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Kyuhyeon Joo, Jinsoo Hwang
Korea International Trade Research Institute, Volume 17, pp 391-405; https://doi.org/10.16980/jitc.17.4.202108.391

Abstract:
Purpose - Understanding perceived risks in the context of drone food delivery services: In the 4th Industrial Revolution, drone food delivery services are attracting attention due to their great advantages. However, there was not much research on the services. Therefore, the purpose of this research was to verify the reliability and validity of perceived risks. In addition, this research tried to identify that there are differences in perceived risks between before and after the COVID-19 outbreak. Design/Methodology/Approach - Through an online survey company, 335 responses before the COVID-19 outbreak and 343 responses after the COVID-19 outbreak were collected and used for analysis. The collected data was analyzed using the SPSS program, and after deriving factors through PCA, the difference in perceived risk before and after COVID-19 was analyzed through a t-test. Findings - First, all three factors of financial risks were increased after the COVID-19 outbreak. Second, one of the privacy risk factors related to the theft of information / decreased after the COVID-19 outbreak. Third, one factor related to learning time among the time risks increased after the COVID-19 outbreak. Lastly, there was no significant difference in performance and psychological risks. Research Implications - Through the results of this study, not only theoretical extensions are presented in the field of quaternary industry and post corona research, but also useful managerial implications.
Hang Yang, Yin-Hua Li
Korea International Trade Research Institute, Volume 17, pp 241-259; https://doi.org/10.16980/jitc.17.4.202108.241

Abstract:
Purpose - This paper analyzes the factors influencing the grain futures price in China, and then tries to present the implications for Korea. Design/Methodology/Approach - This paper identifies the long-term equilibrium relationship between Chinese grain futures price and each influencing factor through Johansen
Lu Zheng, Yeong-Gil Kim
Korea International Trade Research Institute, Volume 17, pp 111-130; https://doi.org/10.16980/jitc.17.4.202108.111

Abstract:
Purpose - How to successfully retain short video users and enhance the market competitiveness of short video companies has become an urgent problem in the short video industry. Design/Methodology/Approach - This study selects users on mobile short video platforms as the research object, conducts research from the new perspective and field of brand experience of short video applications, this study adopts the method of combining qualitative and quantitative measurement., studies the relationship between brand experience, perceived value, brand personality and satisfaction, tests the mediating role of perceived value, and explains the role of brand personality in the process of brand experience
Ji-Eun Kim, Seong-Do Cho
Korea International Trade Research Institute, Volume 17, pp 345-361; https://doi.org/10.16980/jitc.17.4.202108.345

Abstract:
Purpose - The purpose of this study is to verify the effects of autonomy infringement by AI recommendation services on consumption happiness and word of mouth intention. In addition, this research investigates the moderating roles of product types and personalization. Product types are classified into search goods and experience goods, and personalization is classified into high, medium, and low. Design/Methodology/Approach - This study tests the six hypotheses through experimental designs using scenarios. The experimental scenario situation is set as mobile shopping. Based on the previous research, a laptop is used for search goods and cosmetics is used for experience goods. Recommending travel services is selected for manipulating personalization. 155 people participate in the experiment. Scenarios are produced as 2 (autonomy infringement high, low) x 2 (search goods, experience goods) and 2(autonomy infringement high, low) X 3(personalization high, medium, low). For hypotheses testing, t-test and ANOVA are used. Findings - The results of this study show that autonomy infringement by AI recommendation services negatively affects consumption happiness and word of mouth intention. And the negative effects are greater in the experience goods than in the search goods. However, personalization does not significantly reduce the negative effects of autonomy infringement on consumer happiness and word of mouth intention. Research Implications - When marketing managers introduce automation technologies such as artificial intelligence into their marketing activities, they should consider that the technologies could undermine consumers
Sung-Il Cho, Hye-Kyung Cha
Korea International Trade Research Institute, Volume 17, pp 147-158; https://doi.org/10.16980/jitc.17.4.202108.147

Abstract:
Purpose - This research examines the sustainability of the current account imbalance for Korea. On the theoretical basis of the intertemporal optimization approach to the current account, we tested for a long-run dynamic budget constraint of export and import plus net interest payment. Design/Methodology/Approach - Nonlinear asymmetric autoregressive-distributional lag methodology proposed by Shin, Yu and Matthew (2014) was applied as an econometric analytical tool. The Korean balance of payments data was adopted in the periods of 2001Q1~2021Q1. Findings - Our empirical results found that the Korean current account imbalance is sustainable when imports plus net interest payments increase, but unsustainable in the case of imports plus net interest payments decrease. That means the long-run dynamic budget constraint holds in asymmetric form. Research Implications - Asymmetric aspects of intertemporal dynamic budget constraints, e.g, asymmetric sustainability of current accounts is the important differentiation of this research. The current account surplus imbalance of Korea is hard to sustain when it comes to decreasing absorption led by decreasing domestic investment. A current account surplus imbalance could be sustainable at a desirable level, and absorption should be increased with more domestic investment.
Yan Zhang, Xiao-Bo Mao, Wan-Li Liu
Korea International Trade Research Institute, Volume 17, pp 363-376; https://doi.org/10.16980/jitc.17.4.202108.363

Abstract:
Purpose - New retailing pays more attention to the combination of online service, offline experience, and modern logistics. Relying on modern Internet technology, it integrates big data and artificial intelligence to bring consumers a more extreme consumption experience. While China
Ll-Hyun Yoon, Yong-Min Kim
Korea International Trade Research Institute, Volume 17, pp 81-93; https://doi.org/10.16980/jitc.17.4.202108.81

