Earticle

Snack culture, which can be easily enjoyed and consumed in a short period of time just like eating sweets, is spreading rapidly. Among them, TikTok is gaining popularity mainly among the MZ generation, and TikTok is rapidly emerging as a means of advertising or marketing. In this study, we studied the effect of TikTok Advertising’s informativeness, interactivity, and impediment on brand attitudes. Previous studies have suggested that brand attitudes are formed through usefulness. However, this study divided usefulness into utilitarian value and hedonic value, and proved that brand attitudes are formed through these mediation variables. This is because of the TikTok advertising includes entertainment as well as usefulness. Therefore, this study established and verified the model in which informativeness, interactivity, and impediment of TikTok advertising form brand attitude through utilitarian value and hedonic value. In order to verify this research model, survey questionnaires were distributed to TikTok users and a total of 220 data samples were collected and analyzed. As a result of data analysis, informativeness and interactivity have a positive effect on utilitarian value and hedonic value, but impediment has a negative effect. In addition, informativeness, interactivity, impediment influenced brand attitudes through practical value and hedonic value, not directly influencing brand attitudes. This study is meaningful in that it suggests a marketing strategy that can further enhance brand attitude by considering utilitarian value and hedonic value simultaneously, rather than focusing on either utilitarian value or hedonic value.

본 연구는 생성형 인공지능 플랫폼의 주요 특성이 사용자 신뢰 및 사용 의도에 미치는 영향을 실증적으로 분 석하였다. 특히 정보성, 보안성, 편의성이라는 세 가지 플랫폼 특성에 주목하여, 이들이 사용자 신뢰에 미치는 직접적 인 영향과 신뢰가 플랫폼 특성과 사용 의도 간의 관계에서 매개 역할을 수행하는지를 규명하였다. 이를 위해 중국 내 생성형 인공지능 플랫폼 사용자들을 대상으로 온라인 설문조사를 실시하였고, 총 274개의 유효 표본을 바탕으로 상관 분석, 회귀분석, 매개분석을 수행하였다. 연구 결과, 정보성과 편의성은 사용자 신뢰에 유의미한 긍정적 영향을 미쳤으 며, 사용자 신뢰는 사용 의도에도 긍정적인 영향을 주는 것으로 나타났다. 이에 따라 생성형 인공지능 플랫폼 특성은 사용자 신뢰를 매개로 사용 의도에 영향을 미치는 구조를 갖고 있음을 확인할 수 있었다. 연구는 생성형 인공지능 플 랫폼의 성공적인 확산을 위해 사용자 중심의 정보 제공, 편의성 강화, 신뢰 구축 전략이 필요함을 시사한다. 또한, 플 랫폼 개발자 및 마케터에게 사용자 신뢰를 제고할 수 있는 구체적 설계 방향을 제안하며, 향후 보안성에 대한 인식 차이 및 사용자 특성에 따른 차별적 분석을 포함한 추가 연구의 필요성을 제기하였다.

This study empirically analyzed how key characteristics of generative AI platforms influence user trust and usage intention. In particular, it focused on three platform characteristics: informativeness, security, and convenience and investigated whether they directly affect user trust and whether trust plays a mediating role in the relationship between platform characteristics and usage intention. To this end, the study collected 274 valid responses from an online survey targeting users of generative AI platforms in China, and employed correlation, regression, and mediation analyses to test the proposed relationships. Results reveal that informativeness and convenience significantly enhance user trust, which in turn positively affects usage intention. These findings underscore trust as a critical mechanism linking platform attributes to user behavior. The study offers practical implications for platform developers and marketers, emphasizing the importance of user-centered information, improved usability, and trust-building strategies. It also calls for further research into user perceptions of security and individual differences in trust formation.

연구는 라이브 커머스 4가지 특성이 브랜드 이미지와 신뢰를 매개로 재구매의도에 미치는 영향에 대한 연구를 진행 하였다. 본 연구는 라이브 커머스 사용경험이 있는 215명을 대상으로 경로분석을 실시하였다. 그 결과, 첫째, 라이브 커머스 의 오락성과 상호작용성이 브랜드 이미지에 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 경제성과 오락성, 브랜드 이미지 가 신뢰에 정(+)의 영향을 미치는 것으로 나타났다. 셋째, 두 매개변수 중에서 신뢰만이 재구매의도에 정(+)의 영향을 미치는 것으로 나타났다. 넷째, 오락성, 상호작용성과 재구매의도의 관계를 브랜드와 신뢰가 순차적으로 매개하는 것으로 나타났다. 본 연구는 라이브 커머스 서비스를 제공하는 기업 및 지자체가 어느 라이브 커머스 특성을 상승시킬 수 있는 전략 도입 및 서 비스 제공에 더욱더 힘써야 하는지, 어떻게 브랜드 이미지와 신뢰를 상승시켜 소비자의 재구매의도를 이끌어내야 하는지를 설명하였다. 또한, 향후 연구의 이론적 토대를 제공하였다는 점에서 그 의의를 갖는다.

We examine the studies on the effect of four live commerce characteristics on repurchase intention through brand image and trust. We conducted a path analysis of 215 people who have used live commerce. As the results, first, live commerce’s entertainment and interactivity had a positive effect on the brand image. Second, economics and entertainment, brand image had a positive effect on trust. Third, trust had a positive effect on repurchase intention. Fourth, trust and brand image mediate the relationship between entertainment, functionality and repurchase. We explains which live commerce characteristics that companies and local governments that provide live commerce services should strive to enhance in their strategies and service offerings, and how they should enhance their brand image and trust to elicit consumers' repurchase intentions. Also, this study is significant in that it provides a theoretical foundation for future research.

