• Management & Information Systems Review
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• v.23
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• pp.41-74
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• 2007

In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.

• Journal of Distribution Research
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• v.16 no.1
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• pp.95-115
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• 2011

Food service is the major part of franchise business in Korea, accounting for 69.9% of the brands in the market. As the food service industry becomes mature, many franchisees have struggled to survive in the market. In general, consumers have higher levels of expectation toward service quality of franchised outlets compared that of (non-franchised) independent ones. They also tend to believe that franchisees deliver standardized service at the uniform food price, regardless of their locations. Such beliefs seem to be important reasons that consumers prefer franchised outlets to independent ones. Nevertheless, few studies examined the impact of qualify features of franchisees on customer satisfaction so far. To this end, this study examined the characteristics of various quality features of franchisees in the food service industry, regarding their relationship with customer satisfaction and dissatisfaction. The quality perception of heavy-users was also compared with that of light-users in order to find insights for developing differentiated marketing strategy for the two segments. Customer satisfaction has been understood as a one-dimensional construct while there are recent studies that insist two-dimensional nature of the construct. In this regard, Kano et al. (1984) suggested to categorize quality features of a product or service into five types, based on their relation to customer satisfaction and dissatisfaction: Must-be quality, Attractive quality, One-dimensional quality, Indifferent quality, and Reverse quality. According to the Kano model, customers are more dissatisfied when Must-be quality(M) are not fulfilled, but their satisfaction does not arise above neutral no matter how fully the quality fulfilled. In comparison, customers are more satisfied with a full provision of Attactive quality(A) but manage to accept its dysfunction. One-dimensional quality(O) results in satisfaction when fulfilled and dissatisfaction when not fulfilled. For Indifferent quality(I), its presence or absence influences neither customer satisfaction nor dissatisfaction. Lastly, Reverse quality(R) refers to the features whose high degree of achievement results in customer dissatisfaction rather than satisfaction. Meanwhile, the basic guidelines of the Kano model have a limitation in that the quality type of each feature is simply determined by calculating the mode statistics. In order to overcome such limitation, the relative importance of each feature on customer satisfaction (Better value; b) and dissatisfaction (Worse value; w) were calculated following the formulas below (Timko, 1993). The Better value indicates how much customer satisfaction is increased by providing the quality feature in question. In contrast, the Worse value indicates how much customer dissatisfaction is decreased by providing the quality feature. Better = (A + O)/(A+O+M+I) Worse = (O+M)/(A+O+M+I)(-1) An on-line survey was performed in order to understand the nature of quality features of franchisees in the food service industry by applying the Kano Model. A total of twenty quality features (refer to the Table 2) were identified as the result of literature review in franchise business and a pre-test with fifty college students in Seoul. The potential respondents of our main survey was limited to the customers who have visited more than two restaurants/stores of the same franchise brand. Survey invitation e-mails were sent out to the panels of a market research company and a total of 257 responses were used for analysis. Following the guidelines of Kano model, each of the twenty quality features was classified into one of the five types based on customers' responses to a set of questions: "(1) how do you feel if the following quality feature is fulfilled in the franchise restaurant that you visit," and "(2) how do you feel if the following quality feature is not fulfilled in the franchise restaurant that you visit." The analyses revealed that customers' dissatisfaction with franchisees is commonly associated with the poor level of cleanliness of the store (w=-0.872), kindness of the staffs(w=-0.890), conveniences such as parking lot and restroom(w=-0.669), and expertise of the staffs(w=-0.492). Such quality features were categorized as Must-be quality in this study. While standardization or uniformity across franchisees has been emphasized in franchise business, this study found that consumers are interested only in uniformity of price across franchisees(w=-0.608), but not interested in standardizations of menu items, interior designs, customer service procedures, and food tastes. Customers appeared to be more satisfied when the franchise brand has promotional events such as giveaways(b=0.767), good accessibility(b=0.699), customer loyalty programs(b=0.659), award winning history(b=0.641), and outlets in the overseas market(b=0.506). The results are summarized in a matrix form in Table 1. Better(b) and Worse(w) index indicate relative importance of each quality feature on customer satisfaction and dissatisfaction, respectively. Meanwhile, there were differences in perceiving the quality features between light users and heavy users of any specific franchise brand in the food service industry. Expertise of the staffs was labeled as Must-be quality for heavy users but Indifferent quality for light users. Light users seemed indifferent to overseas expansion of the brand and offering new menu items on a regular basis, while heavy users appeared to perceive them as Attractive quality. Such difference may come from their different levels of involvement when they eat out. The results are shown in Table 2. The findings of this study help practitioners understand the quality features they need to focus on to strengthen the competitive power in the food service market. Above all, removing the factors that cause customer dissatisfaction seems to be the most critical for franchisees. To retain loyal customers of the franchise brand, it is also recommended for franchisor to invest resources in the development of new menu items as well as training programs for the staffs. Lastly, if resources allow, promotional events, loyalty programs, overseas expansion, award-winning history can be considered as tools for attracting more customers to the business.

