This study examines and analyzes the effect of innovation on the price to book value mediated by managerial ownership in Indonesian companies. In order to achieve the goals and objectives, the company increases its value by increasing shareholders. Improving the welfare of shareholders can be done through investment and financial policies, and is reflected in share prices in the capital market. The higher the share price, the better the owner’s welfare, and the company’s value will also increase. The population of this study is the manufacturing companies – as many as 162 – listed on the Indonesia Stock Exchange in 2012-2017. By using a purposive sampling method, 25 companies met the criteria for the sample. The data comes from the companies’ annual report taken from the Indonesia Stock Exchange website. The data is further analyzed using partial least square (PLS). The results of the study showed that innovation has a significant effect on price to book value. The companies with high marketing innovation produce high company performance as well. The companies get a commensurate reward from marketing innovation activities to carry out continuous marketing innovations. In addition, managerial ownership does not mediate the relationship between innovation and price to book value

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008- 2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

Purpose: This study assesses the marketing practices and value-added fish products under the Coral Reef Rehabilitation and Management Program (COREMAP) in East Indonesia. Research design, data and methodology: This study gathered qualitative and quantitative data through i) focus group discussions (FGD) with fishers, traders and COREMAP officers, ii) surveys and iii) interviews with fishermen and traders. This study surveyed 714 households (365 in COREMAP and 349 in non-COREMAP) and 33 traders (17 in COREMAP and 16 in non-COREMAP) using structured questionnaires between January and March 2016. This study used Shepherd’s Index to estimate the marketing efficiency for each stage of the marketing channel. For value-added fish products, the value is determined by the difference between processed output and the raw product used. Results: Marketing cost in the non-COREMAP area was more efficient than in COREMAP as indicated by lower operational cost and higher selling price. However, no value-added fish products were produced in the non-COREMAP area. This study noted a lower catch in COREMAP area, which implies COREMAP program successfully reduced fishing pressure. Conclusions: This study identified poor infrastructure and the limited market as the major problems in developing value-added fish products in both COREMAP and non-COREMAP area.

This study aims to investigate what selection attributes of customer value are more crucial when consumers choose the dessert at convenience store, which is the fastest growing retail format in Korea recently. Factors considered to be important when customers buy dessert, such as economics, diversity, convenience, and safety were examined and also relationship between customer value and satisfaction was analyzed. The survey was conducted through online (including SNS) from April 6, 2019 to April 30, 2019. A total of 303 questionnaires were used for empirical analysis. Factor analysis was performed to verify the validity and reliability of the measured variables. And the structural equation model (SEM) was used as a statistical method for hypothesis testing. As a result, factors as ‘diversity’, ‘safety’ were revealed to significantly affect hedonic customer value, while ‘convenience’ was shown to affect utilitarian customer value significantly. In addition, the path that customer value leads to satisfaction was also found to be significant. The result of the study suggests that selection attributes of convenience store dessert and providing meaningful implications of related hedonic and utilitarian values when customers purchase dessert at convenience store. This study provided practical implications for managers of the fiercely competitive dessert industry.

The study aims to examine the relationships between service quality, experience value, relationship quality and behavior intentions. Validated measurements were identified from a literature review. The total of 309 valid respondents were used in this research. The measurement model and the conceptual model depicting hypothesized relationships were evaluated based on the 309 responses using confirmatory factor analysis and a structural equation modeling, accordingly. In addition, this study systematized the concepts, defined and tested the component scales of the relationship model between service quality, experience value, relationship quality and behavior intentions from the collected data, which helps to adequately identify the relationship between the factors in the model as well as the impact. The findings confirm that service quality influences experience values, relationship quality and purchase intention. Service quality, experience value, relationship quality and behavior intentions altogether are not well understood in current literature despite the important implication for managers, academicians and consumers alike. Contributes to a better fit between relationship marketing models and managerial practice in business markets. This study provides managerial implications regarding service quality and experience value so that firms and marketers can consult and apply. Managers should not only focus on the improvement of service quality but overall strategic planning.

