• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.15-24
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• 2018

Purpose - The adjustment of one country's monetary policy can cause the macroeconomic change of other countries. Due to this, this paper attempts to analyze the impact of China's monetary policy on South Korea's exchange rate. Research design, data, and methodology - Based on the flexible-price monetary model, sets of annual time series from 1980 to 2017 are employed to perform an empirical estimation. The vector error correction model is also used to exploit the short-run relationship between both of them. Of course, the South Korea's real GDP, the China's real GDP, South Korea's interest rate, the South Korea's interest rate and the South Korea's monetary supply are treated as independent variables in this paper. Result - The long-run findings reveal that the China's money supply has a negative effect on South Korea's exchange rate. Respectively, the short-run findings depicts that the China's money supply has negative a effect on South Korea's exchange rate. Of course, other variables selected in this paper also have an effect on South Korea's exchange rate whatever positive or negative. Conclusions - As the empirical evidence shows, the China's monetary policy has a negative effect on South Korea's exchange rate whenever in the long run or in the short run.

• The Southeast Asian review
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• v.21 no.2
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• pp.125-153
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• 2011

본 논문에서는 아시아 경제위기(1997-2000)와 글로벌 경제위기(2007-2010)의 양대 경제위기 이후 진행된 동남아시아 지역의 달러화 현상에 대해 후발국이면서 체제전환국 성격이 강한 캄보디아, 라오스, 베트남을 중심으로 분석하였다. 이를 위해 로하스-수아레즈(Rojas-Suarez 1992) 모형을 활용하여 양대 경제위기의 위 3개국의 달러화 현상에 대한 영향을 비교 분석하였다. 동 모델에 의하면 경제위기는 자국화폐에 대한 신뢰를 떨어뜨려 자국 화폐가치에 대한 예상평가절하율(예상환율상승률)이 크면 클수록 자국화폐 대비 달러화에 대한 수요는 증가될 것으로 예상된다. 분석 결과 아시아 경제위기의 경우 모델의 예상대로 자국 화폐의 예상평가절하 시 달러화의 수요를 나타내는 탄력성 계수가 통계적으로 유의하였다. 국가별로는 캄보디아, 라오스, 베트남의 순서로 탄력성이 크게 나타났으며 이는 각 국의 달러화 수준과 비례하는 결과이다. 이에 비해 글로벌 경제위기의 경우에는 캄보디아를 제외하면 탄력성 계수가 유의하지 않은 것으로 나타났다. 또한 캄보디아의 경우에도 탄력성 계수가 아시아 경제위기의 경우에 비해 감소된 것으로 나타났다. 이러한 결과는 달러화 현상에 있어서 아시아 경제위기에 비해 글로벌 경제위기의 영향이 상대적으로 작다는 것을 의미한다. 이는 동남아시아에 대한 글로벌 경제위기의 부정적 영향이 상대적으로 작았다는 기존의 연구들의 주장과 일치한다.

• Journal of Service Research and Studies
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• v.14 no.3
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• pp.79-101
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• 2024

This study aims to investigate the impact of hotel marketing agility on employee job crafting and service innovative behavior in the context of the uncertainties faced by the Korean hotel industry amidst a rapidly changing business environment. In the post-COVID era, hotel companies need to quickly detect market trends and respond flexibly to secure a competitive advantage and promote sustainable growth. Given the high proportion of face-to-face services in the hotel industry, marketing agility is emerging as a core competency to effectively cope with changing customer demands and market dynamics. However, an organization's agile marketing capabilities only take on true meaning when frontline employees voluntarily redesign their jobs and lead service process innovations. In this regard, job crafting, which refers to employees' active redefinition and modification of their job boundaries, can serve as a link between organizational agility and individual innovative behavior. By empirically analyzing the structural relationship between marketing agility, job crafting, and service innovative behavior in the hotel context, this study applies the concept of agility to the field of human resource management and provides new insights into the antecedents and outcomes of job crafting. The results show that hotel responsiveness has a significant positive impact on all three dimensions of job crafting. In the case of speed and flexibility, they had a significant positive effect on task and relational crafting, but the effect of speed on cognitive crafting was not significant. The implications of the study suggest that hotels' rapid decision-making and execution may actually constrain employees' cognitive crafting activities, such as reflecting on and reinterpreting the meaning and identity of their work. Furthermore, it is expected to provide meaningful insights for hotel managers facing environmental upheavals to seek practical measures to enhance agility and innovativeness.

