• 유통과학연구
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• 제21권4호
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• pp.91-101
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• 2023

Purpose: Research on the valuation of the e-commerce distribution companies is necessary because the traditional valuation methodology cannot be easily applied. Considering the valuation and initial public offering (IPO) of Coupang, Korea's leading e-commerce company, this study contributes to the literature by examining various valuation methods applicable to corporate valuation in the e-commerce industry and provides their implications. Research design, data and methodology: This case study investigates research, analyst reports, news articles, and magazines to review the valuation methods for companies in the e-commerce industry and analyzes the case of the Coupang IPO. Results: A valuation method that considers growth potential, which is important for companies in the e-commerce industry, is used for IPOs. This led to Coupang's successful IPO on the New York Stock Exchange despite its accumulated losses. However, the continued price decline since listing suggests that Coupang's valuation should have considered more factors. Conclusions: This study provides guidelines for the valuation of companies in the e-commerce industry, which eventually improves the overall industry. Moreover, this study provides directions for improving the valuation methods for e-commerce firms.

• 유통과학연구
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• 제18권5호
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• pp.71-81
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• 2020

Purpose: This case study illustrates the successful entry of Saudi Aramco in the Korean market and how it grows to become one of the world's largest integrated energy enterprises. Research design, data and methodology: This case investigates diverse secondary sources to examine the entry strategy of Aramco in Korea, such as several interviews including public and anonymous dialogues, periodicals, dispatches (i.e. news articles and magazines), annual reports, industrial reports, and others. Results: The main concern for the international strategic approaching of Saudi Aramco is to enter into Korean market by joint venture with SsangYong Oil (today's S-Oil Corporation) in 1991 and finally, ending by Acquisition of S-Oil in 2015. This acquisition of local No.3 company, S-Oil, in Korea is the successful case in Asian Markets overcoming liability of foreignness. Moreover, Saudi Aramco's global distribution strategy through localization in the Korean market is appropriate given the market conditions, timing, effectiveness, and efficiency by sharing their resources and collaborating. Conclusions: It would be valuable, unique, and real story to analyze global leading company's entry and globalization strategy in overseas market. In addition, this study provides decision-makers with a significant and more strategic implication for the overseas expansion of businesses.

• 유통과학연구
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• 제19권11호
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• pp.27-36
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• 2021

Purpose: COVID-19, government regulation and social media have changed many aspects of life including consumption behavior. The influence of social media by spreading massive news about COVID-19 also have the impact toward emotions threat, perceived risk, and perceived value of consumption behavior in Bengkulu Province, Indonesia. This research aims to analyze the extent to which changes in the consumption behavior, mainly for purchasing of corona prevention products through indirect distribution channels. Research design, data and methodology: This research was descriptive quantitative using the IPA method with sample of people in Bengkulu Province. This study obtained 208 respondent data from questionnaires and tested the validity and reliability with corrected-item total correlation method. Results: The study found that COVID-19 pandemic and government regulation variable were in quadrant II, in quadrant III there were social media variable, emotions threat and perceived risk. Meanwhile, in quadrant IV there were perceived value variable. Conclusions: The findings indicated that COVID-19 and government regulation are the most variable that influence people to buy corona prevention product, meanwhile perceived value is the less influence variable. Therefore, government and marketers have to prepare strategic plan in order to raise people awareness to avoid corona by buying corona prevention product.

• 유통과학연구
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• 제21권12호
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• pp.83-89
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• 2023

Purpose: Research on spin-off and treasury stock is necessary because the market has realized that this can be utilized for major shareholder private interest. Considering the unique characteristic of a spin-off and treasury stock in the Korean stock market, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: The present study investigates literature, analyst reports, and news articles to examine the spin-off process and analyze how treasury stock magic happens. Results: Setting the exchange ratio favoring Spin-Co in the spin-off is the leading cause for reducing the minor shareholders' value. Moreover, treating treasury stock as an asset is also problematic, allowing the allocation of Spin-Co shares. This leads to an increase in the major shareholder controls of Spin-Co without any contribution from the major shareholders. Therefore, the exchange ratio should be calculated reasonably, and treasury stock from the stock repurchase should be treated as stock retirement. Conclusion: By analyzing the spin-off and how treasury stock magic occurs, this study provides recommendations to improve shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of spin-off and treasury stock.

