Global Business and Finance Review最新文献

{"title":"Speed of Adjustment and Leverage Deviation - Cost of Equity Nexus: Evidence from Emerging Markets and Crisis","authors":"Akbar Aldino Karpates, V. Viverita","doi":"10.17549/gbfr.2022.27.6.1","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.6.1","url":null,"abstract":"Purpose: This study investigates the impact of leverage deviation on the cost of equity under the specifically mentioned condition in ASEAN-5 considering the global financial crisis and the sensitivity of the cost of equity on leverage deviation. \u0000Design/methodology/approach: This study employs the Generalized Least Square (GLS) model and the dynamic panel estimation based on the two-step difference GMM to analyze the data. \u0000Findings: The regression analysis found deviated from the target leverage impact unfavorably on the firm's cost of equity. The results also show that the more sensitive the cost of equity is to the leverage deviation from the target, the faster the adjustment. However, firms will adjust their capital structure for a lower cost during the crisis. Additionally, it shows a compelling behavior in the relation between the sensitivity of the cost of equity to leverage deviation on the leverage speed of adjustments. \u0000Research limitations/implications: The higher sensitivity of the cost of equity is to the leverage deviation from the target, the faster the adjustment. It implies that the disregard of heterogeneity in SOA will mislead the adjustment period to the target leverage. \u0000Originality/value: Using manually collected data, this study provides empirical evidence on the importance of leverage deviation and the sensitivity of the cost of equity and the speed of adjustment to the target debt level to analyze capital structure decision in an enormous leverage usage in ASEAN. Second, this paper presents new evidence of the effect both in normal economic conditions and crisis periods, which is rarely examined in the ASEAN emerging market.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"99 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81322830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Efforts of South Korean Local Governments to Expand the Good Landlord Movement: Focus on Property Tax Reduction and Exemption","authors":"Imsoo Choi","doi":"10.17549/gbfr.2022.27.6.89","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.6.89","url":null,"abstract":"Purpose: This study aimed to review whether local governments in Korea introduced the Good Landlord Property Tax Reduction and Exemption System (GLPTRES) in a timely and organic manner and promoted the expansion of the Good Landlord Movement by analyzing the system's problems and proposing improvements. \u0000Design/methodology/approach: To obtain data about the GLPTRES and tax reduction and exemption outcomes, this study used the Ministry of the Interior and Safety's Information Disclosure System. On January 26, 2022, the researcher requested information disclosure about 15 regional local governments and 187 basic local governments under such regional local governments. Between January 27 and February 25, 2022, the author was notified by all basic local governments of their decisions to disclose information or the non-availability of such information, which was reflected in the analysis. \u0000Findings: The timing of property tax reduction and exemption decisions for good landlords was generally late. There was a relationship between regional local governments and their basic local governments in its implementation. Furthermore, the effectiveness of the GLPTRES was found to be generally low. \u0000Research limitations/implications: The period of this study was restricted to 2020, and the analysis focused on the 123 local governments that implemented this system. The lessons learned from Korea can be applied to other countries implementing government support for small businesses during crises. \u0000Originality/value: This is the first study to analyze the timeliness of resolutions made by local governments on the GLPTRES implemented in Korea for the first time in 2020 to support small business tenants in trouble due to COVID-19, the relationship between local governments, and its effectiveness.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"52 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76061342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Integrating Digital Transformation and Servitization into Digital Servitization: A Case Study on Domino's","authors":"Marasini Durga Prasad, Seong No Yoon, DonHee Lee","doi":"10.17549/gbfr.2022.27.5.1","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.1","url":null,"abstract":"Purpose: The purpose of this study is to suggest a digital servitization model which can be implemented by the restaurant industry and to explore the opportunities and challenges of digital servitization. \u0000Design/methodology/approach: The case study analysis method was applied for this research. \u0000Findings: This study reveals that pizza firms can gain competitive advantages and create value by implementing the digital servitization business model. In addition, firms can understand the opportunities and challenges of digital servitization and prepare themselves before implementing the business model. \u0000Research limitations/implications: Digital servitization model was proposed to analyze a single pizza company but a comparative study with other firms can be conducted to identify differences and create a common strategy. \u0000Originality/value: Firms commonly use an integrated digital transformation and servitization model to create customer value, but few case studies on integrated case models are available. This study investigates this research gap using a case study. The findings of this study have meaningful implications for restaurant managers to implement a digital servitization strategy.