• Journal of Distribution Science
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• v.12 no.6
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• pp.31-39
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• 2014

Purpose - Environmental issues, climatic changes, and greenhouse gases are problems to be solved at a global level. With an increased emphasis on the environmental and social responsibility of the management of companies, the manner in which companies approach quality-oriented culture and their individual sustainability management are being discussed as truly important issues to help them secure their competitiveness and growth strategies. This study proposes strategic directions to help manufacturers not only in expanding their competitive quality-oriented company culture but also in strengthening their sustainability management abilities. This study conducts a literature review and empirical research to examine how significantly the variables of a quality-oriented company culture, customer-centered management, and process-centered and supply chain management-centered cooperation affect sustainability management performance in relation to economic profitability, environmental integrity, and social responsibility. Research design, data, and methodology - To verify research models and hypotheses, the study examined 170 companies using a questionnaire survey conducted over six weeks, and involved the performance of data analysis on 146 samples. Questionnaire responses were calibrated based on a Likert scale. The study used the Smart PLS 2.0 program designed for PLS (partial least squares), an analysis instrument of SEM (structural equation modeling). The study then verified empirical research hypotheses working on reliability analysis, validity analysis, factorial analysis, and path analysis. Results - Among the nine hypotheses, four are accepted and the rest are rejected. A quality-oriented company culture focusing on customer-centered management significantly influenced the maintainability management performance of environmental integrity and social responsibility, while economic profitability was dismissed. A process-focused quality-oriented company culture was significantly concerned with economic profitability but not with environmental integrity or social responsibility. A supply-chain cooperative company culture had a significant effect on economic profitability but not on environmental integrity or social responsibility. Conclusion - This study proposes strategic directions to help manufacturers expand their competitive quality-oriented company culture as well as strengthen abilities with sustainability management. It conducts a literature review and empirical research to examine how significantly the variables of quality-oriented company culture, customer-centered management, and process-centered and supply chain management-centered cooperation affect sustainability management performance in relation to economic profitability, environmental integrity, and social responsibility. There are two main conclusions. First, companies should consider the need for social responsibility management and environmental transparent management-focused maintainability management as avenues to create new markets and business, thereby helping the companies secure a reputation for having a customer and process-centered quality-oriented company culture by creating shared values between supply chains and enabling win-win situations through cooperation. Second, we are marching towards a creative win-win era from a society of conflicts and ruptures. Companies should understand that social responsibility management and supply chain management (SCM)-focused cooperation are the foundations of sustainable development, as they try to improve their culture while pursuing both win-win relationships with interested parties and equity in various conflictive relations.

• Journal of Distribution Science
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• v.12 no.8
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• pp.113-121
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• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.

• Journal of the Korean Institute of Landscape Architecture
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• v.49 no.2
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• pp.17-26
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• 2021

For the past half century, the Journal of the Korean Landscape Architecture has been leading the landscape architecture research and industry inclusively. In this study, abstracts of 1,802 articles were collected and analyzed with topic modeling and network analysis method. As a result of this paper, a total of 27 types of subjects were identified. Health and healing in the field of environmental psychology, garden and aesthetics, participation and community, modernity, place and placenness, microclimate, tourism and social equity also have been continued as important research area in this journal. Modernity, community and urban regeneration is hot topics and ecological landscape related topics were cold topics. Although there was a difference by subject, the variability of the research subjects appeared after the 2000s. In Network analysis, it shows that 'Park' is a representative keyword that can symbolize the journal, and 'landscape' is also important a leading area of the journal. Looking at the overall structure of the network, it can be seen that the journal conducts research on 'utilizing', 'using', and creating 'park', 'landscape', and 'space'. This study is meaningful in that it grasped the overall research trend of the journal by using topic modeling and network analysis of text mining.

• Journal of Korea Entertainment Industry Association
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• v.14 no.2
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• pp.15-26
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• 2020

Many companies are increasing the use of characters to enhance brand image and brand value. The use of characters in the certain industry is active, however, the research on characters in academia is insufficient. The purpose of this study is to investigate how characteristics of characters affect on consumer's brand attitude and to suggest the guideline companies to concern on brand characters, in especial on designing or licensing them. The results showed that all characteristics of character positively influenced on brand attitude. Among nine characteristics of the character, trust was the most impact and nostalgia was the least impact on brand attitude, respectively. Perceived quality was mediated on in relations between the brand character and brand attitude. In indirect effect, familiarity was the most impact on brand attitude. In sum, we suggested that trust and familiarity of the character are the most weighted characteristics on brand character design strategy.