• Horticultural Science & Technology
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• v.31 no.5
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• pp.640-647
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• 2013

This study was conducted to provide exportation strategy by surveying on preference of Japanese consumers on cut chrysanthemum exported. The survey was conducted two times by a local survey company in Japan, and the surveys were conducted largely on chrysanthemums for casual flowers and the altar. After departmentalizing Japanese consumers per groups the result were analyzed through conjoint and cluster methods, flower colors and shape were used relatively higher rate for selection criteria of flowers in every group in the case of casual flowers. Group 1 comprised of 60 year-old housewives who reside in a small city with high school diploma and annual income less than 300 million yen, and group 2 of 40 year-old housewives who are small city residents with high school diplomas and annual income of 300 million yen show higher rate of use in flower shape than colors. Another group 3 whose members are 50 year-old housewives, small city residents with high school diplomas and annual income of 600 million yen showed higher rate of use colors than the shape for selection criteria of flowers. The consumption characteristics according to the ages of the consumers showed a pronounced tendency. The 40-50 year-old housewives preferred single flowers packed with other flowers, and the 60 year-old housewives double flowers packed with only chrysanthemums. In flower color, the 50-60 year-old housewives preferred white and yellow flowers, and the 40 year-old housewives pink and yellow flowers. Therefore, there are needs for development strategy of new products considering the consumption characteristics of flower shape and color according to the ages of consumer. After analyzing the chrysanthemums for altar by departmentalization of Japanese consumers, every group showed relative higher rate of use for flower shape for selection criteria of flowers. According to the analysis on the consumption characteristics, group 1 which is comprised of 30-40 year-old housewives who reside in small city with high school diplomas and income less than 300 million yen, and the group 2 of 20 year-old housewives who reside in small city with college diplomas and annual income less than 300 million yen. They are very sensitive to the price of the products while the group 3 of 50 year-old housewives who reside in small city with high school diplomas and annual income less than 300 million yen are insensitive to the price. The 30-50 year-old housewives preferred white and pink flowers, and the 20 year-old housewives yellow and pink flowers. In flower shape, the 50 year-old housewives preferred anemone shape, the 30-40 year-old housewives double shape, and the 20 year-old housewives pompon shapes. Therefore, the white, double flowers for the 30-40 year-old housewives and the yellow, pompon flowers for the 20 year-old housewives are needed to be created at the lowest cost, while the white, anemone flowers are needed to created at higher cost with high quality. In light of these results, it is considered that we should understand the types of purchasing products through consumption characteristics of Japanese consumers. Also we should plan, create market-oriented and consumer-oriented products, and should export them in order to expand more exportation.

