• Asia Marketing Journal
• /
• v.15 no.3
• /
• pp.141-157
• /
• 2013

Managing customers based on customer equity (CE) has emerged as the most effective way of doing business because of its ability to foster profitable customer relationship management (CRM) through appropriate marketing activities. Most research studies provide conceptual and empirical evidence of the positive link between CE and firm performance. However, regarding this possibility, it has been suggested by some researchers that this link may not hold true for other firms with different firmographic factors, such as firm growth rate, size, and resources. As previous research emphasizes that marketing managers should implement a strategy based on their unique business environment, our study addresses this issue by extending the framework to a different industry setting to investigate the impact of CE on firm performance. We develop a model for examining the relationship between the firm's estimated CE and firm performance by each time period using a distributed lagged model. Then, we investigate the effect of CE on the firm's profitability using a regression analysis. Finally, even though CRM is in increasing demand and firms are focusing on the customer as an asset, we conclude that there is a limited condition for this positive effect of CE. When the life cycle was divided by growth rate, CE was shown to have a distinctive effect on profit. In the case of a high-growth stage, the effect of CE on profit is positive because of its potential customer base, whereas the effect is not significant in a low-growth stage. That is, when the business environment is saturated and the firms are no longer competing in the market, CRM may not be effective. In other words, a long-term performance orientation may not be as effective as previously believed. This research contributes to the previous literature, providing a counterintuitive suggestion that firm managers should be cautious about implementing a CRM strategy and should allocate resources properly in terms of their resource capabilities and ability depending on their situation.

• Journal of Information Technology Applications and Management
• /
• v.30 no.1
• /
• pp.115-126
• /
• 2023

In various fields such as art, design, music, film, sports, games, and fashion, NFTs (Non-Fungible Tokens) are creating new economic value through trading platforms dedicated to NFT art and content. In this article, I analyze the current state of blockchain technology and NFT art content in the context of an expanding market for blockchain-based NFT art content in the metaverse. I also propose several tasks based on the economic and industrial logic of technological innovation. The first task proposed is to integrate cultural arts on blockchain, metaverse, and NFT platforms through digital innovation, instead of separating or distinguishing between creative production and consumption. Before the COVID-19 pandemic, there was a clear separation between creators and consumers. However, with the rise of Web 3.0 platforms, any user can now create and own their own content. Therefore, it is important to promote a collaborative and integrated approach to cultural arts production and consumption in the blockchain and metaverse ecosystem. The second task proposed is to align the legal framework with blockchain-based technological innovation. The enactment and revision of relevant laws should focus on promoting the development of the NFT trading platform ecosystem, rather than merely regulating it for user protection. As blockchain-based technology continues to evolve, it is important that legal systems adapt to support and promote innovation in the space. This shift in focus can help create a more conducive environment for the growth of blockchain-based NFT platforms. The third task proposed is to integrate education on digital arts, including metaverse and NFT art contents, into the current curriculum. This education should focus on convergence and consilience, rather than merely mixing together humanities, technology, and arts. By integrating digital arts education into the curriculum, students can gain a more comprehensive understanding of the potential of blockchain-based technologies and NFT art. This article examines the digital technological innovation such as blockchain, metaverse, and NFT from an economic and industrial point of view. As a limitation of this research, the critical mind such as philosophical thinking or social criticism on technological innovation is left as a future task.

• Journal of the Korean Institute of Landscape Architecture
• /
• v.47 no.2
• /
• pp.76-87
• /
• 2019

