• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.623-635
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• 2021

The purpose of this research is to examine the impact of information risk on the Cost of Equity (COE) and whether the risk of a stock price crash mediates the relation between information risk and COE. To test the dynamic nature of the proposed model, the two-step system GMM dynamic panel estimators are applied to all the non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2007- 2018. The results of this study show that all three types of information risk, as well as the risk of the share price crash, increases the COE. The crash risk strengthens the impact of information risk on the COE. Moreover, these three information risks are correlated with each other and an increase in information quality reduces the effect of asymmetric information and improves the investor interpreting ability, while an increase in private information decreases the transparency. The finding is crucial for asset pricing, portfolio management, and information disclosure. This study contributes to the literature by providing novel findings on the impact of three different types of information risk, i.e. private information, quality of information, and transparency of information on the COE as well as whether crash risk mediates the relationship.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.375-381
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• 2021

Underpricing signifies that IPO share prices do not reflect the fundamental value of the listed company. Corporate governance plays an essential role in IPOs where the board of directors, the independent board of directors, and the board of supervisors are significant elements of accurate share pricing. The study investigates the underpricing phenomena and short-term performance of the IPO companies during the listing process in the Ho Chi Minh Stock Exchange (HOSE). The work outcomes illustrate the role of the corporate organizational structure in the period of the IPO process that may attract potential investors. The hypothesis testing is conducted with a multiple regression model including 100 observations from enterprises doing IPO listed on HOSE. The study results generate signals for the investors and regulators that the board of directors holds a strong negative influence on the underpricing process. Secondly, the level of the independent board of directors and stock exchange in itself has no significant impact on the underpricing process. Underpricing is one of the many anomalies of the stock exchanges that provide wrong signals for the market participants. Identifying stock prices that reflect their intrinsic value is an ongoing debate among scholars, investors, and other market participants.

• 유통과학연구
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• 제20권2호
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• pp.1-9
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• 2022

Purpose: The online distribution channel has attracted the attention of retailers by potential impact on consumers' purchase intention. The objectives of this study are to provide an insight into how to encourage consumers' impulse buying behavior on commercial website as well as attempts to reveal factors that influence consumers' impulsive buying behavior in the online shopping environment. Research design, data and methodology: The research framework is based on the stimulus-organism-response (S-O-R) framework. The Meta-analysis method carried out the research, gathering data from 37 published studies. Results: The research findings suggest that intrinsic motivations such as perceived ease of use, perceived enjoyment, and online flow experience play a significant role in boosting consumers' hedonic value when buying and online. In addition, these findings help online retailers use appropriate marketing stimuli such as offering pricing incentives, promotion tactics, and improved communication effectiveness. Also, obtaining a better grasp of how to build a website to improve the consumer experience generally helps consumers feel the urge to buy impulsively and act without hesitation. Conclusions: This research confirms a direct positive relationship between marketing stimuli and hedonic shopping value, which may support an applied theoretical framework for future research and provide managerial implications for retailers in online distribution channels.

• 한국항해항만학회지
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• 제46권5호
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• pp.441-448
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• 2022

The aim of this study was to examine determinants of secondhand Bulk carrier and Oil tanker prices. This study compiled S& P transaction data taken from the Clarksons Research during J anuary 2018 to April 2022 to see how independent variables influenced secondhand ship prices. In the secondhand ship pricing model of entire segments, size, age, and LIBOR showed significant effects on prices. A vessel built in J apan and Korea was traded at a higher price than a vessel built in other countries. In the bulk segment, size, age, Clarksea index, LIBOR, and inflation were meaningful variables. In the Tanker segment, unlike Bulk carrier, only size and age were useful variables. This study performed regression analyses for various sizes of Bulk carriers and Oil tankers. It verified that impacts of variables other than ship size and age were significantly associated with ship type and size while macroeconomic variables had no influence except for bulk carriers. By applying diverse variables affecting secondhand ship price estimation according to various sizes of Bulk carriers and Oil tankers, this study will expand the scope of practical application for investors. It also reaffirms prior research findings that the secondhand ship market is primarily market-driven.

• 산경연구논집
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• 제13권1호
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• pp.23-32
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• 2022

Purpose: This study used ESG grade, but defined AESG, adjusted to the size of a company and examines whether it can be used as an investment strategy. Research design, data and methodology: The analysis sample in this study is a company that has given an ESG rating among companies listed on the Korea Stock Exchange. We examine the results through portfolio analysis and Fama-macbeth regression analysis. Results: As result of examining the long-only performance and the long-short performance by constructing quintile portfolios, it was observed that a significant positive return was shown. It was observed that there was an alpha that could not be explained in asset pricing models. Also, AESG had a return prediction effect in the result of a Fama-Macbeth regression that controlled corporate characteristic variables in individual stocks. Next, we confirmed AESG's usage through various portfolio composition. In the portfolio optimization, the Risk Efficient method was the most superior in terms of sharpe ratio and the construct multi-factor model with Value, Momentum and Low Vol showed statistically significant performance improvement. Conclusions: The results of this study suggest that it can be helpful in ESG investment to reflect the ESG rating of relatively small companies more through the scale adjustment of the ESG rating (i.e.AESG).

