• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.875-883
• /
• 2021

In view of integration and development, compliance with regulations on information disclosure has important implications for users. Corporate social responsibility disclosure (CSRD) is an increasing concern of the community and society. CSRD always poses many challenges for the profitability of banks. The article uses the ordinary least square method to examine this relationship and employs timeseries data of five years from 18 Vietnamese listed banks from 2015 to 2019. The analysis is informed by Jensen and Meckling's Agency theory, Freeman's Stakeholder theory, and Dowling and Pfeffer's Legitimacy theory. The study results show that, with the CSRD dependent variable, return on assets (ROA) and net interest margin (NIM) have an opposite influence, but return on equity (ROE) has no effect on CSRD, while on the profitability dependent variable, CSRD has a different influence from ROA, ROE, and NIM. To enhance the relationship between CSRD and profitability, Vietnamese listed banks need to comply with CSRD as well as demonstrate responsibility to the community and society. Managers need to have clear development policies and strategies to ensure both profitability and responsibility regarding social and community activities. The State Securities Commission of Vietnam should enforce strict sanctions, conduct inspection, and complete evaluation criteria for Vietnamese listed banks.

• 한국의류학회지
• /
• 제48권3호
• /
• pp.433-450
• /
• 2024

Through the recent pandemic, this study examined the theory of awe, which explains that external crises affect people's value systems and consequential behaviors. During the pandemic, some consumers expressed a growing interest in equity, while others pursued the consumption of materialistic items, such as luxurious fashion goods. According to the theory of awe, both of these phenomena could be coping responses to the crisis. Based on this, we attempted to understand the psychological processes behind the pandemic's effect on these two different consumers value systems thereby influencing sustainable consumption intentions: one through the new ecological paradigm (NEP) that emphasizes consumers' increased consciousness, and the other through materialism that emphasizes consumers' self-centered side. The results obtained from a survey of 382 U.S. consumers revealed that the degree of pandemic experience increased consumers' NEP and materialism, which also increased their economic and ethical CSR expectations. These CSR expectations then enhanced consumers' sustainable consumption intentions. As sustainable consumption and CSR are important agendas for the fashion industry, this study will provide useful insights for researchers and practitioners in the fashion field.

• Asia Marketing Journal
• /
• 제15권4호
• /
• pp.161-186
• /
• 2014

There are many cases of rebranding and its numbers are growing. However, rebranding is still under research in the academic field, and there is no guideline on the effective way to change brand name. The objective of this paper is to integrate two inconsistent predictions from categorization theory and schema incongruity theory: a negative linear relationship (categorization theory) versus an inverted-U-shape relationship (schema incongruity theory) between brand name incongruity and consumer evaluation into one framework. Specifically, this study examines how the effect of incongruity between an existing brand name and a new brand name (hereafter called "brand name incongruity") on the new brand name attitude differs depending on a consumer's individual characteristics (need for cognition). The experiment demonstrates that consumers with a high need for cognition show a better attitude towards a new brand name when the brand name was rebranded moderately incongruent compared to congruent or extremely incongruent. Thus, the experiment demonstrates that there is an inversed U-shape relationship between brand name incongruity and new brand name evaluation for consumers with a high need for cognition. On the contrary, consumers with a low need for cognition show a better attitude towards a new brand name when the brand name is rebranded congruently compared to incongruent conditions (moderate incongruity and extreme incongruity). This result indicates that there is a negative linear relationship between brand name incongruity and new brand name evaluation. Key theoretical and managerial implications of the present study are as follows. This study integrates two alternative views of research on incongruity evaluation into one framework by demonstrating that need for cognition moderates the relationship between brand name incongruity and consumer evaluation. This present study provides a conceptual basis for understanding consumer evaluation towards a new brand name. Next, though rebranding is a very important decision making of brand management, there is no guideline on how to change a brand name. The findings of this research can suggest which degree of change is optimal when rebranding in order to utilize and strengthen existing brand equity. More specifically, when our target customer has high need for cognition, moderately incongruent rebranding can be optimal, whereas for those with low need for cognition, rebranding in accordance with existing brand name will be optimal.

• 디지털융복합연구
• /
• 제16권1호
• /
• pp.293-303
• /
• 2018

본 연구는 중국 온라인 쇼핑 타오바오(Taobao)와 진동(Jindong) 웹사이트에 대한 브랜드 개성, 브랜드 자산 그리고 브랜드 가치에 대한 차이를 알아보기 위해 중국 소비자를 대상으로 162개의 설문은 타오바오, 159의 설문은 진동에 설문한 총 321개의 설문지를 분석에 사용하였다. 분석 결과 첫째, 타오바오에 대한 브랜드 개성은 '성실', '세련', '역량', '흥미로움', 진동에 대한 브랜드 개성은 '역량', '세련' 그리고 '흥미로움'으로 나타났다. 둘째, 두 쇼핑 웹사이트에 대한 브랜드 개성이 브랜드 자산과 가치에 미치는 영향 분석 결과, 타오바오의 '성실' 브랜드 개성은 브랜드 충성도, 브랜드 이미지 그리고 인지된 품질에 긍정적 영향을 주었으며, '세련' 브랜드 개성은 브랜드 이미지와 인지된 품질에 긍정적 영향을 주었으며, '역량' 브랜드 개성은 브랜드 충성도, 브랜드 인지도 그리고 브랜드 이미지에 긍정적 영향을 주었다. 진동의 경우 '역량'과 '세련'에 대한 브랜드 개성은 브랜드 자산에 긍정적 영향을 주었다, '흥미로움'에 대한 브랜드 개성은 인지된 품질에 긍정적 영향을 주었다. 셋째, 브랜드 충성도와 인지된 품질은 타오바오의 브랜드 가치에 긍정적인 영향을 주었으며, 브랜드 충성도, 이미지 그리고 인지된 품질은 진동의 브랜드 가치에 긍정적인 영향을 주었다. 본 연구 결과는 두 쇼핑 웹 사이트에 대한 브랜드 개성을 이해하고 브랜드 가치 발전을 위한 브랜드 관리에 대한 이론적 기반을 제공하는데 의미가 있다고 본다.

