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Article

Ho Wook Shin, Seung-Hyun (Sean) Lee and Min-Jung Lee

The purpose of this study is to examine how the liability of foreignness (LOF), choice of incorporation and an institutional change independently and jointly affect a…

Abstract

Purpose

The purpose of this study is to examine how the liability of foreignness (LOF), choice of incorporation and an institutional change independently and jointly affect a reverse merger (RM) firm’s capital-raising performance.

Design/methodology/approach

The study draws on the data of shell reverse merger transactions in the USA from 2007 to 2016.

Findings

This paper finds that LOF and the choice of incorporation as a signal have a significant effect on RM firms’ capital-raising performance. In addition, this study finds that the effectiveness of the signaling can be affected by LOF. Finally, this paper finds that an institutional change that lowers the entry barrier to the initial public offering (which is a superior alternate to an RM) affects the impacts of LOF and signaling on RM firms’ capital-raising performance.

Originality/value

The study contributes to the international business literature by examining the RM (which has been an under-researched topic in the literature) by drawing on the LOF framework. The study finds that LOF and the choice of state for incorporation affect RM firms’ capital-raising performance; moreover, these relationships are affected by an institutional change.

Details

Multinational Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1525-383X

Keywords

Content available
Article

Kook-Hyun Chang and Seung Gyeom Lee

In this paper, we try to extend the work of Kim and Chang (2000) and to estimate exponential-affine term structure models for Korean monetary stabilization bond (MSB…

Open Access

Abstract

In this paper, we try to extend the work of Kim and Chang (2000) and to estimate exponential-affine term structure models for Korean monetary stabilization bond (MSB) using trading data as an alternative of traditional curve-fitting methodology. We estimate both one factor CIR model and two factor CIR model. Using the daily trading data instead of quoted data of Korean monetary stabitization bond from February 10 1992 to September 8 2000, this paper estimates one factor successfully, which is consistent result with quoted data. But it seems that the result of two factor model from the trading data is not the same as that from the quoted data.

Details

Journal of Derivatives and Quantitative Studies, vol. 11 no. 1
Type: Research Article
ISSN: 2713-6647

Keywords

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Article

Yun Dong Yeo and Seung-Hyun (Sean) Lee

The purpose of this paper is to examine how the risk of war aroused by North Korea’s threatening actions trigger strategic responses from US multinational enterprises…

Abstract

Purpose

The purpose of this paper is to examine how the risk of war aroused by North Korea’s threatening actions trigger strategic responses from US multinational enterprises (MNEs) operating in South Korea. The authors compare two competing perspectives of real options and risk diversification to see which prevails when US MNEs are facing risk of war.

Design/methodology/approach

The authors hand collected news articles regarding North Korea’s threatening actions that may trigger strategic responses from MNEs operating in South Korea. The authors use archival data of US MNEs to verify our results.

Findings

Empirical tests of the two competing perspectives reveal that US MNEs adopt the risk diversification strategy when threatened by the risk of war. However, as MNEs have more available foreign markets outside the host country that is at risk of war, MNEs tend to take an operational flexibility approach more seriously and shift their productions to the remaining global operations. The ownership structure of the subsidiary does not appear to have significant effect on US MNEs’ strategic risk management.

Originality/value

This paper compares two perspectives, namely, real options and risk diversification, to observe how US MNEs treat their subsidiaries when facing risk of war in South Korea.

Details

Multinational Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1525-383X

Keywords

Content available
Article

Seung Hyun Lee and Cynthia Deale

After the COVID-19 outbreak began, travel demand dropped sharply and the potential impact of COVID-19 on sharing accommodations appears to be significant. Thus, it would…

Abstract

Purpose

After the COVID-19 outbreak began, travel demand dropped sharply and the potential impact of COVID-19 on sharing accommodations appears to be significant. Thus, it would be meaningful to investigate how travelers have changed their perceptions of staying at sharing accommodations in the wake of the coronavirus pandemic. The purpose of this research was to compare consumers' perceived risks of using sharing accommodations, such as Airbnb, before and during the coronavirus pandemic.

Design/methodology/approach

Paired sample t-tests were applied, using two surveys collected in 2017 (pre-pandemic) and 2020 (peri-pandemic). The effects of stress levels from COVID-19 and previous experience with sharing lodging services on risk perception changes were also examined.

