및 결정요인을 조사하였다. 분석결과 차세대전동차 시스템 도입에 따른 지불의사금액의 범위는 148원~161원이 도출되었으며, 지불의사금액 결정요인은 지하철 이용자의 "성별", "이용횟수", "쾌적성 만족도", "보안성 만족도"가 영향을 미치는 것으로 분석되었다.

• 한국컴퓨터정보학회논문지
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• 제28권1호
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• pp.161-170
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• 2023

본 연구는 음원 스트리밍 서비스 및 e-service 관련 기존 연구를 바탕으로 음원 스트리밍 플랫폼에 대한 선택요인들을 도출하고, 각 요인들 간의 중요도를 파악하기 위해 AHP기법을 실시하였다. 본 연구의 결과, 음원 스트리밍 플랫폼의 1단계 선택요인들인 안전성, 경제성, 정보성, 편리성, 응답성 중에서 경제성이 가장 중요한 요인으로 나타났다. 1단계 요인과 2단계 요인의 가중치를 종합화한 결과에서는 합리적인 가격이 가장 중요한 요인으로 나타났다. 마지막으로 성별과 연령에 따라 음원 스트리밍 플랫폼의 선택요인간 중요도 차이의 유무를 판단하고자 추가적인 분석을 실시하였다. 본 연구를 통해서 소비자들이 음원 스트리밍 플랫폼를 이용할 때 가장 중요하게 고려하는 요인이 무엇인가를 파악할 수 있을 것이다.