• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.109-121
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• 2022

Purpose - This study investigates how earnings volatility influences current stock price informativeness about expectations of future earnings. Design/methodology/approach - I adopt the FERC model developed by Collins et al. (1994) and modified by Lundholm and Myers (2002) to investigate the connection between earnings volatility and future earnings reflected in current returns. I define five-year rolling standard deviations of earnings and components as earnings volatility measures and the degree of deviation of earnings from cash flows over the same five-year, which is developed by Jayaraman (2008). Finding - My results show that earnings volatility delays current stock price response to future operation expectations. They also verify that as earnings are more divergent from cash flows, current returns are less timely incorporating value-relevant future operation. Research implications or Originality This study shows that when volatile earnings deliver obscure and unreliable information about future operation expectations, they cause the market to be conflicting in understandings their implications and make it difficult in attaining correct future cashflow estimates.

• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.79-89
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• 2022

Purpose - The purpose of this study was to examine the impact of ESG rating changes of companies listed in Korean Stock Exchange on stock returns. Design/methodology/approach - This study collected prices and ESG ratings of all the companies listed on the Korea Composite Stock Price Index. Based on yearly change of ESG ratings we grouped companies as 2 portfolios(upgrade and downgrade) and calculated portfolios' return. Findings - First, the difference in returns between upgraded and downgraded portfolios is small and statistically insignificant. Second, however, in the COVID-19 period (2020 ~ 2021), the upgraded portfolio outperforms the downgraded portfolio by 0.7 percentage points per month. The difference in returns between upgraded and downgraded portfolios is statistically significant after controlling for the Carhart four factors. Lastly, there are much higher volatility when the ESG rating changes are made of companies with low levels of ESG ratings. Research implications or Originality - This study is the first to examine the impact of ESG rating changes on stock returns in Korea. Furthermore, the findings can serve as a reference for managers who want to control a firm's risk by ESG rating changes. Practically, asset managers can use the findings to construct portfolios that are less risky or more profitable than the market portfolio.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.351-364
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• 2023

Purpose - This study examines the effects of Dubai oil price and the volatility on the asymmetry of domestic gasoline price adjustment. Additionally, the study investigates the effects of "Altteul" gas-station and tax-cut policies on asymmetry. Design/methodology/approach - Firstly, the study calculates proxies for asymmetry and volatility of each window(every 3-month) by error-correction model and GARCH(1, 1) using daily domestic gas price and Dubai oil price from 2008/04/15 to 2022/12/31. Secondly, the study investigates the effects of the increasing rate of Dubai oil price, volatility, "Altteul" gas-station and tax-cut policies on asymmetry. The autoregressive distributed lag regression model is employed for estimations. Findings - The study finds that changes in the increasing rate of Dubai oil price and both types of volatility of Dubai oil price increase asymmetry. While "Altteul" gas-station and tax-cut policies decrease asymmetry. Additionally, the study fails to find that asymmetry in the Korean gasoline market in the estimation with total observations. Research implications or Originality - An increase in Dubai oil price volatility means an increase in cost uncertainty for gas-station owners. Since cost uncertainty is a kind of financial risk, the increase in volatility reinforces the asymmetry. The study provides supporting evidence for the idea.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.41-57
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• 2023

Purpose - The purpose of this study is to research how the different types of experiences affect consumer's recognition in terms of luxury vintage fashion products, and what kinds of value consumer can achieve. Design/methodology/approach - The study is based on the means-end chain (MEC) approach for an in-depth understanding of consumers' recognition systems through conducting the laddering interview technique. Above all, the research conducted a pilot test to gain attributes of consumer experiences about luxury vintage fashion products from Korean and Taiwanese. Findings - It is found that not only by actual purchase, experience without purchasing also can lead to consumers' self-fulfilment and self-accomplishment, which filled the lack of relevant literature in the luxury vintage industry. In addition, the study sorted out the channels that consumers approach LVF products, which provide a classification reference for future research related to the luxury vintage consumer. Research implications or originality - As consumers can gain a lot kind of value through LVF products, luxury brands can attract consumers by using vintage as a market strategy. For luxury marketers, by running LVF shopping mall online or opening LVF stores, not only allow consumers' attach with LVF products but also can further lead to the purchase behaviors. In addition, consumers who are interested in LVF are those who are aware of the authenticity, uniqueness, and rarity of the brand. Due the fact, these consumers may be interested in the topic of sustainability.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.397-409
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• 2023

Purpose - This study is a study on the factors affecting job satisfaction of foreign migrant workers (focusing on domestic automobile industry workers) to examine the impact of foreign workers on the corporate management of Korean manufacturers in Korean society. Design/methodology/approach - A survey was conducted on 152 foreign laborers who lived in Korea. First, an exploratory factor analysis was performed to confirm reliability and validity. Second, an multiple regression was conducted based on the reliability and exploratory factor analysis results. Third, the mediation regression by checking the effect of organizational commitment. Findings - The acculturation and organizational fairness were found to have a great influence on job satisfaction, and this study found that perceived acculturation had an effect on job satisfaction through the mediating effect of organizational commitment. In addition, organizational fairness was also found to have an effect on job satisfaction as a mediating effect of organizational commitment. Research implications or Originality - It was to provide meaningful implications for foreign workers in the current Korean labor market. Based on the results, the corporate competitiveness of Korean manufacturers should be further secured.

