Purpose - The purpose of this study is to investigate how consumers' perceptions of brand localness or globalness influence their preference. This study further examines the role of consumers' risk propensity (risk taker vs. risk averse) on the relationship between brand localness (globalness) and consumer preference. Design/methodology/approach - Data was collected through an online survey with Chinese consumers and the PROCESS model in SPSS 23 was used to analyzed data. Findings - The results of this study indicate that consumers' perceptions of brand localness (globalness) positively influence their preference towards local (global) brands. Furthermore, this effect is moderated by risk propensity, with positive influence of perceived brand localness becoming stronger among consumers who are risk takers. However, consumers among risk averse reveal insignificant interaction effect between perceived brand globalness and consumer preference. Research implications or Originality - This study contributes to the body of international business research by exploring the impact of consumers' perceptions of brand localness/globalness in the context of their risk propensity. The findings of this study also offer global marketers meaningful insights when segmenting the target market.

Purpose - This paper studies the impact of digital transformation on corporate performance based on the stakeholder and dynamic capability theories. Digital transformation is divided into digital technologies (big data, artificial intelligence, blockchain, and cloud computing) and digital technology practical applications. Corporate performance includes financial performance and non-financial performance. The mechanism of dynamic capabilities (innovation capability, absorptive capacity, and adaptive capacity) is further explored. Design/methodology/approach - A fixed-effects model is used to construct a panel data of China's Shanghai and Shenzhen A-share listed companies from 2011 to 2023, and Stata is used for empirical analysis. Findings - In general, digital transformation directly improves corporate performance and indirectly promotes corporate performance through dynamic capabilities (innovation, absorptive capacity, and adaptive capacity). After robustness and endogeneity tests, the conclusion still support. In terms of subdivision, the two dimensions of digital transformation and the practical application of digital technology have different effects on corporate financial performance and non-financial performance. Research implications or Originality - Theoretically, the mechanism of digital transformation on corporate performance is fully and deeply explored, filling the research gap whiting this study. Additionally, the model is constructed using the innovation, absorption and adaptability of dynamic capabilities, providing a different perspective. Practically, it helps to alleviate the current situation of some companies "not wanting to transform" or "not daring to transform", and also clarifies how digital transformation can help companies use dynamic capabilities to improve performance. It provides a decision-making basis for government departments to promote the integration of digital economy and real economy, so that digital transformation can better empower and release corporate performance, thereby promoting the development of China's economy.

Purpose - This study aimed to investigate the impact of immersive virtual reality (VR) technology on learning effectiveness in museum environments by integrating experience economy theory and flow theory. Design/methodology/approach - Survey data were collected from 200 participants who experienced VR in a museum setting. A PLS path analysis was conducted to examine the relationships between key variables. Findings - The study found that the three main VR features-interactivity, vividness, and novelty-had significant positive effects on the four experiential dimensions of the experience economy: educational, entertainment, escapist, and esthetic experiences, with the exception of novelty not impacting esthetic experience. Among these dimensions, only educational experiences significantly influenced perceived learning effectiveness, and this relationship was mediated by the flow state. Research implications or Originality - This research provides valuable insights into how immersive VR can enhance learning effectiveness in museums. It emphasizes the importance of focusing on educational experiences and suggests that achieving a flow state is crucial for improving learning outcomes in VR-based museum experiences.

Purpose - A brand's country-of-origin (COO) could influence a behavior of consumers in a country. Nevertheless, there have been few studies of how exporters overcome the barrier of a negative COO effect and what can be a useful strategy for an exporter to alleviate the effect on consumer behavior. Against this background, it is essential to present a factor moderating the effect on consumers' brand awareness. Therefore, suggesting that environmental, social, and governance (ESG) management would be such a factor, we attempted to develop a model showing that the management could moderate the relationship between the COO effects and consumers' recall and evaluation toward a foreign brand. Design/methodology/approach - Using the stakeholder theory, the categorization, and the attribution theory as underlying theories, our study developed an empirically testable model that explains and predicts consumers' behaviors. Findings - We posited that positive ESG information influences consumers' brand recall and evaluation. In addition, we posited that positive ESG information moderates the COO effects on consumers' brand recall. Finally, we posited that positive ESG information moderates the COO effects on consumers' brand evaluation. Research implications or Originality - This manuscript filled a knowledge gap of none of alternative strategy toward COO effects in export marketing and provided implications regarding exporters' branding strategy in a foreign country.