The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin’s Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.

Purpose – This study examined the relationship between individual creativity and its related variables to observe how individual creativity contributes to organizational performance. In addition, this study strived to explore how to maximize the utilization of individual creativity and innovate the structure of the organization itself so that teams and organizations can respond more effectively to new rising trends. this study aimed to examine whether the value congruence between individuals and organizations (propensity congruence, goal congruence has a significant impact on knowledge sharing and innovation behavior as dependent variables by exerting individual creativity and synergy as independent variables. Research design, data and methodology – SPSS 24.0 program were used to analyze the data. Descriptive Statistics and correlation analysis were performed, and the reliability factor (Cronbach's ⍺) was calculated. Afterwards, we analyzed the moderating effects of structural equation model analysis and hierarchical regression analysis. The number of samples used in the study were 309 copies. Results – First, Individual creativity had a positive effect on knowledge sharing and innovative behavior. In other words, it was confirmed that decision-making processes fused with individual creativity could create an atmosphere of knowledge sharing and transform the organization. Second, value congruence adjusted the influence of individual creativity on knowledge sharing and innovation behavior. Conclusions – First, it is important for managers to recognize the value and secure the pool of creative talents who will be a potential future basic source of organizational success and competitive advantage. Second, managers should be able to identify those with creative talents and expertise, and use them to increase their knowledge sharing performance, while also developing emotional and motivational creativity. Third, in order improve knowledge sharing performance, managers should pay attention to the emotional aspect of creativity. Fourth, managers should strive to create an environment that is beneficial for the reinforcement of individual self-management capabilities. Fifth, managers should be able to develop decision-making processes to develop potential creativity and encourage creative thinking, opinions, or solutions. Sixth, managers should promote the dissemination and integration of new knowledge based on the creative views and attitudes of team members.

We have developed an algorithm for tracking coronal mass ejection (CME) propagation that allows us to estimate CME speed and its arrival time at Earth. The algorithm may be used either to forecast the CME’s arrival on the day of the forecast or to update the CME tracking information for the next day’s forecast. In our case study, we successfully tracked CME propagation using the algorithm based on g-values of interplanetary scintillation (IPS) observation provided by the Institute for Space- Earth Environmental Research (ISEE). We were able to forecast the arrival time (Δt = 0.30 h) and speed (Δv = 20 km/s) of a CME event on October 2, 2000. From the CME-interplanetary CME (ICME) pairs provided by Cane & Richardson (2003), we selected 50 events to evaluate the algorithm’s forecast capability. Average errors for arrival time and speed were 11.14 h and 310 km/s, respectively. Results demonstrated that g-values obtained continuously from any single station observation were able to be used as a proxy for CME speed. Therefore, our algorithm may give stable daily forecasts of CME position and speed during propagation in the region of 0.2–1 AU using the IPS g-values, even if IPS velocity observations are insufficient. We expect that this algorithm may be widely accepted for use in space weather forecasting in the near future.

We examine the effects of the complexity of tax-related information on the issuance of analyst’s pre-tax income forecast and its value relevance. If analysts respond adequately to the needs of investors, they are more likely to provide a pre-tax income forecast. The provision of a pre-tax income forecast may indicate analysts’ confidence in assessing the quality of earnings. Thus, investors, in turn, would be more confident in the analysts’ pre-tax income forecasts if analysts provide both pre-tax and earnings forecasts than only the latter. Using a sample of Korean listed companies for 2005–2014, we find that analysts are likely to provide an implicit tax forecast when the volatility of the effective tax rate is low and the book-tax differences are small. We also find that when analysts provide pretax and after tax income forecasts, the value relevance for unexpected earnings increases. These results indicate that analysts are likely to be interested in corporate tax information and the complexity of tax-related information affects the availability of implicit tax forecasts. Furthermore, this study provides empirical evidence that when analysts provide both pre-tax and after tax income forecasts, investors have more confidence in analysts’ earnings forecasts, which results in greater investors’ responses.

