• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.1
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• pp.153-164
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• 2012

Recently, as the one way of open Innovation management, Not a company's sole activity, but technology development and infrastructure buildup between companies for the synergistic effect of technological innovation, and technology transfer commercialization is needed. For a successful technology commercialization, it needs many experts like technology transfer agents, A technology transfer agent can be qualified with finishing its registration education course over 40 hours on the basis of the article 14 of law on the Promotion of Technology Transfer and the article 21 of the enforcement. After the 2010 revision of notice, the incorporated company, the Korea Technology Transfer agents has conducted the registration education. Until now, educations were conducted twice in January 2011 and November 2011. Accordingly, this study is necessary to improve the education service's quality and seek remedy through the in-depth evaluation of the present basic education service's quality. The results are as in the following. First, the service quality affect the satisfaction of the education service's quality positively. It is identified that the details of service quality of flexibility, reliability, responsiveness, conviction, and sympathy influence the education service satisfaction positively. Second, the education service satisfaction affects the attitude positively after completing the course. Third, service quality affects the attitude after completing the education course, Also it is identified that the details of service quality of flexibility, reliability, responsiveness, conviction, and sympathy influence the attitude after education completion. It is expected that this research may be used as the basic information for establishing education improvements and be helpful in establishing the technology transfer agents' registration education strategy. Through a continuous research, it is also expected that technology transfer markets are accelerated and qualified technology transfer agents are trained.

• The Korean Journal of Financial Management
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• v.12 no.1
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• pp.167-186
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• 1995

기업인수합병(M&A) 시장의 활성화에 따라 적대적 공개매수를 방어하기 위한 반인수조치(Antitakeover Techniques)들에 관한 관심도 고조되고 있다. 지금까지 널리 알려져 있는 대표적인 반인수 조치들은 Fair Price Amendment(FPA), Classified Board Amendment(CBA)와 Poison Pills(PP) 등이다. 이들 대표적 세 반인수조치들 중에서 FPA와 CBA 채택의 경우는 주주들의 사전 승인이 요구되는데 반하여 PP는 주주들의 사전 승인없이 채택이 가능한 반인수조치이다. 이처럼 상이한 반인수조치들의 채택은 채택기업의 가치에 상이한 부의 효과를 미치는데, 이 분야의 많은 실증적연구 결과들이 보고되고 있다. 본 연구에서는 표본기업으로 현재까지 상호개별적으로 연구되어 왔던 두가지 반인수조치(FTA, CBA)에 PP와 비채택기업도 포함시키고 있다. 지금까지의 반인수조치 채택에 따른 기업가치에 미치는 부의 효과에 관한 연구결과를 확인해보고, 반인수조치 채택에 관한 경영자의 의사결정과 경영자의 부 사이에 체계적인 관계가 존재하는지를 실증분석하고자 한다. 여기서 경영자의 부는 기업내부자 지분율과 기업내 경영자를 위한 Golden Parachute의 존재 유무로 측정한다. 본 연구에서는 3개의 가설을 설정하였다. 가설1: 만일 경영자가 주주의 이익을 희생하면서 자신의 이익을 위한 반인수조치를 채택한다면, 반인수조치 채택의 공표는 평균적으로 기업가치에 부(-)의 효과를 보일 것이다. 가설2: 경영자의 내부지분율이 낮을때 경영자들은 주주에게 가장 해로운 반인수조치를 선택할 것이다. 가설3: Golden Parachute가 존재하지 않을때 경영자들은 주주에게 가장 해로운 반인수조치를 채택할 것이다. 본 연구의 대상기업들중에서 반인수조치 채택 기업들은 IRRC 1990년도판에서 수집되었고, 대칭표본 기업으로 반인수조치를 채택하지 않은 기업들은 CRSP 파일에서 기업규모, SIC 코드를 대응시켜 선정하였다. 임원, 관계이사들과 친인척을 포함하는 내부자의 지분과 Golden Parachute 존재 여부는 이 연구의 표본기업들의 Proxy Statement에서 수집하였다. 최종 표본기업은 FPA 채택기업, CBA 채택기업, PP채택기업, 그리고 비채택기업으로 4개의 상호 배타적인 기업 그룹으로 구성되었다. 본 연구는 Event Study와 Multinomial Logistic Regession의 두가지 실증분석 방법을 사용하였다. Event Study방법론은 반인수조치 채택 공표시 초과수익률을 조사하기 위해 사용하였다. Multinomial Logistic Regession은 선택된 반인수조치 종류와 설명 변수들(내부자 지분율, Golden Parachute)간에 체계적인 관계가 존재하는지를 검증하기 위해 사용되었다. 반인수조치들을 채택하는 기업들은 반인수조치를 채택하고 있지 않은 기업들에 비해 내부자 지분율이 낮게 나타났으며, 반인수조치 중 PP를 채택한 기업에서 가장 낮은 내부지분율을 보이고 있다. GP 채택을 보면 PP를 선택한 기업의 50%가 GP를 채택하였다. 본 연구에서 반인수조치 채택 발표일 하루 전후의 초과수익률을 조사한 결과는 반인수조치 미채택기업, CBA, FPA 채택기업들의 초과수익률은 통계적으로 의미가 없었으나, PP채택에 따른 초과수익률은 의미 있는 부(-)의 값을 나타냈다. 이와같이 CBA와 FPA채택기업들은 주주의 부를 감소시키지 않았으나 PP채택기업들은 주주의 부를 감소시켰다. 따라서 경영자는 주주의 이익을 희생시키면서 자신의 이익을 위해 PP를 선택하고 있음을 보여 주고 있다. 연구결과는 내부자 지분율의 크기가 경영자와 주주간의 이해를 효과적으로 일치시키고 있음을 제시하고 있다. 즉, 내부자 지분율이 큰 기업일수록 반인수조치를 채택하지 않거나 반인수조치 채택시에 주주의 이익에 반하지 않은 반인수조치를 선택하는 경향이 높다. Golden Parachute이 존재하는 기업은 FPA를 채택하거나 반인수조치를 채택하지 않는 것보다 PP나 CBA를 채택하는 경향이 더 높다. 한편 기업에서의 GP의 존재가 경영자의 가장 해로운 반인수조치 선택을 억제하지 못함을 보여주고 있는데, 이는 GP가 비효과적인 계약메카니즘임을 제기한다. GP가 경영자와 주주간의 이해를 일치시키도록하는 계약이라기 보다는 차라리 기업방어전략이 비효과적일때 경영자 자신의 안전판으로 제공되고 있음을 보여준다. 이 논문의 주요공헌은 기업내부자 지분율의 크기와 GP의 존재가 반인수조치 선택에 체계적인 영향을 미치고 있음을 보여준 것이다. 여기서 사용된 Multinomial Logistic모델은 내부지분을 크기와 GP의 존재가 PP또는 CBA가 채택될 것인지를 예측할 수 있게 한다.

