• Journal of Korean Society for Quality Management
• /
• v.47 no.4
• /
• pp.687-700
• /
• 2019

Purpose: The purpose of this study is to investigate the interaction effects between price determinants of artworks. We expand the methodology in art market by applying machine learning techniques to estimate the price of artworks and compare linear regression and machine learning in terms of prediction accuracy. Methods: Moderated regression analysis was performed to verify the interaction effects of artistic characteristics on price. The moderating effects were studied by confirming the significance level of the interaction terms of the derived regression equation. In order to derive price estimation model, we use multiple linear regression analysis, which is a parametric statistical technique, and k-nearest neighbor (kNN) regression, which is a nonparametric statistical technique in machine learning methods. Results: Mostly, the influences of the price determinants of art are different according to the auction types and the artist 's reputation. However, the auction type did not control the influence of the genre of the work on the price. As a result of the analysis, the kNN regression was superior to the linear regression analysis based on the prediction accuracy. Conclusion: It provides a theoretical basis for the complexity that exists between pricing determinant factors of artworks. In addition, the nonparametric models and machine learning techniques as well as existing parameter models are implemented to estimate the artworks' price.

• Journal of the military operations research society of Korea
• /
• v.37 no.1
• /
• pp.99-118
• /
• 2011

According to the National Contract Law, when determining Estimation cost Contract officers should consider contract quantity, contract period, supply and demand condition, difficulty of contract enforcement, terms and condition, and other various conditions based market price, costing based pricing, and appraisal. And they should not overestimate or underestimate the estimation cost. But the estimation cost system is used as preparedness for audit against the contract law. In this study, we identified the factors affecting estimation cost and analyzed their influence on estimation cost.

• The Transactions of the Korean Institute of Electrical Engineers A
• /
• v.53 no.6
• /
• pp.340-349
• /
• 2004

Recently, the needs and concerns for the power loss are increasing according to the energy conservation at the level of the national policies and power utilities's business strategies. Especially, the issue of the power loss is the main factor for the determining the electric pricing rates in the circumstances of the deregulation of electrical industry. However, because of the lacking of management for power loss load factors (LLF), it is difficult to make a calculation for the power loss and to make a decision for the electric rates. And loss factor(k-factor), which is a most important factor for calculation of the distribution power loss, has been used as a fixed value of 0.32 since the fiscal year 1973. Therefore, This study presents the statistical calculation methods of the loss factors classified by load types and seasons by using the practical data of 65 primary feeders which are selected by proper procedures. Based on the above the algorithms and methods, the optimal method of the distribution loss management classified by facilities such as primary feeders, distribution transformers and secondary feeders is presented. The simulation results show the effectiveness and usefulness of the proposed methods.

• The Korean Journal of Community Living Science
• /
• v.26 no.2
• /
• pp.335-349
• /
• 2015

The system of School Meal Service Support Centers was established to support the supply of high-quality food ingredients for school meal services when the School Meal Service Act was amended in 2006. A case study was conducted to examine the operating effects, success factors, and major obstacles of a School Meal Service Support Center which was highly evaluated for its operational efficiency and customer satisfaction. Qualitative data were collected from eight stakeholders (two individuals each from the center, farms, schools, and distributors) through in-depth interviews in July 2013 and analyzed by using the thematic analysis method. The successful operation of the center helped to stabilize income and price among the stakeholders, increase ingredient quality, increase school meal reliability, reduce costs, and promote the consumption of agricultural products. Success factors were identified as the center director's commitment and insights, and the competitive operating system including fair operations, rational pricing, liberal consumer choice, total quality management, and partnerships with distributors. Major obstacles included a lack of diversity in supplied ingredients and a lack of administrative and financial support form the local government. The results can be used as baseline information to vitalize the system of School Meal Service Support Centers and increase the quality of school meal services.

• Industrial Engineering and Management Systems
• /
• v.13 no.2
• /
• pp.172-184
• /
• 2014

Economic growth with rising household income has put more vehicles on the roads worsening traffic congestion, road accidents, and air and noise pollution. This situation is further aggravated by the potential working population who choose to drive to work instead of taking public transportation. Public bus transport (PBT) plays an important role in alleviating these problems. PBT is underutilized in Malaysia, and there is an opportunity to increase ridership without substantial investment. Therefore, this study was conducted to investigate the factors that influence the use of PBT in Malaysia. The data were collected using structured questionnaires from 400 respondents. The results of the analysis show that the twin factors consisting of perceived satisfaction of and perceived importance by users towards safety and comfort of facilities and services offered by PBT are significantly related to intention to use those services. The satisfaction of availability of season tickets, the importance of reliability of bus schedule and time table, and the importance of ticket pricing are also significant. By providing insights for both public bus operators and the government, this paper contributes to mitigate the underutilization of PBT in Malaysia and the consequences of putting more vehicles on the roads. From the theory perspective, this paper also contributes by extending the theory of reasoned-action to transportation studies.

