As millennials are continuously growing; hence they are considered today's fine jewelry business treasure. Understanding why they buy fine jewelry using the means-end theory is the key objective of this study. Brand, function and beauty are means that lead to happiness and self-confidence, the end value of millennials mindset

We propose a sales prediction model based on the number of new members, online advertising, and consumer reviews for a short period. Considering purchase behaviors of new and existing members, we predict reliable sales amounts, which can be monthly updated. Our study provides digital marketers with a feasible prediction approach.

Bilateral agreements are not the optimal solution to address modern challenges regarding the resolution of investment disputes. The time has come for multilateral agreements to define a clear procedure for resolving investment disputes and the formation of arbitration for these purposes. On November 15, 2020, ASEAN members and five regional partners signed the Regional Comprehensive Economic Partnership (RCEP), arguably the largest free trade agreement in history. Although the RCEP agreement defines the basic principles of legal protection of investments, it does not contain a procedure for settling disputes directly between investors and parties to the agreement, i.e., Investor-State Dispute Settlement (ISDS), but rather postpones the issue for future negotiations. Nevertheless, a majority of countries understand the importance of investment protection and have significant outward FDI that will support stronger ISDS protections within a multilateral framework. Therefore, it is recommended that in the near future member countries will come to an agreement and adopt appropriate amendments to the RCEP regarding ISDS.

Product labels are one way for advertisers to provide information to purchasers on product quality (Atkinson & Rosenthal, 2014). Label policies have been issued to promote information disclosure on food products in some developed countries. Recent years have also seen increasing attempts to promote healthy eating in emerging markets. In China, nutrition labels became mandatory under the nutrition labeling acts. The laws require nutrition information to be presented at the point of purchase as well as in establishments where food is prepared or consumed. Additionally, similar actions were taken by India (India Ministry of Health and Family Welfare, 2011), Mercosur members and in South Africa (Brazilian Ministry of Health, 2012; Institute of Food Technologists [IFT], 2011).

