• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.29-43
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• 2022

This study measures the realized rate of return of venture capital(VC) fund at the level of investment agreement(as opposed to fund level returns reported by most of the relevant studies). It also measures the stock price return of the VC's portfolio firms (unlisted start-ups) at firm level(as opposed to fund returns) and its variance for the first time using unique data of the VC funds held by the Korean Venture Capital Association. Results of the analysis confirm that VC fund returns exceed individual stock price returns. Additionally, it is confirmed that VC portfolio firms exhibit a positive relationship between risk and return measured by total risk. Finally, we find that stock price returns at firm level are lower than that implied by the associated levels of risk. Consequently, this may make individual investors hesitate to directly buy unlisted startups' stocks even when investment in individual startup companies guarantees high risk-high returns relationship.

• International Journal of Contents
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• v.9 no.1
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• pp.71-80
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• 2013

The golf industry has become the center of attention for recreational activities in the participant sport market; however, there has been little effort made to understand golf consumer and their consumption behavior using the concept of 'recreational specialization' which segments the golfers based on level of specialization in golf. The purpose of this study was to explore the differences in the relationships among perceived service quality, price of playing golf, overall customer satisfaction with the course, and a player's intention to revisit the same golf course based on the magnitude of recreation specialization in golf. Four public and two private golf courses from the southeastern state of the United States were randomly chosen from a list in a golf magazine. The 365 surveys among 417 participants were ultimately analyzed. Multiple group analysis was conducted in order to investigate differences in relationships among service quality, price, customer satisfaction, and revisit intentions between groups based on the level of recreation specialization. The key findings were 1) for more specialized golfers, satisfaction with price did not affect overall customer satisfaction or revisit intention, however, service quality significantly influenced both overall customer satisfaction and revisit intention, 2) for less specialized golfers, satisfaction with price significantly influenced overall customer satisfaction but did not affect revisit intention. Knowledge about which the determinants of satisfaction are different between more and less specialized golfers could provide a better understanding of how different marketing strategies should be implemented for different specialized levels of golfers.

• The Journal of Industrial Distribution & Business
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• v.7 no.3
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• pp.27-36
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• 2016

Purpose - Considering the importance of housing needs to real estate market, domestic studies on real estate prices from the perspective of demand are basically based on macro-data, but relatively few are associated with micro-data of urban real estate demand. We try to find a reliable relation of elasticity of demand and commercial housing market. Research design, data, and methodology - In this paper, we have derived housing demand theoretic method and have utilized micro-data of residential family housing survey of downtown area in Kunming City in October, 2015 to estimate income elasticity and price elasticity of housing demand respectively and make a comparative analysis. Results - The results indicate that income elasticity and price elasticity of families with owner-occupied housing are both larger than those of families with rental housing. Income elasticity of housing demand of urban residential families in Kunming is far below the foreign average and eastern coastal cities level, however, the corresponding price elasticity is far higher. Conclusions - We suggest that housing affordability of urban families in western China are constrained by the level of economic development, and the current housing price level has exceeded the economic affordability and psychological expectation of ordinary residents. Furthermore, noticing the great rigidity of housing demand, the expansion space of housing market for improvement and for commodity is limited.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.671-679
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• 2021

House ownership is considered as one of the important pre-conditions for marriage in China. Given that gender imbalance is a prominent issue in the country, competition for marriage partners might motivate males to look for a house and probably bigger and more expensive house. This is believed to have caused house price hikes in recent years. This study aims to investigate the impact of gender imbalance on house prices using data from 30 provinces in China for the 2000-2017 period. The results based on the generalized method of moments (GMM) estimations show that house price is strongly influenced by gender imbalance. However, there is no evidence to support differential effects across eastern and mid-western regions. One potential reason is that pre-marriage house ownership has become a common culture for the whole community and therefore it does not vary significantly across regions. There are several important policy implications. Firstly, the issues should be addressed by the policymakers at national level and not regional level. Secondly, the government should intervene to bring back gender ratio to its normal level. Finally, the government should limit the number of houses people can buy and increase the supply of houses in the market.