Purpose - This study investigates the direct effects of national governance quality on international logistics activities. The results provide practical insights for different stakeholders such as policymakers and offer detailed recommendations for improving national governance quality in projects aimed to enhance cross-border logistics operations. Design/methodology/approach - To test the hypotheses, a multivariate linear regression model using the ordinary least squares estimator is applied to 166 countries covering six periods: 2007, 2010, 2012, 2014, 2016, and 2018. Findings - All national governance indicators have a significant positive influence on the performance of cross-border logistics operations. At the dimensional level, government effectiveness, legal systems, anti-corruption efforts and regulatory quality have a greater impact than democracy and a stable political environment on all dimensions of logistics performance. Research implications or Originality - This study sheds light on how the quality of governance directly affects trading logistics. It advises governments to enhance governance quality and nurture a supportive institutional environment to improve transnational logistics proficiency. It also provides a better understanding of the institutional backgrounds of international logistics companies in target countries before their performance plans.

Purpose - The purpose of this study was to examine the influencing factors on the revisit intention of unmanned convenience stores for Chinese consumers who use unmanned convenience stores. The effect of unmanned convenience store characteristics (operation system, store arrangement) on customers' perceived benefits and the effect of perceived benefits (convenience, speed, stability, playability) on revisit intention were verified. In addition, by using untact propensity as a control variable, the purpose of this study was to examine that the characteristics of unmanned convenience stores have a moderating effect on the perceived benefits of customers. Design/methodology/approach - The study collected 201 survey data from unmanned convenience stores in China. In order to analyze the data, Smart PLS was used to carry out empirical analysis. Findings - The results showed that operating systems had a positive impact on convenience, speed, and safety, while store layout had a positive impact on playfulness. Perceived benefits (convenience, safety, and playfulness) had a positive impact on their intention to revisit. Rapidity had a negative impact on the intention to revisit. Contactless tendencies regulate the effect of operating systems on convenience. Research implications or Originality - Unmanned convenience stores are striving to provide high-quality experiences to customers and increase customer satisfaction by utilizing cutting-edge IT technologies in stores such as AI, mobile device payment services, QR codes, and big data technologies. Recently, research on unmanned convenience stores has been active in the service and distribution industry-related fields, but research on the intention to revisit is insufficient. Also, few studies have used untact propensity as a control variable.

Purpose - The purpose of this study was to derive the factors of K-Pop online concert viewing motivations in the post-pandemic era and examine the effect of online concert viewing motives on viewing satisfaction. Design/methodology/approach - This study collected data from 450 Chinese audiences who had watched K-Pop online concerts, verified viewing motivation factors through the exploratory factor analysis(EFA), and empirically analyzed the effects of online concert viewing motivation factors on viewing satisfaction using the multiple regression. Findings - First, this study derived six factors of online concert viewing motivations in the post-pandemic era based on previous research and veried them using EFA: convenience, price, digital interactivity, digital technology experience, nonsocial, and content immersion. Second, the results of the multiple regression analysis showed that price, content immersion, nonsocial, digital interactivity, and convenience had a positive effect on viewing satisfaction, while digital technology experience did not have a significant effect on viewing satisfaction. Research implications or Originality - Online concerts, which emerged as an alternative to offline concerts in the pandemic era, have continued to grow and develop even after the end of the pandemic, raising the need for research on online concert viewing motivations in the post-pandemic era. This study suggested that K-Pop online concerts have the potential to grow not only as an alternative to offline concerts but also based on their unique characteristics.

