Purpose – The purpose of this paper is to examine how clothing retail buyers (i.e., retail buyers, merchandisers, and storeowners), who are involved in assortment planning and retail buying use assortment criteria in their decisions. Comparisons are made between criteria used by men’s wear and women’s wear retail buyers as well as criteria used by male and female retail buyers. Research design, data, and methodology – A structured questionnaire was developed to collect data both in English and Korean. After conducting two pilot tests, the survey was conducted in Seoul, South Korea. Mantrala et al.’s 17 inputs of product assortment planning model with 23 assortment criteria from other previous studies were used. Results – Significant differences existed in consideration of assortment criteria between men’s wear and women’s wear retail buyers as well as between male and female retail buyers. Men’s wear retail buyers rated the importance of sales history criteria (i.e., sales history, previous year’s sales of same/similar styles) significantly lower than women’s wear buyers did. Female retail buyers rated sales history criteria and weather criteria (i.e., unpredicted weather change, forecasting information of weather) significantly higher than male retail buyers did. Conclusions – This study provides guidelines for retail buyers regarding what criteria to use in what situations and how to organize assortment criteria from the most important criterion to the least one. In addition, the findings help them understand other retail buyers’ buying behavior.

Purpose - This paper aims at exploring the effects of failure types such as failure in promotion orientation and failure in prevention orientation on consumers' consumption behavior, and the moderation role of lay theories in the effects. Research design, data, and methodology – This study employed 2 between-subject designs(failure in promotion orientation vs. failure in prevention orientation) and also 2 (failure in promotion orientation vs. failure in prevention orientation) with implicit self as the within-subject. Chinese consumers participated in the empirical study, and to verify the hypotheses ANOVA, T-test and regression analysis were used. Results – Consumers were more likely to choose adaptive consumption behavior rather than compensatory consumption behavior when they were encountered with failure in promotion orientation versus failure in prevention orientation. Lay theories did play the moderation role in the effect of failure types on consumption behavior. The incremental theorists who think that effort is an important way to accomplish their learning goals showed more willingness to conduct compensatory consumption behavior rather than adaptive consumption behavior. Conclusions – Marketers should put more attention on the ways by which their products can help consumers self-improve when consumers encounter with failure. They should also be aware of the importance of consumers' mindsets when designing and developing advertising messages.

Purpose - This paper aims to verify whether the Fisher effect and the international Fisher effect are significant between China and South Korea in the long and short run, respectively. Research design, data, and methodology - The annual and monthly data, respectively, are employed to conduct an empirical estimation under the fully modified ordinary least squares(FMOLS). The nominal interest rate is treated as an independent variable. The inflation rate is treated as a dependent variable. Results - The results exhibit whenever in the long or short run, the Fisher effect exists in China and South Korea. However, the Fisher effect in South Korea is more significant than that of in China. Meanwhile, an empirical analysis is also preformed to investigate the long-run and the short-run international Fisher effect between China and South Korea. The deviation from the equilibrium relationship is that the commodity market and the Financial market have started to integrate in China. But China’s integrated level proved to be relatively lower. Conclusions - To exploit that the Fisher effect and the international Fisher effect hold between China and South Korea can help both countries deal with the sufferings from integration of the commodity market and the financial market.

Purpose - The main purpose of this paper is to examine the effect of children’s age on maternal labor supply in Korea using survival analysis. Specifically, we focus on the career re-interruption of women having children under age 12, which has rarely been studied in the existing literature. Research design, data, and methodology - We use micro data from the Korea Labor and Income Panel Study (KLIPS) surveyed from 1998 to 2016. Instead of using a pre-school child dummy or the number of young children as an explanatory variable, 9 children’s age dummies are included to capture the effect of nurturing 0 to 9 years old children. This study estimates the hazard of a woman’s exiting the labor market after her first experience of the career interruption, rather than the hazard of the first career interruption itself. A Cox proportional hazard model is applied to numerically capture the impact of children’s age on behavioral changes in maternal labor supply. The sample used in this analysis is women between 15 and 54 years old. Most of all, we restrict the sample to women who had at least a child between 0 and 12 years old at the time of quitting their jobs. Results - The Cox proportional hazard model estimates show a strong negative effect of a 0-year-old child on maternal labor supply. Mothers with newborns have a high hazard ratio of labor force exit after the re-entry. The hazard of women with infants is three times higher than those with children aged 10 to 18. Additionally, the results show that not only newborns, but also children in the age of school-entry have a negative impact on their mother’s labor supply. Conclusions - The findings reveal that children’s ages need to be properly expanded and included when analyzing the effect of children and their ages on married women’s labor supply, especially on women’s career re-interruption. A large negative effect of 7-year-old children on maternal labor supply found here indicates that supporting mothers with school age children as well as pre-school children is necessary to prevent mothers from leaving the labor market.