This study aims to analyze the status of the Gaetaesa Temple Site in Nonsan and the value of national cultural heritage associated with it, to work towards gaining the acceptance criteria to become state-designated cultural property and to propose a plan for comprehensive maintenance, a plan for the promotion of the project and a plan for the management and operation. The Gaetaesa Temple Site in Nonsan has unprecedented advancements, and the condition of the remains are relatively good. It would be necessary to conduct digging/excavation surveys continuously in the future and ensure the dignity of the Gaetaesa Temple Site in Nonsan as a cultural asset. In addition, the Gaetaesa Temple Site has excellent historical and cultural values as treasure-class cultural heritage. Most temples had treasures taken out of them, so it is necessary to designate this site as a state-designated cultural property instead of a municipality-designated cultural heritage site, and to manage it systematically. Accordingly, this study investigated the history and historical facts about the Gaetaesa Temple Site in Nonsan through the analysis of literature, including old documents, old maps, related academic papers and books, and referred to the results of digging/excavation surveys, conducted up to six times since the first excavation survey conducted in 1986, in order to understand the status of the remains, ruins and the building sites excavated at the Gaetaesa Temple Site in Nonsan. In addition, this study analyzed the values of the Gaetaesa Temple Site in Nonsan, dividing them into the remains, relics and ruins, and set up the scope of the Gaetaesa Temple Site in Nonsan, the cultural property area (designated and protected areas) and the acceptance criteria for the construction work in the historical and cultural environment preservation area. This study proposed a plan for the comprehensive maintenance of the Gaetaesa Temple Site in Nonsan, a plan for the promotion of the project and a plan for the management and operation. It is necessary to carry out ongoing excavation investigations and to reflect the opinions of the residents for the purchase of land, to supplement the comprehensive maintenance plan, business promotion and management plans, and step-by-step business plans should be established in detail.

• (The) Research of the performance art and culture
• /
• no.35
• /
• pp.405-439
• /
• 2017

In this article, I suggest issues and tasks in transmission of Gyeonggi Province folk songs after thorough study of designation of Gyeonggi Province folk songs as intangible cultural asset, reproduction and transmission. Intangible cultural assets are classified into seasonal playing and songs. Originally, category or extension of folk songs is above mere songs and it also embraces personal lives as well as village communities. Intangible assets of folk songs are folk art, group events and non-stage events at the same time based on tradition, history, uniqueness, characters of field value. Gyeonggi Province has 9 intangible assets now because of the revocation of several assets (All Gyeonggi Province, Hwasung, Gwacheon) within five years after initial designation of 13 assets in 1998. They are mostly distributed in the north Gyeonggi region where is close to the DMZ and delay in development seems to have enabled the preservation. Most of the intangible cultural assets are farming songs and weeding which show characteristics of Gyeonggi Province. Most of the designees are who performed excavation, recovery, excluding a few cases without designees on designation, and almost all the designee passed away. Number of cases have been revoked because transmission was not completed or some cases were transmitted to groups rather than specific designees. Subscription concert, the biggest and most representative event, is performed once a year with all of the 9 intangible cultural assets in the original complete forms of the designation. Intangible cultural assets are classified into seasonal playing and songs. In general, current performance of the intangible cultural assets and folk songs are same as the originally designated forms and are not in varied forms other than folk songs like songs for rice-planting and weeding. Funeral songs are transmitted in Yangju and Yangpyeong. In terms of the operation, preservation societies having training centers have been performing more constant activities for preservation including lecture, performance and transmission. Members are quite aged and the societies are suffering from lack of support fund for reproduction and transmission. Problems in reproduction and tasks for the transmission I would like to suggest are like followings. First, preservation and value of the cultural assets. Second, new understanding of designation and revocation of the intangible cultural assets. Third, record of performance and sound source. Fourth, liaison with local communities. Fifth, organization of professional resources and establishment of systematic support and management.

