Purpose - The purpose of this paper is to analyze the relationship between the real exchange rate and the output, which is based on the macroeconomic equilibrium theory in China. Its aim will be to verify whether the change in the real exchange rate has a significant effect on the output or not. Research design, data, and methodology - This study endeavors triestoinvestigatethecorrelationamongeconomicvariablesunder the macroeconomic market (the commodity market and the money market) equilibrium. So, time-series data from 1990 to 2016 is applied to establish a vector auto-regression (VAR) model so as to perform an empirical analysis. Results - The empirical results reveal that an increase in the real exchange rate will result in an increase in the output in the short run. However, the empirical results also indicate that this kind of mechanism cannot work in the long run. Conclusions - The effect of a decrease of real exchange rate on output is significant in the short run. Also, this paper suggests that the total supply and the total demand can promote economic growth. The fiscal and money policy play a significant role in economic growth in China as well.

Purpose – This research aims to examine the effects of 3D online products presentation by comparing it with general presentation. Research design, data, and methodology – To rigorously investigate the differences of effects between 3D presentation and general presentation, this study examines the differences of the two presentations in vividness, informedness, entertainment, product trust, and purchase intention. This research designed two different forms of online product presentations, 3D and general presentation for an experiment. Results – The research findings indicate that 1) the vividness of online product presentation has a positive impact on the informedness and entertainment. While both vividness and informedness product presentation have a positive impact on product trust, the entertainment of online product presentation has no significant impact. 2) Vividness, informedness, entertainment, product trust, and purchasing intention showed significant differences between 3D and general product presentations. 3) Overall, 3D product presentation showed a stronger impact on purchasing intention than the general product presentation. Conclusions – This research expands the area of business presentation by comparing the differences of 3D and general presentation methods. This study made a great contribution to theory development, and also to guidelines for practice. These insights could be used by organizations in developing realistic environments for business presentations.

Purpose – The present study aims to examine the relationship between small enterprise start-up preparatory factors and increases in sales and operating profits, which are business performances utilizing the National Survey of Actual Conditions of Small Enterprises conducted by the Small Enterprise, Market Service. Research design, data, and methodology – Start-up preparatory factors were divided into six types; business type, start-up history, start-up motives, preparatory periods, and start-up funds to figure out the relationship between sales and operating profits with regression analyses. Regression analyses were conducted based on the foregoing with a view to identifying the effects of start-up preparatory factors on business performance. Results – Since start-up preparatory factors generally affect business performance, it was identified that start-up preparatory factors importantly affect operating profits and sales, which are business performances. However, start-up preparatory periods and the implementation of education among preparatory activities were shown to have no effect on business performances, and the effect of the ratio of start-up fund provided by the founder on operating profits was shown to be not significant. Conclusions – The present study comprehensively examined those start-up preparatory factors that have positive effects on business performances after start-up. The present study is meaningful in that it can provide positive implications for efficient start-up of small enterprises hereafter.

Purpose - This study investigated small business members' cognition of happiness in accordance with changes of employment environment at the nation's industrialization. The study verified effects of labor workers' psychological wellbeing conditions upon life satisfaction as well as the effects of job burden and family burden of employment instability. Research design, data, and methodology - The subjects were small business workers in Seoul and Metropolitan areas. The author collected 150 copies of effective questionnaires. Regression analysis, hierarchical analysis and 3-stage mediation regression analysis were done. Results – The findings of this research was that psychological wellbeing factors alleviated job burden and family burden to increase satisfaction with life. Employment instability moderated between job burden and satisfaction with life, job burden between environmental control and satisfaction with life, and family burden between goal and satisfaction of life. Members needed sub factors of psychological wellbeing, especially reflection for self-acceptance. Conclusions - This study inspected effects of small business workers' psychological wellbeing upon life satisfaction at changes of management environment as well as labor environment to verify effects of job burden, family burden and employment instability and to find out conditions of human resources management from point of view of small business and workers.

