• 유통과학연구
• /
• 제17권11호
• /
• pp.47-52
• /
• 2019

Purpose: This study specifically discusses why coffee shop customers want to revisit coffee shops. In addition, we would like to verify the mediated effect of the emotional reaction in relation to the influence of the experience values of the Chinese coffee shop on the re-visit of the coffee shop. Research design, data and methodology: Regression and reliability analyses were conducted. Simple regression was used for stock price verification, and the bootstrap method of model4 of Hayes was performed for the intermediate hypothesis verification. Results: This study confirmed that the experience values of coffee shops (entertainment, aesthetic, economic efficiency, and service excellence) have a significant influence on customers' intention to revisit coffee shops. Conclusions: Managers can check that the level of revisit by customers is increased by increasing the elements of experience value. In addition, studies have shown that the customer's emotional reactions play a significant mediating role in the relationship between the value of the experience and the customer's intention to revisit the coffee shop. This suggests that the coffee shop operator should focus on the emotional response of its customers and devise strategies to ensure that the value of the experience is connected to the intent of revisiting.

• Communications for Statistical Applications and Methods
• /
• 제16권2호
• /
• pp.287-297
• /
• 2009

일반적으로 일반화 자기회귀 조건부 이분산(GARCH)모형 하에서, 우도함수에 기반한 자료의 예측구간의 추정은 오차항의 분포에 민감하게 반응하고 더욱이 조건부분산의 경우 구간추정이 현실적으로 쉽게 풀리지 않는 문제이다. 이를 해결하기 위해 붓스트랩방법(bootstrap method)이 적용될 수 있음을 최근 연구들을 통해 밝혀졌다. 본 논문에서는 GARCH모형 하에서 자료와 변동성(조건부 분산)의 예측구간 추정을 위해 최근 소개된 Pascual 등 (2006)의 논문을 토대로 붓스트랩 방법를 정리하였다 실제 사례분석을 위해 국내 주가수익률자료를 이용하였다.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권2호
• /
• pp.247-255
• /
• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• Asian Journal of Business Environment
• /
• 제11권4호
• /
• pp.31-38
• /
• 2021

Purpose: This paper uses the resource-dependency theory to present the case of the Pakistan sugar industry to highlight how the industry uses a strategic alliance to gain a powerful bargaining position over its critical dependencies. The case of the Pakistan sugar industry is well-known and it is common knowledge that the alliance or the cartel within it is responsible for frequent price hikes and sugar supply shortages in the country. Research design, data and methodology: We use a case study, qualitative document analysis design to trace how the alliance overcomes its various dependencies, and in doing so, how does it harm various stakeholder interests. Results: This paper finds that the sugar industry alliance maintains its bargaining power by manipulating sugar supply through horizontal alliances, political affiliations, underselling and under-reporting sugar stocks, purchasing sugarcane from the black market, and by gaining billions of rupees in export subsidies by hoarding stock and using its political connections. Conclusion: The paper concludes by providing a summary of the measures which the government has taken to curb this anticompetitive conduct; the most important of which is the removal of protectionist measures for sugar trade and allowing market forces to control the demand and supply of sugar in the local market.

• Journal of Korea Trade
• /
• 제24권5호
• /
• pp.35-54
• /
• 2020

Purpose - It seems common sense that corporate social responsibility (CSR) is a key driver of business sustainability. Nevertheless, there has been little research on the performance of socially responsible activities, including economic and environmentally responsibility activities, in internationally diversified firms. Design/methodology - The purpose of this study was to evaluate the effects of CSR activities on management performance. For this evaluation, an empirical analysis was conducted with total of 2,520 cases, selected from companies listed on the Korea Composite Stock Price Index market for six years from 2013 to 2018. As proxies for management performance, financial data such as a total asset net profit ratio and a total asset operating ratio were used. A multivariate regression analysis was conducted to test hypotheses. Findings - The results of this analysis indicated that firms in the CSR outstanding group were ranked significantly higher than other groups in management performance. In addition, CSR activities of internationally diversified firms positively influenced the total asset net profit ratio and total asset operating ratio. Originality/value - The results suggest that the CSR activities of these firms can play a significant role in enhancing management performance in the economic status of Korea, where the degree of export dependency is high.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.251-265
• /
• 2021

It seems a common sense that corporate social responsibility (CSR) is a key driver to attain business sustainability. Nevertheless, there has been little research on the performance of socially responsible activities, including economic and environmental responsibility activities in internationally diversified firms. The purpose of this study was to evaluate the effects of CSR activities on management performance. For this evaluation, an empirical analysis was conducted with a total of 2,520 cases, selected from companies listed on the Korea Composite Stock Price Index market for six years from 2013 to 2018. As proxies for management performance, financial date such as a total asset net profit ratio and a total asset-operating ratio were used. A multivariate regression analysis was conducted to test hypotheses. The results of this analysis indicated that firms in the CSR outstanding group are significantly higher than other groups in management performances. In addition, CSR activities of internationally diversified firms positively influence their total asset net profit ratio and total asset-operating ratio. The results suggested that CSR activities of these firms can play a significant role in enhancing management performances amid the economic status of Korea, where a degree of export dependency is high.

