• Journal of Distribution Science
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• v.20 no.9
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• pp.73-81
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• 2022

Purpose: This study aimed to examine whether key audit matters (KAMs) readability influences investor reaction. Research design, data, and methodology: The signaling theory was applied to explain the behavior of investors when they receive useful information for their decisions. Data were collected from 1,866 firm-year observations from Thai listed companies in both the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI) for the fiscal years of 2016-2019. The study was based on secondary data, which were collected from the SET Market Analysis and Reporting Tool (SETSMART) database and the Stock Exchange of Thailand's website (www.set.or.th). A statistical regression method was used with panel data analysis to evaluate possible associations between KAMs readability and investor reaction. The study relied on popular readability measures (Fog Index). Moreover, investor reaction was measured by absolute cumulative abnormal return and abnormal trading volume. Results: It was found that the KAMs readability has positive significance on both absolute cumulative abnormal return and abnormal trading volume. Conclusion: This study showed a significant contribution to the implication of KAMs in an emerging economy. The results reveal that more readable KAMs disclosure distributed new insights and useful information to investors and led to reducing the information gap between auditors and investors.

• Journal of Korea Port Economic Association
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• v.28 no.1
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• pp.179-201
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• 2012

Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.233-242
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• 2020

We posit that employee ownership through defined contribution (DC) plans results in managerial entrenchment, and then examine the effect of the enactment of the Pension Protection Act of 2006 on the relation between the employee ownership and firm performance. By conducting Ordinary Least Square regression with the data from Form 5500 over the period of 1999-2014, we find that firms with large employee ownership increase their firm value measured by Tobin's Q after the adoption of the Act. These findings suggest that the adoption of the Act has been effective to mitigate the negative effect of managerial entrenchment by decreasing the employee ownership and reinforcing the fiduciary duty of plan trustees. Given the fact that we test the effects of the diversification rule on employee ownership using firm performance, further research could aim to examine the effects of the rule on employee ownership using stock return or market reaction.

• Korean Journal of Applied Biomechanics
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• v.16 no.2
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• pp.145-151
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• 2006

A large interindividual variability and some abnormally kinematic patterns at the lower extremity were the main features of the gait in children with Down syndrome. The purposes of this study were to investigate the gait asymmetry and biomechanical difference between dominant leg and non dominant leg in children with Down syndrome. Seven boys with Down Syndrome(age: $120{\pm}0.9yrs$, weight $34.4{\pm}8.4kg$, leg length: $68.7{\pm}5.0cm$) participated in this study. A 10.0 m ${\times}$ 1.3 m walkway with a firm dark surface was built and used for data collection. Three-dimensional motion analyses were performed to obtain the joint angles and range of motions. The vertical ground reaction forces(%BW) and impulses($%BW{\cdot}s$) were measured by two force plates embedded in the walkway. Asymmetry indices between the legs were computed for all variables. After decision the dominant leg and the non dominant leg with max hip abduction angle, paired samples t-test was employed for selected kinematic and ground reaction force variables to analyze the differences between the dominant leg and the non dominant leg. The max hip abduction angle during the swing phase showed most asymmetry, while the knee flexion angle at initial contact showed most symmetry in walking and running. The dominant leg showed more excessive abduction of hip in the swing phase and more flat-footed contact than the non dominant leg. Vertical peak force in running showed more larger than those of in walking, however, vertical impulse showed more small than walking due to decrease of support time. In conclusion, the foot of dominant leg contact more carefully than those of non dominant leg. And also, there are no significant difference between the dominant leg and the non dominant leg in kinematic variables and ground reaction force due to large interindividual variability.

• ETRI Journal
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• v.24 no.1
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• pp.56-64
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• 2002

This paper investigates how market participants react to mergers and acquisitions (M&As) involving telecommunications companies. The empirical evidence suggests that such activities convey bad news to the market. This is consistent with the synergy trap hypothesis and extant empirical findings of value-reducing diversification strategies in recent literature. The evidence also indicates that a cross-border, rather than a domestic M&A deal, is the main driver of the negative market reaction. Further, our evidence of negative impacts on the bidder's business after an M&A reinforces our main finding that market participants, on average, perceive M&A activities to be detrimental to shareholder value. This suggests that value creation or synergy through an M&A deal is not warranted even though it can generate an increase in size of the firm.

