• The Journal of Industrial Distribution & Business
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• v.10 no.2
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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.

• Journal of the Korean Society of Clothing and Textiles
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• v.32 no.9
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• pp.1438-1449
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• 2008

The current research investigates customers' voluntary participation, using a sample of 446 consumers who visit fashion retail stores. The main focus of this study is to test a social exchange CVP model, including three antecedents of customers' perceived justice through mediators of service satisfaction and brand commitment. In support of the proposed model, I identify fully mediated relationships from interactional justice to the three CVP via service satisfaction and brand commitment and partially mediated relationship from distributive justice to the three CVP through brand commitment. No mediated relationship found for procedural justice neither through service satisfaction nor brand commitment to the CVP behaviors. The results generally support that the significantly indirect effects of perceived justice to the three CVP and satisfaction and commitment are the important mediators in between. The concept of justice can be interpreted in light of the normative value of social exchange relationship.

• The Journal of Asian Finance, Economics and Business
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• v.2 no.3
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• pp.17-22
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• 2015

This paper examines the effect of impulsiveness of euro on Indian stock market. In order to examine the problem, we select rupee-euro exchange rates and S&P CNX NIFTY and BSE30 SENSEX to represent stock price. We select euro as it considered as second most widely used currency at the international level after dollar. The data are collected a daily basis over a period of 3-Apr-2007 to 30-Mar-2012. The statistical and time series properties of each and every variable have examined using the conventional unit root such as ADF and PP test. Adopting a generalized autoregressive conditional heteroskedasticity (GARCH) and exponential GARCH (EGARCH) model, the study suggests a negative relationship between exchange rate and stock prices in India. Even though India is a major trade partner of European Union, the study couldn't find any significant statistical effect of fluctuations in Euro-rupee exchange rates on stock prices. The study also reveals that shocks to exchange rate have symmetric effect on stock prices and exchange rate fluctuations have permanent effects on stock price volatility in India.

• Electrical & Electronic Materials
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• v.8 no.3
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• pp.332-339
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• 1995

In this paper, it was investigated the guided field intensity distribution of the channel in the silver & potassium ion-exchange glass-waveguide. The guided field intensity distribution analysis of ion-exchange glass-waveguide was based on the combination of the WKB dispersion relationship method with a Gaussian distribution function of refractive index profile and the Field Shadow method to the modeling of the channel waveguide. As the results of the channel waveguide modeling, it was represented 2-dimensional and 3-dimensional field distribution of ion-exchange glass waveguide.

• Asia-Pacific Journal of Business
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• v.7 no.2
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• pp.21-37
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• 2016

Using panel data for 29 developed countries, this paper studies the relationship between financial flow and trade markets on Dutch diseases for the period 2000-2010 and applying a fixed effects model. In particular, the study shows that an increase in inflows of foreign direct investment (FDI) leads to an appreciation of the real exchange rate. The result also suggests that an inflow of FDI accompanied by exports or government expenditure from tax revenue leads to real exchange rate appreciation. This paper also argued that stock market with FDI does not cause an appreciation of the real exchange rate.

• East Asian Economic Review
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• v.28 no.2
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• pp.221-244
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• 2024

This study examines how the independence of monetary policy changes in situations where the interest rate differential between domestic and foreign rates inverts, utilizing the trilemma indices. For analysis, this paper uses the trilemma indices developed by Kim et al. (2017) to analyze the relationship between the monetary policy independence index and the other two trilemma indices, namely the capital account openness index and the exchange rate stability index, across 45 countries from 2002 to 2018. The analysis reveals that the trilemma's validity is contingent. In particular, no statistically significant negative correlation was found between the monetary policy independence index and exchange rate stability index during periods of interest rate differential inversion. A positive correlation emerges between exchange rate stability and the independence of monetary policy, particularly when the inverted interest rate differential exceeds a certain threshold. This situation, where the exchange rate remains stable despite low domestic interest rates, implies that the central bank is effectively managing monetary policy to appropriately respond to economic conditions, which is reflected in the monetary policy independence index.