Abstract:
Purpose - This study presents an empirical examination of Japan
Su-Min Jeon, Ki-Seong Lee
Korea International Trade Research Institute, Volume 17, pp 295-310; https://doi.org/10.16980/jitc.17.4.202108.295

Abstract:
Purpose - This study reviewed the demand system of the Korean economy through the impact of changes in Korea
Su-Jung Nam, Gi-Hoon Hong
Korea International Trade Research Institute, Volume 17, pp 261-276; https://doi.org/10.16980/jitc.17.4.202108.261

Abstract:
Purpose - The purpose of this study is to investigate the effect of offshoring on manufacturing firms
Mengnan Wang, Eon-Seong Lee
Korea International Trade Research Institute, Volume 17, pp 475-491; https://doi.org/10.16980/jitc.17.4.202108.475

Abstract:
Purpose - This study, against the backdrop of the city of Wuhan, China, where COVID-19 first appeared, examines the factors that affect the effectiveness and efficiency of emergency logistics through empirical research on relief organizations that support Wuhan, China, during the fight against COVID-19. This study also studies how the government
Won-Ki Hong, Kyung-Doo Nam
Korea International Trade Research Institute, Volume 17, pp 421-438; https://doi.org/10.16980/jitc.17.4.202108.421

Abstract:
Purpose - The spread of COVID-19 is increasing interest in un-tact consumption and sustainable consumption. This trend can be shown in the SNS marketing activities of the beauty industry. In particular, it appears that consumers who are interested in organic cosmetics communicate a lot through SNS, so an SNS marketing strategy will be an important means not only for organic cosmetics companies but also for companies that want to launch a new organic cosmetic brand. This research aims to study the influence of organic cosmetic
Woo Jin Choi, Ho-Jung Yoon, Ji-Yun Kang
Korea International Trade Research Institute, Volume 17, pp 71-79; https://doi.org/10.16980/jitc.17.4.202108.71

Abstract:
Purpose - The current research seeks to investigate how consumers respond to a company
Yaowu Chang, Sun-Mi Chang
Korea International Trade Research Institute, Volume 17, pp 175-190; https://doi.org/10.16980/jitc.17.4.202108.175

Abstract:
Purpose - This paper analyzes cases related to intellectual property rights (IPR) in China filed with the WTO Dispute Settlement Understanding. The causes of intellectual property disputes in China were identified and the process of a resolution was examined. Through this, we intend to identify the problems of the IPR system in China and suggest a complementary direction for the system. Design/Methodology/Approach - The definition and classification of IPR and the TRIPs agreement related to IPR are reviewed through various documents, and cases related to IPR filed with the WTO are found and arranged, and among the cases of disputes related to IPR, 4 cases involving China are in-depth analyzed. Findings - China
Han-Jo Kwon, Ju-Yang Lee
Korea International Trade Research Institute, Volume 17, pp 377-390; https://doi.org/10.16980/jitc.17.4.202108.377

Abstract:
Purpose - This research examined the types of subjective perceptions that hotel employees have regarding jaycustomer behavior by using Q-methodology. Design/Methodology/Approach - 27 Q-statements were extracted from in-depth interviews with staffs working in five-star hotels as well as prior research. In addition, 30 hotel employees were selected as the P-sample and they carried out Q-sorting. The classified data were then analyzed using the Ken-Q analysis program. Findings - The results showed that the types of perceptions were divided into three types:
Eun-Son Lim
Korea International Trade Research Institute, Volume 17, pp 277-293; https://doi.org/10.16980/jitc.17.4.202108.277

Abstract:
Purpose - The purpose of Inflation Targeting (hereafter IT) Policy is price stability. To see whether IT policy has positive effects on price stability in South Korea, whether or not inflation rates are less persistent after an IT policy is explored. Design/Methodology/Approach - To estimate inflation persistence for the inflation rates within and deviated from the target range of 2% ~ 4% during the period of the post-IT policy, respectively, a Threshold Autoregressive (TAR) Model with aggregate CPI and disaggregate CPIs for 20 items is utilized. In addition, I investigate whether inflation persistence is different depending on whether the inflation rates undershoot or overshoot toward the target range. Findings - It was found that inflation persistence was reduced after an IT policy. However, there was no difference in inflation persistence depending on whether inflation rates are within and deviated from the target range of 2% ~ 4% and also whether they overshoot or undershoot toward the target range. I also found that the same results from the robustness test, which set the target range of 2.5% ~3.5%. Research Implications - The findings suggest that an IT policy has a positive effect on price stability in South Korea regardless of overshooting or undershooting toward the target ranges, which means that even if there is an economic shock in South Korea, its influence on the inflation rates would be temporary.
Keun-Ho Cha, Chae-Deug Yi
Korea International Trade Research Institute, Volume 17, pp 207-223; https://doi.org/10.16980/jitc.17.4.202108.207

Abstract:
Purpose - The study centers on how corruption, national income, and international trade volume can give an impact on a nation
Olga Durkalo, Young-Gun Park, Jae-Jin Park
Korea International Trade Research Institute, Volume 17, pp 55-69; https://doi.org/10.16980/jitc.17.4.202108.55

