• 무역상무연구
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• 제39권
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• pp.223-249
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• 2008

Recently market potentials of Asian cruise service have driven big western incumbents to make an strategic entry into Asian cruise market. However Korean cruise industry has been on the initiating stage focused on coastal cruise service. Under the circumstances, Korean firms which have intention to provide cruise service ought not to depend mainly on government's institutional supports such as expansion of social infrastructure and consolidation of related law, but to explore and utilize service-oriented factors for customer satisfaction as fundamentals for competitive strategies with some considerations. In this study, we expanded the perceived value literature by demonstrating the role of selected affective factors such as novelty and hedonics on value in the context of cruise service experiences. We also examined the role of customer satisfaction in the affect-value relationship. According to the results, it is analyzed that such determinants of perceived value in cruise-ferry service like novelty and hedonics have some positive influences on customer satisfaction of cruise service. In particular, hedonics is strongly linked to cruise vacationers' value perceptions and repurchase intentions. Overall satisfaction as a mediator accounted for the relationship between affective antecedents and perceived value. The managerial findings of this research are also briefly discussed.

• 유통과학연구
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• 제14권2호
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• pp.13-22
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• 2016

Purpose - We examine the marginal value of cash in Korean retail firms, largely unexamined in literature. The marginal value of cash plays pivotal role in cash management policy; especially, a significantly low marginal cash value indicates substantial manager-shareholder conflicts. Research design, data, and methodology - We estimate marginal cash values by adopting the approach of Faulkender & Wang (2006). The sample of retail firms traded in Korean Stock Exchange from 1991 to 2013 is analyzed. Results - We estimate the marginal value of cash for the retail firms as 0.75, implying significant manager-shareholder conflicts. We find a lower marginal value of cash for financially constrained retail firms, contradicting existing theories. The marginal value of cash increases substantially after 2000s, suggesting severe agency conflicts in 1990s as a key reason behind our findings. Conclusions - Our findings support the substantial resource diversion problem in Korean firms and the agency theory of cash management policy. Our results argue against the widely accepted view focusing on implications of financial constraints, which highlights a need of new cash management theory.

• 경영과학
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• 제17권3호
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• pp.61-71
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• 2000

Due to the potential growing capability that reflects future value, the market value of internet business companies (IB) are still evaluated high although major players like Amazon continuously suffer losses. Then, how do investors valuate the potential growing capabilities given that traditional financial/accounting based valuation approaches seem to be inappropriate for IB. This study attempts to provide an answer to this issue. We, therefore, analyzed the predictability of various accounting and non-accounting variables for IB value. These include book value, net income, unique visitors, page view, reach rate, public float and institutional holdings. Because of being in infant stage and difficulties in obtaining necessary web traffic data, sample of 20 pure IB were selected from Korea Stock Exchange Market, KOSDAQ, and informal market. The results of this study showed that web traffic date had the strongest relationship with IB value. In particular, unique visitors and reach rate were found to be best predictors for IB value while page view was reasonable indicator. Interestingly, net income was not found to related to IB value. This calls for an attention to the typical characteristics of IB that my hinder the usage of traditional valuation approaches for IB. Another results revealed that none of both public float and institutional holdings was significantly associated with IB value, indicating market’s supply-demand factors were less important than traffic information.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.191-199
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• 2020

This study aims to investigate what selection attributes of customer value are more crucial when consumers choose the dessert at convenience store, which is the fastest growing retail format in Korea recently. Factors considered to be important when customers buy dessert, such as economics, diversity, convenience, and safety were examined and also relationship between customer value and satisfaction was analyzed. The survey was conducted through online (including SNS) from April 6, 2019 to April 30, 2019. A total of 303 questionnaires were used for empirical analysis. Factor analysis was performed to verify the validity and reliability of the measured variables. And the structural equation model (SEM) was used as a statistical method for hypothesis testing. As a result, factors as 'diversity', 'safety' were revealed to significantly affect hedonic customer value, while 'convenience' was shown to affect utilitarian customer value significantly. In addition, the path that customer value leads to satisfaction was also found to be significant. The result of the study suggests that selection attributes of convenience store dessert and providing meaningful implications of related hedonic and utilitarian values when customers purchase dessert at convenience store. This study provided practical implications for managers of the fiercely competitive dessert industry.

• 유통과학연구
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• 제15권4호
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• pp.5-13
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• 2017

Purpose - This research analyzes the effects of Korean family ownership characteristics on firm value. The positive and negative effects of family ownership on Korean firm value were analyzed. If negative effects are evident, this research explores the factors that cause a decrease in firm value. Research design, data, and methodology - The study examined a total of 5,743 companies listed on the Korea Exchange from the period 2002 to 2012 using a panel data regression analysis. Result - An empirical analysis suggests that Korean family ownership diminishes firm value. Korean family firm value has been reduced when controlling shareholders are participated in management and pursue excessive wages, or make the management entrenchment effects associated with ownership-control disparity. When the controlling shareholders of family firms have increasing control rights over the shareholders' general meeting and the directors' board, the agency costs associated with seeking increasing executive wages or private benefits reduce firm value. Conclusions - This study has significance because it reveals the negative effect of family ownership in Korea on firm value. These negative effects can be the result of agency problems from controlling family shareholders seeking excessive wages or ownership-control disparity.