• Cartoon and Animation Studies
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• s.51
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• pp.181-201
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• 2018

The cartoon industry in Korea has continued to decline due to the contraction of published comics market and decrease in the number of comic books rental stores until the 2000s when it rapidly started to experience qualitative changes and quantitative growth due to the emergence of webtoon. The market size of webtoon industry, valued at 420 billion won in 2015, is expected to grow to 880.5 billion won by 2018. Notably, most cartoonists who draw cartoon strips are using digital devices and producing scripts in data, thereby overcoming the geographical, spatial and physical limitation of contents. As a result, a favorable environment for the creation of local ecosystems is generated. While the infrastructures of human resources are steadily growing by region, cartoon industries that are supported by the government policy have shown good performance combined with factors of creative infrastructures in local areas such as webtoon experience centers, webtoon campuses and webtoon creation centers, etc. Nevertheless, it is true that cartoon infrastructures are substantially based on a capital area which leads to an imbalanced structure of cartoon industry. To see the statistics, companies of offline cartoon business in Seoul and Gyeonggi Province make up 87%, except for distribution industry. In addition, companies of online cartoon business which are situated outside of Seoul and Gyeonggi Province form merely 7.5%. Studies and research on local webtoon are inadequate. The existing studies on local webtoon usually focus on its industrial and economic values, mentioning the word "local" only sometimes. Therefore, this study looked into the current status of local webtoon of the present time for the current state of local cartoon ecosystem, middle and long-term support from the government, and an alternative in the future. Main challenges include the expansion of opportunities to enjoy cartoon cultures, the independence of cartoon infrastructure, and the settlement of regionally specialized cartoon cultures. It means that, in order to enable the cartoon ecosystem to settle down in local areas, it is vital to utilize and link basic infrastructures. Furthermore, it is necessary to consider independence and autonomy beyond the limited support by the government. Finally, webtoon should be designated as a culture, which can be a new direction of the development of local webtoon. Furthermore, desirable models should be continuously researched and studied, which are suitable for each region and connect them with regional tourism, culture and art industry. It will allow the webtoon industry to soft land in the industry. Local webtoon, which is a growth engine of regions and main contents of the fourth industrial revolution, is expected to be a momentum for the decentralization of power and reindustrialization of regions.

