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This paper investigates the lead-lag relationship between the call-put options open interest value ratio and the KOSPI 200 Index returns. In addition, we tried to find whether the open interest value ratio has the information contents about KOSPI 200 Index return. When estimating call-put options open interest value ratio, we use Chen, Lung, and Tay (2005, 2009) models. The sample period covers from January 5, 1998 to December 28, 2006 with the closing price returns of KOSPI 200 Index and the open interest of the KOSPI 200 options. We use statistical methodology such as VAR (vector autoregressive model), Granger causality test, impulse response and variance decomposition model for the dynamic empirical tests.

Followings are the major findings and implications drawn from the empirical analysis of the Korean options market. Most previous researches claims that options open interest can provide the information contents to estimate the KOSPI 200 spot price movement. However, unlike the results of most previous researches, we found that the call-put options open interest value ratio does not have the information contents predicting the KOSPI 200 index return where as KOSPI 200 spot price leads the call-put options open interest value ratio.

This paper investigates the effects of risk neutral distribution (RND) from option prices on the distribution of the underlying asset. More specifically, we focus on the third moment of distribution, called skewness, which contains important information predicting the jumps of stock index. The sample period covers from January 2002 to July 2006 with the closing price returns of KOSPI200 Index and the KOSPI200 options. The skewness of the risk neutral distribution is estimated from non-parametric method of Bakshi et al.(2003) and the parametric method of Corrado and Su (1996). When estimating the skewness of the underlying assets, we employ Chen et al.(2001) model and calculate the historical skewness from the1-month ahead return underlying asset. Using statistical methodology such as VAR (Vector Autoregressive model), Granger causality test, impulse response and variance decomposition model, we examine whether the skewness of the underlying asset responds to the change of the implied RND. Followings are the major findings and implications drawn from the empirical analysis of the Korean options market. First of all, skewness of options estimated from non-parametric method have information contents predicting the third-moment of KOSPI200 index return whereas skewness of options estimated from parametric method does not have any information forecasting the skewness of KOSPI200 index return.

The purpose of this study is to examine the effects of hospitality employees’ emotional intelligence (EI) on their stress-coping styles and job satisfaction.

The sample consisted of 366 food and beverage employees in the Korean hospitality industry. The validity and reliability of the respondents’ replies regarding EI, stress-coping styles and job satisfaction were tested through exploratory factor analysis, reliability analysis and confirmatory factor analysis. Once the measure was validated, a structural equation model was used to test the validity of the proposed model and hypotheses.

The results showed that the elements of EI (i.e. self-emotion appraisal [SEA], use of emotion [UOE], regulation of emotion [ROE] and others’ emotion appraisal [OEA]) had a significant, positive effect on the cognitive-appraisal coping style, whereas only SEA and UOE had a significant, positive effect on the problem-solving coping style. Meanwhile, SEA had a significant, negative effect on the emotion-focused coping style. In addition, employees’ problem-solving and cognitive-appraisal stress-coping styles showed a significant, positive effect on their job satisfaction. Employees’ UOE and ROE demonstrated a significant, positive effect on job satisfaction.

The generalizability and, therefore, implications are limited to the Korean hotels and family restaurants. Future research needs to closely examine models and variables which may become the causes of individual traits, relationship traits and leadership.

Strategies to cope with stress and job satisfaction used by family restaurant employees showed more sensitive effects of control than hotel employees did in the organic causal relationships between EI and strategies to cope with stress/job satisfaction. The results of this study, which indicate that hospitality companies can increase employees’ job satisfaction by enhancing their employees’ EI, suggest detailed and practical alternatives to human resource management, as employees with higher degrees of EI can bring positive outcomes to both organizations and employees. Hospitality employees’ EI is significant in terms of organizational performance.

This paper aims to explain the relationships among employees’ positive psychological capital (PPC) (hope, self-efficacy, resilience and optimism), job satisfaction (JS) and organizational citizenship behaviors (OCBs) in deluxe hotels. This study also seeks to analyze the effect of JS on the employees’ OCBs. In an era of global competition when the speed of change is increasing, companies’ competitiveness depends on how well they adapt. To respond flexibly to changes, knowing how to use intangible resources is crucial.

