• International Commerce and Information Review
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• v.11 no.1
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• pp.239-264
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• 2009

As the competitive market environment and industry circumstances become more and more competitive on a daily basis, it is not easy to find an opportunity to initiate small business, or increase performances of Small and Medium Business. The research findings are as follows. First, entrepreneurship(innovation, progressive, social responsibility) has significant effects on the market orientation. Second, company competence(individual resource, technology resource) has significant effects on the market orientation. Third, market orientation has significant effects on the non-financial performance(Internal process performance, learning & growth performance, customer performance). Finally, non-financial performance(Internal process performance, learning & growth performance, customer performance) has significant effects on the financial performance.

• Journal of Distribution Science
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• v.13 no.11
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• pp.79-92
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• 2015

Purpose - The aim of this study is to develop an empirical model of the effects of traditional market service quality factors on customer value, relationship quality, and behavior. The specific objectives of the study are as follows: 1) to classify study objects into cultural tourism markets and non-cultural tourism markets as well as to verify the differences in service quality among the two markets and, 2) to present practical service marketing methods that fit with the characteristics of the traditional markets by amending the five quality evaluation items of SERVQUAL (a multiple-item scale for measuring service quality)to suit the characteristics of the traditional markets and establish the relationship among customer value, relationship quality, and behavior intention. Research design, data, and methodology - The study methods of empirical investigation are as follows. First, this study selected for a study object the Suwon Paldalmun Gate Market to represent the cultural tourism market, and general traditional markets to represent the non-cultural tourism market. This study also conducted personal interviews in order to increase the response rate and collected a total of 418 responses between March 18, 2014 and April 05, 2014. The total of 418 responses used for this study excluded 14 responses that had either misleading information or missing values. Results - This study verified the perceived differences of service quality based on traditional market specialization through an independent sample t-test. It appeared that the perceived service quality of the cultural tourism market was generally higher than that of the non-cultural tourism market. This study executed a path analysis in order to examine the effects of service quality factors on customer value, relationship quality, and behavior intention. This study also comprehensively analyzed the specialized market and non-specialized market separately. Although there were some differences among the results, the overall results were uniform. It appeared that convenience, reliability, and empathy, among the service quality factors, exerted meaningful effects on customer value. On the other hand, convenience, reliability, responsiveness, and empathy, excluding the tangibles, exerted meaningful effects on the relationship quality. In addition, it appeared that all service quality factors exerted meaningful effects on the customer value, relationship quality, and behavior intention. Therefore, the study verified that all of the hypotheses formulated in the study were generally adopted. Conclusions - The implication of this study may be classified into academic and practical implication as follows. With respect to the academic implication, it seems that this study is among the early studies to verify the differences between the cultural tourism market and the non-cultural tourism market. The practical implication of this study is that the perceived service quality, such as convenience, reliability, responsiveness, and tangibles, excluding empathy, was higher in the cultural tourism market than in the non-cultural tourism market. This means that customer satisfaction is enhanced by governmental aid such as hardware, software, and information and communications technology.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.4 no.4
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• pp.422-427
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• 2003

The purpose of this study analyzes the effects of M＆A between conglomerate and non-conglomerate corporational with 57 samples of firms during the period from 1990 to 1997 right before IMF. financial crisis. These models employed to measure effects of M＆A in this paper are both market model and market adjusted return model using test of t-statistics. Results of this article show that negative excess returns are observed for non-conglomerate mergers and positive excess gains are exhibited for conglomerate mergers. This implies that conglomerate mergers are more effective than firm specialization in terms of merger effects.

