Although there has been much conceptual evidence of the positive link between customer equity and firm’s performance, comparison of relationships between two firms based on customer equity and firm profitability is limited. However, there is an increasing demand for research that investigates the relationship between firms in the competitive market structure. Therefore, the goal of this research is to examine the role of customer equity on firm profitability by comparing two firms, in a customer equity setting. The result shows that the effect of newly acquired CE of the second top company is stronger than that of the top company while the effect of retained CE of the top company is stronger than that of the second top company. Overall, the results offer strategic implications for firms to implement a different customer equity strategy in this competitive market structure.

Market orientation has been extensively studied in the last 30 years. Previous studies have mainly focused on manufacturing and in the retail industry market orientation remains rather unexplored. There are only a few studies on market orientation in retailing (e.g. Elg, 2003; Kajalo & Lindblom, 2015; Liu & Davies, 1997). According to Elg (2003) market orientation in retailing differs from manufacturing in several aspects. Most importantly, in retailing individual stores have important roles to implement market orientation. They interact with customers and satisfy customer’s needs in the service encounter. Even if retailer can generate and share market knowledge in organization, the effect of market orientation on performance is weak when store organization does not adopt market oriented behaviour (Liu & Davies, 1997). Therefore, it is important for retailer to control market orientation of a retail store. Most retailers operate as retail chains to increase the scale of business. Retail chain is a multi-unit firm that manages many stores as profit units (Chang & Harrington, 2002). Retail chain includes buying and selling divisions, which specialize in different tasks. Buying division has specialized role and responsibility to search and negotiate with the suppliers, make the merchandising plan, monitor the process of merchandising, and revise the merchandising plan. In a similar manner, selling division has specialized role and responsibility to implement merchandising plan, promote retail services to customers, and manage the stores to differentiate from competitors. Buying division makes standardized merchandising plan for stores to increase scale advantage in buying, inventory management, store delivery, and advertising. Retail chains centralize the decisions of merchandising to buying divisions and formalize the process of merchandising in chain organization. On the other hand, retail chains become market - oriented organization to increase the scale advantage because this advantage depends on the effectiveness of merchandising plan. From the perspective of market orientation, the three behavioral aspects of market orientation – generation, dissemination, and response are performed by buying division and selling division of the retail chain. Buying division needs the market information generated by retail stores as selling division. Buying division makes the merchandising plan under environmental uncertainty. Buying division decreases this uncertainty to analyze the market information from stores. Market information includes not only existing market needs but also potential market needs. Buying division finds potential market needs into the market information and makes an innovative merchandising plan.In the merchandising process, selling division implements market orientation in stores. After the buying division makes merchandising plans to differentiate from competitors, the selling division implements these plans on stores. For example, store manager monitors the process of implementation and revises the action according to merchandising plans. When store managers find problems, they report these problems to the buying division and request to refine merchandising plans. In this way, the buying division takes the planning part of market orientation and the selling division takes the implementation part of market orientation. To control market orientation in chain organization, retail chain coordinate buying division and selling division by organizational structure - centralization and formalization (Lechner & Kreutzer, 2010). Organizational structure has effect on market orientation. First, formalization has opposite effect on market orientation (Jaworski & Kohli, 1993). According to Ouchi (1978) formalization reduces the ambiguity of goals and makes clear the criteria of performance evaluation in organization among organizational members. When formalization motivates organizational member to be market oriented, formalization facilitates market intelligence generation and sharing of market intelligence with organizational members. On the other hand, formalization limits the behavior of organizational members (von Krog, 1998). López et al. (2006) suggest that the rules and procedures set by formalization give the pattern to organizational communication. As results, formalization reduces the chances for organization members to communicate market intelligence and interact with each other because organizational member put priority on formalized communication channel. Second, centralization has negative effect on market orientation. According to Pelham and Wilson (1996) decentralization increases organizational commitment to satisfy customer needs and motivates market orientation. Souitaris (2001) and Ouchi (2006) assert that centralization reduces the degree of information sharing among organizational members. Therefore, centralization has negative effect on market orientation. Organizational structure has indirect effect on innovation orientation of store thought market orientation. There are two streams about the relationship between market orientation and innovation orientation (Grinstein 2008). One stream suggests that market orientation is negatively related to innovation. Another stream suggests that market orientation is positive related to innovation. In this study, we argue according to recent research that market orientation is likely to enhance. To test the conceptual model that incorporates these concepts (Figure 1), a survey was conducted among Japanese retailers. The sample (N=191) consists of store managers (71), vice-store managers (22), and floor managers (98) of a Japanese retail chain. The scales used in the study were adapted from previous research (Table 1). Concerning common method bias, we conducted Harman’s one-factor test and applied confirmatory factor analysis (CFA) testing of a model with all of the items loading on a common method factor. Comparing this model with a measurement model containing seven latent variables revealed a significant deterioration in chi-square (χ2 = 378.446; p < .01). This finding suggests that common method bias is not a serious threat in the study. This data was analyzed by following a two-step structural equation modeling approach. First, a CFA was carried out to assess the reliability and validity of theconstruct measures included in the study. In order to evaluate the reliability of the latent variables, composite reliability for all latent variables was calculated. We assess scale reliability using average variance extracted (AVE) and composite reliability (CR). The CR of each scale exceeds 0.80. The AVE of each scale exceeds 0.50. Discriminant validity was evaluated by Fornell and Larcker (1981). We found that the square root of the average variance extracted is greater than all of the corresponding correlations. These findings indicate that reliability and validity of the construct measures was adequate. Second, a structural equation model analysis was done to test the hypothesis. As seen in Figure 2 the SEM model exhibits good overall fit of the model. The results of the model provide several interesting contributions. First, the study shows that centralization has a statistically significant negative impact on formalization in retail chain. Second, the study demonstrates how centralization and formalization are linked to innovation orientation through three dimensions of market orientation. Third, the study demonstrates to retail managers the importance of organizational design and how good market orientation can benefit retailers in their increasingly innovation orientation. For retail chain, centralization and formalization of decision making about merchandising are important for gaining scale advantage. But centralization has negative effect on market orientation. Retail chain has trade – off between scale advantage and market orientation in practice. Overall, our framework demonstrates the effects of organizational structure on market orientation and innovation orientation in retail chain. Thus, our framework shows the direct and indirect impacts that organizational structure has on innovation orientation.