This study was administered to 324 deluxe hotel employees using a self-administered questionnaire. Following Anderson and Gerbing’s (1988) two-step approach, confirmatory factor analysis was first undertaken to assess the overall fit of the three-factor model, structural equation model which was used to examine the hypothesized relationships between the constructs.

The findings showed that employees’ hope and optimism among PPC have a significant effect on their JS; their hope and resilience affect OCBs. Employees’ satisfaction was positively associated with their OCBs.

It was verified that PPC was an important performance factor that could improve hotel employees’ attitudes and organization’s effectiveness. Employees with high PPC were high in satisfaction with job, positively helped coworkers or superiors, and had high possibility of doing devotional action for organization. Accordingly, there will be a need of forming favorable working atmosphere so that employees can perform job with positive psychology, and of seeking diverse support programs such as counseling program or leisure activity.

Most previous studies have examined PPC mainly in general industries; however, this study focused on hotels as a hospitality industry. This study will have significance as the initial research of having considered that the hotel employees’ PPC formation has significant influence upon the JS and OCBs. It is predicted that positive psychology of hotel employees in a job situation leads to various efforts to develop their organization and their own development, thereby creating performance and strengthening management power.

The aim of the study was to examine whether five-star hotel employees’ promotion focus significantly influences their task-coping style, and whether their prevention focus has a significant effect on their emotion- and avoidance-coping styles. This study also investigates the moderating impact of employees’ tenure on the relationships between stress-coping styles and turnover intent.

A total of 342 five-star hotel employees in South Korea participated in the study using a self-administered questionnaire. Confirmatory factor analysis and structural equation modeling were used to examine the hypothesized relationships between the constructs.

Hotel employees’ turnover intent decreases when they are motivated by strategies corresponding to their regulatory focus. This study found that hotel employees’ promotion focus had a significant positive effect on their task-coping style, whereas prevention focus had a significant negative effect on the emotion- and avoidance-coping style. In addition, employees’ task-coping style negatively affected their intent to leave the organization, while their emotion-coping and avoidance-coping styles positively affected turnover intent. Finally, moderating effects were related to tenure in the causal relationships among stress-coping styles and turnover intent. Thus, one can infer that the emotion-coping style has a greater effect on turnover intent in employees with a relatively short tenure than in those with a long tenure.

This study verified that hotel employees’ regulatory focus plays an important role in employee behavior within organizations just as individual characteristics such as personality or values do. Thus, a substantial application plan for employees’ regulatory focus was proposed for the organizational dimension. In addition, diverse plans were presented for employees’ flexible coping with stress, based on differing turnover intent, depending on employees’ stress-coping styles. Through this, a plan for reducing employee turnover intent was pursued.

This study associated employees’ stress-coping styles, which had been dealt with in the human resources management area, with their regulatory focus and showed that different stress-coping styles might be derived using such regulatory focus; the resulting turnover intent might also be different. The study results can provide a theoretical basis for understanding relationships among regulatory focus, stress-copying styles and turnover intent as such research is relatively lacking. Finally, this study is meaningful in that it applied the regulatory focus theory centered on customer behaviors to employees and verified the moderating effect of employees’ tenure between stress-coping styles and turnover intent.

For the past two decades, researchers have been exploring knowledge of work engagement in the hospitality and tourism industry (HTI). This study aims to provide a comprehensive analysis of global research trends in the field through a bibliometric analysis.

A total of 335 papers from 2005 to 2021 were searched using the Scopus database. The analysis focused on the temporal distribution, most productive journals, countries/territories, institutions, authors, international and authors' collaboration, the most cited publications and author keywords. The VOS viewer and R software were used to visualise the scientific landscapes.

The results indicated a rapidly increasing trend of studies on work engagement in the HTI. The journal with the most published articles was the International Journal of Hospitality Management. The USA ranked first in production, and Karatepe, O.M., from Turkey was the leading author. The first and most cited article was from Salanova et al. (2005). Other themes were identified, mainly related to job resources and outcomes associated with work engagement.

The study provides a more comprehensive understanding of the progress of work engagement in HTI studies and offers clues for further investigation in this field.

This is the first paper to explore work engagement in the HTI using quantitative and visualised bibliometric analysis.