• Journal of Distribution Research
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• v.17 no.3
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• pp.1-24
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• 2012

Franchises have recently emerged as the most rapidly expanding industry positioned to create a large impact in the domestic economic. The Chinese franchise industry developed rapidly in the period prior and subsequent to WTO accession with more than 50% of new franchises brands emerging since 2000. M&A transactions in the Chinese franchise industry have progressed actively. In the period from 2005-2007, due to the wholesale and retail market opening in accordance with the guidelines laid forth within the MOU by the WTO the Chinese franchise market is now the largest market in the world all despite a short history of only 20 years. The amount of franchise market research on China is disproportional to its current size and development potential. Beginning in the 1990s, market research conducted by the International Franchise Association focused on emerging markets in Eastern Europe and China. While the research dealt with the Chinese investment environment, it insufficiently explained the market region and cultural environment. The purpose of this research is (i) to investigate the determinants of the performance of franchise systems in China and (ii) new contract renewals based on performance factors. This study will complement existing research in terms of the franchisee perspective. This study may also prove of the benefit to the franchise companies entering the Chinese franchise market enabling them to develop an effective strategy. This study shows that support, incentives, and system standardization by franchisor yielded a positive effect on management performance. This is consistent with previous studies by Shin (2000) and Kim (2008) targeting Korean franchises. Therefore, in the Chinese market, the franchisor must focus on support, incentives, and system standardization rather than concentrate only on the recruitment of franchisees in order to improve revenue. Hypotheses regarding franchisor control have been dismissed in existing research, in the opinion of this study, due to their complexity and inability to control the merchant as a one-kind-assessment-standard. Our findings show that the franchisees' financial condition, management ability and entrepreneurial spirit, among franchisee's characteristics, have a positive effect on franchisor's business performance and satisfaction for the franchisee. This is consistent with previous studies on headquarters' management performance of Lussier (1996), Heo and Jang (2008), and franchisees' financial condition, management ability and entrepreneurial spirit effect on franchisor's satisfaction of Weaven and Franzer (2007), Kim (2009), Han (2009), and Yoon etc. (2008). Therefore, when permitting a franchisee, financial condition, management ability, entrepreneurship of the franchisee should be carefully considered. Among relational factors between franchisor and franchisee, trust has the positive influence on the management performance of the franchisor while conflict has a negative effect. However, trust, commitment and conflict factors have been shown not to have any impact on the satisfaction of the franchise headquarters. This result is consistent with the previous studies of Pavlou and Ba (2000), Morrison (1999), Weaven and Frazer (2007), Kim and Park (1994), Sohn (2007) which show that trust between franchisor and the franchisees have a positive effect and that conflict has a negative impact on franchisor's management performance. Other factors causing a negative effective on the franchisor's management performance are a rapid environmental changes and uncertainty in the business. This is consistent with Campbell et al (2007), Kim and Kim (2009), Han and Baek (2008). Finally, the high management performance and satisfaction of the franchise headquarters has a positive effect on the intention of franchise renewal. In the case of large markets such as China, the franchisor's strategy and the role is very important. In this study, we also investigated the characteristics of franchisor and franchisee, relationship, and environmental uncertainty affecting on the management performance and satisfaction of franchisor. Recently, Korean franchises are attempting to enter foreign markets through the rise in popularity of Korean culture and entertainment commonly referred to as the Korean wave. This study provides recommendations for Korean franchises intending on entering the Chinese market. First, in order to achieve stable profits, the franchise corporation needs to support the operation of the individual franchisee through incentives and standardization of services. Second, because trust between the franchisor and franchisee has a positive effect on management performance, on-going discussion and cooperation is necessary to reduce the level of conflict.

• Journal of Distribution Science
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• v.9 no.1
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• pp.29-38
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• 2011

