Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.83
Eun-Jin Han
Purpose – The purpose of this study is to identify the predictive factors of medical tourism in Vietnam by analyzing the variables that lead to the annual visitor number. Design/methodology/approach – This study collected data from Vietnamese with experience in domestic and international medical tourism, and focused on Hanoi, Vietnam. In this study, the variable of medical tourism preferences was applied independently. Factors that impacted the number of annual visitors were estimated by the truncated Poisson model. Findings – The results of the TP model analysis of demand for medical tourism are as follows. Among the variables related to socio-economic characteristics, age, marital status, and occupation had a significantly positive effect on the number of annual medical visits. These results imply that it is important to understand socio-economic characteristics to expand demand for medical tourism in Vietnam, which shows high growth potential. The top three variables that gave a significant positive effect on the number of annual medical visitors are the level of medical technology, waiting time, and price, as well as medical service experience. Research implications – The results indicate the need to develop medical tourism products tailored to consumer tastes by subdividing medical technology levels, waiting for time and price, medical experience services, and so on. Thus, the results presented by this study create a starting point for the development of demand forecasting models for the domestic, international, and Vietnamese medical tourism markets in the future.
{"title":"A Study on Determinants of Medical Tourism Demand in Vietnam","authors":"Eun-Jin Han","doi":"10.16980/jitc.19.2.202304.83","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.83","url":null,"abstract":"Purpose – The purpose of this study is to identify the predictive factors of medical tourism in Vietnam by analyzing the variables that lead to the annual visitor number. Design/methodology/approach – This study collected data from Vietnamese with experience in domestic and international medical tourism, and focused on Hanoi, Vietnam. In this study, the variable of medical tourism preferences was applied independently. Factors that impacted the number of annual visitors were estimated by the truncated Poisson model. Findings – The results of the TP model analysis of demand for medical tourism are as follows. Among the variables related to socio-economic characteristics, age, marital status, and occupation had a significantly positive effect on the number of annual medical visits. These results imply that it is important to understand socio-economic characteristics to expand demand for medical tourism in Vietnam, which shows high growth potential. The top three variables that gave a significant positive effect on the number of annual medical visitors are the level of medical technology, waiting time, and price, as well as medical service experience. Research implications – The results indicate the need to develop medical tourism products tailored to consumer tastes by subdividing medical technology levels, waiting for time and price, medical experience services, and so on. Thus, the results presented by this study create a starting point for the development of demand forecasting models for the domestic, international, and Vietnamese medical tourism markets in the future.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126673602","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.19
Wonjun Lee
Purpose – The purpose of this study is to examine the changes and characteristics of artificial intelligence, chatbots, and ChatGPT, and to explore their future implications. Additionally, this research aims to provide insights by analyzing the initial internet buzz surrounding ChatGPT. Design/Methodology/Approach – This study conducted theoretical analysis based on previous research on ChatGPT. The past engineering discussion on ChatGPT has been converted into a management discussion. In addition, big data related to ChatGPT mentioned in internet news, blogs, and other sources were collected through web crawling, and 2-gram analysis, word cloud analysis, and sentiment analysis were performed on the collected data. Findings – Internet users have formed topics about ChatGPT related to artificial intelligence, chatbots, open services, use, services, questions, and technology. In addition, emotions related to ChatGPT are more positively oriented, such as innovation, usefulness, and naturalness, compared to negative emotions. These results mean that consumers are favorable to ChatGPT and expect changes that artificial intelligence will bring. Research Implications – The findings of this study suggest that consumers are highly interested in ChatGPT and are prepared to accept new innovations. This findings indicate that related services such as artificial intelligence and ChatGPT will become major academic and practical marketing issues in the future.