Program provider industry has grown in terms of market size volume since start of cable TV in Korea. However, it is facing a serious problem in producing quality original cable programming. The low cable TV subscription fee essentially limits the program compensation to program providers at unreasonably lower level. Since the compensation from cable TV system operator is low, most of program providers heavily depend on home shopping commission fee for survival. This study analyzes the structure of program provider industry. This study indicates that horizontal and vertical integration becomes more popular in big players at both system operator and program provider level.

Technology is unevenly distributed across countries, thus constituting an entry barrier. Under several simplifying assumptions, technology licensing strategies among incumbent and entrant firms in the intermational context are analyzed. First, in a model with two monopolistic firms, the conditions for licensing to occur are elaborated as a function of the costs of the two firms. Licensing is likely to occur only when the entrant has a more competitive cost position than the incumbent to compensate for the royalty payment. However, if the incumbent has much lower marginal cost than the entrant, the incumbent has an incentive not to license the technology. Second, a new set of issues arises when multiple potential licensors are considered. The maximum and minimum values of the royalty payment decrease as the number of incumbents with the technology increases. Moreover, each incumbent has an incentive to sell the technology before other incumbents do, which leads to a Prisoner`s Dilemma situation. Third, in the case of multiple licensees, a potential entrant`s willingness to pay for a license depends upon the strategies of other firms. The optimal pricing strategy of the licensor is identified.

This study examines the relationship between the attributes of board structure and the likelihood of financial distress for the non-financial sector of an emerging market characterized by concentrated ownership and family-controlled business. The present study utilized panel logistic regression to estimate the relationship between board structure attributes and the likelihood of financial distress. We used Altman Z-Score as a proxy for firm financial distress, as this tool measures the financial distress inversely. The study finds a significant relationship between board size and the likelihood of financial distress. The results show that a one-unit increase in board size would decrease the probability of financial distress by 3.4%. Further, we observe that a greater level of board independence is associated with a lower likelihood of financial distress. A one-unit increase in board independence would decrease the probability of financial distress by 20.4%. We also find a significant positive impact of leverage on the likelihood of financial distress. The present study contributes to the body of literature on board structure attributes and likelihood of financial distress in emerging markets, like Pakistan. Furthermore, the findings would be beneficial for corporate policymakers and investors in formulating corporate financial strategy and predicting business failure.

This study is concerned with the relationship between firm’s ownership structure and the co-movement of the stock return with the market return. Four different types of firm ownership, including managerial ownership, state ownership, foreign ownership, and concentrated ownership, are among the main features of the company’s governance mechanism and have been separately documemented in the previous research to understand their impact on stock price synchronicity. We constructed the regression model, using stock price synchronicity as the dependent variable and the above four components of ownership structure as explanantory variables. The pooled OLS, the fixed effects model, and the random effects are employed to investigate the outcome of the study. Data used in the reserch are of public firms listed on the Ho Chi Minh City Stock Exchange (HOSE) during the five-year period term from 2015 to 2019. The data sample contains 235 companies from 10 industries with 1135 observations. The results revealed by the fixed effects model, the large ownership and the managerial ownership are found to have adverse effect on the stock price synchronicity, whereas the foreign ownership model is revealed to have positive influence on the stock return co-movement. The effect of the state ownership on the stock price synchronicity is not confirmed.