• Proceedings of the Korean DIstribution Association Conference
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• 2002.05a
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• pp.31-59
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• 2002

Recently there are many changes of logistics environment Such as integrated logistics information system, the rapid growth of the domestic and international small package express service and third party logistics with Electronic Commerce. At this time it is very important to deliver to customers the goods sold through EC speedy, accurately and safely. That is to say, the role of small package express service is very important at EC times. The bottlenecks of small package express service in the circumstances of EC are the weakness of EC operating company and small package express service provider the shortage of distribution centre and cargo terminal, the shortage of skilled man with related small package express service etc. So, I suggested that for activation of EC it is necessary to strengthen the strategic alliances, introduce GPS and use the third party logistics positively in the side of small package express service provider. And it is necessary to prepare for the settlements of traffic problems, support the introduction of integrated logistics service, logistics information system, deregulate restriction such as weight limit of vehicles in the side of the government. And to government support throughout extending nation's SOC, deregulation, support to small package express service terminal, permit to stopping & parking in downtown, abolishing a no passing zone, permit to being employed foreigner. Also this service involves ensuring that the product will arrive when wanted, and in an undamaged condition.

• 주택과사람들
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• no.54 s.71
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• pp.185-206
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• 1996

1.건설제도의 국제화와 경쟁기반 구축 $\bullet$건설산업을 기획$\cdot$설계$\cdot$시공$\cdot$감리$\cdot$사후관리 등 전 분야에 걸쳐 경쟁력 있는 산업으로 육성-기획$\cdot$설계$\cdot$시공$\cdot$감리$\cdot$유지관리 등 건설산업 전반에 관한 기본사항을 법제화-대규모 공사의 경우 발주자를 대신하여 건설공사의 기획$\cdot$설계$\cdot$발주$\cdot$감리$\cdot$시공관리 등 업무의 전부 또는 일부를 종합적으로 조정$\cdot$관리하는 $\lceil$건설사업관리$\rfloor$제도를 도입 $bullet$건설공사 $\lceil$현장실명제$\rfloor$도입을 통한 하도급제도의 정비-전문건설업자로부터 하도급, 위탁, 고용 등의 형태로 공사에 참여하는 현장근로자를 신고 받아 권익을 보호하고 시공책임도 부과하는 $\lceil$현장실명제$\rfloor$도입 $\bullet$공사완성보증제, 손해배상보증제도를 도입하고, 신용상태 $\cdot$시공능력에 따라 보증 요율 등을 차등화 하여 부실업체를 배제 $\bullet$건설공사관련 각종 계약서와 시방서 등 제기준을 정비하여 발주자$\cdot$시공자 등 건설주체간의 역할과 책임을 명확화$\bullet$건설분쟁을 신속하고 객관적으로 조정$\cdot$중재하기 위하여 $\lceil$건설분쟁중재원$\rfloor$으로 확대 개편 2. 