• The Journal of Economics, Marketing and Management
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• v.9 no.5
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• pp.39-50
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• 2021

Purpose: This study is to analyze the changes of consumption patterns to diagnose the economic impacts on consumers' market during COVID-19, and to suggest implications to overcome the new social and economic crisis of Jeju Island. Research design, data, and methodology: We collected a set of credit card transaction records issued by BC Card Company from merchants in Jeju Special Self-Governing Province for past 4 years from 2017 to 2020 from the Jeju Data Hub run by Jeju Special Self-Governing Province. The big data contains details of approved credit card transactions including the approval numbers, amount, locations and types of merchants, time and age of users, etc. The researchers summed up amount in monthly basis, transforming big data to small data to analyze the changes of consumption before and after COVID-19. Results: Sales fell sharply in transportation industries including airlines, and overall consumption by age group decreased while the decrease in consumption among the seniors was relatively small. The sales of Yeon-dong and Yongdam-dong in Jeju City also fell significantly compared to other regions. As a result of the paired t-test of all 73 samples in Jeju City, the p-value of the mean consumption of the credit card in 2019 and 2020 is significant, statistically proven that the total consumption amount in the two years is different. Conclusions: We found there are sensitive spots that can be strategically approached based on the changes in consumption patterns by industry, region, and age although most of companies and small businesses have been hit by COVID-19. It is necessary for local companies and for the government to be focusing their support on upgrading services, in order to prevent declining sales and job instability for their employees, creating strategies to retain jobs and prevent customer churn in the face of the crisis. As Jeju Province is highly dependent on the tertiary industry, including tourism, it is suggested to create various strategies to overcome the crisis of the pandemic by constantly monitoring the sales trends of local companies.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.49-55
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• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• Journal of Distribution Science
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• v.13 no.12
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• pp.65-71
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• 2015

Purpose - Domestic cooperatives tend to increase during the establishment of cooperatives and gradually through the basic law of social needs. However, only cooperatives' qualitative grow this secured without blessings, and their quantitative growth through government support is questionable. The purpose of this study is to analyze the agricultural cooperatives established through the Distribution System Cooperatives Basic Law, which was enacted in January 2012. Subsequently, establishing agricultural cooperatives was done briskly. However, cooperatives established rapidly after the founding of the Basic Law encountered problems. Research design, data, and methodology - To assess the performance of selected agricultural cooperatives, data were analyzed using the methodological Analytic Hierarchy Process (AHP) approach. The AHP is a set of systematic procedures to hierarchically analyze the elements of any problem. Using a survey on expertise, a series of comparative determinations of each pair is performed to evaluate the relative strengths and the strengths of the impact between elements within the hierarchy. A survey was conducted on 10 small agricultural cooperatives using AHP analysis for the examination. The purpose of such research and analysis is to recommend a direction for future policies aimed at small agricultural cooperatives. Result - This study applied three types of policy evaluation criterion, including market expansions, organizations, and cooperative projects, and 12 types of small agricultural cooperative policy measures. Market expansion policies for agricultural cooperatives are classified into four categories: school meals, direct transactions, shopping malls, and wholesale markets. Organizational policies for agricultural cooperatives are classified into four types: existing sales channel management, education, preventing free riding, and enlarging members. Cooperative project policies in agricultural cooperatives are classified into four policy areas: cooperation between cooperatives, community contribution, joint businesses, and government links. In this paper, the growth priority in agricultural cooperative policies is analyzed by applying policy evaluation criteria on the basis of a survey on expertise. The priorities of the policy program are also analyzed using a decision analytic hierarchy process. The results indicate that market expansion is the most important policy evaluation criterion therefore, improving direct transactions, school meals, management of existing sales channels, and shopping malls are crucial policy measures. In contrast, the cooperation of cooperatives, expansion of union members, and cooperation with the government were found to have low priority. Conclusions - Agricultural cooperatives should develop plans as follows. Small agricultural cooperatives need to secure school meals and direct transactions for market expansion, restructure marketing strategies to manage existing sales channels, and, finally, increase education and training for sustainable organizational development. This study has the following limitations. Because the subject of the investigation is a new cooperative, determining its sustainable growth is difficult. Therefore, through analysis and a continuous study of cooperatives, future research is expected to show that modifying the direction of agriculture cooperatives is necessary.

• Korean Journal of Organic Agriculture
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• v.29 no.1
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• pp.1-23
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• 2021

The form of agri-food transaction has taken a rapid change from the existing method since Covid-19. In response to changes in the market environment such as Covid-19, the integrated marketing organization in Jeollabuk-do was diagnosed from the point of view of innovation, and the future direction was examined. In order to improve the distribution structure of the production area, an integrated marketing organization was fostered, and both quantitative and qualitative growth were brought about. However, some regions still lack willingness to participate and lack of expertise. In particular, there is no infrastructure and strategy to prepare for the increase in non-face-to-face transactions post Covid-19. Online transactions also require economies of scale, so non-face-to-face transaction capabilities must be reinforced by adding a separate organization and experts in charge of online transaction functions within the integrated marketing organization. In the future, online sales are highly likely to expand not only to transactions between producers and individual consumers (C to C), but also to mass consumer (B to B) transactions. It will be an opportunity. In addition, it is necessary to efficiently use production area distribution facilities such as sorting and packaging. Since the non-contact transaction method will increase after Corona 19, it is necessary to strengthen marketing capabilities such as expansion of utilization rate, order placement, settlement, and customer management, and reorganization of specialized organizations.

