[3차]_JDS_14_12.hwp

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3 Journal of Distribution Science, Vol. 14 No. 12 The Journal of Distribution Science (JDS) is an official journal of Korea Distribution Science Association (KODISA). The Journal of Distribution Science (JDS) is published monthly on the following dates: January 30, February 28, March 30, April 30, May 30, June 30, July 30, August 30, September 30, October 30, November 30, and December 30. The Journal of Distribution Science (JDS) is published in international standards both in print and online versions with Digital Object Identifier (DOI) information. Journal of Distribution Science, Print ISSN: / Online ISSN: Guide for Authors: For submission to the Journal of Distribution Science, please consult "Submission Guideline: JDS" on Publication Date of This Issue: Journal of Distribution Science Vol. 14 No. 12 is published on December 30, C 2016 KODISA. All rights reserved The articles and individual contributions contained in the Journal are protected under copyright by KODISA. Disclaimer: The Publisher, Association and Editors cannot be held responsible for errors or any consequences arising from the use of information contained in this Journal: the views and opinions expressed do not necessarily reflect those of the Publisher, Association and Editor. The author(s) of each article appearing in this Journal is/are solely responsible for the content thereof; the publication of an article shall not constitute or be deemed to constitute any representation by the Editors, the KODISA, the KODISA Journals that the data presented therein are correct or sufficient to support the conclusions reached or that the experiment design or methodology is adequate. Publishing Office: Hanshin Officetel Suite Shinheung-dong Sujeong-gu, Seongnam-city, Gyeonggi-do, KOREA ( ). TEL: FAX: kodisa_jds@daum.net Homepage: Printed by Dunam Publishing (Tel: Fax: ) Price: 50,000 This journal was supported by the National Research Foundation of Korea Grant funded by the Korean Government (MOE).

4 Editorial Board Senior Editor-in-Chief Distribution Science Editor-in-Chief Associate Editors Distribution Management Editor-in-Chief Associate Editors Editors Distribution Science Distribution Management Editorial Office Managing Editor Assistant Managing Editor Address Jung-Wan Lee (Boston University, USA). Dong-Ho Kim (SUNY Empire State College, USA). Nailya K. Nurlanova (The Institute of Economics, Kazakhstan) Jesús C. Peña-Vinces (University of Seville-Spain, Spain) Muhammad Ayub Siddiqui (Bahria University, Pakistan) Masao Mukoyama (University of Marketing and Distribution Science, Japan) Aihua Wang (Shandong Academy of Social Sciences, China) Jooh Lee (Rowan University, USA) Hee-Joong Hwang (Korea National Open University, Korea). Barry Unger (Boston University, USA) Bharti Venkatesh (VNS Institute of Management, India) Devinder Pal Singh (Punjabi University Regional Centre, India) Rajasekhara Mouly Potluri (American University of Nigeria, Nigeria) Steve Burt (University of Stirling, UK) Economics Waleed Hemedat (Yarmook University, Jordan) Ouafaa Mehyaoui (University of Wahran, Algeria) Saltanat Mukasheva (Al-Faraby Kazakh National University, Kazakhstan) Logistics & SCM Young-Min Kim (Seoul Cyber University, Korea) Chang-Gon Kim (Sunchon National University, Korea) Distribution Information Technology (DIT) Myung-Seong Yim (Sahmyook University, Korea) Eung-Kyo Suh ( Dankook University, Korea) Distribution Science & Innovation Moon-Young Hwang (Hyechon University, Korea) Wan-Ki Kim (Sogang University, Korea) Distribution Strategy & Competitiveness Muhammad Ishtiaq Ishaq (Global Institute Lahore, Pakistan) Yudi Sutarso (Perbanas Business and Banking School, Indonesia) Distribution Channel Management Geun-Ha Suh (Busan Economy Promotion Agency, Korea) Hoe-Chang Yang (Jangan University, Korea) Traditional Market Development & Management Young-Ei Kim (Seoul Digital University, Korea) Yu-Oh Kim (Small Enterprise and Market Service, Korea) Material & Acquisition Management Nak-Hwan Choi (Chonbuk National University, Korea) Seung-Chang Lee (Small & Medium Business Corporation, Korea) Consumer Behavior & CRM Dong-Jin Shin (Paichai University, Korea) Sang-Youn Lee (Gachon University, Korea) Marketing and Information Management Chul-Ju Park (Sahmyook University, Korea) Tae-Ryong Kim (Dongseoul College, Korea) Manufacturing, Wholesaling, & Retailing Management Chen-Tsang Simon Tsai (Tainan University of Technology, Taiwan) Sook-Hyun Kim (Johnson & Wales University, USA) Young-Sang Cho (Kongju National University, Korea) Social Issues Mohammad Reza Iravani (Islamic Azad University, Iran) Myung-Hee Jung (Jungwon University, Korea) Myoung-Kil Youn (Eulji University, Korea). retail21@daum.net Shuai Su (Shandong University of Political Science and Law, China). su.shuai@gmail.com Hanshin Officetel Suite 1030, Shinheung-dong Sujeong-gu, Seongnam-city, Gyeonggi-do, KOREA ( ). Tel: Fax: kodisajournals@gmail.com. Homepage /

5 流通科學硏究 Vol.14 No.12 December 2016 Part 1 : English A Study on Redefining the Concept and Standard Range for Small Enterprise Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim 5 Do Ethical Consumers Really Love Green Brand? A Comparison of Chinese and Korean Consumers Han-Suk Lee 23 The Effects of Corporate Social Responsibility on Corporate Activity: Comparing Domestic and Multinational Corporations in Korea Young-Su Jung, Shin-Ae Kang 31 Strengthening Partnerships in Fair Trade Alternative Distribution Channels: A Case Study of Beautiful Coffee Soeun Kim, Alex Jiyoung Kim 43 Investigation on the Consciousness in Business Foundation Motives for Small Business Enterprisers in Korean Multi-Cultural Families Jong-Jin Kim, Myung-Hee Jung 53 Investigating the Determinants of Major IT Incident Tickets: A Case Study of an IT Service Provider Firm for Logistics and Distribution Industry Mohamad Izham Che Ros, Wee-Yeap Lau 61

6 Part 2 : Korean Analysis of Factor Hindering and Promotion Strategy on the Direct Marketing of Agricultural Products Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee 71 A Study on the Sudden Stop in Capital Flows and Foreign Exchange and Distribution Market Stability Yoon-Chul Kim, Myung-Hoon Yi 79 Effects of National Pride and National Attachment on Consumer Ethnocentrism Jung-Hyuck Choy, Soon-Hwa Choi 89 Analysis of the Heuristic Theory and the Prospect Theory for Smartphones: Focusing on Framing, Endowment Effect and Regulatory Focus Theory Soon-Hong Kim 99 Consumer Creativity, Emergent Nature and Engagement of Co-Creation: The Moderating Roles of Consumer Motivations Seong-Ho Kang, Woo-Seong Kang 107 The Study on the Influence of Technology Acceptance in the Traditional Markets for Consumer Purchasing Intention: Based on Augmented Reality Technology Kyung-In Cho, Chul-Jung Kim 119 Corporate Governance and Cash Holdings in Retail Firms Jeong-Hwan Lee 129 Structural Relationship between Salesperson s Perceived Evaluation Fairness and Job Performance in the Financial Market Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee 141

7 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) Print ISSN: / Online ISSN [Field Research] A Study on Redefining the Concept and Standard Range for Small Enterprise * Yoon-Hyung Nam **, Young-Ki Kim ***, Seung-Hee Kim **** Received: November 1, Revised: November 10, Accepted: December 15, Abstract Purpose This study aims to clarify the meanings of small enterprise and modify criteria for explaining its range. Prioritizing the number of full time workers first and the sales next are proper as a new concept and range. Research design, data, and methodology In research, small company is a basic concept because the range of its standard is categorized as a small company in the policy system of small & medium business. This study focuses on the solutions with 1 evaluation on sales, 2 standard for excluded ones 3 regulation for excluded business types in Act on Protection and Support for Small Enterprise. Results Clarifying the range of standard with maintaining the title is advisable. The scope should resist the current criteria or adopt a new standard which contains not only full time workers but also the sales. The new one may raise the policies effectiveness because it can sort the 1% people of small enterprises. Conclusions However, there should be a preventive system for sorting out the non-eligible ones not conformed to the CAP for small company. Therefore, it is desirable to prepare the system with unsuitable ones list or regulate large income inappropriate business types in Act on protection and support for small enterprise. Keywords: Small Enterprise, Owner Operator, Private Business, Full-time Worker, Sales. JEL Classifications: R58, R59, Z Introduction 1.1. Background and Objective Since 1999, the government policy regarding small enterprise in Korea has been initiated starting with providing the policy fund loan. It has been focused on promoting the start-ups and making a stable environment for encouraging their competitiveness and self-regenerating. While the support policy for small enterprise has been maintained, it attracted many persons interests as a political issue bringing about expanding focus and stretching the meaning of the policy. The concept of small enterprise was introduced when Act * This study reorganizes the results analyzed by SEMAS. ** First Author. Research Fellow, Korea Small Business Institute, Korea. Tel: , yhnam@kosbi.re.kr *** Planning Coordination Dept. General Manager, Small Enterprise and Market Service, Korea. Tel: , youngki-00@hanmail.net **** Corresponding Author. Professor, Kangwon National university, Korea. Tel: , kimseunghee@kangwon.ac.kr on Special Measures for Support of Small Company and Small Enterprise is revised in This law had goals for improving small enterprise only from the typical business perspective such as supporting the start-ups, joint venture, conversion of business, consulting for moving place of business or enhancing the management structures of business and providing support policies for fund, human resource, technology, sales, and exportation. Recently, there are controversial problems in small enterprise like excessive competition among the business types for living, difficulties of re-employment, social conflicts with large companies or SSM, security problems and social issues such as support policies for common people. These controversies have been expanded over small enterprises, and in 2015, Act on Protection and Support for Small Enterprise was acted. Like this, the focus on support policy for small enterprise has been changed depending on the circumstances of time. In spite of the changes, there are no differences between the previous law Act on Special Measures for Support of Small Company and Small Enterprise and the current one Act on Protection and Support for Small Enterprise from the

8 6 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 definition and concept of small enterprise. According to the both laws, the number of the full time workers should do less than 10 people, and it is the category for small enterprise. It is also regulated for the number of people in business types as follows: less than 10 people for mining, manufacturing, construction and transportation industries & less than 5 people for others. Some may discover that defining for small enterprise should be reconsidered in accordance with the changes of circumstance. In the law, the defining range of small enterprise is decided by the number of full time employees. This causes a problem that non-eligible enterprise(still recognized by law as a small enterprise) can get the benefits from the support policy even though his/her assets or sales indicate why he/she cannot be a small enterprise. In other words, some cases can be happened that non-eligible people who have lots of asset or highly-paid professionals often get irrelevant benefits or are considered as a small enterprise. Consequently, achieving the goal which make petty small enterprise stable and improved may be tough with government s limited expense. Meanwhile, the designation(or concept) in small enterprise is not clear to understand either because there is a word meaning for a person when a word small enterprise is translated into Korean. It is considered as an individual despite it should be classified as a enterprise. This causes people to recognize small enterprise as an owner-operator or individual business owner. Plus, owner-operator is generally used for indicating small enterprise in social norms, political circles or government causing confusion. In addition, many researches as follows use a word owner-operator ; Economic Activity Census, Investigation on Mining & Manufacturing industries by National Statistical Office & Panel Survey Employment for the Disabled, Current State of Working Hours for Enterprises by Ministry of Employment and Labor & Investigation on Working Environment by Korea Occupation Safety and Health Agency & Survey on the Current State of Small-Medium Distribution Industry by Ministry of Trade, Industry and Energy & Survey on the Current State of Small Enterprise by Small Enterprise and Market Service. Moreover, without clarifying its meaning, this word is used to describe small enterprise in the provisions of the law such as Employment Insurance Act, Levy of Insurance for Employment Insurance and Industrial Accident Compensation Insurance Act, National Health Insurance Act, Workforce Development and Training Act, Framework Act on Social Security, Employment Promotion and Vocational Rehabilitation for Disabled, etc. Hence, the definition and the concept of small enterprise should be reconsidered at this time. This research aims to clarify the complicated meanings in small enterprise and suggest the reasonable method for reorganizing the standard which is defining the range for small enterprise and proposing a new standard fitted in support policies. Also, it has problems in using synonym words such as small enterprise and owner-operator and the current standard in defining small enterprise are right based on the current state of small enterprise. Furthermore, the author asserts the applicable and customized normative study methodology(youn & Kim, 2007) which can be available on the government or related organizations based on this study. 2. The Problems of the Concept and the Standard-Range of Small Enterprise 2.1. Conceptual Problems of Small Enterprise The conceptual problems of small enterprise can be divided into 3 types as follows: first, small enterprise is sometimes recognized as an individual owner-operator nevertheless it is an enterprise. Second, it cannot cover all the types of business. Lastly, people think small enterprise and individual owner-operator as a one kind because of things mentioned above. Small enterprise means a firm or an enterprise because it is classified as a small company according to Paragraph 2, Article 2 in Fundamental Law of Small and Medium Enterprise. However, a word small enterprise has a meaning of 'an individual because it contains a word that is representing a person even though it should be considered as an enterprise. Of course, corporation use a same word representing an individual but it has different aspect from small enterprise s case because it contrasted with a natural person; its meaning is to authorize a human right upon an enterprise. Moreover, a word small enterprise cannot contain all the types of business terminology. The system of business scale set by the Small and Medium Business Administration is in the order of size as follows: medium-large, medium, small and small enterprise. It represents that this order is purely about the size. However, in case of small enterprise, it is combined with 3 words; small, merchant and manufacturer. These words only indicates the persons who are in wholesale & retail business and manufacturing industries meaning that the word small enterprise cannot include all the types of business. Some ambiguous types of business such as construction, mining or agriculture industries have a limit to be included in the concept of small enterprise even though service industry can be classified as a merchant area. Lastly, small enterprise is clearly different from owneroperator or individual business owner but many use this word without any distinction because the small enterprise is a combined word, and a word owner-operator has been commonly used as a social norm before the small enterprise appears in the law.

9 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) <Table 1> Examples of Using the Term Owner Operator Used in National Approved Statistic National Statistical Office(Economic Activity Census, Investigation on Mining & Manufacturing industries) Ministry of Employment and Labor(Panel Survey Employment for the Disabled, Current State of Working Hours for Enterprises) Korea Occupation Safety and Health Agency (Investigation on Working Environment) Ministry of Trade, Industry and Energy (Survey on the Current State of Small-Medium Distribution Industry), etc. Source: Own Owner-operator is not used for legal terminology but for statistic. National Statistic Office defines the owner-operator as a combined one from two kinds; one is a person who runs an enterprise with one paid staff at least and the other one is a person does a professional works ㅡ usually called family business ㅡ. Currently, to define small enterprise for being contained in the policy system, the two 'small enterprise' and 'owner operator' are comprehensively used, but these two terminologies are formed by different standard; Owner Operator means the formation how to run the enterprise or which factor should be excluded in the policy system for small and medium business, meanwhile, Private Enterprise(r) is separated from corporation which is not suitable for the policy system because the policy aims to a firm or enterprise The Problems in Defining the Range for Small Enterprise The Problems of System in Defining the Range On the basis of number of full time workers, small enterprise is determined whether it is small enterprise or not as mentioned before. Small enterprise should be classified as a small company under this condition: the mining, manufacturing, construction and transportation industries are required to have less than 10 employees and others (including service industry) need less than 5 people; this is determined according to Fundamental Law of Small and Medium Enterprise and Article 2 in Act on Protection and Support for Small Enterprise. On the other hand, the standard for defining the range of small & medium business is changed in 2013 as for the number of employees, capital, and the maximum of sales to being evaluated by only average sales for 3 years. For standard setting, some consider the sales with reflecting the characteristic by business types in a way. Used in Legal Terms Employment Insurance Act Levy of Insurance for Employment Insurance and Industrial Accident Compensation Insurance Act Workforce Development and Training Act Framework Act on Social Security Employment Promotion and Vocational Rehabilitation for Disabled, etc. <Table 2> The Standard for Defining the Range of Small & Medium Business Average Sales Classification of Business Types for 3 years Manufacturing Non-Manufacturing Fewer than 150 billion won Fewer than 100 billion won Fewer than 80 billion won Fewer than 60 billion won Fewer than 40 billion won Source: Own Electronic Equipment, Pulp Paper, Raw Metal, Clothing, Bag, Shoes, Furniture, etc. Cigarette, Car, Chemical, Metal Manufacturing, Groceries, Fiber Wood, Petroleum refined product, Rubber Plastic, Electronic Computer, Image Communication, Machine Equipment, Other Transport Equipment, etc. Beverage, Print Reproducer, Medical Substance Medication, Nonmetallic Mineral, Medical Precision, Other Manufactures, etc Construction, Wholesale Retail, Mining, Agriculture Fishing, Electronic Gas Waterworks, etc. Transportation, Sewage Disposal Environmental Restoration, Publish, Information Service, etc. Repair Other Personal Service, Support Business Service, Science Technology Service, Health Social Welfare, Art Sports, etc. Lodging Food, Education, Finance Insurance, Real Estate Leasing, etc. In case of small & medium business, it is more difficult to be determined as a small & medium business even though the standard for being a small & medium business had been eased for being evaluated by just one aspectㅡsales. Any enterprises meet the conditions as follows cannot be classified as a small & medium business: having over 500 billion won for total assets, being limited for mutual investment, possessing over 30% of stocks with being the largest investment for over 500 billion won for total assets, belonging to relational company, no matches for the standard when it comes to average sales.

10 8 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 According to the revised law Act on Special Measures for Support of Small Company and Small Enterprise and Act on Protection and Support for Small Enterprise (initiated May 28th, 2015), the support policy for small company is transferred to the Small and Medium Business Promotion Act. In accordance with legal requirements, the standard for determining a small company has been changed in evaluating only sales from January, Also, the standard is divided into 5 groups by 41 types of business. Manufacturing industry is assorted by the medium classification level. Manufacturing industry and the others are assorted to the middle category and large category respectively. Also, the amount of sales is set up by 5 sections from 1 billion won to 12 billion won. <Table 3> The Standard for the Range in Small Company Business Type Manufacturing(Medical Substance Medication, etc. 12 units) Before Reformation (the number of full time employees) Electronic Gas Waterworks 10 Manufacturing(Pulp Paper, Paper products, etc. 12 units), 50 Mining, Construction, Transportation) Agriculture Forestry & Fishing, 10 Finance Insurance Publish Video Information 50 Service Wholesale Retail 10 Profession Science Technology Service, Support 50 Project Service Sewage Waste Disposal Industry, Art Sports Leisure 10 Service, Real Estate Leasing Health Social Welfare Service 50 Personal Service, Educational Service, Lodging Restaurants Source: Own Reformation (the amount of sales) billion won 10 8 billion won 5 billion won 3 billion won 1 billion won The problem is that small enterprise s standard is limited by the standard of small company because it is required to be included in the range of small company. This causes an error in small company s range to be related with only the sales, because small enterprise is decided by the number of full time workers while they should be contained in the small company s range by the law. According to current standard, there would be small enterprise beyond the small company s bounds. For example, in case of a restaurant which earned 1.2 billion won with 4 employees, it was classified as a small enterprise in 2015, but it is not in 2016 because its sales is over 1 billion won meaning that it is beyond the small company's bounds. For analyzing the statistic, it is difficult to be accurate caused by the error as mentioned. Analyzing the Survey on Number of National Enterprise by NSO, small enterprise's number of business and employees is counted in current. This survey's result is divided into the scale of workers meaning that it is useful for understanding the number of enterprises and employees but it is impossible for checking the sales. There is only one which can show the sales by all the enterprise in nation named Economy Census by NSO. Still, it has limitation to be used as useful information for raising the effectiveness of policy because it is analyzed every 5 years; representing this information is not reliable owing to changeability of small enterprise's environment. Thus, if the Survey on Number of National Enterprise is the only one for examining the small enterprise, there is no way of checking the error which is to figure out the number of small enterprise beyond the small company's bounds. Another problem for regulating the range of small enterprise is that there is a gap between the law and the policy. Only the number of employees influences on a small enterprise classification; the types, sales and scale of capital does not count for. It means that the licenses like street vendors, a venture company, one man business, highly-paid professionals and owner-operator also can be classified as the small enterprise. The problem is that the support policy for small enterprise focuses on "petty" enterprise. Nowadays, the Small and Medium Business Administration which is in charge of supporting small enterprise has a main goal for easing small enterprises' management difficulties with enlargement of lending policy fund loan or providing education. The gap is still occurred. <Table 4> Main Plan for Small Enterprise in Recent Main Plan Main Contents Support plan for Innovative management support with IT petty small enterprise convergence owner operator & Establishment of Support Center for stabilizing people s Start-ups livelihood ( 08.8) Support plan for unemployment of owner operator ( 09.4) Support plan for stabilizing petty small enterprise ( 10.5) Way of making small enterprise be competitive ( 12.9) Plan for stabilization of the seniors employment and owner operator ( 14.9) Source: Own Support for stabilizing with expansion of fund assurance Re-start up fund loan Education consulting Support for emergency, permission registration for unemployment benefits, etc. Making small enterprise organized with support Franchise Education and Consulting, etc. Expansion for small enterprise policy fund loan and enhancement for support Expansion for Cultural Tourism Market, etc. Employment Stabilization for Seniors Step-by-Step support by owner operators life cycle Right for rental of shopping center & protection for premium Mitigation for parking lots, etc.

11 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) Also, some protection systems such as Preservation for the traditional commerce zone(initiated by Nov, 2010), Business regulation on large-sized market(initiated by Jan, 2012), Appointment of business suitable for small and medium-sized companies(initiated by Feb, 2013), etc. show that the support policy highlights on stabilizing small enterprises' business. Hence, current standard in small enterprise has necessarily limitation when it comes to government's achievement for supporting the "petty and small" enterprise in the priority of a budget. Thus, the author emphasizes on finding a practical way of excluding the non-eligible for being supported in this study so that the "petty" small enterprises can get the benefits effectively The Problems of Targets for Support The other problem in small enterprise's boundary is to define the targets for supports. The factor that the standard in small enterprise relies on only the number of full time employees causes a problem that any companies satisfy the condition ㅡ the number of full time employees ㅡ can be acknowledged as the small enterprise even though they record high sales which are not eligible for getting benefits from support policy. Moreover, if they apply for the support projects, they would have strong possibility to get the benefits thanks to their management profits and stability rather than the "real" small enterprise can. As mentioned before, the main objective for initiating the small enterprise support policy is to help the petty and small companies but the beneficiary is the non-eligible ones. There are 196 supported enterprises exceeding in sales-standard in small company, and 34,958 enterprises got supported for lending the small enterprise policy fund loan in In case of supporting the policy fund loan, 0.6% of small enterprises makes more profits than small companies should be considered as a standard. As for the category, Lodging & Restaurants(I), 10,727 were supported business types, therefore, 105 enterprises(1.0%) in lodging and restaurant industry has the highest percentage of exceeding the sales. The second highest one is a repair service and others that take possession of 0.7%(20 enterprises / 2,703 total). Educational service industry occupies 0.5%(4 enterprises/828 total) which is followed by wholesale and retail industry(54 enterprises/11,553 total). These show that high proportion in high-sales of small enterprises get benefits by policy fund loan support. Especially, there is an indirect loan by a commercial bank which relies on credit evaluation meaning that the enterprises with high profit can easily get the benefits more than average small enterprises. <Table 5> Current State of Enterprises Supported by Small Enterprise Policy Fund Loan in 2015 Business Type Small Enterprise Exceed in Small Company s Standard Supported Supported Enterprises(Units) Standard Rate(%) Enterprise Manufacturing(C) 2,340 8/12 billion won Transportation(H) 1,291 8 billion won Construction(F) 1,158 8 billion won Mining(B) 3 8 billion won Publish Information Service(J) billion won Support Business Service(N) 1,096 3 billion won Science Technology Service(M) 1 3 billion won Health Social Welfare(Q) 19 1 billion won Wholesales Retail(G) 11,553 5 billion won Repair Other Service(S) 2,730 1 billion won Lodging & Restaurants(I) 10,727 1 billion won Sewage Environmental Restoration(E) 0 3 billion won Agriculture Forestry & Fishing(A) billion won Electronic Gas Waterworks(D) 7 12 billion won Educational Service(P) billion won Finance & Insurance(K) 7 8 billion won Art Leisure(R) 1,569 3 billion won Real Estate & Leasing(L) 1,084 3 billion won Total 34, Source: Own

12 10 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 According to the performance evaluation for consulting by SEMAS, 2.2% from the sales of beneficiary is in excess of the standard which is regulating for the small company in consulting support project. In business types, educational service industry(6.7%) and repair service and others(4.2%) indicate a high proportion with a large profit. To sum up, there are many small enterprises which exceed the standard of small company bounds, thus, the petty small enterprises are losing their chance to get benefits from the support. 3. Reviews on the Concept of Small Enterprises and the Scope 3.1. The Concept of Small Enterprise Reviews on the Owner-operator The term 'Owner-operator', widely used in Korea, is not for legal or academic term. It does not have any standard for the usage in contrast with a word 'small enterprise' defined by law. Nevertheless, these two words have been used without any distinction by government, politics, academics, etc. To analyze the owner-operator, the Economy Census by NSO may be used but it has limitation; this census is surveyed by the employed people and the support policy for small company by the Small and Medium Business Administration focuses on 'enterprise policy'; small enterprise is also treated accordingly the 'enterprise policy'. Hence, the policy for the small and medium business cannot exactly encompass the owner-operator from the survey. Furthermore, the Economy Census's target is households; it is limited to be a useful standard for judging the policy for small and medium business. There are many drawbacks in the term owner-operator to be classified and used in small and medium business policy. First, it excludes the corporation. Exclusion of corporation has a problem because small enterprise is included in the range of small and medium business by the law. Besides, a firm needs to be corporation with registration of entrepreneur according to the enforcement ordinance of Fundamental law from small and medium business. It means that small enterprise cannot exclude the corporation because it belongs to the small and medium business. Secondly, owner-operator is not related to the number of full time workers. An enterprise or a person running the firm by alone or co-representative(including the unpaid family worker) is still owner-operator even though there are more than 100 full time employees. Like this large sized owneroperator should not be supported by the small enterprise support policy because it aims to focus on helping petty small enterprise representing 'small enterprise' literally. Third, the owner-operator does not care about entrepreneur registration because it only counts the statistic of employment. For being acknowledged as the small and medium business, an enterprise should be registered as the incorporation or the entrepreneur. Thus, owner-operator cannot be included in the range of small and medium business as the small enterprise because it does not need to be registered as the incorporation or the entrepreneur Reviews on a Private Entrepreneur In Restriction of Special Taxation Act, a private entrepreneur is included in a provision of the law; this law enacts the petty private entrepreneur. In this law(provision 5, article 99), the condition of being petty private entrepreneur is defined as follow: the one with an average yearly income less than 200 million won of total amount for last 3 years of taxation period including the final date of shut down ㅡ meaning the total amount of income converted to 1 year for taxation period if its period is less than 1 year ㅡ. That is, the law regulates the boundary for petty private entrepreneur by the annual average of income which should be less than 200 million won. According to the Economy Census by 2010, the average sales in small enterprise are about 180 million won which is an approximate amount of standard for a private entrepreneur. It shows that both small enterprise and private entrepreneur are under the similar economic situation considering only the standard. The current state in the private entrepreneur is analyzed by using the Annual Statistic for National Tax by National Tax Service without excluding corporation and considering the scale of number of full time workers. This statistic has advantages; collecting the data for the current state of start-ups & closures is easy and collecting data by individual, corporation, business types and regional. However, this statistic is limited to be utilized as a standard because the information was not collected for enterprise scale. Also, there is a time-difference between the investigation period and the announcement of statistic. The biggest problem in replacing the private to the small enterprise is an exclusion of corporation. As mentioned before, the corporation is a mandatory aspect from small and medium business; It should be registered as an incorporation or entrepreneur. In addition, the number of private entrepreneurs and corporation(company and others) are 2,986,641(81.2%) and 560,389(15.2%) respectively surveyed by the Investigation on National Enterprise in It represents that excluding the corporation from the policy for small and medium business is not proper because it is also very important aspect for organizing enterprises in Korea. To sum up, using the concept for private entrepreneurs and small enterprises without distinction is incorrect considering comprehensive analysis Result from the Reviews

13 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) As for social norms, there are no differences between the owner-operator and the private entrepreneur but they cannot substitute small enterprise for themselves due to some problems such as the exclusion of corporation, etc. There are needs for the consideration in maintaining the current concept of small enterprise and understanding the new one. The concept of small enterprise should be reviewed not just by changing its title but considering the potential for change in widely-used, power of influence and utilized as policy. The title ㅡ small enterprise ㅡ should be familiar with ordinary people not only for the eligible which can be supported by the policy. Moreover, it is determined after considering about the main agents such as firms, enterprises, persons, and the scales for the number of full time workers, sales. Of course the government policy direction should be contemplated, too. Besides, there should be a review for renaming small enterprise with considering whether it is desirable and proper. The term, small enterprise itself has a problem as written before. However, small enterprise has powerful influence and particularly been carved into people s memory because of its characteristic meaning. Thus, it seems to be difficult to rename it. This term has been used by the beneficiary policy for small enterprise and politics about 15 years ago. If there are any changes of using this term, it would take place political confusion. Also, there are no gains from renaming this term because the predictability of using this term as politics can be reduced by replacing the term small enterprise with another. Thus, this study suggests that the standard of defining small enterprise should be clear and support real petty small enterprise as the objective of the policy with maintaining the name and rejecting to renaming Examination on Defining the Range of Small Enterprise In this research, the author has focused on solving the problem caused by defining the range of small enterprise which has just one standard ㅡ number of full time workers ㅡ for reviewing the range. Now, the most controversial issue of defining the range of small enterprise is the gap between the law and the policy. That is, enterprises which have own ability to maintain and promote their business activities without any support from government can be defined as the small enterprise because of its standard for the number of full time employees; it makes them possible to be a target for government support. Thus, this study considers the measures for solving this problem through 3 measures: concentrating the sales as to standard setting, decriminalizing the targets by the support projects and regulating the business types according to Act on Protection and Support for Small Enterprise Setting the Standard for Small Enterprise by Sales Setting standard for small enterprise by sales means that the standard is changed like a standard for small and medium business which considers only the average sales for 3 years. First of all, statistics related to sales are comparatively well-organized and widely used because these are useful. Also, these reflect long and short term changes; this is why the definition for the range of small and medium business has been changed recently. Despite of this advantage, the sales cannot reflect the added value of firms. In case of Korean small enterprises, they are very responsive to the economic fluctuations; it influences on their sale fluctuation largely. Moreover, the sales are not clearly ascertainable. It is not appropriate to be as only one standard using the sales for defining small enterprise. The Economic Census is the only one which can help us understand the total amount of sales of entire enterprises in Korea; It also helps understand the sales from purchasing products or providing a service. In the Entire Economy Survey, the rate of 99.7% in small enterprise employees response data is reliable to use. However, its accuracy is quite low because the way of survey relies only on the answers from respondents. On the other hand, if the standard for defining the range of small enterprise is based on the sales, small enterprise who would like to be supported can easily prove the amount of sales because the sales must be reported annually. Actually, the ones who are willing to get benefits from government should submit the documents about proving their sales for identifying themselves as small and medium business Setting for Excluding of Targets by Support Projects The way of excluding of targets by support projects is to deny the access for being supported through organizing the non-eligible ones when the projects started to select the beneficiaries under the current law system. This method is for overcoming the limitation in sales such as the sale fluctuation, statistic s lack accuracy and tax reports, etc. In case of small enterprise policy fund loan, this support project sets the standard of non-eligible ones who should be excluded to be supported. However, excluding particular business type does not match up to the direction of reorganizing the policy which has a goal for foreclosing the large income enterprises to get beneficiaries from the policy with re-defining the range of small enterprise. Moreover, this can cause the neglect of considering the fairness among the business types because the policy targets for supporting have extended to the small enterprise. For example, the artwork, antique and jewelry broking agency industry according to the Standard Condustrial Classification has been classified into luxury item; it makes the enterprises related to this industry be non-eligible for getting supported by the small enterprise policy fund loan.

