• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.107-115
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• 2020

This study is concerned with the relationship between firm's ownership structure and the co-movement of the stock return with the market return. Four different types of firm ownership, including managerial ownership, state ownership, foreign ownership, and concentrated ownership, are among the main features of the company's governance mechanism and have been separately documemented in the previous research to understand their impact on stock price synchronicity. We constructed the regression model, using stock price synchronicity as the dependent variable and the above four components of ownership structure as explanantory variables. The pooled OLS, the fixed effects model, and the random effects are employed to investigate the outcome of the study. Data used in the reserch are of public firms listed on the Ho Chi Minh City Stock Exchange (HOSE) during the five-year period term from 2015 to 2019. The data sample contains 235 companies from 10 industries with 1135 observations. The results revealed by the fixed effects model, the large ownership and the managerial ownership are found to have adverse effect on the stock price synchronicity, whereas the foreign ownership model is revealed to have positive influence on the stock return co-movement. The effect of the state ownership on the stock price synchronicity is not confirmed.

• 한국의류학회지
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• 제41권6호
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• pp.1124-1140
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• 2017

The purposes of this study are to (1) explore the characteristics of consumers who purchase products designed by rising fashion designers, and (2) examine the effects of consumer fashion innovativeness and price consciousness on consumer responses toward the products (i.e., product innovativeness, perceived value, and purchase intention). A total of 469 adult consumers aged 19 to 59 responded to an online survey that consisted of a stimulus (i.e., news article introducing new brands of rising fashion designers) and measurement items. As a result, 20% of respondents are found to be customers of rising fashion designers. These buyers (vs. non-buyers) are characterized as female, high income, and high interest toward rising fashion designer products. The findings from structural equation modeling show that fashion innovativeness and price sensitivity have significant, positive effects on product innovativeness and perceived value that further increase purchase intention. These relationships are significant in terms of perceived value dimensions, except for the relationship between social value and purchase intention. Both fashion innovativeness and price sensitivity have significant and positive effects on social, emotional, economical, and functional values. The emotional, economical, and functional values also have significant, positive effects on purchase intention. The implications of these findings are discussed in the conclusion.

• 한국의류학회지
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• 제27권6호
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• pp.635-642
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• 2003

The purposes of this study were to explore the consumer attitude toward the retail sales, to examine the relationships between the sale attitude and the price-related variables(i.e., price consciousness, sales proneness, and value consciousness), and to examine the effects of the sale attitude and the price-related variables on the perceived price value during the retail sales. Data were collected from 790 undergraduate students using the two types of questionnaires representing the sale and non-sale situations, and 776 responses were analyzed. Factor analysis of the sale attitude extracted five dimensions including price benefit, limited product assortment, impulse buying, low service quality, and disordered store atmosphere. The price benefit and the impulse buying factors were related with all the 3 price-related variables, and all the sale attitude factors were related with the value consciousness. The price benefit and the impulse buying factors positively affected the perceived price value under the sale situation.

• 유통과학연구
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• 제18권11호
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• pp.31-39
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• 2020

Purpose: This study attempts to explain why online luxury shopping malls have implemented a difficult registration process and membership fees. These features weaken online shopping convenience, one of the major reasons why people shop online instead of offline. Therefore, this study scrutinizes the effects of membership features on trust, focusing on the moderating effects of registration difficulty and membership fees. Research design, data and methodology: A survey method with a total of 296 survey data was used. A 2 × 2 × 2 factorial design was employed. The three independent variables are price discount rate (20% vs. 70%), registration difficulty (low vs. high), and membership fees (yes vs. no). Results: The results reveal that a price discount rate has a negative effect on trust, whereas membership fees and registration difficulty moderate its negative effect on trust. Conclusions: A high price discount rate lowers trust for online luxury shopping malls. Meanwhile, registration difficulty and membership fees can be used to prevent consumers from losing trust caused by the high price discount rate. Therefore, registration difficulty and membership fees are signals implying that not everyone can use these private online shopping malls, which provide low prices for luxury items.

• 한국식생활문화학회지
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• 제27권5호
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• pp.481-489
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• 2012

This study examines the effects of restaurant attributes on customers' perceptions of price and brand reputation. Four restaurant attributes were used to represent restaurant quality. Multiple regression was conducted to measure the relationships between the four restaurant attributes and price and brand reputation. Further, an independent T-test was used to compare differences between perceptions of locals and tourists with regard to restaurant quality under two categories (price and brand reputation) after they selected a restaurant. Results of this study revealed that residency did not have a significant impact on customers' perceptions of price or brand reputation, whereas restaurant attributes did have an impact. Taste was a predictor of perceived price, whereas service and atmosphere were predictors of brand reputation. In addition, comparison of restaurant attributes between locals and tourists showed that sanitation and service were significantly different in accordance with price and atmosphere, whereas taste and service were significantly different in accordance with brand reputation. Locals showed higher means for each restaurant attribute compared to tourists.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.219-228
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• 2021

The study examines the behavior of stock prices after large price changes. It further examines the effect of firm size on stock returns, and the presence of the disposition effect. The study employs the event study methodology using daily price data from Pakistan Stock Exchange (PSX) for the period January 2001 to July 2012. Furthermore, to examine the factors that explain stock price behavior after large price movements, the study employs a two-way fixed-effect model that allows for the analysis of unobservable company and time fixed effects that explain market reversals or continuation. The findings suggest that winners perform better than losers after experiencing large price shocks thus showing a momentum behavior. In addition, the winners remain the winner, while the losers continue to lose more. This suggests that most of the investors in PSX behave rationally. Further, the study finds no evidence of disposition effect in PSX. The investors underreact to new information and the prices continue to move in the direction of initial change. The pooled regression estimates show that firm size is positively related to post-event abnormal returns while the fixed-effect model reveals the presence of unobservable firm-specific and time-specific effects that account for price continuation.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.7-14
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• 2021