Purpose - This study investigates the relationship between corporate ownership structure and technological innovation for Chinese listed firms. Specifically, we analyze four ownership characteristics: concentration, constraints, alignment, and foreign/domestic institutional investor ownership, and use patent applications to measure innovation. Design/methodology/approach - Employing a quantitative research design, this study uses panel data of Chinese listed companies during the period from 2015 to 2021. The empirical analysis relies on multiple regression models, including Tobit models and two-stage least squares estimation, to assess the relationship between corporate ownership structure characteristics and innovation. Robustness checks are conducted using lagged dependent variables and subgroup analyses based on firm age, ownership type, and stock exchange listing. Findings - First, it provides empirical evidence on the non-linear relationship between ownership concentration and innovation, suggesting that there is an optimal level of ownership concentration for promoting innovation. Second, it highlights the importance of equity constraints in influencing innovation, showing that both excessive and insufficient equity constraints can hinder innovation. Third, the study demonstrates the negative impact of aligned ownership and control on innovation, suggesting that separation of ownership and control may be beneficial for fostering innovation. Fourth, it sheds light on the differential impact of domestic and foreign institutional investors on innovation, suggesting that foreign institutional investors may play a more positive role in promoting innovation. Research implications or Originality - The significance of this study's results lies in the fact that we empirically analyze the relationship between corporate ownership characteristics and technological innovation, thereby suggesting the direction of a desirable corporate governance structure that listed companies should pursue depending on their circumstances. This research contributes to a deeper understanding of the ownership characteristics that influence technological innovation and provides valuable insights for policymakers and corporate managers.

Purpose - This study examines the relationship between spiritual leadership and its effect on reducing employees' knowledge hiding behaviors, while also considering the moderating role of perceived overqualification. Design/methodology/approach - Data were collected from employees in knowledge-based industries, including public institutions, research institutes, IT companies, and service industries. Out of 286 surveys, 248 valid responses were analyzed using structural equation modeling and bootstrapping via SmartPLS. Findings - The results show that spiritual leadership significantly reduces knowledge hiding behaviors. Additionally, perceived overqualification moderates this relationship, indicating that even in environments with strong spiritual leadership, employees who feel overqualified are more prone to hiding knowledge. Research implications or Originality - This study contributes to the understanding of how spiritual leadership and perceived overqualification influence knowledge hiding, emphasizing the need for further research in this area. The findings highlight the importance of addressing perceived overqualification to fully leverage the benefits of spiritual leadership in reducing knowledge hiding within organizations.

Purpose - The purpose of this study was to examine the effects of corporate strategic deviance on firm value considering a firm's cost stickiness. Design/methodology/approach - This study used 40,823 firm-year observations from the Korean stock markets, KOSPI and KOSDAQ. Several multiple regression models were used in order to analyze the data Findings - First, unlike the previous results, corporate strategic deviation is positively associated with firm value. Second, the cost stickiness of a firm is positively related to firm value. Third, the interaction effect between strategic deviation and cost stickiness has negative relation with firm value. Fourth, An increase in standard deviation directly correlates with a decrease in firm value for firms with high levels of controlling shareholder ownership or that are part of chaebols. Research implications or Originality - Strategically deviant firms can experience an increase in firm value due to their future competitive advantage. Moreover, stickiness of costs generally has a positive impact on firm value. However, when firms with high levels of cost stickiness employ strategic deviant strategies, there is a risk of agency problems such as excessive overinvestment, which can negatively impact firm value.

Purpose - The purpose of this study is to investigate the relationship between workplace bullying and defensive silence/acquiescent silence, and to examine a mediation model of job burnout. Design/methodolgy/approach - The survey questionnaires were distributed to 974 employees of a public R&D institute, financial industry, and public officials in Daejeon and Chungnam, and a total of 322 surveys were collected. 288 valid responses were used for the final data analysis using SPSS 21.0 and Amos 22.0. Descriptive statistics were used to identify demographic characteristics of the sample. Reliability analysis of the measurement was conducted using Cronbach's alpha coefficient, and confirmatory factor analysis (CFA) was performed to check the validity of the measurement. Hierarchical regressions were used to examine the relationship between the variables including the moderating effect of job calling. The mediating effect of job burnout and the moderated mediation effect of job calling was analyzed using bootstrapping with PROCESS Macro installed on SPSS 21.0. Findings - The findings of the study are as follows: First, workplace bullying had a significant positive effect on both defensive silence and acquiescent silence. Second, workplace bullying had a significant positive effect on job burnout. Third, job burnout had a significant positive effect on both defensive silence and acquiescent silence. Fourth, job burnout significantly mediated the relationship between workplace bullying and defensive silence, and between workplace bullying and acquiescent silence. Research implications or Originality - The results of this study show that workplace bullying is an important variable that must be managed, because workplace bullying leads to job burnout that can hinder the performance improvement and innovation activities of the organization, which in turn leads to organizational silence. On the other hand, in the research model, the job calling was used as a moderating variable to alleviate the positive effect of workplace bullying and job burnout on the defensive and acquiescent silence, but there was no significant moderating effect. In addition to the job calling, which is the moderating variable used in this study, it is judged that it is necessary to consider specific measures to prevent members from reaching job burnout and reduce silent behavior by investing appropriate job resources such as supporting colleagues, supervisors and leadership in the workplace.

