• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.51-58
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• 2020

The study aims to investigate the relationship between hedging with derivatives and subsequent firm-level stock price crash risk. Our sample consists of KOSPI- and KOSDAQ-listed companies from 2004 to 2014. The total firm-year observation is 4,886. We find that hedging with derivatives is related to greater possibilities of crash risk. The results suggest that the complexity of economic and financial reporting for derivatives may aggravate the company's information opacity, ultimately increasing the crash risk. We contribute to the growing body of literature on hedging with derivatives. Academics and practitioners have debated on whether or not hedging enhances transparency or rather makes the information environment more opaque. Theoretical research on the role of corporate hedging on information environment shows that hedging enhances earnings informativeness. Meanwhile, pieces of anecdotal and empirical evidence show that the economic and financial reporting complexity of derivatives can harm information transparency. Our results shed light on the question of whether and how hedging with derivatives affects information environment by examining the relationship between hedging with derivatives and crash risk. Furthermore, our findings provide useful insights for policymakers and practitioners. Specifically, our results raise a need for a more transparent disclosure on corporate hedging activities with derivatives.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.271-281
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• 2020

This study aims to investigate whether and why the disclosure of full financial information to estimate taxable income (TI) is incrementally useful for investors' decision making at earnings announcements. This paper shows analytically that the information content of TI beyond book income is determined by the relative informativeness of TI exceeding that of book-tax differences (BTDs), and therefore should be affected by the earnings quality of TI relative to BTDs. This study collects data on earnings announcements from Korean listed firms and employs multiple regression tests for earnings persistence, a major indicator of earnings quality, of TI and BTDs and their information content. The empirical test results show that TI is more persistent than BTDs for the entire sample in this study. Further, the investors' reaction to TI is greater than that to BTDs, and the market response to TI controlling for BI is positive. However, the market test results are significantly observed only in the subsample group with full disclosure of financial statements, not in the samples with disclosure of aggregated earnings only. In sum, this study provides new evidence that the TI information obtained from a detailed earnings announcement is useful for investors in addition to book income.

• 지식경영연구
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• 제16권1호
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• pp.193-208
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• 2015

With the rapid growth in the use of digital advertising media among consumers, there is an increasing interest in the utilization of virtual advertising and PPL as an alternative to traditional television advertising. Nonetheless, few studies have compared the effects of these new advertising platforms, still lacking knowledge on their relative effects for maximizing advertising effectiveness. This study, thus, intends to compare virtual advertising and PPL with respect to advertising effectiveness (i.e., consumer evaluations of advertising attributes, brand attitudes, and purchase intentions), controlling for the level of product involvement. An experiment was conducted with a sample of 360 participants and actual ads were used as test stimuli. According to the results, consumers exhibit more favorable evaluations on all the three advertising attributes (i.e., entertainment, informativeness, and irritation) for high-involvement products, whereas, for low-involvement products, virtual advertising is perceived to be more irritating than PPL. In particular, the effect of informational value of virtual advertising on brand attitudes was found to be most significant. In addition, for high-involvement products, virtual advertised products. Advertising practitioners may have to consider these results and fully utilize the advantages of virtual advertising and PPL in order to achieve maximum advertising effectiveness.

• The Journal of Asian Finance, Economics and Business
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• 제7권5호
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• pp.195-204
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• 2020

This research examines four specific objectives: (1) identifying factors that affect Vietnamese consumer attitudes towards smartphone advertising, (2) measuring the level of impact of the factors, (3) testing the difference of attitudes among groups of consumers with different characteristics in terms of gender, age, income, and academic level, and (4) proposing some managerial implications to have better Vietnamese consumer attitudes towards smartphone advertising. The study uses the online survey form via e-mail and Facebook in a convenience sampling method; the subjects surveyed are between the ages of 18 and 35, and all are in urban areas in Vietnam, and are using smartphones and accessing the internet and other phone applications. A sample of 490 respondents were valid and used for processing. The study employs a combination of qualitative and quantitative methods to analyze exploratory factors and linear multiple regression. The results reveal that there are five main factors affecting Vietnamese consumer attitudes towards smartphone advertising positively, arranged by reduced importance: entertainment, informativeness, credibility, non-irritation, permission and control. From that, the study offers some managerial suggestions for smartphone advertisers to improve their strategies and tatics to enhance their customer service, so that the smartphone advertising can attract people and help Vietnamese consumer in their buying behavior.

• 한국IT서비스학회지
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• 제12권2호
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• pp.301-319
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• 2013

Wireless and mobile communication technologies enable individuals who trade stocks and bonds to use mobile-based trading services. Due to rapidly developing mobile technologies and adoption of the advanced/smart mobile devices such as smart phones and tablets, the use of mobile trading systems (MTS) have increased at an unexpected rate. Although many prior studies measured service quality on various service-related fields, there are few studies that is related to mobile trading systems compared to more traditional PC-based home trading systems. This research searches determinants of service quality for mobile trading systems and examines the effects of these factors on the intention to mobile trading systems' continuous use. Through an extensive literature review, this research finds three dimensions for mobile trading systems : interaction quality, service environment quality, and service outcome quality. The result of analysis shows that personalization, connectivity, ease of use, informativeness, and monetary value enhance the intention to continuous use. Considering environmental conditions such as the high rate of MTS adoption among individual users and stiffer competition among securities firms, these findings may help practically securities firms' shaping MTS system development strategies for individual users' continuous use and for increasing new users adoption.

