• 유통과학연구
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• 제14권6호
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• pp.65-73
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• 2016

Purpose - Recently, the management conditions of small independent retailers are getting worse everyday as large-scale marts and franchised convenience stores are increasing. The objective of this research is to find out the antecedents and consequences of cooperation in voluntary chain in order to enhance small independent retailer's competitiveness. Voluntary chains, also called affiliation or symbol groups, or allied group represent a high market shared in some European countries like Italy, France, and Germany. Nevertheless, there are still limitations in this research from academic fields. Drawing from network theory, the author investigates the relationship between antecedent factors in voluntary chain cooperation, such as participation benefits, justice of compensation, and autonomy in voluntary chain, and relationship specific asset. The author also attempts to examine the relationship between the relationship specific asset and cooperation of voluntary chain member shop and cooperation and consequence factors of voluntary chain cooperation, such as efficiency, group cohesiveness, and long-term relationship. Research design, data, and methodology - The author presented conceptual framework integrating the major antecedents and consequences of voluntary chain cooperation. The data were collected from 174 independent small retailers who joined K-voluntary chain. K-voluntary chain consists of small independent retailers. In accordance with their status, each entrepreneur associated with the voluntary group can own one or more outlets and can be a part of the life and the decision-making process of the group. This participation is not based on company turnover or on the number of outlets, but based on a one member, one vote system. To verify the research model and test hypotheses, the author carefully investigated the reliability, content validity, convergent validity, and discriminant validity of the proposed model. The data were analyzed by using SPSS 18.0 and AMOS structural equation modeling program. Results - The results of this study are as follows. First, as antecedent variables, participation benefits and justice of compensation have positive effect on the relationship specific assets of voluntary chain members. Second, voluntary chain members' relationship specific asset also directly related to the level of its cooperation to chain headquarter. Third, cooperation of voluntary chain member shop facilitates efficiency, group cohesiveness, and long-term relationship. Unexpectedly, there are no effect autonomy in voluntary chain to relationship specific asset. Conclusions - This research shows several theoretical and practical implications to both marketing scholars and marketers. In terms of theoretical implications, this study applies to network theory and network theory variables to explain the antecedent and consequence factors of cooperation in voluntary chain. From the point of view from business management, most of all, this study shows the way how to reinforce competitiveness of voluntary chain. Specifically, it is necessary for voluntary chain headquarter to give higher level of participation benefit and justice of compensation to its members. Second, the results also indicate what the consequence factors of cooperation in voluntary chain. In other words, to increase the level of marketing efficiency, group cohesiveness, long-term orientation in retail voluntary chain, and chain headquarter need to facilitate participants' cooperation.

• 유통과학연구
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• 제13권10호
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• pp.73-82
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• 2015

