• Title/Summary/Keyword: design equity

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A Study on the Financing Decision of Retail Firms Listed on Korean Stock Markets (유통 상장기업들의 자본조달 특징에 관한 연구)

  • Yoon, Bo-Hyun
    • Journal of Distribution Science
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    • v.12 no.10
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    • pp.75-84
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    • 2014
  • Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

IMC Strategy of Sinhan Card for Building the Strong Brand Equity (신한카드 브랜드구축을 위한 IMC전략)

  • Ahn, Kwang Ho;Yoo, Chang Jo;Park, Woon Yong
    • Asia Marketing Journal
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    • v.13 no.3
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    • pp.249-264
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    • 2011
  • Brand is the major enduring asset of a company and more valuable than the totality of specific products and facilities. Thus brands are powerful assets that must be carefully developed and managed. The company should design and implement marketing activities and marketing communication programs to build and grow the brand value. Strarbucks, Samsung Galaxy, and Nike brands get a price premium and generate strong customer loyalty. A power brand has high brand equity, which is the differential effect that brand knowledge has on consumer response to the marketing of that brand. Brand equity is created when brands have strong, favorable and unique brand associations with customers and high level of brand awareness. Therefore marketers in building a strong brand should ensure to develop the right type of customer experiences with products and effective integrated marketing communication(IMC) programs to create the brand equity. Since 2007 Sinhan card acquiring the LG card has developed the new brand identity and carefully managed the advertising campaign and other marketing communication mix tools to create the high brand awareness and differential brand image. In this case study we examine how Sinhan card with the goal of being No.1 brand in the credit card market has developed and implemented the IMC Strategy to build a high level of consumer brand awareness, unique brand image and strong customer relationship.

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A study on the change of the living conditions and the role of the Universal Design in an aged society (고령사회에 있어서 생활환경의 변화와 유니버설디자인의 역할)

  • 김경태
    • Archives of design research
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    • v.17 no.2
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    • pp.231-240
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    • 2004
  • The present study approached conceptually the various problems which occurred in the living conditions during the modernization under the rapid growth drive and their solutions. It seems that the basis of the various problems which occurred in the highly informational and aged society lies in the discord of usability in the living conditions including the tools. It can be said that the secured social equity through the usability plays and important role in enhancing the quality of life of the prosumer, especially the elderly, by providing the self-confidence and the pleasure, and helping the smooth formation of the community The purpose of the present study was to find out the role of the design, as a professional field, on the various social pathological situation and the problems of the living conditions, and, especially, the role of the Universal Design on the desirable reorganization of the living conditions(the change of the living conditions through the community activation) which put the importance on the tool condition.

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The Detrimental Effect of Customer Demotion on Customer Profitability in Hierarchical Loyalty Programs

  • Chang, Woojung
    • Asia Marketing Journal
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    • v.22 no.1
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    • pp.1-26
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    • 2020
  • Firms employing hierarchical loyalty programs (HLPs) periodically demote customers from higher to lower status level to divest from unprofitable customers and boost profitability. However, existing literature lacks objective evidence on how customer demotion affects demoted customers' future purchase behaviors and ultimately profitability for the firm. Moreover, customers in the HLP's higher position may respond to customer demotion differently from those in the HLP's lower position. Drawing upon emotions and equity theories, this study quantifies how the profits that customers contribute to the firm change after customer demotion, and compares demoted customers' behavioral reactions from top-tier with those from bottom-tier based on customers' actual behavior data from a major retail bank in South Korea. The findings show that withdrawing customer status actually deteriorates customer profitability, and customers with top-tier status decrease their profitability more dramatically than those with bottom-tier status after demotion. The results contribute to previous literature on customer demotion and relationship marketing, and provide specific guidelines into how firms should design and implement customer demotion in HLPs.

