Won-Seok Woo, Suhyun Cho, Kyung-Hee Park and Jinho Byun
This paper aims to investigate the causes of mergers and acquisitions (M&A) deals that acquiring firms pay excess premium beyond the market-expected level and examine the relation…
Abstract
Purpose
This paper aims to investigate the causes of mergers and acquisitions (M&A) deals that acquiring firms pay excess premium beyond the market-expected level and examine the relation between the announcement return and long-term performance of the acquiring firms.
Design/methodology/approach
Based on a sample of 1,767 US firms’ M&A deals from 2000 to 2014, the authors use the expectation model used by Ang and Ismail (2015) to measure normal offer premium in an M&A deal. They conduct the standard event study methodology to observe the market reaction for acquiring companies on the announcement day. Buy-and-hold abnormal returns are used for the main explanatory variable so as to find the impact of the premium paid on the long-term performance of the acquirer.
Findings
First, acquiring firms are faced with negative market returns when acquiring firms pay excess premiums. Second, poor long-term performance of the acquiring firms is observed if acquiring firms pay excess premium. Finally, the negative relation between excess premium and acquiring firms’ long-term performance weakens, as the sample period becomes longer.
Research limitations/implications
The hypotheses and results of the empirical study are as follows. First, the acquirer’s market reaction on the announcement day is negative when it pays an excess offer premium. This is because the market perceives the premium to be greater than the value of the deal, which damages the value of the market, as it is not perceived as a proxy for future synergy. Second, the acquirer’s long-term performance is low when it pays the excess offer premium. It is the same result as the acquirer’s market reaction on the announcement day. This shows that the excess premium does not result in either a short-term positive reaction or a long-term profit for the acquiring shareholders. However, it is found that the relationship between the excess premium and the long-term performance of the acquirer decreases with time. This is because the long-term performance of the acquirer is more affected by management and other events after the deal.
Originality/value
The authors divide the total premium paid into the normal offer premium and the excess premium, and their focus is on the excess premium part. The main contribution of this paper is that it analyzes how the excess premium affects the market reaction on the announcement day and the long-term performance of acquiring firms.
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Kyung Hee Park, He Li and Chang Liu
As university faculty faced new challenges, such as rapid digital social and the coronavirus disease 2019 (COVID-19) response, this study aimed to identify the daily changes in…
Abstract
Purpose
As university faculty faced new challenges, such as rapid digital social and the coronavirus disease 2019 (COVID-19) response, this study aimed to identify the daily changes in the interaction between the faculty and the organizational environment (colleague, policy and new issue) by exploring their recent dynamic educational efforts and the professional development.
Design/methodology/approach
This is a study wherein perceptions of 20 faculty from 15 universities and colleges were collected through in-depth online interviews. The authors analyzed interview data by arranging and visualizing the analyzed data using network clustering. Further, they applied the Latent Dirichlet allocation of the topic modeling to monitor the appropriate number of clusters, ultimately determined as four clusters using partial clustering.
Findings
The results showed that university faculty spontaneously tried to solve the problems through informal learning while the commitment to peer learning was deepening, reflecting the collectivist orientation nature of Chinese culture. Besides, the faculty also required support to reflect on their daily efforts for professional development. These results about their various learning routines prove the justification for the faculty's professional development to be discussed from the “learning by doing” perspective of lifelong learning.
Originality/value
This study proved the significance of informal learning for university faculty's professional development and the reasonable value of peer learning, and provided insights into how the Chinese context may influence university faculty's informal learning experience.
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This study aims to demonstrate whether the educational mismatch prevalent in society can be overcome by various types of lifelong learning and whether lifelong learning can…
Abstract
Purpose
This study aims to demonstrate whether the educational mismatch prevalent in society can be overcome by various types of lifelong learning and whether lifelong learning can contribute to job satisfaction.
Design/methodology/approach
The participants were 2,559 young Korean employees who graduated from general or specialized vocational high school. This study applied structural equation modeling to verify the mediating effects of lifelong learning on the relationship between educational mismatch and job satisfaction. In addition, this study compared whether the conceptual model results were applied to those who graduated from general school and specialized vocational school through multigroup analysis.
Findings
Regarding the horizontal mismatch, the mediating effect of lifelong learning correlated with job satisfaction was significantly measured in all multigroup models, including the conceptual model. Nevertheless, regarding the vertical mismatch, this study confirmed that informal learning influences job satisfaction differently according to the type of high school from which employees graduated. Furthermore, for those who graduated from specialized vocational school, the relationship between vertical mismatch and job satisfaction was significantly indicated. However, there was no influence of informal learning at the workplace.