• Journal of Korean Ophthalmic Optics Society
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• v.11 no.3
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• pp.231-240
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• 2006

This study conducts a questionnaire survey of 492 middle school students in Jeju islands about the rate of using glasses/contact lens, the place and time of visual acuity test, the period of changing the glasses, the purchase price, the mason to change the glasses, the interrelationship between wearing spectacles and residential district, etc. The results are as follows: 1. 45.33% of the object of investigation use the glasses or contact lens to correct their visual acuity. Among them, the student who wears only glasses is 93.27%, the student who wears glasses and contact lens together is 5.83%, the student who wears only contact lens is 0.90%. 2. As for the period of changing his(her) glasses, below 6 month is 20.18%, from 6 month to one year is 52.02%, from one year to two years is 20.18% and more than two years is 7.62%. 3. As for the purchase price to change his(her) glasses, below 30,000won is 13.45%, from 30,000won to 50,000won is 43.50%, from 50,000won to 70,000won is 23.77%, from 70,000won to 100,000won is 15.25% and more than 100,000won is 4.03%. 4. As for the reason of changing his(her) glasses, cause of change of visual acuity is 55.16%, by broken frame and lens is 27.35%, as want to just change his(her) spectacles is 14.80% and as the others is 2.69%. 5. As for the relative importance in purchasing glasses, the student who thinks more frame is 16.59%, the student who thinks more lens is 67% and the student who thinks both frame and lens is 58.74%. 6. As for the frist time of visual acuity test, 1 grade of elementary school is 37.2%, 3 grade of elementary school is 12.56%, 4 grade of elementary school is 11.66% and 6 grade of elementary school is 11.66%. 7. As for the place of visual acuity test to determine the Dptr. of glasses which wear now, opitican's shop is 57.85% and ophthalmic clinic is 42.15%. 8. As for the frist time of wearing the glasses or contact lens for correct his(her) visual acuity, the most of answer(21.97%) is at 6 grade of elementary school. 9. As for the reason why does not wear the glasses or contact lens though his(her) naked binocular vision is below 0.8, as does not feel any difficulty in daily life is 62.5%, as know that the more wear, the more decrease his(her) visual acuity is 15.65%, by economical circumstance is 6.24% and as not good externally is 15.63%, respectively.

• Journal of Distribution Research
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• v.16 no.5
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• pp.171-192
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• 2011

This paper focuses on the retail industry of industrial share of the GDP, productivity of distribution industry and input-out analysis between Korea and Japan, also results are summarized as follows. First, the share of GDP in agriculture, forestry and fisheries of the both countries is falling. That of manufacture increases in South Korea, while Japan is falling. While distribution industry shows vice versa. Employed population by industry is falling both countries also. The relative labor productivity shows that agriculture, forestry and fisheries, retail industry needs more labor, while manufacture has been met for both countries. Second, compare to Japan, the retail industry of Korea has been increased since 1990. Likewise, overall productivity of distribution industry in Korea has been increased while almost that of Japan has declined. Third, production inducement effects of Japan are greater than that of Korea. On the other hand, import inducement effects show vice versa. Fourth, as shown from the final demand of distribution industry and the rate of dependence on production inducement, we can see that the “increase in stocks” increases while gross government fixed capital formation shows vice versa. Korea's private consumption expenditure increases while Japan shows versa. South Korea's government consumption expenditure and exports are rising, on the other hand, that of Japan is declining. Fifth, the rate of dependence on distribution industry and import inducement shows the same tendency from both countries. As we can see from the private consumption expenditure, government consumption expenditure, gross government fixed capital formation, gross private fixed capital formation, increase in stocks, the rate of dependence on import inducement is more effective than the rate of dependence on production inducement. While the exports are comparatively ineffective. Sixth, the degrees of influence of retail industry are similar between Korea and Japan, while sensitivity of the Korean industry has been weakened. In this sense, strong policies are needed to boost the industry. Seventh, the investments in the retail industry of Korea showed the public-led trend, while Japan showed private sector-led investment trend. The investment trend of Korea's retail industry will be switched into private sector-led investment step by step in the future. This finding will be an important clue to set the policy direction of Korea distribution industry. Finally, both Korea and Japan are still in need of employment in retail industry. Not addressed in this paper, such as value-added-induced effects, employment inducement effect, will be remaining challenges in the following paper.