• Proceedings of the Society of Korea Industrial and System Engineering Conference
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• 2002.05a
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• pp.151-161
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• 2002

This paper presents the business model and system functionalities of a B2B e-marketplace solution that not only can overcome some problems of the public e- marketplace, but also can be applicable to both public and private types of e-marketplaces. This solution is different from the most of the public e-marketplace solutions that their main sources of revenue are transaction commissions or transaction fees through the third-party intermediation. Instead, this solution provides an ASP (Application Service Provider) functionality for direct, dis-intermediated purchasing and sales-related transactions between suppliers and buyers. With this functionality, suppliers and buyers electronically commerce with each other without the disclosure of their transactions as well as transaction commissions.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.8 no.6
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• pp.2043-2055
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• 2014

This paper empirically investigates the effects of technology licensing on the licensee firm's performance with the help of a unique data set of observed licensing transactions in Information and Communication Technology (ICT) industry. We examine how intensity of licensing participation as a licensee affects the firm's performance. This study also analyzes how relationship between the licensor and the licensee in a deal along with characteristics of participants and their industry influences the performance of the licensee firm. The findings suggest that frequent participation in technology licensing increase licensee firm's sales growth. Also, transaction cost considerations and technology spillovers are important explanatory factors that influence licensee firms' performance in licensing.

• Proceedings of the Korea Inteligent Information System Society Conference
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• 2007.11a
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• pp.489-498
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• 2007

For better predictions and classifications in customer recommendation, this study proposes an integrative model that efficiently combines the currently-in-use statistical and artificial intelligence models. In particular, by integrating the models such as Association Rule, Frequency Matrix, and Rule Induction, this study suggests an integrative prediction model. The data set for the tests is collected from a convenience store G, which is the number one in its brand in S. Korea. This data set contains sales information on customer transactions from September 1, 2005 to December 7, 2005. About 1,000 transactions are selected for a specific item. Using this data set, it suggests an integrated model predicting whether a customer buys or not buys a specific product for target marketing strategy. The performance of integrated model is compared with that of other models. The results from the experiments show that the performance of integrated model is superior to that of all other models such as Association Rule, Frequency Matrix, and Rule Induction.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.187-210
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• 2011

International transactions have the threat of non-payment by the buyer or non-performance by the seller. Parties tend to search for additional means of securing performance and payment beyond the mere agreement in the contract. Such security may be achieved by means of a letter of credit. When contracting parties have agreed to pay by means of a letter of credit, the buyer's bank takes upon itself the obligation to pay the purchase price when the seller tenders the documents that are stipulated in the letter of credit. The documents must comply strictly with the terms of the credit.. The documents play a crucial role in letter of credit transaction. The principles of abstraction, separability and strict compliance governing the letter of credit transaction are considered. The concept of fundamental breach of Article 25 CISG was discussed. This article examines whether a failure to deliver documents conforming to the terms of the letter of credit can constitute a fundamental breach of the sales contract as defined by Article 25 of the CISG by the seller and thereby enable the buyer to avoid the contract. For letter of credit transactions it should be accepted that the delivery of non-performing documents constitutes a fundamental breach, if the result of this breach is that the bank refuses to pay the price for the goods. On the other hand, in the interpretation of Article 25 CISG, it should be noted that if the parties have agreed to payment by means of a letter of credit, they have simultaneously agreed to apply the strict compliance principle to the delivery of documents in the sales contract. Finally the parties should ensure that inconsistency between the requirements under the documentary credit and the requirements under the contract of sale is avoided, since the buyer may be in breach of his payment obligation if the seller cannot get paid under the documentary credit when his documents conform with the contract of sale.

• Transactions of the Korean hydrogen and new energy society
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• v.30 no.4
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• pp.356-361
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• 2019

Since the government announced the roadmap to revitalize the hydrogen economy, we are constantly making the effort to expand the use of fuel cell electric vehicles (FCEV) and hydrogen charging stations. There is however a significant issue to build and operate the hydrogen charging station due to the lack of the profit model. Many researchers believe that the supply of FCEV will be increased in the near future and finally ensure the economy of hydrogen charging stations. This study shows that the sales changes of hydrogen gas and consumption patterns by the operation of the hydrogen charging station in Changwon City. The results will be used as the evidence to support for operating the hydrogen charging station by private businesses and the validity of additional establishment of hydrogen charging stations.

• The KIPS Transactions:PartD
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• v.11D no.1
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• pp.241-246
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• 2004

The importance of electronic commerce system has been growing rapidly due to development of information technology and acceleration of enterprise e-business. Electronic commerce system must provide convenient interface, easy and fast searching function, and product information satisfied customer's. A study about the system that used a reasoning technique and an Agent technology for this is required. In this paper, we designs electronic commerce system with customer preference and sales agent which is composed of case-based reasoning and rule-based reasoning for high customer satisfaction. Also, we were shown on an appropriateness of a proposal system by an experiment.