Purpose - This paper aims to investigate whether information asymmetry could explain capital structures in Korean corporations. According to Myers (1984), firms prefer internal funding to external financing due to the costs associated with information asymmetry. When external financing is necessary, firms prefer to issue debt rather than equity by the same reasoning. Since Shyam-Sunder and Myers (1999), numerous studies continue to debate the validity of the theory. In this paper, we show how the theory depends on assumptions and incorporated variables. We hope our investigation can provide helpful implications regarding capital structure, information asymmetry, and other firm characteristics. Specifically, our empirical results are complementary to the analysis of Son and Lee's (2015), a recent study that examines the pecking order theory prediction for Korean retail firms. Research design, data, and methodology - We test empirical models that are some variants of model used in Shyam-Sunder and Myers (1999). The financial and accounting data are provided by WISEfn for the firms listed on the KOSPI during 1990 to 2013. Bond ratings are supplied by the Korea Investor Service (KIS). We take into account the heterogeneity in debt capacity; a firm's debt capacity is measured by using the method of Lemmon and Zender (2010) based on its bond ratings. Finally, we estimate empirical models suggested by Shyam-Sunder and Myers (1999), Frank and Goyal (2003), and Lemmon and Zender (2010). Results - First, we find that Shyam-Sunder and Myers' (1999) prediction fails to explain total debt changes of Korean firms. Second, we find a non-monotonic relationship between total debt changes and financial deficits with respect to debt capacity. This contradicts the prediction of Lemmon and Zender (2010) that argues the pecking order theory survives with a monotonically increasing relationship. Third, we estimate a negative correlation coefficient between financial deficit and current debt changes. The result is the complete opposite of the prediction of Lemmon and Zender (2010). Finally, we also confirm the non-monotonic relationship between non-current debt changes and financial deficits with respect to debt capacity. Yet, the slope of coefficient is smaller than that of total debt change case. Indeed, the results are, to some extent, consistent with the prediction of pecking order theory, if we exclude the mid-debt capacity firms. Conclusions - Our empirical results complementary to the analysis of Son and Lee (2015), a recent study focusing on capital structure in Korean retail firms; their paper suggests interesting topics regarding capital structure, information asymmetry, and other firm characteristics in Korean corporations. Contrary to Son and Lee (2015), our results show that total debt changes and current debt changes are inconsistent with the prediction of Shyam-Sunder and Myers (1999). However, similar to Son and Lee (2015), non-current debt changes are consistent with the pecking order prediction, in the case of excluding the mid-level debt capacity firms. This contrast allows us to infer that industry characteristics significantly affect the validity of the pecking order prediction. Further studies are needed to analyze the economics behind this phenomenon, which is beyond the scope of our paper. In addition, the estimation bias potentially matters regarding the firm-level debt capacity calculation. We also reserve this topic for future research.

• 유통과학연구
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• 제13권6호
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• pp.71-78
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• 2015

Purpose - This study attempts to analyze whether or not there are characteristics among the top management of companies that promote corporate performance at venture companies. It investigates the characteristics of the human and social capital that are inherent in top management at a venture company and conducts an empirical analysis of hypotheses examining if these characteristics will affect utilization of the governmental R&D support system as well as affect the firm's initial success. Research design, data, and methodology - This study conducted theoretical and empirical research together to accomplish the goal of the study. The pilot study researched human capital and social capital as the independent variables; the governmental R&D support system as the parameter; and, the initial success as the dependent variable. The empirical study carried out research on the model, establishment of hypotheses, and the statistical treatment. A survey was conducted targeting top management of high-tech venture companies in Daedeok Innopolis; 500 questionnaires were distributed; and, 222 were collected. Results - The human and social capital inherent in top management at venture companies in the early stages of their existence become good evaluation data for those who are invested in similar resources. If top management includes strong human and social capital, access to external resources will be easier; these will have a positive influence on the selection of overnmental support systems; and, this proper support will also have a positive influence on the initial success of the venture company. The results revealed the following. First, it was found that when the educational level and functional background, (the top management human capital), are the output function, top management human capital had a significant influence on selection of governmental R&D support funds. Second, it was found that the internal social capital and external social capital, (the top management social capital), had a significant influence on selection of governmental R&D support tasks. Third, it was found that selection of the governmental R&D support tasks at the start of the venture company had a positive influence on the corporate financial performance such as sales, business profits, and the increase in workers; and, had a significant influence on nonfinancial performance such as market share, competitive position, product competitiveness, and the future product development. Conclusions - Selection of the governmental R&D support system is not recognized as part of the direct sales of a venture company in its early stages, but as it can reduce costs for technical development and helps significantly in creating test products and mass production, it has a positive influence on the company's financial performance and nonfinancial performance as a result. Therefore, companies should take great efforts to frequently be selected as a candidate in the governmental R&D support system, as it can help facilitate R&D that requires extensive funds. As a result, companies can expect effects such as job creation and patent applications and they can advance future product sales.

