• The Korean Journal of Financial Management
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• v.10 no.2
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• pp.303-317
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• 1993

Banz(1981)와 Reinganum(1981)에 의한 실증연구에 의한 소기업과 대기업간의 수익률차이는 자본자산가격결정모형(CAPM)에 의하여 설명될 수가 없는 결과 즉, 과거의 체계적 위험과 기업규모를 기준으로 보면 도구변수(instrumental variable)인 기업규모는 추정된 CAPM의 베타에 대하여 통제한 연후에도 포트플리오간의 평균수익률에 대하여 통계적으로 유의적인 설명력을 가진다는 것이다 이것은 주식의 위험조정후수익률(risk-adjusted return)이 기업규모와 부(負)의 관계에 있다는 것으로서, CAPM으로서는 설명되지 않는 이상(異常)수익률 현상이다. Banz와 Reinganum 이후 미국학계에서 그동안 수많은 연구들이 규모효과에 대한 설명을 시도하였으나 아직도 완전한 설명은 존재하지 않고 있다. 본 연구는 우리나라 주식시장에서의 규모효과 존재여부에 관한 기존의 몇몇 연구들이 갖고 있는 방법론상의 문제점들을 제거함으로써 규모효과의 존재여부를 새로이 검증하였다. 특히, 동일가중지수수익률(equal-weighted index return)은 효율적 포트폴리오수익률이 나 종합주가지수수익률은 비효율적 포트폴리오수익률이라는 황선웅 이일균(1991)의 연구 결과를 고려하여, 시장수익률 대용치로서 종합주가지수수익률을 사용할 경우 규모효과의 검증결과가 어떠한 영향을 받는지도 아울러 분석하였다. 1980-90년의 기간을 대상으로 하여 실증분석한 결과, 먼저 동일가중지수수익률을 시장수익률로 사용할 경우 체계적위험 추정치와 기업규모간에는 부(負)의 관계가 존재하고 있음이 관측되고 있으며, 기업규모포트폴리오의 초과수익률 추정치도 대형주는 물론 소형주의 경우에도 통계적으로 유의하게 영(零)과 다르지 않다. 그 결과 최소한 1980-90년의 경우 우리나라 주식시장에는 규모효과가 존재하였다는 실증적 증거가 발견되지 않는다. 그러나 종합주가 지수수익률을 시장수익률로 사용하면 소형주에 대한 체계적위험이 대형주의 경우보다 오히려 작게 나타나고 있으며, 그에 따라 통제적으로 유의한 규모효과가 존재하는 것처럼 나타나고 있어 종합주가지수수익률은 시장수익률 대용치로 적절하지 않음을 제안하고 있다.

• Management & Information Systems Review
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• v.37 no.3
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• pp.27-47
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• 2018

In this study, we examine how land use zoning affects the land price controlling other variables such as road-facing condition of the land, land form, land age after its development and land size. We employ geographically weighted regression analysis which reflects spatial dependency as methodology with a data sample of land transaction price data of Jangyu, a new town, in Korea. The results of our empirical analysis show that the respective coefficients of traditional regression and geographically weighted regression are not significantly different. However, after calculating Moran's Index with residuals of both OLS and GWR models, we find that Moran's Index of GWR decreases around 26% compared to that of OLS model, thus improving the problem of spatial autoregression of residuals considerably. Unlike our expectation, though, in both traditional regression and geographically weighted regression where residential exclusive area is used as a reference variable, the dummy variable of the residential land for both housing and shops shows a negative sign. This may be because the residential land for both housing and shops is usually located in the level area while the residential exclusive area is located at the foot of a mountain or on a gentle hill where the residents can have good quality air and scenery. Although the utility of the residential land for both housing and shops is higher than its counterpart's since it has higher floor area ratio, amenity which can be explained as high quality of air and scenery in this study seems to have higher impact in purchase of land for housing. On the other hand, land for neighbourhood living facility seems to be valued higher than any other land zonings used in this research since it has much higher floor area ratio than the two land zonings above and can have a building with up to 5 stories constructed on it. With regard to road-facing condition, land buyers seem to prefer land which faces a medium-width road as expected. Land facing a wide-width road may have some disadvantage in that it can be exposed to noise and exhaust gas from cars and that entrance may not be easy due to the high speed traffic of the road. In contrast, land facing a narrow road can be free of noise or fume from cars and have privacy protected while it has some inconvenience in that entrance may be blocked by cars parked in both sides of the narrow road. Finally, land age variable shows a negative sign, which means that the price of land declines over time. This may be because decline of the land price of Jangyu was bigger than that of other regions in Gimhae where Jangyu, a new town, also belong, during the global financial crisis of 2008.