• Journal of The Korean Society of Grassland and Forage Science
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• v.31 no.2
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• pp.151-158
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• 2011

This study was carried out in 2010 to investigate the utilization and nutritive value of native grasses, such as Phragmites communis and Miscanthus sinensis which might reduce the cost of feeding domestic cattle. The regions within the Civilian Control Line in Paju and Sihwa region in Ansan were surveyed. In Paju, the yearly silage production was 900 MT harvested from 90 ha (10 MT/ha). About 30~50% of these were sold out at the marketing price of 52,000~55,000 Won per roll (130~137.5 Won/kg). Regrown Miscanthus sinensis of 70 cm in length contained 9.6% of crude protein (CP), 82.4 of relative feed value (RFV), and 67.7% of in vitro dry matter digestibility (IVDMD). Regrown Phragmites communis of 70 cm in length contained 13.8% of CP, 84.3 of RFV, and 67.9% of IVDMD. As harvesting was delayed, the quality was decreased dramatically. In Ansan region, Phragmites communis plantation covers 100 ha. The silage production was 550 MT from the area of 50 ha (11 MT/ha) in 2009. And the marketing price was 50,000 Won per roll. But in 2010 only a small amount of grasses could have been baled due to frequent and much rainfall from spring to summer season. However, the good forage quality was observed from regrown Phragmites communis of 80 cm in length, 12.9% CP, 99.8 RFV and 66.6% IVDMD, while that of late matured grasses was very low, 2.2% CP, 52.9 RFV and 36.4% IVDMD, greatly lower than forage quality of rice straw. The quality of grasses at bloom stage of 150 cm in length was similar to that of rice straw, showing 4.5% CP, 59.9 RFV and 42.2% IVDMD. In conclusion, the overall quality of most native grasses in this survey were very poor. Therefore, we recommend that Phragmites communis and Miscanthus sinensis should be harvested during June or July to obtain better forage quality which is richer in forage values than rice straw. Production of high quality forage crops was also desirable for self sufficiency of forage.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.3
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• pp.502-516
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• 2014

This study has decomposed the Gini coefficient using Korean Labor & Income Panel Study data and empirically analyzed the impact of demographic characteristics and source-specific income of householder on the household income gap using panel analysis. The scope of areas were divided into 'nationwide,' 'metropolitan areas,' and 'non-metropolitan areas,' and the period before and after the global financial crisis was examined. The analysis findings are as follows. First, when the entire period was examined by income source using Gini decomposition with division of areas into 'nationwide,' 'metropolitan areas,' and 'non-metropolitan areas', the following results were revealed. The absolute and relative contribution level of property income to the gross income was the largest in the category of 'nationwide' and 'metropolitan areas,' while the contribution level of earned income was the largest in the category of 'non-metropolitan areas'. In addition, property income worsened the household income gap the most in the category of 'nationwide' and 'metropolitan areas.' Second, property income worsened the household income gap less after the financial crisis than before the crisis. It is probably because the price of real estate skyrocketed before the global financial crisis, worsening the household income gap, whereas the price drop after the crisis temporarily alleviated the gap. Third, a correlation analysis revealed that households with older householders whose education is high school graduation or below had relatively low gross income, and households with higher source-specific income, especially earned income, had relatively high gross income. Fourth, when the household income determinants were compared through panel analysis with division of areas into 'nationwide,' 'metropolitan areas,' and 'non-metropolitan areas,' the following results were obtained. While the impact of earned income, financial income, and other incomes was greater in non-metropolitan areas than in metropolitan areas, the impact of property income was greater in metropolitan areas than in non-metropolitan areas. To reduce the income gap, the government should impose higher taxes on the high-income class and provide tax benefits to the low-income class, with efforts to create a wide variety of jobs. In addition, since income inequality gets worse as the proportion of incomes generated through asset holdings becomes higher, the government should focus on stabilizing property prices while paying attention to the regional differentiation when carrying out related policies.