• 유통과학연구
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• 제13권8호
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• pp.73-80
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• 2015

Purpose - This study's objective is to analyze the content of the communications between users and producers based on the construal level theory. User generated content refers to content created in an online-based service where users and producers communicate interactively with each other. In a user generated content platform, the messages sent and received between the many players, the users and producers who use the content, may be analyzed at the psychological level based on construal level theory. Research design, data, and methodology - This study gathered user and producer participation through a snow-bowling sampling method. The data analyzed includes 125 video clips and 2,912 comments. The period of the data collection was from September 2014 to December 2014. The collected data was analyzed using a t-test and two-way ANOVA. Results - This study obtained the following research results. First, users who were a short social distance from producers responded to user participatory activities stated in concrete language rather than abstract language. In contrast, users who were at a longer social distance from producers tended to respond to the content requesting user participation through abstract language. Second, if users and producers were at a short social distance from each other, user preference increased more when a producer response to user participation was expressed concretely rather than when it was expressed abstractly. In contrast, if the users were at a longer social distance, users' preferences increased more when producer response was expressed abstractly rather than when it was expressed concretely. Conclusion - This study found that the effect of suitability, in which the social distance and the content were in congruence at the construal level, could be observed. Therefore, based on this, academic and practical implications were drawn. The three main insights of the study are as follows. First, firms can use psychological factors to analyze the message content of users in their distribution platforms. This study reveals managerial implications for marketing managers who want to take make use of this analysis of user and producer communications. This study indicates that the main factors include the concrete and abstract scores and social distance between users and producers. Second, we also provide the strategic guidelines to maximizing user preferences and other outcomes. The main dependent variable in this study is the user preference shift; the variable increases through the congruence effect; and the construal level is determined by the social distance between the users and producers and the type of producer response. The outcomes here from users can be utilized to develop several systemic strategies. One process to use the outcomes could be: (1) firms could measure the users and producers social distance; (2) calculate the concreteness or abstractness of the messages; and, (3) predict the user preference outcomes by the congruence between user and producer social distance and the abstractness or concreteness of the message content.

• 유통과학연구
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• 제13권5호
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• pp.83-90
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• 2015

Purpose - This research aims to understand the different behaviors of consumers according to cognitive age. Specifically, this research is focused on pro-social behavior. Pro-social behavior is defined as behavior benefiting others, rather than behavior benefiting one's self. It often entails individual risk or cost, such as when giving resources to others, waiting in line, asking for or paying a fair price, or risking one's life in battle. Therefore, we sought to understand consumer psychology and cognitive age as a reflection of inner psychology. People frequently perceive themselves as younger or older than their chronological ages. This self-perceived or cognitive age is a subjective age perception independent of actual chronological age. The discrepancy degree between chronological and cognitive age represents how much individuals perceive themselves as younger than they are. This study examines the gap in donation intention based on cognitive age. In order to investigate cognitive age, composed of four sub-categories (feel-age, look-age, do-age, and interest-age), this study explores the differential donation intention based on cognitive age, which determines the relationship between the young age and old age. Research design, data, and methodology - Data research was conducted by gathering 216 survey samples, excluding those with unreliable answers. Data coding and cleaning were used and SPSS 19.0 software for the data analysis. The respondents were categorized into two types, younger cognitive ages and older cognitive ages. Additionally, we analyzed the moderating variables. In particular, we used cognitive age degree and congruency level (cognitive age low vs. cognitive age high) × (congruency close vs. congruency distant) between - subjects design. First, regression was done to verify the difference between chronological age and cognitive age. Second, a t-test was done to verify the difference of cognitive age level in donations. Third, ANOVA (analysis of variance) was done to verify the difference between cognitive age and congruency in donations. Last, ANOVA was done to verify the difference between cognitive age and moral judgments in donations. Result - The results show most respondents perceive themselves as younger than their chronological ages. In particular, older respondents feel they are younger than their actual age. Moreover, the result of the comparison between low degree and high degree groups of cognitive age, show high donations at the higher degree of cognitive age groups. In addition, the closer the distance to the beneficiaries, the higher the donation in high degree cognitive age groups. The higher moral judgment groups also show relatively high contributions in lower degree cognitive age groups. Conclusions - Donations belong to the category of pro-social behavior reflecting an individual's psychological state. Therefore, it is important in understanding cognitive age. This study implies that it is necessary to take into account both cognitive age and chronological age when segmenting donors. Moreover, this study confirmed that there are different factors affecting the motives behind donations. Thus, it may be utilized to create differential donation strategies.