Stock price multiple is one of the most well-known equity valuation technique used to forecast equity price. It measures by multiplying “the ratio of stock price to a value driver” by a value driver. The value driver can be earning per share (EPS), sales or other financial measurements. The objective of price multiple technique is to evaluate the value of assets and compare how similar assets are priced in the market. Although stock price multiple technique is common in financial filed, studies on the application of the technique in Thailand is still limited. The present study is conducted to serve three major objectives. The first objective is to apply the technique to measure value of firms in banking sector in the Stock Exchange of Thailand. The second objective is to develop composite price multiple index to forecast equity prices. The third objective is to compare valuation accuracy of different value drivers of price multiple (i.e. EPS, Earnings Growth, Earnings Before Interest Taxes Depreciation and Amortization, Sales, Book Value and Composite Index) in forecasting equity prices. Results indicated that EPS is the most accurate value drivers of price multiple used to forecast equity price of firms in baking sector.

인간은 인생에서 바람직한 경험으로 가치관을 형성하며, 개인의 성격은 다양하다. 그러므로 인간은 서로 다른 가치관을 가지며, 다양한 인생은 개인에 독창적 스토리를 만든다. 그리고 개인의 스토리와 공동체 사이에는 소통이 필요하다. 현재 우리 사회 문제를 해결하는 방법으로 융합이 논의되고 있다. 융합은 모든 분야에서 가치 창출과 가치의 조합(Value Organizing)을 이루어내고 있다. 기존 연구에서 가치의 발견, 융합 디자인전략 체계(System)와 공감디자인의 과정(Process)을 수정 보완하였다. 그리하여 가치 창출의 체계와 실행을 위한 5단계 과정을 제시한다. 1단계는 가치의 독창성을 검증하고, 2단계는 전문가들과 융합으로 가치 모델(Value Model)을 제시한다. 3단계는 사업을 위한 가치, 목적, 모임, 정부 지원, 산학의 추진 체계를 만든다. 4단계는 사회화를 위한 유형, 방향, 속도, 스토리의 사례를 제시한다. 5단계는 개인과 사회에 순환되는 가치 창출로 건전한 사회가 가능함을 강조한다. 우리 사회는 지역 혁신과 문제 해결을 위하여 다양한 정책을 개발하고 있다. 주민의 의견을 수렴하고, 정부와 전문가들이 협력으로 주민의 만족을 높이는 것이다. 이러한 사례로서 부산 감천문화마을은 노인 중심에 주민의 행복을 기본으로 지역이 수용하고, 지자체와 전문가들의 융합으로 독창적인 행복한 공동체를 만든 것이다. 라틴아메리카 의과대학은 빅터파파넥의 인류의 기본적인 삶을 해결하기 위하여, 디자이너가 시간을 할애하는 것에 답을 주고 있다. 결과적으로 융합을 기본으로 하는 가치 창출의 과정과 체계를 제시하였다. 그리고 사회적으로 복잡한 갈등을 해결하고 긍정적인 사회를 만들어가는 방법이 될 수 있음을 확인하였다.

This study aims to investigate the effect of eating-out types on the acceptance intention of artificial seasoning when consumers eat out at restaurants. Eating-out types considered to be typical when customers visit restaurants, such as the food-exploratory type, healthoriented type, and convenience-seeking type, were studied. Based on the research of previous studies, three eating-out types were selected for the study, which were “food-exploratory”, “convenience-seeking”, “health-oriented”. This study was conducted by AMOS 22.0 with 300 questionnaires, and the Structural Equation Model (SEM) was used for examining the hypotheses as statistical method in this study. As a result, eating-out types such as “food-exploratory” and “convenience-seeking” were found to significantly affect the acceptance intention of artificial seasoning. However, consumers’ acceptance intention of artificial seasoning differed depending on their consumption value. The path coefficients from food-exploratory type and health-oriented type to acceptance intention were more significant in the hedonic-oriented group than the utilitarian-oriented group. The results of this study suggest eating-out types relate to acceptance intention of artificial seasoning and provide meaningful implications for consumers’ psychological consumption value when they consider artificial seasoning.

