Jang Gu Kang and Jeong Jin Lee
Traditionally, people values KTB futures contracts using the model based on the cost-of-carry argument. However, the underlying commodity for the KTB futures is non-tradable, and…
Abstract
Traditionally, people values KTB futures contracts using the model based on the cost-of-carry argument. However, the underlying commodity for the KTB futures is non-tradable, and so the cost of carry argument cannot be applied to the KTB futures. This paper regards KTB futures contracts as interest-rate derivatives, and prices them using the Black-Karasinski (B-K) term structure model. This paper documents that (1) the market prices of KTB futures are more close to B-K model price than the price by the cost-of-carry argument, though the KTB futures are generally underpriced in the market even under the B-K model; (2) The extent of underpricing is a decreasing function of the remaining maturity of the futures, and becomes smaller recently; (3) The cost of carry argument relatively overprices the KTB futures, and the degree of overpricing is a decreasing function of interest rates and the remaining maturity of the futures; (4) The daily resettlement in the futures contracts affects the futures price very little; (5) The trading strategies based on the theoretical pricing models produce very high trading profit.
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Mega-sporting events reportedly can offer many tangible and intangible benefits to the host country and regions, such as job creation, image improvement, local pride enhancement…
Abstract
Purpose
Mega-sporting events reportedly can offer many tangible and intangible benefits to the host country and regions, such as job creation, image improvement, local pride enhancement, social overhead capital investment and tourism business development. However, a paucity of studies in the literature have developed integrative models or have explored domestic tourist behavior in a general, or the sports tourism, context. To address this gap, the present study investigates the relationships between event quality, personal involvement, destination image and destination loyalty in the context of event sports tourism in order to provide sporting destination managers with valuable information for sustainable sports tourism development.
Design/methodology/approach
The authors collected information from 365 domestic tourists who attended the 100th National Sports Festival held in Seoul, South Korea, in 2019. Construct validity of the measurement scale was verified by confirmatory factor analysis (CFA), factor loadings, average variance (AVE) extracted and construct reliability (CR). Reliability of the measurement scale was verified by Cronbach's alpha analysis. The authors utilized structural equation modeling (SEM) with maximum likelihood estimation to analyze the predicted relationships.
Findings
The findings display the positive impacts of (1) event quality on destination image, (2) personal involvement on destination image, (3) personal involvement on destination loyalty and (4) destination image on destination loyalty. The findings indicate the key roles for event quality and personal involvement in improving destination image and the important roles of personal involvement and destination image in building destination loyalty.
Originality/value
The present study (1) contributes to the recent debate in the sports tourism literature over the relationship between the destination image and destination loyalty and (2) shows that there is no mediating role of the destination image on the relationship between the event quality and destination loyalty, and personal involvement and destination loyalty.
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Jin Jeong, Ha Kyung Lee and Yuri Lee
The purpose of this study is to investigate the effect of brand experiences through cafés or art spaces in luxury fashion flagships on consumers’ buying behavior toward authorized…
Abstract
Purpose
The purpose of this study is to investigate the effect of brand experiences through cafés or art spaces in luxury fashion flagships on consumers’ buying behavior toward authorized shopping channels.
Design/methodology/approach
Online questionnaires are used by adapting measurements from prior research. We test whether positive relationships exist between multi-faceted (i.e. sensory, emotional, intellectual, and relational) experiences, consumer’s revisiting intention toward the experiential spaces, and the purchase intention of luxury fashion goods from authorized channels, especially focusing on the mediation effect of the intention to revisit. We also include the experiential space type (cafés vs. art exhibitions) as moderator.
Findings
The results confirm that sensory, emotional, intellectual, and relational experiences in cafés or art exhibitions of luxury fashion flagships have a positive impact on the intention to revisit. This revisit intention to experience space has a significant effect on purchase intention from authorized shopping channels. Specifically, sensory experiences in an art space could lead to a positive revisit intention for consumers. Furthermore, relational experiences in cafés could create positive revisit intention in consumers.
Originality/value
This is the first study to compare consumers' perceptions by categorizing extended brand spaces and assessing experiential marketing for authorized shopping channels.