Purpose - This study investigates whether the relationship between investment competition rates (institutional investors, general investors, employee stock ownership) in the KOSDAQ IPO market and stock price overreaction after a new listing is different depending on economic conditions (economic crisis and non-economic crisis). Design/methodology/approach - I set the stock price overreaction measured by subtracting the five-day cumulative excess return from the IPO first-day return as the dependent variable, and the investment competition rate by investor type as the explanatory variable. Then, I divided the sample by economic conditions and conducted a regression analysis. Findings - Unlike other investment competition rates, I find that the positive relationship between the IPO subscription competition rate of general investors and the post-IPO stock price overreaction increases during economic crises. Research implications or Originality - The findings of this study suggest that the inflow of individual investors seeking short-term performance into the KOSDAQ IPO market increases during economic crises, and their sentimental investment behavior increases the stock price overreaction after the IPO.

Purpose - The purpose of this study is to investigate the relationship between family CEO and firm value as well as the moderating roles of external corporate governance mechanisms. Design/methodology/approach - Our research model was tested employing a sample of 717 companies listed on the KOSPI securities in South Korea. Family CEO was dummy coded if a family member of the controlling family serves as the firm's CEO. Firm value was measured by Tobin's Q. Findings - A company run by a family CEO has a lower Tobin's Q value compared to its counterpart run by a professional manager. In addition, the negative effect of family CEOs on firm value was alleviated as the level of foreign ownership increased. Similarly, for companies subject to the government's regulations, the negative effect of family CEOs on firm value was found to be mitigated. Research implications or Originality - This study contributes to expanding the existing literature by examining the negative effect of family CEO. In addition, by investigating the moderating effects of external corporate governance mechanisms, it was revealed that the negative effect of family CEOs is alleviated depending on the different types of external corporate governance mechanisms. Based on these findings, theoretical and practical implications are presented.

Purpose - We empirically investigate the promises and pitfalls of digital platforms in the online food ordering and delivery section. We first focus on the role of digital platforms before, during, and after the COVID-19 pandemic, and then proceed to explore whether there exists a digital divide phenomenon in Korea's digital economy. Design/methodology/approach - We partner with a nation-wide online food ordering and delivery platforms in Korea and quantify the long tail effect before and after the COVID-19 pandemic year by year. We also utilize non-parametric estimation techniques to investigate whether digital divide indeed exists in the cross-section of Korea's digital economy. Findings - We find that the use of digital platforms makes it easier for small businesses and restaurants to deal with the COVID-19 pandemic on average. But, it appears that relatively sophisticated (large or franchised rather small or independent) entities take more advantage of digital platforms. Research implications or Originality - This study is one of the first few empirical works on the role of digital platforms in Korea. The results may imply that digital platforms complement the traditional brick-and-mortal industry especially upon unexpected economic shocks. We also note that this complementary effect is transient and more clustered in those entities having a good understanding of digital platforms.