• Journal of Distribution Science
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• v.9 no.1
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• pp.39-48
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• 2011

One of the major reasons for fierce competition among firms is that they strive to increase their own market shares in the same market with similar and apparently undifferentiated products in terms of quality and perceived benefit. Due to such changes in the marketing environment, differentiated after-sales service and diversified promotion strategies have become more important in the race to gain a competitive advantage. Price discount is one of the popular promotion strategies that most retailers use, especially to increase sales, but offering a price discount does not always lead to the expected result. If marketers apply an identical price-promotion strategy without considering the characteristic differences in products and consumer preferences, the discounted price itself may make people skeptical about the quality of the product. Moreover, the changes in perceived value may appear differently depending on factors such as consumer involvement. This implies that variables such as the level of consumer involvement, brand loyalty, and external reference prices, in reality, would have different effects on how consumers perceive the value of price discounts. The variables that affect consumers' perceived values and buying decisions are diverse and complicated. Several studies have examined the effects of such variables as external reference price, selling price, and brand on consumers' perceived value of products. Results have not shown consistent patterns. Therefore, we must note that the factors affecting consumers' value perceptions and buying behaviors are diverse and that the results of studies on the same dependent variable come out differently depending on what that variable is. This study focused on the level of consumer involvement as a salient variable that supposedly affects the perceived value of a product, willingness to buy, and search intentions. We tried to examine whether a price discount affects the perceived value-such as perceived acquisition value and perceived transaction value-in different ways depending on the level of consumer involvement. In addition, we proposed managerial implications that marketers need to consider as a whole, for instance, product attributes, brand loyalty, and involvement and then established a differentiated pricing strategy, case by case, in order to effectively enhance consumers' perceived values. As a result, we found that perceived transaction value positively affects perceived acquisition value and when discounting the price of a high-involvement product enhances the consumer's willingness to buy, but perceived acquisition value does not affect the search intentions significantly. In the case of discounting prices of low-involvement products, on the other hand, the perceived transaction value has a positive effect on the willingness to buy, but the negative effect of perceived acquisition value on the search intentions was not significant. We suppose that people doubt a product's quality because of a declined perceived quality derived from a price discount. Even though the price discount enhanced the transaction value, people eventually increased their level of searching for additional product information. From the results of this study, we suggest that marketers ought to establish an appropriate value-enhancing strategy based on the understanding of which perceived value consumers rely on more when they conduct purchasing behavior because consumers perceive the degree of importance of acquisition value or transaction value differently, depending on their level of involvement.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.99-110
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• 2021

This study aims to examine empirically the industry and economic fundamental factors that affect the stock prices of the leading palm oil company in Indonesia. The dynamics of stock price are analyzed using the autoregressive distribution lag (ARDL) model both for symmetric and asymmetric effects. The data used in this study are monthly data for the period from 2008:01 to 2020:03. In the long run, the company stock price moves in line with the competitor company stock price at the current time. The palm oil price has a positive effect on the stock price. Meanwhile, inflation negatively affects the stock price in the short run. The estimated equilibrium correction coefficient indicates a reasonably quick correction of the distortion of the stock price equilibrium in monthly dynamics. However, fundamental factors have asymmetric effects, especially the response of stock price when these factors decrease rather than increase in the short run. Stock prices that are responsive to declines in fundamental performance should be of particular concern to both investors and management in their strategic decision making. The results of this study will contribute to the enrichment of literature related to stock prices from the viewpoint of economic analysis on firm-level data.

