• Journal of Distribution Science
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• v.21 no.6
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• pp.21-29
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• 2023

Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out. Results: The monopoly of holding companies' listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value. Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.7
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• pp.448-458
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• 2017

This study reviews the literature related to the omni-channel and derived structural relationship between experiential perception of omni-channel brand and consumer-brand relational quality. A total of 250 questionnaires were distributed to university students, workers, and consumers in Busan, Korea, who had experience using SSG.com. 210 questionnaires were used for final validation of research model. The hypotheses set in this study was validated through SPSS18.0 and LISREL8.3 based on the research model. The results showed that all hypotheses were accepted, except for 2 hypotheses(Hypothesis 2-3, Hypothesis 2-4). Findings of this study suggest the following:First, the consumer's experience with the omni-channel brand was found to be an important factor influencing consumers' cognitive and emotional responses formed by the transfer effect of experiential factors through senses. Second, the relationship between consumers and the omni-channel brand was found to be an important factor in building attachment and psychological bond through experience and trust for the omni-channel brand. Thus, the results of this study provide the basis for overall understanding of the strategic experiential module (SEMs) for the omni-channel, which recently emerged as a new trend of distribution channel, as well as for managing the spatial environment. Finally, we present the theoretical and practical implications related to consumers' experience and relational perception.