Abstract:
Purpose - This study is to examine whether the perceived value of customers who purchase through a distance selling method such as an Internet shopping mall affects the psychological distance and how this leads to customer loyalty. Also, by analyzing the mediating effect of psychological distance, it was verified whether psychological distance plays a mediating role between the perceived value of distance selling and customer loyalty. Design/Methodology/Approach - Data collection was conducted for foreigners residing in Korea. We asked 250 people in various occupations in Korea to respond voluntarily by sending out a questionnaire made with Google Forms via email and KakaoTalk. Emails sent to respondents and KakaoTalk contain links to online questionnaires. Finally, 203 survey respondents were used for the analysis. Findings - First, the perceived value of distance selling was found to have a significant effect on psychological distance. It was found that functional value and financial value had a significant negative (-) effect on psychological distance, and emotional value had a significant positive (+) effect. However, social value did not affect psychological distance. This means that the better the quality and service, and the more money you save, the less time, space, and social distance you feel. On the other hand, it can be seen that the stronger the desire or emotion to purchase, the more psychological distance is felt. Second, it was found that the psychological distance feeling for long-distance purchase had a negative effect on customer loyalty. This means that as the distance purchasing customers feel a sense of temporal, spatial, and social distance, their repurchase or recommendation intention decreases. Third, as a result of analyzing the mediating effect of psychological distance, it was confirmed that the perceived value of distance selling leads to customer loyalty through psychological distance. This means that distance sellers need marketing efforts to reduce the psychological distance that customers feel in order to increase customer loyalty. Research Implications - It is difficult for customers who make distance purchases through online shopping malls to judge perceived values such as functional values of products. Therefore, reducing the psychological distance of consumers by providing detailed information on the producer, production location, and production process to the distance selling site will increase the repurchase intention. Also, distance sellers need marketing efforts to build customer trust in order to increase perceived value and reduce customers
Hang-Jin Yang, Bong-Gyu Chiang
Korea International Trade Research Institute, Volume 17, pp 457-474; https://doi.org/10.16980/jitc.17.4.202108.457

Abstract:
Purpose - As a study to improve the competitiveness of Busan New Port hinterland complex, this study was intended to identify the problems of the harbor hinterland complex and prepare measures to revitalize the value-added logistics. Design/Methodology/Approach - This study first examined the location characteristics of North hinterland complex and Ung-dong hinterland complex, and suggested that there are differences in occupancy period and public transportation, etc. In addition, through a survey, a cross-tabulation analysis was conducted on the activation of the value-added logistics of Busan New Port hinterland complex by occupancy complex and occupancy type. Findings - The results are as follows. First, the occupancy companies of Ung-dong hinterland complex were feeling difficulties in recruiting people and the lack of convenience/cultural facilities. Second, it was analyzed that assembly and inspection are important as value-added logistics activities. Third, incentives to attract global logistics companies and various business measures have been identified as important factors to revitalize value-added logistics. Fourth, it was analyzed that improving pubic transportation is the most important factor to revitalize the harbor hinterland complex. Research Implications - This study proposed law and system improvements, including the Foreign Investment Promotion Act, for attracting global logistics companies and various business activities in Busan New port hinterland complex. and the expansion of public transportation requires local governments to actively solve problems.
Sung-Hwan Kim, Namuun Narantugs, Jin-San Kim
Korea International Trade Research Institute, Volume 17, pp 37-55; https://doi.org/10.16980/jitc.17.4.202108.37

Abstract:
Purpose - We investigate the effects of exports and related party transactions on earnings management. In addition, we study their simultaneous multilateral effects on each other in as well as their long-term effects investigated with time lags. Design/Methodology/Approach - In this study, a merged data set of accounting, financial market, and export activities of 8,687 firms listed on Korea Exchange (KRX) from 2006 to 2018 is used. We collect data from TS 2000 database. Then, we formally test our hypotheses using fixed effects models (FEM) and simultaneous equation models (SEM). Findings - First, export firms have more severe earnings management than non-export firms. Second, earnings management has a positive effect on related party transactions for the non-export firms. Third, related party transactions for export firms have a negative effect on earnings management. Fourth, simultaneous equation models verified above mentioned conclusions. Fifth, the effects of earnings management on exports lasted for years while those of exports on earnings management lasted for years. However, the effects of related party transactions on both exports and earnings management lasted only for a year. Research Implications - Based on above findings, we can conclude that firms use exports and related party transactions for earnings management and that firms use related party transactions to manipulate exports of firms. Thus, traditional way of studying earnings management using discretionary accruals might shift focus to related party transactions, especially for export firms with subsidiaries abroad.
Min-Jun Jeon, Keun-Soo Han
Korea International Trade Research Institute, Volume 17, pp 329-343; https://doi.org/10.16980/jitc.17.4.202108.329

Abstract:
Purpose - The purpose of this paper is to analyze the productivity of major airports in Korea using Malmquist Productivity Index methodology and draw implications for airport operations and planning through comparison with existing research results. Also, The results of this study confirm the academic differences between productivity and efficiency. The results of this study provide policy assistance such as attracting, expanding and relocating airports, and eliciting academic implications. Design/Methodology/Approach - We analyzed the productivity of airports in Korea by applying the Malmquist Productivity Index Analysis Methodology among DEA methodologies. Not only individual airports, but also group-specific airports were analyzed. In addition, we compared the results of airport efficiency studies analyzed using efficiency analysis methods such as CCR/BCC. Findings - The larger the airport, the more productive it is. The productivity of the base airport (large) and the productivity of the general airport (medium) and the general airport (small) is inversely proportional. These results resulted in significant differences from existing efficiency studies. For example, an airport with very low efficiency can be measured very high in productivity with only a little performance. In general, however, highly efficient airports also tended to have high productivity, which means there is a correlation between efficiency and productivity. Research Implications - This study identified the relationship between efficiency and productivity by studying productivity aspects, not efficiency. As a result, productivity analysis as well as efficiency analysis should be accompanied for proper airport evaluation. As a result of this study will help not only the operation of the airport but also the planning and expansion of the airport.
Ying Ling, Soo-Jin Chung
Korea International Trade Research Institute, Volume 17, pp 95-110; https://doi.org/10.16980/jitc.17.4.202108.95