Product labels are one way for advertisers to provide information to purchasers on product quality (Atkinson & Rosenthal, 2014). Label policies have been issued to promote information disclosure on food products in some developed countries. Recent years have also seen increasing attempts to promote healthy eating in emerging markets. In China, nutrition labels became mandatory under the nutrition labeling acts. The laws require nutrition information to be presented at the point of purchase as well as in establishments where food is prepared or consumed. Additionally, similar actions were taken by India (India Ministry of Health and Family Welfare, 2011), Mercosur members and in South Africa (Brazilian Ministry of Health, 2012; Institute of Food Technologists [IFT], 2011). While nutritional labeling has received a lot of attention both in academia and from the press, some key gaps remain in the nutrition labeling literature. First, a great deal of marketing research has focused on consumer responses (e.g., Balasubramanian & Cole, 2002; Hieke & Taylor, 2012; Ippolito & Mathios, 1995; Parker & Lehmann, 2014; Shah, Bettman, Ubel, Keller, & Edell, 2014) and firm responses (e.g., Moorman 1998; Moorman, Du, & Mela, 2005; Moorman, Ferraro, & Huber, 2012) to nutrition labeling laws. Although stock market investors express greater interest in information about nutrition issues that can be integrated into financial analyses (Global Access to Nutrition Index [ATNI] Investor Statement, 2013), the issue of how standardized information requirements affect investors’ responses in financial markets has been understudied. As used here, standardized product-information disclosure refers to a requirement to present facts about firms’ offerings in a common format using uniform metrics (Moorman et al. 2012). Understanding the extent to which investors consider product information-disclosure polices when they make investment decisions is important because a company’s financial health is not only the ultimate measure for the success or failure of any strategic initiative (Luo & Bhattacharya, 2009), but also one of the most important measures of public policy effectiveness (Joshi & Hanssens, 2010; Srinivasan & Hanssens, 2009; Schwert, 1981). Moreover, urgent concerns have spilled over from the product market to the financial market (Chen, Ganesan, & Liu, 2009) due to the enormous economic costs and damage to firms’ reputations in product-harm crises (e. g., melamine contamination in several Chinese brands of infant milk powder) (Ngo, 2014). Another gap in the literature is how nutritional-labeling requirements affect emerging markets. In contrast to the situation in long-developed countries, emerging markets are subject to different pressures for food marketers and thus a distinctive environment surrounds the regulation of food product labeling. In China, food safety and quality is considered an urgent concern, and the issue has forced regulators and companies to take action (Yan, 2008). Unlike mature stock markets, the majority of investors in China are individuals (Chen, Li, & Shi, 2010). The Chinese markets are under-regulated and deficient in gathering and disseminating information to private or public organizations, and it is difficult for listed firms with insufficient records to form reputations (Singh et al., 2005). As a result, information asymmetry is accentuated and imperfect signals released from firms highly impact investor decisions. Thus, examining the effectiveness of labeling requirements in developing economies is important as is comparing these results to those found in more developed countries. Despite the importance of the issue in emerging markets, empirical work for investigating investor response to the public policy of nutrition labeling (Ghani, & Childs, 1999) or firms’ nutrition claim strategies (Cao & Yan, 2016) has been restricted in developed markets (e.g., the U.S.). Little is understood the changes in corporate financial performance because of regulations requiring product information disclosure in emerging markets. As a result of the pressures for consumer protection and regulation, it is increasingly important for policy makers to be able to understand the financial consequences of such regulation because of information disclosure policies (Moorman et al., 2005). Thus, an additional contribution of this study is to help better inform the policy debate in emerging markets. To fill these research gaps, we investigated the influence of the influx of standardized product information on the stock market. Specifically, we conducted an event study to examine the effect on firms’ stock values from the issuance of the food nutrition label acts (FNLAs) in China, a fast-growing emerging market. The acts require food manufacturers to provide standardized nutritional information on pre-packaged food labels. This study contributes to the marketing literature on the financial impact of regulation in emerging markets. In China, on the day the FNLA was issued, they were associated with positive abnormal stock returns of related firms. This result is contrary to the study by Ghani and Childs (1999) that reported that the NLEA passage showed a negative impact on firms’ stock prices. Second, the financial value from the issuance of regulations was strengthened by three marketing leverages—advertising, donations, and R&D. Finally, although Moorman et al. argued that the NLEA increased the number of small-share firms exiting the U.S. market (Moorman et al., 2005), we found that in the short term, large firms benefited less than small firms from product information disclosure in China’s stock market. These findings provide empirical evidence that regulatory controls create changes in shareholder wealth and provide an assessment of the financial market’s perceptions regarding the role of mandatory product- information disclosure in future corporate growth. In addition, evidence of the effects of regulatory changes on wealth is of significant value to policymakers and market participants as they evaluate the benefits and costs of information disclosure in emerging markets.

It is not easy to detect East Asia’s presence in the field of investor-state dispute settlement (ISDS), despite its large economy. In addition to having less active foreign direct investment (FDI) relative to GDP and fewer investment treaties, East Asian economies and societies seem to possess certain characteristics that have contributed collectively to the dearth of ISDS cases in East Asia. Examples are the short history of international arbitration, the avoidance of litigation, the high proportion of state-owned enterprises in outward FDI from China, and the concentration of FDI in industries in which investor-state disputes are less likely to occur. This trend, however, is likely to change gradually with the ongoing socioeconomic changes in the region, including the increase in both outward and inward FDI, the increasing number of investment treaties, the growing familiarity with international (investment) arbitration among legal experts, the diversification of FDI, and the decreasing fear of administrative litigation.

