Recent Issues

Vol.17/1 (2011, June)
Institutional Investment Horizons and CEO Compensation
Author Jae Yong Shin
Keywords Ownership; Institutional investors; Investment horizons; CEO compensation
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I investigate the relation between the structure of CEO compensation and the investment horizons of a firm’s institutional investors and find results consistent with the assertion that short-sighted institutions’ focus on shortterm earnings leads firms to grant more options with higher sensitivity to stock price. In contrast, the percentage holdings of long-term investors are negatively correlated with the use of options and the sensitivity of total CEO equity incentives to changes in stock price. Further results suggest that firms with higher short-term institutional ownership are more concerned about a negative earnings surprise and that when determining annual bonuses, they punish their CEOs more severely. In total, the analyses provide evidence that the investment horizon of institutional investors is associated with firms’ CEO compensation policies.
Vol.17/1 (2011, June)
Empirical Investigation on the Determinants of Retail Prices
Author Inseong Song
Keywords Retail Prices, Wholesale Prices, Retail Competition, Promotion
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This study utilizes a rich data set from multiple retail chains to investigate the determinants of retail prices identified from marketing literature: wholesale price, retail competition, time elapsed since last promotion. The empirical results indicate that although all three factors are statistically significant in explaining the observed retail prices, they differ in the extent to which they explain retail price variation. The competing retail prices appear to explain more of variations in retail prices than other factors do. It is also found that a substantial variation in the pass-through of a brand exists across retailers. I also find positive cross-retail price responses, i.e., price reductions in competing retailers tend to lower the prices in a retailer. Regarding the impact of time since last promotion, the result supports the concavity of the effect of the variable. In terms of the direction, the overall effect of TLP is positive initially and then decays.
Vol.17/1 (2011, June)
Can We Establish Consumer Cultural Positioning Through Print Advertising in the Developing Markets? A Content Analysis of Advertising in Chinese Women’s Magazines
Author Dong-xin Li, Dong Il Lee, Yong-Ki Lee, and Mitch Griffin
Keywords Consumer Cultural Positioning (CCP), Brand Name, Product Appearance, Advertising Appeal
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This paper conducts a content analysis of a total of 480 advertisements from three popular Chinese women’s magazines—Rayli, Fashion Cosmo, and Bazaar—to assess the Consumer Cultural Positioning (CCP) of the ads. The results show that Global CCP is more commonly utilized for brand positioning strategies than Foreign CCP or Local CCP. Five elements of the advertisements—the language used for brand name, the pronunciation of brand name, the intended meaning rooted in original foreign country for brand name, the product’s appearance of either utilitarian or symbolic, and a modern or westernized advertising appeal for brand positioning—are found to be indeed differentially related to GCCP and FCCP compared to LCCP.
Vol.16/2 (2010, December)
The Influence of Temporal Fit/Nonfit on Creativity in the Leader-Subordinate Context: The Moderating Role of Task Enjoyment versus Performance Concern
Author Jieun Pai, Sujin Lee, and Eun Jin Jung
Keywords The Influence of Temporal Fit/Nonfit on Creativity in the Leader-Subordinate Context: The Moderating Role of Task Enjoyment versus Performance Concern
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The Influence of Temporal Fit/Nonfit on Creativity in the Leader-Subordinate Context: The Moderating Role of Task Enjoyment versus Performance Concern
Vol.16/2 (2010, December)
Object-Oriented Simulation Model for and Tandem Tollbooth Operations using Pro-Model
Author Young-Chae Hong, Soo Wook Kim, and Hongsuk Yang
Keywords Object-Oriented Simulation Model for and Tandem Tollbooth Operations using Pro-Model
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Object-Oriented Simulation Model for and Tandem Tollbooth Operations using Pro-Model
Vol.16/2 (2010, December)
The Role of the State in Industrial Relations
Author Dae Yong Jeong
Keywords The Role of the State in Industrial Relations
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The Role of the State in Industrial Relations
Vol.16/2 (2010, December)
Why Firms Provide Goods to Foreign Markets Using a Combination of Entry Modes: Foreign Direct Investment and Export
Author Min-Chan Pyo
Keywords Why Firms Provide Goods to Foreign Markets Using a Combination of Entry Modes: Foreign Direct Investment and Export
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Why Firms Provide Goods to Foreign Markets Using a Combination of Entry Modes: Foreign Direct Investment and Export
Vol.16/2 (2010, December)
How Do Investors in the Korean Stock Market React to Nuclear Threats from North Korea?
Author Je-Joon Choi and Hyoung-Jin Park
Keywords How Do Investors in the Korean Stock Market React to Nuclear Threats from North Korea?
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How Do Investors in the Korean Stock Market React to Nuclear Threats from North Korea?
Vol.16/2 (2010, December)
Meeting or Beating Analysts’ Forecasts: Empirical Evidence of Firms’ Characteristics and Persistence Patterns
Author Tae H. Choi
Keywords Meeting or Beating Analysts’ Forecasts: Empirical Evidence of Firms’ Characteristics and Persistence Patterns
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Meeting or Beating Analysts’ Forecasts: Empirical Evidence of Firms’ Characteristics and Persistence Patterns
Vol.16/1 (2010, June)
Development of a Model of Group Cognitive Complexity: A Combined View of a Group Compositional and a Group-as-a-whole Perspective
Author Kyoosang Choi
Keywords Development of a Model of Group Cognitive Complexity: A Combined View of a Group Compositional and a Group-as-a-whole Perspective
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Development of a Model of Group Cognitive Complexity: A Combined View of a Group Compositional and a Group-as-a-whole Perspective
Seoul Journal of Business
ISSN 1226-9816 (Print)
ISSN 2713-6213 (Online)