Purpose – This study examines the effect of control-ownership wedge on stock crash risk. In Korea, controlling shareholders have exclusive control rights compared to their cash flow rights. With increasing disparity, controlling shareholders abuse their power and extract private benefits at the expense of the minority shareholders. Managers who are controlling shareholders of the companies tend not to disclose critical information that would prevent them from pursuing private interests. They accumulate negative information in the firm. When the accumulated bad news crosses a tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock prices. We predict that stock price crash likelihood due to information opaqueness increases as the wedge increases. Research design, data, and methodology – 831 KOSPI-listed firm-year observations are from KisValue database from 2005 to 2011. Control–ownership wedge is measured as the ratio (UCO −UCF)/UCO where UCF(UCO) is the ultimate cash-fl ow(control) rights of the largest controlling shareholder. Dependent variable CRASH is a dummy variable that equals one if the firm has at least 1 crash week during a year, and zero otherwise. Logistic regression is used to examine the relationship between control–ownership wedge and stock price crash risk. Results – Using a sample of KOSPI-listed firms in KisValue database for the period 2005–2011, we find that stock price crash risk increases as the disparity increases. Specifically, we find that the coefficient of WEDGE is significantly positive, supporting our prediction. The result implies that as controlling shareholders’ ownership increases, controlling shareholders tend to withhold bad news. Conclusions – Our results show that agency problems arising from the divergence between control rights and cash flow rights increase the opaqueness of accounting information. Eventually, the accumulated bad news is released all at once, leading to stock price crashes. It could be seen that companies with high control-ownership wedge are likely to experience future stock price crashes. Our study is related to a broader literature that examined the effect of the control-ownership wedge on stock markets. Our findings suggest that the disparity is a meaningful predictor for future stock price crash risk. The results are expected to provide useful implications for firms, regulators, and investors.

Purpose – The purpose of this research is reflected on the rapid development of online tourism industries. The study was to establish the strategy for Korean tourism enterprises to develop tourist commodities suitable for Chinese tourists and attract them to visit Korea by the empirical analysis of the relation between repurchase intention of tourists and its premise variables (e-service quality, perceived value and satisfaction). Research design, data, and methodology – This research carried out a questionnaire survey on Chinese tourists who visited Korea with experience of using the online travel agency web sites. A total 398 answers were recovered, 41 of them were excluded due to the dishonest answers and 357 of them were finally analyzed. The data was analyzed with IBM SPSS AMOS 22.0. Results – The research results show that in the online travel agency web site e-service quality, convenience, interactivity, information validity, credibility had a positive impacts on perceived value and satisfaction. The perceived value of online travel agency website users has positive impart on satisfaction and repurchase intention. Satisfaction of online travel agency web site users have positive impacts on repurchase intention. But safety has no impact on perceived value while positive impacts on satisfaction was affected. Conclusions – First, in the online travel agency web site e-service quality, safety has no impact on perceived value while it was shown to have positive impacts on satisfaction because the users of online travel agency web sites believe that the protection of personal information, the defense of cracker and the safeguard of payment security are the basic premises of website operation. Although safety does not have impacts on perceived value, users benefits will suffer damage when hacker intrusion and other accidents occur so that online travel agency web sites should not ignore the security concerns. Second, credibility is a major concern for online travel agency web site users. At this time, it is necessary for the web site to establish a system to display both the commodity information and the using experience published on the user's SNS, thus improving the credibility of the website information.

Purpose – This study examined the effects of intrinsic and extrinsic motivation on employee creativity. Past research has consistently shown that intrinsic motivation is positively related to creativity. Yet conflicting results have been reported about the relationship between extrinsic motivation and creativity. To explore the reason why extrinsic motivation can either help or hurt creativity, we examined the role of contingent rewards as a moderator and tested whether either tangible or intangible rewards contingent upon creative performance significantly impact the relationship between extrinsic motivation and creativity. Research design, data, and methodology – Survey data was collected from employees working for diverse organizations in Korea through online research firm. Only employees who reported their job or organization provided opportunities to use their creativity were allowed to continue the survey. Out of 305 initial responses collected, those with too much missing data were deleted, which finally left 278 responses for statistical analyses. To examine the validity of the measurements, confirmatory factor analysis was first conducted. Next, to test the hypothesized relationships, multiple hierarchical regression analyses were conducted. Results – As hypothesized, both intrinsic and extrinsic motivation had positive effects on creativity. It was shown that contingent rewards did not influence the positive relationship between intrinsic motivation and creativity, but did significantly moderate the relationship between extrinsic motivation and creativity in a way that tangible rewards strengthened the relationship while intangible rewards mitigated the same relationship. Conclusions – This research enhances our understanding on the relationship between motivation type, rewards, and creativity. Intrinsically motivated employees showed a high level of creativity regardless of whether rewards were expected or not. In contrast, extrinsically motivated employees showed more or less creative behavior depending on whether they were expected to have tangible or intangible rewards. As extrinsic motivation is typically associated with tangible rewards such as pay, promotion, etc., tangible rewards were seen to be more effective in promoting creative performance from extrinsically motivated employees than intangible rewards. Our findings make a significant theoretical contribution to reconcile prior inconsistent findings. Furthermore, they provide useful insights for managers and organizations into developing effective strategies for facilitating employee creativity.