• 아태비즈니스연구
• /
• 제13권1호
• /
• pp.247-262
• /
• 2022

Purpose - The purpose of this study is to examine the impact of the Pandamic Declaration on 'untact firms' listed in KOSPI and KOSDAQ market in order to verify Investor Mania Hypothesis. Design/methodology/approach - This study collected financial data for 44 untact firms in KOSPI and KOSDAQ market. Then, we employed ESM(Event Study Methodology), EGARCH model and DID(Difference-In-Difference) for analysis. Findings - First, in contrast with the benchmarking index, KOSPI 200 which shows a negative (-) abnormal return trend, the untact firms have positive abnormal return trend consistently. Second, after the Pandemic Declaration, the variability of abnormal return for the untact firms is found to be significantly positive. Third, we find that the cumulative abnormal return and volatility of the untact firms significantly increase after the Pandemic Declaration. Research implications or Originality - Based on the Investor Mania Hypothesis, we confirm that the market potential of untact firms after the Pandemic Declaration is observed when compared with the KOSPI 200.

• 유통과학연구
• /
• 제21권4호
• /
• pp.91-101
• /
• 2023

Purpose: Research on the valuation of the e-commerce distribution companies is necessary because the traditional valuation methodology cannot be easily applied. Considering the valuation and initial public offering (IPO) of Coupang, Korea's leading e-commerce company, this study contributes to the literature by examining various valuation methods applicable to corporate valuation in the e-commerce industry and provides their implications. Research design, data and methodology: This case study investigates research, analyst reports, news articles, and magazines to review the valuation methods for companies in the e-commerce industry and analyzes the case of the Coupang IPO. Results: A valuation method that considers growth potential, which is important for companies in the e-commerce industry, is used for IPOs. This led to Coupang's successful IPO on the New York Stock Exchange despite its accumulated losses. However, the continued price decline since listing suggests that Coupang's valuation should have considered more factors. Conclusions: This study provides guidelines for the valuation of companies in the e-commerce industry, which eventually improves the overall industry. Moreover, this study provides directions for improving the valuation methods for e-commerce firms.

• 인터넷정보학회논문지
• /
• 제22권6호
• /
• pp.51-57
• /
• 2021

기업의 세금을 절약 혹은 회피하는 행동은 과세관청에 의해 합법적 절세가 아닌 탈세로 판단될 경우 기업은 조세적 비용뿐 아니라 일련의 탈세관련 보도 기사로 인해 기업이미지 손상 및 주가하락과 같은 비조세적 비용까지 부담하게 된다. 이에 본 연구는 인터넷 뉴스 포털에 나타난 탈세 논란 키워드들의 출현빈도를 해당 사건의 심각성을 측정하는 요인으로 정하고 이러한 출현빈도가 기업가치에 미치는 영향을 분석한다. 우리나라 유가증권시장에서 시가총액기준 상위 업체들을 대상으로 탈세 논란 키워드들을 활용하여 인터넷 뉴스 포털로부터 관련 기사를 크롤링하고, 기업별로 탈세 논란 키워드들의 출현빈도에 대한 시계열을 생성하여 출현빈도가 장부가 대비 시가총액에 미치는 영향을 분석한다. 패널회귀분석과 충격반응분석을 통해 분석한 결과 출현빈도는 기업가치에 부정적인 영향을 미치며 12개월까지 점진적으로 효과가 감소되는 것으로 분석된다. 이 연구는 한국기업들을 대상으로 탈세 논란 사안이 기업가치에 영향을 미치는지를 실증적으로 분석한 연구로서, 경영자는 절세전략을 수립 시 이러한 영향력을 고려하는 것이 필요하다는 것을 시사한다.

• KDI Journal of Economic Policy
• /
• 제31권1호
• /
• pp.239-276
• /
• 2009

본 연구에서는 주식시장에서 정보 생산자로서 중요한 기능을 수행하는 '애널리스트'의 이익 예측치 편의와 정확도가 증권사와 평가 대상 기업의 동일인 소유 여부에 의하여 영향을 받는지를 점검하였다. 소유구조에 기반한 증권사와 평가 대상 기업 간의 특수관계에 의하여 평가자의 행태가 달라지고 그로 인하여 불특정 다수의 투자자에게 부정적 영향이 초래되는 경우 적절한 규제조치가 필요할 것이라는 측면에서 제기된 문제의 실천적 의미를 찾을 수 있다. 물론 평판효과(reputation effect)가 중요한 역할을 하는 증권업과 애널리스트 시장에서 시장규율(market discipline)이 원활히 작동한다면 특수관계로 인해 왜곡된 정보를 제공할 유인이 사라질 것이며 별도의 규제가 필요하지는 않을 것이다. 분석 결과에 의하면, 특수관계가 존재할 경우 양의 예측편의가 발생하는 빈도가 높은 것은 사실이나, 예측편의의 크기를 포함한 종합적 상관관계를 고려할 경우 증권사와 평가 대상 기업 간의 특수관계가 유의한 예측편의를 발생시키는 것으로 보기는 어려우며, 정확도 또한 의미있는 차이를 보이는 것으로 결론짓기는 어려운 것으로 나타났다. 이는 적어도 현재까지는 증권사가 소유구조로 인하여 왜곡된 정보를 생산하려는 유인보다 정확한 정보를 제공한다는 평판을 지키려는 유인이 더욱 크게 작용한 결과 관측되는 현상으로 해석될 수 있다.