{"title":"Emergence of ChatGPT and Changes of Marketing: Early Study of Internet Buzz on ChatGPT","authors":"Wonjun Lee","doi":"10.16980/jitc.19.2.202304.19","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.19","url":null,"abstract":"Purpose – The purpose of this study is to examine the changes and characteristics of artificial intelligence, chatbots, and ChatGPT, and to explore their future implications. Additionally, this research aims to provide insights by analyzing the initial internet buzz surrounding ChatGPT. Design/Methodology/Approach – This study conducted theoretical analysis based on previous research on ChatGPT. The past engineering discussion on ChatGPT has been converted into a management discussion. In addition, big data related to ChatGPT mentioned in internet news, blogs, and other sources were collected through web crawling, and 2-gram analysis, word cloud analysis, and sentiment analysis were performed on the collected data. Findings – Internet users have formed topics about ChatGPT related to artificial intelligence, chatbots, open services, use, services, questions, and technology. In addition, emotions related to ChatGPT are more positively oriented, such as innovation, usefulness, and naturalness, compared to negative emotions. These results mean that consumers are favorable to ChatGPT and expect changes that artificial intelligence will bring. Research Implications – The findings of this study suggest that consumers are highly interested in ChatGPT and are prepared to accept new innovations. This findings indicate that related services such as artificial intelligence and ChatGPT will become major academic and practical marketing issues in the future.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116723930","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.305
Jung-Mi Park
Purpose – The purpose of this study is to analyze the relationship between large business groups and investment behavior in the IT industry, analyze whether there is a difference in the relationship between the two depending on the level of market evaluation of the firm, and present the implications of the results to the capital market. Design/Methodology/Approach – This study conducts T-Test and OLS regression analysis on 5,214 firm-year data belonging to the Korean IT industry from 2012 to 2020. Findings – The results analyzed in this study are as follows. First, the investment behavior of IT firms differs depending on whether they are a large business group. Those belonging to large business groups are relatively under-invested. Second, there is a difference in the relationship between market value level and investment behavior depending on whether there is a large group of IT firms. Only the non-large group appears to have an over-investment propensity when the market value level is higher. Third, there are differences in investment behavior by market value level (upper/lower) depending on whether or not IT firms are large-scale business groups. Research Implications – The results of this study provide evidence that companies in the IT industry should consider the level of market value when making investment decisions, and are believed to contribute to the respective decision-making of stakeholders and market participants.
{"title":"A Study on the Relationship between Market Value and the Investment Behavior of Family Business Groups: Focusing on the IT Industry","authors":"Jung-Mi Park","doi":"10.16980/jitc.19.2.202304.305","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.305","url":null,"abstract":"Purpose – The purpose of this study is to analyze the relationship between large business groups and investment behavior in the IT industry, analyze whether there is a difference in the relationship between the two depending on the level of market evaluation of the firm, and present the implications of the results to the capital market. Design/Methodology/Approach – This study conducts T-Test and OLS regression analysis on 5,214 firm-year data belonging to the Korean IT industry from 2012 to 2020. Findings – The results analyzed in this study are as follows. First, the investment behavior of IT firms differs depending on whether they are a large business group. Those belonging to large business groups are relatively under-invested. Second, there is a difference in the relationship between market value level and investment behavior depending on whether there is a large group of IT firms. Only the non-large group appears to have an over-investment propensity when the market value level is higher. Third, there are differences in investment behavior by market value level (upper/lower) depending on whether or not IT firms are large-scale business groups. Research Implications – The results of this study provide evidence that companies in the IT industry should consider the level of market value when making investment decisions, and are believed to contribute to the respective decision-making of stakeholders and market participants.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125219250","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.147
Hyuksang Kwon
Purpose – The purpose of this study was to discover strategies for the development of the domestic and international entertainment and tourism industries by analyzing factors that affect satisfaction with entertainment policies in Korea. Design/Methodology/Approach – The Korea Culture and Tourism Research Institute September 7, 2020 - November 2020 SPSS statistical analysis was conducted with 10,088 copies of data collected by the survey up to the 16th. Findings – First, it was analyzed that the importance of entertainment policies had a significant effect on satisfaction with entertainment policies. Second, the entertainment public industry was analyzed to have a significant effect on satisfaction with entertainment policies. Third, it was analyzed that the private entertainment industry had a significant effect on satisfaction with entertainment policies. Fourth, when the private entertainment industry affects entertainment policy satisfaction, it was analyzed that happiness had a significant effect. Research Implications – First, research was conducted in terms of developing K-content international trade. In particular, in a situation where Hallyu entertainment content is being exported (distributed) all over the world, it suggests national countermeasures to protect content so that they can grow in the long term. Second, the importance of entertainment policy, public industry, and private industry identify key variables to increase entertainment policy satisfaction, and when the private industry affects entertainment policy satisfaction, it confirms the moderating effect of happiness to improve related laws and institutions and expand infrastructure. It suggested measures to expand and promote private industrial exports.