• The Journal of Fisheries Business Administration
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• v.30 no.2
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• pp.25-37
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• 1999

Some multi echelon inventory systems carry perishable products. The value of these product reduces as the period of time they spend in the system. In this paper We derive the necessary condition to determine optimal quantity, service level for a perishable product. The systems considered consist of two echelons and carry single item. To determine the optimal order quantity, the demand is assumed to be constant, the holding costs may be different in the echelons, and it allows no shortages. I assumed the price of product decreases by negative exponential function. To determine service level, following assumptions used in the model ㆍlead time is constant. ㆍdemand is normal distribution. ㆍthe product starts to perish at the second echelon. Service level is computed for different levels of lead times and for different variance of demands and for different price functions. The experimental results indicate that the service level in cost is a function of service level in demand and perishability of product. Results of the models exhibit that perishability and the age of the product are critical to determine the lot sizing and service level.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.27-43
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• 2020

Purpose - This study explores the impact of the real estate industry on related industries for the perspective of Chinese steel companies. Design/methodology/approach - The impact of housing prices on the 41 listed steel companies' performance was analyzed by using the panel data model. We used two kinds of housing price indexes that are set in the panel data models to estimate the range of the real estate market, driving the performance growth of steel listed companies. Moreover, the net profit of steel companies is used as the dependent variable. To test the stability of the model, ROA used as a dependent variable for the robustness test. Also, to avoid the time trend of housing prices, this paper selects the growth rate of housing prices as the primary research variable. After Fisher-type testings, there is no unit root problem in both independent and dependent variables. Findings - The results indicated that the rise in the housing price has a positive influence on the steel company performance. When the housing price increases by 1%, the net profit of steel enterprises will increase by 5 to 20 million yuan. Research implications or Originality - In this paper, empirical data at the micro-level and panel model are used to quantify China's real estate industry's driving effect on the iron and steel industry, providing evidence from the microdata level. It helps us to understand further the status and role of China's real estate industry in the economic structure.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.143-152
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• 2022

This paper examines the relationship between investor sentiment and the risk of a stock price crash at the firm level. Our dataset includes 131 firms listed on the Saudi stock exchange (Tadawul) from 2011 to 2019, as well as 953 firm-year observations. To evaluate crash risk, we employ two distinct proxies and propose an index for measuring firm-level sentiment which we use for the first time in our study. The average turnover rate, price-earnings ratio, and overnight return are the three sentiment proxies we utilize in our index. Our findings show that high levels of investor emotion increase managers' proclivity to withhold unfavorable news from investors, which aggravates the risk of a stock price crash. We undertake cross-sectional regressions by sector to ensure the robustness of our findings, and our findings are confirmed. After accounting for any endogeneity issues with the GMM technique, the results remain the same. Furthermore, we analyze the liquidity effect by dividing our sample into subsamples with better and worse liquidity and find that firms with worse liquidity have a considerably greater positive impact of investor mood. Overall, our findings help investors and regulators recognize the significance of this downside risk and how to manage it in the stock market.

• Journal of Energy Engineering
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• v.22 no.4
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• pp.376-385
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• 2013

There are conflicts about energy price increase among government, producer, and consumer. The supplier insists on price increase for escaping running a deficit and business continuity, but the consumer concerns about worsening profitability and price rise. This study investigates the effects of energy rate increase on national economy using input-ouput(I-O) analysis. This study attempts to analyze the effects of national economy due to Coke and hard-coal, Naphtha, Gasoline, Kerosene, Light oil, Heavy oil, Liquefied petroleum gas, Electric utilities, Manufactured gas supply and Steam and hot water supply (using input-output table for the year 2011, Korea.) The results of the sectoral price changes due to a 10% increase in energy price that is obtained from the Leontief price model are presented in article. The result of this analysis is presented: The impact of the 10% increase in electricity rate on the general price level is estimated to be 0.2196%. In case of Kerosene, the impact is 0.1222%. It shows that Electric utilities are approximately 18 times larger price inducing effect as Kerosene. Also, this study indicates 3 years results sequentially to make it possible to observe trend. Then, study suggests balancing price by making each energy source adjusted.