• 유통과학연구
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• 제13권5호
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• pp.113-120
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• 2015

Purpose - As the rapid development of ICT has been made recently, many domestic companies are trying to introduce smart work infrastructure. The purpose of institution of smart work is to enhance their performance. To this end, it is necessary to advance the way of working. Developing employees' collective intelligence should be regarded as a prerequisite for advancing the way of working. Job satisfaction of the employees is another important factor to enhance organizational performance. So this study aims to provide the theoretical background of systematic approach to smart work quality by empirically analyzing the effect of smart work quality on collective intelligence and job satisfaction. Research design, data, and methodology - A structural equation model was designed to examine cause-and-effect relationships among three latent variables(smart work quality, collective intelligence, job satisfaction). Three hypotheses were formulated. The first hypothesis is that the effect of smart work quality on collective intelligence will be positively and statistically significant. Likewise, the second hypothesis is that the effect of smart work quality on job satisfaction will be positively and statistically significant. Finally, the third hypothesis is that the effect of collective intelligence on job satisfaction will be positively and statistically significant. Based on the previous researches, 34 questionnaire items were developed to measure the effect of the three variables. The survey was conducted on 162 employees who are working under smart work environment. The number of the effective questionnaires for the analysis was 154. PASW Statistics 18 and AMOS 18 were used for the statistical analysis. Results - The validity and reliability test for questionnaire items have been carried out. From the factor analysis, 1 out of 34 items was eliminated. As a result, 33 out of 34 items were used for analyzing. The values of Cronbach's α ranged from 0.701 to 0.910, indicating the acceptable reliability of the questionnaire items. The values of χ2, df, CFI, TLI, RMSEA of the model are 102.838, 51, 0.949, 0.935, 0.082, respectively. So the structural equation model was statistically significant. The first and third hypotheses were supported. But the second hypothesis was rejected. Conclusions - An analysis using structural equation model showed meaningful implications about the effect of smart work quality on collective intelligence and job satisfaction. First, as the five quality elements of the smart work improved, the level of collective intelligence increased. Second, the statistical analysis showed smart work didn't have a direct effect on job satisfaction, which is inconsistent with the prior findings. The main purpose of smart work is to help achieve greater performance. The companies also need to make efforts to improve job satisfaction of their employees along with achieving greater performance. Third, an organization with higher level of collective intelligence showed greater job satisfaction. The companies under smart work environment need to develop functions to encourage participation, sharing, openness, and collaboration. This research will provide useful information for the companies which want to introduce smart work, distribution information system, management information system, etc.

• 유통과학연구
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• 제12권12호
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• pp.107-118
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• 2014

Purpose - Due to the recent slowdown of growth in global luxury brands, which have been an engine of our domestic fashion market growth, there is an increasing need to develop a global market for domestic high-priced fashion brands. In spite of the large scale of trade between Korea and China with respect to fashion products, current trade concentrates on middle- and low-priced products rather than high-priced products. Diversification of the trade between Korea and China in terms of the price levels of trade products is needed. An understanding of Chinese consumption values and purchase intentions for luxury fashion brands will be very helpful for the establishment of strategies with the aim of increasing the level of trade with regard to high-priced fashion products. Therefore, the study aimed to identify the differences in the clothing consumption values of South Korean and Chinese women in their 20s, especially with reference to how those values affect their preference and purchase intention for luxury fashion brands. Research design, data, methodology - The study was implemented through a descriptive survey method using a self-administered questionnaire. The sample consisted of 283 Korean and 306 Chinese women in their 20s, residing in Seoul, Beijing, Guangzhou, and Shanghai. Data were collected from March 3 to 15, 2014. A total of 589 completed responses were analyzed. Data were analyzed by factor analysis, t-test, and multiple regression analysis. Results - Fivefactors for clothing consumption values were formulated: conspicuous/social value, fashionability value, personality expression value, hedonic value, and practical value. There were significant differences between Korean and Chinese consumers in clothing consumption values (except social value), preference, and purchase intention for luxury fashion brands. With regard to clothing consumption values, Chinese women attached more importance to fashionability value, personality expression value, hedonic value, and practical value than South Korean women. In addition, Chinese women's preference and purchase intention for luxury fashion brands were higher than South Korean women's. Second, in the case of South Korean women, social value, practical value, and fashionability value had positive effects on preferences for luxury fashion brands, while attractive/personality expression value and hedonic value had no influence. In contrast, in the case of Chinese women, social value and fashionability value had positive effects on preference for the luxury fashion brands. Third, in the case of South Korean women, social value and practical value had positive effects on purchase intentions for luxury fashion brands. In contrast, in the case of Chinese women, social value, personality expression value, and fashionability value had positive effects on purchase intention for luxury fashion brands. Conclusions - Considering the findings of the study, it is clear that differentiated marketing strategies are needed for luxury fashion brand markets in Korea and China. The results of the study could provide useful information that will help increase the effectiveness of luxury fashion brand marketing strategies in Korea and China.