{"title":"A Study on Satisfaction with Entertainment Policies for the Development of K-Content International Trade: The Moderator Variable of Happiness","authors":"Hyuksang Kwon","doi":"10.16980/jitc.19.2.202304.147","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.147","url":null,"abstract":"Purpose – The purpose of this study was to discover strategies for the development of the domestic and international entertainment and tourism industries by analyzing factors that affect satisfaction with entertainment policies in Korea. Design/Methodology/Approach – The Korea Culture and Tourism Research Institute September 7, 2020 - November 2020 SPSS statistical analysis was conducted with 10,088 copies of data collected by the survey up to the 16th. Findings – First, it was analyzed that the importance of entertainment policies had a significant effect on satisfaction with entertainment policies. Second, the entertainment public industry was analyzed to have a significant effect on satisfaction with entertainment policies. Third, it was analyzed that the private entertainment industry had a significant effect on satisfaction with entertainment policies. Fourth, when the private entertainment industry affects entertainment policy satisfaction, it was analyzed that happiness had a significant effect. Research Implications – First, research was conducted in terms of developing K-content international trade. In particular, in a situation where Hallyu entertainment content is being exported (distributed) all over the world, it suggests national countermeasures to protect content so that they can grow in the long term. Second, the importance of entertainment policy, public industry, and private industry identify key variables to increase entertainment policy satisfaction, and when the private industry affects entertainment policy satisfaction, it confirms the moderating effect of happiness to improve related laws and institutions and expand infrastructure. It suggested measures to expand and promote private industrial exports.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131151839","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.279
Hanwook Yoo, Weon-Seek Kim
Purpose – Platforms have been enhancing delivery networks for faster and cheaper delivery, resulting in nationwide coverage. It has been observed recently that platforms raise buyer fees and the share of delivery cost, seemingly damaging the buyer group. This paper aims to analyze economic relationships between homing structure , pricing schedule, and delivery cost to understand unfavorable actions toward buyers. Design/Methodology/Approach – We set up a platform competition model based on the Hotelling location model, and characterize a symmetric Nash equilibrium. Two platforms intermediate two groups and charge fees, single-homing a buyer group and a multi-homing seller group in a one-unit-long city. Findings – A drop in delivery cost increases both the seller and buyer surpluses. Platforms with first degree price discriminatory fees can absorb the entire surplus from a multi-homing seller. By contrast, platforms need to lower the uniform fee on single-homing buyers in order to poach. A greater share of delivery cost on the buyer side increases both the seller and buyer fees, and thus increase the platform’s profit. Research Implications – A greater share of delivery cost on buyer's side yields two positive effects for platforms. Sellers with lower delivery cost burdens enjoy a greater surplus, but eventually see a higher fee by platforms. Buyers facing greater delivery costs realize platforms are more differentiated horizontally, which shows inelastic demand for the fee, which brings less competition between platforms.
{"title":"An Economic Analysis of Raising thr Buyer’s Burden in the e-Commerce Market: The Completion of Delivery Networks and Platform Differentiation","authors":"Hanwook Yoo, Weon-Seek Kim","doi":"10.16980/jitc.19.2.202304.279","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.279","url":null,"abstract":"Purpose – Platforms have been enhancing delivery networks for faster and cheaper delivery, resulting in nationwide coverage. It has been observed recently that platforms raise buyer fees and the share of delivery cost, seemingly damaging the buyer group. This paper aims to analyze economic relationships between homing structure , pricing schedule, and delivery cost to understand unfavorable actions toward buyers. Design/Methodology/Approach – We set up a platform competition model based on the Hotelling location model, and characterize a symmetric Nash equilibrium. Two platforms intermediate two groups and charge fees, single-homing a buyer group and a multi-homing seller group in a one-unit-long city. Findings – A drop in delivery cost increases both the seller and buyer surpluses. Platforms with first degree price discriminatory fees can absorb the entire surplus from a multi-homing seller. By contrast, platforms need to lower the uniform fee on single-homing buyers in order to poach. A greater share of delivery cost on the buyer side increases both the seller and buyer fees, and thus increase the platform’s profit. Research Implications – A greater share of delivery cost on buyer's side yields two positive effects for platforms. Sellers with lower delivery cost burdens enjoy a greater surplus, but eventually see a higher fee by platforms. Buyers facing greater delivery costs realize platforms are more differentiated horizontally, which shows inelastic demand for the fee, which brings less competition between platforms.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"453 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122699584","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.319
Di Gao, Kyung-Doo Nam, Dong-Suk Chun
Purpose – This study aims to analyze, through empirical analysis, how the characteristics of TikTok's content, such as informativeness, entertainment, and empathy, affect the reliability and purchase intention of Korean products directly targeting Chinese consumers. Design/Methodology/Approach – The survey for this study targeted Chinese consumers that had placed an order using TikTok. The questionnaire was completed through Yunju Anxin, a highly reliable online survey company in China, and the questionnaire was sent only through SNS from July 1, 2022 to July 6, 2022. As a result, a total of 518 questionnaire responses were collected, and a total of 512 valid questionnaires were collected by removing questionnaires with missing values and questionnaires judged to be significantly less reliable. Findings – In information, empathy, and entertainment factors, consumer trust, and consumer purchase intention were found to be statistically significant at the significance level of 0.000. In other words, as a result of multiple regression analysis, it was found that all three variables of information, empathy, and entertainment had a significant effect on the reliability of Korean products and consumer purchase intention. Research Implications – It was confirmed that the TikTok marketing of Korean products is an important factor influencing consumer purchase intentions, as in the results of previous studies. TikTok marketing should be operated strategically by utilizing the fact that information, sympathy, and entertainment, which are characteristics of TikTok content, have great influence on product marketing and consumer purchase intention.