The outbreak of COVID-19 has changed our lifestyle. People spend much more time on YouTube, SNS and online shopping than before. Accordingly, the number of product review videos are steeply increasing in YouTube platform. When people watched the review videos, they might search additional information if they liked the videos. This study aims to investigate how the informativeness and the degree of attention gathering of product review videos influence on the product information sourcing intention and persuasion knowledge. We also try to find whether prior YouTube experience affects the relationship between the degree of attention gathering and persuasion knowledge. We conducted an online survey on 499 participants and analyzed using partial least square methods. Results show that 1) informativeness and the degree of attention gathering towards product review videos influence on the product information sourcing intention and user’s persuasion knowledge. 2) Viewers’ YouTube experiences moderate the increase of the viewers’ persuasion knowledge caused by increasing the degree of viewers’ attention gathering. This study implies that YouTube product review videos could be created in strategic manners. Also, it could be inferred that consumers’ prior YouTube experiences may reduce negative potentials of the degree of attention gathering onto persuasion knowledge.

본 연구는 다양한 SNS 중에서도 서비스가 출시된 지 얼마 되지 않아 세계 최대 SNS인 페이스북과 경쟁을 하고 있는 인스타그램의 기업 계정인 “이니스프리” 화장품에세 제공하는 정보 제공 유형 차이에 따라 콘텐츠 정보의 신뢰성, 정보 성 및 유희성에 차이가 존재하는지와 콘텐츠 정보의 속성이 이용자의 태도에 어떤 영향을 주는지 알아보기 위해 여성 총 311명의 설문을 분석하였다. 분석 결과 첫째, 정보 제공 유형에 따라 콘텐츠 정보의 신뢰성, 정보성 및 유희성에 차이가 존재 하지 않았다. 둘째, 콘텐츠 정보의 “신뢰성”과 “유희성”은 구매의도에 영향을 주었다. 셋째, 콘텐츠 정보의 “정보성”과 “유희 성”은 충성도에 영향을 주었다. 넷째, 콘텐츠 정보의 “정보성”과 “유희성”은 이용 만족도에 영향을 주었다. 이런 결과로 볼 때, 기업이 제공하는 정보 제공 유형이 개정 속성에는 영향을 미치지 않으며, 콘텐츠 정보의 “유희성”은 모든 이용자 태도에 영향을 미치는 중요 요인으로 확인 되었다.

The influence of SNS platform in the mobile environment has grown greatly. Among the various social networking services(SNS), this study analyzed the question of 311 women to investigate whether any difference exists between reliability of contents information, informativeness and playfulness as well as how attributes of contents information influence user attitude depending on the difference in type of providing information provided by “Innisfree” Cosmetics, the company account of Instagram. According to analysis, first, no difference exists between reliability of contents information, informativeness and playfulness depending on the type of providing information. Second, reliability and the playfulness of contents information influence purchase intention. Third, contents information “informativeness” and “playfulness” influence loyalty. Fourth, the “informativeness” and “playfulness” of contents information influence User Satisfaction. Considering such result, it is confirmed that the type of providing information provided by company does not influence account attributes and the “playfulness” of contents information is significant factor which influences all user attitude.

Crowdfunding is an Internet-based service that has gained increasingly attention by both researchers and in business people. In terms of research, much work has done about positive factors contributing successful fundraising. To the contrary, little work has finished with regard to understanding negative sides which also exert significant influence on crowdfunding systems. This study attempts to fill the gap by investigating the impacts of perceived risk and suggesting risk reduction strategies. Perceived risk is commonly associated with individual’s feeling of uncertainty and undesirable consequence of engaging in an activity. It is noted that a risk-reduction strategy is generally related to risk sources and risk types. In terms of risk sources, this study focuses on project presentation which provides salient information for investors to a crowdfunding project. Unlike to conditioned financial reports and public disclosure, project presentation is based on limited information sources, which occurs the feeling of uncertainty. Based on perceived risk studies from e-commerce literature, we identify risk types to classify project presentation. In this study, research interest is bounded by reward-based crowdfunding that shares similar features for collecting attention from potential buyers or investors. Compared to crowdfunding investors, e-commerce consumers tend to make decisions with multiple information sources, which helps them reduce risks. However, e-commerce requires less physical or empirical evidences to make a decision just as crowdfunding does. Considering the unique settings of crowdfunding, we apply three types of risk perceptions from e-commerce literature relating to project presentation, namely, performance risk, financial risk and psychological risk. Performance risk emerges when an investor feels a probability of receiving a defect product is high or when s/he feels the factual product does not match with one described in a project webpage. Financial risk refers to the likelihood of suffering monetary loss by undesirable transaction. It has been found that financial risk commonly relates to failure in fulfilling expectation with regard to delivery, quality and after-service. Investors encounter psychological risk derived from investors’ low confidence on fundraising or the quality of reward to investment. In order to reduce perceived risk, project presentation is expected to have the ability of providing available information to increase investor’s understanding about the project. In this study, we employ the construct of informativeness to describe such an ability of project presentation. Any information cues, such as the project status, the introduction of entrepreneurs and the product or service description, which investors perceive useful might increase the level of informativeness in the context of crowdfunding. Overall, the purpose of this study is to investigate the impacts of perceived risk and risk reduction strategy in the context of crowdfunding. Considering project presentation as a crucial risk source, this study identifies three types of risk perceptions. Simultaneously, informativeness of project presentation is revealed as an available risk reliever. Experimental projects are used to test the hypothesized relations among perceived risk, informativeness and investment intention. Results demonstrate that informativeness has significantly negative impacts on performance risk, financial risk and psychological risk. Meanwhile, informativeness exerts significantly positive influence on investor’s decision-making. In addition, results also report that performance risk and psychological risk have significantly negative impacts on investment intention, while financial risk exerts non-significant influence in the context of crowdfunding. This study makes a number of contributions. First, this is one of the first studies that highlight the negative impacts of perceived risk in the context of crowdfunding. Researchers in crowdfunding seem concerning more with factors that have positive effects on the success of fundraising rather than negative factors. However, not only positive factors are useful, the reducing of the influences of negative factors should also be helpful. This study provides evidence for such a view. Second, although some studies indicated that reward-based crowdfunding share similar features with e-commerce, in terms of perceived risk, this study provides inconsistent results. For example, time risk is a significantly negative factor in e-commerce. However, in the crowdfunding settings, investors usually have better patience than e-commerce consumers, because they know many projects are in-progress. Thus, a long waiting time (several weeks or even several months) before receiving products is acceptable for investors. In this case, time risk seems negligible. In addition, this study contributes to the literature of crowdfunding by empirically investigating informativeness being of an available risk reliever and a significantly positive predictor of investment intention as well. Also, this study equips founders and platform administrators with practical suggestions by suggesting them to provide project information as available as possible to improve the informativeness of project presentation; and thus, to alleviate risk perceptions of the project and to improve their investment intention as well.