14 12 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 Ironically, Jewelry manufacturing has been recently supported by government at the Special Support Center for Small Manufacturer. That is, it causes a problem that there is discrimination between manufacturing and selling. Also, excluding the particular business types may have a drawback to excessive cost for finding the main kind of business even though there are many support projects for small enterprise, thus, excluding the particular business types can be an easy way. To minimize the side effects from the way of excluding the particular business types, the exclusion should be decided using the examples by the Standard Condustrial Classification. Usually, 5 digits division in statistic is used for figuring out the number of enterprises, still, problem occurs as follow: manufacturing for gambling machine, unwholesome amusement equipment, etc in recreational goods industry(33409) have been excluded for being supported by small enterprise policy fund loan. In case of making the equipment for gambling such as casino game table which is clearly seen as unhealthy ones but manufacturing table, apparatus and cards just for building a formation of the game space may not be considered as unhealthy entertainment facilities. Of course, the unhealthy business types such as gambling, karaoke, lodging, bar, luxuries, alcohol, cigarette and illegal ones and the professions such as real estate, lawyer, accountant, doctor, finance, institute, etc which are not related to the direction of support policy for small enterprise should be excluded but it still is hard to decide which one should be excluded. In addition, some may discover that deciding the exclusion from each business type makes the data for small enterprise because it influences on calculating the statistic for small enterprise The Method for Enacting the Non-eligible by Law The way of enacting a regulation for excluding some business types into Act on Protection and Support for Small Enterprise it to make some of inappropriate business type such as large income enterprise be excluded in supporting policy for small enterprise by the law. The law called Act on Promotion for One-man Creative Business has regulated some kinds of business not to be in the range for being supported because this law has clear achievement that it focuses on the Knowledge-intensive Service Industry and Creative Manufacturing Industry. However, when it comes to small enterprise, excluding some business types should be careful choice to be enacted because of its social welfare aspects. Also, there are still exist the problems such as choosing examples in business types and defining the small enterprise in statistic because this method is merely different from the way of excluding the non-eligible by the support projects Comparison the Pros and Cons in 3 Methods Each of the 3 methods has pros and cons. To accept these methods pros and cons can be different from each related parties; government and small enterprise. Defining the small enterprise by standard centralized on sales has some strongpoint that it is useful for maintaining the range of standard & classification with small and medium business s standard. Also, it is simple to calculate the statistic by being totally affiliated to small and medium business(medium-sized company + small company + small enterprise = total small and medium business) and classify the high-paid business operator meaning that this can reduce the gap between the law and the policy. However, some will realize that there is always big fluctuation because the sales of small enterprise are very responsive to the economy even though average sales for 3 years will be used. Furthermore, NTS(National Tax Service) should cooperate with statistic calculation and the statistic is limited to be used because of conversion from the enterprise to the firm. Meanwhile, the beneficiariesㅡsmall enterpriseㅡ can think defining small enterprise by the amount of sales because it will expand the opportunity for petty small enterprise which is the focus of the policy and can be able to prevent from being Peter Pan Syndrome on purpose. Yet, there can be a strong complaint from the past beneficiaries excluded by the revised regulation and controversial issues regarding the accuracy of tax report by NTS. Setting some business for being excluded by support projects is good for sorting out the non-eligible persons who are high-income earner and wealthy at the government s point of view. However, the government s responsibility for supporting can be overestimated because the number of small enterprise will be more than the number of targets for policy. Also, the cost for the standard in defining small enterprise by each business support can be excessive and the statistic calculation is limited because some targets can be excluded. On a small enterprises side, this method can be a good way for promoting the competitiveness by themselves thanks to the excluded percentage by reduced sales. Nevertheless, it has weakness for proving small enterprises themselves that they are related to the support policy and also confusion may occur because the benefits are different for each business types. The way of regulating the non-eligible for the support policy by Act on Protection and Support for Small Enterprise can prevent unnecessary conflicts from processing the support project thanks to the well-defined standard for exclusion. Moreover, it has an advantage for adding another standard after setting up the standard by the sales and the number of full time employees. However, this method is limited to exclude the large income earners because of its exclusion which focuses on business types. Also, if any willingness for changing the policy targets is occurred, the law should be revised, and it will take long time. In addition, this can limit the support policy for small

15 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) enterprise which is expanding itself towards social welfare aspect. Though, small enterprises will make efforts to maintain themselves to be into the business types which can be supported by government. In spite of their efforts, there can be problems caused by the fairness issue among the business types. All the three methods clearly have pros and cons; it represents that choosing just one way among these can cause side effects to the small enterprise. Therefore, this study suggests a new measure for reducing the risk; the number of full time workers is the first priority to be considered and the sales go after New Measure for Defining the Range of Small Enterprise: number of full time workers and amount of sales Maintaining the number of full time employees is a standard for defining the small enterprise. The reason for that is as follows: first, it is widely used as a standard for defining small and medium business in some of the main countries. Secondly, it is very clear to define the range of being small enterprise. Lastly, a related statistic can be easily used. On the other hand, it is hard to reflect the business types characteristic and instability of employment. Especially, this standard cannot cover the neglect of employment changes, temporary position, part-time job and unpaid family business occurring from instability of employment. Maybe, the number of full time workers in small enterprise is not suitable for being classified into the standard for small and medium business because hiring person at the temporary position is normal in the small enterprise. Meanwhile, some business types are all about a capital or technology rather than manpower meaning that there would be misunderstanding if anyone uses the number of full time workers as a standard for judging the scale of a firm. For example, in case of electronics, gas, steam and waterworks industry, the amount of sales by one employee is billion won that is 4 times higher than the average(245.5 million won) of entire industry is. In spite of drawbacks, the number of full time workers is very important regarding targeting small firm in the policy for small enterprise as the examination on the concept of small enterprise. Prioritizing the number of full time workers for defining the range of small enterprise is the most suitable because there is no alternative considering the particular formation of employment such as unpaid or paid family workers, temporary employees, etc. Plus, a sudden change in standard can cause the confusion to the beneficiaries of this support policy without any serious problems from the present standard. Also, it is a good index because it focuses on the employment rather than economy; and employment is widely considered as a serious social issue. However, there should be an adjuvant economical index because of the gap between the law and the policy. Having consistency in the small and medium business policy system is needed as the standard for medium-sized and small business has been changed into a single standard. Besides, the statistic is well organized by business types and useful for estimating and proving. Therefore, using the sales as an adjuvant index is needed because it is applicable to all the types of business and it is possible to compare with business to business. Hence, as to defining the range of small enterprise, the author proposes a suggestion that making the number of full time workers to be a basic standard and excluding the large income enterprise within the standard of small company because small enterprise s sales amount cannot be higher than those of small company by the law. The process of suggesting the new alternative for defining range of small enterprise is as follow: The number of full time workers + The amount of sales <Figure 1> The Process of Suggesting the New Alternative for Defining Range of Small Enterprise First, the enterprise, which had more excessive number of full time workers than the standard for small company that is regulated by the law, were excluded by using the data from Economy Census in In consequence, totally 10,135 enterprises were excluded. 5,808 enterprises in retail & wholesale industry take possession on the top number of exclusion and 817 enterprises in manufacturing industry come second. 696 enterprises in repair & other service

16 14 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 industry, 494 enterprises in educational service industry and 493 enterprises in lodging & restaurants industry have been excluded in order. 10,135 small enterprises(0.34%) ㅡ which is based on the number of full time workers ㅡ out of total number(2,957,203) of enterprises have more excessive amount of sales than the standard for small company regulates in The results of analyzing the ratio by business types are as follows: 58.4% of enterprises(333 units) in electronic gas water works industry has been excluded taking possession at the top. The next one is 2.9% of enterprises(73 units) in wastewater disposal & environmental restoration industry and 1.7% of enterprises(18 units) in agriculture forestry fishing industry. 1.6% enterprises(202 units) in finance & insurance industry and 0.9% enterprises(221 units) were excluded. Secondly, the amount of sales and the number of enterprises by business types are calculated based on the top 1%, 3%, 5%, 10% of the enterprises among the small enterprises which can be classified in the small company s range that calculated above. Consequently, the data can be used based on the conclusions from various industries as follows: manufacturing industry records 37 billion won, 22 billion won, 16 billion won, and 10 billion won when the top percentages in 1%, 3%, 5%, 10% are excluded respectively. The amount of the sales and number of the enterprises by each business types are as below table: <Table 6> Results from defining the standard for the range of small enterprise based on full time workers and sales Standard for full time workers Standard for the amount of sales(standard=less than) Standard for Small Exclusion of Top Exclusion of Top Exclusion of Top Company 1% 3% 5% Business Types (Unit : Billion won) Small enterprise The number of enterprise in the small company s range Small enterprise in the small company s range Standard (Unit : Billion won) Enterprise Standard (Unit : Billion won) Enterprise Standard (Unit : Billion won) Enterprise Exclusion of Top 10% Standard (Unit : Billion won) Enterprise Manufacturing(C) 8 269, , , , , ,649 Transportation(H) 8 336, , , , , ,565 Construction(F) 8 74, , , , , ,433 Mining(B) 8 1, , , , , ,283 Publish Information Service(J) 5 14, , , , , ,268 Business Support Service(N) 3 23, , , , , ,415 Science Technology Service(M) 3 49, , , , , ,605 Health Social Welfare(Q) 1 68, , , , , ,168 Wholesales Retail(G) 5 809,404 5, , , , , ,772 Repair Other Service(S) 1 357, , , , , ,543 Lodging & Restaurants(I) 1 596, , , , , ,217 Sewage Environmental Restoration(E) 3 2, , , , , ,176 Agriculture Forestry & Fishing(A) 8 1, , , , Electronic Gas Waterworks(D) Educational Service(P) 1 131, , , , , ,493 Finance & Insurance (K) 8 12, , , , , ,135 Art Leisure(R) 3 97, , , , , ,042 Real Estate & Leasing(L) 3 109, , , , , ,138 Total - 2,957,203 10,135 2,947,068-2,922,103-2,870,630-2,828,951-2,716,084 Source: Own Third, there is changeover from the data by Economy Census to Survey on National Enterprise in 2010 because

17 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) Survey on National Enterprise is more useful than Economy Census; the former one is done annually and the later one is surveyed by 5 years. The number of enterprises has a bit of differences between Survey on National Enterprise (2,957,203 units) and Economy Census(2,917,005 units) in 2010; Conversion factor(survey on National Enterprise/ Economy Census) is used for adjusting the difference. Construction industry has big difference between the two data as to the large in enterprises number; the value of conversion factor is The following indicates the state of the other industries; publication information service industry(1.025), mining industry(1.011), wastewater environmental restoration industry(1.007). The industries which have a big difference with the small number of enterprise are indicated as follows: electronics gas waterworks industry(0.595), agriculture forestry & fishing industry(0.846), finance & insurance industry(0.899), service industry(0.945). The results of applying the conversion point to the number of enterprises based on the top 1%, 3%, 5%, 10% of business types which are small enterprises included into the range of small company are indicated as below table. <Table 7> Changeover from Economy Census to Survey on National Enterprise Business Types Economy Census Conversion of Survey on National Enterprise Small Enterprise (Economy Census) Small Enterprise (Survey on National Enterprise) Conversion Factor The number of Enterprise after Conversion (Standard of sales) Exclusion of Top 1% Exclusion of Top 3% Exclusion of Top 5% Exclusion of Top 10% Manufacturing(C) 269, , , , , ,072 Transportation(H) 336, , , , , ,770 Construction(F) 74,611 80, ,813 78,272 76,626 72,849 Mining(B) 1,416 1, ,418 1,390 1,363 1,297 Publish Information Service(J) 14,630 14, ,756 14,465 14,190 13,594 Business Support Service(N) 23,732 22, ,989 21,624 21,232 20,230 Science Technology Service(M) 49,293 47, ,678 45,749 44,852 43,785 Health Social Welfare(Q) 68,627 68, ,421 66,765 65,268 61,711 Wholesales Retail(G) 809, , , , , ,741 Repair Other Service(S) 357, , , , , ,348 Lodging & Restaurants(I) 596, , , , , ,957 Sewage Environmental Restoration(E) 2,486 2, ,405 2,357 2,309 2,191 Agriculture Forestry & Fishing(A) 1, Electronic Gas Waterworks(D) Educational Service(P) 131, , , , , ,884 Finance & Insurance(K) 12,559 11, ,002 10,780 10,565 10,013 Art Leisure(R) 97,768 96, ,797 94,607 94,607 87,065 Real Estate & Leasing(L) 109, , , , ,535 98,295 Total 2,957,203 2,917,005-2,882,665 2,831,935 2,790,940 2,679,748 Source: Own Fourth, the rate of the changes in increasing and decreasing by Survey on National Enterprise in 2013 has been applied for figuring out the number of small enterprises and being changed into the latest value. According to the research & statistic system for small and medium business by Small and Medium Business Administration, the number of small enterprise has been steadily increasing; the annual average rate(cagr) is 2.53% from 2010 to The rate of increase and decrease is different from each type of business during the period of 2010~2013. The entire business has been raised for 3.5%; and the highest rate of increase is indicated 78.5% in electronics gas waterworks industry. The second highest one is in publication information service industry (31.6%). The service industry (28.9%), wastewater environmental restoration(23.6%), construction industry(20.0%) and science technology service industry(18.8%) take possession as following ones after the second highest. Whereas, in case of repair other service, it is reduced by 21.8% representing its rate of decrease records the highest

18 16 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 one among the following industries; health social welfare industry(10.2%), art leisure industry(3.1%), educational service industry(0.7%). Results of applying the rate of increase and decrease to the number of enterprises based on the top 1% 3% 5% 10% of business types which are small enterprises included into the range of small company are indicated as below table. <Table 8> Conversion of Survey on National Enterprise from 2010 to 2013 Business Types Calibration of Survey on National Enterprise Small Enterprise (National enterprises in 2010) Small Enterprise (National enterprises in 2013) Percentage change Exclusion of Top 1% Number of Enterprise GAP Applying the standard for sales after calibration Exclusion of Top 3% Number of GAP Enterprise Exclusion of Top 5% Number of Enterprise GAP Exclusion of Top 10% Number of GAP Enterprise Manufacturing(C) 271, , % 301,332 3, ,625 9, ,247 15, ,593 30,626 Transportation(H) 336, , % 356,609 3, ,595 9, ,012 15, ,012 15,981 Construction(F) 80,604 96, % 95, ,926 2,799 91,952 4,773 87,420 9,305 Mining(B) 1,432 1, % 1, , , , Publish Information Service(J) 14,990 19, % 19, , ,672 1,053 17,889 1,836 Business Support Service(N) 22,419 28, % 28, ,879 1,026 27,374 1,531 26,083 2,822 Science Technology Service(M) 47,326 56, % 55, ,342 1,874 53,277 2,939 52,010 4,206 Health Social Welfare(Q) 68,123 61, % 60, ,952 1,219 58,607 2,564 55,414 5,757 Wholesales Retail(G) 778, , % 838,216 14, ,456 29, ,264 47, ,290 85,952 Repair Other Service(S) 356, , % 275,944 3, ,989 5, ,747 9, ,121 23,936 Lodging & Restaurants(I) 589, , % 601,838 4, ,372 17, ,372 17, ,447 42,538 Sewage Environmental Restoration(E) 2,503 3, % 2, , , , Agriculture Forestry & Fishing(A) % Electronic Gas Waterworks(D) % Educational Service(P) 132, , % 129,953 1, ,047 4, ,047 4, ,047 4,206 Finance & Insurance(K) 11,293 11, % 11, , , ,302 1,317 Art Leisure(R) 96,683 93, % 92, ,708 2,012 91,708 2,012 84,397 9,323 Real Estate & Leasing(L) 105, , % 109,049 1, ,143 3, ,934 5, ,596 7,781 Total 2,917,005 3,018, % 2,982,346 36,072 2,928,738 89,680 2,885, ,864 2,771, ,576 Source: Own Last, there should be a process for choosing the appropriate percentage of enterprises which have large amount of sales so that these are classified into the rate of 1%, 3%, 5%, 10% when it comes to the suggestion for defining small enterprise with the number of full time workers and the amount of sales because this suggestion aims to exclude some of the top enterprises recording a high income. The main achievement of this way is that making petty small enterprises intensively supported by excluding the large income earners. It causes different situation what the rate of category is chosen to be excluded; if 1% or 3% of enterprises are excluded, the confusion merely occurred because most of the small enterprises survived as the targets for the support policy. Also, it has an advantage for applying to the social issues related to small enterprises; still, there would be a phenomenon that some particular regions or enterprises may be excluded concentrically. On the other hand, if 5% or 10% of enterprises which have large amount of sales are excluded, the petty ones could get much more benefits from the support policy; It would have an advantage from the economy issues of small enterprise. However, too many small enterprise are excluded causing conflicts, confusion by them. Also, some concerned situation would be occurred in important decision making and permitting retroactive application for the enterprises which already have been supported by the policy fund loan(a long-term support project). Comparing between pros

19 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) and cons, it seems to exclude the top 1% of small enterprise with large income is an appropriate one considering some aspects as follows: first, small enterprise s problem has been expanded from economical to social. Second, irrespectively of the numbers excluding the enterprises twice is burden as to processing the policy because the first exclusion has been already done(0.34%, 10,135 units) by the absolute standard point ㅡ the maximum standard of small company ㅡ. Third, the Peter Pan Syndrome does not occur many times unlike the medium-sized company or small company. 4. Suggestion for the New Standard 4.1. The Standard by the New Alternative This research suggests the new standard for defining the range of small enterprise with the number of full time employees first and the amount of sales. Maintaining the regulation on the numbers ㅡ less than 10 people in manufacturing, mining, construction, transportation industry and less than 5 people for others ㅡ which is enacted by Act on Protection and Support for Small Enterprise and excluding top 1% enterprises with focusing on the goal of the support policy for petty small enterprise as to the sales have been proposed as the alternative. On the basis of this, there should be a decision for categorizing the business types of small enterprise when defining the range of small enterprise would be set up. In this study, four ways of defining the range have been analyzed; the first one is a setting up the range by business types using the Standard Condustrial Classification. Second one is that being divided as 5 groups like the small company s standard. Third, defining the standard range by the current one regarding the number of full time worker suggested as one of the alternatives. Last, the way of setting standard up with dividing only the manufacturing industry and the non-manufacturing industry was proposed Setting the Standard Range by Business Types The way of setting the standard range in Standard Consudtrial Classification is to use the number of full time workers first and the amount of sales as a standard about each of 18 business types. As mentioned above, satisfying the standard as to number of full time workers ㅡ refer to the 2 conditions; having less than 10 people in manufacturing, mining, construction, transportation and 5 people in others ㅡ should be used. The average sales for 3 years should be under this condition; 37 billion won, 13 billion won, 41 billion won, 59 billion won in case of manufacturing, transportation, construction, mining industry respectively. Therefore, defining the range of small enterprise can be regulated as the below table. <Table 9> Reorganizing the Range of Small Enterprise by Business Types Standard for sales(less than / unit : billion won) Number of full Business Types time workers Exclusion of Top 1% Exclusion of Top 3% Exclusion of Top 5% Exclusion of Top 10% Small Company Standard (unit: billion won) Manufacturing(C) Under Transportation(H) Under Construction(F) Under Mining(B) Under Publish Information Service(J) Under Business Support Service(N) Under Science Technology Service(M) Under Health Social Welfare(Q) Under Wholesales Retail(G) Under Repair Other Service(S) Under Lodging & Restaurants(I) Under Sewage Environmental Restoration(E) Under Agriculture Forestry & Fishing(A) Under Electronic Gas Waterworks(D) Under Educational Service(P) Under Finance & Insurance (K) Under Art Leisure(R) Under Real Estate & Leasing(L) Under Source: Own

20 18 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 This method has an advantage because it is subdivided by business types; also it is possible to select the targets and proceed by the standard range of small enterprise. Whereas, it has some drawbacks as follows: it is more complicated than the existed way is and there would be possible to occur additional cost for checking the main business types Setting Standard Range by 5 Groups Dividing into 5 groups same as small company s standard(less than 120 billion won, 80 billion won, 50 billion won, 30 billion won, 10 billion won in sales) is the way of defining the range of small enterprise. Being regulated as the small enterprise, the conditions should be satisfied; the number of full time workers is less than 10 people in manufacturing, transportation, construction and mining industry. Also, others should not have more than 5 employees. Regarding the sales, the average sales for 3 years are 42 billion won, 32 billion won, 30 billion won in electronics gas waterworks, manufacturing mining construction transportation and publication film information service and retail & wholesale respectively. Meanwhile, manufacturing industry has been segmented in case of small company s standard because it is divided by middle classification level explaining the manufacturing industry is in the section of 80 billion won. Using this method has strong point which is maintaining the steps for the development and policy system in accordance with the standard for small company. However, grouping by business types of small enterprise is not a good way because it has a big difference in sale amount among the enterprises unlike small companies. For instance, finance and insurance industry records 64 billion won on the basis of top 1% sales when transportation industry is applied to 32 billion won at the same standard of 13 billion won. Also, waste water & environmental restoration industry is 27 billion won contrasting the artwork & leisure industry is 3 billion won on getting classified into the same group ㅡ 10 billion won as standard amount ㅡ. <Table 10> Reorganizing the Range of Small Enterprise by Classifying the same Business Types with Small Company s Standard Standard of the amount of sales Small Company Business Type Number of full (standard=less than / unit: billion won) Standard time workers Exclusion of Exclusion of Exclusion of Exclusion of (unit: billion 1% 3% 5% 10% won) Electronic Gas Waterworks Under Manufacturing, Mining, Construction, Transportation Under 10 Agriculture Forestry & Fishing, Finance & Insurance Under Publish Information Service Wholesales Retail Under Science Technology Service Business Support Service Sewage Environmental Restoration Art Leisure Real Estate & Leasing Under Source: Own Health Social Welfare Repair Other Service Educational Service Lodging & Restaurants Under <Table 11> The New Standard for Range of Small Enterprise ㅡ by the current standard Business Type Number of full time workers Exclusion of 1% Standard of the amount of sales (standard=less than / unit: billion won) Exclusion of 3% Exclusion of 5% Exclusion of 10% Small Company Standard (unit: billion won) Manufacturing, Mining, Construction, Transportation Under Others Under Source: Own

21 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) Standard Range by Current Standard in Full Time Employees To set up the method for the standard range by current standard in full time employees is applied as the standard as same current one which is divided into the 2 groups; manufacturing, mining, construction and transportation industry should have less than 10 employees and other business types should have less than 5 workers. Similarly, to be determined as the small enterprise, the condition when it comes to the number of employees should be satisfied with the regulation for the amount of sales by the business types; manufacturing, mining, construction and transportation industry should have fewer than 30 billion won and others should be fewer than 8 hundred million won. In case of the small company, the others except for manufacturing, mining, construction, transportation industry have standards for the sales; the amount of sales should be fewer than 10 billion won at least. This explains why 10 billion won is applied for as the minimum standard because small enterprise s standard cannot excess the limitation for the small company. This method has an advantage when it comes to maintaining the consistency of the policy because it classifies the business types as same as the current one. Meanwhile, the big difference in sale amount between business and business is the drawback in this method Setting the Standard by Segregating Only Manufacturing & Non-manufacturing Industry The way of segregating the manufacturing & nonmanufacturing business types ㅡ which have the most productive characteristic among the business types ㅡ is to regulate the small enterprise s range newly. The condition regarding the number of employees is same as mentioned above; less than 10 or 5 people. Under this new suggestion, to be a small enterprise, manufacturing enterprise s revenue should be fewer than 37 billion won and Non-manufacturing should earn fewer than 8 hundred million won. If this method is applied, it would be very useful because it can be applied to the current support projects for the small manufacturers. In spite of the advantage, it still has the weakness that some business types are grouped even though there are big differences from the sale amount of sales between business and business. <Table 12> The New Standard for Range of Small Enterprise ㅡ by manufacturing & non-manufacturing enterprise Source: Own Business Type Number of full time workers Exclusion of 1% Standard of the amount of sales (standard=less than / unit: billion won) Exclusion of 3% Exclusion of 5% Exclusion of 10% Small Company Standard (unit: billion won) Manufacturing Under Non-manufacturing Under As mentioned above, this study has analyzed 4 methods. To select the best choice among these methods, there should be a decision making considering the pros and cons of each method. 5. Conclusion 5.1. Result of the Study This study aims to solve the problems in the standard for regulating the range of small enterprise and its concept. For this, this research analyzes how to regulate the range of small enterprise with understanding the new methods for the standard. First, the author points out the problem on Owner operator or Private entrepreneur. It is a problem that takes place in a small enterprise and politics and government as social norms causing the confusion in the law and its concept. Another problem is that it is still recognized as a personal even though small enterprise itself represents an enterprise or a firm. This is because the terminology small enterprise is consisted of a word which has the meaning of person. In addition, some problems have been examined as follows: the statistic errors by selecting only one standard with the amount of sales for small company that is the upper group than small enterprise which should be considered the number of full time employees, a gap between the policy which focuses on petty enterprise and the law which regulates the standard for considering only the number of full time employees, etc. The result from reviewing the concept of small enterprise, one will realize that there are some problems as follows: being incongruent with the policy system in small and medium business because it is irrelevant with the size, being inappropriate because Economic Census s standard is for employment, being unbalance between person and corporation caused by exception of corporation enterprise and being difficult for deciding the policy targets according to including the nonregistered entrepreneur. Also, in case of private entrepreneurs, it is not related to the size of enterprise; thus, it is unsuited to the policy system for the small and medium business.

22 20 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) 5-21 Plus, it is limited to be used because there will be unfairness between the private and the corporation from removal of corporation enterprise. Moreover, the term small enterprise has very big influence meaning that it is hard to change the title. The beneficiaries ㅡ the small enterprises ㅡ have used this term for 15 years representing their familiarity with this term, it is very useful term for being used in politics. If renaming this term is done by force, there would be political confusion and it would decline beneficiaries prediction for the flow of policy system with no benefits. Thus, this study suggests to clarify the standard for regulating range of small enterprise with no change of its name. Therefore, to regulate the standard of small enterprise, the number of full time workers should be considered as the first priority and the sales of the small enterprise should go after. Maintaining the number of full time employees is a standard for defining the small enterprise. The reason why maintaining the standard is that it is widely used in some of main countries for defining the small and medium business. Also, setting up the standard with the number of full time workers is easy, clear and useful for utilizing the related statistics. In addition, the sales is used as an adjuvant index because it is clearly proved by well organized statistics related to the policy system for medium-sized & small and medium business and also, it is applicable to all types of business and possible to compare with business to business. In this study, to define the range for the small enterprise, four ways are suggested; setting up the standard by using business types with the Standard Condustrial Classification, dividing into 5 groups, using the current standard by the number of full time workers and dividing only the manufacturing industry and the non-manufacturing industry. Also, the study has examined the pros and cons for each method. To sum up, this research recommends the way of maintaining the current standard and the new standard with the number of full time workers and the sale amount. The reason why maintaining the current standard is that this standard does not cause serious problems when the policy for small enterprise is proceeded. Also, small company s CAP is developed from 2016 meaning that it can sort out the large income enterprise and non-eligible ones. Plus, maintaining the current method is desirable because it does not confuse the targets for this policy. In spite of the current standard s CAP for small company, full time workers and sales method is recommended for raising effectiveness with sorting out the top 1% non-eligible targets. Yet, there should be a system for sorting out the non-eligible targets while the support project is processing if CAP cannot sort out whether the standard for small company or additional standard for sales. As the contents for the review in this study, making additional system for blocking the access of non-eligible targets will be good by setting up regulation for the non-eligible targets by each support project or regulating the large income or inappropriate business types in the Act on Protection and Support for Small Enterprise Limitation of the Study The limitations of this study are as follows: First, the juncture of used statistic is a problem. Economy Census by 2010 and Survey on National Enterprise by 2013 are mainly used for analyzing the small enterprise and its sales; Time difference for collecting data occurs minimum 2 years and maximum 5 years during the research project is proceeded. Thus, the statistic can be just used as a basic data for recognizing the current state of small enterprise and planning the direction of policy because the statistic is limited to be able to reflect the present state of small enterprise in Second, the sales units are divided by 1 hundred million won for defining the standard the range of small enterprise. It is hard to clearly sort out the top 1% amount of sales units. For example, in case of lodging and restaurant industry, the full time workers with fewer than 5 hundred million won are the condition for being classified as the small enterprise. However, 99.4% of the enterprises in this industry earn fewer than 5 hundred million won, not 99.0%; it means that top 1% is not excluded but the 0.6% will be. It is better decision making rather than setting the number of standard as 3 hundred million won because, if so, 1.3% of small enterprises cannot be supported by the policy meaning that fewer number of enterprises are excluded when its standard is regulated by 5 hundred million won. However, the statistic is still limited to clearly exclude the top 1% of high sales. Lastly, this study cannot suggest a remedy for managing the term owner operator which is used for replacing small enterprise ㅡ the legal standard ㅡ as a social norm. According to Economic Active Census in 2014, it shows approximately 5.35 million owner operators who are running a one man business or with less than 9 employees. This statistic has big difference from the data of small and medium business statistic system which indicates the 2.96 million people are small enterprise in In fact, this issue has been raised while arguing the targets for small enterprise policy should be escalated. In Fundamental Law of Small and Medium Enterprise, the small and medium business policy aims to the targets as follows: corporation, registered firm or enterprise, etc. meaning that the small enterprise policy should be accordance with this law. It is hard to make the owner operator be applied to the current law because it is not related to the registration of entrepreneur. Therefore, the gap between the law and the real targets for the policy should be reviewed again even though an agreement of direction with the law is performed by excluding the large income enterprise which is not suitable for the purpose of the policy.

