Socialization Tactics of New Retail Employees: A Pathway to Organizational Commitment

To address the prevailing issue of high turnover and low employee commitment in the retail industry, this study explores the role of newcomers’ individual differences and proactive socialization tactics in developing employee organizational commitment and reducing employee turnover. Based on data collected from 239 employees in a major U.S. retail store chain, this study found that individual differences, such as goal orientation and proactivity, are significantly related to employees’ choices of different socialization tactics, including inquiry, observation, and networking. The three tactics are associated with organizational commitment and furthermore employees’ actual turnover mainly through role clarity and attitudes toward a retail career. Among the three proactive socialization tactics, observation plays the most important role in the socialization process.     

Theory‐based approach to factors affecting ethical consumption

The main objective of this study is to introduce and validate a new model of ethical consumption intention with the aim of identifying salient factors that influence consumer's attitude and purchase intention towards ethical products. For this purpose, this study introduces an extended model of the theory of reasoned action, which embraces the emotional component (positive anticipated affection) and socially oriented value component (altruism), as predictors of ethical consumption attitude and intention. Using a questionnaire‐based survey, the data were collected from 343 respondents who had previously purchased ethical products. The result showed that ethical obligation, self‐identity and altruism were positively related to consumer attitude towards ethical consumption. Also, ethical obligation and altruism were found to positively influence ethical consumption intention. Further, attitude and positive‐anticipated affection positively affected ethical consumption intention.     

Investigating the inter-departmental synergy in demand for rooms and auxiliary services: a spatial econometric approach

This study investigates interdependence among hotel revenue centres, using dataset on room guests and customers of auxiliary departments in Seoul, Korea. Spatial econometric methods are applied to examine the causal relationships between demand for rooms and auxiliary facilities. Results suggest that while the room demand significantly contributes to demand for auxiliary services, the reverse does not hold.     

What is the Value of Luxury? A Cross‐Cultural Consumer Perspective

International luxury businesses are challenged by the identification and satisfaction of the common needs and desires of global market segments. Although luxury goods have become available to a wider range of consumers, the traditional conspicuous consumption model has been transformed into a new experiential luxury sensibility that is marked by a change in the way that consumers define luxury. Based on an empirical study in collaboration with American, European, and Asian researchers, the results provide evidence that consumers in various parts of the world purchase or wish to purchase luxury products for varied reasons but that such consumers generally possess similar values. Regardless of their countries of origin, the basic motivational drivers of luxury consumers are similar among the financial, functional, personal, and social dimensions of luxury value perceptions, although the relative importance of these dimensions varies.     

Interactive music for multisensory e-commerce: The moderating role of online consumer involvement in experiential value,cognitive value,and purchase intention

Background music adds a multisensory element to marketing and e-commerce. Applying interactive sensory-enabling technologies (SETs) to online shopping websites is an area of interest in sensory marketing. This research examines interactive background music in e-commerce and investigates how online consumer involvement moderates the effects of interactive music. Single-factor experiments with three conditions (interactive music, static background music, and control) were conducted to investigate its impact on experiential value, cognitive value, and purchase intention of high- and low-involvement consumers among both students (Study 1, N = 251) and nonstudent samples (Study 2, N = 218). Different music genres were applied to stimuli of the two studies to demonstrate the generalizability of the findings. Results find that interactive music enhances the experiential value of e-commerce for low-involvement consumers. By contrast, high-involvement consumers show greater purchase intention under the interactive music condition due to a heightened level of perceived cognitive value. Involvement is an effective predictor of elaboration and purchase intention under the interactive music condition, but not under the other two conditions. The contribution is twofold: (a) it shows the impact of music as an interactive SET and, (b) demonstrates the moderating role of consumer involvement in the context of multisensory integration in e-commerce. Theoretical and practical implications are discussed along with limitations and directions for future research.     

Examination of benefits sought by hiking tourists: a comparison of impact-range performance analysis and impact asymmetry analysis

This study assesses the benefits of hiking for visitors to the Jeju Olle Trail on Jeju Island in Korea, which has been designated as a World Heritage Site. Data were collected from a total of 318 tourists visiting the Jeju Olle Trail. The study focused on comparing the benefits sought by first-time visitors and those of repeat visitors. Analytical results found that first-time visitors and repeat visitors sought different benefits from their hiking experiences. First-time visitors sought to observe nature and interact with people. For first-time visitors, benefits that delighted them were buying unique souvenirs and enjoying educational experiences, whereas repeat visitors demonstrated a good assessment on interactions with new people and buying unique souvenirs.     

DID FOREIGN OWNERSHIP OF KOREAN CREDIT RATING AGENCIES IMPROVE THEIR RATINGS?

In this study, we investigate whether foreign equity participation fostered the growth of Korea's credit rating industry during the 2002–2013 period. We find that the rating quality deteriorated steadily even though the foreign ownership of Korea's credit rating agencies increased: Rating levels went up. Our analysis indicates that the Korean government's policy of gradually relaxing the restrictions on foreign ownership of local credit rating agencies was ineffectual. (JEL G24, F21, F65, D43)     

Economic compensation compositions preferred by R&D personnel of different R&D types and intrinsic values

In order to enhance R&D performance, R&D managers make sure that R&D personnel are satisfied with their compensation, both economic and non–economic . An R&D compensation scheme would consist of many complex factors. In this research, we focus on 'compensation composition' as such a factor for the economic compensation system, i.e., the mix of compensation components such as team (or organization) performance based, individual (R&D personnel) performance based, and fixed (seniority based) portion of economic compensation. As part of non–economic compensation, intrinsic values such as social status and self–actualization perceived by the R&D personnel are influencing their level of satisfaction with the entire compensation system. Another critical factor we consider here is the difference in R&D types: there are three R&D types, i.e., basic, applied , and commercial R&D . We put forth two sets of propositions. First, there is statistically significant correlation among R&D personnel's job satisfaction, performance measurement satisfaction, and compensation satisfaction. Second, depending on the types of their R&D activities, R&D personnel prefer a certain composition of economic compensation. In addition, the relationships are mediated by whether the R&D personnel feel intrinsic values of their jobs.     

Classes of Interest Rate Models under the HJM Framework

Although the HJM term structure model is widely accepted as the mostgeneral, and perhaps the most consistent, framework under which to studyinterest rate derivatives, the earlier models of Vasicek,Cox–Ingersoll–Ross, Hull–White, andBlack–Karasinski remain popular among both academics andpractitioners. It is often stated that these models are special cases ofthe HJM framework, but the precise links have not been fully establishedin the literature. By beginning with certain forward rate volatilityprocesses, it is possible to obtain classes of interest models under theHJM framework that closely resemble the traditional models listed above.Further, greater insight into the dynamics of the interest rate processemerges as a result of natural links being established between the modelparameters and market observed variables.