Research about The Effect of Customer-Brand Relationship of Fashion Social Brand on Brand Equity (패션 사회적 브랜드-소비자 관계가 브랜드 자산에 미치는 영향 연구)

  • Na, Youn Kue
    • Journal of the Korea Fashion and Costume Design Association
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    • v.18 no.2
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    • pp.1-14
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    • 2016
  • 사회적기업의 브랜드를 추구하는 패션 소비층은 개인적인 가치 기준을 바탕으로 합리적인 소비생활을 하며 브랜드 이미지를 중시하고 자신만의 감도를 찾는 공통된 특징을 가지고 있다. 이러한 추세에 따라 패션 사회적 브랜드는 새로운 각도에서 소비자들을 이해하며 환경변화에 능동적으로 대응할 필요성이 요구되고 있다. 이에 본 연구에서는 패션 사회적 브랜드-소비자 관계의 세부적 요인이 브랜드 자산 구성요소들에 미치는 구조적 관계에 대해 규명하며, 연구결과를 기준으로 패션사회적 브랜드가 소비자의 구매행동을 예측하여 보다 효율적인 브랜드 전략을 진행하는데 있어 시사점을 제공하고자 한다. 이를 위해 2015년 4월 1일부터 30일까지 ${\bigcirc}{\bigcirc}$ 패션 사회적 브랜드 상품구매경험자를 800명을 대상으로 설문을 실시하였으며, SPSS 20.0, AMOS 20.0을 사용하여, 빈도분석, 신뢰도 분석, 요인분석 및 경로분석을 실시하였다. 이상을 바탕으로 도출된 연구결과는 다음과 같다. 첫째, 브랜드-소비자 관계의 행위적 몰입, 인지적 믿음은 브랜드 인지도에 유의한 영향을 미쳤으나, 감성적 유대는 브랜드 인지도에 영향을 미치지 않았다. 둘째, 브랜드-소비자 관계의 행위적 몰입, 감성적 유대, 인지적 믿음은 브랜드 이미지에 유의한 영향을 미쳤다. 셋째, 패션 사회적 브랜드 이미지는 브랜드 태도 및 브랜드 충성도에 유의한 영향을 미쳤다. 넷째, 패션 사회적 브랜드의 지각된 품질은 브랜드 이미지, 브랜드 태도, 브랜드 충성도에 유의한 영향을 미쳤다. 다섯째, 패션 사회적 브랜드 태도는 브랜드 충성도에 유의한 영향을 미쳤다.

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Critical Discourse Analysis of Diversity, Equity, and Inclusion in Contemporary Fashion -Analyzing Articles on Race in The New York Times- (현대 패션의 DE&I에 대한 비판적 담론분석 -뉴욕타임즈의 인종 기사를 중심으로-)

  • Myeongseon Yi;Eunhyuk Yim
    • Journal of the Korean Society of Clothing and Textiles
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    • v.47 no.3
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    • pp.544-559
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    • 2023
  • Social discourses surrounding diversity, equity, and inclusion (DE&I) in the fashion industry are vital as they extend beyond language and encompass social practices. This study aimed to understand how discourses on DE&I with in the fashion industry are reconstructed and practiced in society. Therefore, this paper analyzed DE&I in the fashion industry, by focusing on the New York Times articles, employing a quantitative research model based on corpus analysis and a qualitative approach through critical discourse analysis. Results of the analysis of textual practice, showed that the New York Times emphasized black individuals as the central discourse and created a critical racial narrative regarding DE&I in the fashion industry characterized by a dichotomy of black vs. white confrontation. Furthermore, results of the discourse practice analysis revealed that the dichotomy of racial confrontation in the New York Times article tended to select the subject of discourse related to racial DE&I in the fashion industry according based on social and historical context. Thirdly, the analytical results of sociocultural practices indicated that the dichotomous racial discourse between black and white, propagated by the New York Times, spread across social media, transforming fashion from an industry to a domain where black individuals struggle for human rights.