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73782843","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Safety Stock Optimization under Lead Time Ambiguity","authors":"Chong Keun Kim, Pansoo Kim, J. Kwon","doi":"10.17549/gbfr.2022.27.5.55","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.55","url":null,"abstract":"Purpose: The purpose of this study is to investigate how ambiguity faced by the risk-neutral manager affects the firm’s optimal level of safety stock. \u0000Design/methodology/approach: This study adopts the traditional model of Arrow et al. (1951) and employ a manager who has multiple prior beliefs about the probability distribution of the lead time. \u0000Findings: This study finds that facing lead time ambiguity, the manager becomes more conservative when choosing the optimal stock level to hold and the amount of safety stock. \u0000Research limitations/implications: The future research would consider a risk-averse manager who could be compensated or punished as a result of stock management. Then the future research would examine the interactive effects of the manager’s risk aversion and lead time ambiguity on the optimal safety stock level. \u0000Originality/value: This would be the first study that investigates the effects of ambiguity on the level of safety stock.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83359345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Trust and Relationship Commitment on Supply Chain Performance through Integration and Collaboration","authors":"Kun-Jae Jang, Joonkyum Lee","doi":"10.17549/gbfr.2022.27.5.129","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.129","url":null,"abstract":"Purpose: This study analyzed the effects of supply chain management trust and relationship commitment on financial and non-financial performance, focusing on the mediating effect of supply chain management integration and collaboration. \u0000Design/methodology/approach: This study was designed as a conceptual research model to verify the mediating effect of integration and collaboration in the relationship trust and relationship commitment and supply chain performance. In order to design a conceptual research model, a total 30 items were investigated and the SEM method was verified using six observations variables. \u0000Findings: According to this study, it was found that financial and non-financial performance of companies adopting Korea's supply chain management increased when trust and relationship commitment were strengthened with partner companies. In particular, in the relationship between trust of supply chain management and supply chain management performance, integration with partner companies contributed to increase financial performance, but did not make a positive contribution to non-financial performance. On the other hand, in the relationship between supply chain management's relationship commitment and supply chain management, collaboration made a positive contribution to increasing financial and non-financial performance. What this study means is that higher trust and relationship commitment with partner companies in supply chain management contributed to a direct influence on financial and non-financial performance. \u0000Research limitations/implications: This study used the citation count to measure the effect of trust and relationship on supply chain performance. While this serves the purpose of this study, citation counts may not perfectly represent the value and impact of a study. The findings of this study provide a guide post for future studies. \u0000Originality/value: This study provides an updated, comprehensive literature review of the overall development, contributions and limitations of forecasting studies in the supply chain management fields. The researchers can see the subjects and types of research that already conducted and which topics remain unexamined.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87773905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Employee Effects on Organizational Outcomes: Korean Travel Industry","authors":"Heon Seo","doi":"10.17549/gbfr.2022.27.5.27","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.27","url":null,"abstract":"Purpose: This study aimed to identify the structural relationships among the self-efficacy, job satisfaction, organizational commitment, and customer orientation of travel agency employees in Seoul, Korea. \u0000Design/methodology/approach: Questionnaires were distributed to 250 potential respondents between February 1 and February 20 of 2020. The 225 valid cases were employees at travel agencies in Seoul. Data from the self-ad- ministered questionnaires were used to perform frequency, factor, and regression analyses. \u0000Findings: The study devised six hypotheses based on a review of the previous literature. The results found that self-efficacy positively influenced