Purpose - This study was a study on managerial overconfidence and valuation errors to verify how the increase in managerial overconfidence affects valuation errors. Design/methodology/approach - Managerial overconfidence propensity refers to managers having excessive confidence in their position or ability (Hayward and Hambrick, 1997; Park Jin-hee, 2021) and was measured according to Schrand and Zechman (2012). Valuation error refers to a situation where a company's actual stock price differs from its intrinsic value as a result of numerous information asymmetries in the market, and was measured using the measurement method in Rhodes-Kropf et al (2005) study. The sample of this study used companies listed in the capital market for a total of 12 years from 2011 to 2022. Findings - As a result of the verification, there was a significant positive (+) relationship between managerial overconfidence and valuation errors, and this relationship was alleviated as the percentage of foreign shareholders shares or the number of financial analysts they followed increased. It can be interpreted that when the information demands of investors, such as foreign shareholders and financial analysts, increase significantly, managers provide more information to meet investors demands, thereby reducing information asymmetry and leading to a decrease in valuation errors.. Research implications or Originality - Previous studies on overconfidence, among the cognitive characteristics of individual managers, have yielded mixed results. In this study, we conducted a direct empirical analysis of managerial overconfidence using a measure called valuation error, which evaluates numerous information asymmetries in the capital market. This is expected to help stakeholders in the capital market understand the characteristics of managers and recognize their importance. It can also be used as a basis for establishing policies to reduce valuation errors.

Purpose - This study investigates whether firms engage in Real Earnings Management surrounding preliminary earnings announcements when experiencing a reversal of accounting earnings signs. Design/methodology/approach - We use ordinary least squares regression analysis to examine the association between the reversal of accounting earnings signs and three measures of REM(abnormal operating cash flows, abnormal discretionary expenses, and abnormal production costs). Findings - Our findings indicate that both profit-to-loss and loss-to-profit reversals are positively associated with all three measures of REM. This suggests that managers use various REM activities to mitigate negative consequences or enhance positive perceptions associated with earnings reversals. Research implications or Originality - This study provides new insights into the relationship between preliminary earnings announcements and REM by documenting that the reversal of accounting earnings signs is a significant determinant of managers' REM decisions. Our findings highlight the importance of scrutinizing REM activities surrounding preliminary earnings announcements, particularly when firms experience a reversal of accounting earnings signs.

Purpose - This study aims to identify and document earnings management, sources of investment growth, and CEO personality traits as three determinants of difference in the value-earnings convexity. Design/methodology/approach - To test our hypotheses, we run cross-sectional regressions based on the Fama and Macbeth (1973) procedure using US firm-year observations from 1968 to 2017. Findings - First, we show that the value-earnings association decreases with accruals and real earnings management. Second, we demonstrate that the value-earnings convexity is weaker when investment growth is supported by off-balance-sheet intangible assets relative to on-balance-sheet tangible and intangible assets. Finally, we find that extraverted CEOs and CEOs who are more open to experience are better at exploiting the growth opportunities implied by the current accounting profitability. Conscientious and neurotic personality traits of CEOs make no difference in exploiting the growth opportunities that the current accounting profitability suggests. Research implications or Originality - This study complements and extends the literature on real options and behavioral agency by demonstrating that the value-earnings convexity depends not only on accounting profitability and investment growth rate, but also on earnings management, sources of investment growth, and CEO personality traits.

Purpose - The purpose of this paper is to examine the value relevance of the relative sizes of the contractual service margin (hereafter CSM) and the risk adjustment for non-financial risk (hereafter RA). Additionally, the paper examines how the relative size of the CSM impacts the relative value relevance of net assets and net income. Design/methodology/approach - This study conducted an empirical analysis utilizing the quarterly financial data and stock price information of domestically listed insures (including life and non-life insurers) from 2023 onwards. Specifically, regression analysis and parallelism tests were employed in the research. Findings - Firstly, the empirical analysis of the value relevance of CSM and RA showed that CSM has a significant positive value relevance with firm value, while RA has a significant negative value relevance with firm value. Secondly, it was found that as the CSM increases, the value relevance of net income increases, whereas the value relevance of net assets decreases. Research implications or Originality - Despite both CSM and RA being components of insurance contract liabilities, their differing impacts on firm value suggest that the capital market has a relatively clear understanding of the characteristics of CSM and RA. The finding that the value relevance of reported current earnings increases with larger CSM indicates that CSM-focused management is desirable from the perspective of enhancing firm value.

