• Journal of Global Scholars of Marketing Science
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• v.19 no.1
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• pp.47-58
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• 2009

The marketing environment has become competitive to an extent that requires firms to target their products at markets that span national boundaries. However, competitive clout cannot be achieved in global consumer markets unless firms thoroughly understand and adequately respond to the core values and needs of those consumers. Brand equity is one of the most important assets to a company. Especially in sportswear markets, brand equity is the crucial value added to a product by its brand name. Factors such as country of origin also influence customer's attitude towards brand equity. Therefore, this paper discusses the relationship between country of origin effect and brand equity, and how they influence consumers' loyalty for respective brands. This paper focused on the sports shoes market, because it is an increasing area of opportunity for world manufacturers. The objectives of this study were the following. (1) Test the effect of country of origin on brand equity. (2) Test how brand equity influences consumers' brand loyalty. (3) Find whether there are differences in the effects of country of origin and brand equity among the three countries. (4) Find whether there are differences in the effects of country of origin and brand equity among the different lifestyles. Based on the review of literature results, the hypotheses are concluded as the following: H1-a: Country image has positive influence on country of origin. H1-b: Product perception has positive influence on country of origin. H2-a: Perceived quality has positive effect on brand equity. H2-b: Perceived price has positive effect on brand equity. H3: Country of origin has positive effect on brand equity. H4: Brand equity has a positive impact on brand loyalty. Research model was constructed (see Fig. 1). After data analysis, the following results were concluded: sports shoes purchase behavior showed significant differences among Korean, Chinese, and American consumers for favorite brand, purchased brand, purchased place, information usage, and favorite sports games. The results of this study also extend the research of the relationship among country of origin, brand equity and brand loyalty to the sports shoes market. Brand equity was proven to have a significant relationship with brand loyalty for all countries. The factors which can influence brand equity are different for different countries. The third finding of this paper is that we identified different three lifestyles, adventurer, follower, and laggard, for Korean, Chinese and American consumers. Without the nationality boundary, seeing the emergence of a new group of consumers who have similar preferences and buy similar brands is more important. All of the consumers consider brand equity to keep their brand loyalty. Perceived price is the only factor which can influence brand equity for adventurers; brand is more important for them. The laggards were not influenced by any factor. All of the factors expect perceived price are important for the followers. Marketing managers should consider brand equity when introducing their brand into a new market. Also localization is the basic strategy that all the sports shoes companies should understand. But as a global brand, understanding the same characteristics for each country is more important to build global strategy.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.4
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• pp.45-70
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• 2009

This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

• Knowledge Management Research
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• v.21 no.3
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• pp.45-65
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• 2020

It is desirable to invest in wine that increases its value, but wine investment itself is unfamiliar in Korea. Also, the process itself is unreasonable, and information is often forged, because pricing in the wine market is done by a small number of people. With the right solution, however, the wine market can be a desirable investment destination in that the longer one invests, the higher one can expect. Also, it is expected that the domestic wine consumption market will expand through the steady increase in domestic wine imports. This study presents the consortium block chain framework for revitalizing the wine market and enhancing transparency as the "right solution" of the nation's wine investment market. Blockchain governance can compensate for the shortcomings of the wine market because it guarantees desirable decision-making rights and accountability. Because the data stored in the block chain can be checked by consumers, it reduces the likelihood of counterfeit wine appearing and complements the process of unreasonably priced. In addition, digitization of assets resolves low cash liquidity and saves money and time throughout the supply chain through smart contracts, lowering entry barriers to wine investment. In particular, if the governance of the block chain is composed of 'chateau-distributor-investor' through consortium blockchains, it can create a desirable wine market. The production process is stored in the block chain to secure production costs, set a reasonable launch price, and efficiently operate the distribution system by storing the distribution process in the block chain, and forecast the amount of orders for futures trading. Finally, investors make rational decisions by viewing all of these data. The study presented a new perspective on alternative investment in that ownership can be treated like a share. We also look forward to the simplification of food import procedures and the formation of trust within the wine industry by presenting a framework for wine-owned sales. In future studies, we would like to expand the framework to study the areas to be applied.