• Ocean Science Journal
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• v.43 no.1
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• pp.17-24
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• 2008

Over a period of 5 days between August 12 and 17, 2005, we performed a gas exchange experiment using the dual tracer method in a tidal coastal ocean located off the southern coast of Korea. The gas exchange rate was determined from temporal changes in the ratio of $^3He$ to $SF_6$ measured daily in the surface mixed layer. The measured gas exchange rate($k_{CO_2}$), normalized to a Schmidt number of 600 for $CO_2$ in fresh water at $20^{\circ}C$, was approximately $5.0\;cm\;h^{-1}$ at a mean wind speed of $3.9\;ms^{-1}$ during the study period. This value is significantly less than those obtained from floating chamber-based experiments performed previously in estuarine environments, but is similar in magnitude to values obtained using the dual tracer method in river and tidal coastal waters and values predicted on the basis of the relationship between the gas exchange rate and wind speed (Wanninkhof 1992), which is generally applicable to the open ocean. Our result is also consistent with the relationship of Raymond and Cole (2001), which was derived from experiments carried out in estuarine environments using $^{222}Rn$ and chlorofluorocarbons along with measurements undertaken in the Hudson River, Canada, using $SF_6$ and $^3He$. Our results indicate that tidal action in a microtidal region did not discernibly enhance the measured $k_{CO_2}$ value.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• Journal of Information Technology Applications and Management
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• v.26 no.6
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• pp.139-157
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• 2019

This study is intended for demonstrating the impacts of different factors on the formation of online consumer engagement behavior of young Chinese moviegoer in Korea. Based on Value-Exchange Model [Itani et al., 2019], we build research model to reveal the relationships among perceived enjoyment, perceived movie information value, multiplex-audience relationship quality, multiplex usage satisfaction, and online consumer engagement through experiments on valid data we collected from 186 participants who had lived in Korea and experienced the multiplex pages of top 3 movie theaters, where Smart PLS 3.0 is the tool used for statistical analysis. The experimental results show that both perceived enjoyment and perceived movie information value positively correlate to multiplex-audience relationship quality, and multiplex audience relationship quality significantly influences multiplex usage satisfaction and online consumer engagement. In addition, it is found that relationship quality plays the role of mediator between perceived enjoyment and satisfaction. The findings from this study offer both academic and managerial implications for movie distributors who are interested in developing potential Chinese consumer market in Korea.

• Knowledge Management Research
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• v.17 no.1
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• pp.113-133
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• 2016

Why illegal digital contents sharing happens? This study pays attention to the fact that file sharing is an exchanging behavior between people and it is expanding despite of an illegal behavior and proposes that it is necessary for the phenomenon to be understood from social cultural point of view beyond a personal dimension. Based on the social exchange theory, this study demonstrates effects of file sharing attitudes and continuity, regarding 'group norm', 'popular demand', 'reciprocity' and 'social solidarity' as main factors. The main findings of this study are as followed;- First, it is shown that a tacit agreement of a group on file sharing is a determinant of positive attitude to file sharing and the intent of continual file sharing. Second, it is not found that the social relationship factors that are regarded as potential influential factors on file sharing attitude have effects on file sharing behavior, except for 'group norm'. Unlike previous studies, the results may come from the fact that this study deals with an illegal behavior. The third finding indicates a structural relationship between social relationship factors. When members of a group have more amicable attitude to file sharing including silence or a tacit agreement on file sharing, more people ask illegal sharing of files that they need. Such public demand creates expectation of reciprocity. As reciprocity maintains, social connectedness is strengthened. Then, strong social connectedness escalates the intent to maintain file sharing. It is important to notice that this study promotes understanding of how digital contents sharing happens by structuring and demonstrating influential relationship between characteristic factors of the social relationship.