23 Yoon-Hyung Nam, Young-Ki Kim, Seung-Hee Kim / Journal of Distribution Science (2016) References Choi, Kyung-Soo (2006). Study on Improvement of the Support Policy for Petty Enterprise. Seoul, Korea: Korea Development Institute. Choi, Won-Doo, Shim, Chung-Jin, & Lee, Yoon-Bo (2009). Improvements of Penalty Tax to Strength Competitiveness of Small and Micro Business. Journal of Taxation and Accounting, 10(2), Choo, Myeong-Jo, & Jung, Yeon-Sung (2015). Effects of Traditional Market Service Quality Factors on Customer Value, Relational Quality, and Behavioral Intention. Journal of Distribution Science, 13(11), Han, Jung-Soo (2015). Evaluation on the Support Policy for Owner Operator. Seoul, Korea: National Assemble Budget Office. Jeong, Eun-Hye (2015). Revitalization through a Marketing Research Foundation of the Disabled. Journal of Distribution Science, 13(2), Jeon, In-Woo (2005). Improvement and Political Subject for Enhancing Small Enterprises competitiveness. Seoul, Korea: Korea Small Business Institute. Kang, Seong-Ha, Lee, Jung-Hee, & Hwang, Seong-Hyuk (2014). Government-funded Projects Effects in Revitalizing the Urban Commercial District for Small and Medium Retail Merchants. Journal of Distribution Science, 12(12), Kim, Gwang-Hee (2009). A Study on the Improvement of Efficiency of SEM Laws. Seoul, Korea: Korea Small Business Institute. Kim, Jong-Jin, Eom, Tae-Kyung, Kim, Sun-Woong, & Youn, Myoung-Kil (2015). Effects of Ethical Management on Job Satisfaction and Turnover in the South Korean Service Industry. International Journal of Industrial Distribution & Business, 6(1), Kim, Jong-Woon (2009). US Small Business Policies. Seoul, Korea: Korea Small Business Institute. Lee, Choong-Seop, Lee, Nam-Joo, & Kim, Jun-Ho (2009). Effects of Market Environmental Characteristics and Governmental Support on the Balanced Score of Small & Micro Business. Accounting Information Review, 27(1), Lee, Duk-Yeon (2011). The Issue of Micro Enterprise and the Constitutional Necessity of its Legal Protection. Yonsei Journal of Public Governance & Law, 2(2), Lee, Jae-Hyung, & Yang, Jeong-Sam (2011). Recent Development on Small-sized Businesses in the Industrial Sector with Low Productivity. Seoul, Korea: Korea Development Institute. Lee, Jung-Wan, Kwag, Michael, & Potluri, Rajasekhara Mouly (2015). Antecedents of Acceptance of Social Networking Sites in Retail Franchise and Restaurant Businesses. Journal of Asian finance, Economics and Business, 2(1), Lee, Nam-Joo, Heo, Tai-Gyu, & Lee, Choong-Seop (2013). An Experimental Research on the Difference of Main Performance Factors Based on Small Business Types. Accounting Information Review, 31(3), Lim, Hyun-Cheol (2015). The Meditator Effect of Supporting Service Satisfaction between the Relation of Management Performance and Supporting Service for Small Business People. Korean Journal of Tourism Research, 30(7), Mathuo, Kazhico (2012). Latest Oversea Legislative Information and the Protection Law for Small Sized Enterprise in Japan. Global Legal Issue, 12(6), Nam, Yoon-Hyung (2009). Study on Revising the Direction for Act on Special Measures for Support of Small Company and Small Enterprise. Seoul, Korea: Korea Small Business Institute. Seo, Jae-Man (2011). Current State of Owner Operator and Direction of Policy. Seoul, Korea: National Assemble Budget Office. Seo, Jung-Hwa, & Youn, Myoung-Kil (2016). A Study on the Concepts and its Vision for Visual Merchandising in Korean Retail Shops. Journal of Distribution Science, 14(8), Su, Shuai, & Yun, Ye-Sol (2012). A Study on the Problem and Improvement of the Distribution System of Pharmaceuticals in Korea. Journal of Industrial Distribution & Business, 3(1), Suh, Geun-Ha, Lee, You-Tay, Noh, Hwa-Bong, & Ryu, Jum-Suk (2014). Study of the Influence of Excessive Competition Among Small Enterprises on Rate of Entry and Discontinuance of Business. The Journal of Small Business Innovation, 17(2), Youn, Myoung-Kil, & Kim, Yoo-Oh (2007). A Study on the Methodology of Distribution Study in Korea. Journal of Distribution Science, 5(1), Yuck, Woi-Su, & Ryu, Tae-Mo (2004). A Study on the Efficient Improvement Scheme of the Support System for Small Business. Journal of Human Resource Management Research, 8(0), Yun, Jeong-Keun (2013). A Study on Policy Proposal for Senior Start-up and Marketing Strategies for Entrepreneurs. Journal of Distribution Science, 11(1),

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25 Han-Suk Lee / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Do Ethical Consumers Really Love Green Brand? A Comparison of Chinese and Korean Consumers * Han-Suk Lee ** Received: November 11, Revised: November 24, Accepted: December 15, Abstract Purpose As socially responsible consumption increases, green marketing emerges as a new philosophy in marketing. A number of companies are now putting forth green marketing strategies. But there is no single definition of green brand that can be used interchangeably. In this paper, we attempt to explore the meaning for green brand, especially in Information and Technology products. Research design, data, and methodology The author developed qualitative and quantitative research design. In particular, the paper approaches this topic from the Asian consumers perspective and applies ethical concepts to green brand research. For this, Chinese and Korean consumers were used as consumer segmentation variables to investigate their ethical perspectives. Results Qualitative research showed that there are several attributes and benefits we need to consider for green brand. Quantitative study showed positive correlations of the two variables: the higher the consumer ethics are, the more they prefer green brands. Conclusions The current study shows that consumers clearly have a certain propensity toward green brand equity. Thus, marketers should consider the consumers evaluation about green brands. This paper also proposes that ethics have a close relationship with green brand equity, and companies may use ethics in marketing strategy management. Keywords: Green Brand, Environmental Sustainability, Asian Consumer, Ethical Perspective, Brand Equity. JEL Classifications: M30, M31, D Introduction Since the World Commission on Economic Development (WCED), it has been brought sustainability into the field of business strategy (Crittenden et al., 2011). Sustainability has been framed by considering multiple dimensions (e.g., environmental, economic, and social domains). Especially environmental sustainability has been gained lots of attention, particularly with the emergence of world environmental protection movement. We also find that consumers happiness may not be maximized if their standard of living is achieved at the expense of the resource consumption of poorer countries. * This research was supported by a 2015 Research Grant from Sangmyung University. ** Department of Global Business, Sangmyung University, Korea. Tel: , hansuk@smu.ac.kr This is related to consumers ethical decision. Over the last couple of decades, the ethical behaviors of companies and consumers have been interest to many researchers (Vitell, 2003; Rawwas et al., 2005; Vitell & Muncy, 2005; Chan et al., 2007). However, most attention has been focused on company s ethics and social responsibility and only few studies are examining ethical issues in marketplaces from the perspective of consumer ethics. Especially socially responsible consumer behavior needs to be explored. Socially responsible consumers can be defined as those who purchase products and services which they perceive as having a positive impact on the environment. Especially, environmental concerns and the demand by consumer groups for environmentally friendly products have already led to the emergence of a new marketing philosophy, known as green marketing. Green marketing has gained acceptance among several companies as being a sustainable competitive strategy. Therefore, recently increasing attention

26 24 Han-Suk Lee / Journal of Distribution Science (2016) has been paid to the relationships between consumer behavior, marketing and the green philosophy. However, a review of prior literatures reveals that there is little to be known about the relationship between ethical concepts and green consumer behavior. Moreover, there is no research which aims to determine the relationship between green brands' images and consumers' preferences. The first objective of this study is to find out the meaning of green brand from the perspective of Asian consumers, specifically Korean and Chinese consumers. Secondly, the paper aimed to determine whether there was a relationship between ethical consumer behavior and green brand preference. Consequently, it compares and contrasts the ethical beliefs of Korean and Chinese consumers using the Consumer Ethical Practice scale of Muncy and Vittel questionnaire (Vitell & Muncy, 2005) and to investigate whether there are differences in green brand preferences between these two nations. We show that the degree of ethics can be used as a segmentation variable. To the best knowledge of the authors, this study represents the first empirical attempt to apply general brand equity theories into green brand consumption related issues using multiple methodologies and cross-cultural investigation. The structure of the study is as follows. In study 1, qualitative research were performed to find out the meaning of green brand. In study 2, the paper compared green brand preference with consumers' degree of ethics. In the exposition of each study the paper includes a literature review, methodology, sample, measurement of construct, and result. The paper concludes with a discussion of the findings and implications of the studies, and some suggestions for possible ways in which this research can be extended in the future. 2. Study1. Qualitative Methodology 2.1. Conceptual Framework Sustainability is a major concern in business management since its strategies are linked to the future of the environment that sustains all life. Sustainability can be achieved via green or ethical consumption. Many companies realize that they are members of the wider community and therefore must behave in an environmentally reasonable fashion (Mainiieri et al., 1997). This means that firms come to know they must achieve environmental objectives as well as financial ones to survive. More marketers are targeting green markets and also incorporating the environmental concerns into marketing activities. Drawing from the past research and analysis of marketing and strategies of green products, successful green products also are able to appeal to mainstream consumers and command price premiums. A strong brand has high brand equity. Brand equity is the positive differential effect that knowing a brand name has on customer response to the product or service (Kotler & Armstrong, 2009). Brand equity is fundamentally determined by the brand knowledge created in consumers' minds (Keller, 2009). Two particularly important components of brand knowledge are brand awareness and brand image. Brand awareness is related to the strength of brand node or trace in memory as reflected by the consumer s ability to recall or recognize the brand among different brands (Keller, 2009). Brand image is defined as a consumer s perceptions of and preferences for a brand as reflected by the various types of brand associations held in the consumer s memory. In this study we use Keller s (2014) brand equity model to conceptualize green brand equity. But in this study, we are focused on finding brand associations related to green brands; we did not select specific manufacturers. So we classified the meaning of green brand into product-related and non-product related brand images. Previous studies suggest that enhancing brand image is beneficial for increasing of the brand equity (Biel, 1992; Faircloth et al., 2001). In this article, based on the former literature, we used the research framework described below. <Figure 1> Conceptual framework based on the Brand Equity Model (Keller, 2014) Although green marketing has long been recognized as an important concept in new marketing paradigms, there is less agreement on its appropriate definition and its constructs. Also, it has traditionally been classified based on company s attitude and strategy and they are primarily focused on the technological perspective (Ottman et al., 2006; Dangelico & Pujari, 2010). However, if we want to set policies and strategies for green consumers and build green brand equity, we must investigate the meaning of green to consumers. It is also important to approach with an ethical viewpoint (Oyewole, 2001) Sample and Procedure A qualitative methodology was selected for the initial portion of this research and focus group interviews were conducted to obtain perceptions on a defined topic (Krueger, 1994). A total of six focus groups (38 participants overall), with each group including between five and seven

27 Han-Suk Lee / Journal of Distribution Science (2016) participants, were conducted at a discussion room in Seoul. Each discussion lasted approximately 90 minutes and one moderator attended each session. The data were analyzed by using framework analysis, which is considered useful for analyzing group data. The researchers followed the five stages of framework analysis. This includes familiarization, identifying a thematic framework, indexing, charting, mapping and interpretation (Krueger, 1994) Qualitative Findings Participants showed their familiarity with the green brand concept. Then, participants were forced to think about the most familiar IT products and asked to write down a word that is most related to the green brand concept. In general, about 80% of participants associated green brand with a pro-environmental concept. The qualitative interviews reveal primary themes relating to green brand images and they also reveal that an ethical perspective is common in participant responses. We figured out that ethical perspectives are important factors that can be used as segmentation criteria of green brand preference. The themes that are related to green branding can be classified into product-related themes and non-product related themes. There are three factors related with 'Product related theme'. The first factor is 'Cost benefit'. The perception that green brands are expensive is common across focus group discussions. This is a product-related attribute and participants thought that green brands usually use energy-conserving techniques, and therefore maintenance costs will be reduced. Participants also felt that they have confounding views related to cost/benefit. The following quotes express these two points of view. I think [green brands are] a little more expensive. This is because green products are made with environmentally friendly materials. And it sometimes requires application of new high-tech systems for energy efficiency At first I felt that [green products are] expensive, but in the long run I think I can save money, because they save maintenance costs. Because of energy efficiency, I'll have a small electricity cost, and the life expectancy of batteries will be longer than other products. The second benefit is 'Operation benefit'. Perrault(2010) claimed that marketers are focused on green consumers, but it would be harmful for companies to emphasize green too much. This could cause consumers' attitudes to become negative. Most participants agreed that even though green brand products usually seem to have higher prices, they would buy green products if their product performance was equal to that of competing products. But they generally did not believe that green brands usually have more functional benefits. In the view of energy, it can be less wasteful but its efficiency is quite questionable. The following quotes express these benefit concepts. Green means good quality. This quality contains the meaning of good performance. But I doubt the performance is excellent. Even though there may be no noticeable difference, companies exaggerate in advertisement. I pay 20% more than ordinary brand prices, but its money for value is just 5% or less I think.". Final factor is 'Environment related benefit protection and harmony'. As expected, pro-environmental associations with the green brand concept were found in all focus groups. They feel that green brands typically use recyclable material, and that they are inclined to be earth-friendly. We also found other characteristics that are related to the environment. Koreans often give an importance to harmony with nature which means following the rules of nature, and not controlling it. It also means that green comes from nature and is not artificial. Participants thought green brand has a meaning of harmony with humans, nature, and culture. This is one of the main values of green brands. It is neither efficiency, nor price. Its value is to keep our planet clean. Green brand stands for following the rules of nature, not conquering it. For 'Non product related themes', I found out five elements. The first factor is 'Benefits for health'. Participants used the words organic and healthy to explain green brand. The people who were interviewed thought healthy was very highly associable. Especially males in their 50s and females in their 40s stressed these words. In addition to, environment-related association is related to exteriority and health benefits are related to interiority of personal consideration. People are concerned about the possible health dangers in using electronic equipment, even though it is very useful and convenient. I think green brands are good for health. They will consider our eyes when we are watching, and consider our ears when we are listening. We can have the best performance and we can protect ourselves from overperformance at the same time. The second factor is 'Self representative benefit'. Scholars have demonstrated that self-brand connections exist and that they can lead to favorable brand attitudes (Escalas, 2004; Sprott et al., 2009). Consumers engage themselves with green brands. People vary in their tendency to possess particular self schemas, and this can lead to differential attitudes toward green brands. Some consumers thought they could develop their self schemas about how the brands they use and like are related to the self. They create links between green brand and their self concept. When I use green brands, it makes me appreciate green people. People will treat me as a good-minded person. And it will represent who I am and what I usually do. Using green brands is one of the methods in presenting myself to other people.

28 26 Han-Suk Lee / Journal of Distribution Science (2016) The third factor is 'Smart behavior as a good citizen'. Participants felt that by using green products, they were acting as good citizens. It became a responsibility for consumers to consider socially responsible consumption. This is a different meaning when compared with selfrepresentation benefits. People will feel that they are doing well when observing the law and ethical values. Socially responsible consumption can also be thought of as an intelligent behavior. This related to Hoftede s classification of culture. According to Hoftede, Korean culture is considered collectivistic Koreans often want to act as a component of society rather than focusing on individual benefits. Therefore we can say that green brand can make consumers smart and socially desirable. Green can stand for smart. I would say it looks like clever and desirable. When I saw someone in the market who wanted to buy a TV with green logo, I felt that she thought about her family and green felt socially desirable The fourth factor is 'Symbolic benefit - Trendy'. Another emergent theme from our analysis is that the newest trends sometimes become an image for green brands. Comments from the informants on this issue include: These days, using green brands is a kind of trend. If I don t see a logo related to green, I think that brand doesn t keep up with current trends. Green has become something trendy. It seems like a cool behavior because it is new and charming. These quotes illustrate that a brand is out-of-date or behind the times if it does not have a green benefit. The final factor is 'Ethical belief - Dominant image related to Green brand'. We can infer that the concept of green brand is essentially related to ethics from qualitative studies. When asked to discuss the feelings evoked by the idea of a green brand, most participants expressed that these feelings are very positive and also related to ethical consumption. They felt that one who uses green brands will be more ethical. Discussion reveals that ethics is related to green mainly because when individuals buy green products, it makes them feel as if they are doing something positive and good for society. Koreans are influenced by the Confucian culture. Under Confucian culture, ethics is emphasized as an essential requisite to be a man of noble character. Sustainability can be achieved by green consumption. Ethical consumption means that consumers have a higher level of global awareness. But as far as we know, there is little research dealing with consumer ethics and green brand equity together, especially from the perspective of Asian consumers. Despite environmentalists' constant urge to treat human-environment interaction as an ethical issue that should be governed by well-articulated moral principles, studies that frame eco-friendly consumer practices as an ethical issue for empirical investigation remain rare. To help fill this research gap, this study uses ethical concepts to examine how consumers basic moral philosophies may influence their preference for green brand images and their satisfaction with green brands. 3. Study 2. Quantitative Methodology 3.1. Conceptual Framework Consumers are an essential part of the marketing processes and marketers should give an effort to understand their target consumers. Understanding differences and similarities between responses on ethical issues and on green brand issues will help Western firms facilitate and market to their targeted consumers. Ethical consumption means that consumers have a higher level of global awareness, which is beyond environmental issues that related to consumers directly. In this study we selected China and South Korea as sample countries. Ethics can be defined as inquiry into the nature and grounds of morality, where the term morality is taken to mean moral judgments, standards, and rules of conduct (Taylor, 1975). A relatively large part of the literature on ethics in marketing has been focused primarily on the seller side rather than the buyer side. But as consumers are major participants in the business process, researchers have found that neglecting them may result in an inadequate understanding of that process (Swaiden, et al., 2003). For example, Vitell and Muncy (2005) developed a consumer ethics questionnaire that examines the significance of morality in various marketplace practices. They developed a consumer ethics scale that examines consumer ethical beliefs regarding various questionable behaviors. Brand equity, an intangible brand property, is the hidden value inherent in a well-known brand name (Yasin et al., 2007). Higher brand equity can cause consumers to be willing to pay more for the same level of quality due to the attractiveness of the name attached to the product (Bello & Holbrook, 1995). In this study we followed the results of study 1 and also applied Chen's (2010) recent definition of brand equity. He defined green brand equity as a set of brand assets and liabilities about green commitments and environmental concerns linked to a brand, its name and symbol that add to or subtract from the value provided by a product or service. Because the relationships among the various components of the ethical decision-making process are likely to vary with consumers perceived importance of the ethical issue in question, this study also examines the possible moderating effect of this perceived importance. To the best knowledge of the authors, only one study has attempted to empirically apply general ethics knowledge to the analysis of green-consumption related issues. Chan et

29 Han-Suk Lee / Journal of Distribution Science (2016) al. (2007) surveyed 250 Chinese consumers, and showed that teleological evaluations exert a much stronger influence on ethical judgment than do de-ontological evaluations. In this research, we tried finding the relationship in the case of using durable products. The hypothesis of this research is as follows. <H1> The level of consumer ethics and the preference for green brand equity have a positive relationship. Despite the current importance of the Asian market, no study has compared the differences in ethical beliefs of Asian consumers using the Muncy-Vitell Questionnaire. According to Mooji and Hofstede (2010), China and Korea are both considered to be collectivistic cultures. In collectivistic cultures, appeals focusing on in-group benefits, harmony and family are most effective, whereas in individualistic cultures like the United States, it is more important for appeals to focus on individual benefits and independence. Hall (1976) has suggested a distinction between high-context and low-context culture. In the high-context culture, information is widely shared through simple messages with deep meaning. Therefore high-context countries including China and Korea, the simple message green brand can have a deep meaning. As the green brand becomes a new paradigm, individuals' responses to green-brand related questions should be reevaluated. The choice of China as the research setting for this study warrants discussion. While China has been enjoying remarkable economic performance since its 1978 proclamation of the open door policy, it has nevertheless been paying a high ecological price for this speedy economic development. However, the country is the world s largest and second largest producer of ozone-depleting substances and greenhouse gas emissions (Baldinger, 2000). To explain that culture and nation of origin can be used as criteria to distinguish people s ethical beliefs, we use differential association theory. Differential association theory (Ferrell & Gresham, 1985) assumes that ethical/unethical behavior is learned in the process of interacting with persons who are a part of intimate personal groups or role sets. Thus, it is expected that association with others who are perceived to be participating in unethical behavior, combined with the opportunity to be involved in such behavior oneself, are major predictors of unethical behavior Sample and Procedure To empirically test our hypothesis, a total of 247 participants from Korea and 281 participants from China were surveyed for this study. Subjects with varying demographic features were randomly selected and overall, 380 (72%) respondents were male. In both the Korean and the Chinese samples, the highest proportion of the sample was in the age group (Korea: 59.1%, China: 64.1%). In this study, we used automobiles as the main product, because of the recent green marketing strategy of the automobile industry. Also, China's car to car-owner ration is increasing more quickly than that of nearly any other country. The measurement of the questionnaire items in this study was with the Seven Point Likert scale (1 = strongly disagree, 7 = strongly agree). The questionnaire was composed of three parts. The first part was on consumer-ethics related issues and asked every respondent to read about automobile brands that the researcher suggested in the survey paper. Then every consumer was requested to regard it as the focal brand and fill out the questionnaire. The second part concerned green brand equity and the third part was related to demographic items with respondents. In this study, we used the Muncy-Vitell consumer ethics scale. It examined consumer ethical beliefs regarding various questionable behaviors. It resulted in four-dimensional solutions for consumer ethical beliefs: (1) actively benefiting from illegal activities; (2) Passively benefiting; (3) recycling/ environmental awareness; and (4) doing the right thing/doing good. Based on the measurements of Chen (2010), our measurement of green brand equity includes four items. (1) It makes sense to buy this brand instead of other brands because of its environmental commitments, even if they are the same. (2) Even if another brand has the same environmental features as this brand, you would prefer to buy this brand (3) If there is another brand whose environmental features are the same as this brand's, you would still prefer to buy this brand. (4) If the environmental concern of another brand is not different from that of this brand in any way, it seems smarter to purchase this brand Analysis and Results A total of 247 participants from Korea and 281 participants from China were surveyed for this study. Subjects with varying demographic features were randomly selected. As a screening survey question we asked if respondents were interested in automobiles or the automobile industry. Overall, 380 (72%) respondents were male and 148 (28%) respondents were female. In both the Korean and the Chinese samples, the highest proportion of the sample was in the age group (Korea: 59.1%, China: 64.1%). Confirmatory factor analysis (CFA) was performed using AMOS 4.0 to check convergent validity and discriminant validity (Anderson & Gerbing, 1988). The overall model for the Korean sample showed a satisfactory fit. The overall model for the Chinese sample also showed a satisfactory fit. The findings proved that there was a good fit between the proposed model and the sample data, and

30 28 Han-Suk Lee / Journal of Distribution Science (2016) undimensionality of all constructs were satisfactory in both cases of Korea and China (Bagozzi & Yi, 1988). SPSS 18 was used to test reliability. It is commonly agreed that if the Cronbach s alpha coefficient is bigger than 0.6 in the domain of exploratory research, 0.8 in the field of basic research. <Table 1> shows the Cronbach s alpha coefficient results. <Table 1> Reliability test result Construct Items Lamda Cronbach's alpha AVE Square root of AVE Green brand equity GB1 GB2 GB3 GB Consumer ethics actively benefiting from illegal actions Consumer ethics passively benefiting EA1 EA EP1 EP Consumer ethics - recycling REC1 REC2 REC SPSS 18 was used to analyze the relationship between consumer ethics and Green brand equity preferences. In <Table 2>, the preference for green brand equity in automobiles in both Korea and China increased proportionately with the level of consumer ethics. In China, the mean of the green brand equity preference varied from 4.03 for the low ethical consumer to 4.53 in the high ethical group. In Korea, the mean of the preference of previous products ranged from 4.18 to <Table 2> Mean difference between Chinese and Korean Consumer Ethics Chinese Korean Level Mean SD Mean SD High Ethical Consumer Low Ethical Consumer An independent sample t-test was conducted to assess the relationship between consumer ethics and the preference for green brand equity. The higher the level of consumer ethics, the more they preferred green brands. <Table 3> Independent Sample t-test Levene's Test for Eqauality of Variances F Sig t df t-test for Equality of Means Sig (2-tailed) Mean Std. Error Difference Difference Korean Chinese The rising slope of the preference for green brand is clearly illustrated in <Figure 2>. <Figure 2> Ethical Consumer and preference to green brand equity 4. General Conclusion With this research we can find the meaning of "Green brand" from customer's perspective. Green brand has become a philosophy in marketing and it is required to use the green image for core brand equity. Also, consumer ethics is an important part of marketing ethics. Thus, marketers should consider both internal ethics and external environmental ethics. Moreover, environmental issues have become highly mainstreams in the world. Therefore green marketing is an inevitable trend for companies. However, there remains some criticism about green. Many companies still believe that consumers will welcome anything that is considered to be green. Ottman et al. (2006) called this illusion green marketing myopia. To avoid this myopia, marketers must fulfill consumers' needs and interests beyond

31 Han-Suk Lee / Journal of Distribution Science (2016) what is good for the environment. To make green marketing a sustainable competitive advantage to firms, we need to further explore the concept of green branding. This study investigated the green concept from the consumer s point of view. We classified themes for green branding. For Asian consumers, green have different meanings because of cultural differences such as collectivism, Confucianism, attitude toward nature, and so on. Participants especially considered that ethical beliefs have a relationship with green. Green has always existed, but these days it has become a responsibility that contributes to the formation of one s personality. Importantly, this research sought to explore the concept of green branding. We investigated the concept green from the consumer s point of view. We classified the green brand image through product-related association and non-product related association. Participants certainly knew the green brand concept and they are more likely to pay attention to the marketing strategies for green brands. We also tried to determine the relationship between ethics and green brand equity. We suggest that ethics can be used as a segmentation variable. This research was conducted to investigate consumers responses toward green brand equity, using data from Korean and Chinese consumers. After clustering the subjects into groups based on the level of consumer ethics, we further tested the relationship between consumer ethics and green preference. However, owing to its exploratory environment, this study surveyed just major cities in China and Korea. Considering China s vast territories, diverse ethnicities, and extreme ecological differences between regions, we were unable to capture and cover differences between regions. Researchers who are interested in this topic should consider differences between regions and differences between cultures within these countries. We hope that the research results are helpful to managers, researchers, practitioners, and governments, and provide a useful contribution to relevant studies and global marketing managers. References Anderson, James C., & Gerbing, David W. (1988). Structural equation modeling in practice: a review and recommend two-step approach. Psychological Bulletin, 103(3), Bagozzi, Richard P., & Yi, You Jae. (1988). On the evaluation of structural equation models. Journal of the Academy of Marketing Science, 16(1), Baldinger, P. (2000) China s green market. The China Business Review, March/April, 44-47, Bello, David C., & Holbrook, Morris B. (1995). Does an absence of brand equity generalize across product classes. Journal of Business Research, 34(2), Biel, Alexander L. (1992). How brand image drives brand equity. Journal of Advertising Research, 32(6), Chan, Ricky Y. K., Wong, Y. H., & Leung, Thomas, K. P. (2007). Applying ethical concepts to the study of green consumer behavior: an analysis of Chinese consumers intentions to bring their own shopping bags. Journal of Business Ethics, 79(4), Chen, Yu-Shan (2010). The drivers of green brand equity: green brand image, green satisfaction, and green trust. Journal of Business Ethics, 93(2), Crittenden, Victoria L., Crittenden, F., Ferrell, K., Ferrell, C., & Pinney, C. (2011). Market-oriented sustainability: a conceptual framework and propositions. Journal of the Academy Marketing Science, 39(1), Dangelico, Rosa Maria., & Pujari, Devashish (2010). Mainstreaming green product innovation: why and how companies integrate environmental sustainability. Journal of Business Ethics, 95(3), Escalas, Jennifer Edson (2004). Narrative processing: building consumer connections to brands. Journal of Consumer Psychology, 14(1), Faircloth, James.B., Capella, Louis. M., & Brude, Alford L. (2001). The effect of brand attitude and brand image on brand equity. Journal of Marketing Theory and Practice, 9(3), Ferrell, Odies C., & Gresham, Larry G. (1985). A contingency framework for understanding ethical decision making in marketing. Journal of Marketing, 49, Greenbaum, Thomas L. (1993). The Handbook of Focus Group Research. New York: Lexington Books. Hall, Edward Twitchell. (1976). Beyond Culture. New York: Anchor Press-Doubleday. Keller, Kevin Lane (2009). Building strong brands in a modern marketing communications environment. Journal of Marketing Communications, 15(2), Keller, Kevin Lane (2014). Strategic Brand Management. New York: Pearson. Kotler, Philip, & Armstrong, Gary (2009). Principles of Marketing. New York: Pearson. Krueger, Richard A., & Casey, Mary Anne (1994). Focus

32 30 Han-Suk Lee / Journal of Distribution Science (2016) Groups. A Practical Guide for Applied Research. London: Sage Publications. Mainieri, Tina., Barnett, E. G., Valdero, T. R., Unipan, J. B., & Oskamp, S. (1997). Green buying: the influence of environmental concern on consumer behavior. The Journal of Social Psychology, 137(2), Mooji, Marieke, & Hofstede, Geert (2010). The hofstede model: application to global branding and advertising strategy and research. International Journal of Advertising, 29(1), Ottman, Jacquelyn A., Stafford, Edwin R., & Hartman, Cathy L. (2006). Green marketing myopia. Environment, 48, Oyewole, Philemon (2001). Social costs of environmental justice associated with the practice of green marketing. Journal of Business Ethics, 29(3), Perreault, William, D. (2010). Essentials of Marketing. New York: McGraw Hill. Rawwas, Mohammed Y. A., Swaidan, Ziad, & Oyman, Mine (2005). Consumer ethics: a cross-cultural study of the ethical beliefs of Turkish and American consumers. Journal of Business Ethics, 57(2), Sprott, David Czellar, Sandor, & Spangenberg, Eric (2009). The importance of a general measure of brand engagement on market behavior: development and validation of a scale. Journal of Marketing Research, 46(1), Strauss, Anselm, & Corbin, Juliet (1990). Basics of Qualitative Research: Grounded Theory Methods and Procedures. Newbury Park, CA.: Sage. Swaidan, Ziad, Vitell, Scott J., & Rawwas, Mohammed Y. A. (2003). Consumer ethics: determinants of ethical beliefs of African Americans. Journal of Business Ethics, 46(2), Taylor, Paul W. (1975). Principles of Ethics: An Introduction. Encino, CA.: Dickenson Publishing Company. Vitell, Scott J. (2003). Consumer ethics research: review, synthesis and suggestions for the future. Jounal of Business Ethics, 43, Vitell, Scott J., & Muncy, James (2005). The Muncy-Vitell consumer ethics scale: a modification and application. Journal of Business Ethics, 62(3), Yasin, Norjayar, Nasser Noor, Mohd, & Mohamad, Osman (2007). Does image of country-of-origin matter to brand equity?. Journal of Product and Brand Management. 16(1),

