Jongchul Park, Kwanghyun Lee
Abstract
Different from the past studies, in this study we postulates that the consumers' trust play an essential mediating role in the relationship between the three dimensions (economic, philanthropic, environmental) of sustainable management and the customer satisfaction. Trust is conceptualized into two different forms: expertise-based trust and benevolence-based trust. A model integrating three dimensions of sustainable management, two forms of trust, and the customer satisfaction is tested using data of 210 consumers. The results of data analysis show that the corporate economic responsibility positively influences on the expert-based trust and benevolence-based trust. However, the corporate philanthropic, environmental responsibility have a significant impact not on the expert-based trust but only on the benevolence-based trust. Finally, our results indicate that the expert-based trust and the benevolence-based trust both have a significant influence on the customer satisfaction. Thus, this study demonstrates that trust indeed plays a mediating role between sustainable management and the customer satisfaction.
Keyword: sustainable management, trust, customer satisfaction
Abstract
The purpose of this paper is to introduce a new measurement way of clustering using hierarchical clustering analysis with DEA Tier analysis for investigating the M&As suitability in 1997 for Korean banking industry. Data for 25 banks with 9 variables (deposits, loans, amount of securities investment, no of employee, fixed capital amount, no of branches, core deposit, interests and charges) were used. Empirical main results are as follows: First, the results of hierarchical cluster analysis show the 4 clusters in production approach, 5 clusters in intermediation approach, and 3 clusters in value-added approach. Second, two results between hierarchical cluster analysis and DEA Tier analysis show the similar results. Third, the investigating results of the M&As suitability in Korean banking industry show that the close relations with M&As suitability were not found in production and value-added approaches, but the result of intermediation approach has shown the significant relationship. Policy planners of banking industry should introduce the hierarchical clustering analysis with DEA Tier analysis when they recommend the M&As to the bank CEOs, because these methods can give them the adequate partners for M&As in terms of inputs and outputs of Korean banks.
Keyword: Domestic Banking Industry, Hierachical Clustering, DEA Tier Analysis, M&A DEA, Clustering Approach
Abstract
This paper takes broad literature survey of the overall contemporary literatures on the relationship between financial development and economic growth. Many papers says that the relation between the financial development and economic growth is strongly positive. The study colligate the results of analyzes which factors induce corporate growth and what is the role of financial development in corporate growth(include causal relationship between financial development and economic growth). First, financial development is a very important factor in bringing about corporate growth. Second, the hypothesis that financial development accelerate the growth of companies can be identically proven both for high-tech industries or traditional industries. The financial development has a bigger effect on the corporate growth in case of high-tech companies rather than in traditional industries. Third, high-tech companies owes its accelerated growth more to the development of the stock market than to that of banks. Fourth, The financial development is crucial to corporate growth. These results from analysis provide some indication regarding how to design systems in a right direction. To begin with, Korea should push ahead with the further financial development to promote corporate growth. Not only banks in charge of efficiently allocating funds but also the stock market have to make an simultaneous growth. According to the time-series analyses for each countries from 1948 to 2002, we find private credit gives a significant effect on the high-income countries and financial development indicators are partially negative correlated with each growth indicator on the low-income and monetary crisis countries. And, we can find that the object and the methods of analysis makes no difference in the results.
Keyword: Financial Development, Economic Growth
Abstract
The relationship beliefs play an important role to the adaptive selling in a relation between insurance salesperson and customer. This study classify the relationship beliefs into intimacy relationship belief and control relationship belief, and try to find how they effect adaptive selling, and salesperson performance. Results indicate that intimacy relationship belief effect positively to the adaptive selling, whereas control relationship belief effect positively contrasted assumed. And also career have a moderating effect between relationship belief and adaptive selling. We describe the limitation and implications of this study.