본 연구는 2008년 글로벌 금융위기 시에 단행됐던 공매도 규제 시기에 유동성 및 매매 주문의 정보성이 어떻게 변화하였는지를 살펴보았다. 특히 주식워런트증권(ELW) 및 개별주식선물이 존재해 공매도 포지션을 합성할 수 있었던 종목군을 ‘공매도 제한 표본’으로, 그렇지 않은 종목군을 ‘공매도 금지 표본’으로 분류해, 공매도 제한과 공매도 금지가 시장의 유동성과 정보성에 어떠한 영향을 미치는지를 비교 분석하였다. 2008년 1월부터 2009년 5월까지 KOSPI200 구성종목에서 발생한 공매거래를 대상으로 실증분석을 수행한 결과, 공매도 규제 시기에 시장 전체의 유동성이 저하되고 일중변동성이 증가했으며, 공매가 갖는 부정적인 정보성이 강해진 것으로 나타났다. 특히 공매 금지 표본에 비해 공매 제한 표본에서 일별유동성이 더 나빠지고, 일중 변동성이 더 커졌으며, 공매의 부정적인 정보성이 더욱 증폭된 것으로 분석되었다. 이 같은 결과는 공매도 제한이 정보거래자와 비정보거래자의 구성을 변화시키기 때문에 공매도 금지보다 시장유동성을 더 많이 훼손하고, 부정적인 정보성을 더 증가시킨다고 한 Diamond and Verrecchia 모델의 예측과 일치한다.

We investigate how the short sales regulations temporarily enforced during the financial crisis of 2008 affected market liquidity and informativeness of short sales. In specific, we compare the effects of regulations on stocks with ELW/Futures to those on stocks without them to study the empirical implications of Diamond and Verrecchia (1987), which distinguish between short-restriction and short-prohibition. During the financial crisis of 2008, among others short sellers took a lot of blame for having caused the market confusion. Accordingly, in an attempt to appease the market uncertainty for the time being financial supervisory authorities in many countries adopted a reinforced regulatory step by temporarily prohibiting most short sales. Korea was no exception. On the 30th September, 2008, Financial Services Commission announced that the short sales of all listed stocks would be prohibited temporarily except for market making activities for ELW, ETF, individual stock Future/Option, and this provision went into effect on the 1st October, 2008. Because of these exceptions made in the prohibition of short sales, the regulatory change brought about different effects across stocks. Investors prohibited from short sales could replicate short position by trading a combination of derivatives, which were written on each stock. For instance, a speculative investor could buy put ELWs on stocks instead of shorting them directly. An ELW market-maker might sell this put ELWs and then hedge its risk by shorting the suitable amount of the underlying stocks. In other words, the stocks with derivatives were influenced by short-restriction, in which short-selling was sub-stantially possible, but the cost of short-selling increased. However, the stocks without derivatives were affected by short-prohibition, not short- restriction. Because it requires highly sophisticated expertise to implement synthetic positions with derivative trading strategy, the replications of short position are available to only informed investors. As a result, short-restriction selectively drives out uninformed traders much more than informed traders, potentially increasing the proportion of informed short sellers. However, short-prohibition eliminates short sales by informed and uninformed investors equally. This is the key difference in the effects of short-restriction from those of prohibition. On the theoretical basis, Diamond and Verrechia (1987) suggested that any changes in the short selling environment could influence the mix of informed and uninformed traders. Diamond and Verrecchia argued that as short-restriction and short-prohibition influence the composition of investors differently, the effects of short-restriction on market are different from those of prohibition. They predicted that short-restriction has stronger impacts on market liquidity and informativeness of short sales than short-prohibition does. To verify the claim, we analyzed the effects of short restriction and prohibition in the Korean market. We divide KOSPI200 index stocks into 58 stocks with ELW/Furtures, and 116 stocks without those, and compare the effects of short-restriction on market liquidity and informativeness of short sales to the effects of short-prohibition on those. We use trading data from 1st January, 2008 to 31th may, 2009 for our comparative analysis. To control for systematic differences between the two groups and to accurately identify the actual influences of regulations, we use a propensity score matching technique. Using market capitalization, trading won volume, turnover, and volatility, known as determinant factors for option listing, we obtain a propensity score for each stock with ELW/Futures and match it to two closest match stocks without ELW/Futures. The empirical results are as follows. Firstly, Amihud measure, R2 measure, and intraday quoted return volatility increased for all sample stocks during short sales regulations, and these changes were especially strong for stocks with ELW/Futures. The higher Amihud measure, R2 measure, and intraday returns volatility mean the lower market liquidity, market quality and market depth. So these results could be interpreted that the general market liquidity decreased during regulations, and market quality and market depth of stocks with ELW/Futures were more damaged. Secondly, the overall informativeness of short sales increased during short sales regulations, and the change was relatively larger for stocks with ELW/Futures than for those without. To examine the informativeness of short sales, we regressed each stock’ return on both contemporaneous and previous short selling volume. We found that coefficients of short selling volume grew stronger during the regulations and that the changes were more statistically and economically significant in those stocks with ELW/Futures. These results support Diamond and Verrecchia (1987)’s model that short-restriction has stronger impacts on market liquidity and informativeness of short sales than short-prohibition does, as short-restriction changes the composition of the remaining short-sellers. Our results are also consistent with those of Kolasinksi, Reed and Thornock (2010), which distinguishes outright prohibition and constraints by comparing stocks with listed options to stocks without in the US market. Thirdly, buyer order imbalances significantly increased, and relative bid-ask spread decreased during the short sales regulations. Limitation on non-holders’ selling activities during the regulations intensified buyer order imbalances, and forced up the trading prices over mid-quote prices, decreasing the relative bid-ask spread. Our research is the first one to empirically investigate the influences of short-sale regulations on market efficiency in the Korean stock market. Although short-sales regulations have been frequently used as emergency measures to stabilize stock markets to the outside shock, there has been no in-depth research conducted about the impacts of short sales regulations. We anticipate our research to contribute to designing short-sales institutions both academically and practically.