• International Area Studies Review
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• v.21 no.2
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• pp.45-70
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• 2017

Tourist industry has many sensitive issues with climate change and is worthy of study from an aspect that it could provide new opportunities and threats from the low-carbon - green- growth point of view. To study how the change of awareness and attitude of the customers due to climate change affects the tourism demand and tourism choices is very important. Even at present, the effect is ongoing. In this paper, diverse needs and changes of tourists, who are the subjects of tourism activities, have been grasped through the examination of psychological characteristics according to climate change after defining the influencing relations of tourism experience, tourism value, tourism risk factors, satisfaction, and behavioral intention, affected by awareness of climate change and their attitude toward it. Through this, the implications that are necessary for establishing marketing strategies could be provided. The results of this present paper are as follows: First, it was shown that awareness of climate change did not affect tourism risk factors while it had a significant influence on tourism experience and tourism value. Secondly, it was revealed that the Chinese tourists generally influenced more greatly than the Koreans. Thirdly, it was shown that the attitude toward climate change did not affect tourism value while it influenced significantly on tourism experience and tourism risk factors. Fourthly, it was revealed that tourism risk factors did not affect tourism satisfaction while tourism experience and tourism value had a significant influence on tourist satisfaction. Fifthly and last, it was shown that tourism experience, tourism value, and tourism risk factors did not influence behavioral intention respectively.

• Journal of Distribution Science
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• v.13 no.10
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• pp.93-99
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• 2015

Purpose - It has been argued that the regulations restricting entry and opening hours of General Super Markets and Super Super Markets have not been as effective as expected. In contrast, the win-win item scheme that appeared recently has the advantage that it could raise the effectiveness of the system in that win-win items are in principle resigned on the basis of bilateral agreements. This study analyzes the win-win item agreement made between Homeplus at Hap-jung and small traditional markets to examine the practical effectiveness of the win-win item scheme. While existing literature studying the regulatory effects have concentrated on the restrictions around store entry or opening hours of large retailers, it can be said that there have been few empirical studies on the effect of win-win items agreement with large retailers. Research design, data, and methodology - Homeplus at Hap-jung made a win-win items agreement with nearby small traditional market traders in 2013. In accordance with this voluntary agreement, Homeplus started by limiting its sales to 15 win-win items. The survey was conducted through one-on-one interviews, April 14 to May 2, 2014, by a professional public opinion research agency. The interviews were targeted at small business retailers in the nearby traditional market. We divided the traditional markets near Homeplus at Hap-jung where the win-win item agreement was achieved into two groups, win-win item agreement markets and non win-win item agreement markets, to compare the performance difference between the two groups. Results - To determine the change in sales of the 15 win-win items, we examined the performance difference between the two groups using two criteria (compared with similar items, and compared to sales volume a year ago). The results show that the individual sales of win-win items in the win-win item agreement markets are more likely to increase than in the non win-win item agreement markets. Total sales volume of individual stores in the agreement markets also showed a more significant increase compared to a year ago than those in non win-win item agreement markets. Conclusions - Contrary to the existing retail regulations that have one-sided and uniform characteristics, it can be pointed out that the win-win item scheme has the effect of increasing the success of the system itself because it is done on the basis of mutual agreement between General Super Markets and traditional markets. The empirical results of this study can be said to support this conjecture. For the successful settlement of a win-win items agreement, the following points should be reviewed. First, it requires a great effort from the selection process of win-win items in order to improve the effectiveness of the agreement. Second, the existing General Super Markets customers should be introduced to the traditional markets or small shops to increase the sales of win-win items. Therefore, voluntary effort is essentially required from the traditional markets to engage customers.

• Journal of Korea Trade
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• v.24 no.8
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• pp.101-120
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• 2020

Purpose - The buyer's right to withhold performance is a useful and important self-help remedy to protect himself from the seller's breach of contract, and it is also the coercive means to induce the seller to perform his part of contract. However, the buyer's exercise of such a right often exposes himself to the risk of breaching the contract. This is generally due to his ignorance when he is entitled to the right and also uncertainties inherent in the law. Therefore, the purpose of this paper is to examine what the requirements should be fulfilled before the buyer exercises the right for the seller's actual breach of contract. Design/methodology - In order to achieve the purposes of the study, it executes a comparative study of the rules as to the requirements for the buyer's right to withhold performance for the seller's actual non-performance under the CISG and the CESL. It mainly focuses on performance due, the seller's non-performance, the buyer's readiness to perform and the requirement of notice. Findings - The main findings of this comparative study can be summarized as follows: Although the CISG has no expressive provision for the buyer's general right to withhold performance for the seller's actual non-performance, it may be inferred from the general principles the CISG underlies, synallagmatic nature of the contract. In addition, it can be drawn by analogy from relevant provisions of the CISG. On the other hand, the CESL expressively provides that the buyer has a general right to withhold performance where the seller fails to tender performance or perform the contract. Therefore, it seems that the position of CESL is rather easier and more apparent to allow the buyer to withhold performance for the seller's non-performance. Originality/value - Most of the existing studies on the right to withhold performance under the CISG have centered on the right to withhold performance for an anticipatory breach of contract. On the other hand, there have been few prior studies on the right to withhold performance for the actual nonperformance during a contractual period of performance. Therefore, this paper examined the requirements for the buyer's right to withhold performance under the CISG and the CESL in a comparative way for the seller's actual breach of obligation. In this conclusion, it may provide practical and legal considerations and implications for business people who are not certain about the right to withhold performance.