Abstract:
Purpose - To verify the effect of empowering leadership on job crafting, the mediating effect of intrinsic motivation, and the moderating effect of LMX. Design/Methodology/Approach - Based on theoretical research, this study puts forward 3 key research hypotheses and established a research model. /Data were collected from 508 knowledge workers in China by the survey method and SPSS26.0 programs. Findings - Empowering leadership is positively related to job crafting. Intrinsic motivation serves as the mediating variable and LMX as the moderating variable effect empowering leadership and job crafting. Research Implications - organizations should emphasize empowering self-initiated leadership behaviors, and the bottom-up management method can directly promote job crafting. Managers should encourage more ways to improve the LMX
Do-Hyung Lee
Korea International Trade Research Institute, Volume 17, pp 19-36; https://doi.org/10.16980/jitc.17.4.202108.19

Abstract:
Purpose - With the digitalization of trade becoming a hot topic again in the international trade sector, this study aimed to present policy implications for expanding digital trade by exploring the current status of Korean small and medium-sized enterprises (SMEs). Design/Methodology/Approach - Based on a literature review and available statistical data, the trend of global trade digitalization was theoretically considered. On the other hand, the current status of digital trade was analyzed empirically based on a survey of Korean SMEs. Findings - Digitalization of trade brings an opportunity for small and medium-sized companies, relatively weak in competitiveness, such as lack of information on overseas market and inferiority in overseas marketing capabilities. Specifically, the empirical analysis shows that companies have extensive experience in digital trade and online domestic sales in Korea and transaction experience through B2C online platforms account for a higher share of total sales or exports than companies with low digital readiness. Research Implications - First, continuous policy attention and efforts are needed to build a digital trade environment so that SMEs can naturally become accustomed to digital trade. Second, the government
You-Kyung Lee, Charles Arthur Robb
Korea International Trade Research Institute, Volume 17, pp 1-18; https://doi.org/10.16980/jitc.17.4.202108.1

Abstract:
Purpose - To contribute to the country-of-origin literature, this study aims to test the relationships between cultural openness, country image (cognitive and affective) and product-country image in an emerging market using products originating from South Korea. To shape existing research, this study also hopes to further differentiate between cognitive and affective country image. Design/Methodology/Approach - A Partial Least Squares (PLS) procedure was introduced to test a questionnaire obtained from a sample of 335 South African consumers. Four constructs were included in the study including, product-country image, cognitive county image, affective country image, and cultural openness. Data were collected using an intercept technique at shopping centers around the country. The mediating effects of country image and subsequent hypotheses were also tested using a structural model. Findings - Results from the analysis confirm that cultural openness plays an important role in increasing both affective, cognitive country image, and product-country image. Findings also provide support for the influence of affective country image on product-country image. However, there was no support found for the effect of cognitive country image on product-country image. Research Implications - Literature regarding the country-of-origin effect has remained imperative as firm
Sung-Kwang Choi, Jung-Do Roh
Korea International Trade Research Institute, Volume 17, pp 493-512; https://doi.org/10.16980/jitc.17.4.202108.493

Abstract:
Purpose - The purpose of this study is to analyze the relationship between transaction fairness, transaction authenticity, CSR, social capital, sustainable performance and supply chain integration in shipping and port logistics industry
Junwei Zhao, Hyun-Jung Park
Korea International Trade Research Institute, Volume 17, pp 407-419; https://doi.org/10.16980/jitc.17.4.202108.407

Abstract:
Purpose - This study aims to understand the impact of COVID-19 anxiety on the perceived attributes of drone food delivery service, the influence of various characteristics on consumer ambivalence toward service, and the effect of this ambivalence on adoption intention. Design/Methodology/Approach - This study observed the effects of COVID-19 anxiety on the attributes of drone food delivery services, including rapidity cognition, compatibility awareness, safety concerns, psychological risk, and performance risk, which affected ambivalence, and consequently, use intention. A questionnaire survey was conducted among 376 Chinese consumers are aware of drone food delivery service. Data collected were analyzed with SPSS 26.0 and AMOS 24.0 to verify the impact of the ambivalence on use intention. Findings - COVID-19 anxiety increased perceived benefits and risks associated with the technical delivery service leading to ambivalence. The cognition of rapidity and compatibility of drone food delivery services had negative impacts on ambivalence. On the contrary, safety concerns, psychological risk, and performance risk positively affected ambivalence. The ambivalence decreased usage intention. Research Implications - Results indicate that COVID-19 anxiety influenced consumer perceptions of innovative service attributes and ambivalence both directly and indirectly.
Hanjoon Kim
Korea International Trade Research Institute, Volume 17, pp 131-146; https://doi.org/10.16980/jitc.17.4.202108.131

Abstract:
Purpose - The study addresses an empirical analysis to identify financial determinants of corporate capital structure for domestic firms, given the possible economic impact in association with the ongoing COVID-19 pandemic. Since relatively little attention has been paid on the issue for the small and medium enterprises (SMEs), it empirically attempts to identify financial components of leverage ratio for the SMEs, which may contribute to mitigating default risk by identifying status quo financial weaknesses after the COVID-19 period. Design/Methodology/Approach - Concerning empirical research settings, the sample observations are defined as the SMEs listed on the KOSDAQ exchange and the sample period is set to be the post period of the global financial crisis (from 2010 to 2018); three hypotheses are postulated to be tested on the issue. Findings - In the first hypothesis, among a total of 10 proposed variables, firm size, profitability, cash flow, foreign equity ratio, R&D ratio, and the interaction between tangible assets and high-tech sector were statistically significant to determine the market-valued debt ratio. In another hypothesis, most of the financial variables showed significant discriminating power between the SMEs and the large enterprises (LEs). Research Implications - Given the economic conditions that may be changed by the unprecedented COVID-19 pandemic, the results are expected to be applied in determining corporate target capital structure. It may eventually contribute to maximizing the value of the SMEs at the macro- and micro-levels.
Yoo-Hwan Lee, Sang-Kee Kim
Korea International Trade Research Institute, Volume 17, pp 225-239; https://doi.org/10.16980/jitc.17.4.202108.225