33 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) Print ISSN: / Online ISSN The Effects of Corporate Social Responsibility on Corporate Activity: Comparing Domestic and Multinational Corporations in Korea * Young-Su Jung **, Shin-Ae Kang *** Received: November 15, Revised: November 28, Accepted: December 15, Abstract Purpose - This study investigates whether corporate social responsibility(hereafter CSR) management activities affect companies' performance. Depending on the CSR management activities and companies' type (national and multinational), we examined whether there is any difference in their CSR activities on Corporate Performance. Research design, data, and methodology Data were collected from 230 surveys with a sample group consisting of employees in multinational corporations located in Seoul and Gyeonggi and 224 copies were used from 3 May 2016 to 17 May The data was analyzed by SPSS Results The empirical results show that CSR management activities positively influence on financial and non-financial corporate achievement and CSR may be interpreted as a strategic method to improve corporate value. But the impacts of CSR activities on performance were different between domestic and multinational corporations. The reason that the legal responsibility was overruled as a factor for financial and non-financial achievement in domestic company may be that CSR management activity is perceived as an indulgence to hide or beautify negative behavior regarding corporate illegal behavior, thus it does not deliver value. Conclusions - CSR activities can be delivered differently between domestic and multinational corporations, and further study should be done why there are differences between corporations. Keywords: Corporate Social Responsibility, Domestic Corporation, Multinational Corporation, Performance. JEL Classifications: G30, G34, G Introduction After a major earthquake in Wenchuan, Sichuan province on 12 May 2008, strong patriotism was initiated in China. On the one hand, this patriotism received a positive evaluation from people because numerous domestic and multinational corporations provided support by donating money and supplying donation goods. On the other hand, Chinese consumers boycotted products of multinational corporations that donated small amounts after the donation * This paper is developed from the master's thesis of Jung Young-Su. ** First Author, FedEx Express Korea Operations(KAGA) Courier. Korea. jys2213@hotmail.com *** Corresponding Author, Assistant professor, Department of Business Administration, Seoul National University of Science and Technology, Korea. Tel: , akang@seoultech.ac.kr ranking of corporations was published. Thereafter, the Secretary of Commerce in China denounced the authenticity of the donation ranking. Similarly, Chinese consumers are more sensitive toward the corporate social responsibility (CSR) of multinational corporations than that of domestic corporations and have high expectations to them. Social responsibility management activity has become influential on corporate achievement as much as economic power and corporate scale. Although no clear definition on CSR management activity currently exists, this sphere has now been extended its range from the CSR management activity to create shared value based on many studies. This present study considers four responsibilities based on the CSR pyramid model formulated by Carroll (1979, 1991), namely, economical, legal, ethical, and charitable responsibilities, as the basic definition on CSR management activity. Existing studies regarding social responsibility were conducted based on the influence of CSR management

34 32 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) activity on corporate achievement. Studies on comparative analysis were inadequate, and those for the influences of CSR management activity on corporate achievement were insufficient. Therefore, this paper performs a comparative analysis on the effects on CSR management activity for corporate achievement, including financial and non-financial achievement, and it aims to determine the effect on the CSR management activity of domestic and multinational corporations on corporate achievement. This study was performed in parallel to a literature review through an investigation of existing literature and a survey through empirical analysis. A Literature review examines the concept and type of CSR management activity covered in existing studies and reviews, and also analyzes domestic and foreign studies related to CSR management activity to determine the process of creating a model and hypothesis on the influences on corporate performance and financial and non-financial achievement. In addition, the hypothesis is verified through an empirical study to achieve the goal of this study based on the literature review, and a comparative analysis is performed to get the findings. Employees of domestic and multinational corporations in Seoul and Gyeonggi were selected for the survey sample group. A survey was conducted from 3 May 2016 to 17 May 2016; we distributed a total of 230 questionnaires and collected 224 questionnaires (direct questionnaire: 121, KSDC DB questionnaire: 103) for the final analysis. The following analyses were conducted: frequency analysis to examine the demographic characteristics, reliability analysis through Cronbach's α verification to examine the internal consistency of variables, and exploratory factor analysis and correlation analysis to confirm the convergent validity and discriminant validity. Additionally, linear regression analysis was performed to verify the hypothesis about management activity, corporate performance, and financial and non-financial achievement. 2. Literature Review 2.1. Definition of CSR It is difficult to define clearly CSR management activity today. The definition of CSR management activity varies in terms of perspectives, as it may be divided into more than a thousand categories (Dahlsurd, 2008) despite several efforts. Thus, CSR is used in the context of other terms such as Corporate Sustainable (CS), Sustainable Entrepreneurship (SE), Corporate Responsibility (CR), Responsible Business (RB), Corporate Ethics (CE), and Corporate Citizenship (CC) (Jang, 2013). Although CSR management activity has been defined by various studies, the definitions have never been organized clearly even in the academe, and each researcher has presented a different interpretation. A corporation can also change its recognition about social responsibility, along with the change in numerous viewpoints on corporations. The definition of CSR presented by global organizations and celebrities is discussed as follows. The International Organization for Standardization (ISO) in 2010 selected ISO It used the term Social Responsibility (SR), which excludes Corporate from existing CSR, and defined it as follows: it is the activity that proceeds to enable corporations to grant an abundant benefit on throughout whole society such as human and local community with social, economic and environmental issue. Thereafter, it extended the domain of responsibility. The United Nations Conference on Trade and Development (UNCTAD) defined CSR as follows: it is about how corporation reacts to requirement and purpose for society. The Organization for Economic Cooperation and Development (OECD) defined CSR as follows: it is the concept that corporations integrate social and economic issues into correlation between corporate activity and interested parties by themselves. In addition, the European Union (EU) defined as CSR as follows: it is the concept that corporations integrate social and economic issues into correlation between corporate activity and interested parties by themselves. The International Organization of Employers (IOE) defined CSR as follows: it is voluntary and positive activity of corporation at various social, economic and environmental sectors going beyond observance of a law. In addition, the World Business Council for Sustainable Development (WBCSD) defined CSR as follows: it is corporation that will contribute on sustainable development and improve their quality of life through cooperating with family, employee, local community and whole society. The Ministry of Economy, Trade and Industry of Japan defined CSR as follows it is a management method to contribute on sustainable and probable development with smooth business activity and following result expansion through active exchange with interested parties surrounding corporation according to corporate management philosophy (Zhou, 2009, re-cited). In the famous book, Corporate Social Responsibility, Bowen (1953) defined CSR as follows: CSR is pursuing the best policies in the viewpoint of social goal or value, to make those decisions or follow those lines of action, which are desirable in terms of the objectives and values of our society. Eells and Walto (1961) defined CSR as follows: It may be thought in the viewpoint of many problems occurred by every corporate activity and viewpoint of ethic principle determining relation of corporation and society, and namely this problem solution and observance of ethics are CSR. McGuire (1963) said that society has not only economic and legal responsibilities but also these responsibilities. McFarland (1982) said that CSR management activity is the development of interdependence recognition, and this recognition among the individual, organizational, and social systems are integrated into a behavior in the framework of

35 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) economic, ethical, and charitable values. Murray and Montanari (1986) said that CSR means a legitimate corporate activity that may be admitted beyond economical and legal requirements. In addition, Wood (1991) said that although a corporation aims to pursue profit, CSR completes its purpose in the ethical and legal aspects and enables an individual businessman to exercise the right of decisionmaking in a socially responsible direction. Furthermore, Carroll (1979, 1991) categorized CSR management activity into four domains, namely, economic, legal, ethical, and charitable responsibilities. Accordingly, most domestic studies used the four domains of Carroll (1979, 1991) to evaluate CSR CSR and Financial Performance Positive Effects on Financial Performance Pava and Krausz (1995) found a positive relationship between CSR management activity and financial achievement. Sundgren and Schneewies (1998) verified that financial achievement is positively influenced by CSR management activity through an empirical analysis of the relation between CSR management and financial achievement for listed corporations. Simpson and Kohers (2002) found a positive relationship between CSR management and financial achievement, using a bank as a case study. The relationship between CSR management activity and financial achievement positively influences the viewpoint of an interested party (Kim, 2011a). When a corporate image activity is conducted, corporate philanthropic activities that are CSR management activities positively influence corporate performance (Kim, 2011b) Negative Effects on Financial Performance Although Preston and O Bannon (1997) found that decreasing expenditure on social achievement to increase short-term profits and individual achievement of managers has a negative relationship, they found that corporate managers divert attention from expenditure for social programs when financial achievement is poor. Freedman and Jaggi (1982) said that the cost of CSR management activity might become unstable in aspects that were not previously considered. In the case of public enterprises and semi-government agencies, CSR management activity cannot positively influence financial achievement (Im, 2014) Neutral Effects on Financial Performance Ullmann (1985) comprehensively and critically reviewed the study results on CSR management activity and financial achievement until the mid-1980s and asserted that CSR has an inconsistent relationship with financial achievement. Eight of 13 studies showed a positive relation, four studies did not have any relation, and one study showed a negative relation. Domestic studies analyzed financial achievement with the social responsibility framework of Carroll (1979, 1991), taking economic, legal, ethical, and charitable responsibilities as variables. According to Chang (2013), the CSR of foreign multinational corporations in Korea positively influences on corporate achievement. According to Shin (2016), whereas economic, ethical, and charitable responsibilities positively influence on corporate achievement, legal responsibility negatively influences on corporate achievement CSR and Non-financial Performance Non-financial achievement includes customer satisfaction, corporate image, cooperative relationship with suppliers, and corporate foreign reliability, which are more useful in predicting long-term achievement than current corporate financial achievement; these factors influence overall corporate achievement (Banker et al., 2000). In addition, employee training, employee participation, and corporate achievement are the core conditions for business success, which may increase corporate efficiency (Tahsildari & Shahnaei, 2015). Social value measures a close part of social influence that is difficult to change economically, and it includes the promotion of the quality of life that is aimed at the individual level and the management index that approaches economic calculation and the self-reliance of individuals and the community into economic and social influences (Dees & Anderson, 2003). Data from studies on non-financial achievement based on the social responsibility framework of Carroll (1979, 1991) is scarce. Many studies positively influence corporate achievement. According to Stanwick and Stanwick (1998), if a corporation highly performs in CSR management activity, then the productivity of organization members increases, and generated profit through this activity would offset or exceed the expenditure. According to a study by Waddock and Graves (1997), CSR management activity has a positive correlation to corporate financial achievement. According to a study of Park and Lee (2001), CSR management activity shows a positive influence on financial achievement. The social responsibility activity of foreign multinational corporations in Korea positively influences corporate achievement (Chang, 2013). Accordingly, based on advanced studies, this study proposes the following hypotheses, which considers the four responsibilities (economic, legal, ethical, and charitable responsibilities) as independent variables and corporate achievement and financial and non-financial achievement as dependent variables. <Figure 1> shows the research model. <Hypothesis 1> CSR management activity would positively influence on corporate achievement. <Hypothesis 1-1> CSR management activity would positively influence on financial achievement.

36 34 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) <Hypothesis 1-2> CSR management activity would positively influence on non-financial achievement. <Hypothesis 2> CSR management activity would positively influence on the corporate achievement of domestic corporations. <Hypothesis 2-1> CSR management activity would positively influence on the financial achievement of domestic corporations. <Hypothesis 2-2> CSR management activity would positively influence on the non-financial achievement of domestic corporations. <Hypothesis 3> CSR management activity would positively influence on the corporate achievement of multinational corporations. <Hypothesis 3-1> CSR management activity would positively influence on the financial achievement of multinational corporations. <Hypothesis 3-2> CSR management activity would positively influence on the non-financial achievement of multinational corporations. <Figure 1> Research Model 3. Data and Methodology This study conducted a survey with a sample group consisting of employees of multinational corporations located in Seoul and Gyeonggi. The survey was conducted for approximately two weeks from 3 May 2016 to 17 May A total of 230 questionnaires were distributed, and 224 copies (direct questionnaire: 121, KSDC DB questionnaire: 103) were collected for the final analysis. The collected data were analyzed through the following methods: frequency analysis to examine the demographic characteristics, reliability analysis through Cronbach's α verification to examine the internal consistency of the variables, exploratory factor analysis and correlation analysis to confirm convergent validity and discriminant validity, and linear regression analysis to verify the hypothesis on CSR management activity and corporate achievement. The series of analyses were conducted through SPSS Independent Variables The independent variables of CSR management activity in this study were categorized into the four responsibilities (economic, legal, ethical, and charitable responsibilities) defined by Carroll (1979, 1991) and referred to a study of Park et al.(2010) to measure questions about the four levels of CSR management. A total of 19 verified items were selected through exploratory factor analysis on CSR activity. These 19 items were developed with four or five levels as suggested by Carroll (1979, 1991). Thus, the following measurement items are included: economic responsibility includes quality improvement, helping economic development, employment creation, improving living standards, and wage level; legal responsibility includes compliance with legal standards, pursuing welfare, contractual responsibility, corporate management-related laws, and consumer protection laws; ethical responsibility includes false advertising, social ethics, transparent management, and justice business; and charitable responsibility includes cooperative project, higher education, volunteer work, society restoration, and education support. Each item is measured on a five-point Likert-type scale, as follows: Not at all: 1 point, Not really: 2 points, Neutral: 3 points, Likely: 4 points, and Very likely: 5 points Dependent Variable The dependent variable of corporate achievement of this study is selected and measured by a total of ten corporate achievement questions through exploratory factor analysis to fit the purpose of this study, based on advanced studies such as those of Carroll and Buchholtz (2000), Waddock and Graves (1997), Park and Lee (2002), Ban and Kim (2009). It is classified into financial achievement and non-financial achievement and is progressive. Financial achievement includes turnover, net income, investment earning rate, EPS growth, and market share. Non-financial achievement includes customer satisfaction, corporate image, cooperative relationship, corporate foreign reliability, and employee job satisfaction. Each item is measured on a 5-point Likert-type scale as follows: Not at all: 1 point, Not really: 2 points, Neutral: 3 points, Likely: 4 points, and Very likely: 5 points. A high score means a high corporate achievement. 4. Empirical Results 4.1. Demographic Composition of Research Subject The demographic characteristics of the 224 respondents collected through survey are organized and presented in a <Table 1>. Gender results show that 69.6% of the respondents are male (156), and 30.4% are female (68). Age results show that 27.6% of the respondents are in their forties (62), 5.4% are in their twenties (12), and 2.7% are over fifty years old (6). According to the academic ability of the respondents, 41% are college graduates (92), 22.8% are junior-college graduates (51), 21.0% are high school

37 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) graduates (47), and 15.2% completed graduate school (34). Service year results show that 34.3% of the respondents had 1 5 years of experience (77), 31.7% had 6 10 years (71), 18.8% had years (42), 10.7% had years (24), and 4.5% had over 21 years of experience (10). According to rank, 33.9% of the respondents are staff members (76), 33.5% are at the managerial level (75), 18.8% are section chiefs (42), 9.3% are department heads (21), and 4.5% are executives (10). According to job classification, 43.8% of the respondents are members of the administrative department (98), 27.7% are in production (62), 16.5% are in sales and marketing (37), 9.8% are in research and development (22), and 2.2% are in other departments (5). According to corporation scale, 31.3% of the respondents mentioned that their companies had less than 100 employees (70), 26.8% of respondents worked for employers that had 1,000 employees (60), 24.5% had less than 1,000 employees (55), 9.8% had less than 300 employees (22), and 7.6% had less than 500 employees (17). According to business type, 44.2% of the respondents are from distribution or logistics companies (99), 31.3% are from manufacturing companies (70), 10.7% are from construction companies (24), 10.7% are from communication companies (24), 1.8% are from other types of companies (4), and 1.3% are from financial companies (3). According to corporation domicile, 56.7% of the respondents are from domestic companies, and 43.3% are from multinational companies (97). <Table 1> Characteristics of Survey Respondents (n=224) Classification Frequency Ratio Frequency Ratio Classification (#) (%) (#) (%) Gender Male Administrative position Female Sales/Marketing s Occupation R&D/Engineering Age 30s Production s etc s and more less than High School Company Size less than Education 2-year college (# of less than year college employee) less than 1, Graduate School or more more than 1, Continuous Service Years Position 1~5 years Manufacturing ~10 years Service/Logistics ~15 years Type of Construction ~20 years Business Finance years and more Information Employee etc Manager Domestic Company Senior Manager Multinational Section Chief Director Validity and Reliability Analysis on the Variables Before hypothesis verification, reliability analysis was conducted to confirm the sufficiency of the collected data in encompassing the concept of the variables related to the hypothesis. Reliability may be regarded as the concept related to the unsystematic error means dispersion of the measured value that appears when an identical concept is repeatedly measured; thus, concepts such as stability, potential measurement, and accuracy are included. Through the questionnaires secured through a series of processes, this study measured reliability through Cronbach's Alpha. For all questions, if the alpha coefficient is greater than 0.5, then it is evaluated as an acceptable level. For individual questions, if the alpha coefficient is greater than 0.6, then it is evaluated as an acceptable level. Lastly, if it is greater than 0.7, then it is evaluated as a reliable level (Nunnally, 1978). Exploratory factor analysis was conducted to verify the construct validity of questionnaire composition. Principle Component Analysis (PCA) was used for factor extraction,

38 36 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) and Varimax method is used to verify nursing independence for factor rotation. The reliability and validity analysis on the measurement tool used for the empirical analysis in this study is shown in <Table 2>. <Table 2> The Results of Principal Component Factor Analysis: Independent Variables Measurement Items Component quality improvement.713 contribution to economic development.758 Economic creation of employment Responsibility.693 improvement of standard of living.717 satisfaction of wages.593 Legal Responsibility Ethical Responsibility Philanthropic Responsibility obeying the law.760 obeying labor law and.690 searching for welfare following the notional contractual responsibility obeying the corporate management related law obeying the consumer protection law avoiding exaggerated and deceptive advertisements searching for social ethics transparent management fair trading with partner.708 collaborating with regional community.634 supporting additional education.770 promoting volunteer service.708 returning to society.715 supporting education.733 Eigen Value Explained Variance % Cumulative Variance % Cronbach's Alpha According to <Table 3>, questions that measure variables are properly grouped into each factor, and each item explains 78% of the whole dispersion. In addition, every Eigenvalue is over 1.0, which is high. Every factor loading value is over 0.6; thus, the problem of convergent validity and discriminant validity is non-existent. <Table 3> The Results of Principal Component Factor Analysis: Dependent Variables Financial Performance Measurement Items Sales.827 Net income.899 Return on Investment.881 Growth rate of Profit.876 Market Share.802 Component 1 2 Customer Satisfaction.849 Corporate Image.738 Non-financial Performance Cooperative Relationship.667 Reliability.664 Employee Satisfaction.768 Eigen Value Explained Variance % Cumulative Variance % Cronbach's Alpha Correlation Analysis In this present study, correlation analysis was conducted to confirm whether a correlation between the variables exists. First, multi-collinearity between individual independent variables must be determined, which can be confirmed by calculating the Variance Inflation Factor (VIF). VIF shows a high correlation level with different independent variables if the VIF value is high. In general, if the VIF values of individual independent variables are greater than ten, then the problem of multicollinearity is non-existent. <Table 4> shows a significant correlation analysis result with CSR recognition and corporate achievement, which is a dependent variable. An examination of the sub-elements of CSR recognition shows that corporate achievement is significantly positive correlated with economic, legal, ethical, and charitable responsibilities, and this finding may be confirmed with the Pearson correlation coefficient. <Table 4> Mean-Correlation Analysis among Variables Mean S.D Performance Economic Responsibility ** 1 Legal Responsibility **.592** 1 Ethical Responsibility **.548**.602** 1 Philanthropic Responsibility **.542**.551**.611** 1

39 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) Hypothesis Verification Linear regression analysis is conducted to study the influence of CSR management activity on corporate achievement. As the corporate level is measured, the sample number is limited; thus, the data attribute may react sensitively. The hypothesis was verified with a flexible standard of conformity and p<0.05 (significant level 5%). The purpose of this study is to determine the effects of CSR management activity on corporate achievement. Therefore, linear regression analysis is conducted with economic, legal, ethical, and charitable responsibilities as independent variables, and corporate, financial, and non-financial achievements as dependent variables. <Table 5> shows the results of regression analysis between CSR management activity and corporate achievement. The result of the analysis on <Hypothesis 1> shows that because the coefficient of determination of the regression model is 0.542, the explanatory power of the dependent variable on the independent variable is 52.4%. The F value of the model is 60.36, and the significant probability is 0.001, in which the model appeared to be significant statistically (1% significant level). The following paragraphs discuss the factors that determine whether CSR management activity significantly influences corporate achievements. Results of the regression analysis for <Hypothesis 1> show the correlation of CSR management activity to different factors that influence corporate achievement. Economic responsibility positively influences corporate achievement (β =.191, t=2.962, p<.003). Legal responsibility positively influences corporate achievement (β=.238, t=3.633, p<.000). Ethical responsibility positively influences corporate achievement (β=.220, t=3.491, p<.001). Finally, charitable responsibility positively influences corporate achievement (β =.230, t=3.544, p<.000). Thus, <Hypothesis 1> is accepted. The results of the regression analysis for <Hypothesis 1-1> show the following. Economic (β=.182, t=2.603, p<.010), legal (β=.220, t=3.037, p<.003), ethical (β=.172, t=2.347, p<.020) and charitable (β=.192, t=2.713, p<.007) responsibility positively influences financial achievement (β =.182, t=2.603, p<.010). Thus, <Hypothesis 1-1> is accepted. The results of the regression analysis on <Hypothesis 1-2> show the following. Economic (β=.244, t=3.905, p<.000), legal (β=.132, t=2.028, p<.044), ethical (β=.274, t=4.162, p<.000) and charitable (β=.219, t=3.443, p<.001) responsibility positively influences non-financial achievement. Thus, <Hypothesis 1-2> is accepted. <Table 5> Regression Results between Corporate Performance and CSR Variables Hypothesis Dependent Variables Independent Variables unstandardized B standardized coeff. B S.E. Beta t Sig. adjusted R 2 (const.) Corporate Performance Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility (const.) Financial Performance Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility (const.) Non-Financial Performance Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility

40 38 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) <Table 6> shows the results of the regression analysis between CSR management activity and corporate achievements of Domestic Corporations. The results of the regression analysis on <Hypothesis 2> show the following. Economic responsibility positively influences corporate achievement (β=.292, t=3.318, p<.001). Legal responsibility influences corporate achievement (β=.050, t=0.552, p<.582). Ethical responsibility positively influences corporate achievement (β=.240, t=2.427, p<.017). Finally, charitable responsibility positively influences corporate achievement (β =.228, t=2.525, p<.013). Thus, for <Hypothesis 2>, whereas economic, ethical, and charitable responsibilities are accepted, legal responsibility is overruled because CSR management activity is perceived as an indulgence aimed at neutralizing the effect of any corporate illegal or negative activity. Therefore, CSR is perceived to hide the negative activity or is recognized as an activity used to beautify a corporation; it does not deliver its intended value (Suh et al., 2006). The results of the regression analysis on <Hypothesis 2-1> show the following. Economic responsibility positively influences the financial achievement of domestic corporations (β=.226, t=2.358, p<.020). Legal responsibility influences the financial achievement of domestic corporations (β=.113, t=1.146, p<.254). Ethical responsibility positively influences the financial achievement of domestic corporations (β=.172, t=1.601, p<.112). Finally, charitable responsibility positively influences the financial achievement of domestic corporations (β=.214, t=2.179, p<.031). Thus, for <Hypothesis 2-1>, whereas economic and charitable responsibilities are accepted, ethical and legal responsibilities are overruled. The results of the regression analysis on <Hypothesis 2-2> show the following. Economic responsibility positively influences the non-financial achievement of domestic corporations (β=.323, t=3.625, p<.000). Legal responsibility positively influences the non-financial achievement of domestic corporations (β=-0.033, t=-0.358, p<.721). Ethical responsibility positively influences non-financial achievement (β=.281, t=2.810, p<.006). Finally, charitable responsibility positively influences the non-financial achievement of domestic corporations (β=.208, t=2.268, p<.025). Thus, for <Hypothesis 2-2>, whereas economic, ethical, and charitable responsibilities are accepted, legal responsibility is overruled. <Table 6> Regression Result between Corporate Performance and CSR Variables of Domestic Corporations Hypothesis Dependent Variables Corporate Performance Financial Performance Non-Financial Performance Independent Variables unstandardized B standardized coeff. B S.E. Beta (const.) Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility (const.) Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility (const.) Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility t Sig. adjusted R <Table 7> shows the results of the regression analysis between CSR management activity and the corporate achievement of multinational corporations. The results of the regression analysis on <Hypothesis 3> show the following. Economic responsibility positively influences the corporate achievement of multinational corporations (β=.173, t=2.113, p<.037). Legal responsibility influences the corporate achievement of multinational corporations (β=.416, t=4.840, p<.000). Ethical responsibility positively influences the corporate achievement of multinational corporations (β=.169, t=2.082, p<.040). Finally, charitable responsibility positively influences the corporate achievement of multinational corporations (β=.211, t=2.519, p<.013). Thus, <Hypothesis 3> is accepted. The results of the regression analysis on <Hypothesis 3-1> show the following. Economic (β=.155, t=1.593, p<.115), legal (β=.463, t=4.5490, p<.000), ethical (β=.073, t=0.754, p<.453) and charitable responsibility (β=.161,

41 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) t=1.629, p<.107) positively influences the financial achievement of multinational corporations. Thus, for <Hypothesis 3-1>, whereas legal responsibility is accepted, economic, ethical, and charitable responsibilities are overruled. The results of regression analysis on <Hypothesis 3-2> show the following. Economic (β=.179, t=1.997, p<.049), legal (β=.322, t=3.611, p<.000), ethical (β=.239, t=2.841, p<.006) and charitable (β=.231, t=2.670, p<.009) responsibility positively influences the non-financial achievement of multinational corporations. Thus, <Hypothesis 3-2> is accepted. <Table 7> Regression Result between Corporate Performance and CSR Variables of Multinational Corporations Hypothesis Dependent Variables Independent Variables unstandardized B standardized coeff. B S.E. Beta t Sig. (const.) Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility (const.) Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility (const.) Economic Responsibility Legal Responsibility Ethical Responsibility Philanthropic Responsibility adjusted R2 3 Corporate Performance Financial Performance Non-Financia l Performance Conclusion 5.1. Summary This study performs a comparative analysis of financial and non-financial achievement based on the influence of CSR management activity on corporate achievement. Based on existing studies about the contents and characteristics of CSR management activity, this study examines the effects of the characteristics of CSR management activity on corporate achievement and the effects of CSR management activity on financial and non-financial achievement. A survey was conducted with employees of domestic and multinational corporations. In addition, domestic and foreign studies were analyzed to determine whether CSR management activity positively influences corporate achievement. The empirical analysis is summarized as follows. First, this study found that CSR management activity positively influences corporate achievement, which is a long-term investment that has zero cost for short-term achievement, and CSR may be interpreted as a strategic method to improve corporate value. Second, CSR management activity also positively influences financial achievement, which means that CSR management activity, as a part of corporate management, must be performed across all the management aspects and not only to keep the corporation alive. If CSR is performed strategically and efficiently beyond a fragmented performance, it may improve corporate short- and long-term financial achievement. Third, CSR management activity also positively influences on non-financial achievement. Although the social value of non-financial achievement is difficult to convert economically, continuous efforts on CSR management activity improve non-financial achievement in the long-run. Fourth, among the factors of CSR management activity that influence on the corporate achievement of domestic corporations, whereas economic, ethical, and charitable responsibilities were accepted, legal responsibility was overruled. Based on this finding, among the factors of CSR management activity that influence on the financial achievement of domestic corporations, whereas economic and charitable responsibilities were selected, legal and ethical responsibilities were overruled. Furthermore, among the factors that influence on non-financial achievement, whereas ethical and charitable responsibilities were accepted, legal responsibility was overruled. The reason that the legal responsibility was overruled as a factor for financial and non-financial achievement may be that CSR management activity is perceived as an indulgence to hide or beautify negative behavior regarding corporate illegal behavior, thus it does not deliver value Limitations and Implications Limitations of this study are listed as follows. First, because the subject of the survey for this study is limited to

42 40 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) employees of certain companies, interpreting the applicability of the findings to consumers or other subjects is difficult. Thus, in future studies, a survey of various classes can be conducted to solve this limitation. Second, this study selected variables from the study of Carroll (1997, 1991); thus, it did not include factors caused by the change in time and recognition, and it did not diversify the variables. In future studies, these aspects should be measured by organizing various and appropriate CSR variables. Third, this study may suggest a reverse cause-and-effect relationship, where corporations with good corporation achievement use CSR management activity. In fact, corporations with good corporate achievement may be using the positive influence of financial and non-financial achievement. In other words, it is not that CSR management activity positively influences on corporate achievement, but the reverse cause-and-effect relationship may be established such that corporations with good corporate achievement perform CSR management activity. Fourth, the CSR management activity of domestic and multinational corporations positively influences on corporate activity. Further studies on the influence of CSR management activity on corporate achievement are also required to perform CSR. References Ban, Hye-Jung, & Kim, Seog-Soo (2009). Corporate Social Responsibility as a Source of Firm s Competitive Advantage. Korean Journal of Business Administration, 22(4), Banker, R., Potter. G., & Srinivasan, D. (2000). An Empirical Investigation of an Incentive Plan that Includes Nonfinancial Performance Measures. Accounting Review, 75(1), Bowen, H. R. (1953). Social Responsibilities of the Businessman. New York: Harper & Row. Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Social Performance. Academy of Management Review, 4(4), Carroll, A. B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34, Carroll, A. B., & Buchholtz, A. K. (2000). Business & Society: Ethics and Stakeholder Management (7th ed.). Mason, Ohio: South-Western Cengage Learning. Chang, Sug-In (2013). The Effects of the Social Responsibility of the Multinational Corporation (MNC)'s on the Management Performance: Focusing on German, France, Netherlands, and British Subsidiaries in Korea. Zeitschrift der Koreanisch-Deutschen Gesellschaft fur Sozialwissenschaften, 23(3), Dahlsrud, A. (2008). How Corporate Social Responsibility is Defined: an Analysis of 37 Definitions. Corporate Social Responsibility and Environmental Management, 15(1), Dees, J. G., & Anderson, B. B. (2003). Sector Bending: Blurring the Lines between Nonprofit and For-Profit. Social Sciences and Modern Society, 40(4), Eells, R., & Walton, C. C. (1961). Conceptual foundations of business. Homewood, IL: Irwin. Im, Jin-Han (2014). A Study on the Effect of Corporate Social Responsibility on Corporate Performance. Seoul, Korea: Thesis for Master in Seoul National University. Kim, Eun-Sun (2011). The Effect Analysis of Corporate Social Responsibility On Corporate Performance. Seoul, Korea: Thesis for Master in University of Seoul. Kim, Ji-Hae (2011). The performance of corporate social responsibility. Seoul, Korea: Thesis for Doctorate in Ewha Womans University. McFarland, D. E. (1982). Management and Society: An Institutional Framework. Englewood Cliffs, New Jersey: Prentice Hall. McGuire, J. W. (1963). Business and Society. New York: McGraw-Hill. Murray, K. B., & Montanari, J. R. (1986). Strategic Management of the Socially Responsible Firm: Integrating Management and Marketing Theory. Academy of Management Review, 11(4), Pava, M. L., & Krausz, J. (1995). Corporate Responsibility and Financial Performance: the Paradox of Social Cost. Westport, CT: Quorum Books. Park, Hun-Joon, & Lee, Jong-Keon (2001). Donation Action and Environment Protection Activity: An Empirical Study between Corporate Social Responsibility Activity of Korean Companies and Financial Performance Korean Association of Nonprofit Organization Research Spring Conference. Korean Association of Nonprofit Organization Research (pp ). Seoul, Korea: KANOR. Park, Jong-Chul, Kim, Kyung-Jin, & Lee, Han-Joon (2010). Developing a Scale for Measuring the Corporate Social Responsibility Activities of Korea Corporation: Focusing on the Consumers' Awareness. Asia Marketing Journal, 12(2), 27-52

43 Young-Su Jung, Shin-Ae Kang/ Journal of Distribution Science (2016) Preston, L. E., & O annon, D. P. (1997). The Corporate Social-Financial Performance Relationship. A Typology and Analysis. Business & Society, 36(4), Shin, Jae-Sung (2016). A Study on Effect of Corporate Social Responsibility Activities on Corporate Image and Corporate Performance. Seoul, Korea: Thesis for Master in Chung-Ang University. Simpson, W. G., & Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of Business Ethics, 35(2), Suh, Koo-Won, Jung, Girl-Jin, Yang, Young-Jong, & Yoo, Chang-Jo (2006). Advertising and Society. Seoul: Korea Advertising Society. Ullmann A. A. (1985). Data in Search of a Theory, a Critical Examination of the Relationships among Social Performance, Social Disclosure, and Economic Performance of US Firms. The Academy of Management Review, 10(3), Waddock, S. A., & Graves, S. G. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), Wood, D. J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4), Zhou, J. Y. (2009). A Study on Corporate Social Responsibility Reflect on Chinese Corporation. Chuncheon, Korea: Thesis for Master in Kangwon National University.