건설인력의 육성과 고용안정$\bullet$경쟁력 제고의 관건인 우수인력 확보를 위하여 대학교육 제도의 개선을 포함한 건설 인력 수급대책을 추진 - 대학의 건설관련 학과 정원을 2000년까지 매년 일정규모로 증원하여 고급기술 인력을 배출 현재 50$\%$에 불과한 건설관련 국가기술자격자를 2000년에 70$\%$까지 제고 - 감리 등 전문인력을 양성하고, 선진외국 감리 회사를 활용하여 국내 업계와의 경쟁을 유도 $\bullet$건설현장의 최일선에서 품질을 담당하고 있는 건설기능공의 고용안정과 복지향상을 위한 획기적인 대책을 마련 - 건설기능공의 자긍심과 사회적 책임의식을 고취하기 위해 기능공이 여러 현장을 전전하여 근무하더라도 경력관리, 공제금 등의 합산 관리가 가능하도록 $\lceil$건설 근로자 복지카드$\rfloor$제도를 도입 *$\lceil$건실시연구단$\rfloor$을 구성$\cdot$구체적인 운영방안을 수립 - 건설 업체 실정에 맞는 현장위주의 기능검정제도 도입 $\cdot$자격증이 현장에서 요구되는 기능수준과 숙련도를 제대로 반영할 수 있도록 검정방법을 현장 실기위주로 개선하고 자격검정업무도 건설협회 등의 자격 검정능력을 향상시켜 위탁$\cdot$시행하는 방안을 검토 3. 공사시행기관의 전문성과 책임성 제고 $\bullet$시장이 개방되어 건설공사가 국제적인 관행에 따라 이루어질 것에 대비하여 시행기관에 계약$\cdot$공사관리 등 전문직공무원을 집중 교육하여 양성 $\bullet$ 조달청이 대행하여 공사계약을 하는 경우라도 설계변경은 발주기관이 자체적으로 할 수 있도록 허용 $\bullet$ 기술직 공무원의 기술향상을 위하여 관련 공무원의 확충, 해외연수, 현장교육 강화 등을 지속적으로 추진 $\bullet$ 충분한 사전조사를 거쳐 사업계획을 수립하도록 $\lceil$건설공사 시행절차$\rfloor$를 규정 $\bullet$ 공사기간 3년 이상의 공사에 대하여는 최대한 계속비사업으로 편성토록 계속비제도의 운영을 활성화 4. 건설현장의 품질관리체제 구축 $\bullet$ 현장배쳐플랜트 설치를 확대하여 레미콘의 품질관리를 일원화하고 현장에서 레이콘을 배합하는 건식공법을 채택 - 현장레미콘생산시설(B/P)설치 확대로 콘크리트 하자에 대한 책임한계 일원화 유도 - 레미콘 재료인 골재$\cdot$시멘트$\cdot$물을 공장에서 혼합하여 공급하는 현행 습식배합 대신에 물만을 현장에서 혼합하는 건식 배합방식을 도입 $\bullet$철강재$\cdot$철구조물의 품질을 보증하기 위하여 일정기술을 갖춘 공장에서만 제작토록 하는$\lceil$공장인증제$\rfloor$를 도입 - 제작시설과 품질관리 등을 심사하여 제작공장을 등급화하고 등급에 따라 철강재 등의 제작업무 범위를 차등화 $\bullet$시설물에 대하여도 시공업체가 제작공장을 등급화하고 등급에 따라 철강재 등의 제작업무 범위를 차등화 $\bullet$시설물에 대하여도 시공업체가 사후관리를 일괄 책임질 수 있도록 $\lceil$시공 및 유지관리 일괄계약제도$\rfloor$를 도입 - 대형교량$\cdot$소각로$\cdot$하수처리장 등 유지관리에 전문성이 요구되는 분야부터 시범적으로 도입 $\bullet$건설자재의 표준화$\cdot$정보화사업을 조속히 추진 5. 건설업체에 대한 지원 강화 $\bullet$일부 공공사업자의 경우 관행화되어 있는 대금일부의 어음 또는 채권지급방법을 단계적으로 축소 $\bullet$매월 감독이나 감리원의 기성확인에 의하여 시공자에게 공사대금을 직접 지급토록 하는 등 대금 지급절차를 간소화 6. 민간 건축물에 대한 안전확보 $\bullet$충실한 설계가 이루어지도록 제도를 개선 - 설계도서 작성기준을 제정하고 다중이용시설에 대하여는 건축심의단계에서 구조검토 등 설계심의를 의무화 $\bullet$대형다중이용시설에 대한 감리 강화 - 감리전문회사 수준의 감리체제로 전환하고 감리대가도 공공수준으로 인상하고 적용요율대로 지도$\cdot$감독 강화

• Management & Information Systems Review
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• v.31 no.2
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• pp.143-172
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• 2012