미국의 FASB에서 제정한 재무회계개념서와 우리나라의 회계기준원(KAI)에서 제정한 재무회계개념체계에서는 발생회계에 의한 회계이익이 현금기준에 의한 현금흐름보다 미래 현금흐름의 예측에 더 유용하다고 주장한다. 본 연구는 이들의 주장이 옳은지를 조사한다. 이를 조사한 연구가 우리나라에는 없고 미국에 있지만, 미국 연구에 사용된 현금흐름은 손익계산서의 회계이익에 대차대조표의 비현금 유동항목들을 조정하여 계산한 추정치이다. 그런데, Bahnson 등(1996)에 의하면, 이런 추정치는 추정오류로 인해 기업이 현금흐름표에 직접 보고한 현금흐름과 상당한 차이가 있다. 따라서 본 연구는 우리나라의 기업회계기준이 요구하는 대로 기업이 직접 보고한 현금흐름표의 현금흐름을 이용하여 현재의 회계이익과 현재의 현금흐름 중 어느 것이 미래의 현금흐름을 예측하는 데 더 유용한지를 조사한다. 전반적인 조사결과에 의하면, 현재의 현금흐름이 현재의 회계이익보다 미래 현금흐름을 예측하는 데 더 유용하다. 아울러 미래 현금흐름의 예측에 관련된다고 생각되는 세 가지 요소인 예측기간의 길이, 발생액의 크기 및 영업주기의 길이에 따라 회계이익과 현금흐름의 상대적 예측력이 영향을 받는지를 조사한다. 조사결과, 이들 요소에 관계없이 미래 현금흐름에 대한 현재 현금흐름의 예측력이 현재 회계이익의 예측력보다 더 크다. 결론적으로, FASB와 KAI의 주장과는 상반되게, 미래 현금흐름에 대해 현금흐름의 예측력이 회계이익의 예측력보다 더 크다.

Both the Statement of Financial Accounting Concepts by the FASB and the Financial Accounting Concepts Framework by the KAI (Korean Accounting Institute) claim that current accounting earnings are more useful than current cash flows in predicting future cash flows. This study investigates whether this claim is plausible. All the previous studies use their estimated cash flows by adjusting relevant balance sheet items to income statements in the Compustat data base. According to Bahnson et al. (1996), the estimated cash flows are significantly different from those reported in the statement of cash flows by enterprises. Thus, this study uses cash flows reported in the statement of cash flows by enterprises. The overall results show that current cash flows are more useful than current earnings in predicting future cash flows. The study also examines whether the results are consistent with respect to prediction horizons, the size of accruals and the length of operating cycles, which are used in Dechow (1994). The results are similar to the overall results, regardless of the three factors. In conclusion, contrary to the claims of the FASB and the KAI, current cash flows have a greater predicting ability about future cash flows than accounting earnings, regardless of the length of prediction horizons, the size of accruals and the length of operating cycles.

본 연구는 회계이익 정보유용성에 대해 비재무정보가 미치는 영향을 살펴보고자 한다. 이를 위해 회계이익과 주가수익률의 상관관계가 ESG 등급에 따라 차이가 있는지를 분석하였다. ESG가 회계정보에 미치는 영향을 살펴본 이전의 연구들은 일관된 실증결과를 제시하지 못하였다. 두 가지 상반된 이론에 근거하여 ESG가 경영자의 기회주의적 의도에 의해 활용될 가능성과 회계투명성을 향상시킬 가능성 모두를 설명하고 있 다. 따라서 본 연구는 회계정보 이용자 입장에서 ESG가 회계정보에 미치는 영향을 확인하여 이전의 연구결과를 보완하고자 하였다. 실증분석을 위해 2012년부터 2021년까지 유가증권시장에 상장된 6,533개 기업-연도 표본을 대상으로 분석을 진행하였고, 한국ESG기준원 에서 제공하고 있는 ESG 등급을 이용하여 ESG 성과를 측정하였다. 실증분석 결과 ESG 통합 등급은 이익반응계수에 유의한 양(+)의 영향을 미 쳤고, ESG 세부 등급 중 환경과 지배구조 지표에서 등급이 높을수록 유의하게 이익반응계수가 증가하는 것으로 나타났다. 반면 ESG 사회적 책 임 지표는 이익반응계수에 유의한 영향을 미치지 못하였다. 본 연구의 결과는 ESG가 회계정보와 상관관계가 있다는 기존의 연구에 추가적인 시사점을 제공한다. ESG가 회계정보 투명성과 관련성이 있음을 확인하기 위해 정보제공자 측면에서 살펴본 기존의 연구와 다르게 정보이용자 입장에서 회계정보 투명성을 살펴보았다는 점에서 이전 연구와 차별점이 있다. 또한 ESG와 회계정보 투명성 간의 상관관계를 투자자가 인식하는 측면에서 살펴봄으로써 이전의 일관되지 않은 연구결 과를 보완하였다는 점에서 공헌하는 바가 있을 것으로 기대한다.