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45 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) Print ISSN: / Online ISSN [Field Research] Strengthening Partnerships in Fair Trade Alternative Distribution Channels: A Case Study of Beautiful Coffee * Soeun Kim **, Alex Jiyoung Kim *** Received: November 11, Revised: December 1, Accepted: December 3, Abstract Purpose The purpose of this paper is to discuss success factors behind ATO distribution channels by examining successful partnerships between producers and alternative trading organizations (ATOs). Research design, data, and methodology This is a case study, an analytical approach, which illustrates how the partnership between producers and ATOs has strengthened the fair trade and the performance of participants in the trade based on the example of the trading relationship between Beautiful Coffee, an alternative trading organization dealing coffee related products, and the coffee cooperative union (CCU), a coffee producing cooperative in Gulmi, Nepal. Results Beautiful Coffee in the partnership with HELVETAS empowered small coffee farmers by a successful institutionalization of CCU that consolidated the distribution channel to be more efficient. Also, Beautiful Coffee and its partnership with KOICA have tried to increase productivity and quality of coffee beans. Conclusions The case of Beautiful Coffee demonstrates that the partnership between producers and alternative trading organizations (ATOs) has benefited the fair trade partners. In other words, Beautiful Coffee's partnerships with a NGO working in the local producing area, HELVETAS, and a government aid agency, KOICA could strengthen the relationship between the producers and the ATO, and thus contributes to the whole distribution channel. Keywords: Beautiful Coffee, Fair Trade, Distribution Channel, Public-Private Partnership, Alternative Distribution Channel. JEL Classifications: D29, F19, J54, L Introduction Fair trade has grown with the rise of ethical and green consumerism in the global North, and sustainable production and local development of the global South. Fair trade first started with trading of food products such as coffee, tea, bananas, rice and cocoas, and recently, it has been expanding to non-food products such as flowers, cotton-based products and even gold. According to Fair * This work was supported by the Ewha Womans University Research Grant of ** First Author, Ph.D. Candidate, Graduate School of International Studies, Ewha Womans University, Korea. *** Corresponding Author, Assistant professor, Graduate School of International Studies, Ewha Womans University, Korea. Tel: , alex.kim@ewha.ac.kr trade International (which was previously known as the Fair trade Labelling Organization, FLO) (2015), sales of Fair trade certified products were about 8 billion US dollars worldwide in 2014, and that figure keeps growing. In Korea, total sales of fair trade organizations were about 10 million US dollars according to Korea Council on Fair Trade Association (KFTA). While the sales of fair trade products in Korea have increased rapidly since 2008, the Korean fair trade market remains relatively small compared to those in Europe, USA, Canada or neighboring Japan. Yet, it is imperative to enhance our understanding on the fair trade market in Korea, as both public and private organizations as well as consumers are increasingly being involved in the fair trade market.

46 44 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) Source: Benzecon (2011). <Figure 1> General distribution channel types of Fair Trade It is widely accepted that fair trade is institutionalized into two main ways: 1) the alternative trading organization (ATO) model, and 2) the Fair trade certification model. The alternative trading organization model, which has much longer history, has been developed based as a social movement. The main goal of this model is to uphold the values of fair trade and to realize social justice through trade (Raynolds & Greenfield, 2014). For example, among Oxfam Trading, Equal Exchange, Traidcraft, and Twin Trading, which are the leading ATOs in the UK, Twin Trading developed direct trade relationships with coffee farmers' organizations in 1990s. Its aim was "to develop the capacity of small-scale producers" and tried to maintain long term relationships with the producers, despite of producers' mistakes such as documentation problems or delays (Tallontire, 2000). On the other hand, the fair trade certification model focuses more on the relationship with retailers in the market and reaching consumers through retailers. This is currently a dominant model with the goal of mainstreaming fair trade products. In other words, the priority of the certification model is to have more certified fair trade products available in the market as much as possible such that consumers are able to buy the certified fair trade products more easily from retailers (Raynolds & Greenfield, 2014). Good examples of this model are Max Havelaar, which is the first fair trade label created in 1988, and FLO created in 1997, which enables setup and coordination of the worldwide fair trade standard, and sales of certified fair trade products became available in supermarkets and main stream markets (Bezencon, 2011). In line with two main fair trade approaches aforementioned, Bezencon (2011) suggests two different distribution models in fair trade: 1) alternative distribution channels (the ATO-led system) and 2) fair trade mainstream distribution channels (the FLO-led system). <Figure 1> illustrates two distribution models and shows the differences between both distribution models. The FLO-led systems are more prevalent, and it is the mainstream distribution mechanism of fair trade products in larger markets such as UK, France, Germany and USA. On the other hand, the ATO-led systems are the main forms of distributions in the Korean fair trade market, although some producer cooperatives working with Korean fair trade organizations can be a part of the FLO's certification system. As <Figure 1> shows, there are interactions and trading between the agents of the two systems, and "the systems overlap and are not mutually exclusive" (Bezencon, 2011). For example, one of Beautiful Coffee's partners produces coffees based on the FLO certification and their products are sold in the Korean market through Beautiful Coffee, an ATO. While the ATO-led distribution channel has been a dominant approach in the Korean fair trade market, there has not been much research on how it works and in particular what factors contribute to its successful implementation except the recent study by Cho et al. (2012). They, however, focus on the general marketing strategy of Beautiful Coffee in the Korean market, and do not examine the impact of the entire distribution channel on its success. Our study, on the other hand, examines the whole distribution channel to identify how the structural factors of the distribution channel benefits the channel members, Beautiful Coffee and the producers. Therefore, this paper aims to address the gap in the literature by examining one of the success factors behind ATO distribution channels, the successful partnership between producers and alternative trading organizations (ATOs). Specifically, this paper

47 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) illustrates how the partnership between producers and ATOs has strengthened the fair trade and the performance of participants in the trade based on the example of the trading relationship between Beautiful Coffee, an alternative trading organization dealing coffee related products, and the coffee cooperative union (CCU), a coffee producing cooperative in Gulmi, Nepal. We first give a brief introduction of the ATO used in this case, Beautiful Coffee, in the next section. Then section 3 illustrates how the partnership has formed and benefited both Beautiful Coffee and the coffee cooperate union in Gulmi, Nepal. Finally section 4 concludes the paper discussing challenges of the distribution system. 2. Beautiful Coffee as a Representing ATO in Korea <Table 1> Total Sales of Beautiful Coffee and Beautiful Store in USD (million) Beautiful Coffee Beautiful Store Source: Coopy Cooperative (2013). Beautiful Coffee is a social enterprise in the form of a not-for-profit foundation in Korea. Originally, it started as a small team in the Beautiful Store, which was established in 2002 as the first fair trade business in Korea. The main fair trade items Beautiful Store dealt with from 2003 to 2005 were handcrafted products, such as small purses, bags, paper crafts and ceramics, which were made by women from South East Asian developing countries (Kang, 2013). As one division of the Beautiful Store, the Beautiful Coffee team had started selling fair trade coffee in 2006 with producer partners in Nepal. The first product it launched was the "Gift of the Himalayas." After a successful rollout, Beautiful Coffee became an independent organization in Since its departure from its parent organization, Beautiful Store, it has been expanding the product lines it carries and now dealing with a wide range of fair trade products including coffee, chocolate, tea, nuts and sugar. Currently, Beautiful Coffee manages over 40 brands across different product categories. There are four Beautiful Coffee cafes as of now, which are under direct management by Beautiful Coffee. Not only do the cafes sell coffee and other related products, but also they have been successfully promoting fair trade and increasing awareness among visitors and Korean consumers. The sales have been increasing and the sales across all 4 stores have reached about 3 million US dollars in 2014 (Han, 2014). <Table 1> shows total sales of Beautiful Coffee from 2008 to Organization's Mission and the Current Strategies Changing Trade to Change the World. We work for supporting producers in developing countries to become more self-sufficient and we provide consumers with the experience of improving the quality of life by ethical consumption and cultivation of righteous and sustainable world through changing current structure and social practices that enforce poverty and inequality. Above statement (Beautiful Coffee, n.d.) reveals the core mission of Beautiful Coffee, which is to promote sustainability by bridging consumers and producers via consumption of fair trade products. To achieve its mission, Beautiful Coffee has provided opportunities in sustainable trading relationships to producers by guaranteeing sustainable minimum price and social premium. Also, it has been trying to develop relationships with a larger number of producers from various regions, in order to offer more diverse fair trade products to consumers (Beautiful Coffee, 2016). Such efforts are in line with Beautiful Coffee's main goals of enhancing the life quality of producers of fair trade products and increasing their sustainability, as well as improving consumers' quality of life through its healthy relationship with producers. In order to achieve its goals, Beautiful Coffee has utilized three major strategies: 1) pursuing self-sufficiency of producers and social development for developing countries, 2) increasing profits and sustainability for producers, and 3) improving Korean consumers' awareness on poverty issues on developing countries Stakeholders Beautiful Coffee is categorized as a Type 3-Volunteerbased fair trade organization according to Huybrechts' 5 categories, which is shown in Appendix 1 (Coopy Cooperative, 2013). Beautiful Coffee has about 10 main producer partners, each of them being a coffee cooperative itself (Beautiful Coffee, 2016). In general, coffee producers in those regions are mostly small farmers who are financially vulnerable, and as a result, coffee cooperatives were formed to improve the quality of lives of local farmers. Among the producer partners, three partner cooperatives in Peru, Uganda, and Indonesia have adopted FLO certification systems as they have commercial relationships with other fair trade organizations from EU or USA. (Currently, KFTA neither requires any certifications nor provides ones.) Agrarian Industrial Cooperative Naranjillo Ltda in Peru exports its organic chocolate products to Beautiful Coffee since COINACAPA (Cooperativa Integral Agroextractivista Campesinos de Pando) provides Brazil nuts, and Gumutindo Coffee Cooperatives in Uganda, one of the representing fair trade coffee producers working closely with Twin Trading since 1998, is the source of coffee for the

48 46 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) product called "Gift of Kilimanjaro". Among the producer partners, the Coffee Cooperative in Nepal, which is its first producer partner, has been the main focus of Beautiful Coffee, and thus Beautiful Coffee has undertaken various supporting activities for the Coffee Cooperative in Nepal. For example, Beautiful Coffee recently orchestrated a series of funding activities to support the members of the cooperative for relief and restoration from the 2015 Nepal earthquake (Beautiful Coffee, 2016). Beautiful Coffee currently operates only in Korea. In particular, it operates four cafes under its direct management in Seoul and Gyeonggi area. The B2B market has been Beautiful Coffee's focal market, and the B2B customers are called Beautiful Partners. There are approximately 500 Beautiful Partners, including 40 Offices, 200 Cafes and 260 Retail stores. Retail stores include 120 Beautiful Stores and 140 HomePlus stores (Beautiful Store, 2016). Through its relationship with the Beautiful Partners, which are the major outlets to roll out its products, Beautiful Coffee was able to successfully start out, and the partners are still the main source of revenue. Beautiful Coffee also operates in the B2C market, although the B2C market has not yet been a significant part of Beautiful Coffee's business. As it is the mainstream market of coffee industry, thus, Beautiful Coffee is currently trying to penetrate into the B2C consumer market, which is heavily saturated by gigantic coffee franchises such as Starbucks and Cafe Bene. The number of Beautiful Coffee's employess is approximately 30, which is obviously not enough at all to successfully move various projects forward that Beautiful Coffee is working on. However, besides the small number of paid full-time employees, Beautiful Coffee has a large pool of volunteers who are responsible for a significant part of the projects Beautiful Coffee is working on. Including both full-time employees on the payroll and volunteers, Beautiful Coffee's workforce is divided into two main working groups: Market Impact Group, which manages overall sales and marketing of their products, and Social Impact Group, which promotes consumer awareness with advocacy and deals with producers in the developing countries concerning improvement of their lives. Market Impact Group consists of marketing team, distribution team, and roasting center task force, while Social Impact Group consists of producer partnership team, advocacy team and Nepal center. The composition of working groups, therefore, reflects the institutional characteristics of Beautiful Coffee, a social enterprise seeking both economic and social impacts. Beautiful Coffee competes against many coffee brands including multinational coffee brands such as Starbucks and Cafe Bene and a number of local coffee stores, which are usually operated by individual owners. Because of the rapid growth of the Korean coffee market, many large companies have entered into the coffee industry such as Angel-in-us by Lotte and Hollys by Hanwha as well as a number of global brands like Starbucks. These coffee brands usually have a strong brand reputation with a huge number of retail stores both in the form of direct ownership or through a franchising system. Moreover, in order to attenuate the impact of intense competition among different coffee brands on their brands, coffee brands have tried to differentiate from each other by adopting various strategic actions. For example, Starbucks implemented a new technology called "Siren Order", which enables customers to make an order before getting to the store and receive their beverage right away once they get to the store, to speed up and make its service more efficient. Cafe Bene, on the other hand, teamed up with Soo Hyun Kim, who is one of the most popular Korean celebrities in Asia and is trying to reach foreign markets in the East and Southeastern Asia. In case of Beautiful Coffee, being a social enterprise gives Beautiful Coffee an strategic advantage that differentiates it from most of the other coffee brands, which do not operate as social enterprises. On the other hand, there is an increasing number of coffee brands, though it is still small, operating as social enterprises, inluding icoop, Dure APNet, Korea YMCA Peace Coffee, and Happy Sharing, etc. The most direct and strongest competitor among these coffee brands is icoop, a consumer cooperative that has a national distribution channel and a relatively large number of its own stores. Its total sales of fair trade products were about $3 million in 2013 (Coopy Cooperative, 2013). Moreover, the major coffee brands (those not operated as social enterprises) have recently started launching CSR campaigns that significantly weaken the strategic advantage of social enterprises by diluting the differentiation between social enterprises and the other non-social enterprise coffee brands. 3. Partnerships of Beautiful Coffee 3.1. Nepal Gulmi Project Beautiful Coffee started selling fair trade coffee sourced from Gulmi, Nepal in 2006 with the launch of "Gift of the Himalayas" (more information on Gulmi is provided in Appendix 2). This new partnership was initiated with help of Nepali Bazaro of Japan, a specialized fair trade NGO working in Nepal for more than 20 years. Nepali Bazaro, which was experiencing oversupply of coffee beans at that time, introduced Gulmi cooperative to Beautiful Coffee so that, not only Gulmi cooperative expanded its partner network, but they could also resolve the oversupply problem (David & Kim, 2010). In fact, organic coffee farmers in the Gulmi District had also received a great deal of assistance from HELVETAS Swiss Intercooperation Nepal (HELVETAS), an international aid NGO from Switzerland, since With the Coffee Promotion Programme (CoPP) by HELVETAS, small farmers including women and most deprived members

49 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) of the communities in the area have been able to generate reliable income from their coffee production and processing. Overall, there were several NGOs involved in the Gulmi region to help the coffee farmers improve their living condition. In the beginning, from 2006 to 2008, Beautiful Coffee's relationship with producers in Gulmi was similar to that of traditional channel relationship where its involvement with Gulmi farmers was minimal. For example, Beautiful Coffee had regular visits, made purchasing contracts and provided a minimum level of aid if any. Despite of the minimum level of interaction, the relationship with Beautiful Coffee was beneficial for the coffee farmers in the Gulmi region as the amount of fair trade coffee from the area had increased by 30% annually until On the other hand, Beautiful Coffee faced some problems such as low production of wet processed beans, which have higher quality compared to naturally processed beans, and delays in delivery. These problems led Beautiful Coffee to engage more seriously in the relationship with the Gulmi coffee farmers, and, as a result, it undertook several investigations to find out what caused the problems. For example, Beautiful Coffee conducted a thorough self-evaluation on the site with a group of experts consisting of consultants from Fairtrade International, other international fair trade experts and organic coffee farming experts, from 2010 to One of the problems revealed through the evaluation was a lack of specialization in handling of coffee produced by the farmers. When farmers produced the coffee products, it was the District Cooperative Federation (DCF) of Gulmi that handled the distribution of coffee to the buyers and of the income from the sales to the farmers. Since DCF dealt with not only coffee but also other agricultural products such as dairy products, the profits from coffee trading were aggregated to those of other products and the total profits from all products were distributed back to all the members of DCF. The expert group indeed diagnosed that the practice of how the profits were distributed could lower the motivation of coffee farmers. Another problem revealed by the expert group was producers' lack of knowledge and motivation on marketing and promotion. Producers merely focused on cultivating coffees and selling them without understanding the whole process of the value chain. Further, they overlooked the importance of quality control and value added processes such as organic farming and roasting. After realizing such problems, Beautiful Coffee initiated several actions to resolve the problems. First of all, Beautiful Coffee and the coffee farmers in the Gulmi region established Coffee Cooperative Union (CCU) and decided to break off from DCF to focus on coffee production. Moreover, through conflict management among members in DCF, coffee farmers in the Gulmi region obtained institutional competitiveness along with other seven districts in Nepal (KOICA, 2015). The results of these actions have been becoming more apparent, as CCU transparently shared information and profits, thus leading to the more active involvement of coffee farmers. Yet, the establishment of CCU could not automatically make farmers increase coffee productions as well as improve quality of coffees. The partnership with KOICA played the important role to achieve capacity building among farmers and set up the systems on managing productions and quality control Public-Private Partnership with KOICA One of the strategic actions Beautiful Coffee had undertaken was forming a partnership with the Korea International Cooperation Agency (KOICA), which supported Beautiful Coffee financially. Beautiful Coffee formed a partnership program in Gulmi with KOICA in 2013, a project titled "Sustainable Community Development and Business Capacity Building Project in Coffee Growing Area in Gulmi" (See Appendix 3 for its summary). Total budget on this project was $132,000, divided between KOICA which paid 47% of the total budget ($61,000) and Beautiful Coffee, which paid the other 53% ($71,000). The beneficiaries included 1,208 coffee farming households in Gulmi. There were several issues hindering coffee farming and local development. Gulmi is located in the remote part of Nepal having little access to the market, and it has a barren soil. Also, the productivity of coffee farming in the region was very low based on a low productivity of coffee crop and a poor quality of coffee beans. In addition, coffee farmers were not motivated to enhance the productivity, since most of them are small farmers cultivating less than 100 coffee trees, and pervasive arrogation of middlemen and complicated distribution channels prevented farmers from getting proper returns of selling coffee beans (KOICA, 2015). These were the main issues the partnership project between Beautiful Coffee and KOICA aimed to address. Source: Benzecon (2011). <Figure 2> General distribution channel types of Fair Trade The project aimed to add value to coffee production, and to build capabilities in business. This includes strengthening the partnership between Beautiful Coffee and the regional counterparts (DCF and CCU) as mutual business partners, avoiding unilateral assistance from Beautiful Coffee toward the region and making them more independent. The project was done in coalition with HELVETAS. Beautiful Coffee as a social enterprise focused on capacity building in marketing

50 48 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) and promotion of fair trade coffee products while HELVETAS worked mostly on farming organic coffee crops and quality control. On production, as a result, there was a minor but immediate increase in the production of coffee beans in 2013 compared to the previous year. However, considering the number of newly planted coffee trees, the increase was not enough, mainly due to wide-spreading of White Stem Borer (WSB) as we can see in <Figure 2>. Yet, Beautiful Coffee believed that the efforts on WSB prevention campaigns as well as building an additional warehouse and replacing old pulping machines would positively affect for the future productivity (Global Civic Sharing, 2014). On quality control, Beautiful Coffee and its evaluation team concluded that activities to enhance quality of coffee beans such as education to farmers on roasting, hand-sorting, and cupping motivated them. As CCU equipped with hullers and grading machines provided by the project, members could more easily sort out defective coffee beans by hands. Coffee farmers also became aware of the process at the retailing sites such as how their coffee beans turned into a cup of coffee through experiences on roasting and cupping. They realized that the uneven quality of coffee beans influences the taste of coffee and it might affect their products' competitiveness in the market compared to specialty coffees from other parts of the world like Brazil, Colombia, etc. Moreover, their coffee was certified as Korean Organic Agricultural Products, and this has been a positive marketing factor in the Korean market. Note that as one condition of the certification, CCU needed to monitor themselves through Internal Control System (ICS) and it turned out that, along with keeping farmer's diary and having inspectors, the ICS in the Gulmi CCU increased members' capabilities in production. Lastly, through this project, the partnership between CCU in Gulmi and Beautiful Coffee becomes more sustainable and visible. After CCU separated from DCF, members in CCU gained more earnings per household from $1,969 in 2013 to $2,211 in More importantly, with their continuous efforts on productivity and quality control, both parties could build trust and mutual cooperation in the long-term perspective. "Through the project, Beautiful Coffee has gained national recognition in Nepal. Coffee farmers and organizations in other regions in the country want to work with Beautiful Coffee after they witnessed how Beautiful Coffee assisted producers in Gulmi." (Beautiful Coffee Final Project Report in 2013 as cited in Global Civic Sharing, 2014) Furthermore, all these activities and efforts become the basis for obtaining the FLO label in the future. None of coffee producers and CCUs in Nepal has the certification for the FLO label yet (as of 2014). While it is sold in the Korean market by the ATO, Beautiful Coffee, successfully, having the FLO label would provide competitive advantages especially in sales not only in Korea but also in the international market, since customers likely trust more based on the international fair trade principles and standards. 4. Concluding Remarks Summary - The case of Beautiful Coffee discusses the success factors behind ATO-led distribution in fair trade industry to which the past studies have paid little attention. As one of the success factors, this case demonstrates how the partnership between producers and alternative trading organizations (ATOs) has benefited the fair trade partners by using the case of Beautiful Coffee. This case shows how Beautiful Coffee's partnerships with a NGO working in the local producing area, HELVETAS, and a government aid agency, KOICA could strengthen the relationship between the producers and the ATO, and thus contribute to the whole distribution channel (as you can see in <Figure 3>). Specifically, Beautiful Coffee in the partnership with HELVETAS empowered small coffee farmers by a successful institutionalization of Coffee Cooperative Union that consolidated the distribution channel to become more efficient. Also, Beautiful Coffee and its partnership with KOICA have increased productivity of the coffee production and quality of coffee beans. Current Challenges - Some concerns remain such as reliable production, consistent quality, certification, and organizational capacity, which were pointed out as the key challenges for business-ngo alliances in the coffee industry (Linton, 2005). Another key challenge Beautiful Coffee is currently facing comes from the intense competition in the coffee industry. As the Korean coffee market is rapidly becoming saturated, Beautiful coffee's long term sustainability has been affected adversely. For example, the decrease in the average coffee price in the industry has been pressuring the pricing of Beautiful Coffee that is likely to result in poor sales performance. This is a critical problem for Beautiful Coffee that needs to be dealt with immediately. Suggestions - While this case is on fair trade market in Korea, its implications can be extended and applied to other contexts such as the Korean local agricultural cooperatives that seek policy priorities for distribution systems (Kim & Hwang, 2015) or Creating Shared Value (CSV) on Social Economy and Consumer Perspective (Lee & Kim, 2015). Furthermore, we may expand our research focus to in-depth diagnosis of the current ATO-led distribution channels in the Korean fair trade market and possibility of adopting the FLO-led mainstream model.

51 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) <Figure 3> The alternative distribution channel of Beautiful Coffee and Partnerships References Beautiful Coffee (2016). Comprehensive Introduction on Beautiful Coffee. Retrieved June 21, 2016, from W&num=3&category=&findType=&findWord=&sort1=&sor t2=&page=1 Beautiful Coffee (n.d.). Mission Statement. Retrieved June 21, 2016, from php?phpsessid=24bc0e1840b8b bb425c5b9874 Bezencon, Valery (2011). Producers and the Fair Trade Distribution Systems: What Are the Benefits and Problems?. Sustainable Development, 10, Cho, Hye-Jeong, Kim, Kyung-Hee, Ryu, Sung-Min, & Moon, Chul Woo (2012). The Distribution Strategy of a Representative Fair Trade Organization in Korea: The Case of Beautiful Coffee. Journal of Business Case Studies, 8(1), Coopy Cooperative (2013). Case Studies of Korea Fair Trade Organizations based on Social Economy. (in Korean) Retrieved June 21, 2016 from W&num=6&category=&findType=&findWord=&sort1=&sor t2=&page=1 David, Claribel B., & Kim, Hyun-Seung Anna (2010). Developing Markets, Buinding Networks Promoting Fair Trade in Asia. In Macdonald, Kate & Shelley Marshall (eds.). Fair Trade, Corporate Accountability and Beyond: Experiments in Global Justice Governance Mechanism (pp ). Surrey: Ashgate. Fairtrade International (2015). Annual Report 2013/14: Unlocking the power. Bonn, Germany: Fairtrade International. Global Civic Sharing (2015). Evaluation Report on KOICA's Capacity Building Program. (in Korean) Retrieved June 21, 2016, from 11/2015/ pdf Han, Ji-Hee (2014, September 11). Report on Beautiful Coffee, a pioneer of the Korean fair trade coffee market. Retreived from September 11, 2014, from HELVETAS (2014). Coffee Database in Nepal. Retreived from _in_nepal 2014_.pdf Huybrechts, Benjamin (2012). Fair Trade Organizations and Social Enterprise: Social Innovation Through Hybrid Organization Models. New York: Routledge. Kang, Ji-Hye (2013). Interview with Soo-Joeng Han of Beautiful Coffee. Retrieved January 31, 2013, from ble=new_3&wr_id=73 Kim, Chang-Hwan, & Hwang, Dae-Yong (2015). Evaluating Policy Priorities in Small Agricultural Cooperatives for Distribution Systems. Journal of Distribution Science, 13(12), KOICA (Korea International Cooperation Agency). (2014). Report on Cases of International Development via Social Economy. (in Korean) Seoul, Korea: Management and Distribution Research Institute at Sungkonghoe University. KoSEA (Korea Social Enterprise Promotion Agency) (2014). Social Enterprise Magazine (in Korean). vol. 14. Lee, Young-Il, & Young-Shin Kim (2015). A Study on CSV of Social Economy and Consumer Perspective. Journal of Distribution Science, 13(12), Linton, April (2005). Partnering for Sustainability: Business- NGO alliances in the coffee industry. Development in Practice, 15(3-4), Raynolds, Laura T., & Greenfield, Nicholas (2014). Fair

52 50 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) trade: movement and markets. In Raynolds, Laura T., & Elizabeth A. Bennett (eds.). Handbook of Research on Fair Trade (pp ). Northampton, MA: Edward Elgar Publishing, Inc. Tallontire, Anne (2000). Partnerships in fair trade: Reflections from a case study of Cafedirect. Development in Practice, 10(2), Appendix 1 Five categories of Fair Trade Organizational Forms (Huybrechts, 2012) Examples Legal form Architecture Governance Type 1-Individual Esprit Equo, Silver Chilli Individual or business Simple and entrepreneurial Managerial Type 2-Entrepreneurs, Businesses Citizen Dream, Karawan Business Entrepreneurial missionary Managerial (+investors) Type 3-Volunteer based organizations Oxfam-MDM, Ayllu Nonprofit or cooperative Type 4-Multi-stakeholder cooperative Pangea-NT, Ethiquable Cooperative Type 5-Hybrid group MMH-MFT, Traidcraft Group Adhocratic-plyvalent or output based Missionary with bureaucratic trends Missionary with bureaucratic trends Volunteer-based Multi-stakeholder Multi-stakeholder Appendix 2 Information on Coffee Farming in Gulmi, Nepal (HELVETAS, 2014, p.15) District Gulmi Total VDC 79 No. of Municipalities 0 Major Coffee Growing Location Aapchour, Ruru, Gwadi, Digam, Hardineta, Kurgha, Abararbathok, Arje, Jaisithok, Hansara, Johang, Limgha, Birbas, Thanpati, Arkhale, Simichour, Baletaksar, Reemuwa, Gaindakot, Aslewa, Pallikot, Bamgha, Badagaun, Musikot-Khalanga Pulping Centers 18 Farmer groups/cooperatives Area under Coffee Production of coffee 11 PCC, 1 DCCU, 1 DCPA, 53 groups 140 ha 28 MT GB No. of Farmers 1700

53 Soeun Kim, Alex Jiyoung Kim / Journal of Distribution Science (2016) Appendix 3 Project Title Project Target Region Project Period Sustainable Community Development and Business Capacity Building Project in Coffee Growing Area in Gulmi Gulmi, Nepal January 1, 2013 January 31, 2014 Project Area Industrial crops/export crops (agriculture and fishery) Project Goal MDG Goal 1: Eradicate extreme poverty and hunger To guarantee sustainable community development and sources of economic earnings by providing education and technical assistance on producing competitive agricultural products in Gulmi Project Aim Add values on agricultural products based on the strengthened partnership, and realize regional development through increased business capabilities of coffee farmers in Gulmi Project Contents 1. Providing education and training on coffee farming 2. Setting up production and processing system 3. Facilitating fair trade and enhancing business capabilities 51

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55 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Investigation on the Consciousness in Business Foundation Motives for Small Business Enterprisers in Korean Multi-Cultural Families Jong-Jin Kim *, Myung-Hee Jung ** Received: November 15, Revised: December 7, Accepted: December 15, Abstract Purpose - The concept of lifetime job has disappeared, and men are interested in business foundation to work continuously with similar jobs. The value of business foundation is thought to be important in accordance with the viewpoint of society, government, individuals and family. Research design, data, and methodology - The economic exchange between South Korea and China has been expanded, and they are likely to play an important role in entry into China by business foundation in accordance with economic exchange between the two countries. As Korean residents inflow overseas, small businessmen business foundation shall be given attention scientifically and Korean Chinese business foundation shall be given attention as well. Results - The study investigated the effects on psychological characteristics and small business foundation motives upon business foundation will by using models. Self-efficacy and self achievement had positive influence upon small business foundation of Korean Chinese. The use of control variable had explanatory power (29.6%). Conclusions - The findings would help the government's small business foundation system to promote small business foundation and to be a guide for expansion in Korean Chinese's small business markets. An education program should be developed to strengthen Korean Chinese's self efficacy considering psychological characteristics. Keywords: Small Business Foundation, Korean Chinese's, Small Business Foundation Motives, Korean Chinese's Self Efficacy. JEL Classifications: I31, I38, P36. R Introduction 1.1. Background and Objectives of the Study Not only economic stagnation but also unemployment has been continued all over the world, and men are forced to work until 80 to 90 years old as their longer life. The concept for lifetime job has disappeared, and men are interested in business foundation to work continuously and to work for their similar jobs. The value of business foundation is thought to be important from the point of view * First Author, Ph.D. researcher at the Department of Social Welfare, Graduate School of Theology of Sogang University, Korea. Tel: , j2k@hanmail.net ** Corresponding Author. Professor, Department of Social Welfare, Jungwon University, Korea. Tel: , jmhsubject@hanmail.net. of society, government, individuals and family. Employment can be the source of production in wealth, the creation of employment in society, and increase in production activity and social stability. The government also regards business foundation as job opportunity to cognize a new opportunity of life job and to promote or support business foundation. The government had small business oriented policy to neglect small sized self employed and not to support. Small business enterpriser classified into mid and small sized business shall stabilize citizens' lives to promote their employment, thus, the success in small business enterprisers is thought to be very much important. Small business enterprisers played an important role in national economy and they are considered to be short of systematic support and development. Nonetheless, business foundation has been increased continuously. Under the fever of business foundation, Korean Chinese in Korea recently have founded their business. Korean Chinese in Korea often