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Hyeon Jeong Cho, Byoungho Ellie Jin and Daeun Chloe Shin
Drawing on the resource-based view and contingency theory, this study aims to investigate the effects of organizational capabilities – technology capability and marketing…
Abstract
Purpose
Drawing on the resource-based view and contingency theory, this study aims to investigate the effects of organizational capabilities – technology capability and marketing capability – on small- and medium-sized enterprises’ (SMEs’) export performance and the moderating roles of contingent factors in this relationship in the context of a highly competitive export-oriented economy.
Design/methodology/approach
The research framework was tested using a three-way stepwise hierarchical multiple regression analysis with data gathered from 531 Korean international SMEs.
Findings
In addition to the direct effects of two types of organizational capabilities on export performance, the results show that both capabilities were critical when the export market was competitive, and marketing capability was more important when exporting with a brand name and targeting a developing country.
Originality/value
This study further extends the literature on SMEs’ internationalization in the context of highly competitive export-driven markets and highlights the importance of strategically allocating SMEs’ capabilities to reap optimal export performance by considering dynamic contingencies.
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Yoonhee Park, Jin Gu Lee, Hong Jeon Jeong, Min Sub Lim and Mi-Rae Oh
The purpose of this study is to investigate the structural relationships between protean career attitude, career resilience, proactive career behavior and external employability.
Abstract
Purpose
The purpose of this study is to investigate the structural relationships between protean career attitude, career resilience, proactive career behavior and external employability.
Design/methodology/approach
This study sampled 212 training apprentice employees who participated in training programs using a proportional stratified sampling in South Korea. The study tested the research model using structural equation modeling.
Findings
This study revealed that protean career attitude influenced external employability through career resilience and proactive career behavior. Career resilience fully mediated the relationship between protean career attitude and external employability and partially mediated protean career attitude and proactive career behavior. Proactive career behavior also mediated the relationship between protean career attitude and external employability.
Research limitations/implications
This study has a limitation by relying on cross-sectional data. In terms of theoretical implications, this study can add new knowledge to the protean career research by demonstrating that the protean career attitude influences perceived external employability through career resilience and proactive career behavior for the sample of young training apprentice employees.
Originality/value
This study uncovers the dynamic processes between protean career attitude and perceived external employability. Moreover, this study’s sample is significant because training apprentice employees are mostly young in their 20s and 30s with less than three years of working experience and working in small and medium-sized enterprises in South Korea.
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Myoung-Gi Chon, Lisa Tam and Jeong-Nam Kim
This study explores the interaction effects of organizational conflict history and employees' situational perceptions of COVID-19 on negative megaphoning and turnover intention.
Abstract
Purpose
This study explores the interaction effects of organizational conflict history and employees' situational perceptions of COVID-19 on negative megaphoning and turnover intention.
Design/methodology/approach
Survey data (N = 476) were collected from US citizens, who self-identified as full-time employees, through Amazon Mechanical Turk (MTurk) in August 2020.
Findings
Organizational conflict history (i.e. highly conflict-prone vs less conflict-prone workplaces) interacts with employees' situational perceptions of COVID-19 (i.e. inactive vs active publics) in affecting employees' negative megaphoning and turnover intention toward their organizations. Employees who are active publics on COVID-19 in highly conflict-prone workplaces reported the highest negative megaphoning and turnover intention. On the contrary, employees who are inactive publics on COVID-19 in less conflict-prone workplaces reported the lowest negative megaphoning and turnover intention.
Practical implications
COVID-19 is an uncontrollable, exogenous crisis for organizations. While it is expected that employees in highly conflict-prone workplaces would report higher negative megaphoning and turnover intention, this study found that employees' situational perceptions of COVID-19 would further exacerbate the effects. This finding reflects the importance of managing organizational conflicts continuously and preemptively while also segmenting and cultivating relationships with employees based on their situational perceptions of issues and crises.
Originality/value
This study identified the significance of the interaction of cross-situational factors (e.g. employees' recollection of organizational conflict history) and situational factors (e.g. employees' situational perceptions of issues) in affecting employees' negative behavioral intentions in crisis situations, even if the crises are exogenous and uncontrollable.
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The purpose of this paper is to explore structural relationships between quality, destination image, perceived value, tourist satisfaction and destination loyalty with emphasis on…
Abstract
Purpose
The purpose of this paper is to explore structural relationships between quality, destination image, perceived value, tourist satisfaction and destination loyalty with emphasis on the mediating effect of tourist satisfaction on relations between destination image and destination loyalty, and between perceived value and destination loyalty in the context of small-scale sporting events.