• Journal of applied mathematics & informatics
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• 제19권1_2호
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• pp.427-438
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• 2005

From a notion of d-pseudo-orthogonality for a sequence of poly-nomials ($d\;\in\;{2,3,\cdots}$), this paper introduces three different characterizations of natural exponential families (NEF's) with polynomial variance functions of exact degree 2d-1. These results provide extended versions of the Meixner (1934), Shanbhag (1972, 1979) and Feinsilver (1986) characterization results of quadratic NEF's based on classical orthogonal polynomials. Some news sets of polynomials with (2d-1)-term recurrence relation are then pointed out and we completely illustrate the cases associated to the families of positive stable distributions.

• 한국의류학회지
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• 제25권6호
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• pp.1122-1130
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• 2001

Recently the importance of distribution channel design has been focused on due to a turbulent environment. The channel design strategy involves the choice of an optimal channel arrangement including channel width, channel depth, the types of intermediaries to be used, and the specific responsibilities of each channel member. The purpose of this paper is to investigate changes of distribution intensity in the infant & children's wear brand from 1997 to 1999, when Korea has faced changes before and after IMF intervention that influenced the Korean economy greatly. Thus, this study provides channel managers with some guidelines for establishing and adjusting the infant & children's wear channel strategies. The data is collected by the Korean Fashion Brand Annual published by Apparel News Co., from 1997 to 1999. infant & children's wear brands are selected and analyzed with Pearson correlation. Statistic analysis has shown different results in the type of brands in terms of distribution intensity. The type of brands between infant's wear and those for children differ in price and launching period. In the case of infant's wear brands, the launching period and total sales should be considered in designing channel distributions, while for children's brands total sales are significant. As the price increases, children's wear brands are significantly linked to their distribution intensity only in certain times at the starting point of IMF intervention. IMF intervention do not seem to influence the distribution intensity of infant's wear brands much as it did children's wear brands. It seems that the infant's wear industry is more stable than the children s wear industry. As a result, the marketer who plans distribution intensity for the infant's and children's wear brands should consider total sales, the launching period and the price according to the type of brands he deals with.

• 말소리와 음성과학
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• 제10권3호
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• pp.31-39
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• 2018

This paper aims to present a taxonomy of non-standard words (NSW) for developing a French text normalization system and to propose a method for evaluating this system based on a corpus. The proposed taxonomy of French NSWs consists of 13 categories, including 2 types of letter-based categories and 9 types of number-based categories. In order to evaluate the text normalization system, a representative test set including NSWs from various text domains, such as news, literature, non-fiction, social-networking services (SNSs), and transcriptions, is constructed, and an evaluation equation is proposed reflecting the distribution of the NSW categories of the target domain to which the system is applied. The error rate of the test set is 1.64%, while the error rate of the whole corpus is 2.08%, reflecting the NSW distribution in the corpus. The results show that the literature and SNS domains are assessed as having higher error rates compared to the test set.

• 유통과학연구
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• 제2권1호
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• pp.99-124
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• 2004

본 연구는 교수 및 학습효과를 증대시키기 위하여 실제 상황에서 일어나고 있는 사회현상들에 대한 보도형태의 자료인 신문기사를 비롯한 각종 매체 자료를 활용하여 사회 제 현상이 현재 학습과정의 교과과정에는 어떻게 연관되며 경영적 이론이 실제 어떻게 적용되는가를 학습함으로써 교과목에 대한 관심도의 증대와 학습심화의 필요성을 증대시키는데 그 목적이 있다. 이러한 목적을 달성하기 위하여 최근의 선별된 자료를 중심으로 각종 경제경영 관련주제의 주요 기사 내용을 숙지하고 주요 기사 내용들의 배경과 문제점을 파악하며 여러 관점에서 다양한 현상의 원인과 배경에 대한 접근으로 사회과학적인 현상을 습득하는 사고방법을 훈련할 수 있다. 또한 다양한 사회 경제경영분야의 요구사항과 사회적인 욕구들을 주지하고 향후 학생들의 사회진출에 따라 사회현상을 이해하고 이를 통하여 보다 적극적인 자신감 고취와 현실사회에 대한 이해력을 증진시킨다.