56 54 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) found their business as the types of restaurant, bar, karaoke, food store, mart, food shop, hiring hall, travel agent, logistics and other services, and those numbers reached as many as 630. In 2007, working visit system was introduced to let workers move to Korea much more easily. With F-4 visa of working visit system, a lot of Korean Chinese who have intention for education have come to Korea. The economic exchange between South Korea and China has been expanded, and Korean Chinese are likely to play an important role in entering into China by business foundation in accordance with the economic exchange between the countries. As Korean residents inflow overseas, small businessmen business foundation shall be given attention scientifically and Korean Chinese's business foundation shall be given attention as well. This study examined xenophobia problem in society to classify multi-cultural groups into married immigrants, foreign labor workers and foreign students studying in Korea and to investigate fixed ideas on multi-cultural persons, multi-culture education experience, and to examine the effects of fixed ideas on multi-cultural persons, multi-cultural education experience, multi-cultural sensitivity, and friendliness with multi-cultural persons upon social distance with multi-cultural persons and to find out counteractions against xenophobia in the Korean society based on college students' difference of ideas and the promotion of cultural ability. 2. Theoretical Background 2.1. Concept of Korean Chinese Koreans can be classified into two groups, that is to say, Koreans in foreign country and Koreans having a foreign nationality, based on the nationality of Korea. Koreans in foreign country means immigrants and people in foreign country having Korean nationality, and Koreans having a foreign nationality mean Koreans who don t have Korean nationality. Koreans in foreign country have a definite scope, and the terminology for Koreans with a foreign nationality has been used without any definitions of scope. First, Koreans in foreign country, generally, mean Koreans living in foreign country. There is a fierce dispute in the title of Koreans in foreign country. The terminology for Koreans in foreign country commonly used and means the adverb for Koreans in foreign country, overseas and in each country, such as Japan and Germany, and the noun for Koreans in foreign country, Korean race, Korean residents, etc. are used. Not only adjective predicates but also nouns can be combined to be used for various kinds of terminologies, for instance, Koreans in foreign countries, overseas Korean residents, overseas Korean people, overseas staying in your country, and so on. In addition, terminologies for Korean Japanese, Korean Chinese, Koreans in America, Koreans in Russia, etc. can be used. The government have made use of the mixed terminologies for official letters because there is not exact definition. A terminology for Korean resident in foreign country was used in Korean society. Terminologies for Japanese Korean, Korean Chinese, American Korean and Russian Korean can be also used. Terminologies for official document in governments have been used without any definitions. A Terminology of Koreans in foreign countries has been used in Korean society. Second, legal concept of Koreans in foreign country can be defined from the passage of the bill suggested on Koreans overseas to be the base of the government's policy of Koreans from foreign country. Kim Yeong-Sam government made a system of law on Koreans in foreign country for the first time to make use of legal terminology of Koreans in foreign country. 'The Act on Foundation of Koreans in Foreign Countries' in 1997 'the Act on Immigration and Legal Status of Koreans in Foreign Country' in 1999 (Both acts hereinafter called 'the Act on Koreans in foreign country) made use of 'Koreans in foreign country' instead of Koreans overseas to define legally in a new way. Since the middle of the 19th century, Koreans Chinese have migrated to China because of economic and political reasons: By taking opportunities of China-Korea diplomatic relations in 1992, they returned migration to Korea. Immigrants who came to Korea to be employed temporarily because of gap of the development in Korean government's policy and inter-country development to supply labor force in shortage, and to get married and to study in Korea and to visit relatives in Korea. Koreans living in China could come to Korea by the change of the social structure in China. In 1978, China opened the door under Teng Xiao Ping system to start exchange with Korea little by little: Since 1970s, Korean economy rapidly grew up, and it came to be short of labor force by the development in 1980s. Then, Korean government actively accepted the opening door to China to get world market in accordance with internationalization. Both China and Korea allowed Korean Chinese seniors, aged 60 or older to visit their hometown in the opening doors of both countries: Migrants who are living for labor workers in Korea are in hopes of overcoming their poverty from their rural areas, and more people wants to migrate to Korea for that reason. Korean Chinese occupied large ratio of foreigners migrating to Korea, and they are a part of the ones who migrated to Korea to find out new opportunity of life Business Foundation Will Business foundation will is thought to be the first stage in establishment. Business foundation can make a foundation as a new organization, and it is important to understand business foundation process. Business foundation will is thought to be an important

57 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) factor because it has influence upon the economic energy of the country and/or organization by potential business founders. Potential business founders shall play roles to have resilience to be free from the stagnation of government, community economy and organizations, and also play roles to have self-renewing. Business founders who are given personal attractiveness opportunity shall have resilience of community, organization and groups when potential business founders exist to take the leader of foundation behavior by exercising founder's talent. A study on 890 business founders said that more than one of the parents in 50% interviewees did their own business. A study on undergraduate and graduate school students in business administration department said that the existence of parents in business founders had an affirmative influence upon foundation will. Successful role in parents could elevate business foundation will. With business foundation will and correct knowledge on foundation, innovative persons who were given special education until late 20s and/or middle of the 30s could succeed in foundation. When college students are given foundation education, number of venture business increased to have base of competitiveness of national industry in the 21st century. Business foundation will makes foundation of a new organization, and it is important to understand, evaluate foundation, and have close relation with behaviors in the future regardless of the actual foundation. Studies on business foundation will investigate the factors for foundation will theoretically and empirically with higher interest in the foundation. Business founders' roles have an important influence upon business foundation process, and successful founders have psychological features that distinguish founder from non-founder to have influence upon outcome Small Business Foundation Motives Small business foundation has a great influence upon not only the success in foundation but also the features and success in enterprises after foundation. Reasons for small business are important variables in business entity on precedent studies to found business with various kinds of motives. Common motives of small business include dissatisfaction with a job, cognition on a business opportunity, desire to be management, desire to have freedom and flexibility, financing for independence, independent business operation, realization of desire, use of knowledge and technology, continuity of a job experience and training, individual challenge, and desire for achievement. Small business founders like to found business to work independently and to control more and to earn more money. The study suggested a model of small business foundation that connect opportunity cognition, idea development and practice of small business foundation. Small business foundation motive includes common motives such as achievement, control, vision, desire for independence, passion and promotion, and task motives such as setting of goal and self efficacy. College students' small business foundation can be affected by cognition on small business foundation, progressive spirit and success possibility in small business foundation. The one who wants to found small business progressively is likely to succeed in small business and to have desire for business foundation. Moreover, small business foundation motives include family and/or friends' recommendation, success in family enterprise, discovery of proper job, the government's support, and self-realization. Personal desire was thought to be composed of sub-area desire and social desire such as economic desire, self-esteem and self-realization related with upper class of desire. The study investigated business foundation motive, entrepreneur spirit and business foundation will of potential business founder. Business foundation motive factors include business foundation eduction, achievement, personal network and social cognition to investigate effects upon entrepreneur spirit and small business foundation will. Achievement and personal network had a positive influence upon entrepreneur spirit, and not only small business foundation spirit but also achievement had a positive influence upon small business foundation will. The study investigated small business founder in China and Korea by desire for the entrepreneur, stable income and alternative of employment. A study investigated effect upon small business foundation will (Kang, 2012). Independence, self-realization and livelihood had a significant influence upon small business foundation will. Small business foundation motive was classified into opportunity, achievement and independence, and small business foundation motive had a significant influence upon preliminary preparation for the business foundation. Small business foundation motive may vary greatly depending upon environmental and social changes, and some of areas may have great influence upon business foundation. A study on small business foundation motive for women businessmen was also made. 3. Methodologies The study investigated the consciousness of small business foundation in Korean Chinese who occupied the largest portion, and examined effects on their motives and will of business foundation. A total of 200 copies were used to collect 145 copies at the ratio of collection of 72.5%. 102 copies were finally used after excluding questionnaire with poor answers.

58 56 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) <Table 1> Demographic characteristics Gender Age Educational background Marriage Experience at small business foundation Classification 3.1. Methodologies Korean Chinese Frequency Percentage Women Men s s s s or older High school graduate years college graduate years college graduate Graduate school graduate or higher Single Married Have Have not SPSS 19 was used. Not only data coding but also data cleaning was used to process statistically. First, frequency analysis was performed to investigate the common characteristics from the samples. Second, factor analysis was performed to classify the items to test the tool by areas: Cronbach's α coefficient was used. Third, not only t-test but also correlation was used to investigate the difference between Koreans and Korean Chinese. Fourth, not only multi-regression but also hierarchical moderated regression analysis was performed to test hypotheses Variables Small Business Foundation Motives Questions of businessmen desire, the use of knowledge and technology and employment were used to investigate potential small businessmen's motives. The study tested 20 questions: 5-points indicated 'very much true' as to be very much positive and 1 point indicated 'not true at all' as to be very much negative Small business foundation will Small business foundation is said to discover a business opportunity under risks and uncertain situations and to pursue profits and to establish a new business entity. Small business foundation will has much relation with foundation related behaviors. A relation between small business foundation and foundation will shall investigate a theoretical frame of behavior models of social psychologists. Small business foundation intention has much close relation with business foundation related behaviors. Small business foundation activity relies upon a business foundation intention to a certain degree. This study defined a business foundation intention by a new opportunity to measure 4 items by 5-point scale; 5-point of very much true as to have very much affirmative response, and 1-point of very much false as to have very much negative response. Small business foundation will is based on the establishment of a new organization, and it is important to understand business foundation process. Small business foundation does not rely upon an actual foundation behavior to evaluate himself or herself regarding the possibility of business foundation and to have much close relations with business foundation behavior. Studies on small business foundation will and factors were made theoretically and empirically from the various kinds of points of view. Small business founder played an important role in business foundation will, and successful small business founders had psychological characteristics. The psychological characteristics in small business founders differed from those of non-small business founders in terms of having the characteristics such as the influence upon outcome. This chapter examined small business founder's psychological characteristics having the influence upon business foundation will. Small business foundation will was affected by risk preference, self-efficacy and achievement desire. Achievement was found to be distinguished by small business founder from common citizens. A study on the relation between achievement desire and small business foundation behavior of young people in Poland, Italy and USA was: Young people with high achievement desire preferred top management of business so that the ones with high achievement preferred small business founder's job. Achievement desire distinguishes small business founders from common type of management, and small business top management had much higher achievement desire than other top management had. The achievement desire had a positive influence upon small business foundation behaviors and inclinations. The ones with high achievement desire have confidence in success to be likely to do small business foundation. The ones with high achievement are likely to be small business founders because of psychological characteristics. Risk taking is said to be 'personal characteristics to take risks under uncertain decision-making situations', and small business foundation has relations with risk taking propensity. All of the small business foundation and management process have risks to a certain degree, and active actions against risks and good control can stabilize individuals' psychological stability to be important to do small business foundation. Risk taking propensity takes risks to get an

59 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) opportunity to make a decision. Men have different wills in taking of their opportunities and risks. Entrepreneurs with high growth like to avoid risks than the ones with low growth do. Small business founders risk taking propensity had a significant influence upon the expectation for small business foundation success. High risk taking propensity could elevate small business foundation intention. Risk taking propensity was said to be an important factor in small business foundation propensity: Many of the empirical studies said that small business founders had more risk taking propensity than small business founders had, and that potential small business founders had also risk taking propensity. Self-efficacy also had an influence upon small business foundation will. Self-efficacy that is based on social cognition and learning theory is important to keep mental health for men. Self-efficacy in small business foundation means confidence in the foundation, and self-efficacy means confidence that relies upon task, and usefulness may be likely to be high at the examination of will in small business foundation. The concept of self-efficacy, introduced to small business foundation, is adequate to make use of subsequent studies. In other words, self-efficacy with a plan of small business foundation had an influence upon an entrepreneur intention, and small business founder took action with entrepreneur intention of new small business foundation. The study said the confidence on small business foundation would be an requirement for a preliminary small business founder: Preliminary small business founder with high cognition on small business foundation efficacy cognized a full opportunity of competing small business foundation environment to think of good actions even at the realities with risks, difficulties and the uncertainty to neglect the possibility of failure. In addition, the ones with high self-efficacy of small business foundation think taking actions of his ideas as a good opportunity under challenging situations. The study suggested self-efficacy of small business foundation that individuals could do roles and tasks successfully: The ones with high self-efficacy of small business foundation could take actions against challenges and risks to believe in use of opportunities and to have close relations with small business foundation. The study examined relations between small business self-efficacy and business foundation intention empirically: Preliminary small business founders with high self-efficacy could take effective actions against uncertainty, risks and challenges to have confidence in success and to raise small business foundation intention. Surrogate endpoints in small business foundation success might have a concept of small business foundation effects on the variables and relations between the variables could be researched. Studies in Korea said that self efficacy had affirmative relations with small business foundation intention and will. The findings were as following: Small business founders had high an achievement in desire, risk taking propensity and self-efficacy than common people had. Small business foundation had important characteristics for small business founders Contents and Hypotheses Hypotheses were as following: <Table 2> Hypotheses Hypothesis 1 Hypothesis 2 Hypothesis 3 Hypothesis Research Model 4. The Findings 4.1. Reliability Analysis Achievement desire has positive influence upon small business foundation will. Risk taking propensity has positive influence upon small business foundation will. Self efficacy has positive influence upon small business foundation will. Small business foundation motive has positive influence upon small business foundation will. <Figure 1> Research model Cronbach's α coefficients were used to investigate reliability of the variables (<Table 3>): <Table 3> Reliability

60 58 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) Classification Cronbach's α Professionalism.898 Small business Self accomplishment.843 foundation Living life.792 motives Economic stability.662 Small business foundation will.862 In this study, Cronbach s α between test items exceeded 0.6 to be good and to have internal consistency of test tools and to have reliability of variables Small Business Foundation Motives and Will Multiple regression analysis was done to investigate the effects upon small business foundation will of potential business founder of Korean Chinese. Not only tolerance but also variation inflation factor (VIF) was used to verify no problem of multi-collinearity. The study investigated the effects on the psychological characteristics and small business foundation motives upon business foundation will by using models. Self-efficacy and self achievement had positive influence upon small business foundation of Korean Chinese. The use of control in variable had explanatory power (29.6%). <Table 4> Fixed Ideas on Multi-cultural Persons 1st stage Items B Standard error Constant ***.236 Self efficacy (a).684*.310 Risk taking propensity (b) Achievement (c) Professionalism (d) Self achievement (e).754*.297 Living life (f) Economic stability (g) F 5.507*** R Adjusted R R2 Change.362*** 5. Summary In the era of internationalization, the exchange in human and physical aspects shall be expanded dramatically to increase with the ratio of the immigrants to Korea and also shall be short of social interest in immigrants' small business foundation. As the economy has developed in a balanced way, not only small business founders in Korea but also Korean Chinese are interested in small business foundation. In Korea, small business founders may play an important role to create a job opportunity. This study investigated the effects upon small business foundation will rapidly growing Korean Chinese and Korean people. Literatures were used to investigate general matters and to have hypotheses for problem solving. The findings were as following: Self-achievement had positive influence upon Korean Chinese's small business foundation will. In the 2nd stage, mutual reaction for social support and achievement had positive influence upon small business foundation will. The social support allowed individuals to take special actions, establish social relations, make Korean Chinese's social network, and elevate small business foundation will. The Korean Chinese's potential small business foundation network could give emotional and information support for the preparation of small business foundation to help overcome the difficulties at the beginning stage. Small business foundation program for Korean Chinese is needed to be given program and social support. Thus, small business foundation program shall be used for Koreans and Korean Chinese respectively. Findings from the precedent studies said that preliminary small business founders' psychological features and business foundation will had influence upon small business foundation will: This study found out the importance of small business foundation motives from the start of business foundation to success. This study investigated the mediating effects on not only small business foundation motives but also social support to make use of personal factors and social and environmental factors for potential small business founders. The findings were as following: Korean Chinese elevated small business foundation will. The society needs to produce affirmative atmosphere in small business foundation. Korean government's immigration policy shall give benefit to the small business founders having ideas and capital to elevate social cognition on small business foundation. The government shall consider such things to promote Korean Chinese's small business foundation. Korean Chinese shall be educated to learn small business foundation, increase self-efficacy, have confidence on small business foundation, produce affirmative atmosphere of the business foundation, and to lessen failure and increase success of small business foundation. The findings would help the government's small business foundation system to promote small business foundation and to be a guide for the expansion in Korean Chinese's small business markets. An education program should be developed to strengthen Korean Chinese's self-efficacy considering psychological characteristics.

61 Jong-Jin Kim, Myung-Hee Jung / Journal of Distribution Science (2016) References Begley, T. M., & Boyd, D. P. (1987). Psychological Characteristics Associated with Performance in Entrepreneural Firms and Smaller Businesses. Journal of Business Venturing, 2, Brockhaus, R. H., & Horwitz, P. S. (1986). The Psychology of Entrepreneur. In Sexton, D. L., & Smilor, R. W. (eds.). The Art and Science of Entrepreneurship (pp.25-48), Cambridge. Mass: Ballinger. Buttner. E. H., & Rosen. B. (1989). Funding New Business Venture: Are Decision Makers Biased Against Women?. Journal of Business Venturing, 4, Cho, Hye-Duk, Hwang, Jae-Kwang, & Lee, Sang-Youn (2011). A Study on the Aesthetic Art Marketing Communication of Luxury Brand Using Storytelling. Journal of Distribution Science, 9(3), Cox, L., Mueller, S., & Moss, S. (2002). The Impact of Entrepreneurship Education on Entrepreneurial Self-efficacy. International Journal of Entrepreneurship, 1(2), Crant, J. M. (1996). The Proactive Personality Scale as a Predictor of Entrepreneurial Intentions. Journal of Small Business Management, 34, Kim, Jong-Ho, Hwang, Hee-Joong, & Song, In-Am (2014). Affecting Customer Loyalty by Improving Corporate Image and Customer Value through Corporate Social Responsibility Activities. Journal of Distribution Science, 12(8), Kim, H. C., & Hong, K. W. (2008). Scale Development of Food Service Business Start-up Reasons and Validity Analysis. Journal of Hotel & Tourism, 29(2), Kim, M. S., & Kim, Y. G. (2012). Effect of Individual Trait, Educational, Organizational Factors on Entrepreneurial Intentions in Tourism College Students: The Meadiating Effects of Entrepreneurial Self-efficacy. Journal of Foodservice Management Society of Korea, 15(4), Kim, Yu-Kyung (2015). Study on Relationship Between Consumption Values of Masstige & Consumer Happiness. Journal of Distribution Science, 13(1), Lee, Don-Gon, & Lee, Myung-Jin (2014). The Effect of Corporate Social Responsibility on Corporate Image and Corporate Performance. Journal of Distribution Science, 12(9), Lee, S. M., Lim, S. B., & Pathak, R. D. (2011). Culture and Entrepreneurial Orientation: A Multi-country Study. International Entrepreneurship and Management Journal, 7(1), Lee-Gosselin, H., & Grise, J. (1990). Are Women Owner-Managers Challenging Our Definitions of Entrepreneurship? An in-depth Survey. Journal of Business Ethics, 9(4), Lee, J. H. (2008). A Study on Entrepreneurial Motivations and Entrepreneurial Decision Makings. The Korean Small Business Review, 30(1), Lee, Young-Jae, Park, Soo-Hong, & Sun, Il-Suck (2015). A Study on IPA-based Competitiveness Enhancement Measures for Regular Freight Service. Journal of Distribution Science, 13(1), McGee, L. E., Peterson, M., Mueller, S. L., & Sequeira, J. M. (2009). Entrepreneurial Self-efficacy: Refining the Measure. Entrepreneurship Theory and Practice, 33(4), Park, Mun-Seo, Kim, Hyung-Joon, & Lee, Sang-Youn (2011). A Study on the Determinants of Purchasing Decision Making for Effective Branding Strategy: Focusing the Medicined Treatment in Infantile Obesity. Journal of Distribution Science, 9(3), Veciana, J. M., Aponte, M., & Urbano, D. (2005). University Students Attitudes towards Entrepreneurship: A Two Countries Comparison. International Entrepreneurship and Management Journal, 1, Yoon, B. S. (2004). Determinate of Entrepreneurial Intention: Individual Characteristics and Environmental Factors. Business Research, 17(2), Yoon, N. S. (2012). The Effect of Potential Entrepreneurial Motivations on Entrepreneurship and Commitment to Starts-up: Mediating Role of Entrepreneurship. Journal of Industrial Economics and Business, 25(2),

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63 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Investigating the Determinants of Major IT Incident Tickets: A Case Study of an IT Service Provider Firm for Logistics and Distribution Industry Mohamad Izham Che Ros *, Wee-Yeap Lau ** Received: October 9, Revised: December 6, Accepted: December 15, Abstract Purpose - This study investigates the determinants that affect the number of IT Incident tickets of an IT Service Provider ( ITSP ) to logistics industry in order to improve its management process by reducing the incident tickets. Research design, data, and Methodology - This study uses weekly data of IT incident tickets from September 2012 to June Correlation and regression analyses are conducted. Six identified determinants i.e., IT Change, User Errors, Shipment Volume, Network, Hardware and Software Issues are used as the explanatory variables. Results - Our findings show as following. First, our analysis indicates that IT Change is not a significant determinant as opposed to what commonly believed by many as the most important factor. Second, Software issue is the highest contributor to the Major IT incident tickets, followed by User Error, Network and Hardware issues. Third, it seems there is lead-lag relationship between IT Change and Major IT Incidents tickets as indicated by earlier studies. Fourth, the relationship between IT Change and Major IT tickets is also affected by shipment volume. Conclusions - As policy recommendation, all identified determinants should be treated according to priority. In addition, improving the way IT Changes are implemented will definitely reduce the IT incident tickets. Keywords: IT Service Provider, IT Changes, IT Incident Tickets, Logistics and Distribution Industry, Network, Enterprise Cloud Computing. JEL Classifications: C12, D83, L14, L91, L Introduction Firm ITSP is an IT Service provider which manages all the information technology and system needs and requirements of customers to a logistics industry. It includes supporting requirements mainly for logistics data movement, IT infrastructure, communication software and applications for customers operating in more than 220 countries all over the world. In order for ITSP to operate efficiently, the firm relies on the Enterprise Cloud Computing platform known as Service Now ( to track support activities * CeMBA Graduate, School of Business and Administration, Wawasan Open University, Malaysia. ** Corresponding Author, Senior Lecturer, Department of Applied Statistics, Faculty of Economics and Administration, University of Malaya, Kuala Lumpur, Malaysia. Tel: , wylau@um.edu.my such as transactions of incidents, changes, problem tickets and reporting. Every request is tracked through a new ticket and each ticket is charged accordingly to the customer. Any incident reported by the customers is also priced based on the priority of attention required to resolve the incident. The truth of the support system is that whenever a system has been at fault, and even the fault is at the service provider, the service subscriber will still have to pay for the ticket they raised. It is the cost that the customers will have to pay, based on the service level that the customers are subscribed to. On the business end of logistics industry, incidents will usually cause delays to the shipment processing. This is translated into losses due to penalties by the authority and the lowering of customer satisfaction level. The customers of ITSP have been voicing their concern on the rising numbers of IT incident tickets as this is directly related to their increasing operational expenditures. Following the current uncertain and turbulence-prone

64 62 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) economic situation, the slowing down of the logistics industry is really challenging the customers of firm ITSP. This is further supported by Armstrong and Associates (2014) report that volume for Freight and Forwarding business globally in 2013 has started to decline, thus resulting lower revenue and negative profit (Armstrong & Associates, 2014). Many organizations are uncertain in determining the actual causes of major IT incidents. This has also led the organization to be unable to precisely provide adequate resources to support systems without under-utilization issue, especially when there is no incident being reported. There is also a perception that changes are related directly to IT incidents, as it has a higher probability to cause unintended consequences. Often IT changes intended to resolve issues caused more issues after implementation. Most of the times, there are high chances that changes are being pushed by the users based on new requirements or due to the new policy of the organization or by the government. Solving these issues will help firm ITSP and its customers to run leaner and more efficient by enabling them to reduce their operational expenditure on ticket support. For the logistics industry, reducing issue means reducing delays in shipment processing of which will translate to less penalties by the authority and better customer satisfaction Research Objectives This research aims to investigate the causes of Incident tickets in the scope of the IT support activity of firm ITSP towards its logistic customers. This will also help the customers to ensure their success in achieving their organizational goals through firm ITSP as an effective and efficient IT service provider. Through this study, the fluctuation of ticket trends will be observed and understood and the causes as in the ticket will be used to understand its relationship. It is also important to identify if there is a trending pattern that can help firm ITSP to craft a framework to minimize the gaps in order to prevent the increase of the incident tickets. At the same time, this research will also look at the relationship of the changes over major IT incidents and other causes. This research utilizes secondary data for observation and investigation that is based on the change and incident ticket data extracted directly from the Service Now platform. Both incident and change tickets are extracted from September 2012 to June Literature Review Beekman and Quinn (2008) have mentioned some disastrous IT changes of some organizations whom failed adopting the Enterprise Resource Planning (ERP) in the first attempt (Beekman & Quinn, 2008). In addition, Henriquez (1996) write about how the usage of computer possibly caused the unexpected consequences, which in this research it may be translated to IT incident (Henriquez, 1996). Source: Evolven (2016). <Figure 1> Unintended Consequences Index by Jason Druebert As shown in <Figure 1>, Jason Druebert (2010) illustrates that when the number of IT change is high, the number of IT incident will move up correspondingly. This situation holds true for companies with a proper standard of Information Technology Information Library (ITIL) change management process which implies minimal unauthorized changes, proper change approval and Change Advisory Board (CAB) meetings (Druebert, 2010). Ash pointed out that when changes are planned and made given all the ITIL process had been properly defined and followed accordingly, often there is no monitoring of the system change, no investigation of the actual impact of the change as there are no data to investigate and lack of testing environment (Ash, 2004). Leveson (1995) does not attribute network as a cause of IT Incident. Many logistics applications are utilizing the network to transfer real-time information (Electronic Data Interchange, EDI) as to exchange data, either internally or to the users externally. EDI is useful in adapting to e-commerce environment in order to compete in digital economy. Most E-Commerce implementation encourages organization to effectively reach and engage customers, improve operating efficiency and boost productivity (Turban et al., 2010) survey made by Computer Security Institute (CSI) partnered with the FBI, polling 503 U.S. government agencies and corporations, it turns out that there are significant losses among participants due to computer misuse and crime by the employees. (Rola, 2002). Clark (2013) finds hat security awareness within the corporate environment is very low. The complexity and procedural-driven security policy have been a factor that is stopping employees to have a better understanding on the security requirements. (Clark, 2013) Roberts et al. (2006) states that the attempt in understanding the Motivation, Participation and Performance level of Open Source Software Developers, the variety of

65 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) motivation level would depend on individual knowledge, skills and abilities to produce task relevant behaviors; of which these behaviors contributed to individual performance. People tend to work harder and be more in focus when the motivation level is high (Roberts, Hann, & Slaughter, 2006). 3. Data and Methodology 3.1. Conceptual Framework The number of Major IT incident tickets is determined as the dependent variable. The identified major causes will be the independent variable for this study. The determinants for this research are as illustrated in <Table 1> below. <Table 1> Table of Dependent and Independent Variables with the Measurement Unit Determinants Unit of Measurement Dependent Variable Independent Variables Amount of IT Incident Tickets Amount of Change Tickets Network issues User Error Hardware failures Software failure No. of tickets No. of tickets No. of tickets No. of tickets No. of tickets No. of tickets These major causes will be further divided into 2 categories, external and internal causes. External causes are the events that are not within the responsibility or control of ITS while internal is otherwise. Thus, the conceptual framework of this research can be illustrated as in <Figure 2> below. a) Incident Tickets (from September 2012 to June 2015) b) Change Tickets (from September 2012 to June 2015) Fields as shown in <Table 2> below are selected for the change ticket data. Fields are selected at a minimal number as there will not be any data manipulation required for change data. Then data is exported and saved as CSV as it has more flexibility. The size is smaller as it is a text-only data. <Table 2> List of fields selected for use with the Change ticket data No Field Name 1 Number 2 Change stage 3 Short Description 4 Type 5 Priority 6 Category 7 Approval in Principle 8 Approval for Implementation 9 State 10 Planned Start Date 11 Planned End Date 3.3. Model To further examine the factors that affect the number of incident tickets, the following cross sectional regression using the Ordinary Least Square (OLS) regression methodology is developed: AMT EIT = β 0+β 1CHG+β 2NWK+β 3User+β 4HW+β 5SW+Î Independent Variables External Network issues User error Internal Volume of change Hardware failure Software failure Dependent Variable Amount of incident tickets AMT is the amount of incident ticket, served as the dependent variable that will be determined by the changes in the independent variable. While the independent variables are CHG, NWK, User, HW and SW which stand for the amount of Change ticket, Network issues, User Error, Hardware failure and Software failure accordingly. Î represents the residuals or error term while β0 is the intercept Relativity Chart of Variable <Figure 2> The relationship of Independent with Dependent variable 3.2. Data This research utilizes secondary data for observation and investigation which is based on the change and incident ticket data extracted directly from the database. Data extracted are: As shown in <Figure 3>, the frequency of incident and change data is considered a measurement; it belongs to the type of continuous data. Graphing a line chart shows the visual relationship observation between all variables. All variables seem to be closely related to incidents and change data trend; Marked in the red box below are the IT Change data that is visually seen to have the influence towards the incidents movement.

66 64 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) variable 3.5. Correlation Analysis Correlation analysis is meant to show the strength and direction of the relationship between variables. For this research, correlation analysis is performed to study the relationship between independent variables; IT Changes, User Issues, Network Issues, Hardware Issue and Software Issues with the dependent variable, the Major IT Incident ticket number. Data entry for the tabulated data into the PSPP software is done and using option Analyze -> Bivariate Correlation <Figure 3> Relativity Chart of Dependent and Independent <Table 3> Result of Correlation Analysis No. of Incident Tickets IT Change User Errors Network Issues Hardware Issues Software Issues Incident Change User Error Network Hardware Software Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N Pearson Correlation Sig. (2-tailed) N The strength of the relationship can be used to predict the movement of a variable, given changes in the other variables. It may also show whether two variables vary directly or inversely, whereby direct means both increase together while for inversely vary variables, while one variable increase, the other variable decreased. As observed from <Table 3> in above, Software Issues has the largest correlation value at 0.86 while the lowest is unexpectedly the IT Change at The correlation value for User Errors, Network Issues and Hardware Issues are 0.64, 0.6 and 0.69 respectively Regression Analysis From the Regression Statistics result as in the <table 4> below, the R square of 0.90 indicates that about 90 percent of variations in the major IT incident tickets are explained by the variations in the independent variables. Based on the ANOVA result, Significance of F test indicates that the model used for this research is meaningful.