Design/methodology/approach
Construct validity of the measurement scale was verified by confirmatory factor analysis, factor loadings, average variance extracted, construct reliability and correlation analysis. Reliability of the measurement scale was verified by Cronbach’s α analysis. A structural equation modeling test with maximum likelihood estimation was used to test structural relationships between variables in the proposed model using the responses of 311 participants.
Findings
Results showed significant and powerful impacts of: event quality, destination image and perceived value on tourist satisfaction; destination image, perceived value, and tourist satisfaction on destination loyalty and demonstrated; and tourist satisfaction fully mediates relationships between destination image and destination loyalty, and between perceived value and destination loyalty.
Originality/value
The study shows: it is meaningful to include quality and value in tourism destination image-satisfaction-loyalty models; provides empirical evidence that tourist satisfaction fully mediates the relation between perceived value and destination loyalty; and confirms small-scale as well as large-scale sporting events should be viewed as important aspects of marketing strategies aimed at improving quality, image, value, satisfaction and loyalty.
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Hak Yoon Kim, Joon Hyung Park and Hyun Jeong Kim
The purpose of this study is to identify and explore what leadership characteristics constitute humanistic leadership in the South Korean context. Moreover, this study examines…
Abstract
Purpose
The purpose of this study is to identify and explore what leadership characteristics constitute humanistic leadership in the South Korean context. Moreover, this study examines how these leadership characteristics are connected to Korean culture.
Design/methodology/approach
Based on the information gathered from semi-structured interviews and other sources, including books, case study articles and news articles, this study captures a more comprehensive perspective of Mr. Kook-Hyun Moon, the former CEO of Yuhan–Kimberly.
Findings
The key characteristics of Mr. Moon's humanistic leadership that are identified in this study are: respect for all mankind, benevolence (seeking the greater good), sincerity (building trusting relationships with stakeholders) and continuous learning and innovation (developing self and others). These key characteristics set Mr. Moon apart from other leaders and are connected to the fundamental values and philosophies of Korean culture.
Originality/value
This study contributes to the current leadership literature by identifying and exploring Mr. Moon's humanistic leadership characteristics that enable him to gain respect and contribute to communities and society in the South Korean context. This study also finds that the humanistic leadership characteristics of Mr. Moon reflect three major attributes of Korean culture: the ideology of the Dangun mythology, the principle of Neo-Confucianism in Korea and jeong – an indigenous cultural concept in Korea (these attributes will be discussed in detail in the South Korean values and philosophies section). Such reflection suggests that investigating how humanistic leadership characteristics are connected to local cultural roots is important to enhance the understanding of humanistic leadership.
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Reza Ashari Nasution, So Won Jeong, Byoungho Ellie Jin, Jae-Eun Chung, Heesoon Yang, Robert Jeyakumar Nathan and Devi Arnita
The purpose of this study is to explore the acculturation caused by the Korean wave among Indonesian Muslim consumers, especially in the food and cosmetic sectors, based on…
Abstract
Purpose
The purpose of this study is to explore the acculturation caused by the Korean wave among Indonesian Muslim consumers, especially in the food and cosmetic sectors, based on religious grounds.
Design/methodology/approach
Data were collected through focus group interviews with 20 Muslim respondents in Indonesia.
Findings
The findings specifically highlighted that Muslim consumers’ acceptance of Korean products varied. Muslim consumers’ acceptance was influenced by similarities and differences in values between Islamic and Korean cultures. Consumers categorised into each acculturation mode (assimilation, separation, integration and marginalisation) showed different behavioural patterns in Korean product acceptance. This study proposes that global products can be optimised through specific and targeted marketing campaigns for different types of Muslim consumers with products that comply with their religious values.
Originality/value
Few studies have explored the importance of religious values (e.g. righteousness, compassion and respect for others) with respect to the acceptance of foreign products in the acculturation context. Additionally, how values from other cultures reconcile with the Indonesian Muslims’ affinity for Korean culture has been limitedly studied. This study aims to fill these gaps by identifying the role of religious factors in the acceptance of global products by taking the example of Indonesian Muslim consumers and Korean products.