This study investigates the effect of non-financial information on the informativeness of earnings information. To this end, I analyzed whether the relationship between earnings and stock return differs according to ESG performance. Prior studies examining the effect of ESG on accounting information did not present consistent empirical results. Based on the two conflicting theories, they explain both the possibility that ESG firms make opportunistic accounting decisions in their financial reporting and the possibility of improving accounting transparency. Therefore, this study attempted to supplement the prior studies by examining the effect of ESG on accounting information from the perspective of accounting information users. I conduct analyses on a sample of 6,533 companies listed on the KOSPI from 2012 to 2021, and ESG performance was measured using ESG ratings provided by the Korea Institute of Corporate Governance and Sustainability. As a result of the empirical analysis, the integrated ESG grade had a significantly positive(+) effect on the earnings response coefficient, and the higher the grade in the environmental and governance among the ESG area, the higher the earnings response coefficient. On the other hand, the ESG social responsibility did not significantly affect the earnings response coefficient. This study provide additional implications for prior literature that ESG is related with accounting information. Unlike prior studies examined from the perspective of information providers to examine that ESG is related to accounting information transparency, it differs from previous studies in that it examined accounting information transparency from the perspective of information users. By providing evidence on the relationship between ESG and accounting information transparency in terms of investors' perceptions, this study contributes to supplementing controversial issues.

본 연구는 국민연금 거래와 이후 주가수익률과의 관계를 분석함으로써 국민연금 거래가 지닌 단기 정보력을 검증하였다. 실증분석을 위해 국민연금의 일별 순매수금액 자료를 사용하였으며, 방법론으로 재무에서 전통적으로 사용하는 포트폴리오 접근법과 회귀 분석을 사용하였다. 1일 보유수익률 분석 결과, 포트폴리오 방법과 회귀분석 모두에서 국민연금 순매수금액비율이 높은 포트폴리오가 더 높은 수익률을 보여주었다. 순매수금액 비율이 가장 낮은 포트폴리오를 공매도하고 가장 높은 포트폴리오를 매입하는 헤지포트 폴리오의 수익률이 일평균 1.24%로 유의미하였다. CAPM과 Fama and French(1993)의 3요인 모형을 사용하여 위험을 조정한 후의 수익률을 살펴보았을 때도 동일한 결과를 확인하였다. 하지만 보유기간을 늘렸을 때, 3일 이후의 보유수익률부터는 헤지포트 폴리오의 수익률이 유의미하지 않았으며, 4~5일에는 음(-)의 수익률로 반전되었다. 위의 결과들을 설명할 수 있는 여러 가설들을 검토하였을 때, 본 연구결과가 국민연금이 단기적 사적정보(private information)를 가지고 있음을 의미하기 보다는 국민연금의 대규모 거래로 인한 일시적인 가격압박(price pressure)이 존재함을 지지하는 결과로 해석하였다.

This study verifies the short-term informativeness of the National Pension Fund transaction. It also tests whether the National Pension Fund is an informed trader with meaningful private information. There may be contradictory views on this. The National Pension Fund has specialized management personnel with analytical and investment skills that go beyond ordinary people in stock investment in connection with stock management. In addition, the National Pension Fund has a special status with companies in the Korean stock market, which makes it easier for the fund to access insider information than it is for other investors. Because of this, transactions in the National Pension Fund can have information power. However, the National Pension Fund is constrained by various regulations governing active investment in risky assets and is exposed to political influences that may hinder investment efficiency. These factors may make the trading of the National Pension Fund less informative. This problem is examined through empirical analysis. We calculate the daily net purchase of the National Pension Fund using the transaction data provided by the Korea Exchange (KRX). Empirical analysis of stock price predictability is based on the portfolio approach and regression analysis, which are traditionally used in finance. The empirical analysis uses the daily net purchase amount of the National Pension Fund scaled by daily trading volume 1 to 5 days after the trading day. The results of monthly observations are also analyzed through the robustness analysis. The main results of the study are as follows. First, the stock price predictability of National Pension Fund transactions is verified using the portfolio sorting method. When one day’s holdings of returns are calculated, portfolios with a higher net purchase of the National Pension Fund have higher returns than those with a lower portfolio [Check whether this should be “lower net purchase.”]. The return on hedged portfolios, which buy the portfolio with the highest net buying value and sell the lowest portfolio, is 1.24% per day with statistical significance. The same results are obtained when we examine the returns after adjusting the risk using the CAPM (capital asset pricing model) and the three-factor model of Fama and French (1993). When the holding period is increased, the statistical significance disappears after 3 days, and the return becomes negative after 4 days. Second, we examine the short-term informativeness of the National Pension Fund transaction according to the characteristics of firms. Empirical results show that stock price predictability is more concentrated on small stocks. A robustness test using regression analysis shows the same results. The regression coefficient is significant when regression analysis is performed using the stock returns as a dependent variable and the net purchase of National Pension Fund as an independent variable. The significance is maintained when other control variables are added. The above results show that National Pension Fund transactions are informative but short-term. The results can be interpreted in two ways. First, the stock price prediction power may be due to short-term (about 1–2 days) private information of the National Pension Fund. There are two ways the National Pension Fund can acquire information. First, it is possible that the National Pension Fund will acquire the inside information of the company using its dominant position as a major shareholder and then deal with it one to two days before the public announcement. However, it is difficult to accept that the National Pension Fund is continuously carrying out such risky illegal insider trading. Another possibility is that the National Pension Fund has an excellent ability to interpret short-term stock price trends. Previous studies report that the National Pension Fund takes a contrarian strategy for the market and individual stock conditions. When the stock price is excessively lower than its fundamental value, the National Pension Fund can buy stocks, and the price may rise afterward. In the same way, when the stock price has risen excessively, the National Pension Fund can sell stocks and make a profit. However, the National Pension Fund has introduced a long-term method of allocating assets rather than investing in a daily portfolio adjustment scheme. In light of these points, the explanation based on short-term private information of the National Pension Fund is not appropriate. The second interpretation is that the predictive power of stock prices is due to the temporary increase in price due to National Pension Fund transactions. There may be price pressures if other traders follow the transactions of the National Pension Fund. Woo and Kim (2018) analyze the possibility that the National Pension Fund transaction could indirectly affect the market by influencing other investors. They find that institutional investors, especially investment trusts and other financial institutions, trade in line with the net buying of the National Pension Fund. Based on these results, it seems reasonable to interpret the empirical findings in this paper as a result of temporary price pressure.