Findings

Consumers showed higher social, physical, performance and convenience risk perceptions during the pandemic. Not surprisingly, those respondents who were more conscious of the pandemic in terms of concern and anxiety had higher changes in their risk perceptions. In addition, changes in risk perception differed by consumers' usage experience.

Originality/value

The results of this study add to the body of knowledge about consumers' risk perceptions of the sharing economy, particularly in connection with a huge disruption such as the COVID-19 pandemic.

Details

International Hospitality Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2516-8142

Keywords

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Article

Seung Hyun Lee

The ongoing challenge for hospitality firms is not to avoid service failures completely but rather to find effective ways of recovering from them. The purpose of this…

Abstract

Purpose

The ongoing challenge for hospitality firms is not to avoid service failures completely but rather to find effective ways of recovering from them. The purpose of this paper is to adopt conjoint analysis to examine guest preferences for service recovery actions that are taken simultaneously and the effect of such actions in the context of hotels in order to seek answers to the following research questions: what type of compensation bundle is most preferred by guests? and How effective are compensations in terms of recovery satisfaction, especially with regard to subsequent behavioral intentions?

Design/methodology/approach

In order to study guest preferences for compensation, choice-based conjoint (CBC) experiments were used. The CBC survey method involves presenting respondents with several hypothetical scenarios that include numerous combinations of compensation attributes. The survey sample was recruited through web-based panels run by a marketing firm. The online survey was designed and built in the Sawtooth Software platform. Conjoint analysis was carried out.

Findings

The conjoint analysis results show that among the different compensation attributes, consumers preferred discounts the most, followed by corrective actions and loyalty points. Among the discount levels, consumers favored “free one night certificate for a future stay” over “100 percent off one night’s room bill.” Regarding loyalty points, consumers desire more points than fewer points. In terms of correction levels, consumers appear to desire an “upgrade to a suite” over just moving to another room or having the original room cleaned. Moreover, consumers prefer that service recovery be handled by upper-level management.

Research limitations/implications

Several limitations should be discussed. For example, the type of service failure studied was limited to a booked room not being clean upon check-in. Different types and magnitudes of service failures may result in a different set of preferences for compensation bundles. In addition, the compensation attributes and levels were limited in scope even though they were obtained from interviews with managers at midsize hotels. Other attributes and attribute levels can be included in future studies.

Originality/value

Although an abundant number of studies have been done regarding service failure and recovery, the extent to which service recovery needs to be carried out before it translates into actual recovery remains unanswered. Using conjoint analysis, the study identified exactly which bundle of compensation items was most preferred by guests.

Details

Journal of Hospitality and Tourism Insights, vol. 1 no. 3
Type: Research Article
ISSN: 2514-9792

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Article

Jinsil Kim, David H. Weng and Seung-Hyun (Sean) Lee

Drawing on the bribery literature, this paper aims to examine the effect of bribes paid in the home country on firms’ decision to internationalize through exports from…

Abstract

Purpose

Drawing on the bribery literature, this paper aims to examine the effect of bribes paid in the home country on firms’ decision to internationalize through exports from transition economies. It also investigates whether the effect of home country bribery may vary from new ventures to established firms, and from those firms that operate in an environment with high to low informal competition.

Design/methodology/approach

This paper tests several hypotheses using a panel data with fixed effects based on a sample of firms in transition economies from the Business Environment and Enterprise Performance Survey.

Findings

First, home country bribery in transition economies can make domestic markets more lenient and dampen firms’ motivation to seek opportunities abroad. Second, new ventures have a higher motivation to focus on their domestic markets after paying bribes. Finally, despite the benefits accrued in the home country through bribery, firms that face a higher level of informal competition in the home country are more likely to seek opportunities abroad.

Practical implications

Managers in transition economies should consider their home country bribery activities in their evaluation of foreign market opportunities. Firms that use money to influence home country government officials, especially new ventures, are advised to have a more holistic view in evaluating foreign market opportunities so they will not miss out on new opportunities.

Originality/value

This paper advances literature on home country institutions and the research on firm global strategies. Moreover, it also highlights several contingencies that shape the effect of home country bribery on firms’ foreign market focus.

Details

Multinational Business Review, vol. 26 no. 3
Type: Research Article
ISSN: 1525-383X

Keywords

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Article

Seung Hyun Lee and Billy Bai

This paper aims to examine the impact of hotel discount strategies on consumers’ emotional and behavioral responses in the presence of differential levels of involvement…

Abstract

Purpose

This paper aims to examine the impact of hotel discount strategies on consumers’ emotional and behavioral responses in the presence of differential levels of involvement in discount acquisition.