Keyword: Relationship Beliefs, Adaptive Selling, Sales Performance, Salesperson's Career
Abstract
This study tests hedging strategies that use the gold futures to hedge the price risk of the gold spot. It employes the minimum variance hedge model and ECT-GARCH(1,1) model as hedge models. and analyzes their hedge performances. The sample period covers from April 1, 2006 to March 31, 2008. The main findings may be summarized as follows. First, the hedge performance of CBOT(Chicago Board of Trade) gold spot is higher than that of London gold spot with NY gold futures. Second, for both the in-sample data and out-of-sample, hedging effectiveness of the risk-minimum variance hedge model is higher than that of ECT-GARCH(1,1) model.
Keyword: gold spot, gold futures, hedge performance, minimum variance hedge model, ECT-GARCH(1,1) model
Sungman Sim, Byungsu Kim, Hyeontak Oh
Abstract
Recently, the choice of performance evaluation system has become one of the most importance challenges facing corporate performance measurement system play a critical role in setting organization's direction, making strategic decision and achieving desired goals. Particularly, there are some companies implementing Balanced Scorecard(BSC) to improve their performance measurement and control system. The main purpose in this paper is, by analyzing the whole procedure for implementing a BSC system in Korean Local Nonghyup Bank, to provide a best strategies. In order to fulfill the purpose, a Korean local agricultural cooperative(deal by the specialized local produce materials ; cheese, wine, traditional candy, Capsicum annuum, wild vine etc), which is a credit & economy business can be well-defined mission statements and strategies that are aligned to and measured by Its BSC system. The vision of local agricultural Cooperative are growth and development as first classic local credit & financial institution in 21c, so the strategies to accomplish vision are attainment of the futures' growth incentives through management innovations. According to this study results, local agricultural cooperative shows the establishment of BSC model's casual relationship. Namely, a casual relationship of study & growth viewpoint, a casual relationship of process & consumer viewpoint, a casual relationship of financial viewpoint, a casual relationship of process improvement &consumer satisfaction, all these relationship are established meaningfully. Also, through inside process improvement for consumer, it means the facility improvement with increasing the number of consumer by improvement consumer satisfaction measurement through inside process improvement for consumer. In order hands, this study contributes to change segmented department strategy into several viewpoint of BSC and enhance goal establishment centered in a casual relationship of performance motives.
Keyword: BSC, Balanced Scrore Card
Haohao Li, Chungweon Yoon, Wanpeng Cheng, Fangfang Shu
Abstract
China has become a huge producer as well as a huge consumer of steel, and it has been ranked No.1 in steel production since 1996. A huge demand for steel guarantees the steady development of the iron and steel industry for the next 10 to 20 years. While China’s steel industry is faced with many urgent and difficult problems, such as difficulties in iron ore negotiations, low concentration ratios, high energy consumption, environmental pollution and irrational product mix, the global financial crisis, has made it more urgent that these difficulties and problems be solved. In this paper, the author holds that to improve iron ore negotiations, China requires revoking the import licenses of enterprises and authorizing an institution to be in charge of the import of iron ore, introducing a competition mechanism to split the oligopoly at the same time. It is advisable for China to increase the government investment on and strengthen the exploitation of foreign resources in order to reduce reliance on the big three mining companies. Additionally, to increase industry concentration, it is suggested that China's steel industry implement a strategy of integration, and strengthen annexation and reorganization of steel industries. At last, China's steel enterprises needs to enhance innovative abilities to solve such problems as high energy consumption, environment pollution and irrational product mix.
Keyword: China, International Negotiation, Reorganization, Integration, Independent Innovation Ability
Nakhwan Choi, Sunkyu Kim, Mintaek Kwon
Abstract
When customers retrieve an attractive, self-relevant brand identity information from their memory, they prefer the brand. As the brand identity is evaluated attractive compared to other brands, the customers feel identification, preference, and attachment. The brand reputation is based on the way in which the customers recognize quality and function of the brand. The increased brand reputation attracts customers, makes the customers recommend the brand to their reference groups, and brings an opportunity to strenthen its salience. In addition, an attractiveness of brand is influenced by compounding of the attributes. When a customer consumes brands, he or she constructs his or her self, and creates personal identity through brand association. Furthermore, when the self concept is communicated with others, the customer feels brand identification reflecting the self concept by connecting his or her self with the consumed brand. Therefore, this study has approached the process of forming brand loyalty based on brand attractiveness and brand salience. In this context, the dual factors affecting the formation of brand identity salience and brand identification have been searched. Also effects of the factors on customers' behavioral response (loyalty and purchase intension) have been studied. As the results, first, this study has revealed that customers easily retrieve the information of a famous apartment-brand from their memory to make the brand salient. Second, among the attributes of the apartment-brand, environment and space, price affect the identity attractiveness leading to brand salience and identification which affect the level of loyalty and repetitive usage.