Since a distribution market was opened in 1993 after the conclusion of the Uruguay Round (UR), various new businesses emerged in the Korean retail industry, such as convenience shops, supermarkets, specialty stores, non-store marketing methods, and cyber shopping malls, in addition to traditional markets and department stores. Competition among these retail businesses has intensified. According to the National Statistical Office (NSO), the growth rate of the total retail industry has shown a 32% increase in the past 5 years. While department stores, supermarkets, specialty stores, and other non-store retailing venues have shown signs of stagnation at a growth rate of 20-30%, which is similar to the growth rate of the entire retail industry, convenience shops and non-store marketing have shown 60-70% growth over the same period. By comparison, the growth rate of cyber shopping malls has nearly tripled. When applying development aspects of retail businesses through the competition to the retail life cycle, mom-and-pop stores and traditional markets have already entered the decline phase as specialty stores reach their maturity phase and demonstrate their limit of growth. Department stores are now in the latter part of the growth phase, which is still considered to have some growth potential. Big super markets are still in the early part of their growth stage although they were introduced 20 years ago. Meanwhile, retail businesses such as convenience stores, supermarkets, mail order houses, and warehouse stores are entering the middle growth phase and are expected to continue with their quantitative growth. At a time when most retail businesses in Korea are in a state of development or in the full growth stage, what kind of new innovative retailing will appear and develop? Moreover, what growth engine will drive it? This study analyzes the appearance of innovative retailing and its development process by establishing a discussable consumer's choice model through the interlocking mutual behavior of differentiated competitiveness and consumers' choice based on an awareness of this issue. The analysis of the results of this study can be summarized as follows. First, if a new vacuum zone emerges at the retail market level, innovative retailing such as low price/low service or high price/high service will emerge simultaneously. Second, if the number of new businesses in the vacuum zone increases, this will create competitiveness among the businesses, and each retailer will develop raising of level. Third, if a new business that raises the level develops, competition between the new and the existing retailer will occur, and an assimilation process between the existing retailing and the new retailing will be unfolded. Fourth, each retailing will promote distribution innovations in order to break the frontier of the existing distribution technology, and other retailing will follow the innovator. On the basis of an analysis of the abovementioned results, this study presents the following three suggestions. First, responding to the consumer's decision-making process on the attributes of retail shops that promote differentiation in strategies, this study established a consumer's choice model that can be discussed in relation to changes in market share. Second, this study provided an analysis of the emerging and developmental processes of innovative retail businesses using a more precise logical structure on the basis of the consumer's choice model described in this study. Third, the development process of retail businesses discussed in this study presented retailing solutions regarding management aspects on how to compose a strong retail mix that can help retail businesses gain competitive advantages in the market.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.6
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• pp.129-139
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• 2016

The purpose of this paper was to comparatively investigate the efficient building incentives in Korea and foreign countries and to seek strategies to enhance low energy building integrated design market infrastructure in Korea. The structure of incentive policies were composed of four main component: 1) types of financial aids and beneficiaries, 2) energy performance criteria and verification methods, 3) supports for low energy building integrated design, and 4) funding sources for incentive programs. Every overseas incentive program has adopted a design team incentive along with building owners incentive and the range of target buildings have been extended from new construction to remodeling projects. The main system of the program is the performance standard through which projects were investigated and the level of incentive are decided. Initially, the integrated performance has been investigated through simulation methods, but the construction performance evaluation and energy monitoring methods are emerging. In addition, the direct support and educational support for integrated design has been provided to enhance the foundation of relative markets. Financial funding is also a key component of the program and more aggressive funding strategies have been adopted.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.3
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• pp.512-534
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• 2016

This paper is to see what appears to be an economic crisis as urban crisis, to explore its emerging process and its major distinctive figures in the context of S. Korea, and to consider alternatives to overcome such an urban crisis. For this purpose, it first tries to show that the capitalist economic development (i.e. capital accumulation) has been stimulated and driven largely by extending investments into built environments. Then it analyzes how crises of overaccumulation, coupled with other crises such as the IMF crisis in 1997 and the financial crisis in 2008 which have been brought about by serious impacts of foreign financial capitals working on the global level, have led to accumulating of huge surplus reserves within both big companies and the central government on the one hand, increasing tremendously debts of households as well as government and private companies on the other. In particular, the debt crisis seems to be accelerated by fictitious capital generated through government's financial strategies to promote both supplies and demands in housing and property markets. There seem several ways of overcoming the urban crisis spiraled around accumulating surplus capital and increasing financial debt; raising real income, moderating investments into built environment, and increasing inputs into the fields of technology and well-being. In order to open up these ways, it is concluded, recent urban movements in terms of the right to the city are required not only to make the government and capital to do so, but also to realize interest of urban people who have produced such surplus but who are suffering from the debt crisis.

• Economic and Environmental Geology
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• v.45 no.5
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• pp.589-597
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• 2012

Recently, an understanding of new sources of liquid hydrocarbons such as bioethanol is economically very important. Bioethanol is actually ethyl alcohol or also referred to as ethanol, identical to drinking alcohol by its composition. There are mainly two ways of producing ethanol, namely by synthesis of hydrocarbons and from biomass. Only the second approach deserves the terminology 'bioethanol'. The present dissertation is also designed with purpose of developing the energy-saving process for the separation of bioethanol. The world population is expected to grow past 8 billion by 2030 which are almost 60% in Asia Pacific. History has shown that energy use rises much faster than population expands. World wide demand for energy will increase significantly during the next 15 years driven by population growth and the transition of emerging markets into the global economy. In developing nations, a smaller increment in GDP per capita yields a higher increment in energy consumption compared to developed countries. In this study, we analised total 2,454 dissertations for the bioethanol during the 2001~2012 periods by the programs of 'web of science' and 'recently developped program by Korea Institute of Science Technology Information'.