• Journal of Distribution Science
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• v.14 no.3
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• pp.45-54
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• 2016

Purpose - There have been numerous studies investigating the effects of corporate social responsibility initiatives on corporate associations or corporate images. In line of this research stream, current research examined the potential impact of customer participation in the process of corporate social responsibility initiatives on attitude toward the company. This research differentiates from previous studies that it is the first to connect corporate social responsibility and customer participation. Specifically, we suggest a structural model on corporate associations which was classified into corporate ability associations and corporate social responsibility associations that the more the customers participate in initiating corporate social responsibility, corporate associations were formed more positively. And this leads to the increase of revisit intentions through customer satisfaction. Research design, data, and methodology - To test our research model, we collected data of real consumers of a large discount store in Korea. At the large discount store, customers were given an opportunity to participate the discount store's CSR activity program. We performed field survey and collected data of 146 respondents. We analyzed the data using PASW statistics 21.0 and AMOS 16.0 in order to test our structural model. Results - The results showed that consumers who participated more in initiating corporate social responsibility revealed higher score for corporate ability associations and corporate social responsibility associations. These corporate associations had a positive effect on customer satisfaction, which leads to higher attitude toward revisit intentions. Specifically, hypothesis 1.1 "As Customer participation in CSR process increases, the evaluation of CA associations will be positive,"was supported. Hypothesis 1.2 "As Customer participation in CSR process increases, the evaluation of CSR associations will be positive," was supported. Hypothesis 2.1 "As the evaluation of CA associations is positive, satisfaction with the firm will increase," was supported. Hypothesis 2.1 "As the evaluation of CSR associations is positive, satisfaction with the firm will increase," was supported. Hypothesis 3 "As satisfaction with the firm increases, revisit intentions with the firm will increase," was supported. Conclusions - This research is the first to study the relationship between customer participation in CSR process, CSR, and consumer reactions. This research also contributes to customer participation and corporate social responsibility literature by suggesting customer participation as an antecedent and empirically demonstrating the positive relationships between the constructs. The findings of this research may offer managerial implications for marketing practitioners. When performing corporate social initiatives, it is better to let the customer participate in the process which leads to higher corporate ability associations and corporate social responsibility associations, also higher satisfaction and revisit intentions. Our results provide useful information to practioners that spontaneous participation of consumers makes CSR initiatives effective and successful. Limitations and ideas for further research remain in this research. For example, our focus on the logic was cognitive evaluations(e.g. corporate associations) but affective dimensions might be considered since recent researches are investigating the relationship between customer participation and affective reaction as a response. Despite the limitations, this research have unique and applicable implications for academics and practitioners.

• Korean Journal of Child Studies
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• v.34 no.1
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• pp.103-121
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• 2013

The purpose of this study was to explore Korean mothers' beliefs regarding their toddlers' temperament, including what they believe constitutes desirable and undesirable behavior, and their resulting reactions. Data were collected int the process of interviewing 50 Korean mothers of toddlers (whose average age was 34.1 Months, and of which 54% were boys). Results revealed that mothers considered 'High-Sociality', 'Positive Affect' and 'High-Effortful Control' as desirable temperaments, whereas 'Negative Affect', 'Under-Effortful Control' and 'Low Sociality' were considered to be undesirable temperaments for toddlers. Mothers cited the importance of child 'Sociality' and 'Development', 'Easiness of Parenting' and 'Child Happiness' as the reasons for their beliefs. While, they considered 'Negative Affect', 'Under-Effortful Control' and 'Low Sociality' to be undesirable temperaments, citing 'Sociality', 'Difficulty of Parenting', 'Development' and 'Child Safety' as the reasons. Finally, mothers were more likely to give verbal encouragement or physical encouragement such as hugging, in responding to desirable behavior on the part of their child, whereas they were more likely to give firm inhibition, reasoning or inconsistent reaction to their child's undesirable behavior. Many of the mothers' beliefs varied depending on the child's gender. Results were discussed in relation to cultural perspectives.

• Korean Journal of Veterinary Service
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• v.35 no.2
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• pp.147-151
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• 2012

We report large tumors of the left thoracic cavity, which arose from the ribs, were diagnosed as chondrosarcoma in a 4-year-old male mixed dog. The dog was presented with swelling in the left side of the chest wall and lameness. The masses were found to be circumscribed, whitish-grey, large and firm. The cut surface revealed whitish-grey lobules of varying size with cartilaginous consistency. Those were subsequently metastasized to the lung and mandibular lymph node. Histologically, the tumors were made up of clusters of chondroid cells having pleomorphic hyperchromatic nuclei with occasional mitosis. A special and immunohistochemical staining was performed to confirm the diagnosis. Chondroid matrix in tumor showed a positive reaction for alcian blue-periodic acid-Schiff staining. Immunoreactivity to S-100 proteins was present in the cytoplasm and/or nucleus of chondrocytes in tumor. The final diagnosis was grade III chondrosarcoma in the rib, considering histological features in grading criteria.

