The development potential of the aquaculture industry is very high, but there is no financial support for investment except for the government, policy funds, fishery funds, etc. Therefore, we would like to propose a contract transaction in the aquaculture industry. This refers to a forward contract between a producer (fish farmer) and a buyer (mainly a processor or marketer) that stipulates the production and supply of fish products at a predetermined price, but it also refers to an “equity participation type” contract in which both producers and buyers can participate. In other words, it is a model in which part of the fish farm is produced in a way that meets the conditions of the buyer, and part is produced by the producer. This study aims to establish the basic contract trading process. It provides an academic approach to prevent adverse selection and moral hazard due to information asymmetry. It also provides an idea to converge the aquaculture industry with the financial industry using Pecking Order theory. By doing so, we have made it possible for venture capitalists to invest with confidence and provided a process for investors to resolve their concerns, paving the way for the aquaculture industry and the financial industry to develop together.

China has been the biggest factory in the world, most of products are marked “made in China”. With the rapid grows of consumption in China, it is also the biggest market. However, Chinese consumers with deep-rooted Confucian value system may different from Western countries (Ramasamy & Yeung, 2009). Do they still have strong consumer ethnocentrism? Or they can accept all the things they made but with the foreign brands? The power of WOM to influence customer attitude toward one brand is well known to all the marketing researchers. But the fast development of internet and social media network changed consumers’ behavior, word-of-mouth has acquired electronic WOM (e-WOM) as a new name (Goyette et al, 2010). Customer use E-WOM to evaluate product and make purchase decision. Ethnocentric consumers are against foreign brands as they believe that purchasing these brands will hurt domestic economy and brands, cause loss of jobs and increase the power of capitalist companies and dependency of poorer economies to them (Kaynak & Eksi, 2013). But customers are will to searching the better products. Such as Chinese mainland consumers hire purchase agent to shopping aboard. The purchase agent post information in the social media network as eWOM. This research wants to explore the young Chinese still have high ethnocentric tendency or not influenced by eWOM. If E-WOM can be a marketing method to reduce the ethnocentrism when foreign brands entry a new country. And also the domestic brands can use E-WOM to enhance ethnocentrism to against foreign brands. In this research, study 1 tests positive E-WOM or negative E-WOM to test if it can enhance Chinese consumers’ ethnocentrism or reduce their ethnocentrism for their own country products. This research also tests if consumer ethnocentrism can influence on brand equity and purchase intention. Based on the literature review, researchers establish concept model was shown in Table 1. This study uses SPSS and AMOS to analysis the sample. Based on the results this research gives suggestions to both academic and practice.

Understanding the types and dynamics of drivers on customer equity has been the subject of marketers’ attention for decades, however it is only recently been suggested that cultural or national contexts play a role in this understanding. Much of this research has been centered on the differences between the West and the Asia with many differences being found. Confucianism is often used to explain these differences. This comes as no surprise as Confucianism is argued to be the dominant cultural philosophy, or mode of thought, influencing East Asian individuals’ and entities’ roles in society and with each other. The philosophy has spread from its foundation in China to influence many other key societies in East Asia, such as Korea, Vietnam, and Japan. The general assumption in most of the literature is Confucianism will act similarly in every society it has spread to, but is this the case? What is not understood, therefore, is if the influence of Confucianism is equal among different East Asian societies? This exploratory study therefore seeks to contribute to knowledge by identifying if Confucianism is an influential force on customer equity drivers? And if so, are there differences between East Asian societies? Given the growing economic clout and importance of East Asia and the rising East Asian diaspora, marketer’s adherence and understanding of Confucian principles may be key to their success of managing their customer relationships, underscoring one of their key assets, their customer equity. With most cross-national research taking an umbrella view of the role of Confucianism as an explanatory variable on the behaviors of East Asian consumers, such as the Chinese and South Koreans (e.g. Bond, 1996; Hofstede, 1980), they are ignoring the behavioral and attitudinal variations that exist between East Asian Societies (e.g. Kim & Leung, 2007; Zhang et al., 2013). There is debate suggesting that Confucianism is having less effect now due to globalization, digitalization and capitalism (Leidner, 2010) potentially creating new hybrid value systems (Ralston, 2008). In China, arguments suggest Confucian influence is lessening due to the systemic philosophical changes in the nation’s society over the twentieth century, with the move from traditional Confucius philosophy to Maoism to socialist capitalism (Chiu 2002, Whitcomb et al., 1998). Other East Asian societies however may have moved away from Confucianism much quicker than China, due to their much earlier global exposure than China’s open door globalization policy in the late 1970s. In spite of this, there is wide agreement that Confucianism remains a strong influence in both China (e.g., Zhao & Roper, 2011) and other East Asian societies,such as Korea (Sung & Tinkham, 2005; Lee et al, 2009). The nexus of our paper therefore is that Confucianism does still have an influential role, but what this role is, and how this role differs between societies should be explored. In its purest form, Confucianism is composed of five constant virtues (e.g. Zhang et al., 2005): Benevolence: kind, sympathetic, compassionate, tolerant and respectful of others; Righteousness: the power to protect justice and goodness; Propriety: following societal regulations and laws; Wisdom: having good knowledge, intelligence and systems to provide excellence; and Trustworthiness: fulfillment of promises. Although the foundations of Confucianism goes back millennia, the use of the virtues to guide commercial operations stems from the Ming Dynasty (1368 – 1644). How adherence to each of the virtues by modern marketing organizations influences their relationships with the modern customer however, has not been explored fully. We argue that each of the virtues will have a positive effect on the key customer equity drivers; value equity, brand equity and relationship equity (Lemon et al., 2001; Rust et al., 2004), and thereon customer lifetime value. Using a sample of young Chinese and Korean consumers, the Confucian five constant virtues, benevolence, righteousness, propriety, trustworthiness and wisdom are measured and their relationships explored on the three dominant drivers of customer equity; value equity, brand equity and relationship equity. The results show that the benevolence, righteousness and wisdom virtues have significant positive relationships on the three drivers. Trustworthiness and propriety virtues however have negative significant relationships. Chinese and South Korean results are then compared. The results show that the Confucianism constant virtues drive different customer equity drivers in these two societies. The five constant virtues have stronger effects for young Chinese customers than their Korean counterparts. The equity drivers of CLV also vary, with brand equity significant in the Chinese sample and value equity significant in the Korean sample. Additionally, some significant paths to the equity drivers differ between Korea and China. Benevolence has a significant negative effect on value and relationship equity drivers (opposite to China) and righteousness a significant effect on value equity (not observed in China). These results support our proposition that a national effect on the manner and influence of the Confucian drivers may vary by society.