Purpose – The domestic liquor market is steadily increasing, but locally made liquor markets remain stagnant. The market opening due to the FTA and westernized eating habits are expanding the consumption of imported liquor by Koreans and the demand for beer and soju is still high. Therefore, we analyzed the scale efficiency of Korean locally made liquor companies. Research design, data, and methodology – Based on a translog-cost function, a scale efficiency analysis was conducted using the government’s information survey on the liquor industry. Data from 541 liquor companies analyzed from 2013 to 2014 were used for analysis. Results – As a result of the scale efficiency analysis, the average sales of the mid-sized locally made liquor companies is 171 million won, but the appropriate sales amount is 1 million won. It is estimated that there is a need to increase sales. Conclusions – The gap between the actual sales and the appropriate sales of mid-sized locally made liquor companies with 3~10 employees is larger, so it is necessary to reduce the average cost by increasing the sales of locally made liquor companies. In order to do so, it is necessary to acquire customer strategies such as product differentiation, advertising and publicity.

Purpose – The main feature of this study is understanding of the vendor’s opportunism on the collaboration context between buyer and vendor from the buyer’s viewpoint with resource dependence theory. A number of studies on opportunism have focused on opportunistic definitions and its theoretical studies. Other researches emphasize the importance of governance in ways that reduce opportunism. We think that this research could be filled with the lack of previous studies. Research design, data, and methodology – In order to accomplish research purpose, four hypotheses have been established based on the framework of resource dependence theory and previous studies. And we have used 599 survey data jointly collected by Korea Productivity Center and the Ministry of Trade, Industry and Energy. To verify these hypothesis, we have conducted multiple regression analysis with SPSS 23.0. Results – The vendor 's opportunism decreases as mutual trust with buyer becomes higher. However, as the degree of dependence of buyers on vendor resources increases, vendor’s opportunism increases. And monitoring vendor's capacity has a moderating effect with buyer resource dependency to vendor's opportunism. Conclusions – This study suggest there are two options to decrease vendor's opportunism. Increasing mutual trust or decrease dependence on vendor's resources. Also, monitoring suppler's capacity could be effective when vendor's resource dependence is high.

Purpose – The purpose of this study is to verify a role of organizational culture as antecedents to influence psychological empowerment of organizational members, focusing on service workers of casino companies. Therefore, this study sought to examine the question of each clan, adhocracy, market, and hierarchy culture that the workers perceive to influence their psychological empowerment. Thus, the current study examined the relationship between organizational culture and the psychological empowerment by empirical analysis. Research design, data, and methodology - This study chose four domestic casino companies that are run only for foreigners. Using an offline survey, it analyzed the questionnaire data of the 249 surveys collected from employees working in the sales and service sectors. Independent variables were four types of organizational culture: clan, adhocracy, market, and hierarchy. Dependent variables were four subcategories of psychological empowerment: meaning, competence, self-determination, and impact. As research methods, the study applied descriptive statistics, factor analysis, reliability analysis, correlation analysis, and multiple regression analysis, using SPSS 21.0 statistical program. Results - Among the organizational culture types, the clan and adhocracy cultures, which emphasize flexibility and autonomy, were relatively more important for the psychological empowerment of workers than the hierarchy and market cultures. Clan culture was the most important factor in terms of meaning and competence, and adhocracy culture was the most important factor in self-determination and impact. However, the hierarchy and market cultures that pursue control and stability were also cultural types that positively affected psychological empowerment of the workers. Hierarchy culture showed positive effects on meaning, competence, and impact except self-determination, and market culture had positive effect only on competency. Conclusions - The study found that organizational culture is an important predictor of psychological empowerment of the employees in casino companies and that important organizational culture types may be different for each sub-factor of psychological empowerment. It suggests that casino companies have to try to recognize and secure diverse organizational culture in order to activate psychological empowerment of their employees because they can provide quality service for customers. Therefore, it is necessary to create a harmonious and balanced culture between promoting flexible and autonomous organizational atmosphere, and stably controlling and operating the organization.

Purpose – The purpose of this study is to investigate the variables that lead consumers to visit traditional markets and buy market goods. Thus, the current research examined the relationship between satisfaction and return intention as among the factors influencing loyalty. Research design, data, and methodology – This study was conducted to examine the effects of the perceived level of factors on loyalty and how it influenced consumers’ visits to traditional markets in 125 adult adolescents and women living in Mok-po area. The results of the questionnaire were obtained. The statistical data of the questionnaire were verified by SPSS. Results – In this study, consumers' perception level of eight loyalty factors can be perceived by the traditional Korean market. The empirical analysis is summarized as follows. First, by selecting five representative variables influencing intention to return to traditional markets, Mok-po area consumers were affected by the intention to revisit according to the intensity of recognition level among these variables. Second, the higher the perceived level of product price, quality of access (accessibility) among the factors that consumers perceive as important factors in visiting traditional markets were heightened. Third, Mokpo residents are aware of the main important factors of visiting the market such as receiving a friendly atmosphere (image) about traditional market, market environment (hygiene and cleanliness), connection with the local economy, and customer service such as kindness, refund and return. These loyalty factors did not affect consumers' intention to revisit. In other words, image, environment, regional economic linkage, and these factors did not have a positive effect on revisit intention. Conclusions – The empirical analysis of this study suggests that factors that directly affect loyalty among the key factors that play a major role in visiting traditional markets should be identified and developed as loyalty factors. It is necessary to identify the key factors influencing the satisfaction and loyalty of traditional market users, and operate a system that systematically and comprehensively manages and evaluates them. In order to do this, the government, the local governments, and related organizations should regularly conduct loyalty and satisfaction surveys on visa recognition levels and establish strategies for dramatic improvement measures.