Modeling Brand Equity for Lifestyle Brand Extensions: A Strategic Approach into Generation Y vs. Baby Boomer (생활방식품패확장적품패자산건모(生活方式品牌扩张的品牌资产建模): 침대Y세대화영인조소비자적전략로경(针对Y世代和婴儿潮消费者的战略路径))

  • Kim, Eun-Young;Brandon, Lynn
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.1
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    • pp.35-48
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    • 2010
  • Today, the fashion market challenged by a maturing retail market needs a new paradigm in the "evolution of brand" to improve their comparative advantages. An important issue in fashion marketing is lifestyle brand extension with a specific aim to meet consumers' specific needs for their changing lifestyle. For fashion brand extensions into lifestyle product categories, Gen Y and Baby Boomer are emerging as "prospects"-Baby Boomers who are renovating their lifestyle, and generation Y experiencing changes in their life stage-with demands for buying new products. Therefore, it is imperative that apparel companies pay special attention to the consumer cohort for brand extension to create and manage their brand equity in a new product category. The purposes of this study are to (a) evaluate brand equity between parent and extension brands; (b) identify consumers' perceived marketing elements for brand extension; and (c) estimate a structural equation model for examining causative relationship between marketing elements and brand equity for brand extensions in lifestyle product category including home fashion items for the selected two groups (e.g., Gen Y, and Baby boomer). For theoretical frameworks, this study focused on the traditional marketing 4P's mix to identify what marketing element is more importantly related to brand extension equity for this study. It is assumed that comparable marketing capability can be critical to establish "brand extension equity", leads to successfully entering the new categories. Drawing from the relevant literature, this study developed research hypotheses incorporating brand equity factors and marketing elements by focusing on the selected consumers (e.g., Gen Y, Baby Boomer). In the context of brand extension in the lifestyle products, constructs of brand equity consist of brand awareness/association, brand perceptions (e.g., perceived quality, emotional value) and brand resonance adapted from CBBE factors (Keller, 2001). It is postulated that the marketing elements create brand extension equity in terms of brand awareness/association, brand perceptions by the brand extension into lifestyle products, which in turn influence brand resonance. For data collection, the sample was comprised of Korean female consumers in Gen Y and Baby Boomer consumer categories who have a high demand for lifestyle products due to changing their lifecycles. A total of 651 usable questionnaires were obtained from female consumers of Gen Y (n=326) and Baby Boomer (n=325) in South Korea. Structural and measurement models using a correlation matrix was estimated using LISREL 8.8. Findings indicated that perceived marketing elements for brand extension consisted of three factors: price/store image, product, and advertising. In the model of Gen Y consumers, price/store image had a positive effect on brand equity factors (e.g., brand awareness/association, perceived quality), while product had positive effect on emotional value in the brand extensions; and the brand awareness/association was likely to increase the perceived quality and emotional value, leading to brand resonance for brand extensions in the lifestyle products. In the model of Baby Boomer consumers, price/store image had a positive effect on perceived quality, which created brand resonance of brand extension; and product had a positive effect on perceived quality and emotional value, which leads to brand resonance for brand extension in the lifestyle products. However, advertising was negatively related to brand equity for both groups. This study provides an insight for fashion marketers in developing a successful brand extension strategy, leading to a sustainable competitive advantage. This study complements and extends prior works in the brand extension through critical factors of marketing efforts that affect brand extension success. Findings support a synergy effect on leveraging of fashion brand extensions (Aaker and Keller, 1990; Tauber, 1988; Shine et al., 2007; Pitta and Katsanis, 1995) in conjunction with marketing actions for entering into the new product category. Thus, it is recommended that marketers targeting both Gen Y and Baby Boomer can reduce marketing cost for entering the new product category (e.g., home furnishings) by standardized marketing efforts; fashion marketers can (a) offer extension lines with premium ranges of price; (b) place an emphasis on upscale features of store image positioning by a retail channel (e.g., specialty department store) in Korea, and (c) combine apparel with lifestyle product assortments including innovative style and designer’s limited editions. With respect to brand equity, a key to successful brand extension is consumers’ brand awareness or association that ensures brand identity with new product category. It is imperative for marketers to have knowledge of what contributes to more concrete associations in a market entry into new product categories. For fashion brands, a second key of brand extension can be a "luxury" lifestyle approach into new product categories, in that higher price or store image had impact on perceived quality that established brand resonance. More importantly, this study increases the theoretical understanding of brand extension and suggests directions for marketers as they establish marketing program at Gen Y and Baby Boomers.

