• Human Ecology Research
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• v.51 no.4
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• pp.413-424
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• 2013

The purpose of this study is to examine the influence of social face sensitivity on vanity and consumption behavior. Questionnaires were administered to 461 college students living in Deagu Metropolitan City and Kyungbook province. Frequency, factor analysis, reliability analysis, regression analysis, and t-test were used for data analysis. Social face sensitivity was categorized into consciousness of being embarrassed, social formality, other consciousness and prestigiousness. Vanity factors were found as physical price, achievement concern, achievement price, and physical concern. Consumption behavior were categorized into 5 factors such as ostentatious consumption, impulsive buying, external information search, brand trust, utilization of internet information and material-oriented. Consciousness of being embarrassed, social formality, and other consciousness, the sub-variables of social face sensitivity had significant effects on achievement concerns and physical concerns. Other consciousness of social face sensitivity had significant effects on all factors of consumption behaviors. There was significant differences in the prestige of social face sensitivity and physical concerns of vanity and ostentatious consumption, impulsive buying, and also in external information search and utilization of internet information of consumer behavior. This indicates that women showed high physical concerns for vanity and ostentatious consumption, impulsive buying, external information search and utilization of internet information of consumption behavior while men care more about prestigiousness of social face sensitivity.

• Journal of Consumption Culture
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• v.15 no.3
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• pp.67-90
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• 2012

When consumers choose healthy foods, they base their buying decisions on health-related food labeling and quality assessment of taste, health, and price. Moreover, both purchase experience and opinions of family and friends affect consumer choices. Focusing on these points, this study examined the effects of health-related food labeling on consumer choices by adding two variables-quality assessment of taste, health, and price and purchase experience-to the model of the theory of planned behavior. We also used structural equation modeling to test our hypotheses. In the study, health-related food labeling includes organic labeling, nutrient claims, and food additive labeling. We conducted a mail survey among 300 married women who buy cheese slices for their children more than once a month. It was discovered that health-related food labeling positively affected the level of quality assessment of taste, health, and price, and consequently led to positive attitudes and purchase intentions. Particularly, health-related food labeling positively influenced attitude toward using products without assessing the quality of taste, health, and price. The level of quality assessment of price positively affected attitude toward using and purchasing products, and purchase experience positively affected attitude toward using and purchasing products, and purchase intentions. The relationship between attitude to purchasing products and purchase intentions was the most positive, and the relationship between perceived behavioral control and purchase intentions was not significant. Overall, this study essentially contributes to the development of a theoretical framework of food labeling and consumer choices, which includes quality assessment of taste, health, and price and purchase experience, by using the theory of planned behavior.

• Management & Information Systems Review
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• v.30 no.4
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• pp.23-44
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• 2011

In this paper we examines the relation between net purchase of foreign and institution investors and stock returns in Korean stock market. For this study, KOSPI returns are classified into three parts: close to close, close to open and open to close returns. Close to close returns is measured by the closing price of t-1 day and the closing price of t day. Close to open returns is measured by the closing price of t-1 day and the opening price of t day. Open to close returns is measured by the opening price of t day and the closing price of the day. Empirically major findings are as follows. First, the previous day both foreign and institution investors' behavior have an statistically significant negative effect on the close to close returns. However, the current day their behavior positively affect close to close returns. Second, the previous day both foreign and institution investors' net purchase have a significantly positive effect on the open to close returns. Finally, the previous day foreign behavior has little effect on open to close returns, but institution investors negatively affect open to close.

• Information Systems Review
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• v.4 no.2
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• pp.133-153
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• 2002

Internet lowers the search cost to acquire information about products and sellers price information. Because consumers can easily compare prices among different Internet retailers, the price competition among merchants in Internet has been intensified. For online retailers, it is important to differentiate their sites from competitors based upon services rather than prices. This study investigates which factors influence on consumers price sensitivity in Internet book markets and examines whether consumers price sensitivity has any effect on the type of preferred Internet bookstore (hybrid or pure online book stores). Survey is conducted to empirically investigate the relationship among the various consumer attitudes and price sensitivity. The result shows that price search and price importance have effect on the choice of Internet bookstore. Consumers with higher price sensitivity preferred to purchase books from pure Internet bookstores rather than hybrid (click-and-mortar) bookstores. This study provides an exploratory framework that tries to understand consumer behavior about price sensitivity that might provide some marketing implications to lessen the price competition of Internet retailers.

