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Literature documents that executives' inside debt holdings (debt-based managerial compensation) such as defined-benefit pensions and retirement funds are often unfunded and unsecured and have long maturities, and thus provide managerial incentives to pursue strategies to avoid the overall firm risk. This study investigates the effect of managerial inside debt compensation relative to equity-based compensation on a firm's dividend payout policy. We find that a inside debt holdings are positively associated with various measures of a firm's dividend payout policy. Additionally, we find empirical evidence in firms with inside debt holdings that the inverse relationship between high default risk measured by KZ index and dividend payout weakens as the portion of inside debt relative to equity-based compensation rises. This finding indicates that the needs for the firm to restrain dividend payouts to equity holders is reduced as the executive's debt-to-equity compensation ratio becomes larger. Overall, the results suggests the mitigating effect of executives' inside debt holdings on the conflicts between bondholders and shareholders can lead to generous payout policy.

Food delivery robot service (FDRS) is a novel service using autonomous delivery robots that alters human delivery in mobile food ordering. Despite FDRS companies’ skyrocketing service expansions throughout the USA, there has been limited understanding of customer perceived value, customer satisfaction and loyalty which is imperative to promote repeat sales. Therefore, this study aims to examine customer perceived value of FDRS, identify antecedents of customer satisfaction with FDRS and investigate the additional impact of customer satisfaction and loyalty toward FDRS and the restaurant using FDRS.

As a sample population, this study targeted the US customers over 18 years old and have used FDRS within the past 12 months. With a total of 323 responses, descriptive statistics, confirmatory factor analysis and structural equation modeling were conducted for data analysis.

The findings of this study demonstrate the positive impacts of functional, price and emotional value on customer satisfaction. The current study also shows that customer satisfaction positively influences customer loyalty toward FDRS and the restaurant.

To the best of the authors’ knowledge, the current study is arguably the first to investigate customers’ post-purchase experience with FDRS, which enhances understanding of customer behavior toward the service. Moreover, with a multidimensional consumption value approach from the theory of consumption values, this study provides a single framework to explore the relations between customer perceived value, satisfaction and loyalty in the FDRS context.

食品配送机器人服务（FDRS）是一种使用自主配送机器人改变移动食品订购的新型服务。尽管FDRS公司在美国各地的服务扩张迅猛, 但对于顾客感知价值、顾客满意度和忠诚度的理解仍有限, 而这对于促进重复销售至关重要。因此, 本研究旨在考察顾客对FDRS的感知价值, 确定影响顾客对FDRS满意度的先决条件, 并调查顾客对FDRS及使用FDRS的餐厅的满意度和忠诚度的影响。

本研究以美国18岁以上并且在过去12个月内使用过FDRS的顾客为样本, 共收集到323份回答。采用描述性统计、确认性因素分析和结构方程模型进行数据分析。

本研究的结果显示功能性、价格和情感价值对顾客满意度有积极影响。当前研究还表明, 顾客满意度对FDRS及餐厅的忠诚度有积极影响。

本研究可以说是首次调查顾客对FDRS购买后的体验, 从而增进对顾客对该服务行为的理解。此外, 本研究采用了来自消费价值理论的多维消费价值方法, 为探索FDRS背景下顾客感知价值、满意度和忠诚度之间的关系提供了一个单一的框架。

The purpose of this paper is to examine differences of the perceived internal marketing practices (IMP), job satisfaction (JS), organizational commitment (OC) and turnover intention (TI) between full- and part-time employees and to incorporate employment status as a moderator in the restaurant employee turnover model.

The target population included current restaurant full- or part-time employees in the USA. The questionnaire was distributed to potential participants through an online survey that the company used to collect nationwide data.

Full-time employees’ perceptions of the IMP were comparably greater than those of part-time employees, and full-time employees were also more committed to the organization and had less intention to leave than their part-time counterparts. Significant moderating effects of employment status existed in the restaurant employee turnover model.

The current study may not adequately capture the differences between full- and part-time employees by asking respondents to identify their employment status.

IMP should be facilitated at the management level to provide insight and value to their employees, and more attention and effort in the internal marketing and human resource practices for part-time employees are needed to have more satisfied and committed employees, and, in turn, better performance.

The literature on full- and part-time employees was incomplete, and there was minimal research that tested differences between full- and part-time employees in the foodservice industry.

The purpose of this paper is to examine the effect of internal pores on the tensile properties of a Co–Cr–Mo alloy fabricated by selective laser melting (SLM).

The size and volume fraction of pores were controlled through high temperature annealing (HTA) and hot isostatic pressing (HIP).

After HTA, the size and fraction of pores decreased compared with the as-built SLM sample, and no pores were observed after HIP. Tensile tests of the HTA and HIP samples showed nearly similar tensile deformation behavior. From the results, the authors found that the size of the internal pores formed in the SLM process had little effect on the tensile properties. The as-built SLM sample had less elongation than the HTA and HIP samples, which would not the effect of porosity, but rather the effect of the residual stress and the retained ε phase after the SLM process.

Although pores are a main factor that influence the mechanical properties, the effect of pores on the tensile properties of Co–Cr–Mo alloys fabricated by SLM has not been studied. Therefore, in this study, the effect of pores on the tensile properties of a Co–Cr–Mo alloy fabricated by SLM was studied.

The purpose of this paper is to analyze maritime logistics connectivity of ports and shipping networks in the East Sea Economic Rim (ESER) to promote international trade in the context of China’s Belt and Road Initiative (BRI), considering centrality, primary flow and clustering interaction.

