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We conducted this study to examine the relationship between revenue concentration and a firm's financial leverage. We aimed to analyze whether revenue concentration influences a firm's capital structure decisions and whether this relationship is driven by customer-specific investments or the direct effect of revenue concentration itself. Additionally, we investigated the role of asset redeployability in mediating or moderating the relationship between revenue concentration and financial leverage.

The paper investigates the relationship between revenue concentration and a firm's financial leverage. The results indicate a negative association between revenue concentration and financial leverage. This finding holds across various regression models and is statistically significant. Furthermore, the paper explores the potential role of asset redeployability in explaining the relationship between revenue concentration and financial leverage. The results indicate that even after controlling for asset redeployability, the negative relationship between revenue concentration and leverage remains significant, suggesting that revenue concentration affects capital structure decisions independently of the risks associated with relationship-specific investments. Robustness tests are conducted using a three-stage least squares approach to account for the simultaneity between revenue concentration, asset redeployability and capital structure.

Our findings demonstrate that revenue concentration is negatively associated with financial leverage, even after accounting for asset redeployability. This suggests that revenue concentration affects capital structure decisions independently of the risks associated with customer-specific investments. Furthermore, we performed robustness tests to address potential simultaneity issues between revenue concentration, asset redeployability and capital structure.

The study relies on available data sources, which may have inherent limitations in terms of accuracy, completeness or consistency. The quality of the data used in the analysis could impact the robustness of the findings. Time Period: The study focuses on more recent years, which might limit the ability to compare the findings with studies conducted over different time periods. Historical trends or structural changes that could impact the relationship between revenue concentration and financial leverage might not be fully captured.

Firms with higher revenue concentration tend to have lower financial leverage. Recent years show a negative relationship between profitability and market leverage compared to earlier periods. Revenue concentration has a distinct effect on financial leverage, not fully explained by risks from relationship-specific investments or asset redeployability. Insights for firms in managing capital structure decisions, considering revenue concentration and its implications for leverage.

This research is one of the first papers that investigates the impact of revenue concentration on the capital structure choices of firms. By exploring the relationship between revenue concentration and financial leverage, the study contributes to the existing literature by shedding light on an underexplored area. Thus, this study adds originality to the field by addressing a research gap and contributing to the understanding of the relationship between revenue concentration and capital structure choices.

According to the 2019 World Investment Report, recent events in deglobalization have made many countries, especially developed markets, resist inward foreign direct investment (FDI) as ceding control to foreign countries. At the same time, many emerging market firms (EMFs) have been increasing their acquisitions in developed markets. The authors elaborate three unconventional motives that justify such acquisitions, and test whether conditions in home countries related to these motives predict the pursuit of greater or lesser equity control. Understanding how home country conditions may spur seeking greater equity control can help policymakers and business firm decision-makers improve these dynamics.

Examining data covering the period 2006–2018, the authors test hypotheses using a sample of 4,130 acquisitions by EMFs into developed markets, and test hypotheses to investigate “How does the institutional and resource environment of an EMF's home country relate to the respective EMF acquisition behavior of seeking equity control?”

The authors found that higher institutional quality, poorer factor market development, and higher capital market quality in the home country are related to higher equity positions sought.

Acquiring and target firm managers, along with other stakeholders, can gain insights on how to respond to acquisition opportunities by recognizing how home country conditions influence emerging market internationalizing behaviors into developed markets.

The compilation of this data uniquely covers 48 different emerging markets and further concentrates on the relatively less understood pre-deal phase for EMNEs entering developed markets.

Prior studies document a positive relation between stock prices and tax-related contingent liability, unrecognized tax benefits (UTBs) and interpret the finding as evidence that investors reward tax aggressiveness. The purpose of this paper is to explore the nature of this puzzle finding by considering a link between UTBs and financial reporting strategy and propose that financial reporting conservatism may explain the positive association between UTBs and stock prices.

