• 산경연구논집
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• 제10권2호
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• pp.39-49
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• 2019

Purpose - Customer loyalty and citizenship behavior are key success factors of franchise system. They make the management of franchisee more effective and efficient. Prior studies, however, mainly dealt with only acquisition utility of customer, such as perceived product/service quality and brand reputation to explain customer loyalty and citizenship behavior, which explains only on one side. We tried to investigate the effect of exchange utility of customer, such as relationship strength and psychological obligation together with the acquisition utility. In addition, we tried to investigate the relationship between customer loyalty and citizenship behavior in franchise context. Research design, data, and methodology - This study used data collected from the dining franchisee managers of 342 franchisors in South Korea. The franchisors consist of more than ten franchisees, the majority of which participated directly in the transaction with franchisor and have worked for more than six months. To test the hypotheses, the study used structural equation model analysis. Results - H1-1, 1-2, 1-3 predicted that acquisition utility would increase customer loyalty to franchisee. In support of H1-1, 1-2, 1-3, the results indicated that acquisition utilities such as perceived product value, perceived service value, and franchise brand reputation had positive effects on customer loyalty. H2-1, 2-2 predicted that exchange utility would increase customer loyalty to franchisee. In support of H2-2, the result indicated that psychological obligation had positive effects on customer loyalty like other acquisition utilities. However, H2-1 was not supported. Relationship strength had no significant effect on customer loyalty. H3 predicted that customer loyalty would increase customer citizenship behavior. In support of H3, the results indicated that customer loyalty had positive effect on customer citizenship behavior. Overall, the evidences generally supported the hypotheses. Conclusion - The results of the study show that not only acquisition utility but also exchange utility increases customer loyalty to franchisee and also show that customer loyalty increases customer citizenship behavior. Interestingly, however, relationship strength has no significant effect on customer loyalty. These results have two implications. The one is that increasing exchange utility can improve customer loyalty as acquisition utility can. The other one is that both of customer utilities can improve customer citizenship via customer loyalty.

• 유통과학연구
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• 제14권5호
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• pp.27-37
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• 2016

Purpose - Prior theories expect a lower marginal value of cash for weak governance firms. To test this hypothesis, we examine the relationship between corporate governance structures and marginal cash values in Korean retail firms. Research design, data, and methodology - We estimate marginal cash values based on the model of Faulkender & Wang (2006). The retail firms listed in Korean Stock Exchange from 2005 to 2013 are analyzed. Corporate governance scores are provided by Korean Corporate Governance Services. Results - We show a higher marginal value of cash for the weak governance retail firms in terms of total governance score. Our analysis on a detailed set of governance scores generally confirms this tendency. Yet, a higher marginal cash value is obtained for the firms with better board structures and dividend policies. Conclusions - Our findings argue against the agency view of cash policy predicting a negative relationship between corporate governance scores and marginal cash values. A low marginal value of cash, widely observed in the sample firms, also supports severe resource diversion problem in Korean corporations.

• Nuclear Engineering and Technology
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• 제53권1호
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• pp.164-171
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• 2021

The europium sorption on Tamusu clay was investigated by batch sorption experiments and spectroscopic study under the condition of strong ionic strength. The results demonstrated that europium sorption on Tamusu clay increased rapidly with pH value, but decreased with the ionic strength of solution increased. The europium sorption also increased in the presence of humic acid, especially at low pH value. The sorption could be fitted by Freundlich isotherm model and the europium sorption on clay was spontaneous and endothermic reaction. Besides, the result indicates that ion exchange was the main process at low pH value, while inner-sphere surface complexation dominated the sorption process at high pH value. The Backscatter electron scanning/Energy Dispersive Spectrometer(BSE/EDS) and the effect of Na for europium sorption results further suggested that europium sorption on Tamusu clay mainly competed with Na at low pH value. Overall, the results in this research were of significance to understand the sorption behavior of europium on the geological media under high ionic strength.

