This paper examines the information efficiency of KOSDAQ50 and KOSPI200 index futures markets. The study analyzes and compares both markets in three respects : 1) price discovery…
Abstract
This paper examines the information efficiency of KOSDAQ50 and KOSPI200 index futures markets. The study analyzes and compares both markets in three respects : 1) price discovery (lead-lag relationship between spot and futures markets.), 2) volatility-volume relationship, and 3) mispricings between spot and futures prices. The first, analysis shows the in the KOSPI200 market, futures price leads spot price. While spot price leads futures price in the KOSDAQ50 market. The second analysis shows that the volatility-volume relation is positive in the KOSPI200 futures market, supporting the hypothesis of mixture of distribution. In contrast, there is little relation between volume and volatility in the KOSDAQ50 futures market. This result casts doubt that the futures market price reflects information. The last analysis shows that the magnitude of mispricing becomes smaller with more volume in the KOSPI200 futures market, while it becomes larger with more volume in the KOSDAQ50 futures market. The overall results imply that the KOSDAQ50 futures market is less informationally efficient that the KOSPI200 market. The inefficiency appears due to the lack of institutional investor participation, especially securities firms, in making up the market.
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Soyeon Kim, Jae-Eun Chung and YongGu Suh
This paper aims to explore multiple reference effects with regard to customers’ post-consumption evaluations in a cross-cultural context. The authors propose to test an…
Abstract
Purpose
This paper aims to explore multiple reference effects with regard to customers’ post-consumption evaluations in a cross-cultural context. The authors propose to test an integrative model of three types of reference effects (disconfirmation, attractiveness of alternatives and self-image congruity) and their relationship to customers’ evaluations associated with satisfaction and loyalty. Additional insight into the link between reference points and customer satisfaction is provided by examining the moderating influence of the cultural orientation of customers: South Korean (an Eastern, collectivist and high uncertainty avoidance culture) versus American (a Western, individualistic and low uncertainty avoidance culture).
Design/methodology/approach
The data for this study were collected through a Web-based survey. Based on a sample of 723 Korean and American consumers, multi-group analysis of structural equation modeling was used to test the proposed model and the moderating effect of culture.
Findings
Overall, the results indicated that American customers’ use of reference points in their post-consumption evaluations is significantly different from that of Korean customers. Specifically, disconfirmation had a stronger effect on Korean customers than on their American counterparts, whereas the attractiveness of alternatives had a stronger effect on American customers than on those from Korea. Moreover, self-image congruity was found to be equally important in both cultures.
Research limitations/implications
Owing to the comparison of American and Korean participants in this study, these results may not be applied to customers from other countries. Moreover, the study is limited to post-consumption evaluations in restaurants and generalization of the results to other industries may be ill advised. Thus, further research is required to replicate the results and include customers from different countries in more diverse consumption settings.
Practical implications
The findings provide useful guidance for efficient marketing strategies to generate positive consumer outcomes across borders. Marketers must consider the interaction of cultures and customers to better understand customer perceptions and evaluations about their experiences. This understanding will enable the marketers to more effectively communicate with their target markets and allow them to tailor advertising to different segments of their customer base contingent upon their cultural orientations.
Originality/value
Although the role of reference effects has begun to attract considerable interest among consumer behavior researchers, much of this research has been conducted in a single cultural context. Because the global economy is becoming increasingly cross-cultural, it is valuable to conduct international consumer research to further the understanding of consumers’ post-consumption evaluation processes using multiple reference points from a global perspective.
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This study aims to propose an extended framework to design a profitable exhibition booth environment (i.e. boothscape) that fosters attendees’ at-show experience and after-show…
Abstract
Purpose
This study aims to propose an extended framework to design a profitable exhibition booth environment (i.e. boothscape) that fosters attendees’ at-show experience and after-show purchase intention.
Design/methodology/approach
Survey-based data were collected from attendees who visited one of the five major exhibitions at leading convention and exhibition cities in Korea. Structural equation modeling was used to examine which features of boothscape are more influential in improving attendees’ at-show experience and after-show purchase intention.
Findings
Empirical results revealed that booth design, product variety and assortment and entertainment exert a significant impact on attendees’ emotional and cognitive experiences at an exhibition. On the other hand, booth personnel exclusively influence attendees’ cognitive experience. A better chance of after-show purchase incident can be obtained by reinforcing both emotional and cognitive experiences.