67 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) <Table 4> Output of Regression & Analysis of Variance (ANOVA) ANOVA Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 146 Df Sum of Square Mean Square F Significance F Regression Residual Total Coefficients Standard Error t Stat P-value Intercept IT Change User Error Network Hardware Software Based on the <Table 4>, it can be concluded that for each ticket of IT Change, the number of IT Incident tickets will decrease by 0.004, how this variables in not significant; For each case of User Error, the number of IT Incident tickets will increase by 1.188; For each case of Network Issue, IT Incident tickets number will increase by 1.142; When there is a case of Hardware Issue, IT Incident tickets number will increase by and for every case of Software Issue, the number of IT Incident tickets increase by The estimated output from the data is as follows: AMT EIT = CHG NWK User HW SW 3.7. Hypothesis Testing The objective of hypothesis testing is to see if changes in the occurrence of IT Changes, User Error Issues, Network Issues, Hardware Issues and Software Issues will have any impact towards the number of Major IT Incident tickets. Testing tool: ANOVA (Analysis of Variance) Question: Are there any changes in the number of Major IT Incident tickets for different levels of each contributing factors? Null hypothesis: Ho: μ1 = μ2 =.. μn Alternative hypothesis: H1: At least one mean is different Where, μ is the mean of each level of contributing factors while n is the number of levels within each contributing factor that are IT Change, User Error Issues, Network Issues, Hardware Issues and Software/Application Issues respectively. For example, in User Error occurrences, the levels are occurrences per week, occurrences per week, occurrences per week and so on. <Table 5> ANOVA results Testing Subject Major IT Incident Ticket number Testing Tool A N O V A Hypothesis No Ho: μ 1 = 2 = 3 = 4 = 5 = H1:Atleastonemeanisdiffered μ μ μ μ μ 6 Contributing Factors P-value 1 IT Change User Error Issues Network Issues Hardware Issues Software Issues Decision Cannot RejectHo Reject Ho Reject Ho Reject Ho Reject Ho From the <Table 5> in above, the result shows that Major IT Incident ticket numbers vary with all tested factors except for IT Change. P-values for User Error Issues, Network Issues, Hardware Issues and Software/Application Issues are actually 0 which is less than 0.05 (reject Ho). There is no significant relationship between Major IT Incident ticket numbers with IT Change as their P-values are greater than 0.05 (cannot reject Ho). With ANOVA, it can be concluded that that change in the occurrence number of IT Change is proven to have very little or no impact to the Major IT Incident ticket numbers. This is well-aligned with the result observed in the correlation and regression analysis as in the previous sections of this chapter. 4. Discussions 4.1. Summary Except for IT Change, all the identified determinants for the study are highly correlated to the IT Incidents. IT

68 66 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) Change is surprisingly not the main contributor to the number of Major IT Incident tickets. Software Issues has the highest correlation with the number of Major IT Incident tickets. The rest of the identified determinants, User Issues, Network Issues and Hardware Issue are significantly higher in correlation with the number of Major IT Incident ticket compared to IT Changes. The Ranking of determinants from highest to lowest; Software Issues, User Errors, Network Issues and Hardware Issues. The full analysis of the research can be summarized as below: 4.2. Identification of the determinants The determinants of Major IT Incident tickets number, which later translated into the independent variables for this research, are being determined through work experiences and literature review. These factors are also available in the ticketing system as to be referred as the root cause for the closure code. The identification of the determinants is also supported by article as in the literature review. Data for IT Change has a relatively low correlation to the dependent variable. On the surface, IT Change is not a determinant to Major IT Incident ticket number. As the impact is largely insignificant. In other words, contrary to what the customers have always perceived, IT Change is not a determinant that contributes to more Major IT Incident ticket. Improving the significance of effect for IT Change should be the future improvement s area of focus for firm ITSP. This also indicates the maturity level of firm ITSP in handling changes. Based on <Figure 4> below, there are similar movements that can be clearly observed from the tabulation of both Incident and Change ticket. Similar peaking up and down movement of both Incident and IT Change are marked with ten red boxes. It looks like IT Change is somehow related to Major IT Incident ticket. Another obvious observation is that both IT Change and Major IT Incident ticket number went down drastically for every end of the year. This also marked a relationship with Shipment Volume decrease during Christmas and New Year holidays, which cannot be done due to unavailability of data The significance of the determinants Software Issues are found to be the most significant determinant to Major IT Incident ticket number. An occurrence of Software Issues will increase the number of Major IT Incident tickets number by 1.264, followed by User Error, Network Issues and Hardware Issues with the coefficient values of 1.182, and respectively. Not as perceived by Druebert (2010) and many of the respondents, IT Change is very insignificant towards the number of Major IT Incident tickets, with a negative value <Table 6> Coefficient and, Correlation of the determinants Ranking Determinants Coefficient Pearson s Correlation between the determinants and major IT incident tickets 1 Software Issues User Error Network Issues Hardware Issues IT Change The Pearson Correlation result in <Table 6> shows that 86% of the data for Software Issues correlates to the data for the Y-variable or the dependent variable for this research i.e., the Major IT Incident tickets number. It is then followed by Hardware Issues, User Errors and Network Issues with the Pearson Correlation of 0.69, 0.64 and 0.6 respectively. <Figure 4> Tabulation of IT Changes versus Major IT Incident Ticket number for 3 years However, the movement of the IT Change is observed as increasing from an average of 400 in September September 2013 to an average of 500 from September 2013 to September It then again increased to more than 700 per week from September 2014 to June The average of Major IT Incident tickets remains the same at around 300 tickets per week, for the whole September 2012 until June Since the tabulation of incidents is grouped into a week or seven days, there are two possibilities of the relationship between IT Change and Major IT Incident number. Major IT Incident happened after implementation of an IT Change. IT Change may have been taking place during the

69 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) weekend, Saturday or Sunday and Major Incident happened on Monday or Tuesday when ABCD customers are already on their daily operational tasks. This is what that is highly observed and perceived by Druebert (2010) and many of the survey respondents IT Change takes place after Major IT Incident happened. During a week, Incidents may have occurred on any day of the weekdays and a quick change is scheduled to take place on Saturday or Sunday. One incident may be caused by several module or different application thus there is a high possibility of more than one change carried out to fix just a single incident. The possible relationship as stated in item ii) above is not part of this research s consideration thus this can be part of the future recommendations for research improvement. 5. Conclusions This research uses quantitative data analysis with the objective to address a specific business related issue; How to get the ITSP customers to run leaner by improving the amount spent on Incident. This research answers all the research questions and at the same fulfills the research objectives comprehensively. A conclusion based on the research questions is listed below: ⅰ. There are four contributing factors to Major IT Incident tickets number in the context of the services provided by ITSP to its customers. Sorted by the highest impact, those are Software Issues, User Errors, Network Issues and Hardware Issues. ⅱ. The number of Major IT Incident tickets changed with different levels of each contributing factors. Summarized below: For any Software Issues occurrence, Major IT Incident ticket is increased by times For any User Error occurrence, Major IT Incident ticket is increased by times For any Network Issues occurrence, Major IT Incident ticket is increased by times For any Hardware Issues occurrence, Major IT Incident ticket is increased by ⅲ. From ANOVA analysis, H0 analysis for IT Change is not rejected, thus it is proven to be not one of the determinants to Major IT Incident tickets number. From correlation analysis, it has the least percentage of data correlativity to Major IT Incident ticket data. Regression analysis also shows that IT Change has the least significant impact to Major IT Incident ticket, atonly which can be ignored. Thus, from data analysis, IT Change is not proven as the main determinant. Instead, it has the least impact and probable impact is actually to reduce the Major IT Incident ticket number. iv. Even though the two major factors will be Software Issues and User Issues, by right, all factors shall be put into focus of improvement. All factors should be treated equally important, including the IT Change. This is because the strategies for all factors, Software Issues, User Issues, Network Issues and Hardware Issues are equally correlating to each other, based on Table 4.1 Result of Correlation analysis. IT Change has the possibility to be the control agent for Major IT Incident ticket number. With its negative coefficient value, IT Change can be improved to increase its impact; which currently is very insignificance. Improving the impact will help to increase the probability of the number of Major IT Incident tickets to be reduced. This context of this study also eliminates the common perception that IT Change is the main contributing factors to Major IT Incident. In other words, Jason Druebert s view on the IT Change as the determinant to Major IT Incident ticket number is not supported by our result. However, there is a possibility that IT Change is instead stabilizing the incident ticket number. IT Change has the negative impact to Major IT Incident ticket number. Given more shipments, more applications, and more business requirements, Major IT Incident ticket numbers are stabilizing at the range of tickets per week throughout almost 3 year of period between September 2012 and July There are four determinants to Major IT Incident ticket number. Those are Software/Application Issues, User Errors, Network Issues and Hardware Issue. The recommendations on the action items will be based mainly on these four determinants, and followed by the improvement measures towards IT Change in general. 6. Policy Recommendations for ITSP In terms of Software issue, Janaki (2010) suggested eleven factors to be used as the key towards Software Quality. They are Correctness, Efficiency, Expandability, Flexibility, Integrity, Portability, Reliability, Reusability, Survivability, Usability and Verifiability. The software correctness is the degree of how the software design and implementation conform to the requirements. A better software quality is the key of reducing Software/Application issues thus at the same time reducing the Major IT Incident ticket number in general. For the issue of users error, Humphrey (1995) stated that users need should be the principal focus of any software

70 68 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) quality definition. Crosby (1984) defines quality as conformance to requirements. While software developers hardly able to distinguish between requirements, needs, and wants, one thing that many have been overlooked is the perspective of the users; the people who will be using the software for their daily use. Human errors are mostly occurred when dealing with system complexity Clark (2013). Other than meeting the requirement of the software, another factor of software quality is the usability. A system may be usable to one but not to another. It is very important to ensure the usability of software or an application from the perspective of the user. Reducing the system complexity will also increase the usability of the system. As suggested by Tira (1970), it is very important to ensure the highest possible quality of the course material. In a related matter to users errors, Rola (2002) also suggested that security measure awareness amongst the users should be improved. Users should be aware or informed on the consequences of the errors they will be doing in the system to avoid user errors from keep reoccurring. Network issues are highly unpredictable. The symptoms and causes vary widely. Due to that nature, it is very critical for an organization or a workplace to ensure continuous network connectivity by having network redundancies in the network connectivity link. Another measure in overcoming unpredicted network issues is by having pro-active event tickets generated whenever abnormalities in the network are found. While most of the capacity management exercise revolves around the usage, capacity, and utilization, organizations are often observed to overlooking the lifespan of the hardware equipment. The equipment not only involves computer s Central Processing Unit (CPU), network devices, cabling and so on, capacity planning should also cover the capacity and the lifespans of the server racks, air conditioning, electricity supply and physical space, and storage space management. The best to get over with this is to have the support with an adequate spare part supply to be the nearest possible. In the case of any hardware issues occurring in the organization, the support team is just nearby to give the organization the support needed throughout the critical outage time. References Armstrong & Associates (2014). Top 25 Global Freight Forwarders - Largest Providers by 2013 Gross Revenues and Freight Forwarding Volumes. Retrieved August 6, 2016, from Ash, J. S. (2004). Some unintended consequences of information technology in health care: The nature of patient care information system-related errors. Journal of the American Medical Informatics Association, 11(2), Beekman, G., & Quinn, M. J. (2008). Tomorrow's Technology and You. New Jersey, USA: Pearson Prentice Hall. Bhimani, A. (1996). Securing the commercial Internet. Communications of the ACM, 39(6), Clark, C. Y. (2013). A study on Corporate Security Awareness and Compliance Behavior Intent. Pace University. Ann Arbor, MI: ProQuest Dissertation Publishing. Computer History Museum. (2004). Internet History. Retrieved September 1, 2015, from Computer History Museum: internet_history/index.html, as accessed on August 6, Crosby, P. (1984). Quality Without Tears. New York: McGraw-Hill Book Company. Davis, F. (1989). Perceived Usefulness, Perceived Ease of User, and User Acceptance of Information Technology. MIS Quarterly, 13(3), Druebert, J. (2010, February 22). Changes, Incidents and Unintended Consequences Index. Retrieved September 1, 2015, from ITSM Watch: ges-incidents--unintended-consequences.htm, as accessed on August 15, Evolven (2016). Unintended Consequences Index by Jason Druebert. Retrieved January 5, 2016, from nded-consequences-index.html. Henriquez, J. (1996). Misunderstandings About Computers as a Factor in Computer-Related Incidents. Atlanta, USA: Thesis for Doctorate in Emory University. Humphrey, W. (1995). A Discipline for Software Engineering. New York: Addison-Wesley. Janaki, K. (2010). Quality Market: Design and Field Study of Prediction Market for Software Quality Control. Florida, USA: Thesis for Doctorate in Nova Southeastern University. Kanfer, R. (1990). Motivation Theory and Industrial and Organizational Psychology. In M. Dunnette, & L., Hough (eds.). Handbook of Industrial and Organizational Psychology, 2, Palo Alto, CA: Consulting Psychology Press.

71 Mohamad Izham Che Ros, Wee-Yeap Lau / Journal of Distribution Science (2016) Latham, G., & Pinder, C. (2005). Work Motivation Teory and Research at the Daen of the Twenty First Century. The Annual Review of Psychology, 56, Leveson, N. G. (1995). Safeware: System safety and computers. New York, NY, USA: ACM New York. Mitchell, M. W. (1997). The Effects of Embedded Question Type and Locus of Control on Processing Dept, Knowledge Gain and Attitude Change in a Computer-based Interactive Video Environment. Virginia Polytechnic Institute and State University. Blacksburg, Virginia: Virginia Polytechnic Institute and State University. Potharaju, R. (2014). Data-driven approaches to improve dependability of cloud services. Purdue University. Indiana: ProQuest Dissertations Publishing. Roberts, J., Hann, I., & Slaughter, S. (2006). Understanding the Motivations, Participations, and Performance of Open Source Software Developers: A longitudinal study of Apache Project. Management Science, 52(7), Rola, M. (2002). Monitoring mayhem or the right to see?. Computer Dealer News, 18, 6-7. Tira, D. E. (1970). An Introduction to the Theory and Application of the Product-Moment Family of Correlations via a Computer Assisted Instructional System. Ohio: Ohio State University. Turban, E., King, D., Lee, J., Liang, T.-P., & Turban, D. (2010). Electronic Commerce New Jersey, USA: Pearson. Tian, W. D., & Zhao, Y. D. (2014). Optimized Cloud Resource Management and Scheduling: Theories and Practices. Waltham, MA, USA: Morgan Kaufmann. Wickens, C. D. (2000). Engineering psychology and human performance (3rd ed.). New York: Harper Collins Publishers Inc. Venkatesh, Davis, F., & Morris, M. (2007). Dead or alive? The development, trajectory and future of technology acceptance adoption research. Journal of the association for Information Systems, 8(4),

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73 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Analysis of Factor Hindering and Promotion Strategy on the Direct Marketing of Agricultural Products 농산물직거래유통채널별저해요인분석과활성화방안 * Deok-Hyeon Kim( 김덕현 ) **, Gil-Seog Park( 박길석 ) ***, Su-Young Lee( 이수영 ) ****, Seung-Hyun Lee( 이승현 ) ***** Received: September 6, Revised: November 6, Accepted: December 15, Abstract Purpose This paper is for the Analysis on the Hindrance Factors and Activation Scheme by the Type of Distribution Channel in Direct transaction of Agricultural Products. As the distribution structure of agricultural products has become changable, farmers seem to use the type of direct distribution in order to enhance the receiving price. This study aims to explore the hindrance factors and income variation rate in direct transaction of agricultural produces, specifically focusing on the 167 farmers. Research design, data, and methodology - To ascertain the hindrance factors exactly by the type of distribution channel, the managements were classified by four subcategories, that is high sales percentage with shopping malls, SNS, shopping malls and SNS, and off-line direct transaction. Results As a result of the hypothesis test, hinderance factors in online direct deal activation were found to be in the order of the difficulty in continuous content production, the difficulty in shopping mall operation and maintenance, and the difficulty in card commission problems, and in the order of the difficulties in continuous content production, the difficulty in continuous content production, the difficulty in shopping mall operation and maintenance, and the difficulty in branding for the SNS group. Thus, it can be seen that the difficulty in continuous content production, shopping mall operation and maintenance were found to be the biggest obstacles. In addition, hindering factors in online direct deal activation were found to be in the order of the difficulty in credit card settlement, the difficulty in publicity, and the difficulty in dealing with unsold goods. The group with high sales rate in shopping mall was found to be increased by 23.9% in the gross income compared to the previous year, the group with high SNS sales ratio increased by 56.5%, the group with direct offline transaction increased by 37.1%, among which the group with the highest increase rate of SNS sales ratio was found to be the highest from the rate of increase/decrease of the income, which was statistically significant. Conclusions It can be suggested that government and local government may provide agricultural management with supporting plan which in turn can activate direct transaction in any possible ways. Keywords: Agriculture Products Direct Transaction. Distribution Channel. JEL Classifications: Q1. Q10. Q13. Q17. * This study has been conducted as a part of a research project of Rural development administration (Assignment number: PJ ). ** First Author, Jeonnam Agricultural Research & Extension Services. Korea. Tel: , kimdh@jares.go.kr *** Research Fellow, Gyeongsangnam-do Agricultural Research & Extension Services, Korea. Tel: **** Researcher, Jeonnam Agricultural Research & Extension Services, Korea. Tel: , pingirl@jares.go.kr ***** Corresponding Author, G&B, Korea. Tel: , shleemis@hanmail.net

74 72 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) 서론 현재우리나라의농업구조는노동집약형, 고령화사회, FTA 와 TPP 등으로어려운상태에직면해있다. 특히우리농업은수입농산물급증과국제경쟁의심화등으로극심한환경변화를경험하고있다 (Kim et al., 2011). 이러한현상은선진국의많은농촌지역에서도인구감소와경제쇠퇴를경험 (McManus & Connell, 2014) 하고있다. 이를해결하기위해우리농업은 IT 발달로인한농산물온라인쇼핑몰확대, 대안유통정책활성화로인한로컬푸드사업장증대, 귀농귀촌정책활성화로인한도시인구의유입, 도시민의경제소득증대로인한농촌관광활성화등을발판삼아발전방안을강구하고있다. 농업경쟁력을위해우수상품을생산하는것이무엇보다도중요하고, 유통구조의개선과생산자중심의합리적가격결정이중요하다. 이러한마케팅은 Adriana et al. (2013) 은보다직접적이면서고도의집중과상호작용이중요하다고하였다. 해외에서는농산물을판매하기위한지식기반지능형전자상거래시스템연구 (Wen, 2007) 나농업인이협력판매와직접판매에대한행동분석을통해두유통채널간의상호의존성연구 (Maxime et al., 2015) 등이진행되고있는데우리농업도농산물직거래라는패러다임을도입하여추진하고있다. 농산물직거래의사회 경제적효과는장단이있다. 먼저농산물온라인직거래기능과만족도에대한연구는 Lee et al., (2000), Kim (2002), Jun and Kim (2002), Kim (2004), Lee and Shim (2004), Choi (2005), Baek and Kim (2009), Park et al. (2009) 등의연구가있다. 또한오프라인직거래에대한성공요인연구는 Song and Baek (2014), Ju (2015) 등의연구가있다. 특히온라인직거래에대한저해요인에대한연구는 Lee et al. (2000), Kim (2002), Jun and Kim (2002), Choi (2005) 등의연구가있었지만, 이는온라인직거래가활성화되는초창기의연구들로서표준화와규격화의어려움, 소비자보호제도및환불제도, 물류비용과결제시스템등이있는데시대의발전에따라그외의저해요인이무엇이있는가도필요하다. 더욱이오프라인직거래도활성화되고있는시점에서저해요인대한연구는미흡한실정이다. 농산물직거래의온 오프라인저해요인에대한연구가필요한데이를위한본연구문제는다음과같다. 연구문제 1. 농산물직거래유통채널집단별로온라인저해요인우선순위는무엇인가? 연구문제 2. 농산물직거래유통채널집단별로오프라인저해요인우선순위는무엇인가? 연구문제 3. 농산물직거래유통채널집단별로온라인저해요인과오프라인저해요인은차이가있을것인가? 연구문제 4. 농산물직거래유통채널집단별로경영성과는차이가있을것인가? 본연구는스마트폰과 SNS 가확대되고있는시점, 직거래장터와로컬푸드매장이활성화되고있는시점에서온오프라인직거래저해요인을파악하여사전에대비할수있는해결책을제시하고자한다. 2. 이론적배경 2.1. 농산물직거래개념 농산물직거래란생산자와소비자가직접거래하는형태로미국의농산물직거래법 (Enactment, 1976) 에서는노변판매장, 농민시장, 차량을이용한배달판매등을포함하는시장에서저비용으로소비자에게고품질의농산물을제공하는동시에생산자에게수익을증대시키는방법으로생산자 ( 단체 ) 가소비자 ( 단체 ) 에게직접농산물을판매하는방식이라고정의하였다. Kwon and Kim (1999) 는도매시장을거치지않는모든농산물의거래 (Park & Kim, 2001), Lee (2009) 은중간유통기구나소비지의상설판매장을통하지않고생산자또는생산자단체와소비자또는소비자단체간의직접형성되는농산물거래의유형이라고하였다. 지역농산물이용촉진등농산물직거래활성화에관한법률 (2015 년 ) 에서는생산자와소비자가직접거래하거나, 중간유통단계를한번만거쳐거래하는것으로자신이생산한농산물을소비자에게직접판매하는행위, 생산자로부터농산물의판매를위탁받아소비자에게판매하는행위, 생산자로부터농산물을구입한자가이를소비자에게직접판매하는행위, 소비자로부터농산물의구입을위탁받아생산자로부터이를직접구입하는행위, 그밖에대통령령으로정하는농산물거래행위라고정의하고있다 (Ministry of Agriculture, Food and Rural Affairs, 2014). Nonghyup Economic Research Institute (2013) 는거래방법에제한을두지않지만생산자와소비자모두에게편익을제공하는형태의생산자 ( 단체 ) 와소비자 ( 단체 ) 간의거래만을직거래로간주한다고하였다. 최근에는대안유통이라고도하는데직매장, 꾸러미, 직거래장터, 기타직거래, 사이버쇼핑, 친환경전문점, 생협등기존의유통경로와차별화되는직거래유형을포괄적으로지칭하기도한다 (Ministry of Agriculture, Food and Rural Affairs, 2014). 이를종합해보면, 생산자가온 오프라인유통채널을통해최종소비자에게직접유통을하거나생산자가대안유통을하는거래방식을직거래라고할수있다. 농산물직접유통은인터넷 ( 모바일, 전화통신등 ) 을활용하는온라인유통, 직거래장터 ( 로컬푸드매장, 생산자 소비자단체등 ) 활용하는오프라인유통으로구분되어진다 농산물유통현황 농산물유통은직접유통과간접유통, 온라인유통과오프라인유통으로크게구분할수있다. 과거의유통은간접유통이면서오프라인유통이많았다면, 현재는직접유통이면서온라인유통과직접유통이면서오프라인유통이증가하고있다. 또한최근에는온라인과오프라인을통합하는방식의마케팅및서비스인 O2O(Online to Offline) 가대두되어농산물유통에있어서도확대되고있는추세이다. 생산자가최종소비자와직접유통을하는직거래규모를보면, 온라인직거래는전체유통되는산업군에서농축산물이차지하고있는비중은 3.0%(2015 년 6 월현재 ) 에불과하지만 2014 년전년대비 2.4% 에서 0.6% 증대하고있다. 또한온라인거래액은 2014 년 2/4 분기 2,520 억원에서 2015 년 2/4 분기 3,470 억원으로 950 억원이증대하였으며, 모바일거래액은

75 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) 억원에서 1,560 억원으로 2 배이상 (790 억원 ) 이증대한것으로조사되었다. <Table 1> Amount of agricultural products on-line commercial transaction(unit: hundred million) Division Amount of Commercial Transaction 2014Year 2/4Quarter 2015Year 1/4Quarter 2015Year 2/4Quarter On-line Mobile On-line Mobile On-line Mobile Source: Statistics Korea(2015). 2, ,470 1,560 오프라인직거래는 2012 년 13,647 억원에서 2014 년 18,192 억원으로 2 년사이에 4,545 억원이상승하고있으며, 2015 년은약 22,000 억원상승할것으로예측되고있다. <Table 2> Estimate of agricultural products off-line commercial transaction(unit: hundred million) Division 2012Year 2013Year 2014Year 2015Year Estimate of Commercial Transaction 13,647 16,362 18,192 22,000 Source: Ministry of Agriculture, Food and Rural Affairs (2014) 농산물직거래기능과장점 직거래가이루어지는중요한요인은높은수취가격과소득, 시장접근의용이성, 사회적접촉, 노동력활용등 (Chung & Kim, 1999) 으로상품판매, 홍보, 농촌관광등다양한형태로운영되고있다 (Lee & Shim, 2004). Kwon and Kim (1999) 는운영체계상의비효율성과불공정성으로도매시장기능의취약성을보완하는기능을하고 (Park & Kim, 2001), Kim and Lee (1998) 는경제적으로유통경비절감, 상품의가격결정참여, 포장의간소화등이며, 사회적으로생산자와소비자간의이해증진, 도 농간공동체형성, 자녀들의사회학습기회증진등의기능을한다고하였다. 유통경로의단축으로농가수취가격향상과유통마진의절감효과 (Lee & Shim, 2004), 생산자에게적정한가격을제공하고소비자에게는안전하고신선한제품을공급하고 (Choi, 2005), 직거래시장에서형성된소비자가격은같은조건의상품이라면일반적으로소매상에비해저렴하고 (Lee, 2009), 생산자는보다높은가격에, 소비자는보다저렴한가격에상품을구매 (Song, 2013) 할수있게되는장점을가지고있다 농산물직거래의저해요인 농업분야의전자상거래가초창기에는농업인의홈페이지개설과함께시작되었다면현재는대형유통업체들의쇼핑몰위주의거래가활발한편이다 (Park et al., 2014). 이는대형유통업체의노하우와자본력, 농업인의홈페이지운영능력과시간등이저해요인때문일수있다. 온라인직거래의저해요인을 Kim (2002) 은소비자중심의제품, 가격, 촉진, 유통, 웹기술, 서비스측면에서의분석하였고, Choi (2005) 은정보화교육미흡, 쇼핑몰운영능력미흡, 정부의지원미흡등쇼핑몰중단측면에서추출하였다. 오프라인직거래의저해요인으로 Chung and Kim(1999) 은다양한품목구비가어려움, 계절성으로지속적인거래유지가곤란함, 거래수량의제한성, 가격형성이어려움등이있고, 특히생산자의입장에서우수상품중심으로거래되어하급품의판매가곤란한점등이라고하였다. Ahn and Kim(2010) 은판매실적이낮음, 생산자의참여의지와홍보부족으로생산자와소비자의만남이충분치못함, 판매수수료, 까다로운요구조건과내부방침, 소비자성향파악이되지않는상황에서추측에의해제품선정및물량을결정하여출하하는경우로판매잔여물량이증가하는등의저해요인이있다고하였다. 또한 Kim et al. (2014) 은로컬푸드매장은단일시 군만으로는품목의개수나양을충분히조달하기에어려움이있고, 매장관리, 인건비, 부대경비등을고려하면적자경영상태이고, 판매상품의관행농산물로친환경농산물비중이높지않다고하였다. 이러한저해요인들은생산자의설문조사를통해확보된것이아니라, 연구자의문헌고찰및사례조사등에서제시되었다는점이다. 3. 연구방법 3.1. 연구대상 농업경영체를직접운영하면서직거래유통만을실시하고있는농업인을대상으로 2015 년 6 월 1 일부터 6 월 30 일까지 30 일간설문의취지를설명하고구조화된설문지로설문조사를실시하였다. 수집된자료는 200 부인데그중설문응답에일관성이없거나불성실하게작성되어분석에사용할수없는설문지 33 부를제외한 167 부를분석자료로활용하였다. 직거래유통채널집단을온라인직거래집단으로는쇼핑몰집단과 SNS 집단으로 2 개집단, 오프라인직거래 1 개집단, 총 3 개집단으로구분하였다. 수집된자료는 SPSS 19.0 for Windows 를사용하여기술통계분석와 t- 검증을실시하여측정하였다 측정도구구성과조작적정의 본연구에서사용한측정도구는구조화된설문지로연구목적에맞도록선행연구를바탕으로수정 보완하여확정함으로써측정변인에대한내적타당도를확보하고자노력하였다. 측정도구는명목척도를통해인구통계학적특성을파악하고, 비율척도를통해경영성과를파악하였으며, 순위척도를통해직거래선호도우선순위를파악하였다. 직거래저해요인으로는온라인저해요인 17 개항목, 오프라인저해요인 11 개항목으로 매우그렇지않다 를 1 점, 보통이다 를 3 점, 매우그렇다 를 5 점으로하는 5 점리커트형식의등간척도를사용하였고, 점수가높을수록부정의수준이높음을의미한다.

76 74 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) <Table 3> Variable Measurement Division Item Number Note Demographics 5 Nominal Scale management performance 1 Ratio Scale Direct transaction preference ranking 4 Ordinal Scale On-line Hindrance Factors 17 Interval Scale Off-line Hindrance Factors 11 Interval Scale Selling present condition 2 Nominal Scale Total 40 각항목의조작적개념으로직거래유통채널집단이란간접유통을전혀하지않고직접유통만을실시하는집단을의미한다. 그중에서온라인직거래집단은오프라인직거래를전혀하지않고온라인직거래만을실시하는집단을의미하는데, 쇼핑몰비율이높은쇼핑몰집단, SNS 비율이높은 SNS 집단으로구분할수있다. 또한오프라인직거래집단은온라인직거래를전혀하지않고오프라인직거래만을실시하는집단을의미한다. 직거래유형별저해요인은온라인직거래저해요인과오프라인직거래저해요인으로구분하고, 각유형별직거래를실시하고있는상황에서발생하고있는어려움, 불편함, 문제점등을의미한다. 마지막으로경영성과란 2013 년도대비 2014 년도의조수입증감률을의미한다. <Table 4> Operational Definition Division Direct Transaction Channel Group On-line Direct Transaction Group Off-line Direct Transaction Group Hindrance Factors of Direct Transaction Type Management Performance Operational Definition Group making direct distribution only without making any indirect distribution It means the group with online direct transactions only without making any offline direct transactions. It is classified into shopping mall group which shows high ratio of using shopping malls and SNS group which shows high ratio of using social networks It means the group with offline direct transactions only without making any online direct transactions Difficulties, inconveniences and problems arising in direct transaction by type. It is classified online direct transaction hindrances and offline direct transaction hindrances It means increase or decrease rate of income in 2014 comparing to 2013 < 가설 2> 직거래경력에따른전년도대비조수입증감률은차이가있을것이다. < 가설 3> 온라인채널별판매비율수준에따른전년도대비조수입증감률은차이가있을것이다. 4. 연구결과 4.1. 기초자료분석 응답자의인구통계학적특성을분석하기위해빈도분석을실시한결과, 성별은남성 (55.1%), 연령대는 50 대 (52.1%), 영농경력은 10 년이내 (26.9%), 유통경력은 3 년이내 (36.5%), 조수입은 3,000 만원미만 (28.7%) 과 1 억이상 (28.1%) 이각분야에서가장높게나타났다. <Table 5> Demographics of Sample Gender Age Work(farming) Experience Distribution Experience Division Frequency(n) Ratio(%) Male Female Under 39Age Age Age Over 60Age Under 5Year Year Year Year Over 31Year Under 3Year Year Year Year Over15Year Under 3,000Ten Thousand ,001-5,000Ten Thousand Gross Income 5,001-8,000Ten Thousand ,001-10,000Ten Thousand Over 10,000Ten thousand Total 연구가설 본연구에서선행연구및연구목적을달성하기위해수립한가설은다음과같이설정하였다. < 가설 1> 농산물직거래유형별활성화를저해하는요인은차이가있을것이다 농산물직거래선호도는온라인직거래채널별판매비율은 81.4%, 오프라인직거래채널별판매비율은 18.6% 으로온라인직거래비율이더높게나타났다. 그중에서농산물온라인직거래채널별판매비율은홈페이지 22.7%, 오픈마켓 4.2%, 입점몰 8.4%, SNS( 블로그, 카페, 밴드, 카카오스토리, 카카오채널 ) 39.5%, 쇼핑몰 ( 홈페이지, 오픈마켓, 입접몰 ) 과 SNS 비율이동일은 6.6% 로나타났다.