To estimate the incremental valuation weights on UTBs, the authors employ the Ohlson (1995) valuation model and regress stock prices on UTBs and its interactions with the proxies for financial reporting conservatism and tax aggressiveness. Further, the authors adopt a UTB estimation model to decompose its balance into the predicted and unpredicted components.

The authors find that the reporting conservatism has a positive effect on the market valuation of UTBs. The authors also find some evidence that tax aggressiveness increases the valuation weight of UTBs. When UTBs are decomposed into predicted and unpredicted components, the authors find that the effect of financial reporting conservatism is more pronounced for the market valuation of predicted UTBs. Collectively, the evidence suggests that conservative financial reporting is a major driver of the positive valuation of UTBs and that tax aggressiveness plays a less significant role in investors' valuation decisions.

While prior studies focus on how UTBs are associated with stock prices, this paper is the first attempt to explain why UTBs are positively valued by investors.

While the origin of Korean Industrial Relations goes back 150 years when the country opened its seaports to foreign countries, it didn’t emerge as a field of study until 1950s when academics began to write books and papers on the Korean labor movement, labor laws, and labor economics. In this paper, we sketch this history and describe important events and people that contributed to the development of industrial relations in Korea. Korean industrial relations in the early 20th century were significantly distorted by the 35-year-Japanese colonial rule (1910–1945). After regaining its independence, the U.S. backed, growth-oriented, military-based, authoritarian Korean government followed suit and consistently suppressed organized labor until 1987. Finally, the 1987 Great Labor Offensive allowed the labor movement to flourish in a democratized society. Three groups were especially influential in the field of industrial relations in the early 1960s: labor activists, religious leaders, and university faculty. Since then, numerous scholars have published books and papers on Korean industrial relations, whose perspectives, goals, and processes are still being debated and argued. The Korean Industrial Relations Association (KIRA) was formed on March 25, 1990 and many other academic and practitioner associations have also come into being since then. The future of industrial relations as a field of study in Korea does not seem bright, however. Issues regarding organized labor are losing attention because of a steadily shrinking unionization rate, changing societal attitude toward labor unions, and the enactment of new and improved laws and regulations regarding employment relationships more broadly. Thus, we suggest that emerging issues such as contingent workers, works councils and tripartite partnership, conflict management, and human rights will be addressed by the field of industrial relations in Korea only if this field breaks with its traditional focus on union and union–management relations.

This paper aims to enhance empirical research on foreign divestment and international relocation by multinational firms are still limited and understudied, although these issues have been a frequent phenomenon and carry important economic implications.

The paper investigates the trends of foreign divestment in South Korea and examines firm- and host country-level determinants in total, manufacture and service sectors from 2010 to 2019.

Using probit model analysis, the main findings are first, among the firm-level factors, sales revenue and parent firm dummy are shown as negative and significant determinants of foreign divestment especially in manufacturing sector. Second, among the country-level factors, gross domestic product growth rate and regulatory quality that measures perceptions of sound policies that promote private sector development are shown negative and significant determinants of foreign divestment. On the other hand, relationship between the environmental policy stringency and foreign divestment is shown positive and significant.

The results suggest that these nonfirm-specific characteristics are also important factors in firm decision to divest from the host country.

This study aims to investigate the relationship between collaboration product attributes, consumption value, customer equity and purchase intention – specifically, the moderating effect of fashion brand type (luxury and sports).

Online game and fashion (luxury and sports) brands were selected and online game items showing items' logos were used as stimuli. A total of 328 South Korea consumers answered a survey. The hypotheses were tested using a structural equation model (SEM).

Collaboration product attributes influence consumption value, which links to customer equity. Customer equity increases purchase intention. The multi-group analysis confirmed the difference between variables according to the brand.

Research on collaboration with the online environment is limited. This study provides theoretical background for future research and suggests multiple items to measure collaboration product attributes.