{"title":"The Effect of TikTok Marketing Content Characteristics on Chinese Consumer Reliability and Purchase Intention for Korean Products","authors":"Di Gao, Kyung-Doo Nam, Dong-Suk Chun","doi":"10.16980/jitc.19.2.202304.319","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.319","url":null,"abstract":"Purpose – This study aims to analyze, through empirical analysis, how the characteristics of TikTok's content, such as informativeness, entertainment, and empathy, affect the reliability and purchase intention of Korean products directly targeting Chinese consumers. Design/Methodology/Approach – The survey for this study targeted Chinese consumers that had placed an order using TikTok. The questionnaire was completed through Yunju Anxin, a highly reliable online survey company in China, and the questionnaire was sent only through SNS from July 1, 2022 to July 6, 2022. As a result, a total of 518 questionnaire responses were collected, and a total of 512 valid questionnaires were collected by removing questionnaires with missing values and questionnaires judged to be significantly less reliable. Findings – In information, empathy, and entertainment factors, consumer trust, and consumer purchase intention were found to be statistically significant at the significance level of 0.000. In other words, as a result of multiple regression analysis, it was found that all three variables of information, empathy, and entertainment had a significant effect on the reliability of Korean products and consumer purchase intention. Research Implications – It was confirmed that the TikTok marketing of Korean products is an important factor influencing consumer purchase intentions, as in the results of previous studies. TikTok marketing should be operated strategically by utilizing the fact that information, sympathy, and entertainment, which are characteristics of TikTok content, have great influence on product marketing and consumer purchase intention.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134379304","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.97
Dongsup Youm
Purpose – Nowadays, many enterprises are expanding communication with customers by opening their own YouTube channels. This intensive medium exceeds the effect of Legacy Media in corporate marketing. Based on the background seen above, this study proceeded to investigate a social presence’s mediating effect in relationship between subscription motivation for YouTube corporate channels and corporate image. This is because social presence has been known as an important variable that mediates the communication process between information providers and consumers in today's social viewing environment. Design/Methodology/Approach – An online survey was conducted, and data from 435 individuals subscribing to corporate YouTube channels were used for analysis. Findings – According to the research hypothesis verification result through SPSS Process Macro, a playful subscription motivation for YouTube corporate channels in relation with corporate image was verified, social presence showed a fully mediating effect, and professionalism and recency subscription motivation showed partial mediation. Research Implications – The following results imply that taking notice of the importance of user subscription motivations and social presences is important to corporations that operate corporate channels on YouTube to improve corporate image.