본 연구의 목적은 U형 복합보 실험체의 부모멘트에 대한 이론값을 산정하고, 춤 변화에 따른 부모멘트의 크기 변화와 산정된 이론값과 실험값을 비교하는 것이다. 이론값 분석을 위한 변형률 값은 실험에서 얻은 실험 데이터를 이용하였다. 실험 값은 하중-변위 곡선에서 정의된 항복모멘트 값으로 하였다. 분석결과, 기준 실험체 값은 452.5kN.m으로 산정되었으며 춤이 큰 실험체 값 ( 786.8kN.m ) 대비 1.74배 정도의 차이가 나타났다.

Purpose - This study examined the relationship between the priorities of information, usability, mobility, reliability and empathy, which are the lower dimensions of mobile tourism app service characteristics, on the perceived value and satisfaction of tourists. Research design, data, methodology - Data collection was conducted from June 10, 2019 to June 20, 2019, and a total of 500 questionnaires were distributed to collect 352 copies. Factor analysis, reliability verification, and covariance structure analysis were carried out using SPSS 23.0 and AMOS 23.0 for 321 parts for statistical analysis. Results - First, information, mobility, reliability, and empathy have a significant effect on perceived value. However, usefulness did not appear to have a significant effect on perceived value. This analysis results can increase the reliability of the tourism app, it can be seen that the accurate tourist information services are used in the tourist app or in the place required. Second, information, usability, mobility, and empathy had a significant effect on satisfaction. However, reliability did not have a significant effect on satisfaction. Third, perceived value had a significant effect on satisfaction. Fourth, it had a significant effect on information, empathy, and intention to use. However, the usefulness, mobility, and reliability did not have a significant effect on the behavioral intention. Lastly, perceived value and satisfaction had a significant effect on behavioral intention. Conclusions - The analysis result is that the tourism app that is being used is provided with a reliable and accurate tourism information service, it can be seen that you are using the tourism app in the place or on the go. Therefore, it is relatively difficult to use the tourism app, and it is easy to understand the contents of the service and timely information. Therefore, it is possible to communicate with other users and provide customized services according to needs and desires. The study has the following limitations. This may influence the progress of the research because the respondents' responses to the mobile tourism app service are from different experiences. In addition the accuracy of providing accurate information, the usefulness of using the mobile tourism app, and the ease of communicating with other users can be understood as being relatively satisfactory.

본 연구는 굵은골재의 완전 리사이클 기술개발을 위해서 시멘트계 재료를 이용한 개질 페이스트를 이용하여 원골재의 표면을 코팅하는 표면개질 기술을 적용하고 있다. 이 때에 원골재와 개질 페이스트의 계면은 개질 페이스트의 점착력과 점도에 의존되어 개질골재의 피막 두께가 결정된다고 생각할 수 있다. 본 연구에서는 굳지 않은 상태에서의 개질 페이스트의 유동특성을 파악하고 표면 개질골재의 피막 두께에 대해 검토한 결과, 개질 페이스트를 빙엄유체로서 가정하여, 잉여 페이스트 이론과 유동학 정수 (항복치)를 고려하는 것으로 개질 페이스트의 정량적인 피막 두께의 설계가 가능하여, 표면개질 골재를 이용한 콘크리트의 정량적인 배합설계가 가능할 것으로 판단된다.