With the diffusion of smart-phones and mobile equipment, as well as the emergence of consumption patterns like showrooming and reverse showrooming, not only online shopping, but also offline stores are becoming important. For this reason, a multichannel which simultaneously runs both offline and online channels is getting the spotlight. A multichannel means a series of activities related to selling goods and services to consumers via more than one channel (Levy & Weitz, 2011). To adapt to this change of the retail environment, the Dongdaemun market, the source of Korean mass fashion, is introducing a multichannel to manage online and offline channels together. ‘Style Nanda’, based on Dongdaemun, is a representative branding case. Having starting with an online shopping mall, ‘Style Nanda’ is now running offline stores and is planning to enter overseas markets. Another example is that of Roompacker which has grown up from an offline store in the Dongdaemun Doota Shopping Mall launched in 2005 and is now emerging as the online and offline powerful actor in the market. As mentioned above, Dongdaemun fashion market-based brands are competitive when they have a multichannel to simultaneously run offline channels, online, and mobile channels. The existing Dongdaemun fashion market-related research has been limited to the analysis of Dongdaemun market’s structural characteristics or the consumer perception of the shopping conditions (Hong & Lee, 2007; Choi & Choo, 2005). Also, most multi-channel studies have focused on the consumer perceptions depending on the channel characteristics; therefore, the studies that measured consumer responses depending on the brand characteristics are very scarce. With the change in the retail environment and the increase in the necessity of revitalizing Dongdaemun commercial districts, a study on the multi-channel properties of the Dongdaemun brands would provide many useful implications. In this context, this research aims to analyze the characteristics of the Dongdaemun market, which is offline-optimized, as well as the utilities and attributes of multichannel shopping services of Dongdaemun fashion brands. Our second aim is to provide implications for marketing. In particular, this research is focused on the effects of these attributes on value equity, relationship equity, and brand equity which are customer equity drivers of Dongdaemun fashion brand consumers. Furthermore, this research explores the effects of customer equity drivers on customer satisfaction and purchase intention. A total of 200 samples were collected to examine the effects on customer equity drivers of Dongdaemun multichannel attributions by consumers in Dongdaemun Fashion Market. The collected data were then analyzed statistically (exploratory factor analysis, reliability analysis, and descriptive statistics) with SPSS 21.0. Furthermore, AMOS 18.0 was used for confirmatory factor analysis and multiple group analysis. The results of this research will serve as a foundation for a distribution channel research to measure the characteristics of Dongdaemun and customer equity regarding a multichannel. They will also be practically helpful in establishing a strategy to introduce a multichannel of offline-centered brands.

This paper attempts to measure the impact of non-financial factors including analyst practices and broker resources on performance of sell side research. Results reveal that these non-financial factors have a measurable impact on performance of target price forecasts. Number of pages written by an analyst (surrogate for analyst practice) is significantly and directly linked with target price accuracy indicating a more elaborate analyst produces better target price forecasts. Analyst compensation (surrogate for broker resource) is significantly and inversely linked with target price accuracy. Out performance by analysts working with lower paying firms is possibly associated with motivation to migrate to higher paying broking firms. The study finds that employing more number of analysts per research report has no significant impact on target price accuracy –negative coefficient indicates that team work may not result in better target price forecasts. Though insignificant, long term forecast horizon negatively affects target price accuracy while stock volatility improves target price accuracy.