organizational commitment and job satisfaction, job satisfaction positively influenced customer satisfaction and organizational commitment, and self-efficacy and organizational commitment positively influenced customer orientation. Unlike previous studies, the validity and reliability of the constructs measuring the underlying factors were tested, and new measurement items were developed. The variation found among the statistical relationships provides support for strategic implications and fundamental data for personnel policies in the travel industry. \u0000Research limitations/implications: This study’s respondents’ self-efficacy was positively influenced by job satisfaction, organizational commitment, and customer orientation. Future studies may extend samples across the provinces in Korea for a comparative assessment of the results. Also, because the study focused on emotional commitment and do not consider other types of commitment, future studies should include measures of more of the dimensions of commitment to analyze relationships between organizational effectiveness and organization achievements. \u0000Originality/value: This study provides original and important results on the relationship between organizations and their employees.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"64 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85817742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"What Determines Saudi Arabia's Development Finance? An Empirical Approach","authors":"Elham Bokhari, Jinhwan Oh","doi":"10.17549/gbfr.2022.27.5.42","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.42","url":null,"abstract":"Purpose: This paper empirically examines determinants of Saudi Arabia’s development finance allocation and seeks implications. \u0000Design/methodology/approach: Based on the OLS and Tobit estimation, this paper analyzes a dataset covering Saudi Arabia’s 111 bilateral aid recipient countries during the time period 2015 to 2020. \u0000Findings: This paper finds that Saudi’s aid allocation considers both donors’ interest (DI) and recipients’ needs (RN) given that less populous and relatively lower income developing countries, with strong commercial ties with the Kingdom tend to receive more aid from Saudi Arabia. This result is robust across all the analyses, supported by statistical significance. \u0000Research limitations/implications: Geopolitical factors also matter considering that Arab countries are, on average, receive more aid from the Kingdom while other countries do not, and this confirms Arab solidarity. The Kingdom places a high importance on their non-interference policy in nation states’ sovereignty and their territorial integrity. The Kingdom has a short history as an aid donor. As such, bilateral data is available only since 2015, which is a major caveat in this study. \u0000Originality/value: Existing literature mostly deals with OECD DAC countries in examining aid determinants. This is one of the first studies in this field of literature empirically examining Saudi Aid. This study is expected to shed light to other emerging donors and promote effective South-South cooperation.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87104189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring the roles of multidimensional versus unidimensional construct of destination social responsibility in explaining destination trust and relationship continuity","authors":"J. Han, Youngsook Kim, Minhee Jung","doi":"10.17549/gbfr.2022.27.5.83","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.83","url":null,"abstract":"Purpose: The purpose of this study is to explore the roles of tourists’ perceived destination social responsibility (DSR) in predicting destination trust and relationship continuity by utilizing multidimensional versus unidimensional construct of DSR. \u0000Design/methodology/approach: This study develops the two-stage model; a first-stage model includes multidimensional constructs of DSR, and a second-stage model includes an integrated construct of unidimensional DSR. Modern cultural heritage tourism destinations in Korea were selected for this study context. In order to test and compare the results of the two models, partial least squares structural equation modeling (PLS-SEM) was applied with 385 online survey responses. \u0000Findings: The results showed that trust plays a significant role in mediating the relationship between DSR and relationship continuity in the both models. However, the effect of DSR becomes differentiated depending on multi- dimensional versus unidimensional construct of DSR. \u0000Research limitations/implications: Theoretical and practical implications, and research limitations with future re search directions are suggested. \u0000Originality/value: This study compares dimensional structure of DSR in predicting destination trust and relationship continuity in a context of modern cultural heritage tourism destination.