目的——如今，很多企业都通过开设自己的YouTube频道来扩大与客户的沟通。这种密集媒体在企业营销中的作用超过了传统媒体。基于上述背景，本研究进一步探讨社交存在在YouTube企业频道订阅动机与企业形象之间的中介作用。这是因为在当今的社会观看环境中，社会存在被认为是一个重要的变量，它调解了信息提供者和消费者之间的沟通过程。设计/方法/方法-进行了一项在线调查，并使用了435名订阅公司YouTube频道的个人数据进行分析。研究发现-根据SPSS Process Macro的研究假设验证结果，YouTube企业频道的趣味性订阅动机与企业形象的关系得到验证，社交在场表现为完全中介效应，专业性和近代性订阅动机表现为部分中介效应。研究启示-以下结果表明，注意用户订阅动机和社会存在的重要性对于在YouTube上运营企业频道以改善企业形象的企业非常重要。
{"title":"The Effects of YouTube Corporate Channel Subscription Motivation on Corporate Image: Focusing on the Mediating Effect of Social Presence","authors":"Dongsup Youm","doi":"10.16980/jitc.19.2.202304.97","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.97","url":null,"abstract":"Purpose – Nowadays, many enterprises are expanding communication with customers by opening their own YouTube channels. This intensive medium exceeds the effect of Legacy Media in corporate marketing. Based on the background seen above, this study proceeded to investigate a social presence’s mediating effect in relationship between subscription motivation for YouTube corporate channels and corporate image. This is because social presence has been known as an important variable that mediates the communication process between information providers and consumers in today's social viewing environment. Design/Methodology/Approach – An online survey was conducted, and data from 435 individuals subscribing to corporate YouTube channels were used for analysis. Findings – According to the research hypothesis verification result through SPSS Process Macro, a playful subscription motivation for YouTube corporate channels in relation with corporate image was verified, social presence showed a fully mediating effect, and professionalism and recency subscription motivation showed partial mediation. Research Implications – The following results imply that taking notice of the importance of user subscription motivations and social presences is important to corporations that operate corporate channels on YouTube to improve corporate image.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134274674","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.391
Y. You, W. Kim, Yong-Seok Cho
Purpose – This study aims to more accurately and effectively predict trends in portfolio prices by building a model using LSTM neural networks, and investigating the risk and profit prediction of investment portfolios. Design/Methodology/Approach – To obtain a return on stocks, this study used 60 monthly transaction data from major countries, including the United States and Korea, for five ETFs, BNDX, BND, VXUS, VTI, and 122630.KS, for five years from January 2016 to December of 2021. In addition, a related portfolio was constructed using modern portfolio theory. Through Min-Max normalization, five ETFs and closing data from April 20 to July 20, 2022 were normalized. The input data were classified into two characteristic dimensions, and an LSTM time series model was constructed with the number of nodes in six hidden layers. Findings – By establishing a portfolio and making regression predictions, it was possible to effectively reduce situations in which prediction accuracy was lowered due to large fluctuations in index-based stocks. Research Implications – The predicted results were tested using OLS regression analysis. The relationship between the risk of building a tangential portfolio with the same composition with different weights, the accuracy of stock price prediction by effectively reducing the low prediction accuracy of highly volatile stocks in the portfolio, and changing the set risk-free interest rate were examined.
{"title":"Stock Market Prediction Based on LSTM Neural Networks","authors":"Y. You, W. Kim, Yong-Seok Cho","doi":"10.16980/jitc.19.2.202304.391","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.391","url":null,"abstract":"Purpose – This study aims to more accurately and effectively predict trends in portfolio prices by building a model using LSTM neural networks, and investigating the risk and profit prediction of investment portfolios. Design/Methodology/Approach – To obtain a return on stocks, this study used 60 monthly transaction data from major countries, including the United States and Korea, for five ETFs, BNDX, BND, VXUS, VTI, and 122630.KS, for five years from January 2016 to December of 2021. In addition, a related portfolio was constructed using modern portfolio theory. Through Min-Max normalization, five ETFs and closing data from April 20 to July 20, 2022 were normalized. The input data were classified into two characteristic dimensions, and an LSTM time series model was constructed with the number of nodes in six hidden layers. Findings – By establishing a portfolio and making regression predictions, it was possible to effectively reduce situations in which prediction accuracy was lowered due to large fluctuations in index-based stocks. Research Implications – The predicted results were tested using OLS regression analysis. The relationship between the risk of building a tangential portfolio with the same composition with different weights, the accuracy of stock price prediction by effectively reducing the low prediction accuracy of highly volatile stocks in the portfolio, and changing the set risk-free interest rate were examined.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128757902","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}
Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.51
Soojoong Nam, Guimin Lu, Ji-young Moon
Purpose – This paper empirically analyzed the effect of the FX policy uncertainty (FX EPU) of Korea and the trading volume in the direct Korean won/Chinese yuan (KRW-RMB) exchange market agreed on in June 2014 on the volatility of the won/yuan exchange rate. Design/Methodology/Approach – In this paper, we first collected monthly data on the trading volume in the direct Korean won/Chinese yuan (KRW-RMB) exchange market from July 2016 to March 2021. We adopted the linear autoregressive distributed lag (ARDL) approach proposed by Pesaran et al. (2001) to study the impact of the FX EPU of Korea and the trading volume on the volatility of the won/yuan exchange rate. This paper uses direct Korean won/Chinese yuan (KRW-RMB) exchange market data for the first time. Findings – The main findings are as follows. First, the empirical results suggest that an increase in trading volume decreases short-run exchange rate volatility, while an increase in FX EPU increases short-run exchange rate volatility. Second, we also find that the long-run effects of trading volume are negative, while the effects of FX EPU are not. Third, the effects on volatility of trading volume and FX EPU are negative or positive in both simultaneous and dynamic relationships, which is consistent with the mixture distribution hypothesis. Research Implications – The estimation result of the ARDL model shows the long- and short-run effects of volume and FX EPU on volatility. We provide new empirical evidence for the way in which financial markets process information.