Fashion brands can utilize online games to extend target markets. However, consumers perceive collaboration products differently depending on the brand types. Thus, companies should consider brand characteristics or identity when designing collaboration products with online games.

This study focuses on collaboration of fashion brands in the online environment. The results will help fashion brands establish relevant brand extension strategies.

The purpose of this paper is to investigate US noncombatant evacuation operations (NEO) in South Korea and devise planning and management procedures that improve the efficiency of those missions.

It formulates a time-staged network model of the South Korean noncombatant evacuation system as a mixed integer linear program to determine an optimal flow configuration that minimizes the time required to complete an evacuation. This solution considers the capacity and resource constraints of multiple transportation modes and effectively allocates the limited assets across a time-staged network to create a feasible evacuation plan. That solution is post-processed and a vehicle routing procedure then produces a high resolution schedule for each individual asset throughout the entire duration of the NEO.

This work makes a clear improvement in the decision-making and resource allocation methodology currently used in a NEO on the Korea peninsula. It immediately provides previously unidentifiable information regarding the scope and requirements of a particular evacuation scenario and then produces an executable schedule for assets to facilitate mission accomplishment.

The significance of this work is not relegated only to evacuation operations on the Korean peninsula; there are numerous other NEO and natural disaster related scenarios that can benefit from this approach.

In the past three years, microvia drilling using laser technology has become the dominant method of producing blind vias smaller than 150μm. The ablation characteristics of the materials used in the manufacture of PWBs can be divided into three categories: organics, glass, and metals. Organics are composed of resins and epoxies commercially available from a variety of vendors. Two types of resins that are typically used for microvia formation in the telecommunication applications are resin coated copper foil^® (RCC or RCF) for subtractive PCB process, and thermal‐curing resin (TCR) for additive PCB process respectively. This paper details the basics of UV YAG laser capabilities, alignment techniques, plating tests, reliability tests, manufacturable microvia design rules, and production experiences.

The purpose of this paper is to investigate the relationship between game items and mood management to show the affective value of game items. Specifically, the study examines the impact of interaction between two negative mood states (stress vs boredom) and types of game items (functional vs decorative) on the purchasing intention of game items.

Two experiments were conducted to predict the outcomes of using game items.

Game users effectively manage their level of arousal and mood valence using game items. The selective exposure theory provides additional understanding of different purchasing behaviors, suggesting that stressed users are more likely to purchase decorative items while bored users purchase functional items to manage their mood.

The study results show the affective role of game items in mood management. While previous studies focused on the cognitive and functional aspects of purchasing game items, this study extends the value of game items as augmented products.

When launching new games, companies should provide game users free game items for mood management. In addition, to increase intervention potential and behavioral affinity, marketers need to develop and launch more game item types.

This study extends the understanding of affective value of game items by applying mood management and selective exposure theories to explain the purchase intention of game items.

The COVID-19 pandemic has caused a decline in overall consumption, but luxury sales within offline department stores rose significantly. This study identifies changes in the market environment variable (i.e. pandemics) and their impact on clothing consumption behavior. Moreover, it examines consumer behavior characteristics and provides implications for future fashion marketing and merchandising strategies.

This study analyzed post-pandemic consumption trends by obtaining luxury brand sales data from the Korea National Statistical Office and department stores. Moreover, it investigated luxury consumption fluctuation after the pandemic and statistically analyzed the characteristics of luxury consumers by customer level (CL) that affected sales.

The results of the study showed that offline (online) clothing consumption at mass markets has decreased (increased) since the pandemic, whereas sales of luxury fashion brands at offline department stores have grown. Moreover, the in-depth analysis showed a significant sales decline (increase) for clothing-centered (leather-centered) luxury brands.

If such a trend in luxury brand consumption continues, current polarization is expected to be maintained. Therefore, the study’s findings can be used as basic data in strengthening luxury brands and planning products.

This is the first work to undertake a comparative study of fashion consumer behavior, before and after the pandemic, involving the mass and luxury markets in South Korea.