• Journal of Korea Trade
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• v.26 no.2
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• pp.45-64
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• 2022

Purpose - This paper examines South Korea's potential status as a carbon leakage country, and the level of risk posed by the Korean emissions trading scheme (ETS) for Korean industries. The economic effects of border carbon adjustments (BCAs) to protect energy-intensive Korean industries in the process of achieving the carbon reduction target by 2030 through the Korean ETS are also analyzed. Design/methodology - First, using the Korean Input-Output (IO) table, this paper calculates the balance of emissions embodied in trade (BEET) and the pollution terms of trade (PTT) to determine Korean industries' carbon leakage status. Analyses of the risk level posed by carbon reduction policy implementation in international trade are conducted for some sectors by applying the EU criteria. Second, using a computable general equilibrium (CGE) model, three BCA scenarios, exemption regulations (EXE), reimbursement (REB), and tariff reduction (TAR) to protect the energy-intensive industries under the Korean ETS are addressed. Compared to the baseline scenario of achieving carbon reduction targets by 2030, the effects of BCAs on welfare, carbon leakage, outputs, and trading are analyzed. Findings - As Korea's industrial structure has been transitioning from a carbon importing to a carbon leaking country. The results indicate that some industrial sectors could face the risk of losing international competitiveness due to the Korean ETS. South Korea's industries are basically exposed to risk of carbon leakage because most industries have a trade intensity higher than 30%. This could be interpreted as disproving vulnerability to carbon leakage. Although the petroleum and coal sector is not in carbon leakage, according to BEET and PTT, the Korean ETS exposes this sector to a high risk of carbon leakage. Non-metallic minerals and iron and steel sectors are also exposed to a high risk of carbon leakage due to the increased burden of carbon reduction costs embodied in the Korean ETS, despite relatively low levels of trade intensity. BCAs are demonstrated to have an influential role in protecting energy-intensive industries while achieving the carbon reduction target by 2030. The EXE scenario has the greatest impact on mitigation of welfare losses and carbon leakage, and the TAF scenario causes a disturbance in the international trade market because of the pricing adjustment system. In reality, the EXE scenario, which implies completely exempting energy-intensive industries, could be difficult to implement due to various practical constraints, such as equity and reduction targets and other industries; therefore, the REB scenario presents the most realistic approach and appears to have an effect that could compensate for the burden of economic activities and emissions regulations in these industries. Originality/value - This paper confirms the vulnerability of the Korean industrial the risk of carbon leakage, demonstrating that some industrial sectors could be exposed to losing international competitiveness by implementing carbon reduction policies such as the Korean ETS. The contribution of this paper is the identification of proposed approaches to protect Korean industries in the process of achieving the 2030 reduction target by analyzing the effects of BCA scenarios using a CGE model.

• Korean Journal of Forensic Psychology
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• v.11 no.1
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• pp.37-61
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• 2020

Lee, Khogali, Despodova, and Penrod (2019) demonstrated that American participants whose races are different from a defendant and a victim rendered more punitive judgments against the defendant in a same-race crime (e.g., White observer-Black defendant-Black victim) compared to a cross-race crime (e.g., White observer-Black defendant-Hispanic victim). The aim of the current study was to test the replicability of their findings in a different country-South Korea. Study 1a failed to replicate the race-combination effect in South Korea with three new moderators-case strength, defendant's use of violence, and race salience. Study 1b was conducted with the same design of Study 1a in the United States to examine whether the failure of the replication in Study 1a was due to cultural differences between South Korea and the United States. However, Study 1b also failed to replicate the race-combination effect. Study 2 conducted a meta-analytic review of the data from Lee et al.'s (2019) study, along with the data from Study 1a and 1b and revealed that the race-salience manipulation in Study 1a and 1b might have caused the null results. We conclude that when people' races are different from both a defendant and a victim, they are likely to render more punitive judgments against the defendant in a same-race crime than a cross-race crime. However, the race-combination effect is only sustained when race-relevant issues are not salient in the crime.