• 유통과학연구
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• 제12권9호
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• pp.101-112
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• 2014

Purpose - Recently, although corporate social responsibility activities have been increasing in size, they do not have to achieve qualitative improvements and can be passive and cost consuming. Therefore, companies should make quantitative as well as qualitative improvements in their efforts in corporate social responsibility activities. In this study, the classification of social responsibility activities in a variety of studies was analyzed through a more specific path than in previous studies. Corporate behavior image, social behavior image, and corporate contributions image were analyzed through a more detailed analysis of performance. This study suggests that more detailed and concentrated social responsibility activities be pursued by forming companies. Research design, data, and methodology - The purpose of study is to gauge the corporate need for a more intensive, specific area of CSR activities. For this purpose, the sample of consumers that were targeted for CSR activities, recognized as 261 persons, have been investigated. Through a theoretical discussion on previous research, nine hypotheses were established on corporate image, the influence of corporate performance on CSR, and the CSV regulation effect. In order to test the hypothesis, a survey was conducted on 261 male and female consumers who were targeted for CSR, being persons in their 20s to 40s. PASW Statistics 18.0 and AMOS 18.0 were used for statistical analysis. Results - Corporate behavior image was formed through legal responsibility activities and economic responsibility activities. In addition to economic responsibilities, ethical responsibilities and environmental responsibilities were confirmed to have influence on social behavior image. Corporate social responsibility and philanthropic responsibility were confirmed to have influence on economic contribution image. Corporate image has positive effects on brand attitude, corporate reputation, and corporate competition. In addition, when CSV awareness is high, consumers perceive corporate image only through economic responsibility. However, when CSV awareness is low, economic responsibility as well as legal responsibility through charitable activities form the corporate image that influences the brand attitude and corporate reputation, as well as corporate competitiveness. It would appear that the area of corporate social responsibility needs more intensive management for corporate image and corporate competitive advantage. Conclusion - First, the findings of this study show that each CSR activity has a different effect on corporate image and thus, the corporate image influences corporate performance in distinct ways, depending on the CSR activity. This implies that reactive strategies should be tailored to the required image. Second, there is a difference in CSV awareness between groups. When the CSV awareness is low, we can confirm that legal responsibility activities have an especially significant effect on corporate image, implying that corporations should pursue their economic objectives within legal regulations and need to invest significant time and effort for this. This study has limited generalization potential because the result of the model fit has insufficient reference value. In future research, we need to approach various dimensions of corporate performance.

• 유통과학연구
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• 제11권4호
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• pp.51-60
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• 2013