• KDI Journal of Economic Policy
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• v.35 no.2
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• pp.1-39
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• 2013

Considering the relationship between state-owned enterprise (SOE) CEOs and political circles, this study examines the performance impacts of CEO's succession type, board chair separation, and industry expertise and finance expertise of CEOs and outside directors. I propose the definition of political independence in SOE CEOs based on the independence in appearance that might affect general people's perception. It means that there are no relationships or circumstances that might affect SOE CEO's judgment, activity, and report. The definition is able to overcome the limitations of the prior research that could not discover the CEOs who were affiliated to political circles because the research just distinguished the CEOs following their pre-jobs. This study focused on the performance impacts of political independence impaired CEO as well as the CEO's impacts on the relationship between the performance and other corporate governance variables. I selected as dependent variables the average return on asset as operating income divided by total assets and the average customer satisfaction rate evaluated by Korean government during the first three years following the year of the events of explanatory variables. My theory and evidence from the various CEO's personal background and financial information from SOEs in Lee Myung-bak Administration and Rho Moo-hyun Administration suggest the following important things. First, the analysis based on whether or not a SOE CEO keeps political independence shows that a political independence impaired CEO made a significantly negative impact on customer satisfaction rate. Second, the separation between a board chair and a CEO in SOEs introduced by Korean Act on Management of Public Institutions made a significantly positive impact on customer satisfaction rate. However, the positive impact of the board chair separation was removed in a political independence impaired CEO's SOE. Third, outside director's industry expertise made a significantly positive impact on return on asset. However, the positive impact of the outside director's industry expertise was removed in a political independence impaired CEO's SOE. Fourth, the comparison between Lee Myung-bak Administration and Roh Moo-hyun Administration on the corporate governance and performance of SOEs shows that the ratio of political independence impaired CEO was significantly higher in Lee Administration and the ratio of outside director's industry expertise and finance expertise were respectively significantly higher in Roh Administration. Based on these results, I suggested a few policy alternatives for CEO's improved political independence and requirements for executive's expertise in SOEs.

• KDI Journal of Economic Policy
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• v.32 no.2
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• pp.171-216
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• 2010

With the payment and settlement systems becoming more and more complex and interconnected, the issue of their interdependency rises as an important academic issue as well as a policy topic. This study examines causes, forms, and risk management of interdependencies of payment and settlement systems in Korea, and presents their current situation. By way of simulations using BOF-PSS2 developed by the Bank of Finland, we quantify the effects of an operational disruption on the payment and settlement systems so as to figure out the degree of interdependency. As a result, the secondary round effect reaches up to ￦13.6 trillion a day, which amounts to 7.8% of the daily settlement value. Furthermore, if we also consider the amount of direct operational disruption, the volume of operational disruption occupies 22.3% of total value of the daily settlement, evidencing that the interdependencies of the payment and settlement systems in Korea is enormously widespread. The secondary round effects are found to be more severe with security companies rather than with banks, and to be more depended upon when it is perceived rather than it actually happens. In case that we expand the liquidity to include cash holdings and deposits as assets, the secondary round effect dramatically decreases in all types of financial institutions while foreign banks account for more share of all the secondary round effects increases. Based on these results, we suggest various policy tasks and directions to improve the risk management of settlement systems: expansion of off-setting settlements, introduction of a new settlement system for securities transactions, rapid provision of liquidity to financial institutions, more effective monitoring on participant institutions, and intensified information sharing and cooperation among the systems.