While e-commerce market(B2C) grows rapidly, many experts argue that EC(B2C) transactions have not reached its full potential. A notable difference between online and offline consumer markets that is suppressing the growth of EC(B2C) is the decreased presence of human and social elements in the online shopping environments. Generally online shopping lacks human warmth and sociability. In this study, social presence in online shopping mall was proposed as a substitute for face-to-face social interaction in the traditional commerce and author explored what variables affect social presence(human warmth and sociability) on online shopping malls and how human warmth and sociability can influence on online store loyalty. To achieve research objectives, we reviewed literatures related with marketing, psychology and communication research areas. Based on literature review, we proposed a research model on the online shopping mall. To examine the proposed research model, we gathered data by using a self-report questionnaire. Respondents consists of online shoppers with at least five or more times of purchase experience in online shopping malls. Because social presence is a feeling which needs frequent contacts with malls to experience, respondents must have enough purchase experiences. The empirical results are as follows : First, shopping mall's customization efforts influence perceived social presence on the mall significantly. Second, shopping mall's responsiveness influences perceived social presence significantly. Third, perceived activity of community of online shopping mall influences perceived social presence significantly. Mall managers have to activate their customer community to reinforce social presence, resulting in trust building. Finally, perceived social presence influences trust and enjoyment on the mall significantly. And then trust and enjoyment on the mall affect store loyalty significantly. From these findings it can be inferred that perceived social presence appears determinant which is critical to the formation of core variables(trust and loyalty) in existing online shopping papers.

• Management & Information Systems Review
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• v.33 no.3
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• pp.129-154
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• 2014

We are making products and services that we didn't easily think or even imagine when young and living using them. Consumer needs become more diversified, markets and technologies are being constantly changed, and corporate global competitiveness is getting intensified. Now, companies that don't change nor create new values cannot survive. The cycle of new products is faster, and therefore corporations should improve previous products continuously or create new values according to such a trend. This era requires 'creativity' for companies to overcome uncertainty and survive. Corporate creativity is not easily activated as financial and physical compensation unlike the work ability or performance. When there is an environment that people with various abilities, experiences and backgrounds can express their opinions freely, it becomes possible. Despite the importance, the studies have focused on creativity education so far instead of the viewpoint of corporate business administration. In addition, most studies have dealt with job characteristics and employees' personality factors rather than the process that is connected to actual performance. In other words, the studies on environmental factors that can lead motivation as situational characteristics of the employee's company in a current non-monetary and non-physical way are very insufficient. Therefore, this study aims to comprehensively examine the process of creating creative performance in the environment inside the company that the employee could approach most closely from the corporate deinstitutional perspective. As the major variables, job characteristics and supervisor's ethical leadership were selected, and the process that is connected to the creative performance was explained by means of motivation necessary to understand creativity of the organization and creative process engagement(CPE). The summary of the verification results is following. First, job characteristics and supervisor's attitude(ethical leadership) had positive effects on intrinsic motivation and creativity process engagement. Second, intrinsic motivation and creativity process engagement had positive effects on creative performance. Third, intrinsic motivation and creativity process engagement had mediated the relationship between job characteristics, supervisor's attitude and intrinsic motivation, creativity process engagement

• Journal of the Economic Geographical Society of Korea
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• v.22 no.4
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• pp.438-457
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• 2019

The main purpose of this paper is to identify the entry types and locational determinants of North Korean workers in cross-border regions between North Korea and China. More specifically, the paper has attempted to divide the entry type of them in the regions into two; 1) entry via transactions between Chinese traders with North Korea and North Korea trade companies, and 2) entry via transactions between Korean-Chinese middlemen and North Korean trade companies. Also, it has analyzed main factors of their locational determinants in the spatial contexts of the regions. There have been changes in two perspectives in terms of the entry paths and types of them in accordance with the transformation of characteristics of United Nations sanction against North Korea from 'call-upon' to 'decide' after UN Security Council Resolution 2094 in 2013. Firstly, main agents who have dealing with North Korean trade companies which have right to dispatch North Korean workers have been changed from Chinese traders into Korean-Chinese brokers who are specialized in the introduction of North Korean workers with one-stop service from visa administrative to labor managements. Secondly, there has been a transfer of North Korean workers in the regions from formal to informal workers who has been admitted into China with a short stay or a tourist visa, and then remained illegally to be employed in China. Therefore, as demands on service which is able to guarantee the security of North Korean informal workers and their managements have increased, Korean-Chinese brokers have been stimulated in the regions after the operation of real international sanctions against overseas North Korean workers. In addition, the main factors of their locational determinants in cross-border regions between North Korea and China are could be analyzed in three perspectives; 1) an increase in real wages in accordance with the reform of the Chinese social insurance system after 2011, 2) the structural vulnerability of labor markets in the regions, 3) the utilization of stable and manageable workers.

