• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.189-222
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• 2008

This study developed a model to empirically investigate the effects of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. The data was collected from 200 animal clinics which belong to Korean Animal Hospital Association (KAHA)'s national conference in April, 2007. Descriptive statistic, factor analysis, reliability analysis, and regression analysis were conducted to analyze the data using SPSS/PC+ 12.0. The findings are as follows. First, the market orientation of animal clinics influences significantly both financial and non-financial performance. When the moderating effect of entrepreneur's working tenure is considered, market orientation has significant effect on animal clinic's financial and non-financial performance. However, when the moderating effect of animal clinic's location is considered, market orientation has not significant effect on animal clinic's financial and non-financial performance. Second, animal clinic's relationship orientation with suppliers mostly affects the financial and non-financial performance significantly. When entrepreneur's working tenure in the clinic is longer (above 4 years group), relationship orientation with suppliers significantly affects both financial and non-financial performance. Meanwhile, when the entrepreneur's working tenure in the clinic is shorter (less than 3 years group), relationship orientation with suppliers doesn't affect clinic's financial performance but affect non-financial performance partially. In other words, when entrepreneur's working tenure is shorter (less than 3 years group), market orientation more influences on clinic's financial and non-financial performance while relationship orientation with suppliers does less. It is thought that their relation with suppliers and relationship orientation activities with suppliers are less strongly established and maintained yet. So, they primarily focus on market orientation strategy when entrepreneur's working tenure is shorter. Third, when animal clinics are located in non-metropolitan area, relationship orientation with suppliers significantly affects financial and non-financial performance. However, when animal clinics are located in metropolitan area, it doesn't affect financial and non-financial performance either. It is thought that animal clinics which are located in non-metropolitan area need stronger relationship with suppliers and need support more from them as most of suppliers actively work in metropolitan area not in the non-metropolitan area and animal clinics in metropolitan area can easily get better market information than animal clinics in non-metropolitan area. Lastly, while the effect of the market orientation significantly influences animal clinic's business performance continuously, the effect of the relationship orientation differently influences business performance as it is moderated by entrepreneur's working tenure and animal clinic's location. So, relationship orientation with suppliers can be selectively applied to improve the clinic's financial and no-financial performance. In summary, both of animal clinic's marketing orientation and animal clinic's relationship orientation with suppliers positively influence their business performance. However, entrepreneur's working tenure and animal clinic location moderate the relationship between market orientation and relationship orientation and their business performance differently. This study is quite meaningful to empirically investigate the effects of both of market orientation and relationship orientation with suppliers on business performance and examine the moderating effects of entrepreneur's characteristics (working tenure) and clinic's location. And, as this kind of study has been very few in the context of animal clinic industry, it helps practically understand the effects of market orientation and relationship orientation with suppliers on the financial and non-financial performance in animal clinic industry. Furthermore, as the market conditions in animal clinic industry have been in difficulty for a few years, this study can help improve animal clinic's financial and non-financial business performance together with their suppliers as business partners. Lastly, this study can help find mid-term and long-term cooperation between animal clinics and their suppliers. This study has some limitations. So, care should be taken when generalizing the results of the study. First, our samples were collected from only the animal clinics industry. However, a comparison of the results presented here with those form other marketing contexts (e.g., general hospitals) would be worthwhile. Future comparative research will enhance the generality of our contingency theory cross industry context. Second, this study found that market orientation and relationship orientation affect business performance. However, there may be other antecedents, such as internal market orientation and relationship orientation with customers. Also, this research did not consider other moderators, such as overall market conditions, competitive situations, and power/conflict between suppliers and buyers in the relationship between market and relationship orientation and business performance.

• Journal of Distribution Science
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• v.13 no.11
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• pp.79-92
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• 2015