본 연구는 국내 코스닥시장에 상장된 중소기업이 2010년부터 2014년까지 5년간 해외 및 국내에서 IR 활동을 실시한 것이 주가에 어떠한 영향을 미치는지를 분석하였는 바, 주요 연구 결과는 다음과 같다. 첫째, 국내외 IR 실시는 주가에 긍정적인 영향을 미치면서 주가를 한 단계 레벨업시키는 것으로 나타났다. 둘째, 단기적으로는 국 내 IR이 해외 IR보다 주가에 보다 긍정적인 영향을 미치는 것으로 나타났다. 셋째, 외국인지분율이 매우 낮은 코 스닥기업의 경우에는 효율성 측면에서 해외 IR보다는 국내 IR에 보다 집중하는 것이 나았다. 넷째, 개별기업이 주관하여 IR을 실시하는 것이 한국거래소(KRX) 주관 IR보다 주가에 훨씬 더 긍정적인 영향을 미쳤다. 다섯째, 외국인지분율이 높은 코스닥기업일수록 IR 실시에 따른 긍정적인 주가 반응이 상대적으로 낮게 나타났다. 이는 부분적으로 외국인투자자와 경영자 간의 정보비대칭성이 덜하기 때문으로 해석된다. 여섯째, 수익성이 높은 기업 일수록 IR 활동이 주가에 더욱 긍정적으로 영향을 미침으로써, 코스닥 중소기업들은 수익성이 뒷받침되는 경우 적극적으로 IR을 실시하여 기업가치를 높여야 할 것임을 시사한다. 일곱째, 동일 분기 내에 IR을 여러번 실시하 는 경우 주가에는 오히려 덜 긍정적으로 작용하였다. 또한 규모가 큰 코스닥기업은 해외 IR을 실시함으로써 주가 에 더 긍정적인 영향을 받고 있었다. 결론적으로 한국 중소기업의 국내외 IR 활동은 주가에 긍정적인 영향을 미 치는 것으로 나타난 반면, 국내주식시장의 개방과 국제자본시장의 통합 진전으로 인해 국내 IR과 해외 IR의 주 가영향력에는 크게 차이가 없는 것으로 나타났다. 그러나 IR 활동 자체는 기업가치를 높이는 효과가 여전히 존재 하므로 향후 국내 코스닥 중소기업들도 더욱 적극적으로 IR 활동을 수행해야 할 것으로 기대된다.

1998년에 국내 주식시장이 전면 개방됨에 따라, 외국인자본이 국내 주식시장에 거대한 투자주체로 등 장하게 되었다. 일반적으로 외국인투자자는 정보비대칭으로 말미암아 국내 주식시장에 대한 투자에 있어 서 열위를 가질 수 있는 동시에, 반대로, 선진화된 분석기법과 투자기법으로 투자수익에 있어서 우위를 보일 수 있다고 연구되고 있다. 본 연구는 국내 주식시장이 전면 개방된 초기의 시점에서 외국인투자자들 은 어떤 투자행태를 보였고, 그들이 보인 투자행태가 국내 기관투자자 및 개인투자자들의 투자행태와 차이점을 보이는지에 대해 고찰하고 있다. 또한, 투자성과에 있어서 우위를 보인다고 연구된 외국인투자자 들의 투자행태를 국내 기관투자자들이 추종했을 것인지에 대해 탐색적 접근을 시도하였다. 이를 위해 주식시장 전면개방의 초기단계로서 1999년의 자료와 일정시간이 흐른 단계로서 2003년의 자료를 통해 투자주체별로 각각 실증하였다. 실증결과에 따르면, 1999년 외국인투자자는 자산규모, 평균 주가와 정(+)의 관계를 나타냈다. 기관투자자는 기업규모, 총자본순이익률과 정(+)의 관계를 보였고, 주당 순이익과는 부(-)의 관계를 보였다. 개인투자자의 경우, 주당순이익과 정(+)의 관계, 기업규모와 총자산순 이익률 및 평균주가와 부(-)의 관계를 보였다. 예상한 바와 같이, 전면개방 초기단계에서 외국인투자자와 기관투자자, 개인투자자는 선호하는 주식의 특성에 있어서 차이점을 드러내었다. 2003년 외국인투자자는 기업규모와 부채비율 및 PBR값과 정(+)의 관계를 나타내었다. 기관투자자의 경우, 기업규모, 평균주가, 배당률, PBR값, 수출비중과 정(+)의 관계, 부채비율, 주당순이익, PER값과는 부(-)의 관계를 보였다. 개인투자자는 기업규모와 PBR값과 부(-)의 관계를 확인하였다. 이를 통해, 일정 시간이 흐른 단계에서 기관투자자가 외국인투자자의 투자행태를 추종하였다고 판단하기는 어려웠고, 따 라서, 개인투자자와 달리 기관투자자들은 외국인투자자의 투자행태를 추종할 것이라 기대한 가설은 지지 되지 않았다.