• Information Systems Review
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• v.16 no.3
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• pp.49-68
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• 2014

These days, consumers have increasingly preferred to digital real-time streamlining and downloading to listen to music because this is convenient and affordable for the consumers. Accordingly, sales of music in compact disk formats have steadily declined. In this regards, online digital music has become a new communication channel to listen musics, where digital files can be delivered over various online networks to people's computing devices. The majority of online digital music distributors has Music Recommender Systems for sales of digital music on their websites. Music Recommender Systems are parts of information filtering systems that provide the ratings or preferences that users give to music. Korean online digital music distributors have Music Recommender Systems. But those online music distributors didn't provide any rules or clear procedures that recommend music. Therefore, we raise important questions as follows: "Is Music Recommender Systems Fair?", "What is the impact of Music Recommender Systems on online music rankings and sales?" While previous studies have focused on usefulness of Music Recommender Systems, this study investigates not only fairness of Current Music Recommender Systems but also Relationship between Music Recommender Systems and online Music Charts. This study examines these issues based on Bandwagon effect, ranking effect, Slot effect theories. For our empirical analysis, we selected the most famous five online digital music distributors in terms of market shares. We found that all recommended music is exposed to the top of 'daily music charts' in online digital music distributors' websites. We collected music ranking data and recommended music data from 'daily music chart' during a one month. The result shows that online music recommender systems are not fair, since they mainly recommend particular music that supported by a specific music production company. In addition, the recommended music are always exposed to the top of music ranking charts. We also find that recommended music usually appear at the top 20 ranking charts within one or two days. Also, the most music in the top 50 or 100 ranks are the recommended music. Moreover, recommended music usually remain the ranking charts more than one month while non-recommended music often disappear at the ranking charts within two week. Our study provides an important implication to online music industry. Because music recommender systems and music ranking charts are closely related, music distributors may improperly use their recommender systems to boost the sales of music that related to their own companies. Therefore, online digital music distributor must clearly announce the rules and procedures about music recommender systems for the better music industry.

• Journal of Distribution Research
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• v.16 no.1
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• pp.117-140
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• 2011

The sales promotion strategy can be classified into two categories: cost-down and value-added promotions. Although many studies have been performed on sales promotion in the past, little attention has been given on cost-down promotion, and in particular on its strategy. Also there has been a renewed interest on value-added promotion strategy as means of attracting more customers and delivering value by providing a greater benefit. This study examines the effect of value-added promotion on the evaluation of promotional products. The topic is important because the value-added promotions are not always perceived as a benefit by consumers and they depend on the situational factors. We postulate three hypotheses on the basis of related literature. We conduct two studies: one employing experiment (study 1) and the other, quasi-experiment (study 2) to investigate the effect of two situational factors, namely the promotional package type and retailer uncertainty on the valuation of promotional products. Study 1 employs 2 promotional package types (bundled with freebie type vs. one-plus-one type) by 3 evaluation targets (overall package, a focal product and freebie) in experimental design. Also it is found that consumers devaluate the promotional product when the level of retailer uncertainty is high (t=-4.70, p=.000) as shown in Table 2. As depicted in Figure 2, the interaction effect of retailer uncertainty and package types on the evaluation of promotional product as a whole does not appear to be significant. However, when the level of retailer uncertainty is high, the focal product suffers from lower valuation if it is included in a bundle with freebie type package. The purpose of Study 2 is to cross-check the results of Study 1. The results of Study 2 also show that the consumers devaluate the promotional products as a whole when the level of retailer uncertainty is high. Furthermore, Study2 examines the consumers' willingness to purchase. The willingness to purchase of 2 different consumer groups divided by their reservation prices before and after exposure to a promotional stimuli shows no significant differences(t=1.911, p=.057). The results suggest that the consumers' reservation prices before the exposure to the promotion can be a reference prices of their's. But after the promotional events, the promotional price would become their reference prices. Furthermore, when the level of retailer uncertainty is high, consumers devaluate the promotional product as a whole. Because the promotional offerings activate the persuasion knowledge of consumers and make them incorporate negative inference about the firm's motives into their valuation and consequently, consumers tend to hesitate to purchase.