• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.159-167
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• 2020

The study examines the impact of corporate social responsibility (CSR) activity on the firm market value, in particular, market capitalization of tour operators listed on Chinese stock markets. This study employs panel data analysis methods to examine endogeneity concerns in observational data. The balanced panel data includes a total of 1,296 observations with 27 cross-sections of tour operators listed on Chinese stock markets and with 48 time-specific periods from March 2006 to December 2017. The results indicate that CSR activity has a negative impact on the market value of the firm for the concurrent period, but from one-period time lag and afterwards CSR activity has a strong positive impact on the market value and sustains its positive impact on the market value even for a two-period time lag. The findings suggest that the economic effect of CSR activity on the firm market value tends to take some degree of lagged effects to be fully showcased in the market capitalization of tour operators and travel companies listed on Chinese stock markets. The findings suggest that, though CSR activity may carry some financial risk for an immediate short-term, tour operators must put a lot of time and effort into making CSR actions effective.

• Journal of the Korean Operations Research and Management Science Society
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• 제38권2호
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• pp.75-93
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• 2013

In applying Markowitz's portfolio selection model to the stock market, we developed a comprehensive investment decision-making framework including key inputs for portfolio theory (i.e., individual stocks' expected rate of return and covariance) and minimum required expected return. For estimating the key inputs of our decision-making framework, we utilized an exponentially weighted moving average (EWMA) which places more emphasis on recent data than the conventional simple moving average (SMA). We empirically analyzed the investment results of the decision-making framework with the same 15 stocks in Samsung Group Funds found in the Korean stock market between 2007 and 2011. This five-year investment horizon is marked by global financial crises including the U.S. subprime mortgage crisis, the collapse of Lehman Brothers, and the European sovereign-debt crisis. We measure portfolio performance in terms of rate of return, standard deviation of returns, and Sharpe ratio. Results are compared with the following benchmarks : 1) KOSPI, 2) Samsung Group Funds, 3) Talmudic portfolio based on the na$\ddot{i}$ve 1/N rule, and 4) Markowitz's model with SMA. We performed sensitivity analyses on all the input parameters that are necessary for designing an investment decision-making framework : smoothing constant for EWMA, minimum required expected return for the portfolio, and portfolio rebalancing period. In conclusion, appropriate use of the comprehensive investment decision-making framework based on the Markowitz's model integrated with EWMA proves to achieve outstanding performance compared to the benchmarks.

• Journal of the Korean Society of Costume
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• 제62권4호
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• pp.1-14
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• 2012

Ever since the year 2000, Korea's musical markets has invited famous overseas license performances and have therefore cooperated with staffs working overseas in regards to stage costumes. This study aims to suggest the methodology of the stage costume making process according to the present advanced production system of Korea's musical market. The researcher participated in the stage costume making work of 'Chicago' as a costume supervisor. It took place at the Opera House of Seongnam Art Center from January 10, 2010 to February 28, 2010. Furthermore, there was significance in reinforcing academic values and implementing practical making process of stage-costumes based on the actual field work. The method of this research was carried out through a theoretical research and a case study that focused on empirical research. As for the research scope, it was limited to the actual stage-costumes that the researcher fully engaged with as a costume supervisor of the musical 'Chicago.' The results of this study were as follows. The stage costume making process of the musical 'Chicago' was categorized according to the classification of production system in the performance. For pre-production, it was divided according to the information of the actor and the analysis of the bible. Rehearsal period was divided according to the product clothes and fitting. Production week & preview were divided according to the changeover of clothes and the arrangement of dressers. The Run was divided according to the inspection of the situation concerning clothes in general during the performance. Post-Production Period was divided according to the collection of clothes and the implemented database. This study eventually suggested appropriate stage-costume making processes for the costumes making environment according to the expansion of overseas license musical market. However, it has a limitation of the research scope to the musical 'Chicago.' The creative performances of the domestic version are planned in diverse forms and come to abroad animate by the Korean Wave. Therefore, the field of stage-costume is necessary for the establishment of practical schemes of the system and copyright in accordance with the environment.

• The Transactions of the Korean Institute of Electrical Engineers A
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• 제54권1호
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• pp.38-42
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• 2005

Restructuring of the electric power industry has brought the issue of market competitiveness to surface. Recent years have witnessed the appearance of a particular seller or group of sellers exercising market power in electricity supply. In fact, much scholarly work has been done on how to identify and mitigate such abuse by market management rules. In this paper we assess the possible market power on the basis of pivotal supplier test and propose the method to determine the reasonable quantity of long-term contracts which can play a crucial role in mitigating the market power for a pivotal player. Furthermore the market efficiency is guaranteed by making long term contracts with a pivotal player up to the quantity to ensure that the pivotal player has no incentive to abuse the pivotal quantity in the electricity market.