• Korean Journal of Construction Engineering and Management
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• v.25 no.2
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• pp.23-35
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• 2024

This study analyzed the correlation between each of the 12 influencing factors in FAR 16.04 and the decision-making process for construction contract types, using data from a total of 2,406 DoD Construction Acquisitions spanning from 2008 to 2022. The study considered 12 independent variables, grouped into 4 Characteristics with 3 factors each. Meanwhile, all other contract types were categorized into two types: Firm-Fixed-Price (FFP) and Cost-Reimbursement Contract (CRC), which served as the dependent variables. The findings revealed that FFP contracts significantly dominated in terms of acquisition volume. In line with prevailing beliefs, logistic data analysis and Analytical Hierarchy Process (AHP) analysis of Relative Weights from Experts' Survey demonstrated that independent variables like Uncertainty of the Scope of Work and Complexity found out to be increasing the likelihood of selecting CRC. The number of contractors in the market does indeed influence the possibilities of contract decision-making between CRC and FFP. Meanwhile, the p-values of the top 3 influencing factors on CRC from the AHP analysis-namely, Appropriateness of CAS, Project Urgency, and Cost Analysis-exceeded 0.05 in the binominal regression results, rendering it inconclusive whether they significantly influenced the construction contract type decision, particularly with respect to payment methods. This outcome partly results from the fact that a majority of respondents possessed specific experiences related to the USFK relocation project. Furthermore, influencing factors in construction projects behave differently than common beliefs suggest. As a result, it is imperative to consider the 12 influencing factors categorized into 4 Characteristics areas before establishing acquisition strategies for targeted construction projects.

• Journal of Agricultural Extension & Community Development
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• v.20 no.4
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• pp.1181-1216
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• 2013

This study was accomplished to enhance brand value for hanwoo and to develop strategy for brand positioning that move customer's heart. This study in order to achieve the research was carried out as follows: First, the cluster analysis based on demographic characteristics for consumer on the basis of three types segmentation on market was conducted. Market A was consisted of a well-educated, high-income and young bracket. Market B was consisted of a well-educated, high-income and middle-aged bracket. Market C was consisted of a low-income and middle-aged class. Second, consumer's positioning map was analyzed based on perceiving data which are products' functional, emotional, and self-expressive benefits about consumer's feeling beef products. This study was analyzed each relative brand advantage and structure of competition on segmented market by conjoining each brands positioning map and feature vectors map. By the result of the analysis, each brand's positioning strategy was devised. As a result of the study, the hoengseong hanwoo is competitive about all kinds of market. We chooses that hoengseong hanwoo's target is A market, because that brand is evaluated as a high-ranked quality by high-class image of luxury price, quality, brand image. For management improvement sake, this brand(the hoengseong hanwoo) is needed to effort for promoting consumer's awareness about safety and reliability.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.2
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• pp.233-247
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• 2016

Local food industry has been spreading all over the world. Korea is also actively applying and developing local food industry. However, relatively high distribution cost in Korean agricultural market is hindering its further growth. Distribution cost has close relation with shipping distance. Raised distribution cost brings major impacts not only on quality and price of products but also on greenhouse gas(carbon dioxide) emissions. Therefore, it is necessary to find a solution for inefficient distribution system of the local food industry to reduce overall cost and greenhouse gas. In this study, we present a location selection model for local food regional center using Analytic Hierarchy Process. The location of local food regional hub center is decided based on expert opinions on five factors: accessibility, quality, population, size of area, and shipping distance. The relative importance of the five factors has been concluded as follows: quality (0.430) ${\gg}$ population (0.262) ${\gg}$ travel distance (0.201) ${\gg}$ accessibility (0.075) ${\gg}$ and area (0.033). We apply and analyze the environmental management system model for Local food industry to develop the regional hub center site selection criteria and to analyze the effects of greenhouse gas emissions in the local food industry. This study, by applying and analyzing the environmental management system of the local food industry, is believed to be a valuable asset for managing greenhouse gas emission in the local food industry. Also, the data will be used for the autonomous local food industry's direct sales stall management. Eventually, this study will contribute so greatly to the local food industry's competitiveness that even large distribution companies will give way for the local food industry.