본 연구는 SNS의 정보제공성, 유희성, 신뢰성이 구매의도에 미치는 영향과, 소비자의 구매의도가 경영성과에 미치는 영향을 구조방정식 모형을 통해 실증분석 함으로써 SNS를 활용하는 소비자들을 효율적으로 관리할 수 있는 다양한 SNS 홍보마케팅 전략을 통해 소비자의 구매의도를 높이고 궁극적으로 기업의경영성과를 높일 수 있는 방법을 제시하는 것이 목적이다. 이에 따라 대구 및 경북에 거주하는 SNS를 사용하는 20대에서 60대까지의 성인남녀를 대상으로 설문지를 배포하였으며, 설문지는 2018년 9월 15일에서 10월 1일에 걸쳐 400부를 배포하였다. 이 중 불성실한 응답이나 무응답을 한 설문지 36부를 제외한 나머지 364부(91%)의 설문지를 실증분석에 사용하였다. 또한, SPSS 22.0과 AMOS 24.0을 이용하여 빈도분석을 포함한 기초통계분석을 실시하였고, 신뢰도 및 타당성 z 분석을 하였으며, 구조방정식 모형을 통해 확인적 요인분석과 경로분석을 실시함으로써 가설을 검증하였다. 연구결과는 다음과 같다. SNS의 정보제공성이 구매의도에 미치는 영향, SNS의 유희성이 구매의도에 미치는 영향, SNS의 신뢰성이 구매의도에 미치는 영향, 구매의도가 경영성과에 미치는 영향 모두 정(＋)의영향을 미치는 것으로 나타났다. 이에 본 연구의 시사점은 기업에서는 전략적인 SNS마케팅 계획을 세워 소비자들이 SNS를 통해 해당제품 및 서비스에 대한 구매의도를 높이고 실제 구매를 할 수 있도록 유도함으로써 경영성과를 높일 수있는 방안을 마련해야 할 것으로 판단된다.

This study empirically analyzes the effect of SNS informativeness, playfulness and reliability on purchase intention and the effect of consumer's purchase intention on business performance through structural equation model, In doing so, this study aims to suggest ways to enhance consumers' purchase intention and consequently increase the business performance through various SNS marketing strategies that can efficiently manage consumers. The questionnaires were distributed to adult men and women who are in their 20s through 60s, actively use SNS, and primarily reside in Daegu and Gyeongbukdo. The 400 copies of questionnaire were distributed from September 15 to October 1, 2018, of which 364 (91%) were used for the empirical analysis, except for 36 of the questionnaires that were unfaithful or unresponsive. Basic statistical analysis including frequency analysis was performed using SPSS 22.0 and AMOS 24.0, reliability and validity analysis were also performed, and finally hypotheses were tested by performing confirmatory factor analysis and path analysis of structural equation model. All of the SNS informativeness, playfulness and reliability were shown to have positive effects on the purchase intention. In addition, the effect of purchase intention on business performance was found to be significant. Companies should come up with a strategic SNS marketing plan to encourage consumers to enhance the willingness to purchase their products and services through SNS, and to make actual purchases, thereby improving business performance.

본 연구에서는 백화점 DM광고에 대한 소비자 인식 요인으로 광고의 정보성에 대한 인식과 광고의 유용성에 대한 인식을 도출하고 이 두 요인이 백화점 DM광고에 대한 태도 및 회피에 미치는 영향을 검증하고자 하였다. 이를 위해, 백화점 DM을 정기적으로 수령하는 소비자들을 대상으로 조사가 실시되었으며, 다중회귀분석(multiple regression analysis) 을 사용하여 분석하였다. 연구결과, 광고에 대한 소비자인식 요인인 광고의 정보성에 대한 인식과 광고의 유용성에 대한 인식 모두 광고태도와 높은 상관관계를 갖는 것으로 나타났다. 또한, 백화점 DM광고에 대한 소비자인식 중 광고의 정보성에 대한 인식은 광고회피에 대해 부정적인 상관관계를 갖는 것으로 나타났고, 광고의 유용성에 대한 인식은 광고회피에 그다지 영향을 미치지 않는 것으로 나타났다. 이러한 연구결과를 바탕으로 실무적인 시사점과 향후 연구방향에 대해 논의하였다.

This study tried to investigate the effects of consumer awareness of department stores’ DM advertisements on the advertisement attitude and avoidance. The informativeness and usefulness were used as factors for measuring the consumer awareness. The general attitude towards DM advertisement were also used to measure attitudes. The detailed research questions and results are as follows. In the first research question, we tried to investigate the effect of consumer awareness (informativeness, usefulness) of department stores’ DM advertisements on the advertisement attitudes. The result showed a high level of correlation among informativeness, usefulness and attitude towards advertisements. The informativeness and usefulness had significant impacts on the attitude. The second research question was to look at the consumer awareness (informativeness, usefulness) of the department stores’ DM advertisement on the advertisement avoidance. The result revealed a meaningful negative correlation between the informativeness and avoidance. An increase in the DM advertisement’s informativeness led to a decrease in the avoidance. The usefulness of the advertisement seemed to have no meaningful effect on the avoidance. This study provides theoretical insights for researchers and practical guidelines for department stores’ DM strategies in the future.

우리나라는 아름다운 간판 거리를 조성하려는 목적으로 정부 주도의 간판 개선을 시행하고 있다. 간판 개선은 여러 참여자의 협력으로 진행되기에 그 성과를 평가하는 기준이 이해관계자의 관점에 따라 다르다. 특히 주요 참여자인 소상공인은 점포 브랜딩 효과, 지자체는 지역 브랜딩 효과를 기대한다. 사업 시행 주체인 정부 기관은 사업이 우리 사회에서 성공적으로 수용되길 바란다. 이에 이 연구는 개선된 간판에 대해 그 최종 수용자인 소비자가 인식하는 정보성, 오락성, 방해성이 점포 및 지역 브랜딩 효과와 사업 수용 의도에 미치는 영향을 밝히고자 했다. 이를 위해 서울·경기·부산 소재 대학교의 학부생과 대학원생 300명을 대상으로 온라인 설문조사를 실시했다. 연구 결과, 점포 및 지역 브랜딩 효과와 간판 개선 사업 수용 의도에 대해 정보성과 오락성은 긍정적인 영향을 미치지만 방해성은 부정적인 영향을 미치는 것으로 나타났다. 이 연구의 결과는 간판 개선의 효과에 관한 학술연구의 토대를 마련하고, 간판 개선 사업의 참여자들이 공동의 기대효과를 창출할 수 있는 성공적인 사업 모형을 구축하는 것에 공헌할 수 있을 것이다.