Purpose - The aim of this study is to develop an empirical model of the effects of traditional market service quality factors on customer value, relationship quality, and behavior. The specific objectives of the study are as follows: 1) to classify study objects into cultural tourism markets and non-cultural tourism markets as well as to verify the differences in service quality among the two markets and, 2) to present practical service marketing methods that fit with the characteristics of the traditional markets by amending the five quality evaluation items of SERVQUAL (a multiple-item scale for measuring service quality)to suit the characteristics of the traditional markets and establish the relationship among customer value, relationship quality, and behavior intention. Research design, data, and methodology - The study methods of empirical investigation are as follows. First, this study selected for a study object the Suwon Paldalmun Gate Market to represent the cultural tourism market, and general traditional markets to represent the non-cultural tourism market. This study also conducted personal interviews in order to increase the response rate and collected a total of 418 responses between March 18, 2014 and April 05, 2014. The total of 418 responses used for this study excluded 14 responses that had either misleading information or missing values. Results - This study verified the perceived differences of service quality based on traditional market specialization through an independent sample t-test. It appeared that the perceived service quality of the cultural tourism market was generally higher than that of the non-cultural tourism market. This study executed a path analysis in order to examine the effects of service quality factors on customer value, relationship quality, and behavior intention. This study also comprehensively analyzed the specialized market and non-specialized market separately. Although there were some differences among the results, the overall results were uniform. It appeared that convenience, reliability, and empathy, among the service quality factors, exerted meaningful effects on customer value. On the other hand, convenience, reliability, responsiveness, and empathy, excluding the tangibles, exerted meaningful effects on the relationship quality. In addition, it appeared that all service quality factors exerted meaningful effects on the customer value, relationship quality, and behavior intention. Therefore, the study verified that all of the hypotheses formulated in the study were generally adopted. Conclusions - The implication of this study may be classified into academic and practical implication as follows. With respect to the academic implication, it seems that this study is among the early studies to verify the differences between the cultural tourism market and the non-cultural tourism market. The practical implication of this study is that the perceived service quality, such as convenience, reliability, responsiveness, and tangibles, excluding empathy, was higher in the cultural tourism market than in the non-cultural tourism market. This means that customer satisfaction is enhanced by governmental aid such as hardware, software, and information and communications technology.

• The Journal of Information Technology
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• v.1 no.2
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• pp.25-37
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• 1998

The paper discusses several means for estimating appropriating discount rates to value non-traded assets. That Is, this study discusses the relationship between market equity beta and observable finance information. The relationship can in principle be used to determine betas for non-traded entity for which conventional market model or pure-play techniques are impractical. In addition, the paper shows on model researched by Patterson in 1993. Patterson's research investigates the cross-sectional relationship market beta and accounting beta in Canadian capital market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.2
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• pp.101-113
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• 2018

This paper investigates the relationship between external search strategy and radical innovation performance. As the discrepancies that can exist among the varying sources of external knowledge is overlooked, the existing literature on the effect of external search strategy on radical innovation performance remains inconclusive. This study aims to reconcile such mixed findings by recognizing that external knowledge can be distinctive depending on the environment in which its source is embedded in; specifically, this paper examines the relationship between external search strategy and radical innovation performance by distinguishing external search from 'market' and 'non-market' relationships. We test our hypotheses with a sample of 431 firms from the manufacturing industries from the 2010 STEPI survey. Our empirical findings suggest that external search strategy from market relationships positively influences radical innovation performance, while the influence of external search strategy from non-market relationships is found to be not significant. Our research suggests that in order to improve radical innovation performance, firms must be able to maintain a cooperative relationship with other actors connected with market relationships and to effectively exploit the market knowledge obtained from these actors.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.145-157
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• 2024

Purpose - In this study, we propose an empirical model for predicting seasoned equity offering (SEO here after) using machine learning methods. Design/methodology/approach - The models utilize the random forest method based on decision trees that considers non-linear relationships, as well as the gradient boosting tree model. SEOs incur significant direct and indirect costs. Therefore, CEOs' decisions of seasoned equity issuances are made only when the benefits outweigh the costs, which leads to a non-linear relationship between SEOs and a determinant of them. Particularly, a variable related to market timing effectively exhibit such non-linear relations. Findings - To account for these non-linear relationships, we hypothesize that decision tree-based random forest and gradient boosting tree models are more suitable than the linear methodologies due to the non-linear relations. The results of this study support this hypothesis. Research implications or Originality - We expect that our findings can provide meaningful information to investors and policy makers by classifying companies to undergo SEOs.

• Journal of Distribution Science
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• v.11 no.2
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• pp.11-21
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• 2013

Purpose - The purpose of the study is to promote the adoption of traditional liquor product contents in order to revitalize the market and to increase consumer awareness of traditional liquor. Research design, data, methodology - In this study, the 4P relationship model was evaluated that included the self-supporting business of traditional liquor, continuous business, diversification of the types of the liquor, and discovery of preliminary social enterprises for the distribution of the liquor. Results - The study suggested a 4P relationship model that consisted of traditional liquor as the product, traditional market as the place, promotion within traditional market, and payment of labor costs. In other words, selection of the traditional liquor product, place, rental supports, distribution and delivery strategies, operations, public relations and training, foundation of social enterprises, and discussion between departments. Conclusions - The central government, local governments, and merchants (the market association) should actively cooperate with each other to revitalize the market for traditional liquor. Social enterprises that rely on a non-profit business model are likely to revitalize the traditional liquor market.