• The Journal of Industrial Distribution & Business
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• v.10 no.2
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• pp.65-75
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• 2019

Purpose - Along with Chinese exchange rate's reform advancement, the issue of exchange rate of RMB has increasingly become the heated focus in the world. In July 2005, China carried out the reform of the exchange rate system, and this behavior has aroused the attention of the world. However, the dispute on whether the theory of purchasing power parity holds or not in China still exists. As such, this paper will attempt to explore whether the purchasing power parity is significant in China. Research design, data, and methodology - The monthly data from July 2005 to December 2017 will be employed to analyze the nominal exchange rate of RMB against the US dollar and the nominal exchange rate of RMB against the euro. Based on these datum, an empirical analysis will be conducted under the unit root test and the cointegration test to exploit the significance of purchasing power parity in China. Results - The findings of this paper reveal that an increase in China's consumer price index will lead to an increase in the RMB exchange rate, which will lead to the depreciation of RMB. Concomitantly, an increase in the consumer price index in the US and Europe will result in a decrease in the RMB exchange rate, which will lead to an appreciation of RMB. In general, in terms of the US, if US consumer price index increases by 1%, China's nominal exchange rate against US dollar will decrease by 0.905%; if China's consumer price index increases by 1%, China's nominal exchange rate against US dollar will increase by 0.648%. In terms of Europe, if Europe consumer price index increases by 1%, China's nominal exchange rate against euro will decrease by 0.277%; If China's consumer price index increases by 1%, China's nominal exchange rate against euro will increase by 0.235%. Conclusions - Generally speaking, the empirical evidences this paper provided show that the purchasing power parity theory has a certain explanatory ability for the decision of RMB exchange rate. As such, the purchasing power parity cannot hold completely, and China's government should continue to deepen the reform of the exchange rate system to improve China's exchange rate market.

• Asia-Pacific Journal of Business
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• v.11 no.3
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• pp.273-290
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• 2020

Purpose - The purpose of this paper is to examine the buyer's right to avoid the contract under SGA and CISG. Design/methodology/approach - This paper has conducted literature reviews to analyze the right to avoid the contract of the buyer based on the comparative study. Findings - Under s. 11(3) of SGA, the breach of a condition and an intermediate which deprives the buyer substantially of the whole benefit of the contract may give rise to a right to treat the contract as repudiated. But under Art. 49 of CISG, the buyer has the right to terminate the contract where the seller's failure to performance amounts to a fundamental breach of contract. Regarding the breach of an intermediate and the breach under CISG, the buyer should take into account where the seller's breach is fundamental or not. Moreover, an anticipatory breach can give rise to a right to avoid the contract. The anticipatory breach of a condition justifies termination. The breach of an intermediate and the breach under CISG require an anticipatory fundamental breach of the contract. Under SGA, the buyer has to prove an anticipatory breach in fact but CISG does not require virtual certainty, which SGA has stricter criteria to assess an anticipatory breach. Research implications or Originality - Comparative study helps to understand the nature of provisions under SGA and CISG and suggests practical advice to choose applicable laws. SGA gives more certainty to classify a contractual term. In case of the breach of a condition including the anticipatory breach under SGA, the buyer does not have to ask how much serious the breach is. But CISG requires the fundamental breach of the contract, which means that the buyer has the more burden of proof compared with SGA.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.49-55
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• 2018

Purpose - This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology - 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results - Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009-2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions - The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the possibility of future stock price crashes by enlarging information asymmetry between controlling shareholders and minority shareholders. In case of tunneling, it could be seen that related party transactions are positively associated with stock crash risk. The result implies that the characteristic of the transaction influences crash risk. This study is related to a literature that investigates the effect of related party transactions on the stock market.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.281-294
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• 2021

Purpose - The purpose of this study was verifying the policy effects by field of innovative growth engines, focusing on the discussion of the relationship between government support and corporate R&D activities (substitute/complementary goods), and based on the results, policy recommendations for promoting private R&D were carried out. Design/methodology/approach - Through literature research, academic/theoretical discussions about relationship between government support and corporate R&D activities were synthesized. Next, survey data were collected for companies engaged in the field of innovative growth engines and empirical analysis was conducted on the relationship between government support and R&D activities in 13 major sectors. Findings - First, as a result of analyzing all companies regardless of sector, government R&D subsidies had a positive (+) relationship with R&D activities of companies engaged in innovative growth engines, that is, a complementary relationship. Next, as a result of performing empirical analysis by dividing the 13 fields, it was found that 9 fields were complementary goods in which government support had a positive (+) effect on the R&D activities of companies. On the other hand, in the remaining four fields, the effect of government support on corporate R&D activities was not statistically significant. Research implications or Originality - In order to promote R&D activities of companies in the 9 fields where government support acts as a complementary product, it is necessary to establish policies centered on direct government support. On the other hand, it would be more desirable to seek indirect support rather than direct support in the 4 fields where government support did not have a statistically significant effect on corporate R&D activities.