• 산경연구논집
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• 제11권5호
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• pp.45-52
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• 2020

Purpose: In the 4th industrial revolution, services that incorporate various smart technologies in the tourism sector have begun to gain popularity. Accordingly, academic discussions on smart tourism have also started to become active in various fields. Despite recent research, the definition of smart tourism is still ambiguous, and it is not easy to differentiate its scope or characteristics from traditional tourism concepts. Thus, this study aims to analyze the perception of smart tourism exposed online to identify the current point of smart tourism in Korea and present the research direction for conceptualizing smart tourism suitable for the domestic situation. Research design, data, and methodology: This study analyzes the perception of smart tourism exposed online based on 20,198 news data from portal sites over the past six years. Data on words used with smart tourism were collected from the leading portal sites Naver, Daum, and Google. Text mining techniques were applied to identify the social awareness status of smart tourism. Network analysis was used to visualize the results between words related to smart tourism, and CONCOR analysis was conducted to derive clusters formed by words having similarity. Results: As a result of keyword analysis, the frequency of words related to the development and construction of smart tourism areas was high. The analysis of the centrality of the connection between words showed that the frequency of keywords was similar, and that the words "smartphones" and "China" had relatively high connection centrality. The results of network analysis and CONCOR indicated that words were formed into eight groups including related technologies, promotion, globalization, service introduction, innovation, regional society, activation, and utilization guide. The overall results of data analysis showed that the development of smart tourism cities was a noticeable issue. Conclusions: This study is meaningful in that it clearly reflects the differences in the perception of smart tourism between online and research trends despite various efforts to develop smart tourism in Korea. In addition, this study highlights the need to understand smart tourism concepts and enhance academic discussions. It is expected that such academic discussions will contribute to improving the competitiveness of smart tourism research in Korea.

• 산경연구논집
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• 제8권5호
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• pp.87-93
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• 2017

Purpose - This paper investigates whether managerial overconfidence is associated with firm-specific crash risk. Overconfidence leads managers to overestimate the returns of their investment projects, and misperceive negative net present value projects as value creating. They even use voluntary disclosures to convey their optimistic beliefs about the firms' long-term prospects to the stock market. Thus, the overconfidence bias can lead to managerial bad news hoarding behavior. When bad news accumulates and crosses some tipping point, it will come out all at once, resulting in a stock price crash. Research design, data and methodology - 7,385 firm-years used for the main analysis are from the KIS Value database between 2006 and 2013. This database covers KOSPI-listed and KOSDAQ-listed firms in Korea. The proxy for overconfidence is based on excess investment in assets. A residual from the regression of total asset growth on sales growth run by industry-year is used as an independent variable. If a firm has at least one crash week during a year, it is referred to as a high crash risk firm. The dependant variable is a dummy variable that equals 1 if a firm is a high crash risk firm, and zero otherwise. After explaining the relationship between managerial overconfidence and crash risk, the total sample was divided into two sub-samples; chaebol firms and non-chaebol firms. The relation between how I overconfidence and crash risk varies with business group affiliation was investigated. Results - The results showed that managerial overconfidence is positively related to crash risk. Specifically, the coefficient of OVERC is significantly positive, supporting the prediction. The results are strong and robust in non-chaebol firms. Conclusions - The results show that firms with overconfident managers are likely to experience stock price crashes. This study is related to past literature that examines the impact of managerial overconfidence on the stock market. This study contributes to the literature by examining whether overconfidence can explain a firm's future crashes.