Originality/value
This study empirically demonstrated the alternative value of lifelong learning in overcoming the preceding educational mismatch. Moreover, the evidence that such lifelong learning effects may vary depending on the vocational education experiences before entering the labor market is valuable.
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Qinglong Li, Dongsoo Jang, Dongeon Kim and Jaekyeong Kim
Textual information about restaurants, such as online reviews and food categories, is essential for consumer purchase decisions. However, previous restaurant recommendation…
Abstract
Purpose
Textual information about restaurants, such as online reviews and food categories, is essential for consumer purchase decisions. However, previous restaurant recommendation studies have failed to use textual information containing essential information for predicting consumer preferences effectively. This study aims to propose a novel restaurant recommendation model to effectively estimate the assessment behaviors of consumers for multiple restaurant attributes.
Design/methodology/approach
The authors collected 1,206,587 reviews from 25,369 consumers of 46,613 restaurants from Yelp.com. Using these data, the authors generated a consumer preference vector by combining consumer identity and online consumer reviews. Thereafter, the authors combined the restaurant identity and food categories to generate a restaurant information vector. Finally, the nonlinear interaction between the consumer preference and restaurant information vectors was learned by considering the restaurant attribute vector.
Findings
This study found that the proposed recommendation model exhibited excellent performance compared with state-of-the-art models, suggesting that combining various textual information on consumers and restaurants is a fundamental factor in determining consumer preference predictions.
Originality/value
To the best of the authors’ knowledge, this is the first study to develop a personalized restaurant recommendation model using textual information from real-world online restaurant platforms. This study also presents deep learning mechanisms that outperform the recommendation performance of state-of-the-art models. The results of this study can reduce the cost of exploring consumers and support effective purchasing decisions.
研究目的
关于餐厅的文本信息, 如在线评论和食品分类, 对于消费者的购买决策产生至关重要。然而, 先前的餐厅推荐研究未能有效利这些文本信息去预测消费者喜好。本研究提出了一种新颖的餐厅推荐模型, 以有效估计消费者对多个餐厅属性的评估行为。
研究方法
我们从 Yelp.com 收集了来自25,369名消费者对 46,613 家餐厅的 1,206,587 条评论。利用这些数据, 我们通过结合消费者身份和在线消费者评论生成了消费者偏好向量。然后, 我们结合了餐厅身份和食品分类来生成餐厅信息向量。最后, 考虑到餐厅属性向量, 本研究调查了消费者偏好和餐厅信息向量之间的非线性交互关系。
研究发现
我们发现, 所提出的推荐模型相比于之前最先进的模型表现出更优秀的性能, 这表明结合消费者和餐厅的各种文本信息是预测消费者喜好的基本因素。
研究创新/价值
据我们所知, 这是第一项利用来自真实在线餐厅平台的文本信息开发个性化餐厅推荐模型的研究。本研究还提出了胜过最先进模型的深度学习机制。本研究的结果可以降低探索消费者行为的成本并支持有效的购买决策。
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Seunghun Shin, Eunji Lee, Yerin Yhee, Jungkeun Kim and Chulmo Koo
This study aims to explain how the impact of COVID-19 on human mobility is affected by the perceived risk of the pandemic.
Abstract
Purpose
This study aims to explain how the impact of COVID-19 on human mobility is affected by the perceived risk of the pandemic.
Design/methodology/approach
Using a statistical analysis and a geographic visualization technique, we investigate whether and how changes in people’s restaurant visiting patterns during COVID-19 vary with their level of risk perception.
Findings
The changes in people’s restaurant visiting patterns vary with their risk perception: the tendency to increase the number of visits to restaurants located in non-popular areas is related to the level of perceived risk.
Originality/value
This research confirms the importance of risk perception when examining the pandemic’s multi-dimensional impacts.
研究目的
这项研究旨在解释 COVID-19 对人类流动性的影响如何受到大流行的感知风险的影响。
研究设计/方法
使用统计分析和地理可视化技术, 我们调查人们的餐厅是否以及如何变化COVID-19 期间的访问模式因他们的风险感知水平而异。
结果
人们的餐厅光顾模式的变化随着他们的风险感知而变化:去位于非热门区域的餐厅的光顾次数增加的趋势与感知的风险水平有关。
原创性/价值
这项研究证实了在检查大流行的多维影响时风险认知的重要性。
Diseño/metodología/enfoque
Mediante un análisis estadístico y una técnica de visualización geográfica, investigamos si los cambios en los patrones de visita a restaurantes de las personas durante COVID-19 varían en función de su nivel de percepción del riesgo y cómo lo hacen.
