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Voluntary Delisting In Korea: Causes And Impact On Company Performance
Get PDFThis research investigates the attributes of firms that choose to voluntarily delist in Korea, including the evolution of firms after delisting, using performance indicators such as total assets, revenue, and net income. Empirical evidence suggests that the higher the shareholding ratio of the largest shareholder and the higher the growth prospects and liquidity, the greater the incentive for voluntary delisting. In addition, firms in non-high-tech industries choose to delist more often than those in high-tech industries. Further, firms that have delisted show lower total assets, revenues, and net incomes than listed firms, and these gaps increase over time
The Relationship Between Chaebol And Firm Value Using Bayesian Network
Get PDFThe purpose of this study is to analyze the effects of being a chaebol company, the biggest company characteristic variable, on firm value. It tries to overcome the limitation of multiple regression analysis mostly used in preceding research. That is, as multiple regression analysis assumes uniform linearity between dependent and independent variables, it could not reflect the diverse types of the real world. Thus, based on being a chaebol company and financial information, company characteristic variables influencing firm value, this study derives causal relationships existing between them. The results could help managers and various accounting information users in their decision-making by providing them with information of what company characteristics would directly or indirectly influence firm value. To this end, this study utilizes Bayesian Network and attempts Markov Blanket. In the end, all the analysis methods used in this study not only provides significant results, but also raises its practical value by offering information of diverse situations that could occur in the real world
The Effect Of Brand Experience Provider On Brand Experience: Focus On Korean Cosmetic Brand Shop
Get PDFThis present research distinguishes brand experience providers of cosmetic companies that include three elements: Brand identity elements of cosmetic brand shops (feminine and environmental-friendly brand identity); Marketing mix elements (level of iconic product, level of steady-seller product, reasonable pricing, convenience of location, quality of additional service); Cosmetic brand store elements (effective product assortment, atmosphere of a store, availability of testers, proficiency of consultants). This paper aims to explore these elements and the effect of brand experience provider on all brand experience dimensions; sensory, affective, intellectual, and behavioral experience. After the review of extant studies, we propose 11 hypotheses.
Based on the collected 295 consumers of experienced cosmetic brand shop, the proposed model is testified with the SPSS 15.0 and AMOS 7.0 is supported. According to the result of empirical analysis, it turns out that, in terms of characteristics of brand experiential provider, 'feminine brand identity', 'iconic product', 'steady seller product', 'convenient location', 'additional service quality', 'assortment', 'atmosphere', 'self-tester', and 'consultant' affected the customers' holistic brand experience of cosmetic brand shop. However, 'environmental-friendly brand identity', 'reasonable price' results to have no influence on the holistic brand experience of brand of cosmetic brand shop. The study produced a theoretical implication on brand experience that it empirically approached to factors of brand experiential provider on holistic brand experience of store. The earlier studies were at best conceptual analysis or they mainly dealt with in-store factor, whereas this paper divides factors that affect the customer's overall experience into 'brand identity', 'marketing mix strategy', and 'physical environment of in-store'
Double Deviation Investigation Of Perceived Service Recovery Justice: A Study On The Indonesian Airline Industry
Get PDFThis study aimed to establish a fair service recovery model based on customer perception on the Indonesian domestic airline industry under force majeure conditions. The study tried to investigate the influence of perceived service recovery justice on service recovery satisfaction (SRS), repeat purchase, and word of mouth (WOM). A sample of 300 aircraft passengers was selected using a survey. The response rate was 84.33%. Regression analysis was employed to verify the hypotheses. Based on the empirical research, it was found that perceived service recovery justice (distributive, procedural, and interactional justice) positively influenced SRS. Furthermore, the mean values of all three perceived justice variables were lower. Thus, it can be confirmed that double deviation occurred. The study also found that satisfied consumers tend to make repeat purchases and spread positive WOM. Consumers who experience dissatisfaction spread negative WOM but still make a repeat purchase. This indicates that even though customers experienced double deviation of service failures, they are still loyal to the company
The Impact Of Systemic Loss Given Default On Economic Capital
Get PDFEmpirical studies have demonstrated that loan default probabilities (PD) and loss given defaults (LGD) are positively correlated because of a common, business cycle, dependency. Regulatory capital requirements demand that banks use downturn LGD estimates because the correlation between PD and LGD is not captured. Economic capital models are not bound by this constraint. We extend and implement a model which captures the PD and LGD correlation by exploring the link between defaults and recoveries from a systemic point of view. We investigate the impact of correlated defaults and resultant loss rates on a portfolio comprising default-sensitive financial instruments. We demonstrate that the systemic component of recovery risk (driven by macroeconomic conditions) exerts greater influence on loss estimation and fair risk pricing than its standalone component
Innovation Policy And Governance In The African Region