• Asia-Pacific Journal of Business
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• v.14 no.1
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• pp.113-129
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• 2023

Purpose - The purpose of this study is to examine whether trading volume amplifies the extent to which lottery-type stocks are overpriced, and whether economic sentiment index explains time-variation in the magnitude of the volume amplification effect. Design/methodology/approach - We examine monthly returns on 5x5 monthly bivariate portfolios formed by lottery characteristics (measured by maximum daily return) and trading volume. In addition, we perform time-series regression tests to examine how the volume amplification effect changes in high and low economic sentiment periods, after controlling for Fama-French three factors. Findings - Our bivariate portfolio analysis shows that the overpricing of lottery-type stocks are mostly pronounced among high trading volume stocks. In contrast, for low trading volume stocks, overpricing of lottery-type stocks appears to vanish. Furthermore, the amplification effect of trading volume on overpricing of lottery-type stock is concentrated in high economic sentiment periods. Research implications or Originality - This study is the first attempt to examine whether trading volume drives lottery-type stocks' overpricing in the Korean stock market. Furthermore, our analysis unveils the time-varying nature of volume amplification effect. The results suggest that trading volume might play a important hidden role in asset pricing, opening a new line of researches in the future.

• Journal of People, Plants, and Environment
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• v.22 no.5
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• pp.467-480
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• 2019

Standard estimates are the numerical data of a unit quantity required for construction work such as the amount of materials, manpower, and the use of equipment required and are also a basis to calculate construction costs. Unfortunately, standard estimates for construction have also been used for garden construction these days as no standard estimates for garden construction have been developed or documented until now. As a result, many problems have arisen at garden construction sites since landscape construction and garden construction differ in terms of scope, size, design and construction methods. The purpose of this study was to develop standard estimates for garden construction for proper calculation of the cost of garden construction and to ensure gardens are created following appropriate construction processes. In order to develop standard estimates for garden construction, a preliminary survey was conducted on experts to understand current issues at first. After that, a questionnaire survey was done to examine problems of construction processes and ways of improvement, and on-site inspections were conducted utilizing CCTVs at construction sites to identify the actual amount of manpower required on site. Based on the results of the surveys and on-site inspections, a draft version of standard estimates for 5 types of planting work for garden construction was developed. Developing standard estimates for garden construction will serve as a stepping stone for the transparent and proper compensation for garden construction work, which will not only contribute to addressing issues between consumers and construction companies, but also to the stabilization of market economy and job creation.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.66-73
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• 2013

Analytical Hierarchy Process (AHP) is a famous method amongst Multi Criteria Decision Making (MCDM), set up by Saaty in 1980. AHP can be determined as a methodology of hierarchical analysis following reasonable decision making with make simpler a difficult crisis. Decision making in systems of Safety management concerned multipart challenges. AHP is process for get better the composite decisions understanding with analyzes of the problem in a structure of hierarchy. The integration all of applicable decision criteria, their pair wise judgment permits the decision maker to establish the trade-offs amongst objectives. In recent years, Malaysian's economy and infrastructure development have significantly and rapidly risen. The construction industry continues to play a major role in this development as many construction activities have been carried out to meet the high demands of the expansive market. However, the construction industry has faced a wide range of challenges, one of which is the frequent occurrences of accidents at the workplace. An effective safety program can substantially reduce accidents because it can help management to build up safer means of operations and create safe working environments for the workers. Furthermore, by having an effective safety programs, good safety culture can be embedded in organization because it can encourage mutual cooperation between management and workers in the operations of the programs and decisions that affect their safety and health. The focus of this research is development methodology of Analytics Hierarchy Process (AHP) in construction safety factors and investigates the levels of some effective elements in SMS in Malaysian construction industries.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.06a
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• pp.367-368
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• 2022

The shipping industry is sensitive to the global economy. Therefore, when events such as the global economic crisis occur, shipping market freight rates react immediately, and the long-term stagnation of the industry has been repeated accordingly. In particular, Hanjin Shipping's bankruptcy is an incident in which the nation has become aware of the chronic problems of the Korean shipping industry. The government is making great efforts to rebuild the collapsed shipping industry and become a global leader country. In order for the Korean shipping industry to grow into a global leader, it is important to appropriately respond to the crisis. To this end, it is necessary to establish and operate a crisis response system for the shipping industry at the national level.

• Korea Trade Review
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• v.46 no.3
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• pp.81-97
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• 2021

The purpose of this study is to contribute to the revitalization of the green logistics of Korean companies by presenting the current status and problems of Korean logistics as influenced by government policies. This paper analyzes green logistics from a legal and institutional perspective. Analysis focuses on low-carbon green growth measures and government policy, especially for CO₂ reduction. It considers how policies can be enacted to promote green logistics. This study reports several findings on green logistics in Korea. First, it reports the theoretical considerations of the Republic's green logistics. Second, the study details the current status and problems of green logistics. Third, it considers ways to implement a green economy, green technology, and green transportation, while also considering arguments for avoiding these eco-friendly solutions. Fourth, it argues that revitalization measures are needed to establish an advanced logistics system for eco-friendly green logistics facilities. To achieve this revitalization, Korean logistics should be competitive in the global logistics market. This study may contribute to the expansion of the industrial cooperation of Korean logistics companies by presenting necessary review tasks for governmental green logistics policies, although the issue has long been important to Korean logistics.