• Journal of Korea Trade
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• v.23 no.6
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• pp.131-144
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• 2019

Purpose - The purpose of this study was to investigate market power of soybeans exported by the United States to Korea. Particularly, this paper considered dichotomous characteristics of genetically modified (GM) soybeans and non-GM soybeans and conducted empirical analysis of these two segregated soybean markets to understand key tenets of market power in international soybean trade. Design/methodology - The difference in market power between GM and non-GM soybeans was analyzed using Residual Demand Elasticity (RDE) and Residual Supply Elasticity (RSE) models over the period of 2008~2018. RDE and RSE models under an imperfect competition condition were used to estimate market margins and determine whether GM and non-GM exporters or importers exercised market power in the destination market. Findings - Empirical results suggested that the U.S. had a market power on both GM and non-GM soybean exports. GM exports had greater market power than non-GM exports (14% vs. 9%). By contrast, Korea showed an inability to grab market margin or exert market power in soybean imports. Both export supply by the U.S. and import demand by Korea were found to be more responsive to price changes of GM soybeans than to prices changes of non-GM soybeans. This might be due to a self-interested, profit-seeking strategy by the exporter and many concerned consumers regarding potential adverse effects of GMOs in the importing country. Originality/value - This paper fills the literature gap by exploiting market power in both GM and non-GM markets with explicit consideration of price correlations between GM and non-GM soybeans in Korea. A number of existing studies have provided evidence for market power broadly embedded in international commodity trade. However, studies focusing on Korean markets are limited. No study has explored the country's soybean trade. Furthermore, the majority of prior studies have almost exclusively focused on the market power from a standpoint of exporting countries without discussing importers' market structure. This paper also sought to understand potentially distinguished patterns of market power between GM and non-GM markets.

• Journal of Labour Economics
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• v.37 no.4
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• pp.59-88
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• 2014

I estimate the non-market effects of implementing five-day workweek controlling for the individual-job fixed effect. I find that the implementation of five-day workweek has improved an individual's subjective health status, increased the frequency of exercises, increased the probability to get education or training other than job training, improved subjective quality of life, increased spending for leisure and cultural activities, and improved an individual's satisfaction with the job and the employer. Much of the effects are due to reduction not of working hours but of working days.

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.189-222
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• 2008

This study developed a model to empirically investigate the effects of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. The data was collected from 200 animal clinics which belong to Korean Animal Hospital Association (KAHA)'s national conference in April, 2007. Descriptive statistic, factor analysis, reliability analysis, and regression analysis were conducted to analyze the data using SPSS/PC+ 12.0. The findings are as follows. First, the market orientation of animal clinics influences significantly both financial and non-financial performance. When the moderating effect of entrepreneur's working tenure is considered, market orientation has significant effect on animal clinic's financial and non-financial performance. However, when the moderating effect of animal clinic's location is considered, market orientation has not significant effect on animal clinic's financial and non-financial performance. Second, animal clinic's relationship orientation with suppliers mostly affects the financial and non-financial performance significantly. When entrepreneur's working tenure in the clinic is longer (above 4 years group), relationship orientation with suppliers significantly affects both financial and non-financial performance. Meanwhile, when the entrepreneur's working tenure in the clinic is shorter (less than 3 years group), relationship orientation with suppliers doesn't affect clinic's financial performance but affect non-financial performance partially. In other words, when entrepreneur's working tenure is shorter (less than 3 years group), market orientation more influences on clinic's financial and non-financial performance while relationship orientation with suppliers does less. It is thought that their relation with suppliers and relationship orientation activities with suppliers are less strongly established and maintained yet. So, they primarily focus on market orientation strategy when entrepreneur's working tenure is shorter. Third, when animal clinics are located in non-metropolitan area, relationship orientation with suppliers significantly affects financial and non-financial performance. However, when animal clinics are located in metropolitan area, it doesn't affect financial and non-financial performance either. It is thought that animal clinics which are located in non-metropolitan area need stronger relationship with suppliers and need support more from them as most of suppliers actively work in metropolitan area not in the non-metropolitan area and animal clinics in metropolitan area can easily get better market information than animal clinics in non-metropolitan area. Lastly, while the effect of the market orientation significantly influences animal clinic's business performance continuously, the effect of the relationship orientation differently influences business performance as it is moderated by entrepreneur's working tenure and animal clinic's location. So, relationship orientation with suppliers can be selectively applied to improve the clinic's financial and no-financial performance. In summary, both of animal clinic's marketing orientation and animal clinic's relationship orientation with suppliers positively influence their business performance. However, entrepreneur's working tenure and animal clinic location moderate the relationship between market orientation and relationship orientation and their business performance differently. This study is quite meaningful to empirically investigate the effects of both of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. And, as this kind of study has been very few in the context of animal clinic industry, it helps practically understand the effects of market orientation and relationship orientation with suppliers on the financial and non-financial performance in animal clinic industry. Furthermore, as the market conditions in animal clinic industry have been in difficulty for a few years, this study can help improve animal clinic's financial and non-financial business performance together with their suppliers as business partners. Lastly, this study can help find mid-term and long-term cooperation between animal clinics and their suppliers. This study has some limitations. So, care should be taken when generalizing the results of the study. First, our samples were collected from only the animal clinics industry. However, a comparison of the results presented here with those form other marketing contexts (e.g., general hospitals) would be worthwhile. Future comparative research will enhance the generality of our contingency theory cross industry context. Second, this study found that market orientation and relationship orientation affect business performance. However, there may be other antecedents, such as internal market orientation and relationship orientation with customers. Also, this research did not consider other moderators, such as overall market conditions, competitive situations, and power/conflict between suppliers and buyers in the relationship between market and relationship orientation and business performance.