• Journal of Korea Trade
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• 제26권3호
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• pp.45-62
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• 2022

Purpose - Using unexpected changes in geopolitical tensions on the Korean peninsula as a quasi-natural experimental setting, we examine whether and how geopolitical risks travel across borders through firm-level imports and exports linkages. We also test whether the effects are driven by either imports or exports and assess whether firms can effectively hedge themselves against geopolitical risks. Design/methodology - We focus on a series of unanticipated geopolitical events taken place in Korea in 2018. Making use of the shocks to geopolitical climate, we identify five milestone events toward peace talks. We employ the event studies methodology. We examine heterogenous firm-level stock price reactions around key event dates depending on firms' exposure to geopolitical risks. As a measure of firms' exposure to geopolitical risks in Korea, we utilize a text-based measure of firm-level trade links. When a firm announces and discusses its purchase of inputs from Korea or sales of outputs to Korea in their annual disclosure filings, we define a firm to have a trade relationship with Korea and have exposure to Korean geopolitical risks. Similarly, we use a measure of a firm's hedging policies based on a firm's textual mention of the use of foreign exchange derivatives in their annual disclosure. Findings - We find that U.S. firms that have direct trade links to Korea gained significantly more value when the intensity of geopolitical risks drops compared to firms without such trade links to Korea. The effects are pronounced for firms purchasing inputs from or selling outputs to Korea. We find that the effectiveness of foreign exchange hedging against geopolitical risks is limited. Originality/value - We document the international transmission of geopolitical uncertainty through trade linkages. Export links as well as import links serve as important nexus of transmission of geopolitical risks across borders. Hedging strategies involving foreign-exchanges derivatives do not seem to insulate firms again geopolitical risks. With the recent movements of localization and reshuffling of the global value chain, our results suggest a significant impact of geopolitical risks in Korea on the construction of the global value chain.

• 대한전자공학회:학술대회논문집
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• 대한전자공학회 2000년도 추계종합학술대회 논문집(2)
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• pp.329-332
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• 2000

This paper proposed resource allocation algorithm for the minimum power consumption of functional unit in high level synthesis process as like DSP which is circuit to give many functional unit. In this paper, the proposed method though high level simulation find switching activity in circuit each functional unit exchange for binary sequence length and value bit are logic one value. To used the switching activity find the allocation with minimal power consumption, the proposed method visits all control steps one by one and determines the allocation with minimal power consumption at each control step.

• Journal of the Korean Data and Information Science Society
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• 제16권2호
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• pp.283-288
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• 2005

Value at Risk(VaR) has been proven useful in finance literature as a tool of risk management(cf. Jorion(2001)). This article is concerned with introducing VaR to various Korean financial time series. Five daily data sets with sample period ranging from 2000 and 2004 such as KOSPI, KOSPI 200, KOSDAQ, KOSDAQ 50 and won-dollar exchange rate are analyzed using GARCH modeling and in turn VaR is obtained for each data.

• 산업경영시스템학회지
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• 제21권46호
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• pp.167-172
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• 1998

Under serious inflation, there has been a considerable gap between book value and market value. To improve this gap, asset revaluation has been implementing in Korea. This paper investigates firms' motives of asset revaluation. The result of empirical tests may be summarized as follow : The corporations listed in Korea Stock Exchange revaluate their assets in order to borrow money owing to good financial structures. Based on this result, the asset revaluation law would be necessary to review.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.63-72
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• 2020

The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin's Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.

• 유통과학연구
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• 제18권10호
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• pp.25-38
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• 2020

Purpose: Traditional markets have served as important locations for social-cultural and economic activities. It is a hub of economic transactions and where people gather and exchange information and goods, while also serving as the center of social activities, including commercial exchanges. Accordingly, this study aimed to contribute to the studies on the perceived value in traditional markets for customers in different aspects. Research design, data, and methodology: To analyze the proposed model, data was collected from 456 respondents and analyzed with SPSS 21.0 and AMOS 21.0. The data was analyzed with structural equation modeling (SEM) using path analysis. Results: According to the results of the analysis, the perceived value comprises utilitarian value, emotional value, economic value, and social value, all of which had a positive impact on attitude. Emotional value and social value had a positive impact on subjective norms, while utilitarian value and economic value did not have an impact on subjective norms. Also, attitudes and subjective norms were found to have a positive impact on behavioral intention. Conclusions: Through this study, the value that the traditional markets need to provide to consumers have been identified. Traditional markets should develop into places that can provide value for their consumers.

• 가정과삶의질연구
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• 제18권2호
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• pp.175-190
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• 2000

The purpose of this study is to investigate variables affecting on rationality of consumption behavior of adolescent consumers. The findings from data analysis can be summarized as follows: 1) The degree of the rationality of whole consumption behavior, buying behavior, using behavior and disposing behavior is not so high. Especially the degree of making a buying plan before they buy gathering information according to buying plan and applying gathered information is low but presenting a claim for inferior goods is high. Adolescent consumers don't tend to use products to the end and to exchange or donate disusing products. 2) According to the result of multiple regression analysis, sex, grade, application of advertisement, influence of parents, saving value, conspicuous value, pro-environmental value, aesthetic value, enjoyable value are variables affecting on the rationality of consumption behavior of adolescent consumers.