Abstract:
Purpose - This study studies the conditions for building an innovation cluster for the expansion of the value chain of local industries. Design/Methodology/Approach - Based on the spatial model of Krugman & Baldwin(2005), the analytical framework of this study is set up. Findings - The agglomeration of human capital strengthens the value chain by increasing both the forward and backward linkage effects. In addition, it is shown that the effect of human capital on the value chain strengthens as the preference for innovative products increases. A key condition for cluster formation holds when the transaction cost between regions falls below a certain level, and the core-periphery equilibrium is stable. When transaction costs between regions are eliminated, the core-periphery equilibrium becomes unstable, and a symmetrical equilibrium that prevents clusters from being agglomerated into one region becomes possible. Research Implications - First, there is a policy to keep transaction costs at a certain level. For example, a policy to increase the proportion of local university graduates can be considered for public enterprises or public institutions relocating to the provinces. The second is a policy that completely lowers the level of transaction costs. In this case, the act of being located in the capital region or located in the region itself becomes indifferent. Since there are no transaction costs, the firm
Young-Rim Kim, Ji-Eun Park, Yang-Kee Lee
Korea International Trade Research Institute, Volume 17, pp 159-173; https://doi.org/10.16980/jitc.17.4.202108.159

Abstract:
Purpose - Abnormal weather conditions are serious around the world. Most of countries are planning environmental policies under the Convention on Climate Change. Carbon labeling is also one of the policies for environmental policies. However, the use of carbon labeling is likely to cause trade disputes. The higher the use of carbon labeling, the greater the possibility of trade disputes. The dispute over carbon labeling should be resolved by the WTO agreement. The purpose of this paper is to discuss a review on the applicability of carbon labeling to the WTO/TBT. Design/Methodology/Approach - We used the secondary data such as convention article, report and news article. Especially, we looked into the TBT Agreement and GATT Agreement. Because the two agreements are representative of the norms related PPM, NPR-PPM and like products. In order to analyze the issue regarding
Jayoun Won, Young-Soo Yang
Korea International Trade Research Institute, Volume 17, pp 439-455; https://doi.org/10.16980/jitc.17.4.202108.439

Abstract:
Purpose - The purpose of this study is to investigate the firm value of the level of internationalization for each life cycle stage of a firm. In this study, the firm
Jae-Kwan Park
Korea International Trade Research Institute, Volume 17, pp 191-206; https://doi.org/10.16980/jitc.17.4.202108.191

Abstract:
Purpose - This paper analyzes the possibility of strategic behavior of the importing country which attempts to facilitate the restrictiveness of rule of origin to the member countries of FTA equally or discriminately. Design/Methodology/Approach - For this purpose, we introduced the 2-stages game which described the importing country
Jeong-Soo Sohn, Won-Hyong Lee
Korea International Trade Research Institute, Volume 17, pp 311-327; https://doi.org/10.16980/jitc.17.4.202108.311

Abstract:
Purpose - Korean pop music and movies have attracted a vast audience across the world, resulting in a rapid increase in the export of cultural products in the 21st century. This phenomenon is often called as the Korean Wave. The Korean music industry has played a pivotal role in the export of cultural goods and services, as well as the general Korean Wave phenomenon. This research was performed to examine the growth pattern and competitiveness of the Korean music industry by region. Design/Methodology/Approach - This study collected data on the seven sub-industries of the music industry of Seoul, seven Cities and nine Provinces for the period from 2013 to 2018. The data are regrouped for four regions: Seoul Metropolitan Region (Seoul, Incheon, and Kyunggi-do), Central Region (Daejeon, Sejong, Kangwon-do, Chungcheongnam-do, and Chungcheongbuk-do), Honam Region (Kwangju, Cheonranam-do, Cheonrabuk-do, and Jeju-do), and Yeongnam Region (Busan, Daegu, Wulsan, Kyungsangnam-do, and Kyungsangbuk-do). The paper then examined the data by applying shift-share analysis and regional growth differential analysis. Findings - The Korean music industry has experienced rapid growth, while the metropolitan region leads the Korean music industry in sales. However, the metropolitan region lacks competitiveness in some sub-industries. Such sub-industries in other regions will be able to compete with leading regions and increase their competitiveness over capital regions. Research Implications - The Korean music industry plays a central role in the export of culture related services, products and goods. Moreover, the Korean music industry can improve images of Korean goods and services of international consumers. For a sustained growth of the Korean music industry, it is pivotal to find effective methods to correct the regional imbalances within the Korean music industry.
Yoon-Shik Kim, Jang-Woo Choi
Korea International Trade Research Institute, Volume 17, pp 167-188; https://doi.org/10.16980/jitc.17.3.202106.167