Keyword: brand identity, brand prestige, brand identity salience, brand identification, brand identity attractiveness, loyalty
Qiliang Shi, Chungweon Yoon, Wanpeng Cheng
Abstract
E-business is defined as "the continuous optimization of a firm's business activities through digital technology", But without correct philosophies or concepts to guide the business activities and operations in the Internet age, neither the business nor the technology would go as far as they should. The Internet has brought us various opportunities while setting up great challenges. This paper is to talk about two modern marketing philosophies - globalization and co-opetition, with which we cope with the challenges we are confronted with.
Keyword: globalization; co-opetition; Internet Age
Chaehun Song, Jongeun Park
Abstract
Outsourcing is a viable option for companies. Businesses outsourcing owing to many reasons-increase shareholder value, reduce costs, business transformation, improve operations, overcome lack of internal capabilities, keep up with competitors, gain competitive advantage, improve capabilities, increase sales, improve service, reduce inventory, increase inventory velocity and turns, mitigate capital investment, improve cash flow, tum fixed costs into variable costs and other benefits, both tangible and intangible. To the maximum, and if done correctly, outsourcing and business process outsourcing can be used to create a viable virtual corporation. 3PLs have led the way in logistics outsourcing. Drawing on its core business, whether it be forwarding, trucking or warehousing, they moved into providing other services for customers. Creation of a 3PL presented a way for a commodity-service logistics provider to move into higher margin, bundled services. Customers, anxious to reduce costs, want what 3PLs have to offer. The potential market opportunity for outsourced logistics service providers, whether domestic, international and or global is huge. But something has happened on the yellow-brick road. The reasons are varied, but the bottom line is many have failed at their own business transformation. Some 3PLs have not moved past their core commodity service to become true multi-service providers. Or international 3PLs have not understood how to provide domestic services; or domestic ones have not succeeded at venturing into international logistics services. 4PLs. Into the service vacuum created by 3PLs, the 4PL has emerged. Using a 4PL, fourth party logistics service provider, is different than the traditional 3PL. Much on 4PLs discusses technology. Technology is not the answer; it is part of the answer. It is one element of success of process, people and technology. 4PLs see the process and what is required to make it succeed. A good 4PL will have the shipper perspective and experience in what he does and offers to prospective customers. That means a better understanding of the complexity of the customer's requirements, present viable solutions and to have customer satisfaction and retention. The firm sees the relationship, not a chunk of freight. Instead the BPO provider seeks incentives and metrics to define the relationship and collaborates with each customer as to goals and outcomes. A 4PL wants to position itself as an extension of and part of its customer. This BPO provider recognizes the role of and need for information technology in managing the process. Conclusion. Some 3PLs have not fully stepped up to meet the exact needs of customers. Some have become too focused on "managing" tasks, not processes and on serving the parent company's core business, and have missed opportunities to present value. The 4PL opportunity exists because 3PLs failed to meet the real logistics/supply chain requirements of customers. There will not be a "mode
Keyword: Outsourcing, 4PLs, BPO logistics, 3PL
Boyeon Min, Minho Kim
Abstract
This paper analyzes the corporate characteristics based on export performance of the Korean IT(Information Technology) born-global firms. The results show that the born globals with higher export intensity tend to achieve speedy internationalization than their less speedy counterparts. The debt ratios and ROE's for the higher export performance group are higher than the lower group. However, the firm size and market returns have little relationship with the export performance.
Keyword: Born-globals, Export Performance, Internationalization