• Management & Information Systems Review
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• v.30 no.3
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• pp.217-239
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• 2011

The paper explores how corporate payout polish depends on managers' stock-option value. Specifically, this paper examine the relationship between managers' stock-option value and the ratio of stock repurchase, and analyze the relationship between price-incentive intensity of managers' stock-option and the ratio of stock repurchase. The hypotheses mentioned above are empirically tested using 137 firms listed on the Korean Exchange(KRX). OLS and Tobit regression method are used to above hypotheses. The results of this paper are as follows: First, as managers' stock option value increases, future the ratio of stock repurchase increase. Second, as the price-incentives intensity of managers' stock option increases, the patio of stock repurchase also increase. Overall, The above results imply that managers with stock option prefer stock repurchase over cash dividends to increase private benefits.

• Journal of the Korean Regional Science Association
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• v.32 no.1
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• pp.67-82
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• 2016

This study aims to test the spatial mismatch hypothesis by exploring the relationship between income and commuting time in Seoul, Korea. For this purpose, we analyze the commuting times of individuals who commute to Seoul, using the data for the metropolitan household survey. We employed a hierarchial linear model(HLM) to capture the effects of both individual attributes and regional attributes, and their interactions. The results show that the commuting time decreases with household income controlling for the regional attributes, and the effect of income increases with the housing price of the location of a commuter's firm. This implies that the spatial mismatch holds for Seoul as follows: Lower personal income and housing affordablility extend individuals' commuting times, and the destinations' characteristics such as housing type and land use also have impacts on commuting time. These results have some policy implications for achieving social equity in terms of spatial structure of the city.

• Journal of Broadcast Engineering
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• v.13 no.3
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• pp.319-327
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• 2008

The purpose of study is to investigate the customer oriented transaction environment for the customers' convenience, the plan of public policy in regard to the customer oriented T-Commerce, and the consumption pattern of customers' commercial transaction, necessary for the marketing strategy by analyzing the demand for the T-Commerce with the purchase intention and maximum willingness to pay according to the demographic factors, the pattern of commercial transaction, and the technology innovation types. The results showed that there were statistically significant relations between consumer's willingness price to pay for the T-commerce and the consumer's technology adoption types, monthly internet shopping amounts, and weekly TV-home shopping hours. The simulations on a basis of multiple regression analysis for the T-commerce were illustrated by those factors.

• Journal of Labour Economics
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• v.24 no.1
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• pp.67-96
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• 2001

The recent economic crisis started at the end of 1997 has brought about changes in labor market practices. One of them is rapid increase in the ratio of workers with alternative employment arrangement, so-called contingent workers. This type of arrangement, unlike traditional employment arrangement, makes employers properly adjust employment to business cycles and it also makes it possible for employees to solve time and spatial constraints related to labor supply. However, recent experience has revealed its negative characteristics such as lower wage rate, deficient fringe benefits, insufficient job security. Using the data from the first and the second wave of the Korea Labor and Income Panel Survey, this study focuses on change in the tendency of being contingent workers and decomposition of the wage differentials among regular and contingent workers by estimating the switching regression model. Results show that the recent crisis significantly contributed to probabilities of being contingent workers, especially for women, the young, the older, and the lowly educated. Decomposition shows that one quarter or one third of 35% of wage differentials are due to the price effect that the same productive characteristics are differently paid by the types of employment arrangements.