Purpose - This study theoretically analyzes how the level of political protection (tariff rate) is determined by political processes with conflicting interests and how it changes according to changes in global prices. Design/methodology/approach - For the purpose of the paper, against the backdrop of the apple market, which has recently become a major issue in our society due to the soaring price, we construct a mathematical model that assumes two pressure groups claiming pro-tariff and anti-tariff on the import of apples. Unlike data-based empirical studies, theoretical study has the advantage of generalization to expand related discussions and can derive policy implications from a new perspective. Findings - The analysis shows us that the equilibrium political tariff could rise or fall depending on the degree of risk aversion of the lobbyists. However, what has been clearly shown in our analysis is that domestic apple prices will fluctuate in the same direction as global prices. In other words, it is clear that even though there is a lobby for protection trade, when global prices fall, domestic prices also fall. This fact implies that apple-producing farms can decline even if tariffs on apples increase. Research implications or Originality - As long as the equilibrium political tariff rates are determined through competitive lobbying by interest groups, productive resource use is wasted from the perspective of society as a whole. Due to this waste, it can be inferred that the tariff rate determined endogenously by lobbying activities can lead to loss of welfare compared to the case of the tariff rate level, which is highly determined by the government's unilateral decision.

Purpose - The purpose of this study was to analyze the dynamic relationship between oil prices and macroeconomic variables (gross domestic product, consumer price index, and interest rate). Long-run and short-run effects of oil prices on these macroeconomic variables are examined. Design/methodology/approach - The vector error correction model (VECM) is used to examine the short-run and long-term causality of oil prices, and a hierarchical Bayesian vector autoregressive model (HBVAR) is used to find the impulse of oil shock and the response of other variables. Findings - First, oil prices do not have short-term causality with macroeconomic variables, but they have long-term causality with interest rates and GDP. Second, the long-term stable relationship of oil prices and other macroeconomic variables is important to find out causality. Third, oil shock increases interest rates and decreases GDP and consumer price. Research implications or Originality - The significance of this study is a new attempt to analyze the dynamic relationship between oil prices and macroeconomic variables by linking VECM and HBVAR. Although VECM can analyze the long-term relationship and short-term dynamics between oil prices and macroeconomic variables, it was difficult to identify the transmission path of the oil price shock. HBVAR is confirmed to be flexible because it can bypass the process of selecting VAR or VECM through unit root test and cointegration analysis, and it is expected to reduce uncertainty of selecting hyperparameters.

Purpose - This study aims to explore trading behaviors of individual investors in the KOSDAQ market, thereby explaining the low profitability of individual investors relative to institutional or foreign investors and comparing features specific to the KOSDAQ market with those of the KOSPI market. Design/methodology/approach - KOSDAQ market data, ranging from 2018-01-03 to 2023-12-28, is obtained from the KRX market data system on a daily basis. 12 sub-periods are generated by dividing the entire dataset into 6-month intervals, and within each sub-period, 25 stock-groups are established by the amount of individual investors' net purchases at 4% intervals. The analysis is conducted by comparing major information on trading behaviors across the sub-periods and across the stock-groups. Findings - First, the ratio of individual investors' net purchases shows a negative correlation with the ratio of net purchases of institutional and foreign investors with a strong statistical significance for all sub-periods, and it exhibits negative correlations with the periodic cumulative returns for the most sub-periods. It is also revealed that the low profitability of individual investors might result from the failure of choosing stocks, unlike the case of the KOSPI market where individual investors' low performance is related to the choice of the timing of transactions, rather than the choice of stocks. Research implications or Originality - The empirical results indicate that individual investors in the KOSDAQ market need to be more prudent in choosing stocks than in the KOSPI market, and imply that rediscovering the benefit of the diversification, especially for the KOSDAQ market, might be substantially meaningful.

Purpose - This paper investigates the asymmetric capital structure adjustment toward target leverage. Our study consistently estimates heterogeneous speeds of adjustment in different regimes reflecting heterogeneity in firm characteristics. Design/methodology/approach - We collect balanced panel data on Korean listed firms over the period 2005 - 2023. In order to capture non-linearities in the speed of capital structure adjustments, this paper employs the dynamic panel threshold model that allows endogeneity in regressors and threshold variables. Findings - Using firm characteristics as proxies for adjustment costs of deviation from and adjustment to target leverage, we find asymmetric effects on the speed of capital structure adjustments. Firms of large size, with high profitability, with large cash flow and with large investment adjust capital structure faster than those with the opposite characteristics. On the other hand, firms with high growth opportunities and with high risk move slowly toward the target leverage. Research implications or Originality - This paper provides new evidence of cross-sectional asymmetries in capital structure adjustments, which calls for cautions in sample-splitting in an arbitrary manner.