The paper applies a complex network model, using a big data system consisting of an automated identification system, electronic data interchange and distributive and complex data. Three perspectives, including connectivity in trading ports and regions, centralities in the realm of complex network and potential marketing and regional impacts, and sixteen criteria are considered for this analysis. A visual approach has been also applied to highlight port connectivity and ship flows for the reader’s convenience.

The paper shows that port connectivity and maritime logistics are enablers to promote Korean international trade in Northeast China through the ESER, and 25 major ports are well connected to promote international trade in the region with visual data of ship flows by ship type and by flag.

Owing to the lack of port management information systems among the countries in the ESER except Korea and Japan, this paper could not capture cargo types and amounts on board. Port connectivity analysis shows links of the ports in the ESER to major ports in southeast Asia along the Twenty-first Century Maritime Silk Road (MSR). These results contribute to drawing policy implications to promote the ESER and provide suggestions for promoting Korean international trade by enhancing maritime logistics connectivity.

Unlike the existing literature showing descriptive and policy-oriented research related to ESER, this paper applied a vigorous method with a big amount of data to analyze port connectivity and ship flows in the ESER, considering China’s BRI affecting the global supply chain system, maritime transportation, and logistics. In addition, the paper shows how the seaports in the ESER are connected along the MSR.

The purpose of this paper is to examine how corruption has changed over time in South Korea and to explore how the corruption control and prevention efforts of the Korean government have been successful and failed.

This paper draws on institutional theory to formulate a qualitative analysis to assess the effectiveness of anti-corruption policies and measures, and to identify the strengths and weaknesses of anti-corruption reform efforts in South Korea.

This paper argues that while the Korean government has been quite successful in building anti-corruption institutions to control low-level petty corruption, it has failed to institutionalize anti-corruption institutions to curb high-level grand corruption.

While many studies have attempted to identify the successful factors of fighting corruption, this paper draws a theoretical distinction between institution-building vs institutionalization to examine the success and failure of corruption control and prevention efforts in South Korea.

This paper, in face of the increasing interconnectivity between local and global, has attempted to retrospect the critical moment of Korean society under Tae‐woo Rho (1988–93) regime, in which Korea struggled for fundamental reforms of the earlier centrally controlled state system through economic rationalization and labor flexibilization. During that juncture of Korean history, neo‐liberalization under the influence of Fordian decline was a governing theme behind the Korean economy's policy formation as well as labor agenda. This reliance of government on the neo‐liberal pillar has made an impact on the subsequent leaderships under Young Sam Kim (1993–1998) and Dae Jung Kim (1998‐present). After briefly reviewing the major aspect of Korean economy and labor problems surrounding the financial crisis of East Asia around 1998, the international influence of Fordian decline and neo‐liberalization as a Korean alternative has been discussed.

In highlighting brain wave responses of emotional processing, the purpose of this study is to investigate (1) the effect of sport participation involvement on affective reaction in viewing photos; and (2) the association between affective reaction and behavioral intentions.

Using lateralized event-related potentials, the authors examined how brain wave reactions are different based on different sport involvement between two groups where one group had varsity sport experience while the other expressed that they were not fans of the sport.

Results indicated a significant difference in lateralization between groups. Brain responses were greater in the high involvement group and positively correlated with the intention to attend future games.

The findings in this study elucidate the linkage between one's history of sport involvement and affective brain wave responses. Implications from neurophysiological evidence provide means to further dissect the multifaceted construct of involvement in the field of sport marketing.

This paper aims to understand the effect of food and beverage (F&B) services on the operating performance of luxury hotels and to identify the heterogeneous effects of the luxury hotels’ F&B operation on the business performance between Asia and the USA.

Operating performance of luxury hotels in Asia (37 hotels), including Japan, Singapore, South Korea and Hong Kong and in the USA (72 hotels), including New York, California, Florida, Illinois and Texas was collected from STR reports. This study applied generalized estimating equations models to reach the conclusions.

The emphasis on F&B services exhibits a significant positive effect on the operating performance of luxury hotels in Asia. The occupancy rate and gross operating profit per available room of luxury hotels in Asia have improved with the investment in F&B offerings. Therefore, a distinctive F&B offering should be considered as one of the main products and services rather than a supplementary service in Asia. While devotion to F&B services lacks a significant positive effect on luxury hotels in the USA.

This study is the first effort to identify the importance of luxury hotels’ F&B operation for the overall hotel performance in Asia and the USA by focusing on the entire industry’s operating information.

The purpose of this paper is to examine the structural relationships among lifestyle of health and sustainability (LOHAS), healthy food choices, trust, and emotional loyalty and the moderating role of age between seniors and non‐seniors in restaurants.

Partial least squares (PLS)‐graph software (version 3.0) was used to analyze the measurements and structural models. The authors employed a PLS regression analysis for both the formative and reflective constructs in the empirical test of the research model.

The study revealed that the senior market segment differs from the non‐senior market segment in the following ways: the magnitude of impact of LOHAS on healthy food choices is much stronger for senior diners than for non‐senior diners and the impact of LOHAS on trust and emotional loyalty is greater for seniors than non‐seniors.

The results of this study can guide the restaurant industry in its research on the implications of LOHAS for seniors.

Restaurant marketers should develop different strategies for the senior and non‐senior market segments, and they need to focus on target segments rather than attempting to appeal to the market as a whole.

This paper assists researchers and practitioners by shedding light on the differences among LOHAS, healthy food choices, trust, and emotional loyalty between senior and non‐senior diners.