Objetivo
Esta investigación pretende explicar cómo el impacto de COVID-19 en la movilidad humana se ve afectado por el riesgo percibido de la pandemia.
Resultados
Los cambios en las pautas de visita a restaurantes de las personas varían en función de su percepción del riesgo: la tendencia a aumentar el número de visitas a restaurantes situados en zonas no populares está relacionada con el nivel de riesgo percibido.
Originalidad/valor
Esta investigación confirma la importancia de la percepción del riesgo a la hora de examinar los impactos multidimensionales de la pandemia.
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Sunyoung Hlee, Jaehyun Park, Hyunsun Park, Chulmo Koo and Younghoon Chang
The purpose of this study is to empirically investigate what aspects of service robot interactions with customers can lead to meaningful outcomes in the view of customers. The…
Abstract
Purpose
The purpose of this study is to empirically investigate what aspects of service robot interactions with customers can lead to meaningful outcomes in the view of customers. The study examines functional and emotional elements of AI service robots in terms of meaningful outcomes.
Design/methodology/approach
This study highlights AI service robots' meaningful outcomes as a viable research problem and proposes a research model utilizing the Stimulus-Organism-Response (SOR) framework. As an empirical approach, 260 datasets were collected from customers who have experience with AI service restaurants in China.
Findings
The study examines the functional and emotional elements of AI-powered service robots on the attitude of and meaningful outcomes for customers. The results showed that the emotional (perceived friendliness and perceived coolness) and functional (perceived safety and robot competence) attributes of human–robot interactions (HRI) significantly affect the attitude toward using service robots. Second, the attitude toward using service robots significantly influences the experiential outcome and instrumental outcome of meaningful engagement.
Research limitations/implications
This study highlights two elements (i.e. functional and emotional) of HRI effectiveness using two metrics: experiential and performance outcomes. Future studies should generalize the research findings of service robots in the current study using a larger quantity of data from various service fields.
Originality/value
As the first empirical study highlighting the customer experience with service robots, this study opens up a feasible research direction for the service industry to pursue in terms of conducting HRI studies from the view of customers. It identifies a research model pursuant to customers' experience with HRI in creating meaningful outcomes and it theoretically extends the SOR model to the hospitality study, focusing on the HRI issue.
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YooHee Hwang, Eunkyoung Park, Choong-Ki Lee, Hea-Jin Son and Hossein Olya
The purpose of this study is to demonstrate the lighter (entertainment and esthetic experiences) and darker sides (educational and escapist experiences) of dark tourism…
Abstract
Purpose
The purpose of this study is to demonstrate the lighter (entertainment and esthetic experiences) and darker sides (educational and escapist experiences) of dark tourism experiences. This study also examines the effect of lighter and darker sides of dark tourism experiences on functional and emotional value.
Design/methodology/approach
To investigate how and where visitors experience lighter and darker sides of dark tourism, the authors conducted in-depth interviews from visitors to the Korean demilitarized zone (DMZ). To demonstrate consequences of lighter and darker sides of dark tourism experiences on functional and emotional value, the authors collected field survey data. Taken together, the authors used mixed methods with exploratory sequential design.
Findings
Interviewees vividly described their entertainment (crossing the suspension bridge) and esthetic experiences (seeing a family of crane birds from a short distance) in the Korean DMZ. They also described educational (understanding the background of the civil war) and escapist experiences (limiting daily entries made them feel like they were entering a special place or even a foreign country). Survey results showed that educational and esthetic experiences increased emotional value, while educational and escapist experiences enhanced functional value of a tour of the Korean DMZ.
Originality/value
Previous research operationalized lighter and darker sides of dark tourism based on characteristics of dark tourism sites. Specifically, darker and lighter aspects of dark tourism were determined, depending on whether such sites are directly related to human death or not. However, the current study draws on tourist experiences to operationalize lighter and darker sides of dark tourism. While previous research focused on the supply side, this study shifts focus to the demand side, thereby advancing knowledge in hybrid dark tourism experiences.