Purpose - This study aims to explore the return characteristics of asset growth factors in the Korean stock marekt by employing the representativeness heuristic-a behavioral bias originally identified by Kahneman and Tversky(1972). Design/methodology/approach - Our empirical analysis, based on Korean stock market data from 2004 to 2023, compared the conditional probability of high asset growth companies achieving elevated returns to the overall probability. This assessment helps gauge the representativeness of potential 'future Google' companies. Additionally, we use regression models to explore investor behavior and market anomalies in the stock returns. Findings - The findings suggest that when dividing the sample period into phases with high and low representativeness measures, biases significantly impact asset growth factors. Specifically, during high representativeness preiods, stock price reversals were absent among high asset growth companies. Conversely, during low representativeness periods, stock price drifts become evident. Research implications or Originality - This research contributes to the field of behavioral finance by providing empirical evidence of the impact of cognitive biases on asset growth and stock returns in an emerging market like Korea. It highlights the need for investors and policymakers to consider psychological factors when analyzing market behaviors, potentially leading to more informed investment strategies and regulatory frameworks.

Purpose - The purpose of this study was to analyze the civil servant pension system in Korea, focusing on general administrative officials. Design/methodology/approach - This study developed a pension projection model that reflects the latest reforms and applied it to forecast the income replacement ratio and benefit ratios. Based on these projections, the study examined financial trends and proposed necessary reforms to ensure sustainability, such as adjusting the pension age. Findings - First, the benefit ratio decreases with later birth cohorts, showing that the reforms have reduced benefit gaps across generations. Second, while fairness within the same generation shows little difference between ranks, differences in income levels still result in significant disparities in pension amounts. Lastly, the pension deficit is expected to increase until 2029, after which it will gradually decrease, though further reforms are needed to ensure long-term financial sustainability. Research implications or Originality - This study is the first to comprehensively assess the fairness and sustainability of the civil servant pension system in Korea, considering both inter- and intra-generational equity. The findings provide valuable insights for policymakers aiming to ensure the system's sustainability as well as maintaining fairness across different cohorts and income levels.

Purpose - The purpose of this study is to examine tourists' intentions toward carbon-neutral behavior within the tourism industry. Specifically, it focuses on the tourists, who are the consumers of tourism activities, rather than the perspective of tourism providers. The study investigates the impact of tourists' carbon-neutral tourism behavior, using the Value-Belief-Norm (VBN) theory. Design/methodology/approach - A face-to-face survey was conducted with tourists who visited tourist sites in Busan. As a result, a total of 347 valid responses were collected, which were then used to test the proposed research model and seven hypotheses. Findings - Examining the structural relationships revealed that all seven hypotheses were statistically significant and supported. The three proposed values had a positive impact on the new environmental paradigm(H1,H2,H3). The new environmental paradigm significantly influenced awareness of consequences(H4), which in turn positively affected ascription of responsibility(H5). The ascription of responsibility significantly impacted personal norms(H6), and finally, personal norms had a positive impact on carbon-neutral tourism intentions(H7). Research implications or Originality - Various academic fields, both domestically and internationally, are recognizing the risks of the climate crisis and conducting research related to carbon neutrality. However, in the field of tourism studies, research specifically focused on carbon-neutral tourism remains quite limited. Therefore, this study aims to understand the carbon-neutral behaviors of tourists. Based on this understanding, the study provides practical implications for tourism providers.