Abstract:
Purpose This study aims to identify factors that affect the utilization of companies and export performance of e-commerce export support programs provided by the korean government, and to analyze the operational performance of e-commerce export support programs. Design/methodology/Approach This study was conducted to design the research model and find out the main factors that have a big influence on the performance of exporters by reviewing previous studies and literature. Furthermore, we carried out an empirical research targeting e-commerce exporters. Findings Cross border e-commerce trade has been increasing significantly due to the recent expansion of mobile usage and rapid growth of global shopping malls. It is necessary for korean government to establish e-commerce export support programs as smaller enterprises are able to enter overseas market much easier through e-commerce. Among several factors, we could confirm that enterprise size, support programs
Dong-Gyun Kim
Korea International Trade Research Institute, Volume 17, pp 113-127; https://doi.org/10.16980/jitc.17.3.202106.113

Abstract:
Purpose This paper focuses on evaluating the foreign exchange risk of Korean steel firms taking into account the changed economic environment after the IMF crisis periods. Annual financial data for the Korean steel firms related to foreign currency denominated transactions was used. Design/Methodology/Approach The analysis was supplemented through case studies of practical firms on the types of foreign currency risk management strategies used from 1997 to 2018. The total analysis period was divided into four periods which cover different economic events. This consists of the IMF crisis (1997-2000), the 1st KRW stabilization period (2001-2006), the global crisis period (2007-2010) and the 2nd KRW stabilization period (2011-2018). Findings Through case investigation and foreign assets leverage estimation process, we found several implications to help manage steel firms
Hyun-Koo Heo
Korea International Trade Research Institute, Volume 17, pp 495-508; https://doi.org/10.16980/jitc.17.3.202106.495

Abstract:
Purpose This study aims to find how consumer cultural dimensions affect the attitudes and purchase intentions of innovative products. In particular, the cultural dimensions of consumers are composed of Hofstede
Yingnan Li, Shanyue Jin, Hyeongsop Shim
Korea International Trade Research Institute, Volume 17, pp 21-33; https://doi.org/10.16980/jitc.17.3.202106.21

Abstract:
Purpose Improving the effectiveness of internal control has become the key to ensure the healthy development of China
Hyun-Gyu Kim
Korea International Trade Research Institute, Volume 17, pp 99-111; https://doi.org/10.16980/jitc.17.3.202106.99

Abstract:
Purpose This study aims to investigate South Korean consumers purchase intention on factory produced footwear and examine the model with perceived value with functional, emotional, and social values and also knowledge on smart factories, and personal innovativeness. Design/Methodology/Approach We derived and examined the model through based on empirical analysis through structural equation modeling (SEM) in a sample of 200 respondents in South Korea. Findings The findings of this model indicated that perceived functional value, perceived emotional value, knowledge on smart factory do not have influence on the purchase intention for smart factory footwears. However, perceived social value and personal innovativeness had significantly and positively affected the purchase intention. Research Implications The findings from this study contribute to improving the understanding of intention to purchase smart factory products, which could play a major role towards companies understanding for marketing and strategies running smart factories.
Young-Joon Seo, Rene Tatschner, Shunmugham Pandian, Dong-Wook Kwak
Korea International Trade Research Institute, Volume 17, pp 129-146; https://doi.org/10.16980/jitc.17.3.202106.129

Abstract:
Purpose This study aims to investigate how supply chain (SC) agility can be achieved in the context of the fast-moving consumer goods (FMCG) industry. It conceptualizes a set of agility enablers in the FMCG context and then analyses them by considering how they are interdependent and interrelated. Design/Methodology/Approach Interpretive structural modeling was used to analyze the enablers, evidenced by interviews with industry experts. Findings The findings indicated that flexibility and lead time reduction are key competencies for supply agility, and their directions are decided by market awareness represented by market sensitivity, change alertness, and market information sharing. Also, the results showed that several internal and external integration (i.e., SC collaboration, process integration, trust, and communication channels) are required for building market awareness, generating a large self-enhancing loop to influence each other. The ultimate driving power was found to be the willingness of SC agility by top management and employees. Research Implications This study examined characteristics of SC agility in the FMCG industry, thus enriching current knowledge of SC agility. Furthermore, since the FMCG industry has a complex SC design and faces numerous challenges, the findings of this study can help SC managers by providing fresh insight into what is required to build more agile SCs in the industry.
Won-Jun Lee
Korea International Trade Research Institute, Volume 17, pp 379-392; https://doi.org/10.16980/jitc.17.3.202106.379

Abstract:
Purpose This study aims to improve the understanding of consumers by analyzing the impact of COVID-19 on the relationship between consumers and companies and the marketing direction and implications of the COVID-19 era. The
Min-Joo Bae, Sun-Hae Lee
Korea International Trade Research Institute, Volume 17, pp 325-346; https://doi.org/10.16980/jitc.17.3.202106.325

Abstract:
Purpose The purpose of this study is to estimate the effect of the institutional quality of host countries on the location choice of outward FDI of Korea and China and discuss the reason for the different effects between the two. Design/Methodology/Approach FDI stocks of Korea and China are the dependent variable, and institutional quality of host countries is the independent variable. The analysis period is from 2011 to 2018. Panel regression is performed as an analysis method. Findings First, the coefficients of the institutional quality variable of Korea show significantly positive values while those of China are not significant. Second, both countries show significantly positive coefficients for GDP and natural resources variables, while labor cost variables show significantly negative coefficients. However, patent variables show significantly negative coefficients in Korea, whereas those of China show significantly positive coefficients. Research Implications The reason for the difference in the value and significance of institutional quality variables between Korea and China can be attributed to the difference in corporate governance between the two countries. While Korea has few state-owned enterprises, China has a very high proportion of state-owned enterprises in the national economy.
Young-Jib Kim, William D. Hunsaker
Korea International Trade Research Institute, Volume 17, pp 423-437; https://doi.org/10.16980/jitc.17.3.202106.423