• 유통과학연구
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• 제18권1호
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• pp.35-45
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• 2020

Purpose- This study examines the multi-mediation effect of personal self-congruity and social self-congruity to perceived value and brand attitude on aircraft customers in China. Research design, data and methodology- Survey was conducted on Chinese citizens who had flown via Chinese airlines and lived mainly in the Yangtze River delta. 727 cases were analyzed. SPSS 22.0 and AMOS 24.0 were used to analyze the data. Results - First, perceived economic value has a positive impact on personal self-congruity and social self-congruity but has no effect on brand attitude. Second, perceived functional value has a positive impact on personal self-congruity, social self-congruity, and brand attitude. Third, based on this, perceived economic value is not directly related to brand attitude. However, there is a relationship between perceived functional value and brand attitude, with personal self-congruity and social self-congruity having mediation effects. Conclusions - The Results show that perceived economic and functional value such as competitive airfare, mileage membership, check-in processes, diversified vouchers and coupons, and also basic services such as flight security and flight attendant service having an effect on personal self-congruity. To improve consumer brand attitude, airlines should take into consideration personal self-congruity factors such as their values and lifestyles, and their social self-congruity factors such as their social status and social security.

• 유통과학연구
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• 제18권1호
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• pp.59-69
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• 2020

Purpose: This study aims to examine such relationships as the experiential value that customers respond to with regard to maintenance service by empirically revealing how the quality of auto maintenance and repair service affects both customer satisfaction and intention to reuse the same service through the Perceived-experiential Value of customers. Research design, data and methodology: The research model was designed with service qualities such as human quality, material quality, interaction quality, and system quality as independent variables, perceived-experiential value as a parameter, and service satisfaction and return visit intention as dependent variables. Through a questionnaire composed of 24 items, a total of 319 survey data from customers with the experience of using car maintenance service centers in Korea were collected and analyzed using a structural equation. Results: The material quality did not affect the customers' perceived-experiential value, whereas the interaction quality had the greatest influence. It is confirmed that human quality, interaction quality, and system quality can generate customer satisfaction and repurchase intention through the perceived-experiential value. Conclusions: The experiential value of customers can play an important medium role in improving satisfaction, with customers considering interaction quality important. Therefore, the auto maintenance and repair service should consider relationship-focused service strategies.

• 상하수도학회지
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• 제29권6호
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• pp.659-666
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• 2015

In this study, Hazen-Williams C value of pipes in wide waterworks system was estimated and statistically analyzed. Hazen-Williams C value of water pipe was predicted after 20 years of service period. From the results, it was found that C value of water pipe for treated water maintained higher value of 110 after 20 years of installation. Furthermore, it was found that velocity coefficients of steel pipe for less than and more than 20 years of installation were 117.7 and 109.3, respectively. C value of ductile iron pipe for less than and more than 20 years of installation were 118.1 and 114.2, respectively. In this study, it was also found that small value of C is used in the design of water pipe system. Therefore, excessively bigger size of pipe can be determined in the design of water pipe system. From the results of present study, optimum value of C can be used to avoid the oversized design of water pipe system.

• 유통과학연구
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• 제16권1호
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• pp.29-36
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• 2018

Purpose - The purpose of the research is to further explore the understanding of the nature of the brand distribution service (i.e., service brand) by undertaking a quantitative investigation. We focus on the role of customer's perception of service brand on the customer value creation process. Research design, data, and methodology - This study used single cross-sectional design and 137 airline passengers as respondents using a convenience random sampling. We distributed the online questionnaires by email address. The empirical setting for this research is airline service in Indonesia with a consideration that airline service has the useful context for this research as the service delivery process involve extensive customer interactions with the airline and its employees. We then analyzed the data using multiple regression (step-wise) method to fulfill the research objectives. Results - Using the step-wise regression method, the result shows that the influential factors to create customer value are cost and company image. The result suggests a company to improve its costs components and its company image in order to increase the customer value. Conclusions - The research shows that costs play a critical role, and completed with the company image to form the customer value variable. This shows that mostly customer formed their value based on costs they sacrificed. Mainly, this evaluation is monetary cost based, while Indonesian customers tend to have a high value for money demands.

• 한국의상디자인학회지
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• 제12권4호
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• pp.29-41
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• 2010

The purpose of this study is to examine the effect of value systems and social self-concept on the appearance management behavior and clothing benefits according to gender. The data were collected via a self-administered questionnaire from 453 male and female college students in Jecheon and analyzed by factor analysis, correlation analysis, multiple regression, and t-test. The results of this study were as follows: 1. Value systems and clothing benefits classified into four factors respectively. 2. There existed significant differences according to gender in value system factors, social self-concept, appearance management behaviors and clothing benefit factors. 3. There existed correlations between value system factors and social self-concept. For male students, four factors of value system were correlated with social self-concept. But only one factor(pursuit of peaceful and secure life) was correlated with social self-concept for female students. 4. In male and female students, appearance management behaviors and clothing benefits were influenced by various value system factors and social self-concept.