A Study on the Scope of the Recognized Equity Capital of Developer in Real Estate Project Finance Loan Screening (부동산 PF를 위한 시행사의 자본금 인정범위에 관한 연구)

  • Lim, Suhong;Jang, Hokwan;Lee, Sangyoub
    • Korean Journal of Construction Engineering and Management
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    • v.21 no.6
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    • pp.75-83
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    • 2020
  • This study intends to explore the scope of the recognized equity capital of developer in real estate project finance loan screening. The factors which can be recognized as equity capital are categorized into 24 factors with 3 upper categories and 6 mid categories. In order to develop the importance weight of factors, AHP and Fuzzy methodologies are implemented based on survey analysis by experts in financial institutions. Research findings indicate that the land cost, evacuation cost, and real estate acquisition tax as land-related direct costs, and the design cost, traffic impact assessment cost, underground safety impact assessment cost, boundary surveying cost, and geological survey cost as the construction permit-related costs are higher than any others. On the other hand, the supplementary costs related to the operation of the developer show very low importance weight. Accordingly, the hierarchy of factors for equity capital should be clearly developed in order to minimize any dispute and prevent non-performing loans to real estate project finance.

The Comprehensive Equity Implications of a Carbon Pricing Policy in South Korea: Based on Environmentally Extended Input Output Analysis Together with Household Expenditure Data (탄소가격정책의 분배적 함의: 가계동향조사자료와 환경산업연관분석 (EEIO)을 이용해)

  • Kim, Hana
    • Journal of Environmental Policy
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    • v.14 no.2
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    • pp.101-131
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    • 2015
  • A cap-and-trade program accounting for 60 percent of total national greenhouse gas emissions was launched in South Korea in 2015. Academic literature expects that the implementation of such a policy is likely to adversely impact income distribution among various socioeconomic groups in developed countries. South Korea is challenged by equity issues, as well circumstances, the distributional implications of carbon pricing policies need to be examined and reflected in the design of the program prior to implementation in order not to exacerbate social inequity. Using environmentally extended input-output analysis together with household expenditure data, this study finds that a carbon pricing policy will be regressive in South Korea, but the extent depends on whether relative burdens of a carbon pricing policy are measured based on current incomes or proxies of permanent incomes. Along with poor households, this paper finds that elderly and urban households will be more adversely impacted in South Korea. These burdens can be relieved if a small fraction of the revenue is redistributed to households.

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The Way to Use Information on Long-term Returns: Focus on U.S. Equity Funds (장기 수익률 정보의 활용 방안: 미국 주식형 펀드를 대상으로)

  • Ha, Yeon-Jeong;Oh, Hae-June
    • Asia-Pacific Journal of Business
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    • v.13 no.1
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    • pp.167-183
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    • 2022
  • Purpose - The purpose of this study is to show the need to use the past long-term returns for investment decisions in U.S. equity funds and to suggest an investment strategy using long-term returns. Design/methodology/approach - This study solves the problem of high return volatility in long-term returns and proposes new investment portfolios based on the behavior of fund investors according to past returns. For the investment portfolio of this study, 60 months are divided into several periods and the average of the performance ranks for each period is used. Findings - First, funds with high average returns over multiple periods have lower future outflows and higher future returns than funds with high 60-month cumulative returns. Second, funds with low average returns over multiple periods have lower future inflows and lower future returns than funds with low 60-month cumulative returns. The findings mean that when making decisions based on past long-term returns, it is a smarter investment choice to buy funds with high average returns over multiple periods and sell funds with low average returns over multiple periods. Research implications or Originality - This study shows that it is necessary to use long-term returns in fund investment by analyzing the characteristics of the portfolio based on past returns. In addition, the study is meaningful in that it suggests a way to use long-term returns more efficiently based on the behavior of fund investors and shows that such investments lead to higher returns in the future.