• Archives of design research
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• v.19 no.5 s.67
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• pp.363-372
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• 2006

The aim of this study is to shed light on the importance of female drivers, study their characteristics and needs, and create automobile designs in accordance with the study. The power of female consumers is greatly increasing in a modern society, To the extent that women became the core consumers. Companies are now turning their attention to female consumers in order to survive the fierce competition in the saturated markets. Moreover, it is becoming imperative for companies to actively develop products and services in female perspectives to meet the diversified needs of consumers. It is forecasted that vigorous research, analysis and understanding of the unique culture of women will be increasingly important now that women are emerging as core consumers. Only the companies that makes such efforts consistently can dominate the market. The automobile industry is not an exception. The world's major automobile companies including Volvo and Ford Motor Co. are keenly focusing on automobile exterior and interior designs for women. Korean companies are also designing cars that cater to women, starting with Lanos and Juliet of Daewoo Motors in 1998, yet specific and systematic research on the subject has not been made. This study aims to emphasize the power of female users, make a research and analysis on their needs and characteristics, and suggest car interior designs that cater to them.

• The Journal of the Korea Contents Association
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• v.12 no.4
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• pp.401-406
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• 2012

Shanghai Stock Exchange is the largest stock exchange of emerging markets that there were listed firms 905, listed securities 1,537, listed stocks 949, total number of listed stocks 2 trillion 2000 billion shares. There is more development that is expected to occur in the future. The purpose of this study is to find determinants of capital structure to listed manufacturing firms in Shanghai Stock Exchange using multiple regression. Conclusions of this study are summarized as follows. First, firm size is positively related to debt ratio significantly at 1% significance level.. Second, the profitability is negatively related to debt ratio significantly at 1% significance level. Third, the growth ability is positively related to debt ratio significantly at 1% significance level. fourth, cash flow, the largest shares ownership, negotiable shares ratio are negatively related to debt ratio but they are not significant statistically. The result of this study provides information for investors and can be utilized to improvement of financial structure.

• The Journal of the Korea Contents Association
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• v.18 no.4
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• pp.444-453
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• 2018

The study addresses the analysis on the financial determinants of corporate research and development (R&D) expenditure in finance. Overall level of R&D spending was estimated as one of the top-tier on a global basis and a majority of the expenditure was invested by large domestic firms in private sector. Consequently, financial factors that influence R&D intensity were empirically tested in the first hypothesis by using conditional quantile regression model for firms listed in KOSPI stock market in the post-era of the global financial turmoil. Firms in the groups of high- and low-R&D intensity were statistically compared to detect financial differences in the second hypothesis which was accompanied by the test of multi-logit model that included firms without R&D outlay. Concerning the results of the hypothesis tests, R&D spending of the prior fiscal year, firm size, business risk and advertising expense overall showed statistically significant impacts to determine the level. As an extended study of [1] that had examined financial factors of R&D intensity at the macro-level, the results of the present study are anticipated to contribute to maximizing shareholders' wealth in advance or emerging capital markets, when applied to find an optimal level of R&D expenditure.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.12
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• pp.6610-6617
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• 2013

This study examined the current and future Indoor Air Quality (IAQ) control device markets and analyzed the recent studies on indoor air pollutantr emoval to develop a new technology for fine dust control. Currently, the mechanical filter technique occupies the bulk of the IAQ control market but the electronic technique is emerging as an alternative to control fine dust efficiently. Among the gaseous VOCs and fine dust particles contaminating the indoor air quality, fine dust particles are more problematic because they threaten human health by penetrating deep into the body and producing secondary contaminants by chemical reaction with VOCs. The electronic IAQ control device using dielectrophoretic and electrostatic forces is a good option for public spaces where many people pass, and at the same time, it needs to consider temperature, humidity, and the particle properties of specific areas to highlight the control efficiency. Electronic-related technology is expected to be used widely in many public/private spaces wherever a dust-free environment is required.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.17 no.5
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• pp.100-116
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• 2018

Recently, with the US protection trade trend, South Korea 's exports to the US have shrunk and the need to pioneer emerging markets in Eurasia has increased. Due to the bankruptcy of Hanjin Shipping, a large Korean national shipping company, the necessity of securing transportation that can replace the Asian - European shipping route has emerged. Moreover, as the international trade and logistics environment is rapidly changing due to the spread of electronic commerce, it is time to prepare for the environment where IT technology is applied to international logistics activities. Therefore, this study was carried out to establish information strategy of Eurasia logistics information sharing platform from Korean perspective through comparison of logistics information level of Eurasian countries. This study aims at standardization direction for supporting logistics activities between Eurasian countries, providing customs clearance and logistics services without interruption, providing information for expanding business of trade companies, and building information linkage infrastructure for expanding cooperation between logistics companies across countries. Through this study, it is expected that logistics activities through information sharing among countries will be actively carried out.