• 유통과학연구
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• 제21권8호
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• pp.69-82
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• 2023

Purpose: This research aims to explore the effects of airline's pricing and service quality through service distribution process on repurchasing intention of the air passengers with meditations of passenger satisfaction and airline brand. Research design, data and methodology: This paper particularly focused on employing the moderating effect with two different market segmentations, namely leisure and corporate purpose travelers, in the Korean market. The total sample size of this research is 363 respondents of the general public in Korea. For the methodology of this research, structural equation modeling (SEM) was utilized for the statistical analysis. Results: It figured out that passenger satisfaction is ultimately the most important among variables of price, service quality and repurchase intention for both groups. On the contrary, the relationships, between price and airline brand in both groups, and between airline brand and repurchase intention in the leisure travel only, were not noted as beneficial effects. Conclusions: More noteworthy was that airline brand had a positive influence on repurchase intention in the corporate travel group. Based on this research, the results will deliver the contributions to the commercial airlines in the future.

• 한국식생활문화학회지
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• 제21권3호
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• pp.247-253
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• 2006

The purpose of this study was to investigate how comparative menu price, human service, amenity, and menu quality affected menu value, and how menu value influenced revisit intention. The model was tested in a family restaurant setting using a sample of customers visiting and enjoying menu in Daegu metropolitan city. Empirical results confirmed that not only do human service, amenity and menu quality increase menu value but that comparative menu price reduces menu value. Menu value was also found to be a significant antecedent of revisit intention. The results obtained have major implications for family restaurant marketers as well as for future research. First, family restaurant marketers should pay attention to menu pricing, as menu price decreased menu value. Second, family restaurant marketers should try to increase menu value through training of human service. Third, family restaurant marketers should try to add menu value by way of recruiting high-skilled cook. Fourth, family restaurant marketers should make efforts to attract customers through interior design.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.459-466
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• 2013

Risk exists in all construction projects and resides among the collection of subcontractors and their array of individual activities. Wherever risk resides, the interrelation of participants to one another becomes paramount for the way in which risk is measured. Inherent risk becomes recognizable and quantifiable within network schedules in the form of consuming float - the flexibility to absorb delays. Allocating, owning, valuing, and expending such float in network schedules has been debated since the inception of the critical path method itself. This research investigates the foundational element of a three-part approach that examines how float can be traded as a commodity, a concept whose promise remains unfulfilled for lack of a holistic approach. The Capital Asset Pricing Model (CAPM) of financial portfolio theory, which describes the relationship between risk and expected return of individual stocks, is explored as an analogy to quantify the inherent risk of the participants in construction projects. The inherent relationship between them and their impact on overall schedule performance, defined as schedule risk -the likelihood of failing to meet schedule plans and the effect of such failure, is matched with the use of CAPM's beta component - the risk correlation measure of an individual stock to that of the entire market - to determine parallels with respect to the inner workings and risks represented by each entity or activity within a schedule. This correlation is the initial theoretical extension that is required to identify where risk resides within construction projects, allocate and commoditize it, and achieve actual tradability.

• 유통과학연구
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• 제21권11호
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• pp.103-111
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• 2023

Purpose: This research aims to study the selection attributes influencing the purchasing decisions of the MZ generation in online luxury stores and explores the moderating effects of consumer value. The research aims to validate the impact of reasonable pricing, brand reliability, product variety, comprehensive product information, and user-friendly interfaces on customers' decision to purchase products from online luxury stores. Research design, data and methodology: A survey was conducted with 101 participants, and data analysis included exploratory and confirmatory factor analysis, as well as covariance structure model analysis. Results: The findings reveal that brand trust, product variety, and information sufficiency significantly influence brand affect, which in turn influences purchase intention. Additionally, the study identifies that consumers prioritizing hedonic value are more influenced by brand trust and information, while those prioritizing utilitarian value are more responsive to factors like reasonable price, product variety, and ease of use. Conclusions: The study provides insights into the preferences and behaviors of the MZ generation, highlighting their digital proficiency, mobile-centric lifestyle, desire for product variety, price-consciousness, social media influence, and the availability of personalized shopping experiences as factors contributing to their preference for online luxury stores. These findings contribute to understanding consumer behavior and decision-making processes in the context of online luxury shopping.

• Asian Journal of Business Environment
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• 제14권2호
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• pp.31-40
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• 2024

Purpose: This study aims to explore the factors affecting the willingness to pay for chicken delivery services targeting college students. The results of this study provide insights for improving food delivery market services and developing effective marketing strategies. Research design, data and methodology: A survey employing a questionnaire was administered to students at Chungbuk National University over a 10-day period from May 15 to May 24, 2023. Out of 232 distributed surveys, 218 were considered suitable for analysis. Binomial logistic regression analysis was conducted with the willingness to pay for delivery fees contingent on chicken price, serving as the dependent variable. Results: The main findings are following. First, as the price of chicken increases, the percentage of individuals willing to pay more than 2,000 won for delivery services decreases. Second, regardless of chicken price, males exhibit a lower tendency to bear higher delivery service fees compared to females. Lastly, those who lack awareness of their recent delivery fees or have previously paid charges exceeding 3,000 won demonstrate a greater propensity to pay higher delivery service fees compared to those who have paid fees below 3,000 won. Conclusions: It is essential for chicken sellers to identify key customer segments such as single-person households, and offer pricing and services tailored to their needs and preferences.