Purpose – This paper investigates whether managerial overconfidence is associated with firm-specific crash risk. Overconfidence leads managers to overestimate the returns of their investment projects, and misperceive negative net present value projects as value creating. They even use voluntary disclosures to convey their optimistic beliefs about the firms’ long-term prospects to the stock market. Thus, the overconfidence bias can lead to managerial bad news hoarding behavior. When bad news accumulates and crosses some tipping point, it will come out all at once, resulting in a stock price crash. Research design, data and methodology – 7,385 firm-years used for the main analysis are from the KIS Value database between 2006 and 2013. This database covers KOSPI-listed and KOSDAQ-listed firms in Korea. The proxy for overconfidence is based on excess investment in assets. A residual from the regression of total asset growth on sales growth run by industry-year is used as an independent variable. If a firm has at least one crash week during a year, it is referred to as a high crash risk firm. The dependant variable is a dummy variable that equals 1 if a firm is a high crash risk firm, and zero otherwise. After explaining the relationship between managerial overconfidence and crash risk, the total sample was divided into two sub-samples; chaebol firms and non-chaebol firms. The relation between how I overconfidence and crash risk varies with business group affiliation was investigated. Results – The results showed that managerial overconfidence is positively related to crash risk. Specifically, the coefficient of OVERC is significantly positive, supporting the prediction. The results are strong and robust in non-chaebol firms. Conclusions – The results show that firms with overconfident managers are likely to experience stock price crashes. This study is related to past literature that examines the impact of managerial overconfidence on the stock market. This study contributes to the literature by examining whether overconfidence can explain a firm’s future crashes.

Purpose - The purpose of this study is to classify the quality factors of coffee shop customers with the service quality based on the SERVQUAL, selection attributes, and service qualities used in previous studies. The path structure of coffee shops' quality factors → customer satisfaction → trust → behavioral intention was analyzed in order to confirm the system of coffee shops' quality factors. Research design, data, and methodology - The survey of was conducted with college students of Kangwon University. A total of 250 questionnaires were distributed, with 232 collected. Of them, Excluding 36 respondents’ because of incomplete answers and missing values, 196 responses were used in the final analysis. Empirical analysis was made through factor analysis, correlation analysis, multiple regression analysis, simple regression analysis and mediating regression analysis by using Statistics Package SPSS 19.0. Results - The results are as follows: Firstly, coffee shops' quality factors were classified into seven categories like service encounter quality, product quality, cleanliness, overall interior, purchase quality, convenience, and aesthetics. Secondly, service encounter quality, product quality, purchase quality, and aesthetics had a positive effect on customer satisfaction, respectively. Thirdly, it showed that service encounter quality, product quality, overall interior, purchase quality, and aesthetics had a positive effect on trust, respectively. Fourthly, customer satisfaction had a positive effect on behavioral intention. Lastly, after verifying the effect relations of trust between customer satisfaction about coffee shop and behavioral intention, customer satisfaction has a positive effect on trust and trust has a positive effect on behavioral intention. On the other hand, trust did not have a mediating effect between customer satisfaction and behavioral intention. But, cleanliness, convenience, and overall interior did not have a positive effect on customer satisfaction. Conclusions - Coffee shop consumers put importance on price, discount systems, taste, and freshness, but more on courteous and kind services of coffee shop staff or comfortable and calming atmosphere of inner space. Thereby, coffee shop marketers need to take factors like service encounter quality and aesthetics into more consideration. In addition, customer satisfaction has an effect on trust, while trust on behavioral intention, even though trust is not mediated between customer satisfaction and behavior intention.