In Korea, a government-led signboard improvement project is being implemented to make the street environment beautiful and pleasant. The main participants in this project, the store owners and local governments, expect to gain store branding and local branding effects from this project, respectively. The government agency, which is the main body of the project, hopes that the project will be successfully accepted by members of society. This study examined the impact of the perceived informativeness, entertainment, and irritation of improved signboards on store and local branding and acceptance intention to projects. The survey was conducted online with 300 undergraduate and graduate students. The results of this study showed that informativeness and entertainment had a positive effect on store and local branding effects and acceptance intention to projects, but irritation had a negative effect. These results will serve as basic data for academic research on the effect of signboard improvement, and a guideline for establishing a successful business model that can promote mutual benefits of project participants such as store owners, local governments, and government agencies.

연구배경 소비자들의 인스타그램 이용에 따른 증가로 인해 헤어샵과 관련된 소비자 행동을 이해할 필요성이 제기된다. 따라서 헤어샵 관련 인스타그램의 상호작용성, 정보성, 신뢰성, 호의적 소비자태도, 이용의도를 선정하여 변인들 간의 구조적인 관계를 알아보고자 한다. 연구방법 인스타그램 경험이 있는 20대∼30대 여성 861명을 대상으로 설문조사를 실시하였으며, SPSS 23.0과 AMOS 23.0을 이용하여 분석하였다. 연구결과 첫째, 헤어샵 관련 인스타그램의 상호작용성, 신뢰성, 호의적 소비자태도는 이용의도에 직접적인 영향을 미치는 것으로 나타났다. 둘째, 상호작용성, 정보성과 신뢰성은 호의적 소비자태도에 직접적인 영향을 미치는 것으로 나타났다. 셋째, 상호작용성과 정보성은 신뢰성에 직접적인 영향을 미치는 것으로 나타났다. 넷째, 상호작용성은 신뢰성과 호의적 소비자태도를 통해 이용의도에 매개적인 영향을 미치는 것으로 나타났다. 다섯째, 신뢰성은 호의적 소비자태도를 통해 이용의도에 매개적인 영향을 미치는 것으로 나타났다. 여섯째, 상호작용성은 신뢰성를 통해 호의적 소비자태도에 매개적인 영향을 미치는 것으로 나타났다. 결론 변인들 간의 직접효과와 매개효과가 있는 것으로 나타났으며, 호의적 소비자태도는 이용의도에 직접적인 영향과 매개적인 영향을 미치는 중요한 변인임을 알 수 있다.

Background Due to the increase in consumers' use of instagram, it is required to understand consumer behaviors related to hair shops. For this, this study aims to investigate the structural relations among variables by selecting interactivity, informativeness, trust, favorable consumer attitude, and use intention as variables. Method A questionnaire survey was conducted on 861 women in their 20s and 30s who had experience with Instagram, and the data from the survey was analyzed using SPSS 23.0 and AMOS 23.0. Results First, interactivity, trust, and favorable consumer attitude of the hair shop Instagram had a direct effect on the consumer's use intention. Second, interactivity, informativeness, and trust directly affected favorable consumer attitude. Third, interactivity and informativeness had a direct effect on trust. Fourth, interactivity had a mediating effect on use intention through favorable consumer attitude. Fifth, trust showed a mediating effect on the use intention through favorable consumer attitude. Lastly, interactivity had a mediating effect on favorable consumer attitude through trust. Conclusions It was found that there were direct and mediating effects among the variables, and that favorable consumer attitude was an important variable which showed both direct and mediating effects.

간판은 점포의 첫인상과 지역의 전반적인 경관을 형성하는 것에 중추적인 역할을 한다. 우리나라 정부는 도시 경관을 쾌적화하고 지역 상권을 활성화하기 위해 2012년부터 매년 간판 개선 사업을 시행하고 있다. 특히 최근에는 지역의 특성과 어울리는 간판을 조성하려는 노력을 기울이고 있다. 이 연구는 사업의 최근 동향을 토대로 간판을 개 선할 때 지역의 특성을 반영하는 것이 점포와 지역에 어떤 영향을 주는지를 정보성·오락성·방해성의 매개 역할을 중 심으로 밝히고자 했다. 이를 위해 간판 개선 지역에 방문한 경험이 있는 학부생과 대학원생 150명을 대상으로 설문조 사를 실시했다. 연구 결과, 간판의 지역 적합성은 정보성과 오락성을 매개하여 점포 방문 의도와 지역 방문 의도에 긍정적인 영향을 주는 것으로 나타났다. 이 구조적 관계에서 방해성은 유의한 영향력을 가지지 않았다. 이 연구의 결 과는 간판 및 간판 개선에 관한 학술적 이해의 폭을 넓히는 것에 공헌하며, 소상공인과 정부 기관 및 지방자치단체 실무자에게 지역 특성을 반영한 간판의 실효성을 시사한다.

Signboard plays a pivotal role in crafting the initial impression of a storefront and contributing to the overall aesthetics of the local environment. Since 2012, the South Korean government has been annually implementing signboard improvement projects as part of its commitment to enhance urban landscapes and invigorate local business districts. Particularly noteworthy in recent years is the government's emphasis on creating signborad that aligns with the characteristics of the cities. This study aimed to investigate the impact on stores and the local area when incorporating local characteristics into signboard, with a focus on the mediating roles of informativeness, entertainment, and irritation. A survey was conducted among 150 undergraduate and graduate students who had experience visiting areas with improved signboard. The findings indicate that local fit of signboards has a positive impact on intention to visit store and area by mediating informativeness and entertainment. On the other hand, irritation does not exert a significant influence within this structural relationship. The results of this study contribute to broadening the scholarly understanding of signboards and signboard improvement, highlighting the importance of incorporating local characteristics into signboard to small business owners and local government practitioners.