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"93 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85683034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effects of Online Purchase e-CRM activities and e-Customer Satisfaction on e-Loyalty during COVID-19: The Mediating Effects of e-Customer Satisfaction","authors":"Soodeok Hwang","doi":"10.17549/gbfr.2022.27.5.100","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.100","url":null,"abstract":"Purpose: The purpose of this study is to investigate the influence between online purchase e-CRM activities and e-customer satisfaction on e-loyalty. In particular, it focuses on the mediating effect of e-customer satisfaction in the relationship between online purchase e-CRM activities and e-loyalty. \u0000Design/methodology/approach: The data was collected from customers who have purchased online products in South Korea for a week. The study used 1307 questionnaires in the quantitative analysis and the proposed research model and a set of hypotheses were tested using a structural equation model (SEM). \u0000Findings: The findings of this study indicate that online purchase e-CRM activities (including e-Marketing, e-Sales, e-Support and e-System) have a significant positive impact on e-customer satisfaction. E-Marketing and e-Sales were found to have a statistically significant positive influence on e-loyalty, but e-Support and e-System did not have a statistically significant effect on e-loyalty. This study also found that e-customer satisfaction significantly mediated the link between online purchase e-CRM activities (including e-Marketing, e-Sales, e-Support and e-System) and e-loyalty. \u0000Research limitations/implications: The limitation of this study is that since the data only targets customers in their 20s and 40s, it is difficult to say that it represents customers of all ages. Therefore, it is necessary to carry out research on e-CRM activities for customers of different ages who have experience in online purchasing in the future. Moreover, as the e-commerce market using digital technology grows, companies need to preemptively respond to the expansion of “un-tact” (non-face-to-face) services in the post-COVID-19 era. Therefore, the results of this study presented theoretical and practical implications for improving online purchase e-CRM activities, e-custom- er satisfaction, and e-loyalty to e-commerce companies. \u0000Originality/value: The recent COVID-19 pandemic has caused great losses and considerable difficulties in various industries around the world, but to overcome this, the e-commerce market has expanded and has led to the advancement of the digital transformation era. Therefore, the originality of this study suggested the importance of e-CRM activities reflecting the purchasing trend of the online market in line with the trend of the Fourth Industrial Revolution and IT era, and it is significant in that it provides theoretical and managerial marketing and strategic implications for better recognition and utilization of these e-CRM activities from corporate and customer perspectives.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88969574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Review of Forecasting Studies for the Hotel Industry: Focusing on results, contributions and limitations","authors":"Jeong-gil Choi, Yi-wei Zhang, Nur Salawati Mohd Nadzri, Nigora Baymuminova, Shichun Xu","doi":"10.17549/gbfr.2022.27.5.65","DOIUrl":"https://doi.org/10.17549/gbfr.2022.27.5.65","url":null,"abstract":"Purpose: The purpose of this study is to conduct a thorough review of the results, contributions, and limitations of forecasting studies in the hotel industry to uncover how those studies contribute to the body of knowledge and what limitations of those studies should be filled by future studies. \u0000Design/methodology/approach: To uncover the overall trends and evolution of hotel forecasting findings, this study used a systematic literature review approach to ensure the strictness and transparency of the review process. To select a paper to be reviewed, two main review processes including keyword searching and citation counts of each paper were conducted. To assure the rigor of our first two procedures, this study took further steps including cross-checking the results of those studies and calculating the average citation per year of the selected studies. The selected papers were analyzed based upon their forecasting areas, the contribution of each paper by using citation score, frequency of using methodology or techniques, demographic characteristics of authors, and major trends of the forecasting studies. \u0000Findings: This research has compiled a list of the most cited papers, as well as the average number of citations per year, the top list of the most used nations and subject areas which manifested the contribution to the body of literature in this study. \u0000Research limitations/implications: Future research should consider using other platforms such as Web of Science (WoS) or Scopus to emphasize more the impact and value of the literature study. The outcome of this study will help other researchers to have a better understanding of the used models in forecasting the industry as well as to decipher the most and the least studied research areas in the forecasting hotel industry. \u0000Originality/value: This study explored the overall development, contributions, and limitations of forecasting studies in the hospitality industry in an updated, thorough literature analysis. The themes and types of research that have already been studied can be seen by the researchers, as well as those that have not yet been explored.","PeriodicalId":35226,"journal":{"name":"Global Business and Finance Review","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74380599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}