간조직 생검은 침습적이며, 합병증의 위험을 동반함에도 불구하고 간섬유화의 정도를 예측하는 표준 진 단법으로 적용된다. 이러한 단점을 보완하기 위해 본 연구에서는 만성 C형간염 환자 200명을 대상으로 Fib roscan®을 이용하여 간섬유화 등급을 나누고, ROC 곡선을 측정하여 혈청학적검사로 계산되는 FIB-4, APR I, AAR의 유용성과 실질적인 Cut-off value를 알아보고자 하였다. 그 결과 간섬유화 평가를 위해 AAR을 적 용하는 것보다는 APRI, FIB-4를 이용하는 것이 적절할 것으로 생각되며, 경한 섬유화 등급을 예측하기 위 해서는 APRI, 간경변군인 F4등급에는 FIB-4를 사용하는 것이 유용하다고 판단된다. 혈청학적 간섬유화 표 지자의 간편하고 반복 측정이 가능하다는 장점을 이용해 간 섬유화의 경과 관찰 기간을 줄일 수 있으므로 나아가 간경변과 간암의 유병률을 감소시킬 수 있을 것으로 사료된다.

Purpose – The purpose of this paper is to find out a range of cues that trigger employees to willingly make efforts for corporate development in small and medium enterprises. This was determined by assessing the effects of employees' value inclination on their job satisfaction and organizational citizenship behavior as well as how they perceived their organizational support. Research design, data, and methodology – A total of 126 valid questionnaire sheets collected from SME employees were analyzed with SPSS 24.0 and AMOS 24.0 involving simple regression analysis, multiple regression analysis, hierarchical moderated regression analysis and 3-step mediated regression analysis. Results – The analyses highlighted employees’ personal value inclination had positive effects on their job satisfaction, which in turn enhanced their organizational citizenship behavior. Meanwhile, individualist and collectivist inclination exerted greater effects on job satisfaction and organizational citizenship behavior, respectively. The study also revealed that perceived organizational support moderated the relationship between job satisfaction and organizational citizenship behavior. Conclusion – Hence, CEOs in SMEs should avert any dichotomous analysis of their employees’ value inclination, respect their personal value inclinations and also apply factors that could raise their job satisfaction. Likewise, it was shown that SME employees need to make personal efforts for organizational development.

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder’s perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

The study aims to investigate the effects of brand value in the oriental medicine cosmetics market, as perceived by consumers, on brand satisfaction, brand loyalty, and purchase intention. The subjects were Korean and Chinese female consumers, the primary consumers of oriental medicine cosmetics. A total of 615 sample surveys were analyzed from consumers who have experience using oriental medicine cosmetics. Out of the sample, 264 respondents had used Oriental medicine cosmetics for one to four years, 199 respondents for more than four years, and 108 respondents for three months to a year. Based on existing research, we categorized the value of oriental medicine cosmetics brands into four dimensions: emotional, social, functional, and epistemic values. Whether brand satisfaction and brand loyalty can be mediating factors in brand value influencing purchase intention was inspected through several hypotheses. As a result, except for the epistemic value factor, the brand value factors were found to have a positive effect on brand satisfaction and brand loyalty. In addition, emotional, social, and functional brand value factors influence purchase intention through brand loyalty, and it was found that brand loyalty is an important factor for oriental medicine cosmetics consumers, however mediator effects did not appear for brand satisfaction.

Spinal pain is a symptom caused by changes of the vertebral column or its adnexa. Sometimes spinal pain cannot be treated, especially in case of multiple pain lesions, because of its difficulty in evaluating original causes which contributes to the symptoms. Thus, the precise localization of the lesion causing symptoms is very important for targeted treatment. However, the diagnosis based on limited screening test including physical evaluation and radiological finding may lead to misdiagnosis of the actual lesion causing symptoms, failure of treatment, and unnecessary surgery. From this point of view, nonsurgical interventional for spinal pain can be helpful to diagnose the precise cause of spinal pain. We report several cases that nonsurgical interventional therapy which diagnosed the precise lesion that cause the spinal pain and treated successfully with nonsurgical interventional therapy for diagnostic purposes with therapeutic purpose.