Research limitations/implications
Although emotional and cognitive experiences are two of the most compelling types of at-show experience, future studies can consider mediating roles of other experiences to better understand the complex mechanism of attendees’ at-show experience. Moreover, it is worthy to examine the moderating effects of attendees’ characteristics, as Bitner (1992) argued that individuals have different perceptions of the surrounding environment based on personal and situation variables.
Originality/value
This study provides empirical evidence on the under-explored research area of boothscape. Researchers and exhibitors can learn that both context and content of boothscape should be taken into consideration to create a more holistic at-show experience. In return, attendees can have long-lasting memories of exhibitors and products for future purchase. This new insight can serve as inspiration for researchers and exhibitors to shift paradigms from service- to experience-oriented to improve long-term exhibition performances.
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Jae Eun Park, Alei Fan and Laurie Wu
Artificial intelligence (AI) powered chatbot technology is increasingly used to handle customer complaints in the service recovery process. Built on the justice theory, this paper…
Abstract
Purpose
Artificial intelligence (AI) powered chatbot technology is increasingly used to handle customer complaints in the service recovery process. Built on the justice theory, this paper aims to explore the optimal way to utilize chatbots in handling customer complaints for service failure recovery and the moderating role of humor.
Design/methodology/approach
Two scenario-based between-subjects experimental design studies were conducted to examine the two aspects of justice in service failure recovery: Study 1 focuses on procedural justice manifested as perceived control and Study 2 on interactional justice assessed as social presence. Furthermore, the moderating role of humor is investigated.
Findings
The results indicate that both perceived control and social presence can improve chatbots’ effectiveness in handling service failures to regain customer satisfaction and the consequent revisit intention. However, humor shows opposite effects in the two studies: chatbots using humorous language in complaint handling may attenuate the positive effect of perceived control but enhance the positive effect of social presence.
Practical implications
The findings provide practical guidelines to the service industry regarding the optimal service design and technology deployment in customer service, particularly for an effective service failure recovery process.
Originality/value
This research contributes to the service failure recovery literature by investigating how the new service technology of AI-powered chatbots can effectively handle customer complaints for service failure recovery. Furthermore, the research reveals the nuanced effects of humor in different complaint-handling situations.
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Mingyu Wu, Che Fai Yeong, Eileen Lee Ming Su, William Holderbaum and Chenguang Yang
This paper aims to provide a comprehensive analysis of the state of the art in energy efficiency for autonomous mobile robots (AMRs), focusing on energy sources, consumption…
Abstract
Purpose
This paper aims to provide a comprehensive analysis of the state of the art in energy efficiency for autonomous mobile robots (AMRs), focusing on energy sources, consumption models, energy-efficient locomotion, hardware energy consumption, optimization in path planning and scheduling methods, and to suggest future research directions.
Design/methodology/approach
The systematic literature review (SLR) identified 244 papers for analysis. Research articles published from 2010 onwards were searched in databases including Google Scholar, ScienceDirect and Scopus using keywords and search criteria related to energy and power management in various robotic systems.
Findings
The review highlights the following key findings: batteries are the primary energy source for AMRs, with advances in battery management systems enhancing efficiency; hybrid models offer superior accuracy and robustness; locomotion contributes over 50% of a mobile robot’s total energy consumption, emphasizing the need for optimized control methods; factors such as the center of mass impact AMR energy consumption; path planning algorithms and scheduling methods are essential for energy optimization, with algorithm choice depending on specific requirements and constraints.
Research limitations/implications
The review concentrates on wheeled robots, excluding walking ones. Future work should improve consumption models, explore optimization methods, examine artificial intelligence/machine learning roles and assess energy efficiency trade-offs.
Originality/value
This paper provides a comprehensive analysis of energy efficiency in AMRs, highlighting the key findings from the SLR and suggests future research directions for further advancements in this field.
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Author considered the contradiction of Capitalism and its Solution, systemized the concept to newly define Ethics Management and social Responsibility whose various terminologies…
Abstract
Author considered the contradiction of Capitalism and its Solution, systemized the concept to newly define Ethics Management and social Responsibility whose various terminologies are used in Domestic and foreign country and compared, analyzed and considered global guideline, standard organization and global Evaluation Model of internationally‐performed Ethics Management on the basis of the concept of new Ethics Management.