目的:本文实证分析韩国外汇政策不确定性(FX EPU)和2014年6月商定的韩元/人民币直接交易市场(KRW-RMB)交易量对韩元/人民币汇率波动的影响。设计/方法/方法-在本文中，我们首先收集了2016年7月至2021年3月期间韩元/人民币(KRW-RMB)直接交易市场的月度交易量数据。我们采用Pesaran et al.(2001)提出的线性自回归分布滞后(ARDL)方法研究韩国外汇EPU和交易量对韩元/人民币汇率波动的影响。本文首次使用了韩元/人民币(KRW-RMB)的直接交易市场数据。调查结果-主要调查结果如下。首先，实证结果表明，交易量的增加会降低短期汇率波动，而外汇EPU的增加会增加短期汇率波动。其次，我们还发现交易量的长期效应是负面的，而外汇EPU的长期效应则不是。第三，交易量和外汇EPU对波动率的影响在同时关系和动态关系上都是负或正的，这与混合分布假设是一致的。研究意义- ARDL模型的估计结果显示了交易量和外汇EPU对波动率的长期和短期影响。我们为金融市场处理信息的方式提供了新的经验证据。
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Pub Date : 2023-04-30DOI: 10.16980/jitc.19.2.202304.347
Yuandong Gao, Jin-Sup Jung, Sile Niu, Min Jae Lee
Purpose – The purpose of this study is to understand the relationship among Starbucks' ESG management, brand equity, and purchase intention using Starbucks in Shandong Province, China. We also investigate the moderating effects of digital transformation and the mediating effect of brand equity. Design/Methodology/Approach – In this study, a research model was built based on existing studies and demonstrated using multiple regression analysis. Findings – First, except for 'energy efficiency', the remaining independent variables were found to have a significant impact on brand equity. Second, except for 'eco-friendly management', it was confirmed that the rest of all independent variables had a significant effect on purchase intention. Third, the moderating effects of digital transformation and the mediating effect of brand equity were confirmed. Research Implications – Starbucks' strategy of combining “ESG management” and “digital transformation” had a positive significant effect on brand assets and purchase intentions. In addition, although Starbucks is a multinational company, it must comply with Chinese laws in the Chinese market, and this must be noted when dealing with consumers in the Chinese market.
{"title":"The Effect of Corporate ESG Management on Brand Equity and Purchase Intention: Focusing on Starbucks in Shandong Province, China","authors":"Yuandong Gao, Jin-Sup Jung, Sile Niu, Min Jae Lee","doi":"10.16980/jitc.19.2.202304.347","DOIUrl":"https://doi.org/10.16980/jitc.19.2.202304.347","url":null,"abstract":"Purpose – The purpose of this study is to understand the relationship among Starbucks' ESG management, brand equity, and purchase intention using Starbucks in Shandong Province, China. We also investigate the moderating effects of digital transformation and the mediating effect of brand equity. Design/Methodology/Approach – In this study, a research model was built based on existing studies and demonstrated using multiple regression analysis. Findings – First, except for 'energy efficiency', the remaining independent variables were found to have a significant impact on brand equity. Second, except for 'eco-friendly management', it was confirmed that the rest of all independent variables had a significant effect on purchase intention. Third, the moderating effects of digital transformation and the mediating effect of brand equity were confirmed. Research Implications – Starbucks' strategy of combining “ESG management” and “digital transformation” had a positive significant effect on brand assets and purchase intentions. In addition, although Starbucks is a multinational company, it must comply with Chinese laws in the Chinese market, and this must be noted when dealing with consumers in the Chinese market.","PeriodicalId":166989,"journal":{"name":"Korea International Trade Research Institute","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123523090","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}
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