Even though more than half a century has passed since the concept of Corporate Social Responsibility (CSR) emerged, many people still have an interest in CSR. According to a survey, eighty-seven percent of American consumers said they would purchase a product produced by a corporation that supported at least one specific social issue. Also, more than three-quarters (76%) would refuse to buy a product if they found out the company endorsed the issue contrary to their beliefs. These numbers align with consumers’ intent to purchase or boycott based on CSR commitment. Do CSR activities affect sales? Many studies have been conducted to answer this question in the academic field, but the results have not been consistent. Some articles reported that CSR activities positively impact the firm’s various aspects, including financial performance. But other studies reported that the impact of CSR on firms’ performance is unclear or even harmful.

The decision between standardization and localization (or adaptation) of advertising strategy is crucial for the performance of product/service in foreign markets. Since the online advertising media have diluted the physical boundaries between countries, decision making related to international advertising has focused more on message strategy rather than media strategy. In this paper, the authors utilize movie poster images as a typical example of online advertising of service business. Employing image deep learning approach, the researchers calculate the level of localization and its effect on the financial performance in a foreign market. This research will expand the academic discussion in international advertising strategy and movie marketing.

본 연구는 기업 간 인수합병에서 피인수기업의 거래 가격이 인수기업의 기업 가치에 미치는 효과를 분석하였다. 이때 기업환경과 특성을 종합적으로 고려하기 위하여 산업 내 경쟁 수준과 피인수기업의 이종 산업 여부 등 두 가지 조절변수를 제안하였다. 본 연구의 모형을 검증하기 위하여 SDC Platinum에서 미국기업의 인수합병 관련 데이터를 수집하였고, 기업 관련 데이터는 WRDS Compustat에서 수집하였다. 2014년부터 2019년까지의 기 간을 대상으로 최종적으로 309개 기업에 대한 총 695건의 M&A 관련 데이터를 표본으로 선정하였다. 분석 결 과, 인수합병 시 거래 가격은 인수기업의 미래가치에 부정적인 효과를 미치는 것으로 나타났다. 그러나 인수기업 이 속한 산업 내 경쟁 수준이 높을수록 이러한 효과는 긍정적인 방향으로 상쇄되었다. 특히 인수합병 대상이 이 종 산업에 속한 기업일 경우, 그러한 상쇄 효과는 더욱 강해지는 것으로 나타났다. 본 연구는 인수합병의 거래가 격이 인수기업의 미래가치에 유의한 영향을 미치는 동시에, 그 효과가 산업 내 경쟁수준과 피인수기업의 이종 산 업 여부에 따라 조절된다는 사실을 계량적으로 입증했다는 점에서 학술적 의의를 가진다.

People want to watch a sports game which cannot anticipate the result until the end of the game. Sometimes, however, excessive tension of contest lowers the interest of audience. Vast amount of existing researches have focused on finding explanation about what makes a difference of the preference level of suspense among sports fans and where is the optimal level of suspense. We apply Expected Utility Theory and Prospect theory to illustrate the expected utility of sports spectators. According to our findings, if someone someone who is satisfied more when the cheering team wins, he or she may prefer lopsided match than close match. And fans who support winning team, which means team which wins often, prefer lopsided match to close match because they forecast their team will win more than fans who support losing team, which means team which loses often. We manipulate the level of satisfaction when the cheering team wins (S) and subjective forecasted probability of win before the game (Q) of respondents and measure the utility of them toward difference game aspect (P) to verify our hypothesis. This study was carried out to investigate how the satisfaction of sports spectators will change according to the change of the game aspect. In particular, research model was set up using the Expected Utility Theory and Prospect Theory of economics. The use of economics models to explain sports consumer behavior is different from that of previous studies, and consumers' prior expectations can affect the current game viewing based on Prospect Theory is another contribution of this research.

Do Corporate Social Responsibility (CSR) activities really influence firm value, and if so, what is the mechanism that is at work? In this study, we especially focused on publicizing CSR (PCSR) and tried to examine the effect of PCSR on firm value. We merged the data from different archival sources and obtained balanced panel data consisting of 385 firmyear observation across 77 firms for 5 years. The data contained several variables such as Publicizing CSR, WOM, Tobin's q, Advertising intensity, Contribution to sales ratio, ROE, Sales increase, Asset, GDP, and other financial indicators. This study provides several implications for marketing theory and practice. First, it simultaneously reveals the preceding and following factors of word of mouth. Second, our evidence suggests that marketing managers could obtain benefits if they concentrate not only on finding good CSR activities but also on publicizing them well, and that PCSR could be a great help for companies that want to improve the public awareness and interest. The purpose of this study is to clarify the relationship between publicizing CSR (PCSR) and firm value, and the mechanism by which the influence is conveyed. Our findings are as below. First, the higher the PCSR, the greater the firm value even though the ratio of contribution to sales is added. Because the contribution is known as a representative proxy for corporate socially responsible investment, this result implies that PCSR is significant even though the effect of CSR itself is controlled. Second, WOM mediates the relationship between PCSR and firm value. This suggests that publicizing CSR could attract people's attention and then contribute positively to firm value. Finally, this study found that the effects of PCSR on firm value are mediated through positive WOM in the context of controlling negative WOM. This result implies that PCSR increases the amount of positive WOM, rather than negative WOM, which helps improve corporate value.