Purpose - The objective of this paper is to investigate the effect of asset specificity, the level of information sharing, the importance of information sharing, and an integrated collaborative environment on supply chain performance. Research design, data, and methodology - Data collection was implemented as follows: questionnaires were distributed to 250 companies that have business ties with Halla Climate Control Corporation. The empirical study to test our hypothesis was based on statistical analysis (using SPSS 18.0 and AMOS 18.0). The hypothesis of this paper is that the asset specificity variable has positive effects on the following variables: Level of information sharing, the importance of information sharing, and integrated collaborative environment. Moreover the variables, the level of information sharing, and the importance of information sharing are strongly influenced by the variable integrated collaborative environment, and these when combined, have an effect on the dependent variable, supply chain performance. We tested our hypothesized model utilizing path analysis with latent variables. Results - According to the results of our analysis, hypothesis H1, which tests whether there is a relationship between asset specificity and the integrated collaborative environment, is supported at the 0.01 level. Hypotheses H2 and H3 were also confirmed, and asset specificity had positive effects (+) on the level of information sharing variable. The importance of the information sharing variable was statistically significant at the 0.01 level. Hypotheses H4 and H5 posited that the integrated collaborative environment variable would have a positive effect on the level of information sharing; the importance of information sharing variable was strongly supported statistically, with a significant p-value below. Moreover, the level of information sharing (H6), and the importance of information sharing (H7) variables also had a statistically relevant influence on supply chain performance. As a result, existence of a collaborative system between companies would influence supply chain performance by strengthening real-time information access and information sharing. Thus, it is important to construct a collaborative environment where information sharing among companies and cooperation is possible. Conclusions - First, with rapid changes in the business environment, it becomes necessary for enterprises to acquire the right information in order to properly implement SCM. For successful SCM, firms should understand the importance of collaboration with supply chain partners and an internally built collaboration system, which in turn will better promote a partnership commitment with suppliers as well as collaborative integration with buyers. A collaborative system, as we suggest in this paper, facilitates the maintenance of a long-term relationship of trust, and can help reinforce information sharing. Second, it is necessary to increase information sharing over time via a collaborative system so that employees of the suppliers become aware of the system. The more proactive and positive attitudes are towards such a collaborative system by the managerial group, the higher the level of information sharing will be among the users. Successful SCM performance is achieved by information sharing through a collaborative environment rather than by investing only in setting up an information system.

• 유통과학연구
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• 제11권4호
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• pp.73-80
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• 2013

Purpose - As the smart-phone market adds new technologies and introduces new marketing trends, competition among companies is getting fierce. Now, smart-phone companies need to pay attention not only to attaining new customers but also to retaining customers, which means managing relationships to prevent customer defection. Therefore, how to satisfy customer needs and maintain long-term relations are both important to make consistent progress in the rapidly changing smart-phone market. To illustrate this point, the study focuses on analyzing the effects of consumption value on relational factors and buying intentions among smart-phone users. First, consumption value was divided into functional, economic, and emotional values. After that, the effects of these values on satisfaction and brand trust were confirmed. Additionally, effects of satisfaction and brand trust on repurchase intention were analyzed. Research design, data, and methodology - The data was collected in a self-administered survey among 270 undergraduate students, using smart-phones between June 4th-12th, 2012. A total of 257 questionnaires were collected and used for the data analysis. A path analysis based on Lisrel 8.54 was used for the hypothesis test. Consumption value was divided into functional, economic, and emotional values. Subsequently, the effects of these values on satisfaction and trust in the brand were confirmed. Additionally, the effects of satisfaction and trust in the brand on repurchase intention were analyzed. Results - First, functional value, economic value, and emotional value - especially emotional value - were revealed to have positive effects on satisfaction. Second, emotional value was shown to have positive effects on brand trust, while functional and economic values did not. Third, satisfaction had positive effects on brand trust. In considering the relative influence on brand trust, satisfaction was the most crucial factor. It is clear that in the evaluation of the direct experience, using the product or the service plays an important role in building brand trust. Fourth, satisfaction and brand trust positively influenced repurchase intention. This indicates that both factors must be achieved to induce the repurchase Intention among customers. Conclusions - One can see that the enjoyable emotions consumers feel while using smart-phones is the most important factor in increasing levels of satisfaction. Moreover, this indicates that consumers pursue economic desires along with convenient functions in order to reduce opportunity costs. Additionally, consumers are affected by psychological and emotional messages in building trust, rather than practical and rational ones. Thus, in order to appeal to young clients as an attractive brand in the smart-phone market, approaching customers with an emotional value is recommended. In addition, in order for the brand to gain trust, the overall experience the consumer feels while using smart phones should be maximized. After all, one must fulfill the consumers' desire for a new experience and show a willingness to faithfully accomplish the responsibility of the brand to strengthen relationships with customers in the smart-phone market.