• Cartoon and Animation Studies
• /
• s.26
• /
• pp.131-156
• /
• 2012

As the Global Age has arrived, the domain of festivals has expanded to fulfill the role of being not only a tourist attraction but of being a factor that determines the image and identity of cities, and the factor of enhancing the brand value of a particular city is being focused upon. The city of Bucheon, which aims to be a culture oriented city, is attempting to utilize the Bucheon International Comics Festival as a cultural asset for the revitalization of the city. This study has as its purpose the development of an evaluation index model on the brand value of the Bucheon International Comics Festival and research being conducted based on the developed evaluation index model on the awareness level of the citizens of Bucheon of the festival. In regards to this, the theoretical background was examined and the index model was developed based on precedent research. Based on this, a survey of 1,000 citizens of Bucheon was conducted in this study. This study conducted a survey targeting 500 persons, dividing them into 2 groups according to whether they participated in the festival. The survey of this study established 9 evaluation categories for the International Comics Festival evaluation index model which consists of demographic research and participation motivation, value of comics, festival brand awareness and association image, perceived product quality and loyalty for the festival, internationality of the festival and urban activation. Each survey question is composed of 5 points scale measurement. As a result of the survey, 'for an education of children' was the highest for the participation motivation, and 'not knowing of the festival information' was the highest for the reason of not having participated. The industrial value was evaluated as the highest among the value of comics by the both two groups, and it was studied that there was perception gap for the festival according to whether they participated in the festival for each survey question. It was revealed that the level of awareness of the Bucheon International Comics Festival was "normal," the "city revitalization" index and the "value of comics" index were relatively high and the "international character of the festival" index was the lowest. Furthermore, it was shown that there were differences in the awareness of the established categories of the developed evaluation index model based on whether or not there was participation in the festival. This study comprehensively organizes these analytical results and derives implications which can be used as data for the criteria of the development of future strategy for the Bucheon International Comics Festival.

• The Korean Journal of Financial Management
• /
• v.27 no.1
• /
• pp.181-208
• /
• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• Korean Journal of Heritage: History & Science
• /
• v.44 no.1
• /
• pp.30-51
• /
• 2011

During the process of modernization, many rural villages in Korea have experienced degeneration and breakdown, losing sustainability. However, Oeam village in Asan City, South Chungcheong Province (State-designated cultural heritage, Important Folk Material No. 236) has established itself as a unique folk village, which evolves with sustainability, pursuing the revival of Neo-traditionalism. Oeam village is a tribal village of the Yis from the Yean region and has maintained environmental, economic, and social sustainability and soundness for over five centuries. Thus, the village has sustained itself well enough to be a cultural asset with 'Outstanding Universal Value', in terms of its value as world cultural heritage. The village maintains its own identity, filled with a variety of traditional and scenic cultural assets that symbolize a gentry village. Those assets include Confucian sceneries (head family houses, ancestral shrines, tombs, gravestones, commemorative monuments, and pavilions), various assets of folk religion (totem poles, protective trees at the entrance of a village, shrines for mountain spirits, village forests), tangible and intangible cultural assets related to daily lives (vigorous family activities, rigorous ancestral rituals, family rituals, collective agriculture and protection of ecosystem), which have all been well preserved and inherited. In particular, this village is an example of a well-being community with a well-preserved folksy atmosphere, which is based on environmentally sound settlements (nature + economy + environment + community) in a village established according to geomancy, East Asia's unique principle of environmental design. In addition, the village has kept the sustainability and authenticity for more than 500 years, combining restraint towards the environment and the view of the environment which respects the natural order and cultural values (capacity + healthy + sustainability). Therefore, the Oeam folk village can be a representative example of a folksy and scenic Korean community which falls into the category of IV (to exemplify an outstanding type of building, architectural or technological ensemble, or landscape which illustrates significant stages in human history) and V (to exemplify an outstanding traditional human settlement, land-use, or sea-use which is representative of cultures, or human interaction with the environment especially when it has become vulnerable under the impact of irreversible change) of Unesco's World Cultural Heritage.

• (The) Research of the performance art and culture
• /
• no.42
• /
• pp.257-290
• /
• 2021