• Journal of Korea Trade
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• v.27 no.1
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• pp.139-158
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• 2023

Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

• Asia Marketing Journal
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• v.15 no.3
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• pp.53-77
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• 2013

As advertising and promotions are categorized as operating expenses, managers tend to reduce marketing budget to improve their short term profitability. Gauging the value and accountability of marketing spending is therefore considered as a major research priority in marketing. To respond this call, recent studies have documented that financial market reacts positively to a firm's marketing activity or marketing related outcomes such as brand equity and customer satisfaction. However, prior studies focus on the relation of marketing variable and financial market variables. This study suggests a channel about how marketing activity increases firm valuation. Specifically, we propose that a firm's marketing activity increases the level of the firm's product market information and thereby the dispersion in financial analysts' earnings forecasts decreases. With less uncertainty about the firm's future prospect, the firm's managers and shareholders have less information asymmetry, which reduces the firm's cost of capital and thereby increases the valuation of the firm. To our knowledge, this is the first paper to examine how informational benefits can mediate the effect of marketing activity on firm value. To test whether marketing activity contributes to increase in firm value by mitigating information asymmetry, this study employs a longitudinal data which contains 12,824 firm-year observations with 2,337 distinct firms from 1981 to 2006. Firm value is measured by Tobin's Q and one-year-ahead buy-and-hold abnormal return (BHAR). Following prior literature, dispersion in analysts' earnings forecasts is used as a proxy for the information gap between management and shareholders. For model specification, to identify mediating effect, the three-step regression approach is adopted. All models are estimated using Markov chain Monte Carlo (MCMC) methods to test the statistical significance of the mediating effect. The analysis shows that marketing intensity has a significant negative relationship with dispersion in analysts' earnings forecasts. After including the mediator variable about analyst dispersion, the effect of marketing intensity on firm value drops from 1.199 (p < .01) to 1.130 (p < .01) in Tobin's Q model and the same effect drops from .192 (p < .01) to .188 (p < .01) in BHAR model. The results suggest that analysts' forecast dispersion partially accounts for the positive effect of marketing on firm valuation. Additionally, the same analysis was conducted with an alternative dependent variable (forecast accuracy) and a marketing metric (advertising intensity). The analysis supports the robustness of the main results. In sum, the results provide empirical evidence that marketing activity can increase shareholder value by mitigating problem of information asymmetry in the capital market. The findings have important implications for managers. First, managers should be cognizant of the role of marketing activity in providing information to the financial market as well as to the consumer market. Thus, managers should take into account investors' reaction when they design marketing communication messages for reducing the cost of capital. Second, this study shows a channel on how marketing creates shareholder value and highlights the accountability of marketing. In addition to the direct impact of marketing on firm value, an indirect channel by reducing information asymmetry should be considered. Potentially, marketing managers can justify their spending from the perspective of increasing long-term shareholder value.

• Journal of Korea Water Resources Association
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• v.57 no.4
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• pp.277-287
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• 2024

Water distribution system (WDS) is exposed to various water quality incidents during its operation. This study utilized Quantitative Microbial Risk Assessment (QMRA) to analyze the risk associated with potential virus intrusion in WDSs. Additionally, the study determined the location and operation of rechlorination facilities to minimize potential risk. In addition, water quality resilience was calculated to confirm that the chlorine concentration maintains within the target range (0.1-1.0 mg/L) during normal operation. Hydraulic analysis was performed using EPANET, while EPANET-MSX was linked to simulate the reactions between viruses and chlorine. The proposed methodology was applied to the Bellingham network in the United States, where rechlorination facilities capable of injecting chlorine concentrations ranging from 0.5 mg/L to 1.0 mg/L were considered. Results indicated that without rechlorination facilities, the Average risk was 0.0154. However, installing rechlorination facilities and injecting chlorine at a concentration of 1.0 mg/L could reduce the Average risk to 39.1%. It was observed that excessive chlorine injection through rechlorination facilities reduced water quality resilience. Consequently, a rechlorination facility with a concentration of 0.5 mg/L was selected, resulting in a reduction of approximately 20% in average risk. This study provides insights for designing rechlorination facilities to enhance preparedness against potential virus ingress in the future.

• Journal of Environmental Impact Assessment
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• v.33 no.3
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• pp.116-130
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• 2024

Historically, humans settled in waterside areas that provided abundant resources and water resources. Afterwards, as industrialization progressed, the city's waterfront contributed to the development of the city through water resources, transportation, and maritime trade. In response to changes in industrial structure, over the past few decades, the city's waterfront has transitioned from an industrial and port-oriented function to a public space function. And from the perspective of urban regeneration, research and design on sustainable waterfront space development are being promoted around the world. However, areas near waterfronts are geographically vulnerable to the direct impact of natural disasters caused by climate change, such as sea levelrise and floods. Therefore, it is essential to establish a systematic management plan to ensure the safety of citizens and publicness. Since the 1990s, New York City in the United States has been establishing a city-level waterfront space management plan to ensure the public nature, safety, and equity of waterfront spaces. On the other hand, in South Korea, there is a lack of research on city-level waterfront management plans. Accordingly, this study sought to find implications and policy improvement measures for domestic waterfront space planning by examining the development process and major policies of New York City's waterfront comprehensive plan.