• The Journal of the Korea Contents Association
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• v.13 no.4
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• pp.361-375
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• 2013

While the mobile application market is growing fast, the revenues of the majority apps are declining. Moreover, paid mobile application prices and purchases have been slow because of intensifying competition. However, the conventional studies focused only on the acceptance factor of mobile applications, so they cannot explain the phenomenon such as acceptance resistance for paid mobile applications. Therefore, our study tries to analyze the factors for the acceptance resistance of users for paid mobile applications. The research model in this paper, which is based on S-O-R model, verified through surveys how social influence and app characteristics affect user perception and how user perception affects to app resistance. The results of our study showed that paid mobile applications happened to be destroyed in front of the chasm because of the perceived loss. Consequently, the results implicate that the developers should lower the initial price and actively react to the negative reviews in order to lower the perceived loss. Moreover, the results verified that a sense of self-efficacy can lower application acceptance resistance by including personal properties to our research model as control variables.

• Journal of Global Scholars of Marketing Science
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• v.16 no.3
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• pp.39-60
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• 2006

The purpose of this study is to investigate the effect of two different characteristics of music(tempo) and advertising photograph(type) in a fashion store on consumers' emotional responses and approach behavior and to suggest competitive in-store atmospheric strategies. To test the conceptual model, this study used a video simulation method. Researchers selected a fashion casual wear retail store for young people and videotaped to provide realistic store settings. Two different levels of background music(fast, slow) and advertising photograph(sexy, cheerful) were inserted into the video clip generating four stimuli. Including a stimulus for the control group, 5 video clips were created. A total of 289 subjects answered the questionnaire after viewing a two-minute video clips. The results are as follows: First, advertising photograph in a store had a significant effect on consumers' in-store emotional state, whereas musical tempo did not. Second, the effect of in-store consumers' emotional state on behavioral reponses were investigated. Results showed that consumers' positive emotional state lead to consumers' approach behavior. The results of this study indicated that background music and advertising photograph in a fashion store affected consumers' in-store emotional state, and ultimately these affected consumers' positive approach behavior. Thus retailer should try to create a pleasant store environment using effective store atmospheric factors like background music and advertising photograph.

• Journal of Internet Computing and Services
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• v.21 no.1
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• pp.237-246
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• 2020

this paper, a data modeling method based on decision-making conditions is proposed for making combat and battlefield management systems to be intelligent, which are also a decision-making support system. A picture of a robot seeing and perceiving like humans and arriving a point it wanted can be understood and be felt in body. However, we can't find an example of implementing a decision-making which is the most important element in human cognitive action. Although the agent arrives at a designated office instead of human, it doesn't support a decision of whether raising the market price is appropriate or doing a counter-attack is smart. After we reviewed a current situation and problem in control & command of military, in order to collect a big data for making a machine staff's advice to be possible, we propose a data modeling prototype based on decision-making conditions as a method to change a current control & command system. In addition, a decision-making tree method is applied as an example of the decision making that the reformed control & command system equipped with the proposed data modeling will do. This paper can contribute in giving us an insight of how a future AI decision-making staff approaches to us.

• Journal of Service Research and Studies
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• v.14 no.3
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• pp.46-59
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• 2024

The purpose of this study is to understand how the image of a tourist destination perceived by potential tourists, who indirectly experience negative incidents through social media, affects their behavioral intentions. Based on the Theory of Planned Behavior, the relationship between image and behavioral intention is explained through attitudes toward the destination, subjective norms, and perceived behavioral control. Furthermore, the study analyzes whether the quality of the relationship with the tourist destination perceived by potential tourists moderates the relationship between the image of the destination and attitudes toward it when exposed to negative incidents. A scenario-based survey was conducted with 256 potential Chinese tourists. The results showed that the overall image of the destination had a positive effect (+) on attitudes toward the destination, subjective norms, and perceived control. In turn, attitudes toward the destination, subjective norms, and perceived control all positively (+) influenced behavioral intentions. Lastly, the moderating effect of relationship quality between overall image and attitudes toward the destination was verified. The implications of this study suggest that when negative incidents occur at a tourist destination, negative images can be perceived. Therefore, local governments should ensure thorough inspections and enforcement regarding pricing, services, and illegal operations to prevent such occurrences. Additionally, destination marketers should strive to enhance marketing management and promotion efforts, particularly working to establish positive relationship quality with tourists who have previously visited the destination.