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

동남아시아는 섬과 강이 많은 지리적 특성과 경제 규모의 급격한 성장으로 새로운 국가시설물이 꾸준히 계획·건설되고 있으나, 국가시설물 안전진단 및 유지관리에 대한 경험과 인식이 부족하여 국가시설물(교량, 댐 등)의 붕괴사고가 지속적으로 발생하고 있다. 이에 따라 국민들의 시설물 안전성에 대한 신뢰도가 저하되고, 사회·경제적 손실 문제에 지속적으로 노출되고 있는 실정이다. 해결방안으로 동남아시아 각국은 주요 국가시설물(도로, 교량, 댐, 항만 등)에 대한 시설물 안전관리체계의 도입을 추구하여 시설물 안전진단 및 유지관리에 필요한 예산 확보의 근거를 마련하고 있으며, 유지관리사업의 일정을 제시하는 시설물 유지 관리 정책개발을 추진해오고 있다. 또한, 시설물 유지관리 정책을 몇 해 전부터 개발하여 시행하고 있는 국가들은 개별로 관리되고 있는 국가시설물의 유지관리에 대한 업무효율성을 증대시키고 기존시설물의 수명연장 및 붕괴사고 감소를 위한 효율적인 시설물 유지관리체계 도입을 추진하고 있다. 본 논문을 통해 동남아시아 각국의 시설물 안전관리 정책개발 및 시설물 유지관리 기술의 현 주소를 소개하고 향후, 이들 시장에 대한 진출방안을 제시하고자 한다.

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm’s unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam’s stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody’s KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm’s capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm’s capital structure.

청소기 제품을 구매하는데 중요한 요소는 디자인이다. 시각적인 매력과 흥미를 유발해야 관심을 끌게 되기 때문이다. 하지만 다양한 계층의 소비자를 하나의 디자인으로 대체할 수는 없다. 따라서, 많은 소비자에게 다양한 청소기 디자인제품을 제공하기 위하여 청소기 제품의 인식구조분석을 통한 청소기 시장의 세분화를 분석한다. 그리고 전략을 연구하여 소비자의 계층별 디자인 방향을 제안하는 것이 연구의 방향과 목적이다. 연구범위 및 방법은 우선 소비자의 다양한 계층에 따른 행 동 및 청소기 제품에 관한 환경을 연구한다. 제품 구매과정을 탐색하고 제품 보유 및 사용실태를 연구한다. 이에 따른 제품의 인식구조를 분석한다. 청소기에 대한 이미지와 청소기 제품의 속성 및 소비자의 지각을 분석하는 것이다. 따라서 시장의 세분화 전략을 세우는 것이다. 시장의 세분화 방법과 군집성향을 분석하여 연구한다. 청소기 디자인에 대한 인식구조를 통 한 소비자의 세분화 계층을 분석, 연구하여 디자인의 개선된 방향을 제안하는 것이다.

The static status and dynamic trend of the market structure in the international wheat trade market are empirically analyzed. The export inequality level empirically proved to be high compared to import inequality level. And such states have been maintained since 2001 until 2014. Although the concentration level of export side seems to be easing, the international wheat market remains imperfect competitive market. Moreover, overall imperfect competitive status over 2002-2014 has been worsened compared to 2001 level. The main reasons are that the overall trends of the imports concentration is reduced more than those of the export concentration level.

아이템 현금 거래가 이루어지는 방법으로는 게임 동호회에서의 거래, 직거래 등 여러 방법이 있다. 그러나 현실에서는 수수료를 부담해야 하는 아이템중개사이트가 가장 많이 이용되고 있는 것으로 보인다. 본 연구에서는 아이템중개사이트와 기타 거래에서의 아이템 현금 거래 가격을 분석함으로써, 소비자들이 아이템 중개사이트를 주로 활용하는 이유를 살펴보고자 하였다. 아이템중개사이트에서의 거래 가격과 기타 아이템 현금 거래방법에서의 거래 가격을 비교 분석한 결과, 아이템중개사이트에서의 가격이 평균 6% 더 비싼 것으로 나타났다. 구매자들은 6%더 비싼 가격을 지불하고 아이템중개사이트를 이용하고 있었는데, 이는 거래의 안전성과 편리성에 대한 대가로 볼 수 있다. 그리고 판매자들은 아이템중개사이트를 이용하는 것이 다른 거래 방법에서보다 0.7% 정도 더 높은 가격으로 판매할 수 있었다. 구매자와 판매자가 아이템중개사이트를 이용하는 것은 충분한 이유가 있는 것으로 파악될 수 있다.