目的
本研究旨在通过娱乐和审美体验(相对于教育和逃避现实的体验)展示黑暗旅游的光明(相对于黑暗)的一面。除此, 本研究以到访频率和到访目的作调节变量, 分别探讨上述四个类别的黑色旅游体验、功能性或情感性价值和访客满意度的关系。
设计
为了深入探究上述四个类别的黑色旅游体验的性质, 我们与韩国非军事区的访客进行了深入的访谈。我们收集了田野问卷数据来测试上述四个类别的黑色旅游体验、价值观和满意度。运用测量不变性测试和多组分析试验了到访频率和到访目的之调节变量。
结果
受访者在韩国非军事区生动地描述他们的娱乐(走过吊桥)和审美经历(近距离观赏一群鹤鸟)。他们还描述了教育(解释了韩战的背景)和逃避现实的经历(每日入场人数限制让访客觉得他们正在进入一个特别的地方甚至是国外)。问卷结果显示了教育和审美经历引致了情感价值, 教育和逃避现实经历则引致功能价值。
原创性
先前的研究根据黑色旅游地点的特点, 对黑色旅游的光明面和黑暗面进行了展示。具体来说, 根据这些地点是否与人类死亡直接相关, 确定了黑暗旅游的光明及黑暗的方面。然而, 本研究利用旅游体验来定义黑色旅游的光明面和黑暗面。虽然之前的研究侧重于旅游供应方面, 但本研究将重点转移到需求方面, 从而推进了混合黑色旅游体验的知识发展。
Diseño/metodología/enfoque
El propósito de este estudio es demostrar el encendedor (entretenimiento y estética) experiencias) y los lados más oscuros (experiencias educativas y escapistas) de las experiencias de turismo oscuro. Este El estudio también examina el efecto de los lados más claros y más oscuros de las experiencias de turismo oscuro en funcional y valor emocional.
Propósito
Para investigar cómo y dónde los visitantes experimentan más claro y más oscuro lados del turismo oscuro, los autores realizaron entrevistas en profundidad a visitantes del desmilitarizado coreano zona desmilitarizada (DMZ). Demostrar las consecuencias de los lados más claros y más oscuros de las experiencias de turismo oscuro en valor funcional y emocional, los autores recopilaron datos de encuestas de campo. En conjunto, los autores utilizaron métodos mixtos con diseño secuencial exploratorio.
Hallazgos
Los entrevistados describieron vívidamente su entretenimiento (cruzar el puente colgante) y Experiencias estéticas (ver una familia de pájaros grulla desde una corta distancia) en la DMZ coreana. Ellos también describió experiencias educativas (comprendiendo los antecedentes de la guerra civil) y escapistas (limitar las entradas diarias les hizo sentir como si estuvieran entrando en un lugar especial o incluso en un país extranjero). Los resultados de la encuesta mostraron que las experiencias educativas y estéticas aumentaron el valor emocional, mientras que Las experiencias educativas y escapistas mejoraron el valor funcional de un recorrido por la DMZ coreana.
Originalidad/valor
Investigaciones anteriores operacionalizaron los lados más claros y más oscuros del turismo oscuro con base en Características de los sitios de turismo oscuro. Específicamente, los aspectos más oscuros y más claros del turismo oscuro fueron determinado, dependiendo de si tales sitios están directamente relacionados con la muerte humana o no. sin embargo, el El estudio actual se basa en las experiencias turísticas para operacionalizar los lados más claros y más oscuros del turismo oscuro. Si bien la investigación anterior se centró en el lado de la oferta, este estudio cambia el enfoque hacia el lado de la demanda, por lo que avanzar en el conocimiento de experiencias híbridas de turismo oscuro.
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Jaeseung Park, Xinzhe Li, Qinglong Li and Jaekyeong Kim
The existing collaborative filtering algorithm may select an insufficiently representative customer as the neighbor of a target customer, which means that the performance in…
Abstract
Purpose
The existing collaborative filtering algorithm may select an insufficiently representative customer as the neighbor of a target customer, which means that the performance in providing recommendations is not sufficiently accurate. This study aims to investigate the impact on recommendation performance of selecting influential and representative customers.
Design/methodology/approach
Some studies have shown that review helpfulness and consistency significantly affect purchase decision-making. Thus, this study focuses on customers who have written helpful and consistent reviews to select influential and representative neighbors. To achieve the purpose of this study, the authors apply a text-mining approach to analyze review helpfulness and consistency. In addition, they evaluate the performance of the proposed methodology using several real-world Amazon review data sets for experimental utility and reliability.
Findings
This study is the first to propose a methodology to investigate the effect of review consistency and helpfulness on recommendation performance. The experimental results confirmed that the recommendation performance was excellent when a neighbor was selected who wrote consistent or helpful reviews more than when neighbors were selected for all customers.
Originality/value
This study investigates the effect of review consistency and helpfulness on recommendation performance. Online review can enhance recommendation performance because it reflects the purchasing behavior of customers who consider reviews when purchasing items. The experimental results indicate that review helpfulness and consistency can enhance the performance of personalized recommendation services, increase customer satisfaction and increase confidence in a company.