• Journal of Korean Society of Industrial and Systems Engineering
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• 제47권3호
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• pp.18-30
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• 2024

Although concerns about overheating of the franchise industry's market structure continue to be raised, there are few studies that analyze the market structure of the franchise industry and suggest practical use. Most existing studies mainly analyze the market structure of other industries using industrial concentration(HHI) as an indicator of market competition intensity from the perspective of industrial organization theory. This study seeks to present a market structure analysis method that is different from existing methods. Considering practical application, this study presented a method to analyze the market structure that combines industry concentration(HHI) analysis and matrix analysis of the franchise industry. First, the industry concentration(HHI) and operating profit ratio(SMR) of 15 major industries in the franchise industry were analyzed in a time series manner (2014-2019). Second, using industrial concentration and operating profit ratio(SMR) as two variables on the x-axis and y-axis, a two-stage matrix analysis was used to understand the market structure characteristics of 15 industries at a glance. Third, a method of utilizing the matrix analysis results for practical decision-making was presented.

• Advances in robotics research
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• 제1권2호
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• pp.171-183
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• 2014

Distributed planning and decision making can be beneficial from the robustness, adaptability and fault tolerance in multi-robot systems. Distributed mechanisms have not been employed in three dimensional transportation systems namely aerial and underwater environments. This paper presents a distributed cooperation mechanism on multi robot transportation problem in three dimensional environments. The cooperation mechanism is based on artificial capital market, a newly introduced market based negotiation protocol. In the proposed mechanism contributing in transportation task is defined as asset. Each robot is considered as an investor who decides if he is going to invest on some assets. The decision is made based on environmental constraint including fuel limitation and distances those are modeled as capital and cost. Simulations show effectiveness of the algorithm in terms of robustness, speed and adaptability.

• Proceedings of the Korea Society for Simulation Conference
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• 한국시뮬레이션학회 2001년도 The Seoul International Simulation Conference
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• pp.340-345
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• 2001

Electric power market in Japan is now on the trend of deregulation and privatization just like in Europe and the United States. And various approaches for risk management have been investigated taking the electric power price fluctuation after the deregulation into account. The behavior of the investment in power generation plants has not, however, been studied in detail yet due to the complexity of the problem. The problem of the investment in the deregulated power market is that of autonomous decentralized decision-making system, which includes various kinds of decision-makers, that is, power producers called IPPS Each generator has its own criteria for plant investment. Therefore, the total behavior of the decentralized power market will be so complicated, and normative approach will not be applicable fur this analysis. We have developed a simulation-based system fur behavioral analysis and also the framework design of the decentralized power market.

• Culinary science and hospitality research
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• 제11권3호
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• pp.56-69
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• 2005

The world is changing so rapidly and being globalized and competitive. Also, food service companies in Korea have been making a speedy growth. In order that food service companies ran take long-term viability, they should introduce the market-orientation concept. Because market-orientation requires to investigate the factors of ever-diversified market environment on a regular basis, they can build up more detailed, practical and differentiated strategies than before. Thus, this study aimed to establish that the strategy of competitive edges based on the concepts could yield excellent marketing performance.

• Journal of Digital Convergence
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• 제7권3호
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• pp.93-102
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• 2009

Recently, concerns regarding ubiquitous health have been on the increase according to development of ubiquitous technology and growth of health industry. This study suggested a necessity for market segmentation for the creation of new markets of ubiquitous health business under this background. This paper also analyzed possibile health service industry with characteristics of customers by making an analysis of market segmentation. It was grouped into 4 parts by factor analysis and cluster analysis with raw data collected, the results showed that they would be main potential ubiquitous health service industry. However, some are not significant in statistics, which means that since ubiquitous health industry has not yet been experienced, it probably shows uncertainty about its favour. Finally, the study suggested that a future study should build up more detailed market segmentation data with continuous supplementation.

• International Journal of Human Ecology
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• 제7권1호
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• pp.53-65
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• 2006

The purpose of this study was to examine the differences in the decision making styles of Korean and American consumers. Focus group interviews were used as the median to collect information related to their methods of approach to a market to buy a universal need such as clothing for personal use. Findings suggest that within each construct, there may be different factors that should be used to measure the decision making styles of Korean and American consumers. It also implies that the previously established Consumer Decision making styles instrument may not be a reliable measure cross-culturally. Recommendations for future research are suggested.