This paper examines critical issues in the current dispute between Lone Star and South Korea regarding Lone Star’s investment in the Korea Exchange Bank that has culminated in an investor-State dispute claim against Korea before an International Centre for Settlement of Investment Disputes arbitration panel. It further evaluates the merits and potential outcomes of each issue through careful analogy to preexisting international investor-State dispute awards, textual analysis of the bilateral tax and investment treaties between South Korea and Belgium, and publically available information regarding events during the course of Lone Star’s investments in Korea. In particular, it will address well-covered topics in international investment law such as nationality of corporations, fair and equitable treatment, and discriminatory treatment. It will also investigate burgeoning topics on breach of domestic law by third parties, breach of domestic law in the course of an investment, and the rights of an investor to raise tax-based investment claims.

This paper empirically studies foreign investor investment decision-making factors of game industry. First of all, I couldn´t find many significant results relation to business performance. In terms of safety, The negative(-) relationship could be found between current ration, debt ration and foreign ownership. The growth(growth rate of sales, net profit growth rate) showed positive(+) relationship with foreign ownership. In terms of profitability, Between ROE, ROA and foreign ownership also showed positive(+) relationship . Finally, the R&D investments and weight of export are positive(+) related to foreign ownership. In this results, I can conjecture about foreign investor focus on Safety , Growth , Profitability. especially, can be inferred that R&D and weight of export factors attract foreign investors.

미국에서 다수의 저작권자들이 냅스터와 그록스터를 상대로 한 소송에서 간접침해 법리에 의하여 승소한 이후, 이 정도로 만족하지 못한 저작권자들은 저작권의 직접 침해자 및 2차적 침해자들을 돕거나 이들에 대해 경영적, 재무적, 기술적 조력을 제공한 회사의 임원, 이사, 주주 또는 기타 투자자들과 같은 2차적 또는 3차적 당사자들을 상대로 위 저작권 침해에 대한 손해의 배상을 구하며 법원에 소송을 제기하고 있다. 그러나 현재까지 위와 같이 저작권 침해의 간접적인 당사자들에 대한 책임의 범위를 확장하려고 하는 저작권자들의 시도는 그다지 성공적인 것으로 보이지는 않는다. 이 글은 (i) (a) 법인의 지적재산권 침해행위나 지적재산권 관련 법령의 위반행위 및 (b) 법인의 지적재산권 관련 문제의 관리해태에 관한 이사의 책임 및 (ii) 위와 같은 법인의 지적재산권 침해행위에 관한 투자자의 책임에 관해 검토한다. 법인의 이사들이 저작권법과 같은 지적재산권 관련 법령상 권리자에 대해 부담하는 책임과 관련하여, 이사는 법인의 침해행위에 관여하게 되는 행위의 유형 및 담당하는 역할에 따라, 미국의 경우에는 기여침해, 대위침해 또는 유인침해 이론에 따라 법인의 침해행위에 대해 책임을 부담하게 될 수 있고, 한국의 경우에는 직접침해자로서 또는 교사 또는 방조에 의한 간접침해자로서 책임을 부담하게 될 수도 있을 것이다. 한편 이사가 한국 상법상 회사에 대해 부담하게 되는 책임과 관련하여, 이사는 법령위반행위를 하거나 임무를 해태하고 이로 인해 회사에 손해가 발생한 경우 회사가 입은 손해를 배상할 책임이 있다. 위 법령위반행위에서의‘법령’의 범위에 관하여 견해의 대립이 있으나, 대법원에서는 위 ‘법령’에 회사가 영업활동을 함에 있어서 준수하여야 할 제규정이 포함되고, 이사가 임무를 수행함에 있어서 위와 같은 법령에 위반한 행위를 한 때에는 그 행위 자체가 회사에 대하여 채무불이행에 해당하고 이에 대해 원칙적으로 경영판단의 원칙이 적용되지 않는다고 판시한바 있다. 따라서 만일 그 회사의 사업이 지적재산권을 이용한 것이거나 지적재산권과 밀접한 관련이 있는 경우, 그 회사의 사업이 지적재산권 관련 법령을 위반하게 되는 경우, 그 회사의 이사는 회사가 이로 인해 입은 손해에 대해 배상책임을 부담하게 될 수도 있다. 회사의 이사는 회사에 대해 선관주의의무를 부담하며 이에 따라 회사의 사무, 유형자산 및 지적재산권을 포함한 무형자산에 대해 이와 관련한 적극적, 소극적 행위로 인해 발생할 결과를 고려하여 성실하고 적정하게 관리해야 할 의무를 부담하고, 회사의 지적재산권에 관한 관리를 해태하거나 방기하는 경우 이로 인해 회사가 입은 손해에 대해 배상책임을 부담할 수도 있다. 미국에서는 회사의 침해행위에 대해 회사의 투자자들에 대해서까지 책임을 추궁하려는 몇몇 시도가 있었다. 그러나 다수의 경우에 있어서, 법원은 회사에 대한 투자와 회사의 이사회의 이사선임권을 가지고 있다는 사실은 단지 투자자와 회사가 사업적인 관계를 가지고 있고 투자자는 회사의 사업에 대한 경제적인 이해관계를 가지고 있다는 사실만을 나타낼 뿐이라고 하면서 위와 같은 청구를 기각하였다. 투자자들의 회사의 침해행위에 대한 배상책임에 관한 주장이 보다 설득력을 갖기 위해서는 그들이 회사의 침해행위 사실이 입증된 후에도 적극적으로 회사의 침해행위를 장려하였다거나, 회사의 침해행위와 투자자들의 투자수익과의 사이에 직접적인 견련관계가 있다는 사실 등을 입증하는 것이 필요하다. 이와 같은 미국에서의 법원 판례와 논의들은 한국법 아래에서 회사의 지적재산권 침해에 대한 투자자들의 책임부담여부를 검토하는데 있어서 참고가 될 수 있을 것이다.