Abstract:
Purpose Knowledge sharing has played an important role in knowledge management, and organizations should focus leadership in knowledge sharing and management. However, domestic and overseas studies are lacking to show the relationship between leadership and knowledge sharing. Therefore, this study aims to explore the effect of ethical leadership and perceived cost of employees on knowledge sharing. Design/Methodology/Approach In this study, a survey was conducted for employees of domestic companies. In hypothesis testing, direct and indirect effects were analyzed using SPSS process macros. In addition, confidence interval analysis was also performed to further validate mediating effects. Findings The results of this study show that ethical leadership had a positive effect on knowledge sharing. In addition, the perceived cost of knowledge sharing was found to mediate the relationship between the two variables, ethical leadership and knowledge sharing. Leader
Pilsun Choi, Insik Min
Korea International Trade Research Institute, Volume 17, pp 67-77; https://doi.org/10.16980/jitc.17.3.202106.67

Abstract:
Purpose While some argue that air pollutants from China undermine the air quality in South Korea, others claim that South Korea is to blame for its own bad air quality. This study investigates the impact of pollutants from China upon Korea
Young-Min Kim
Korea International Trade Research Institute, Volume 17, pp 529-545; https://doi.org/10.16980/jitc.17.3.202106.529

Abstract:
Purpose With the spread of Industry 4.0, interest in logistics 4.0 technologies such as logistics robots, artificial intelligence, big data, and blockchain is increasing in the logistics field. Many logistics companies are interested in the adoption or use of logistics 4.0 technologies, but research is insufficient. This study aims to analyze the relationship between logistics company intentions to use logistics robots and logistics performance through applied Unified Theory of Acceptance and Use of Technology(UTAUT). Design/Methodology/Approach Based on previous studies related to logistics 4.0 and UTAUT, the author identified the pertinent factors. Questionnaires were developed to measure each variable, and a survey of workers in logistics companies was conducted. A total of 209 responses were utilized for analysis. In order to test the hypotheses, exploratory factor analysis, reliability analysis, correlation analysis and regression analysis were performed. Findings Results showed that performance expectancy, social influence and innovation had a significant effect on usage intention, and effort expectancy, facilitating conditions and self-efficiency had no meaningful influence. Also usage intention of logistics robots had a significant influence on logistics performance. Research Implications Logistics companies need to improve logistics performance through the adoption of logistics robots, and they need to actively use logistics robots in various logistics activities such as storage, loading and unloading, and delivery.
Jong-Yun Lee, Sun-Ho Lee, Jun-Ho Hwang
Korea International Trade Research Institute, Volume 17, pp 279-291; https://doi.org/10.16980/jitc.17.3.202106.279

Abstract:
Purpose This paper analyzes the direct and indirect effects of the social costs of excess foreign exchange reserves on economic growth in Korea Design/Methodology/Approach We used the ARDL bounds test using quarterly data on the social costs of excess foreign exchange reserves, economic growth, trade, foreign direct investment, and financial instability from 2000 to 2020. At this time, social cost was calculated by subtracting the appropriate foreign exchange reserves calculated according to the IMF rules from actual foreign exchange reserves. In addition, economic volatility and real effective exchange rate were used as control variables to reflect the economic characteristics of Korea and the characteristics of a small open economy with high external dependence. Findings As a result of analysis, it was found that the increase in social costs of excess foreign exchange reserves not only directly contributed to economic growth in the long term but also has an indirect effect on economic growth through increased trade and foreign direct investment, and eased financial instability. On the other hand, in the short term, the increase in the social costs of excess foreign exchange reserves not only directly contributed to economic growth but also had an indirect effect by easing financial instability. Research Implications The results of this study can be used to suggest the validity of Korea
Kyung-Min Kim
Korea International Trade Research Institute, Volume 17, pp 1-10; https://doi.org/10.16980/jitc.17.3.202106.1

Abstract:
Purpose This article demonstrates the possibility that a firm may exploit an antidumping regulation to reduce competition in its domestic market by deterring a rival firm
Jae-Woo Kim
Korea International Trade Research Institute, Volume 17, pp 189-205; https://doi.org/10.16980/jitc.17.3.202106.189

Abstract:
Purpose This thesis aims to provide a comparative analysis of the doctrine of utmost good faith and mutual duties of the insurer and the insured in the UK insurance laws and regulations and to identify remedies that may be used in violation of an insurer s duty of fair presentation of risks. Design/Methodology/Approach This paper reviews through the analysis of judicial precedents on the doctrine of utmost good faith and the insurer
Jane Ha, Jin-Sook Hwang
Korea International Trade Research Institute, Volume 17, pp 467-494; https://doi.org/10.16980/jitc.17.3.202106.467

Abstract:
Purpose This paper analyzes the impact of social comparisons occurring within SNS on user
Jong-Woo James Kim, Seok-Tae Kim
Korea International Trade Research Institute, Volume 17, pp 35-47; https://doi.org/10.16980/jitc.17.3.202106.35