• The Journal of Asian Finance, Economics and Business
• /
• v.6 no.2
• /
• pp.247-255
• /
• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• Asian Journal of Business Environment
• /
• v.8 no.3
• /
• pp.5-12
• /
• 2018

Purpose - The purpose of current paper is to identify features of advertisements at social media that generate the ad-click and to further identify if these advertisements lead to purchase. If no purchase is made, then reasons for not making purchase are identified. Users' purchase experience after users clicked at advertisements are also studied. Research design, data, and methodology - Research design followed is exploratory research, where various factors leading to ad-clicks and generating purchase at social media platform were explored. Raw data was gathered by means of survey among a sample of 185 respondents in India using online structured questionnaire. GLM model and multinomial regression were used to analyze the data. Results - Several factors including endorsement by friends, advertisement aesthetics, product reviews, and aggressive pricing played major role in generating ad-clicks. Major impediment to purchase on were product misrepresentation in advertisement, false discounts, and site security. Female users clicked more on social media advertisements and made more purchases compared to their male counterpart. Conclusions - Social media advertisements have significant positive effect on buying behavior of online customers. Transactions culminating from social media ad-click generated significant positive experience for social media users. Thus, social media can be effective marketing tool.

• Journal of Climate Change Research
• /
• v.7 no.2
• /
• pp.185-191
• /
• 2016

Since 2013, the forest carbon offest scheme is operated by 'ACT ON THE MANAGEMENT AND IMPROVEMENT OF CARBON SINK'. Most of projects account for afforestation, reforestation and restoration. This study analyzed what is affected to pricing factors for the registered 71 project of forest carbon offset in Korea Forest Service. The purpose of this study is to introduce information on the business plans of forest carbon offset scheme and aid to understand the process from registration to issuing offset credits. Also it is meaningful to proposing a policy for price competitiveness and how to enable forest carbon offset schemes to produce activation by measuring the factors that affect the forest carbon offset scheme. The results showed forest carbon credit price is 92,827 won per ton on average, it could see less price-competitive than emission rights market when compared with the price.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.4
• /
• pp.145-150
• /
• 2021

The trend of globalization leads an increased need for international freight transportation and accelerates the development of the international logistics industry. The objective of this paper is to identify the critical factors that affect the choice of logistics service provider (LSP). The data sample was collected through a questionnaire, responded by 218 companies that outsource logistics services. The analysis uses descriptive statistics; exploratory factor analysis (EFA) and regression analysis were conducted with SPSS. The role of capabilities, customer service, and company reputation were evaluated and tested. Our findings show that capabilities and customer service have a considerable impact on the choice of LSP. The findings also indicate that company reputation do not have significant impact on the choice of LSP. They also showed that the capabilities is the variable that has the most significant effect on the choice of LSP. An implication of this study is that the competition should not only focus on pricing, but should be extended to improving enterprises capabilities, i.e., upgrading human resources, modernizing the modes of transportation, expanding business geographically and developing new technologies. Our study provides LSP managers with insights into how to meet customer expectations in the competitive logistics service sector.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.7
• /
• pp.433-446
• /
• 2021

This study aims to identify the elasticities and casualties of financial performance and determinants of the mining and extractive companies listed in Jordan's stock market over the 2005-2018 period. The conceptual framework is based on the Resource-Based View theory and Arbitrage Pricing theory is used to describe the relationship between the external environment and the financial performance of the companies. Profitability ratio (return on assets) is utilized as a proxy of financial performance measurement. Meantime, the company's characteristics, macroeconomic variables, and non-economic factors are utilized as independent factors. Data sources are panel data set for mining and extractive companies over the above period. Fully Modified Ordinary Least Square (FMOLS), Dynamic Ordinary Least Squares (DOLS), and Pooled Mean Group (PMG) methods are applied. The empirical findings indicated that company size, sales growth, financial leverage, liquidity, and GDP growth were the critical determinants of mining and extractive companies' financial performance in the Amman Stock Exchange. Thus, the findings conclude that company characteristics and GDP growth mainly drive financial performance. Moreover, the findings reveal that a bidirectional causal elasticity exists between GDP and financial leverage and return on assets (ROA). Sound financial performance can be obtained by paying more attention to GDP growth and firms' characteristics.