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

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.28 no.4
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• pp.120-126
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• 2010

As the importance of an historical area is getting increased in these days, the reconstruction of an bell chamber in Namhansansung has significant historial, educational and cultural meaning. The purpose of this study, as a study on an bell chamber in Namhansansung, is to assume an original location of the bell chamber and identify the size and shape of the original bell chamber through literature study, site inspection, and analysis on old maps. In addition, this study could provide useful information when new bell chamber is constructed. According to the literature study, site inspections(5 times) and analysis on old maps, the original bell chamber is assumed to locate near current Oroji tea house at the rotary, where was in the area of Hanggung. With regard to the traffic system, it is assume that there was an old road along with the current local road No.342 connecting the South Gate with North Gate and a Y or T shape intersection connecting the site of old bell chamber with the north. In addition, there was a government office street from the old bell chamber to Hanggung. The shape of old bell chamber is assumed to have Paljak or Woojingak roof. Samo roof was not found in all the five maps. Regarding the direction of bell chamber, three maps indicate that it faces the East and two maps show that it faces the South. Therefore, it is assumed that the length and width of the roof have similar size. However, a new bell chamber should face the East, which is the same direction with Hanggung. As there is a record which states that a bell in the Cheonheoungsa, Seonggeosan, Cheonan was used as a Namhansansung's bell when the Cheonheoungsa was closed, this study suggests that new Namansansung's bell should be built, considering histroical value and artistry of Cheonheoungsa's bell. This study is a basic research for the reconstruction of Namhansansung in 2009. However, as reconstruction of historical assets should be based on thorough historical evidences. Therefore, more detail researches by a indicator analysis are left for the topic of future studies.

• Korean Journal of Heritage: History & Science
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• v.47 no.1
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• pp.164-179
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• 2014

The Buddhas of the Three Words in a form of arranging Bhaiṣajyaguru and $Amit{\bar{a}}bha$ at its side based on ${\acute{S}}{\bar{a}}kyamuni$ at the center is enshrined in Daeungbojeon Hall of Daeheungsa Temple located at Haenam. So far, this Buddhas of the Three Words has been known as a wooden Buddha statue. However, as a result of X-ray screening, in left/right Buddha statues excepting main Buddha, wood and molding clay layer were observed at the same time. Therefore, this study intended to observe its internal structure, grafting method and to clarify making technique of Buddha statue during Joseon era based on image information being obtained through X-ray screening of The Buddhas of the Three Words of Daeheungsa Temple. As its result, it was revealed that form of ${\acute{S}}{\bar{a}}kyamuni$ was completed by mainly grafting 5 pieces of timber and this statue shows a typical wood grafted Buddha statue during Joseon era. Form of Bhaiṣajyaguru and $Amit{\bar{a}}bha$ were completed based on molding technique by applying clay on sculpture similar to its appearance after sculpturing more than 10 pieces of timber through its grafting. In other words, internal timber is considered to play a role of its core and grafting method of timber is more close to a technique of molding Buddha statue than to that of wooden Buddha statue during Joseon era. However, clay was directly applied on timber thinly, not applying clay thickly on it after winding straw rope on wooden core and its characteristic is that its facial area was completely composed of wooden construction only. Therefore, it is hard to rule out a possibility that the original sculpturing intention of an artist might be a wooden Buddha statue but in view of the fact that a word, 'molding' was used in a record of relics buried in statue, it could be seen that this Buddha statue might have been recognized as a molding statue at the time when creation of this statue was completed. It is considered that number of case of making statue based on this technique would be more increased when more results of X-ray screening should be accumulated and if more data should be collected, it would provide a significant evidence for identifying chronological, regional aspects of making technique of Buddha statue.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.37 no.2
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• pp.40-53
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• 2019