Get PDFThis paper undertakes a desktop examination of innovation policy and governance in Africa. The article therefore adds on to the importance of intra-African region innovation policy dialogue by exploring policy developments in the African region. The article identifies a weak and fragmented innovation system as a major challenge facing many of the African countries, exacerbated by the lack of an explicit innovation strategy. The literature indicates that Science, Technology and Innovation (STI) policies should not simply adopt a science-push approach to innovation, but rather focus on building an entire system of innovation. The emergence of a knowledge-based economy and globalisation such as the BRICs - Brazil, Russia, India, China and South Africa are restructuring the dynamics of innovation in developing countries. The literature has also shown that several international organisations have played significant roles in the development of Science and Technology (S&T) policies among African countries. However, the international organisations initiatives have mostly focused on the development of S&T with minimal emphasis on the role of policies and administration, which would increase learning and innovation performance in Africa. The central premise of the article is that innovation policy and governance is an essential component of the National System of Innovation in the African region
The Psychology Of Work: Changes In The 21st Century
Get PDFWork is something common to all of humanity and it always has been. Throughout human history there have been many major revolutions in the world of work that have changed how people work and the types of things that they produce. The Agricultural Revolution changed how people produced and used food and changed how and where they lived. Similarly, when humans started producing pottery and metal tools and weapons there were additional changes in work and what kinds of things people did to support and protect themselves. The Industrial Revolution resulted in significant changes in the nature of work, but also where people worked and lived and they kinds of products they were now able to produce. More recently, the Information Revolution has also dramatically changed the nature of work and what people do while at work.This paper will review the nature of work and look at this topic as an important part of the psychology of humans and how work has changed over the centuries and millennia and what it looks like today. By work we mean, “A purposeful activity that is intended to facilitate survival, comfort, protection of the society, and self-fulfillment.” In addition to examining the history and evolution of work, this paper examines the functional nature of work and how that has changed and evolved as well. In addition, the motivational basis of work will be examined and the various reasons why people work will also be explored as well. One of the principal foci of this paper will be a thorough examination of how work is changing in the 21st century and looking at how globalization and technology have changed the world of work and the psychological importance of work today
The Capital Asset Pricing Model And Fama-French Three Factor Model In An Emerging Market Environment
Get PDFThis paper tests the validity and accuracy of the Capital Asset Pricing Model and the Fama-French Three-Factor Model, by predicting the variation in excess portfolio returns on the Johannesburg Stock Exchange. Portfolios of stocks were constructed based on an adapted Fama-French (1993) approach, using a annual sorting procedure, based on Size and Book-to-Market metrics respectively. The sample period spans six years, 2010 to 2015, and includes 46 companies listed on the JSE. The results indicate that both models perform relatively poorly because of inadequate market proxy measures, market liquidity restrictions, unpriced risk factors and volatility inherent in an emerging market environment. The Value Premium is found to explain a larger proportion of variation in excess returns than the Size Premium, and is more pronounced in portfolios with relatively higher book-to-market portfolios
Industrial Sponsor Perspective On Leveraging Capstone Design Projects To Enhance Their Business
Get PDFCapstone design projects have become commonplace among engineering and engineering technology programs. These projects are valuable tools when assessing students, as they require students to work in teams, communicate effectively, and demonstrate technical competency. The use of industrial sponsors enhances these projects by giving these projects more of a “real world” feel. Most of the research into capstone design projects focuses on student learning as well as the overall design process. However, very little research has been performed from the perspective of the industrial sponsor. In this paper, an industrial sponsor who has sponsored several large-scale capstone design projects presents their perspective on working with students on these projects. These projects serve as training systems for their existing employees and clients, and offer the sponsor the opportunity to evaluate the students as prospective future employees
Exploring Strategies That Influence Children’s Physical Activity Self-Efficacy
Get PDFInsufficient physical activity during the elementary school years has been associated with a number of health problems (Strong et al., 2006). During the school day, the recess period provides the greatest opportunity for children to engage in physical activity (Robert Wood Johnson, 2007). Nonetheless, most children spend the majority of their recess time in active. One strategy for increased physical activity during recess is to develop related interventions that reinforce physical activity from the school itself. While some research studies have identified modifiable factors, research suggests that a greater level of physical activity self-efficacy is the strongest predictor of increased physical activity among elementary-aged children (Coakley, & White, 1992; Mulvihill, Rivers, & Aggleton, 2000; Trost, Pate, Saunders, Ward, Dowda, & Felton, 1997; Trost, 1999; Zakarian et al., 1994). Research suggests that strong influences on this age group include a teacher’s encouragement and competent adult modeling (Chase 1995, Lirgg & Feltz, 1991; Trost et al. 2003). The purpose of this study is to compare whether a teacher’s encouragement alone and modeling by a competent adult alone influence children’s recess time physical activity self-efficacy. In our study, this construct is measured through barrier self-efficacy (adult encouragement and other) and task self-efficacy (light, moderate, and vigorous). One hundred sixty-one students were assigned randomly to one of three groups: 1) modeling 2) encouragement, and 3) comparison. We collected pretreatment and posttreatment self-efficacy data as well. There was no significant interaction between the treatment and gender on self-efficacy. However, there was a significant main effect detected for treatment on adult encouragement barrier self-efficacy. Findings suggest that when teachers encourage children to be active, they may internalize the encouragement and become less dependent on external sources of encouragement to motivate them to be active during recess.