This paper examines the impact of foreign ownership on stock price volatility in an emerging market, namely, Thailand. The data were obtained from SETSMART, the database of the Stock Exchange of Thailand (SET). After removing financial firms, banks, and insurance companies as well as filtering outliers, the final sample covers 1,755 firm-year observations from 371 nonfinancial firms listed on the SET over the five-year period from 2014 to 2018. The regression model consists of stock price volatility, measured by two methods, as the dependent variable, foreign ownership as the main independent variable, and firm characteristics including firm size, leverage, market-to book ratio, and stock turnover as the control variables. The pooled OLS, fixed effects, and random effects estimations are employed to examine the relationship between foreign ownership and stock price volatility. The results reveal that foreign ownership has a negative and significant impact on stock price volatility. The two-stage least squares (2SLS) are also performed to address potential endogeneity problem. The results still indicate a negative relationship between foreign ownership and stock price volatility. Taken together, the findings of this study suggest that foreign investors help reduce stock price volatility and thus stabilize share price in the Thai stock market.

• 대한지리학회지
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• 제49권5호
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• pp.690-704
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• 2014

단독주택은 전통적인 인간의 주택 유형이다. 그럼에도 불구하고 이들 단독주택에 대한 관심이 적어 연구가 부족한 편에 속한다. 본 연구는 서울시에 소재하는 단독주택을 대상으로 분위회귀분석을 적용하여 가격형성요인을 분석하였다. 통상최소자승법의 경우 종속변수와 독립변수의 평균적인 관계를 파악하기 때문에 단독주택처럼 고가 주택과 저가 주택의 차이가 큰 경우에는 한계가 존재할 수 있다. 서울시 단독주택에 대한 분위회귀분석 결과 통상최소자승법의 유의미한 변수와 대체로 유사하였으며, 건폐율, 용도지역, 소재 지역, 경과연수, 지하층 유무, 고저, 형상이 도출되었다. 그러나 건폐율, 고저의 경우 저가 주택에서, 중가의 주택에서는 지하층 유무가, 고가 주택에서는 소재지역이 더욱 중요하다는 것을 알 수 있었다. 아울러 접근성은 단독주택에 유의미한 변수가 아니지만, 고가주택은 오히려 버스정류장과 멀어질수록 가격이 높아지는 것으로 나타났다. 강남지역에 대한 분석결과 건폐율과 접근성은 저가의 주택에 중요한 요인으로 작용한 반면, 고가의 주택에서는 녹지지역일수록 그리고 대중교통수단과 먼 지역일수록 가격이 높아지는 것을 알 수 있었다. 강북지역에서 건폐율 중요도는 모든 분위에서 일정하였으며, 용도지역이 강남지역보다 단독주택의 가겨에 영향을 많이 주지만, 상위 30% 주택에서는 통계적으로 유의한 차이가 없었다. 아울러 강북지역에서는 지하층 유무가 음의 영향을 주는 변수로 도출되었다. 그리고 경과연수의 경우 중 고가의 단독주택에 긍정적인 영향을 주었다. 서울시 및 강남 그리고 강북지역의 분석에서도 접근성 요인은 단독주택에 큰 영향을 주지 못하였다.

• 대한가정학회지
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• 제40권5호
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• pp.53-62
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• 2002

The purposes of this study were to examine: 1)the dimensions of online store attitude; 2)the differences in the online store attitude by product category and store type; and 3)the effects of online store attitude on store satisfaction and store loyalty. Data were obtained from an online questionnaire survey to 850 online shoppers who were randomly selected from the panel of an online survey agency, and 615 responses were analyzed. Factor analysis extracted 5 dimensions of store attitude including: process and security; service; promotion and presentation; price and quality; and merchandise. MANOVA revealed a significant difference in the price and quality factor by product category and store type. Multiple regression showed that the effects of price and quality, service, and process and security on store satisfaction were significant. Also, price and quality had a significant direct effect on store loyalty which was also affected by store satisfaction.

• 유통과학연구
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• 제20권1호
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• pp.87-98
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• 2022

Purpose: This research investigates whether the existence of preannouncing price discount before purchase has an effect on after regret about purchasing and price fairness perception. Moreover, this paper examines whether the preannouncing effects on regret (or price fairness perception) are moderated by motive inference type (or brand trust). Research design, data and methodology: This experimental design consisted of total 8 between-subjects full factorial, which is completed by 2 (preannouncing price discount before purchase) × 2 (motive inference type) × 2 (consumer's brand trust level). Results: First, regret (or price fairness) differs depending on the presence/absence of preannouncing price discount before purchase and price discount motive inference type. Second, interaction effect of preannouncing price discount presence/absence before purchase and price discount motive inference type on regret (or price fairness) after purchase differs depending on motive inference type (or brand trust). Conclusions: Preannouncing external cue could decrease the possibility of consumers to regret and prevent consumers perceiving price change as unfair. Thus, corporations should sufficiently explain to consumers about preannouncing and specific reason of price fall in order to decrease regret caused by price fall and to increase price fairness perception from preannouncing effect.