• Journal of Intelligence and Information Systems
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• v.25 no.2
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• pp.99-122
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• 2019

According to the recent IDC (International Data Corporation) report, as from 2025, the total volume of data is estimated to reach ten times higher than that of 2016, corresponding to 163 zettabytes. then the main body of generating information is moving more toward corporations than consumers. So-called "the wave of Big-data" is arriving, and the following aftermath affects entire industries and firms, respectively and collectively. Therefore, effective management of vast amounts of data is more important than ever in terms of the firm. However, there have been no previous studies that measure the effects of big data investment, even though there are number of previous studies that quantitatively the effects of IT investment. Therefore, we quantitatively analyze the Big-data investment effects, which assists firm's investment decision making. This study applied the Event Study Methodology, which is based on the efficient market hypothesis as the theoretical basis, to measure the effect of the big data investment of firms on the response of market investors. In addition, five sub-variables were set to analyze this effect in more depth: the contents are firm size classification, industry classification (finance and ICT), investment completion classification, and vendor existence classification. To measure the impact of Big data investment announcements, Data from 91 announcements from 2010 to 2017 were used as data, and the effect of investment was more empirically observed by observing changes in corporate value immediately after the disclosure. This study collected data on Big Data Investment related to Naver 's' News' category, the largest portal site in Korea. In addition, when selecting the target companies, we extracted the disclosures of listed companies in the KOSPI and KOSDAQ market. During the collection process, the search keywords were searched through the keywords 'Big data construction', 'Big data introduction', 'Big data investment', 'Big data order', and 'Big data development'. The results of the empirically proved analysis are as follows. First, we found that the market value of 91 publicly listed firms, who announced Big-data investment, increased by 0.92%. In particular, we can see that the market value of finance firms, non-ICT firms, small-cap firms are significantly increased. This result can be interpreted as the market investors perceive positively the big data investment of the enterprise, allowing market investors to better understand the company's big data investment. Second, statistical demonstration that the market value of financial firms and non - ICT firms increases after Big data investment announcement is proved statistically. Third, this study measured the effect of big data investment by dividing by company size and classified it into the top 30% and the bottom 30% of company size standard (market capitalization) without measuring the median value. To maximize the difference. The analysis showed that the investment effect of small sample companies was greater, and the difference between the two groups was also clear. Fourth, one of the most significant features of this study is that the Big Data Investment announcements are classified and structured according to vendor status. We have shown that the investment effect of a group with vendor involvement (with or without a vendor) is very large, indicating that market investors are very positive about the involvement of big data specialist vendors. Lastly but not least, it is also interesting that market investors are evaluating investment more positively at the time of the Big data Investment announcement, which is scheduled to be built rather than completed. Applying this to the industry, it would be effective for a company to make a disclosure when it decided to invest in big data in terms of increasing the market value. Our study has an academic implication, as prior research looked for the impact of Big-data investment has been nonexistent. This study also has a practical implication in that it can be a practical reference material for business decision makers considering big data investment.

• Journal of Korean Society for Quality Management
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• v.38 no.4
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• pp.561-579
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• 2010

This study is to devide seven subject organs in the metropolitan area by the Malcolm Baldrige's basis which is global standard of management quality to grip the each activities of management quality, to conduct a survey of the management quality of each organ or persons in charge of similar works. Generally, those surveyed show to recognize on the management quality and to apply to real work. Those surveyed show to be able to improve positively quality and service level in case of appling to work of management quality, and to be positive reaction on the contribution about management performance. This study indicates the predominant view which the researcher have to establish the its vision clearly and to promote in a lump success factors of management quality, and the chief executive have to take a firm faith for it. This study also suggest that recognizing positively about its vision and strategy about present condition of management quality activities is one of the implements which not only judge but also establish a good system of an organization. And there has a significant difference between Public and Private Organizations that those evaluate management quality conducts better management performance. However management quality activities shows to mostly agree to be influencing positively to management performance.