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Yeoun-Jae Kim, Joon-Yong Lee and Ju-Jang Lee
This paper aims to present a step-exchange strategy for balance control of a walking biped robot when a lateral impact acts suddenly. A step-out strategy has been recently…
Abstract
Purpose
This paper aims to present a step-exchange strategy for balance control of a walking biped robot when a lateral impact acts suddenly. A step-out strategy has been recently proposed for balance control when an unknown lateral force acts to a biped robot during walking. This step-out strategy causes a robot to absorb the impact kinetic energy and efficiently maintain balance without falling down. Nevertheless, it was found that the previous strategies have drawbacks that the two foots should always be on the ground (double-support mode) after being balanced and the authors think it is difficult to continue walking after being balanced. Unlike the existing balance strategies, the proposed step-exchange strategy is to not only maintain balance but also to lift one leg in the air (single-support mode) after being balanced so that it is easy for a biped robot to keep walking after being balanced.
Design/methodology/approach
In the proposed step-exchange strategy, forward Newton–Euler equation, angular momentum and energy conservation equation were derived. Hill-climbing algorithm is utilized for numerically finding a solution. To verify the proposed strategy, a biped robot by Open Dynamics Engine was stimulated, and experiments with a real biped robot (LRH-1) were also conducted.
Findings
The proposed step-exchange strategy enables a walking biped robot under a lateral impact to keep balance and to keep a single-support mode after exchanging a leg. It is helpful for a biped robot to continue walking without any stop. It is found that the proposed step-exchange strategy can be applicable for maintaining balance even if a biped robot is moving. Even though this proposal seems immature yet, it is the first attempt to exchange the supporting foot itself. This strategy is very straightforward and intuitive because humans are also likely to exchange their supporting foot onto the opposite side when an unexpected force is acting.
Research limitations/implications
The proposed step-exchange strategy described in this paper can be applicable in the situation when the external force is applied in the +Y direction, the left leg is the swing leg and the right leg is the stance leg, or it can also be applicable in the situation when the external force is applied in −Y direction, the right leg is the swing leg and the left leg is the stance leg (Figure 2 for ±Y force direction). If an impact force acts to the side of the swing leg, the other step-exchange strategy is needed. The authors are studying this issue as a future work.
Originality/value
The authors have originated the proposed step-exchange strategy for balance control of a walking biped robot under lateral impact. The strategy is genuine and superior in comparison with the state-of-the-art strategy because not only can a biped robot be balanced but it can also easily continue walking by using the step-exchange strategy.
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Jin Sun, Ruining Liu and Pan Miao
This study aims to investigate how the effectiveness of green advertising can be improved by matching benefit appeals (self vs other) and message sidedness (one-sided vs…
Abstract
Purpose
This study aims to investigate how the effectiveness of green advertising can be improved by matching benefit appeals (self vs other) and message sidedness (one-sided vs two-sided) in consumer evaluations of green products.
Design/methodology/approach
Four scenario experiments and one field experiment were conducted to investigate the interaction effects of benefit appeals and message sidedness on green consumption. It aims to verify the psychological mechanisms that promote green consumption when benefit appeals and message sidedness are matched and to explore the persuasiveness of this matching on consumers with different power states engaging in green consumption.
Findings
Studies 1 and 4 provide evidence that when advertising conveys self-benefit appeals (vs other-benefit appeals), two-sided messages (vs one-sided messages) positively promote green consumption. Importantly, Study 2 concluded that perceived manipulative intent was the psychological mechanism underlying the interaction effects of green advertising benefit appeals and message sidedness. Studies 3 and 5 confirm that the power state plays a moderating role in these effects.
Research limitations/implications
This study contributes to the growing research on green marketing, especially green advertising, and advances the theoretical knowledge of how to match benefit appeal with message sidedness to promote green consumption effectively.
Practical implications
This study provides a more comprehensive understanding of consumer evaluations of green products under the influence of benefit appeals and message sidedness. The match between benefit appeal and message sidedness can promote green consumption. These findings can help marketers and policymakers promote green consumption by designing advertisements that match benefit appeal with message sidedness. When considering the power state’s impact, marketers should consider consumers’ high- or low-power states when selecting appropriate advertisement designs. Alternatively, they can manipulate the power state to optimise the effectiveness of advertisements.
Originality/value
Although previous research has focused on the difference in persuasiveness between self-benefit and other appeals, little is known about how to match green benefit appeals and message sidedness to heighten the persuasiveness of green advertising to consumers. Therefore, in this study, this paper attempts to fill this research gap by exploring how green benefit appeals and message sidedness match and how green advertising may produce better persuasion effects on green consumption.