This study was conducted to investigate the changes in Scenic Spots by utilizing the "Sinjeungdonggukyeojiseungram(新增東國輿地勝覽)" and "Joseonhwanyeoseungnam(朝鮮?與勝覽)" to interpret "Joseonmyeongseungsiseon(朝鮮名勝詩選, 1915)". By examining the historical context when "Joseonmyeongseungsiseon" was published, it documented the Japanese's memories of 'Sino-Japanese War(淸日戰爭)' in 1894, which implies the 'policy of assimilation' by the Japanese Government-General of Korea after the Japanese annexation of Korea(1910). Detailed information about the author 'Narushima Sagimura(成島鷺村)' can be found in preface. In the "Joseonmyeongseungsiseon", it dedicates most of the part in describing the Scenic Spot especially in 'Anseong Do (15 lines)', where has the memories of war such as the 'First Sino-Japanese War'. The number of Scenic Spots, commonly mentioned in both "Sinjeungdonggukyeoji seungram" and "Joseonhwanyeoseungnam" in Cheonan province are 13 in total. Most of the content contains a similar structure. But 'Honggyeongwon(弘慶院)' and 'Seonghwanyeok(成歡驛)' has both the common Joseon Dynasty landscape point of view, and the additional historical context which are about the 'Jeongyujaeran(丁酉再亂)' or 'First Sino-Japanese War' consequently enlightens the 'placeness' of the Scenic Spots. Among the newly described Scenic Spots, 'Anseongdo(安城渡)' is the part that focuses on the memory of the 'Anseongcheon Battle' that gave Japan its first defeat in the Sino-Japanese War. Especially, by introducing the poetry of 'Sinobu Shunpei' it maximizes the appreciation through emphasizing the direct correlation between placeness and the poem itself. While the Joseon Dynasty poems are 10 pieces in total and their title and the subject matters are all related to historical spots, and the appreciation also maximizes when fully interpreted with understanding the historical context. However, it's contextual meanings are neglected by dividing the actual structures into separate pages. When looking at the location of famous historic sites, they come in many different types, considering the location, meaning, size, and conditions surrounding them. It appears as a service space for travelers, a place for sightseeing, relaxation or return, a temple space for paying respects or memorial services, a fortress facility for defense and protection, or a fishing area for wages, and an old battlefield. Especially, it is noted that the area is diverse as the cultural landscape of Cheonan, given that the battle space between the hermitage and the Donghangnongmin(東學農民) is shared with each other. It is necessary to establish policies for the preservation and restoration of local cultural assets based on these points in the future.

• Korean Journal of Heritage: History & Science
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• v.48 no.2
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• pp.142-157
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• 2015

This study examines how traditional knowledge functions in the specific techniques to make pottery in terms of the traditional knowledge on the pottery techniques of Onggi potters. It focuses on how traditional pottery manufacturing skills are categorized and what aspects are observed with regard to the techniques. The pottery manufacturing process is divided into the preparation step of raw material, the molding step of pottery, and the final plasticity step. Each step involves unique traditional knowledge. The preparation step mainly comprises the knowledge on different kinds of mud. The knowledge is about the colors and properties of mud, the information on the regional distribution of quality mud, and the techniques to optimize mud for pottery manufacturing. The molding step mainly involves the structure and shape of spinning wheels, the techniques to accumulate mud, ways to use different kinds of tools, the techniques to dry processed pottery. The plasticity step involves the knowledge on kilns and the scheme to build kilns, the skills to stack pottery inside of the kilns, the knowledge on firewood and efficient ways of wood burning, the discrimination of different kinds of fire and the techniques to stoke the kilns. These different kinds of knowledge may be roughly divided into three categories : the preparation of raw material, molding, and plasticity. They are closely connected with one another, which is because it becomes difficult to manufacture quality pottery even with only one incorrect factor. The contents of knowledge involved in the manufacturing process of pottery focused are mainly about raw material, color, shape, distribution aspect, fusion point, durability, physical property, etc, which are all about science. They are rather obtained through the experimental learning process of apprenticeship, not through the official education. It is not easy to categorize the knowledge involved. Most of the knowledge can be understood in the category of ethnoscience. In terms of the UNESCO world heritage of intangible cultural assets, the knowledge is mainly about 'the knowledge on nature and universe'. Unique knowledge and skills are, however, identified in the molding step. They can be referred to 'body techniques', which unify the physical stance of potters, tools they employ, and the conceived pottery. Potters themselves find it difficult to articulate the knowledge. In case stated, it cannot be easily understood without the experience and knowledge on the field. From the preparation of raw material to the complete products, the techniques and traditional knowledge involved in the process of manufacturing pottery are closely connected, employing numerous categories and levels. Such an aspect can be referred to as a 'techniques chain'. Here the techniques mean not only the scientific techniques but also, in addition to the skills, the knowledge of various techniques and levels including habitual, unconscious behaviors of potters.