• 벤처창업연구
• /
• 제11권1호
• /
• pp.109-119
• /
• 2016

모바일 서비스 산업에서 애플리케이션 개발자나 컨텐츠 공급자는 기술이전이 쉽기 때문에 진입장벽이 낮아 경쟁이 치열하다. 본 연구에서는 모바일 서비스 산업에서의 벤처기업들이 사용할 수 있는 성장 전략에 대해서 논의해보고자 한다. 벤처기업들은 치열한 경쟁에서 살아남기 위하여 다양한 전략을 사용하고 있으나, 기업의 특성상 활용할 수 있는 기업 내 자원이 부족한 것이 현실이다. 본 연구에서는 창업 초기에 필요한 역량을 확보하기 위하여 기업 간에 네트워크를 형성하고 시너지를 창출한 전략을 네트워크 이론의 주요 요소(네트워크 구조, 네트워크 지배구조, 그리고 네트워크 내용)를 통하여 분석 하고자 한다. 분석 대상은 국내 벤처기업들을 지분교환방식으로 인수합병하고, 단기간에 거대 기업을 형성한 국내 벤처 옐로모바일이다. 특별히 옐로모바일이 지분교환방식 인수합병이라는 네트워크 지배구조를 통하여, 네트워크를 형성하는 기업의 수를 확대하고 나아가 자회사가 된 기업들 간의 시너지로 기존의 벤처기업들이 확보하기 어려웠던 자원들을 확보하여 성장의 기반을 마련한 과정에 대하여 분석하였다. 본 연구에서는 웹크롤링을 통하여 옐로모바일의 인수합병 및 기업 간의 시너지에 대한 신문기사를 수집하였다. 수집된 기사 및 공시자료 등을 중심으로 엘로모바일이 SMATO 전략에 따라 네트워크 구조를 확장, 지분교환방식이라는 공식적인 지배구조와 신뢰라는 비공식적인 지배구조를 통하여 네트워크 형성, 그리고 수평적 수직적 인수합병을 통하여 기업간의 시너지를 낸 네트워크의 내용에 대하여 심도있게 고찰하고자 한다.

• 유통과학연구
• /
• 제13권9호
• /
• pp.47-57
• /
• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.1-8
• /
• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• 융합경영연구
• /
• 제7권1호
• /
• pp.15-25
• /
• 2019

Purpose - This paper attempts to derive effective performance-reward strategies for SMEs to raise the valence for their employees while using their relatively limited resources, which is one of the primary concerns raised by SME CEOs. Research design, data, and methodology - This paper draws on the four question items such as the financial/direct factors, the financial/indirect factors, the non-financial/direct factors and the non-financial/indirect performance-reward factors to shed light on the most important factors and aspects that need improving, using the AHP and IPA. Results - The overall findings on the SMEs' performance-reward factors of interest here are indicative of the need for rectifying their performance-reward systems. Conclusions - SMEs' performance-reward factors of interest here are indicative of the need for rectifying their performance-reward systems. In particular, despite the fact that SMEs can hardly offer high wages or bonuses as large enterprises do, the expectancy theory suggests it is better to reward employees as per a valid common system, while the equity theory underscores the need to maintain and reinforce the fairness in distribution, procedures and interactions.

• 한국프랜차이즈경영연구
• /
• 제14권2호
• /
• pp.31-46
• /
• 2023

Purpose: Brand communication plays an important role in the credibility of consumer behavior as it enhances brand equity. This study investigates the effects of brand communication (firm-created communication, consumer-generated communication) on brand awareness, brand attitude, brand loyalty in the hotel business sector by applying the SOR theory (stimulus-organism-response theory). Research design, data, and methodology: This study was analyzed in a quantitative way using the survey results of 400 customers who had experience of visiting hotels. In this study, SmartPLS 4.0 was used to evaluate the research model. The reliability, convergent validity, and discriminant validity of the measurement tool were verified. Result: Result was found that consumer-generated communications had a positive effect on brand awareness and brand attitude, whereas firm-created communications had a significant effect on brand awareness. In addition, brand awareness had a positive effect on both brand attitude and brand loyalty. Finally, brand attitude was found to have a positive effect on brand loyalty. Conclusions: This study redefines the concept of where chain hotel groups should focus when providing consumers with information about their brands and services. As a result, the conceptual framework of brand communication to increase new customer visits to the hotel brand has been expanded.

• 한국병원경영학회지
• /
• 제13권3호
• /
• pp.1-16
• /
• 2008

According to Myers (1984) and Myers and Majluf(1984), there exists a financial hierarchy from internal to external financing, from long-tenn debt to equity, due to information costs. The purpose of this study is to assess the profit-making corporation of healthcare institutions. Data was collected from 130 hospital presidents and financial managers. We analysed the frequency and one way ANOVA by SPSS Windows 14.0K. The major findings of the study were as follows: We found that the priorities which a healthcare institutions financing were internal financial, other allowance, a credit loan, a security loan, and a lease through this study. The priorities which a healthcare institutions raised the capital differed as to the number of beds and revenues. The priorities were no difference from ownership, location and an annual business.