이 연구는 간판 개선을 시행한 간판에 대해 소비자가 인식하는 점포 적합성이 점포 방문 의도에 미치는 영향 을 살피고, 그 관계에서 정보성, 오락성, 방해성의 매개효과를 확인한 조사연구이다. 연구문제 검증을 위해 간판 개선 을 시행한 지역에 방문한 경험이 있는 학부생과 대학원생 150명을 대상으로 2022년 11월 7일부터 11월 18일까지 설 문조사를 실시했다. 데이터는 SPSS 26.0과 PROCESS Macro 4.2의 Model 4를 이용해 분석했다. 연구 결과, 점포 적합성은 정보성과 오락성을 매개하여 점포 방문 의도에 정적인 영향을 미치는 것으로 나타났다. 이 연구의 결과는 간판 개선 사업에 참여하는 소상공인과 지자체 및 정부 기관의 실무자에게 간판 개선 시 간판의 점포 적합성을 중요 하게 고려해야 함을 시사한다.

This study examined the effect of store fit perceived by consumers for improved signboards on visit intention to store, and the mediating effect of informativeness, entertainment, and irritation. The survey was conducted from November 7 to November 18, 2022 with 150 undergraduate and graduate students who had experience visiting areas where signboard improvement projects were implemented. The collected data were analyzed using SPSS 26.0 and PROCESS Macro 4.2. The results showed that store fit had a positive effect on visit intention to store by mediating informativeness and entertainment. This results suggest that practitioners of local governments and government agencies and store owners should consider store fit of signboards as important when participating in signboard improvement projects.

AI assistant, a software interface designed to interact with a user in a natural way and perform specific tasks on the user’s behalf, receives increasing attention from both scholars and practitioners. While most of the literatures explain about technical aspects, little is known about the social and psychological factors that intimately influence consumers when using it. This study sheds light on the reason people use AI assistant and how perceived values influence on intention of continuous usage. A total of 361 AI assistant users participated in an online survey, and all were recruited from a major online panel in South Korea. The results from the principal component analysis suggest five social and psychological motives: self-expression, quality of life, entertainment, information, and compatibility. In addition, perceived values, informativeness, entertainment, and trustworthiness, positively predict the intention to use AI assistant. This research provides theoretical contributions from finding motivations of AI assistant usage and from the effects of perceived values on the intention to use it. Practical implications should not be overlooked in this ever-expanding AI industry.

We conducted this study to identify the composition factors for consumers' selection attributes of accommodation applications and to identify the differences in the selection attributes perception of accommodation applications based on demographic characteristics and use status. According to the study,6 factors were derived as the components of the selectivity of accommodation application and were named convenience, interactivity, economic efficiency, transaction reliability, product reliability and informativeness. And the respondents differed in their selection attributes perception of the accommodation application they used. In particular, it was found that the highest perception of informativeness and interactivity, and the lowest perception of product reliability. Finally, there were differences in the selection attributes perception of the accommodation application they used by demographic characteristics and use status. Based on the results of this study, we should strive to derive the effective marketing strategy needed for travel industry-related companies.

연구배경 화장품 인스타그램(Instagram)의 정보성(informativeness), 유용성(usefulness), 소비자태도(consumer attitude), 구매의도(purchase intention) 간의 구조적 관계를 다루어 하나의 통합적인 구조모형으로 제시하는 것을 목적으로 한다. 연구방법 인스타그램을 사용한 경험이 있는 20대 여성 444명을 대상으로 설문 조사하였으며 AMOS 23.0과 SPSS 23.0을 이용하여 분석하였다. 연구결과 첫째, 화장품 인스타그램 게시물의 유용성과 소비자태도는 구매의도에 직접적인 영향을 미치는 것으로 나타났다. 둘째, 정보성, 유용성은 소비자태도에 직접적인 영향을 미치는 것으로 나타났다. 셋째, 정보성은 유용성에 직접적인 영향을 미치는 것으로 나타났다. 넷째, 정보성은 유용성, 소비자태도를 통해 구매의도에, 유용성은 소비자태도를 통해 구매의도에 간접적인 영향을 미치는 것으로 나타났다. 다섯째, 정보성은 유용성을 통해 소비자태도에 간접적인 영향을 미치는 것으로 나타났다. 결론 변인들 간의 직·간접효과가 있는 것으로 나타났으며, 소비자태도는 구매의도에 직·간접적으로 영향을 미치는 중요한 변인인 것을 알 수 있다.

Background This study aims to investigate the structural relationship among informativeness, usefulness, consumer attitude, and purchase intention of cosmetics Instagram; to present an integrated structural model. Methods A survey was conducted among 444 women in their twenties who had experienced Instagram. Data were analyzed using AMOS 23.0 and SPSS 23.0. Result First, the usefulness of cosmetics Instagram posts and consumer attitude had a direct effect on purchase intention. Second, the informativeness and usefulness directly affected consumer attitude. Third, the informativeness had a direct effect on usefulness. Fourth, the informativeness showed an indirect influence on purchase intention through usefulness, consumer attitude. usefulness had an indirect effect on purchase intention through consumer attitude. Fifth, the informativeness showed an indirect effect on consumer attitude through usefulness. Conclusion Informativeness of cosmetics on Instagram, usefulness and consumer attitude exercised direct & indirect influence on purchase intention. Consumer attitude is an important variable that both directly or indirectly influences purchase intention.

Firms consider external information such as peer performance data and analyst forecasts when setting performance targets because this information provides relevant benchmarks about agents’ productivity. Using the EPS targets of S&P 1500 firms from the 2006?2014 period, we examine whether firms’ reliance on certain benchmarks depends on the relative informativeness of the external information. We find that firms put greater weight on analyst forecasts than on peer performance information because their profitability is less likely to comove with that of their peer firms. We also find that the use of forecasts increases in settings where analyst forecasts are more informative regarding focal firms’ profitability.