• East Asian Economic Review
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• v.25 no.3
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• pp.273-309
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• 2021

The development of regulatory systems varies between transition and non-transition economies. This suggests that they provide different incentives for entrepreneurial development and could have varied effects on the economy because they have different methods to deal with market failure. However, limited empirical evidence exists to prove the assumption of dichotomy. Using comprehensive data for institutional quality, labor market and financial market development, this research sought to analyze their effect on employment growth at micro level. The results show that the quality of institutions in transition economies are poorer relative to those in non-transition economies, but their financial and labor markets are more developed than the latter. Further analysis for the transition sample shows that the three variables are individually positively related with employment growth. For the non-transition sample, institutional quality and labor market flexibility bear a positive and significant effect on employment. Financial market development enters the model with a negative coefficient when regressed alone, but a joint test of significance finds that all the variables have a positive effect on employment growth. This result could imply that there is interdependence between institutional quality, labor flexibility and financial market development in firm-employment-growth relationship, or complementarity between regulations and the quality of institutions. Alternatively, this finding suggests that a stringently regulated credit market in non-transition economies have a selection effect-allocating credit only to entrepreneurs who already demonstrate strong growth potential. In sum, despite differences in the evolution of regulatory environment between the two samples, both of them complement employment growth at firm level. The overall implication of these findings is that less rigid regulations and coherent policies that are enforced with impartiality provide incentives for firms to expand.

• Asia pacific journal of information systems
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• v.30 no.2
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• pp.328-352
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• 2020

If a firm announces an investment in IT security, how the market value of its competitors reacts to the announcement? We try to shed light on this question through an event study design. To test the relationship, we collected 143 announcements on cybersecurity investment and measured the subsequent impact on 533 competitors' abnormal returns, spanning from 2000 to 2019. Our estimation results present that, on average, the announcements have no observable impact on the market value of announcing firms and competitors as well, which is consistent with findings of a prior study. Interestingly, however, the impact becomes evident when we classify our samples by industries (Finance vs. non-Finance or ICT vs. non-ICT) and firm size (Big vs. Small). We interpret our empirical findings through the lenses of contagion effect and competition effect between announcing firms and their competitors. Key finding of our study is that, for financial service firms, the effect resulting from the announcement on cybersecurity investment transfers to competitors in the same direction (i.e., contagion effect).

• Korean Journal of Human Ecology
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• v.15 no.3
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• pp.373-384
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• 2006

This study analysed the effect of mothers' work status on time use in child care and use of market child care services. There were two major questions: Do self-employed (and family worker without being paid) mothers have a flexible work schedule and so can they care her child(ren) well? If it is true, is the work status as self-employee related to non-market child care services? To answer these questions, 1,196 samples were selected from the Time Use Data of 1999, which had been administered by Korea National Statistical Office. Major results were as follows: First, a mother who is family workers without being paid made time to care children frequently more than wage earners. Second, according to regression analysis, mothers' work status was one of the important variables to explain child care activity frequency. Third, among categories of child caring ('physical caring', 'non-physical caring', and 'caring of the others'), mothers spent more frequently in 'caring of the others', and had higher probability to use market child care services. But the more frequently a mother made time in 'non-physical caring' for her child, the lower probability to choose market child care services. In conclusion, it was certain that self-employed mothers benefit from a flexible time schedule at work places. But the relationship of child care activity frequency with use of market child care services was inconsistent.

• Journal of Korea Trade
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• v.25 no.3
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• pp.65-86
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• 2021

Purpose - This paper empirically investigates the relationship between the corporate value chain and performance of non- financial businesses of South Korean stock market companies. It aims to explore the evidence that can be used to infer the relationship between value chains and corporate performance in the case of firms forming a value chain with other companies with the means of an equity investment or a special business relationship. Design/methodology - Non-financial corporations listed from 2011 to 2017 on the securities market of South Korea are analyzed. The data used for analysis are found for transactions with the related party by year for all the corporations of non-financial industries in the securities market. Multiple analysis attempts are conducted including the relationship between the value chain and productivity, corporate value, risk-adjusted corporate value, and mediation effects of productivity. The empirical model employs sixteen variables including the value chain index which identifies its impact on various aspects of business performances. Findings - The results of this study clearly supports the phenomenon that corporate productivity and value are enhanced when the corporation expands its value chain established with domestic related firms and overseas companies. Such a positive effect is statistically significant even after the possible risk factors that accompany the expansion of value chain were considered, and productivity plays the role as a medicating variable in the effect of the value chain on the corporation values. Originality/value - The findings of this study confirms that domestic companies' expansion of their value chain centered on the related firms overseas that helped them in terms of the maximization of their productivity and corporate values. This study shows that Korean government's policy on expanding the corporate GVC can enhance the productivity and value of firms. The expansion of value chain and its impact on business performance has not been explored thoroughly, although it is getting more and more important in the global trade operation.