The Wonju Nongyo (agricultural work song) is geographically classified as eastern minyo (folk song) which has many distinctive, regional features such as tunes, forms and the use of a melodic line. There has been growing attention to the transmission value of the nongyo including the Wonju Eorirang of the Wonju Origol Nongyo and its region of origin. The Wonju Nongyo is of great value and worthy of preservation in the western part of Gangwon Province. For this reason, it seems fairer to say that a focus should be directed towards establishing the identity of the song and increasing the contextualisation of transmission. At the same time, the preservation association's efforts in passing the traditional song down and education activities fairly deserve equal attention. In addition to the way the folk songs are handed down, a discussion on the facilitation of their use will be required. An in-depth discussion about the restoration and use of the song will be encouraged in a multifaceted manner. Unfortunately, few of the previous literatures on nongyo has gone so far as to investigate Arirang as a separate research topic. In fact, the Wonju Origol Nongyo should be viewed as an intangible cultural asset that paved the way for performance artistry of the Korean agricultural work songs to be seen at a national folk art festival. From the perspective of regional characteristics (traditionally termed "tori"), the Wonju Eorirang represents the cultural value of the manners and customs of our locals which constitute unwritten and neglected literary property and musicality of the song. Particularly, a more attention should be paid to making a record of woodcutters and diversity of farmers' small cooperative groups. The existence of the Wonju Eorirang indicates that the melodies to which the song are sung in Nongyo are of infinite variety. A minyo-singer unfolds various journeys of life through various modes and structure of epic chants, ranging from first encounter, love to marriage, realistic problems to relationship with husband's family and death. The epic chant of the Wonju Origol Nongyo contains a rich variety of regional sentiments about life. In particular, the epic chants of the Galtteukgisor and Ssoeltteukgisori are a genius example of sexual satire and a sense of humor. In the past, the agricultural work songs were rhythmic songs served to synchronize physical movements in groups, coordinating tasks in upland farming and rice paddy with the usage of catchy, repetitive verses easy to pass down. The Wonju Origol Nongyo is a precursor of the work songs which took the farming activities a notch higher to be part of the excitement and festivals. In the context of transmission, a festival serves to demonstrate the value of history and life. The value of the Wonju Eorirang should be appreciated and a concerted effort should be made to find a way to facilitate the transmission of the folk song. A folk-singer is a traditional oral poet and a storyteller of minyo and the forms and species of melody solely depend on the signer. The combination of performance and witticism is shown by the singer freely expressing himself. The Origol Nongyo symbolizes ethnic arts cleverly combining playful effects such as tune, rhythm and old agricultural work of the region. It is to be hoped that much of the efforts is directed to designating such folk songs as the archetype of a cultural heritage. In terms of the foundation on which the folk songs are transmitted, the usage(Performance Content) of a community would be an alternative.

• Journal of the Korea Institute of Information Security & Cryptology
• /
• v.26 no.2
• /
• pp.463-474
• /
• 2016

As IT environment has changed, paths of information security in financial environment which is based on IT have become more diverse and damage caused by information leakage has been more serious. Among security incidents, personal information leakage incident is liable to give the greatest damage. Personal information leakage incident is more serious than any other types of information leakage incidents in that it may lead to secondary damage. The purpose of this study is to find how much personal information leakage incident influences corporate value by analyzing 21 cases of personal information leakage incident for the last 15 years 1,899 listing firm through case research method and inferring investors' response of to personal information leakage incident surveying a change in transaction before and after personal information leakage incident. This study made a quantitative analysis of what influence personal information leakage incident has on outcome of investment by types of investors by classifying types of investors into foreign investors, private investors and institutional investors. This study is significant in that it helps improve awareness of importance of personal information security by providing data that personal information leakage incident can have a significant influence on outcome of investment as well as corporate value in Korea stock market.

• Journal of Korea Technology Innovation Society
• /
• v.15 no.3
• /
• pp.649-674
• /
• 2012

The purpose of this study is to investigate the effects of public R&D subsidies on private R&D. We have analyzed rationales for the public R&D subsidy from different perspectives. On the basis of literature review, a two step research model is constructed: participation phase (when firms benefit from public subsidies) and decision phase (when firms make decision on additional R&D investments). Using propensity score matching(PSM) method, we compare the potential outcome of the treated group to a matched controlled group of non-subsidized firms. The data used in this paper was collected from various sources. The Korean Innovation Survey 2008(manufacturing sector) is a main source of data. Financial data such as revenue, asset and capital stock, and number of employees were supplemented from the Nice Information Service KIS Value database. The R&D survey, conducted by MEST(Ministry of Education, Science and Technology) each year, was also used for the R&D expenditures of the manufacturing firms. This study comes up with the following empirical results. First, a firm's innovation capability, financial constraints, and sector appear to influence the selection of firms who were benefited from government's financial supports for R&D. Second, empirical results show that public R&D funding complements private investment on average and appear to have perpetual effects on the following year. Finally, sectoral difference in the effect of public subsidies on firms' R&D investment was confirmed. In addition, SMEs show more positive effects than large firms.