• Journal of the Korea Society of Computer and Information
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• v.26 no.5
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• pp.77-86
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• 2021

This study aims at exploring the change of the total fertility rate(TFR) in regional level and analysing what different effects the local labor market and housing market have on the change of TFR. Previous studies have emphasized that the job and housing issues of the youth are structural factors on the decline of TFR. However, considering that youth problem is variant in local level, the relationship of job and housing issues with TFR could be different in local level. This study analyses what effects the situation of local labor market and housing market have on the TFR from 2012 to 2018 in regional level. The result is that the employment and housing factors have different effects on capital areas and non-capital areas. While the high cost of housing has negative effects on TFR in capital areas, it has rather positive effects in non-capital areas. However, labor market variables have statistically insignificant effects on TFR.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Asia pacific journal of information systems
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• v.16 no.3
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• pp.229-241
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• 2006

In this paper, we develop three stage non-cooperative game models to analyze the alliance strategies of companies in internet markets where network effects are present. Regardless of its market share, an internet company's strategic alliance appears to be a superior strategy. The analysis also identifies profit sharing structures in the internet market where a smaller and unknown company is enforced to split its own profits with a larger and well-known company. It is shown that the amount of profit sharing grows as the size of network effects becomes larger.

• Land and Housing Review
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• v.10 no.1
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• pp.9-18
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• 2019

This study examined the dynamic change in the co-movement between the house price rates with the network methods of Mantegna (1999). First, Capital area and non-capital area form independent clusters which have the heterogeneous co-movement pattern. In other words, Capital and non-capital areas have low connectivity in the housing market. Also, if the co-movement between capital areas have been strengthened, the co-movement between non-capital areas have been weakened. The results of the dynamic analysis show that the degree of the co-movement in the housing market is continuously increased. The members of the co-movement group in the capital area are strongly steadied by all periods. However, the members in the non-capital area have been changed according to the period. Accordingly, it is necessary to establish policies based on various information for the housing market of the non-capital area rather than policies targeting the capital area. In addition, Apartments in Korea are more likely to be used as investment or speculative assets than other types of houses. It has been confirmed that this is Gangbuk, which is locatied in the northern part of Seoul, appears to be a region where the Spillover Effects of price fluctuation can be triggered in the housing and apartment market. However, the housing market in Gangnam, which is locatied in the southern part of Seoul, was divided into low systematic risk.