Abstract:
Purpose The purpose of this study is to identify how asset allocation was made by asset ownersthrough alternative investment when the low-interest rate era was getting longer and to verifyprevious research concluding that that pension fund allocations to hedge funds and otheralternatives had increased in the U.S. and internationally under the historically low bond yieldsenvironments.Design/Methodology/Approach Data were collected (from the year 2010 to December 2019)on asset allocation portions to alternative investments from 14 public pension funds in NorthAmerica. We also use data of interest rates of 2 Year UST (2Y UST) and 10 Year UST (10YUST) from January 2010 to December 2019 and make monthly average figures of interest ratesof 2 Year UST and 10 Year UST for our analysis of relations between rates movements andasset allocation portions of alternative investments. Our initial hypotheses are that rates of 2YUST and 10Y UST affect alternative investment portions of each pension funds(AI_Sub_Total).Findings The ratio of alternative investment allocation to the 14 North American publicpensions we selected as samples. We found that the proportion of alternative investmentallocation to the rate change was not significantly affected. As alternative investments excludinghedge funds are mid- and long-term ones for more than five to ten years, we wanted to makea more meaningful observation of how the 10-year U.S. government bond rate affected theallocation of alternative investment assets.Research Implications Further research on public pensions and insurers in other regions willhave to be conducted in the future, considering the results of asset allocation to alternativeinvestments in large public pension funds in both the U.S. and Europe. Besides, the previouslypublished researches said that the proportion of alternative investments increased with theinterest rate falling, which was not necessarily the case.
Joon-Hyuk Kim, Myoung-Sub Choi, Myeong-Soo Kim
Korea International Trade Research Institute, Volume 17, pp 241-261; https://doi.org/10.16980/jitc.17.3.202106.241

Abstract:
Purpose This study aims to analyze the employment effects of value-added exports on each province and industry in South Korea. Design/Methodology/Approach The research data used in this study come from the Intra-Regional Input-Output Table created by the Bank of Korea. The approach in this paper was a regional input-output analysis based on valued-added exports. Findings The bottom line depends on how much value-added exports affect employment in each region and industry. These are all in decline in most regions and industries. However, in specific industries in Ulsan and Gyeongnam, where exports were high compared to regional production, the employment coefficient increased. Regarding the contribution rate, Gyeongbuk and Gyeongnam have a high rate, and some manufacturing sectors are also high. Research Implications There are two research implications. First, this study is the first research to analyze the employment effects of each industry in provinces that have not been deal with. Second, the impacts on exports were found to be different in each sector. This suggests that the policymaker should consider regional and industry levels for each region in establishing policy.
Kwang-Myung Woo, Seong-Ho Kim
Korea International Trade Research Institute, Volume 17, pp 207-223; https://doi.org/10.16980/jitc.17.3.202106.207

Abstract:
Purpose This study objective is to explore the benefits and shortcommings of using Blockchain and smart contract in letter of credit and how capable the Blockchain and smart contract to eliminate the risk in letter of credit transaction. This study has applied cases the applicability of blockchain technology in international trade process from a perspecitive of letter of credit (L/C) payment. Design/Methodology/Approach There are composed of five chapters based on literature and cases studies. Chapter deals with the introduction of this paper and Chapter explains the changes in trade payment methods, will explore complexity and diversification of trade transaction, electronic payment. Chapter deals with blockchain technology in electronic trade settlement, will explore blockchain technology as the Distributed Ledger Technology and Smart contract. Chapter idenfies application of blockchain technology in letter of credit transaction, will explore possible to apply technology in letter of credit transaction, influence of blockchain in letter of credit transaction and cases of application of blockchain technology in letter of credit transaction. Chapter concludes this paper. Findings Traditional way of letter of credit that is a paper based system in which it is needed to share and validate documents between parties in different countries make letter of credit mechanism slow, inefficient and high cost. However, blockchain technology enables trade parties to share information on a close ledge. Then, trade deal can be completed automatically through a series of digital smart contract. By applying blockchain and smart contract, it eliminate the time, risk and cost in letter of credit transaction. Research Implications This paper explains the blockchain application cases. Blockchain can be used in letter of credit various stages from opening the credit on the bank and send it to the beneficary until payment. This blockchain technology have more benefit in cross borders trade such as a letter of credit transaction. Blockchain could save letter of credit from the continues declain in use in international.
Bo-Min Ko
Korea International Trade Research Institute, Volume 17, pp 147-165; https://doi.org/10.16980/jitc.17.3.202106.147

Abstract:
Purpose Technological change has provided individual consumers with increased possibilities in participating in digital trade while the lack of consumer trust and confidence in digital trade prevents consumers from enjoying all the benefits of e-commerce. In this regard, it is necessary to search for means to protect the individual rights of consumers participating in digital trade with a sound assessment of digital trade agreements in terms of consumer trust. Design/Methodology/Approach Focusing particularly on the issue of consumer trust-building, this paper first discusses major consumer concerns for digital trade and specifies issues that embrace consumer trust-building within multilateral and regional trade agreements. It then conducts a comparative analysis of articles related to consumer trust in six major digital trade agreements and derives its policy implications. Findings In participating in digital trade, consumers have both general and stage-specific concerns. With slow progress at the WTO on e-commerce, articles related to digital trade are increasingly featuring in regional trade agreements (RTAs), including nine issues directly related to consumer trust: online consumer protection; personal information protection, unsolicited commercial electronic messages which means spam messages, domestic regulatory framework, transparency, cybersecurity, access to and use of the internet for electronic commerce. Research Implications By reviewing the six major digital trade agreements on nine issue areas of consumer trust, it is first found that all the agreements certainly share the significance of building consumer trust to facilitate digital trade. Second, the consensus of signatory countries on the five issues, such as online consumer protection, personal information protection, unsolicited commercial electronic messages, domestic regulatory framework, and cybersecurity, seems relatively easy to make since articles in those issues in six agreements are similar in their length and quality. To strengthen consumer trust internationally, in the form of multilateral or regional trade agreements, both e-commerce and competition chapters should cover the rules for digital trade. Domestically, it is necessary to find a way to regulate digital trade not only with domestic consumer law but also with the Monopoly Regulation and Fair Trade Act.
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