• 음성과학
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• 제9권2호
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• pp.109-132
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• 2002

The purpose of this study is to examine the focus realization of [Adjective+Noun] phrases which are used in English classroom situations. In order to examine this, two production and one perception experiments were designed. The noun phrases in the first two production experiments are divided into three patterns according to the location of focus. The difference between the two production experiments is that in the first experiment the focused words are contextually given in the classroom situation, but in the second experiment they are presented in written form. We compare the native English teachers' focus realization of noun phrases with that of Korean teachers from the point of view of intonational phonology. In the perception test, we examine how the uttered sentences are perceived by English native speakers and Korean native speakers. The results from the three experiments show that native English teachers' focus realization is quite consistent with informational structure. Also, there is a significant difference in pitch range of adjectives and nouns when the native speakers give pitch accents on the two content words, and the uttered sentences are mostly perceived as well as the speakers' intentions. As for Korean speakers, however, they usually focus only on the adjective or they focus on both the adjective and the noun, regardless of the relative informativeness of these words. From these findings, we can conclude that focus realization of Korean teachers is rather inconsistent with respect to informational structure when compared to that of native English teachers.

• 한국콘텐츠학회논문지
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• 제19권8호
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• pp.58-68
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• 2019

최근 제품리뷰 형태의 SNS 광고가 늘어나고 있다. 이들 광고는 효과와 영향력에 비해 관리와 규제를 덜 받고 있어 소비자 불만 역시 증가하고 있다. 본 연구는 정보성, 오락성, 신뢰성, 친근성 등 제품리뷰 SNS 광고 속성이 소비자의 구매의도 및 브랜드 태도에 끼치는 영향을 알아보고자 하였다. 이 때 높아진 소비자 불만들로 인해 개개인이 구축한 설득지식은 광고효과에 영향을 끼칠 수 있을 것으로 예상되어 이를 조절효과로 살펴보았다. 240명의 제품리뷰 SNS 광고 이용자를 대상으로 설문한 결과, 광고 속성이 구매의도에 끼치는 영향 관계에서 설득지식의 조절효과는 오락성, 정보성이 채택되었고 광고 속성이 브랜드 태도에 끼치는 영향 관계에서는 오락성, 정보성, 친근성이 채택되었다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.833-843
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• 2021

This research examines the impact of audit quality on the extent to which firm-specific information is integrated with a firm's share price - which is determined inversely using stock price synchronicity. The study sample consists of non-financial companies listed on the Amman Stock Exchange i.e., the Jordanian Stock Market, from 2014-2018. After examining 810 firm-year observations from Jordanian industrial companies listed on the ASE, during the study period, we find that the companies using one of the BIG4 audit firms for auditing have less synchronous and more informative stock prices, suggesting high-quality audit improved governance and reduce information asymmetry between firms' insiders and investors which enhances the capitalization of firm's specific information into the stock price, thus less synchronous and more informative stock return. The findings remain consistent over 2 separate measurements of stock price synchronicity (Market and Industry model and Market Model) and show robustness for fixed effect tests. Our multivariate regression results are also robust after controlling for a number of features at the firm level with potential associations with stock price synchronicity. These include the firm size, leverage, return on assets (ROA), and market to book value (MBV).

• International Journal of Advanced Culture Technology
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• 제8권4호
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• pp.212-219
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• 2020

We conducted this study to identify the accommodation applications users' lifestyle types and the composition factors for consumers' accommodation applications selection attributes and to identify the difference in the selection attributes perception of accommodation applications between groups classified by user's lifestyle types. According to the study, 6 factors were derived as the accommodation applications users' lifestyle types and were named social/leisure-oriented type, fashion-seeking type, culture-seeking type, self-examining type, self-centered type, family-oriented type. Also 6 factors were derived as the accommodation applications selection attributes and were named convenience, interactivity, economic efficiency, transaction reliability, product reliability and informativeness. Valid clusters were divided into four groups and were named culture/tourism group, self-examining group, passive and cautious group and Social and practicality-seeking group. Most of the selection attributes perception of accommodation applications between groups had statistically significant differences(p<.05), except for some items of transaction reliability. Based on the results of this study, we should strive to establish effective marketing strategies that reflect differences in the selection attributes perception of the accommodation application between groups classified by users' lifestyle types.

• 융합경영연구
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• 제11권4호
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• pp.1-10
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• 2023

Purpose: This study investigated the relationship between product characteristics and customer purchase intention in live-streaming commerce. Research design, data and methodology: Six independent factors namely, scarcity, customization, discount, experimentalism, novelty, and informativeness were identified to analyze their effects on customer purchase intention in live-streaming commerce. The perceived value was accepted as a mediator between independent and dependent variables. Data were gathered from 643 respondents who experienced purchases in live-streaming commerce in China. Results: The results show that product characteristics strongly affect customer purchase intention, and perceived value plays an important mediating role in live-streaming commerce. Therefore, when developing a sales strategy in live-streaming commerce, product characteristics. Such as customization, discount, experimentalism, novelty, and information must be considered. Conclusions: The majority of live-streaming commerce research has focused on platform interactions and consumers. This study is meaningful in that it dealt with product characteristics and confirmed the mediating roles of perceived value in live-streaming commerce. The findings of this study have significant implications and offer valuable insights and practical guidance for both the academic community and practitioners engaged in the field of live-streaming commerce.