• Korean Journal of Organic Agriculture
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• v.13 no.3
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• pp.229-242
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• 2005

This study was examined to analyze of the characteristics analysis of purchasing behavior for environment-friendly agri-products on consumers in Gwangju. The 310 subjects formatted questionnaires were analyzed to frequency, percentage, crosstabulation, chi-square test and logistic regression by SPSS WIN 10.0. The main results of this study were as followings (1) It was analyzed that consumers have had the reason to purchase, purchase places, purchase number of times, purchase background, optimum price and purchase item for environment-friendly agri-products. (2) It was tended that consumer showed degree of satisfaction, point to improve and purchase intention continuously for environment-friendly agri-products. (3) It was proved that age, income, medium contact level, cognitive level, valuation basis, producer and the direct deal, the consumer organization's co-op, large-sized discount hoarded goods for purchase places and price reduction for promotion of purchase for environment-friendly agri-products was of the characteristics analysis.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.41-79
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• 2007

This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

• Journal of the Korean Society of Clothing and Textiles
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• v.21 no.2
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• pp.357-367
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• 1997

The success of apparel goods mainly depends on the purchase behavior of end use consumers. The decision making processes of apparel merchandise are very complicated according to the many information cues available to the consumers. The country-of-origin is one of the extrinsic cues to affect the consumers 'decision. To study the effect of country -of-origin, the Polo style knit shirts were chosen as stimuli to the male and the female subjects (total 527) aged from 18 to 35. The identical nine shirts (3 countries$\times$3 levels of price) were carefully manipulated for the treatments. The three countries labelled are Italy as industrialized country, China as less developed one, and Korea. In addition to the country-of -origin, the prices of the shirts were exposed to the respondents. The price levels were 14,000 won for the low, 39,000 won for the moderate, and 64,000 won for the high price level. The findings were as follows: 1) As price was increased, the perceived value and purchase intention were decresed. Price was not statistically significant to perceived quality, but it was significant to perceived value and willingness to buy. 2) The merchandise of "Made in Italy" was evaluated higher than those of "Made in Korea" and "Made in China" The country-of-origin had statistically significant influences on the perceived quality, perceived value and also willingness to buy. 3) The interaction between the two factors, country-of-origin and price, was not observed.n and price, was not observed.

• Asia pacific journal of information systems
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• v.20 no.3
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• pp.33-49
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• 2010

We empirically examine the impact of online auction knowledge and category-specific knowledge on the final price of online auctions. Specifically, we question how the relationship between buying and selling experiences affects the final prices of online auctions. Related to the trust between buyers and sellers, we examine the multiple interactions between a buyer-seller pairand aim to identify how these repeated transactions influence the final price. To contrast these effects with other product related factors, we focus on so called 'common value' auctions of vintage stamps on eBay, in which the ex-post value of the product is the same among participating agents’ perceived value. Online auction of stamps provides a representative setting to examine the relationship between market experience and the auction participation behavior in the common value auction, as it provides the book value of stamp as well as price variation across individual buyers with different expertise levels. Our analysis of over 3000 stamps auctions on eBay indicates a significantly high frequency of buyer-seller (pair) interactions, thus suggesting a 'relationship view' of auctions. The work validates five hypotheses derived from the existing theory in economics, marketing, and information systems. Through the common-value auction data, we find that seller's online auction experience and category-specific experience favor sellers by increasing the final price. However, buyer's online auction experience does not affect the final price, but buyer's category-specific experience favors buyers by decreasing the final price. We find that the trust between two trading parties increases the final price.

• Korean System Dynamics Review
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• v.3 no.1
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• pp.43-60
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• 2002

This paper describes the forecast of wholesale price in competitive Korean electricity market using the system dynamics approach. The system dynamics concepts have been implemented with the Ithink software. This software facilitates the development of stock and flow model with information feedback. Using this model, the future wholesale electricity price can be computed hour by hour, quarterly, and yearly. This model also gives the energy planner the opportunity to create different scenarios for the future of deregulated wholesale markets in Korea. Also It will lead to increased understanding of competitive wholesale market as a complex, dynamic system. Research results show that the plant construction appeared in waves of boom and bust in Korean electricity market like real estate construction. That is, the Korea wholesale market's new power plants and the market price will appear the Boom and Bust cycle. It is very similar behavior as real estate industry. In case of consideration of DSM program, The DSM savings lead to a somewhat different timing of the booms in construction and of price spikes. But the DSM programs do not eliminated the fundamental dynamics of the boom and bust. And the wholesale price is maintained at the lower level compared to the case of without DSM program. However, the unexpected result is found that due to the lower market price, Investor make significantly less investment in new CCs, which leads to the higher wholesale price after 2010. It suggests that the DSM Policy must be implemented with the dynamics of competitive Electricity Market.

• Journal of the Korean Society of Clothing and Textiles
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• v.29 no.3_4 s.141
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• pp.547-560
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• 2005

The purpose of this study was to segment Chinese career women by experience in purchasing Korean clothing and to analyze and compare clothing purchasing behavior between the 2 groups and to provide useful information to Korean manufacturers for establishment of marketing strategies for China. The subjects were 602 career women of middle and high class In their 20's and 30's. A total of 602 questionnaires were analyzed by using frequency, mean, Cronbach's $\alpha$, factor analysis, t-test and $X^2$-analysis. The results were as follows: 1. The demographic variables such as an age, residential city, marriage, and total monthly income were proven to be significantly different between the 2 groups except an academic background. 2. The clothing purchase behavior variables such as purchasing motive, using informants, clothing selection standards, store selection standards, purchasing place, satisfaction after purchasing clothes, shopping time, average monthly expenditure on clothing, purchasing frequency of casual wear, purchasing price, and paying method were proven to be significantly different between the 2 groups. However, the clothing purchase behavior variables such as purchasing frequency of formal wear and purchasing price of fur coat and sweater were proven not to be significantly different between the 2 groups.