Purpose - This study evaluated the impact of digital literacy on the usability of kiosks among the elderly using eye-tracking technology. Participants were classified into high, medium, and low digital literacy groups, and their performance in usability metrics such as time to first fixation, fixation duration, and task completion time was compared. The goal was to uncover how digital literacy influenced elderly users' interactions with kiosks and to provide insights for targeted educational interventions. Design/methodology/approach - An experimental approach was employed, utilizing eye-tracking technology to assess the usability of a standardized kiosk interface among elderly participants. Participants were categorized into digital literacy groups based on a survey, and their performance across various usability metrics was recorded and analyzed. The study aimed to identify differences in visual attention and task performance that were linked to digital literacy levels. Findings - The study found that higher digital literacy levels were correlated with better performance in kiosk usability metrics. Participants with higher digital literacy had shorter times to first fixation, reduced fixation durations, and faster task completion times compared to those with lower literacy levels. These results emphasized the importance of digital literacy in facilitating more efficient use of kiosks by the elderly. Research implications or Originality - This study provided new insights into the importance of digital literacy in improving the usability of digital interfaces for older adults. By employing eye-tracking technology, it offered objective data on how digital literacy influenced visual attention and task performance. The findings suggested the need for comprehensive digital literacy programs tailored to the elderly, which could have helped bridge the digital divide and enhance their social inclusion.

Purpose - The purpose of this study was to analyze the impact of cultural distance, economic distance, and geographic distance on the export of Korean broadcasting programs by using data from 2013 to 2022 between Korea and nine regions in the Asia-Pacific. Design/methodology/approach - This study conducted a panel regression analysis using pooled cross-sectional time series data extracted from a ten-year dataset of nine Asia-Pacific regions: Japan, China, Taiwan, Singapore, Hong Kong, Vietnam, the Philippines, Indonesia, and Thailand, which are the main export destinations for Korea broadcasting programs. Findings - Firstly, economic and geographic distance, key determinants in the traditional gravity model, were found to significantly influence the export of Korean broadcasting programs. Secondly, while cultural distance showed a positive correlation with the export value of Korean broadcasting programs, an non-linear inverted U-shape relationship was observed when considering the squared term of cultural distance. Research implications or Originality - The findings of this study contribute to the existing literature by providing empirical evidence that the factors influencing the traditional gravity model remain significant determinants of Korean broadcasting program exports. While previous studies have primarily emphasized economic variables, this study underscores the importance of cultural factors in explaining the export of Korean broadcasting programs.

Purpose - The purpose of this study was to analyze the impact of the National Space Policy on Korean space-related companies. Design/methodology/approach - This study utilized space sector firm-level data based on the list of the Space Industry Survey (MSIT, 2023). The multiple regression analysis was used to estimate the model. Findings - First, the lagged policy variable of the Master Plan for Promotion of Space Development positively influences the company's sales. However, the establishment of an Action Plan for Utilization of Satellite Information had no significant result. Second, small-sized enterprises were more sensitive to government policy than medium- and large-sized enterprises. Third, lagged policy variables positively impact firms' sales revenue, especially in the satellite manufacturing and the satellite utilization services and equipment sector. Research implications or Originality - First, support for companies with policy effects should be further expanded. Second, a long-term and stable budget procurement plan should be established to secure a firm's sustainable competitiveness. Lastly, given the characteristics of the space industry, which involves long-term development periods and large investments, government investment should continue. Simultaneously, institutional improvement needs to emerge new services in the space sector.

Purpose - This study aimed to analyze the impact of Wang Hong's characteristics (awareness, trustworthiness, expertise, attractiveness, and interactivity) in live commerce on consumer loyalty and consumer repurchase intention. Design/methodology/approach - This study collected 709 questionnaires collected from the survey for consumers using live commerce in China and conducted an empirical analysis using SPSS 24.0 statistical packages for 605 valid questionnaires (85%) excluding unfaithful responses. Findings - First, it was confirmed that the characteristics of Wang Hong (recognition, trustworthiness, expertise, attractiveness, and interactivity) in live commerce have a positive (+) effect on consumer loyalty and consumer repurchase intention. Second, it was confirmed that when consumer loyalty increases, consumer repurchase intention also increases. Third, it was confirmed that consumer loyalty acts as a mediating effect between the characteristics of Wang Hong and consumer repurchase intention. Research implications or Originality - This study aims to present implications for Wang Hong, a live commerce host, and live commerce platform operators and live commerce users based on demographic analysis, questionnaire analysis, and empirical analysis.