This study analyzed the effect of Corporate Social Responsibility and ESG (Environmental, Social and Governance) score on information asymmetry from the perspective of investors, who are important stakeholders of the company. For KOSPI-listed companies from 2017 to 2020, the effect of ESG overall score and each item score (E, S, G) on the bid-ask spread, which is a proxy for information asymmetry, was confirmed. The results are as follows. First, the increase in corporate CSR activities resulted in lowering information asymmetry of investors. It was found that the higher the ESG score, an indicator of CSR activity, the lower the bid-ask spread, which is a proxy variable for information asymmetry. Second, as a result of analysis using ESG scores for each section, information asymmetry decreased as companies with higher scores in the environmental (E) and social (S) aspects, while the governance (G) score did not have a statistically significant effect. The analysis confirmed that corporate CSR activities can contribute to improving market efficiency by resolving information asymmetry of investors and convergence of the stock market into a state of equilibrium. This means that the company's CSR activities are reflected in the investment decision-making, which suggests that the company should consider the investor as a stakeholder in decision-making related to CSR activities.

Investors from the whole world are looking for those stock markets that are less affected by interest rates. Pakistan is a good place to invest and the investors from the whole world are considering Pakistan for future ventures. The current study, therefore, aims to analyze the factors affecting investors’ decision making in Pakistan with the interaction effect of locus of control. The primary data are gathered from 300 respondents. Structural equation modelling (SEM-PLS) is used to analyze the interactions among variables. The study finds positive impact of availability and representative biases on investment decision making. The study could not find any moderating role of locus of control. The results imply that decisions made by Pakistani investors are driven by the most easily or currently available information and they trust on the information obtained from family and friends without any authentication and verification. One possible description of insignificant moderation effect of locus of control can be the sample traits used in the study, e.g., personal characteristics, that change from culture to culture. Another description of these findings may be the association between heuristic biases, including availability, representative and psychological biases and decision-making regarding investment is not personality specific.

The purpose of this study is to analyze integrated reporting disclosure and its implications on investor reactions. The population in this study is all manufacturing companies listed on the Indonesia stock exchange from 2017 to 2019, totaling 171 companies, and the sampling technique used is purposive sampling method. The method used in this research is a quantitative description using the financial statements of manufacturing companies listed on the Indonesia stock exchange. The data analysis method used is multiple regression analysis with intervening variables using AMOS 24 software. The results of this study show a positive and significant effect of profitability (X1) and company size (X2) on integrated reporting (IR); a positive and insignificant effect of stakeholder pressure (X3) on integrated reporting (IR); a positive and significant effect of profitability (X1) and stakeholder pressure (X3) on investor reactions (Y); a positive and insignificant effect of firm size (X2) and integrated reporting (IR) on investor reactions (Y). Suggestions are that in further studies, we can increase the sample size by including other industries, and in addition to using annual reporting, we can also use other sources such as websites, press releases, and prospectuses to improve the robustness of this study by relying on other data sources.