Design/methodology/approach

Discount strategies and the high- and low-involvement variables were fully cross-examined, yielding a 2 × 2 factorial quasi experimental design. In all, 120 surveys were collected, and multivariate analysis of variance was used for data analysis.

Findings

The results suggest that fenced discounts that require consumers to accept restrictions to receive a discount generated more positive emotion and stronger behavioral intention. Moreover, an interaction effect was found between consumer’s involvement and discounts on emotional and behavioral responses toward discount-acquiring experience. Highly involved consumers resulted in more positive emotional and stronger behavioral responses (e.g. pride, gratitude, word-of-mouth and retention) from obtaining a fenced discount that requires consumers’ efforts or sacrifices. On contrary, consumers with low involvement tend to appreciate more of a fixed discount given to anyone without restrictions.

Practical implications

Hotels should implement a fenced discount when they design discounts targeting at high-involvement consumers. For low-involvement consumers, a fixed discount appears to generate more positive emotion and stronger behavioral intention.

Originality/value

The study enhances the theoretical understanding of consumers’ emotional and behavioral responses toward discount-acquiring experience with different levels of involvement.

Details

Tourism Review, vol. 69 no. 4
Type: Research Article
ISSN: 1660-5373

Keywords

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Article

Geon Woo Kim, Deok Gyu Lee, Jong Wook Han, Seung Hyun Lee and Sang Wook Kim

The purpose of this paper is to identify security technologies that are essential in making home network systems secure and to describe specialized security mechanisms for…

Abstract

Purpose

The purpose of this paper is to identify security technologies that are essential in making home network systems secure and to describe specialized security mechanisms for the home network and the relationships among them.

Design/methodology/approach

The research model is designed to support three functions: authentication, authorization, and security policy. Authentication is tested in several methodologies such as id/pw, certificate, or bio; authorization is tested using RBAC methodologies; and security policy is specified using newly‐designed script language, such as xHDL.

Findings

The findings for “authentication” suggest that home network users can access services conveniently and securely. In addition, the findings for “security policy” suggest that security policy for home network requires specialized rather than general specification.

Practical implications

The paper identifies three security functions essential for home network: authentication that supports most existing authentication mechanisms, so as to maximize user accessibility; authorization that is middleware‐independent and beyond the physical transport layer; and security policy optimized for the home network environment.

Originality/value

The paper focuses on an implementation‐based security model for the home network. Though interest and research in home network security are increasing, only limited authentication applications have been adopted in real deployment up to now. This paper introduces an integrated security model and emphasizes safety and convenience so as to promote reliability in home network services.

Details

Internet Research, vol. 19 no. 2
Type: Research Article
ISSN: 1066-2243

Keywords

Abstract

Details

Journal of Hospitality and Tourism Insights, vol. 1 no. 3
Type: Research Article
ISSN: 2514-9792

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Article

June-Hyuk Kwon, Seung-Hye Jung, Hyun-Ju Choi and Joonho Kim

This study aims to empirically analyze the effects of marketing communications, such as advertisement/promotion and social network service (SNS) content, on consumer…

Abstract

Purpose

This study aims to empirically analyze the effects of marketing communications, such as advertisement/promotion and social network service (SNS) content, on consumer engagement (CE), brand trust and brand loyalty.

Design/methodology/approach

The study’s participants were 230 US and 376 Korean consumers who have used (i.e. contacted) a food service establishment (i.e. family restaurant) at least once before and who continue to use an SNS (e.g. Facebook and Instagram). This study conducted a hypothesis test using structural equation modeling analysis. In addition, hierarchical analysis was performed to further generalize and support the statistical analysis results.

Findings

Advertisement/promotion and SNS content have a statistically significant positive effect on CE. Advertisement/promotion has a statistically significant positive effect on brand trust, and SNS content has a statistically significant negative effect on brand trust. CE has a statistically significant positive effect on brand trust, and CE and brand trust have a statistically significant positive effect on brand loyalty. No statistically significant differences were shown between the US and Korean consumer groups (critical ratios for difference of path coefficient < ± 1.96). The hypothesis test results of the structural equation model analysis and hierarchical analysis were the same for the entire group.

Originality/value

The findings indicate that the overall mediating role of CE is important. To the best of the authors’ knowledge, this is the first study to investigate which marketing communication channels are most effective in the restaurant sector.

Details

Journal of Product & Brand Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1061-0421

Keywords

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