77 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) <Table 6> Selling of On-line Direct Transaction Type Division Home page Shopping Mall Open Market Stores in Mall SNS Same of Shopping Mall & SNS Total Frequency(n) Ratio(%) 농산물오프라인직거래채널별판매비율은소비자주도 1.2%, 생산자주도 15.0%, 공공기관주도 2.4% 로나타났다. <Table 7> Selling of Off-line Direct Transaction Type Division Consumer Leading Farmer Leading Public Institution Leading Total Frequency(n) Ratio(%) 농산물직거래선호도에대한우선순위를보면, 온라인직거래선호도우선순위로현재순위와미래순위가동일하게변동이없이나타났는데, 1 순위홈페이지 ( 자체 ), 2 순위블로그, 3 순위전화, 4 순위카카오스토리로나타났다. <Table 8> Preference Ranking of On-line Direct Transaction Type Division Present Future Frequency(n) Ranking Frequency(n) Ranking Home page Blog Phone Kakao story Stores in Mall Internet Cafe Open Market Non response Total 오프라인직거래선호도우선순위로현재순위는 1 순위직거래장터, 2 순위지인판매, 3 순위체험 / 농장판매, 4 순위로컬푸드, 5 순위산지상설직판장, 6 순위소비자단체로나타났다. 미래순위는 1 순위직거래장터, 2 순위로컬푸드, 3 순위체험 / 농장판매, 4 순위산지상설직판장, 5 순위지인판매, 6 순위소비자단체로나타났는데, 로컬푸드에대한순위가높아졌다. <Table 9> Preference Ranking of Off-line Direct Transaction Type Division Present Future Frequency(n) Ranking Frequency(n) Ranking Farmers' Market Acquaintance Selling Experience/ Farm Selling Local Food Production Center Consumer 0rganization Non response Total 직거래유통채널집단의특성을분석한결과, 온라인직거래채널에서쇼핑몰판매비율이높은경영체 ( 쇼핑몰집단 59 명, 35.3%), SNS 판매비율이높은경영체 (SNS 집단 66 명, 39.5%), 쇼핑몰과 SNS 판매비율이동일한경영체 ( 동일집단, 11 명 6.6%), 오프라인직거래채널집단 (31 명, 18.6%) 으로나타났다. 하지만, 동일집단 ( 쇼핑몰 SNS) 의경우는표본수가적게나타나저해요인분석을제외하였다. <Table 10> Frequency of Direct Transaction Channel Division On-line Direct Transaction Channel Shopping Mall Group SNS Group Same Group (Shopping Mall SNS) Off-line Direct Transaction Group Channel Frequency(n) 59(35.3) 66(39.5) 11(6.6) 31(18.6) * p<.05 온 오프라인직거래활성화에대한저해요인을분석 ( 온라인집단중동일집단 쇼핑몰 +SNS 은분석제외 ) 하기위해기술통계분석을실시한결과다음과같은결과가나타났다. 온라인직거래채널은온라인직거래채널로판매하는경영체 2 개집단모두지속적인콘텐츠의생산이어려운것으로나타났다. 오프라인직거래는신용카드결제 (3.73 점 ), 홍보 (3.69 점 ), 잔품처리 (3.34 점 ) 의순으로나타났다. 결과적으로온라인직거래를하고있는집단의저해요인으로는지속적인콘텐츠생산의어려움과쇼핑몰운영 유지보수어려움이가장높게나타났으며, 오프라인직거래저해요인으로는신용카드결제와홍보의어려움이가장높게나타났다. 하지만이러한평균값을볼때, 보통이다에서어렵다의중간값으로농업인의노력과지자체의지원이조금만더있다면충분히해결할수있다는것을의미한다고볼수있다. <Table 11> Hindrance Factors of Direct Transaction Channel on the Agricultural Products On-line group Off-line Group Shopping Mall Group SNS Group Division Hindrance Factors M Ranking1 Content Making 3.48 Ranking2 Ranking 가설검증 Shopping Mall Renewal 3.25 Hindrance Factors Content Making Shopping Mall Renewal M Hindrance Factors Credit Card Payment Public Relations Difficulty M Credit Card Unsold Goods 3.24 Brand 3.52 Service Charge Management 3.34 < 가설 1> 농산물직거래유형별활성화를저해하는요인은차이가있을것이다를분석하기위해 t- 검증을실시한결과 t=2.315, p=.049 로통계적으로유의미하게나타났다. 온라인직거래저해요인은평균 3.06 점이고, 오프라인직거래저해요인은평균 2.91 점으로나타났다. Lee et al. (2000), Kim (2002), Jun and Kim (2002), Choi (2005) 등의연구에서제시

78 76 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) 된온라인직거래저해요인을보면, 평균값보다낮게나타나기존저해요인과더불어시대의발전에따라새로운저해요인들이부각되고있다는것을알수있다. 이는온라인직거래저해요인이오프라인직거래저해요인보다높다는의미로온라인직거래에대한저해요인에더비중이있다는것을의미한다. <Table 12> The Descriptive Statistics of the Hindrance Factors of Direct Transaction Type Product Place Promotion Price Other * p<.05 Division On-line Direct Transaction Group Off-line Direct Transaction Group M SD M SD Quantity Definite Standardization Brand Personal Package Utilization Distribution Delivery Shopping Mall Renewal Commercial Rights Trouble Farmer's Market Public Relations Difficulty Event(Discount) Content Making Unsold Goods Management Price Fixing Credit Card Payment(System) Credit Card Service Charge Food Paparazzo Countermeasure Exaggerated advertisement Customer Relations Consumer Protection (Recall Refund) M t(f) 2.315(4.065) p.049* < 가설 2> 직거래경력에따른전년도대비조수입증감률은차이가있을것이다를분석하기위해 t- 검증을실시한결과 t=4.707, p=.018 로통계적으로유의미하게나타났다. 농산물직거래경영성과분석을실시한결과, 직거래경력에따른전년도대비조수입증감률은평균 40.0% 증가하였으며, 3 년이내는 58.0%, 5 년이내 43.4%, 10 년이내 21.8%, 10 년이상 28.6% 증가한것으로나타났다. 따라서직거래경력에따라조수입증감률이차이가있다는것을알수있다. 이는 5 년이하경력일경우에는높고, 6 년이하인경우에는낮다는것을의미하는데그이유는 5 년이하의경우에는소득이낮은상태에서높게상승되고, 6 년이상인경우에는소득은높은 상태에서낮게상승하기때문으로판단되어진다. <Table 13> Gross Income Rate of Increase of Direct Transaction Work Experience Division Under 3Year 4-5Year 6-10Year 0ver 10Year Rate of Increase * * p<.05 < 가설 3> 온라인채널별판매비율수준에따른전년도대비조수입증감률은차이가있을것이다를분석하기위해 t- 검증을실시한결과 t=4.137, p=.054 로통계적으로무의미하게나타났다. 온라인채널별판매비율수준에서쇼핑몰판매비율이높은집단의전년도대비조수입증감률은 23.9%, SNS 판매비율이높은집단은 56.5%, 오프라인직거래집단 37.1% 가각각증가하는것으로나타났다. 집단중에서 SNS 판매비중이높은집단의조수입증감률이가장높게나타났다. 이는 SNS 집단이경영성과가높고, 쇼핑몰집단이가장낮음을알수있다. 하지만이는통계적으로무의한해석이다. <Table 14> Gross Income Rate of Increase of Direct Transaction Selling Type Division Rate of Increase On-line Direct Transaction Group Shopping Mall Group 5. 결론및시사점 SNS Group Off-line Direct Transaction Group 연구결과의요약및시사점 본연구는직거래유통채널집단별로저해요인을분석하기위해실시되었다. 응답자는온라인직거래집단중쇼핑몰집단 35.3%, SNS 집단 39.5%, 동일집단 6.6% 이며, 오프라인직거래집단 18.6% 로구분되었다. 농산물직거래시경영성과는온라인직거래 SNS 집단이높으며, 오프라인직거래집단과온라인직거래쇼핑몰집단은낮게나타났다. 이는단순한쇼핑몰운영으로는경영성과가높게나타날수없는구조로 SNS 을추가적으로실시해야한다는결과를유추할수있다. 때문에온라인직거래를실시하고자하는농가나법인은 SNS 를보다적극적으로활용하여야한다. 이를위해서는정부가추진하고있는강소농교육, 농업대학, e- 비즈니스교육등에서 SNS 관련교과목을확대추진해야할것이다. 또한가설검증결과, 온라인직거래활성화의저해요인은쇼핑몰집단은지속적인콘텐츠생산의어려움, 쇼핑몰운영 유지보수의어려움, 카드수수료문제순이며, SNS 집단은지속적인콘텐츠생산의어려움, 쇼핑몰운영 유지보수의어려움, 브랜드화의어려움순으로나타났다. 결과적으로지속적인콘텐츠생산의어려움과쇼핑몰운영 유지보수의어려움이가 t t p p

79 Deok-Hyeon Kim, Gil-Seog Park, Su-Young Lee, Seung-Hyun Lee / Journal of Distribution Science (2016) 장큰저해요인임을알수있다. 또한오프라인직거래활성화의저해요인은신용카드결제의어려움, 홍보의어려움, 잔품처리의어려움순으로나타났다. 이와관련된연구에서온라인저해요인이 Lee et al. (2000), Kim (2002), Jun and Kim (2002), Choi (2005) 등은표준화와규격화의어려움, 소비자보호제도및환불제도, 물류비용과결제시스템등이라고하였는데, 지속적인콘텐츠생산의어려움과쇼핑몰운영 유지보수의어려움, 오프라인직거래활성화저해요인은카드수수료, 홍보의어려움등이이들의연구에비해서더높게나타났다. 또한쇼핑몰판매비율이높은집단은전년도대비조수입증감율 23.9% 증가, SNS 판매비율이높은집단은 56.5% 증가, 오프라인직거래집단은 37.1% 증가하였는데그중에서 SNS 판매비율이높은집단의조수입증감률이가장높게나타난것은통계적으로유의미하다는결과를도출했다. 하지만직거래경력차이에따른전년도대비조수입은평균 40.0% 증가하였으며, 3 년이내는 58.0% 증가, 5 년이내 43.4% 증가, 10 년이내 21.8% 증가, 10 년이상 28.6% 증가로나타난것은통계적으로무의미하다는결과를도출했다. 연구결과를바탕으로직거래유통채널별저해요인을극복하기위한정책적전략은다음과같다. 첫째, 온라인직거래시지속적인콘텐츠생산을위해서는단순한농작물생산과정이나상품을업로드하기보다는하나의주제를지정하여스토리화하는스토리마케팅을해야한다. 예를들어팜파티 (Farm Party) 을실시하는과정을준비단계에서부터실시그리고종료 후감사이벤트까지하나의주제로지속적인콘텐츠를생산할수있다. 온라인직거래시쇼핑몰운영 유지보수의어려움을해결하기위해서는지자체에서농산물쇼핑몰운영및유지보수에관한조례를지정하여지속적인교육, 유지보수비용지원, 지역대학과연계한지원 (Past agricultural information 119), 블로그기자단을활용한컨텐츠생산지원등을지원할수있도록해야한다. 본연구의시사점은학술적측면에서농산물직거래에서직거래유형을대상으로하는새로운접근이시도되었다는점과기존연구에서는성공요인에관한연구와소비자중심의만족도에관한연구인반면에본연구에서는저해요인에대한측정도구를마련했다는점에서가치가있다. 연구결과의실무적시사점은농산물직거래에서직거래향상을위한정책적 법률적강화방안을제시하였다는점이고, 이를위한정책적시사점은향후온 오프라인직거래를실시하고자하는농업인에게도움이되는저해요인이제시되었다는점이다 한계점및향후연구방향 연구한계사항으로는직거래유형별집단의표본수가차이가있다는점, 항목이요인화되지못했다는점이다. 향후연구에서는집단의표본비율을동일화시켜요인별저해요인을추출할필요가있으며, 저해요인에따른향후실천의지에관한연구가필요할것으로판단되어진다. Reference Ahn, Tae-Yeong, & Kim, Chang-Gon (2010). A Study on Direct Transaction of Agricultural products through Urban-rural interchange: Focused on Gokseong-gun. Korea Research Academy of Distribution and Management, 13(1), Baek, Seung-Woo, & Kim, Hyun-Jung (2009). A Study on the Factors of Customers Satisfaction in Agricultural Products Internet Shopping Malls. Korean journal of food marketing economics, 26(2), Choi, Hoon (2005). Factor Which Influences the Management of Shopping Mall for E-commerce for Korean Agricultural Products. The journal of information technology, 8(2), Chung, Chan-Kil, & Kim, Ki-Hyun (1999). Positioning the Direct Marketing of Agricultural Products. Korean journal of food marketing economics, 16(1), Csikósová, Adriana, Antošová, Mária, & Čulková, Katarína (2014). Strategy in Direct and Interactive Marketing and Integrated Marketing Communications. Procedia - Social and Behavioral Sciences, 116(21), Ju, Sang-Hyeon (2015). An Analysis and Policy Implication of the Local Food Success Factors. The Korean Journal of Local Government Studies, 11, Jun, Eui-Cheon, & Kim, Seog-Min (2002). Current Situation of e-commerce for the Agriculture Products and Promotion Plans. Journal of Industrial Economics and Business, 15(3), Kim, Deok-Hyeon (2004) information practices of Female Farmers strategy of Agricultural Products e-commerce (pp.6-27). Jeonnam, Korea: Jeonnam Agricultural Research & Extension Service. Kim, Dong-Hwan (2002). Satisfaction and Dissatisfaction Factors and Success Strategies of Agro - Food Internet Shopping Malls. Korean journal of food marketing economics, 19(1), Kim, Jong-Hwa, Lee, Kwan-Ryul, Kang, Maya, & Kim, Ki-Hueng (2014). ChungNam local food stores Practices and Success Strategies. ChungNam Development institute, Retirieved June 19, 2015, from =&cd...seq=1 Kim, Nam-Shun, & Lee, Chang-Soo (1998). A Study on Increasing Farmers' Income through Direct Trade of Agricultural Products between Urban and Rural. Journal of Korean Society of Rural Planning, 4(1), Kim, Young, Kim, Yang-Suk, & Hyun, Yong-Ho (2011). A Study on the Local Farmers Perceptions toward the

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81 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) Print ISSN: / Online ISSN A Study on the Sudden Stop in Capital Flows and Foreign Exchange and Distribution Market Stability 자본유출입급변동과외환및유통시장안정성에관한연구 Yoon-Chul Kim( 김윤철 ) *, Myung-Hoon Yi( 이명훈 ) ** Received: November 11, Revised: November 28, Accepted: December 15, Abstract Purpose Since 1990, the sudden stop in capital flows has caused the economic crisis. The purpose of this research is to suggest the policy measures to mitigate the risk of the sudden stop in capital flows. To this end, we examine the theoretical framework and analyze the case study for countries which are faced with the sudden stop. Also we examine the structural problems of the foreign exchange market in Korea and derive the policy implications to prevent the sudden stop. Research design, data, and methodology The criteria of whether the sudden stop in capital flows occurs are based upon Calvo et al. (2008). In case the proxy variable for the balance of capital account decreases from the average by over twice standard deviation, we determine that the sudden stop occurs for that country. The sample period is from January 1990 to December 2008, as in Calvo (2014). The sample countries are 17 developed countries and 19 emerging market countries, which are different from those of the previous papers as Agosin and Huaita (2012), and Calvo (2014). When the exchange market pressure index(empi) is deviated from the average by over three times standard deviation, we determine that the foreign exchange market is unstable for that country. Results We find that the characteristics of the sudden stop in capital flows are the bunching or contagion among countries, the rapid drop in real effective exchange rate, and the huge decrease in foreign exchange reserves. Many countries tried to increase foreign exchange reserves and regulate capital flows. Also the foreign exchange market in Korea are found to be the volatile exchange rate, the vulnerable external debt and careless management of the foreign exchange derivatives transaction risk. Conclusions - To lessen the risk in the sudden stop of capital flows, this research suggests the some useful policy measures. To enhance the foreign exchange and distribution market stability, we should improve the price mechanism of exchange rate, hold the appropriate level of foreign exchange reserves, prevent excessive inflows of foreign exchange and promote sound transactions of foreign exchange derivatives Keywords: Foreign Exchange and Distribution Market Stability, Exchange Rate Volatility, Sudden Stop in Capital Flows. JEL Classifications: F30, F31, E 서론 1990 년대이후금융의세계화로국가간자본이동이확대 * First Author, Associate Professor, Department of Economics and Finance, Keimyung University, Daegu, Korea. Tel: , yunckim@kmu.ac.kr ** Corresponding Author, Professor, Department of Economics, Myongji University, Seoul, Korea. Tel: , yimh@mju.ac.kr 되면서우리나라등신흥시장국들은거시경제정책운용에제약을받았을뿐만아니라환율변동성확대로인한외환시장의불안정을경험하였다. 특히 2008 년 Lehman Brothers 사태발생이후무역의존도가높고금융및실물부문의개방도가높은우리나라는대규모자본유출등으로금융및외환시장불안과이에따른거시경제정책운용의어려움에직면하였다. 이는기본적으로정상적인상황에서과도하게유입된외국자본이국내외의여건변화와함께급격히유출되면서금융및외환시장의불안정을초래하고실물경제를위축시킨요인으로작용한데주로기인하였다. 특히외환시장의불안정으로인한

82 80 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 실물경제의위축은기업의영업이익과가계의소득을감소시킴으로써유통산업을포함한경제전반의발전에도부정적인영향을미칠것이다 (Tambi, 2015; Cinar et al., 2016). 이에따라우리나라를포함한주요신흥시장국들은자본유출입의급변동 (Sudden Stop) 에대한위기대응능력을강화하고경제에미치는부정적영향을최소화하기위한정책적노력을강화하였다. 그리고주요선진국의경우에는글로벌금융위기발생이후헤지펀드와장외파생금융상품등에대한규제를강화하는방향으로정책대응을추진하였다앞으로글로벌금융위기가재발할경우국내경제에미치는부정적영향을최소화하기위해서는글로벌위기를극복하는과정중에서노출된문제를파악하고이를개선하기위한정책적노력을한층강화할필요가있다. 본연구에서는 Sudden Stop 에관한국내연구가거의없는실정에서이번글로벌금융위기에따른우리나라외환시장의구조적문제점들을구체적으로살펴보고, 글로벌위기가재발할경우이러한문제점들이재현되지않도록하는개선방안을모색해보았다. 본논문은주요신흥시장국과선진국을망라했다는의미에서 23 개신흥시장국을대상으로 Sudden Stop 을분석한 Calvo (2014) 및 42 개신흥시장국을대상으로 Agosin and Huaita (2012) 와차별화된다. 아울러 Sudden Stop 과그에따른외환시장불안정가능성에대비한여러가지정책적시사점을도출하였다는데의의가있다고할수있다. 먼저 2 장에서는자본유출입의급변동과외환시장의안정성에관한이론적배경과선행연구를고찰하였으며, 3 장에서는자본유출입의급변동발생과외환시장의안정성정도를판별하는연구방법론을제시하였다. 그리고 4 장에서는자본유출입급변동발생국의주요특징을제시하였으며, 자본유출입급변동에대한주요신흥시장국의정책대응사례를분석하였고, 이번글로벌금융위기를계기로드러난글로벌금융위기전후우리나라외환시장의구조적문제점을심층적으로다루었다. 마지막으로 5 장에서는대내외여건변화에따른자본유입중단과대규모자본유출등으로국내외환시장이불안정해질가능성에대비하여외환시장안정성을제고하기위한방안을도출해보았다. 2. 이론적배경및선행연구고찰 2.1. 자본유출입의급변동 자본유출입의급변동 (Sudden Stop) 은예상치못한자본유입중단에이어발생하는대규모자본유출로정의된다 (Calvo, 1998). 이경우 Sudden Stop 은외환시장불안정의직접적인원인이되며, 외환시장불안정에따른금융시스템의불안정은실물경제의위축을초래한다. 한편 Sudden Stop 은대부분외환위기 (currency crisis), 금융위기 (banking crisis) 또는국가채무위기 (sovereign debt crisis) 등여러형태의위기로진전된다 (Hutchison et al., 2006). Sudden Stop 은한나라의기초경제여건등내부요인과글로벌금융시장여건등외부요인이복합적으로작용하여발생하는것이일반적이다. 사실영국의 ERM(Exchange Rate Mechanism) 탈퇴와유럽각국의준고정환율제도입에따른금리상승으로인해유럽국가들이경기후퇴를경험함으로써 ERM 위기 (1992~1993) 가발생하기이전에는 Sudden Stop 이신흥시장국의내부요인에의해외국자본 이유출되면서발생한다고보았다 (Krugman, 1979). 이경우에는경상수지및재정수지적자, 외채규모, 외화자산, 부채의통화및만기불일치, 자본자유화에따른부작용, 경직적인환율운용등의요인이강조되었다. 한편 ERM 위기이후에는기초경제여건이양호한국가의경우에도외국투자자들의자기실현적기대에의해대규모자본유출이발생할수있다는견해가대두되었다. 정부정책등에대한부정적인기대가형성될경우자본흐름이역전되면서 Sudden Stop 이발생하고인접국가로쉽게전염된다는것이다 (Obstfeld, 1996; Calvo, 1998). 또한 1990 년대후반기초경제여건이상대적으로양호한아시아신흥시장국들이연쇄적으로자본유출에이은외환위기를경험하면서 Sudden Stop 의원인을외부요인에서찾으려는노력이증대되었다. 그리고 Catao (2006) 는신용팽창에따른호황과이로인한후유증이거품 (bubble) 로나타나면서외환 금융위기가발생한다고보는 boom-bust cycle 모형에의거하여선진국의자본흐름변화가 Sudden Stop 을초래할수있다고주장하였다. 아울러 Calvo et al. (2004) 등은각국자본시장과국제금융시장의통합정도가 Sudden Stop 과밀접한관련이있다고주장하였다. 즉, 자본시장개방의초기단계에서는 Sudden Stop 의발생확률이증가하다가시장개방이아주높은수준에이르면감소하는것으로파악되었다 외환시장의안정성 외환시장이안정적인상태에있다는것은기본적으로외환의수요자와공급자가환율이라는가격메커니즘을통하여외환을지속적으로매매할수있는시장상태를의미한다. 외환시장이안정적이라면외부충격에의해환율이일시적으로급변동하더라도곧바로균형수준으로회복되고금리, 물가등주요가격변수의움직임과안정적인관계를유지하면서변동할것이다 (Bacchetta, 2000). Eichengreen et al. (1995) 은외환시장안정성의판단기준으로환율의변동성을비롯하여, 환율수준의적정성, 외환수급및외채상황, 외환시장의외부충격흡수능력, 거시경제정책의안정성등을제시하였다. 첫째, 환율의변동성이클경우환리스크증가로수출입이감소하고자본유입도둔화되는등유통산업을포함한경제활동이위축되고경제정책운용에많은제약이따르게된다 (Siddiqui & Erum, 2016). Frankel and Rose (1996) 에따르면한나라의명목환율이특정시점으로부터 1 년이내에 25% 이상절하되고이후 1 년이내에다시 10% 이상추가절하될경우외환위기가능성이있는것으로판단하였다. 둘째, 환율이기초경제여건을반영하는균형수준에비해고평가되어있는경우향후환율절하에따른환차손우려로자본의유입이중단되거나유출이확대되면서외환시장의불안정성은증대된다. 반면환율수준이기초경제여건과괴리되어저평가되어있는경우에는환차익을노린핫머니 (hot money) 등자본유입이늘어나환율절상압력으로작용된다. 셋째, 한나라경제가감내할수있는 (sustainable) 수준을초과한경상수지적자지속과자본의유출에서비롯되는외환수급의불균형은환율상승압력으로작용한다. 또한외채규모가상환능력을벗어난과도한수준이거나높은단기외채의비중등외채구조가취약할경우대외신인도가저하되어외환시장의불안정이초래될가능성이존재한다. 넷째, 외환시장의불안정성이증대될경우이러한외부충격을일차적으로흡수할수있는수단은외환보유액인

83 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 데, 외환보유액이경상외환지급액이나잔여만기 1 년이내의유동외채규모에비추어작을경우채무상환능력에대한대외신인도가저하되며, 정책당국의시장개입여력한계등으로외환시장의불안정성이증대된다. 마지막으로통화정책이나재정정책등거시경제정책이안정적으로운용되지못할경우정책에대한신뢰가떨어지면서실물경기위축을우려한자본유출가능성이커지고그결과외환시장의불안정성은높아지게된다. 그런데외환시장에서는시장참가자들의기대심리, 내 외부충격등시장상황의변화가환율의움직임으로나타나기때문에일차적으로환율의변동성을관찰함으로써외환시장의안정성여부를판단한다. 여기에외환보유액수준이환율변동폭을완화시킬수있는정책당국의시장관리능력을나타내주는척도라는점을감안하여외환보유액의변화를동시에고려하게된다. 3. 연구방법론 Sudden Stop 발생국가의판단은 Calvo et al. (2004, 2008) 이제시한기준을바탕으로하였다. 즉, 외환보유액변동 ( 전기대비기준 ) 에서경상수지를차감하여구한자본수지의대용변수 ( 월별기준 ) 가장기평균치로부터표준편차의 2 배이상감소하는경우가발생한국가를 Sudden Stop 이발생한것으로판단하였다. 이경우 Sudden Stop 의시작시점은자본수지의대용변수가표준편차의 2 배이상감소한시점을기준으로표준편차의 1 배이상감소하기시작하는시점으로, Sudden Stop 의종료시점은자본수지의대용변수가장기평균치로부터자본수지의대용변수가표준편차의 2 배이상감소한시점을기준으로표준편차의 1 배이내로진입하는시점으로하였다. 표본기간은 1990 년 1 월부터 2008 년 12 월까지로하였다. Calvo (2014) 는 1992 년 1 월부터 2008 년 12 월까지데이터로분석하였고, Agosin and Huaita (2012) 는 2003 년까지데이터로분석하였다. 이는 2007 년서브프라임사태이후 2008 년글로벌금융위기까지 Sudden Stop 의발생에따른외환시장의문제점과그에따른정책대응조치실시이후, 최근에는유의미한 Sudden Stop 의발생과정책대응조치가나타나지않았기때문으로판단된다. 따라서본연구에서도각국의 Sudden Stop 사례를분석하고각국의정책대응사례로부터시사점을도출하기위해서는 1997 년 IMF 외환위기와 2008 년의글로벌금융위기를대상으로하는것이의미가크기때문에, 이런취지에서 Calvo (2014) 의연구에서와같이분석대상기간을글로벌금융위기까지로하였다. 분석대상국가는 17 개선진국과 19 개신흥시장국등 36 개국으로구성되었다. 선진국은호주, 캐나다, 덴마크, 핀란드, 프랑스, 독일, 이탈리아, 일본, 네덜란드, 뉴질랜드, 노르웨이, 포르투갈, 스페인, 스웨덴, 스위스, 영국, 미국등 17 개국가이다. 그리고신흥시장국으로는아르헨티나, 브라질, 칠레, 콜롬비아, 체코, 에콰도르, 헝가리, 인도네시아, 한국, 말레이시아, 멕시코, 페루, 필리핀, 루마니아, 러시아, 남아프리카공화국, 태국, 터키, 우크라이나등 19 개국을포함하였다. 신흥시장국과선진국을망라했다는의미에서본논문은 23 개신흥시장국만을대상으로 Sudden Stop 을분석한 Calvo (2014) 및 42 개신흥시장국만을대상으로 Agosin and Huaita (2012) 와차별화된다. 한편외환시장의안정성여부를측정하는기준으로는 Kaminsky and Reinhart (1999) 등이제시한외환시장압력지수 (EMPI, exchange market pressure index) 가주로이용된다. EMPI 의식은다음과같다. 즉, 외환시장압력지수 (EMPI) 는환율절상률 ( er) 과외환보유액증감 ( res) 을가중평균한값으로설정되는데, 여기서가중치는이들두변수의표준편차로나누어표준화하였다. 특히외환보유액에대해서는본원통화로나누어경제규모확대에따른추세증가분을조정하였다. 여기서외환시장압력지수 (EMPI) 가대상기간중의평균치로부터표준편차 ( ) 의일정배수 ( 최대 3배 ) 를벗어나게되면외환시장의불안정성이크게높아져서외환위기징후가있는것으로평가한다. 4. 연구결과 4.1. 자본유출입급변동발생국의주요특징분석 동시다발성 (bunching) 또는국가간전염 (contagion) Sudden Stop 은한국가에집중되기보다는유사한특성을가진국가들에서동시다발적으로발생하거나국가간전염에의해다수의국가로파급되는경향을보여왔다. 즉, ERM 위기, 멕시코페소화위기, 아시아외환위기, 러시아모라토리움 /LTCM(Long Term Capital Management) 위기에서는특정지역또는유사한특성을가진국가그룹에서 Sudden Stop 이발생하였다 년에는영국의 ERM 탈퇴와준고정환율제도로인한 ERM 위기로프랑스, 포르투갈, 스페인, 스웨덴에서 Sudden Stop 이발생했다 년에는페소화폭락과경상수지적자로인한멕시코페소화위기로아르헨티나, 브라질, 칠레, 에콰도르, 멕시코에서 Sudden Stop 이발생했다 년에는바트화폭락, 외채급증, 통화및만기불일치로인한아시아외환위기로인도네시아, 한국, 말레이시아, 필리핀, 태국에서 Sudden Stop 이발생했다 년에는모라토리움 /LTCM 파산과외채급증, 통화및만기불일치로인한러시아모라토리움 /LTCM 위기로러시아, 아르헨티나, 브라질, 칠레, 콜롬비아, 에콰도르, 페루, 터키에서 Sudden Stop 이발생했다 년에는서브프라임모기지부실, 리먼브라더스파산등으로인도네시아, 한국, 아르헨티나, 브라질, 콜롬비아, 에콰도르, 러시아, 터키, 우크라이나, 루마니아, 영국, 호주, 남아프리카공화국, 덴마크, 뉴질랜드에서 Sudden Stop 이발생했다. 특히 2008 년 9 월에발생한리먼브라더스사태이후에는글로벌디레버리징 (de-leveraging) 및국가간전염등으로신흥시장국에서 Sudden Stop 이발생하였다. 그러나 Sudden Stop 의동시다발성또는국가간전염에도불구하고자본유출입규모는국가간에상당히큰차이를보이는것으로나타났다 (<Table 1> 참조 ). 이는기초경제여건, 외채및외환보유액규모, 재정건전성, 환율제도등내부요인이국가별로차이가있는데기인한다. <Table 1> 의지표는자본유입과자본유출

84 82 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 의합을 GDP 로나눈값이다. 이경우아시아외환위기는인도네시아, 한국, 말레이시아, 필리핀및태국등의 5 개국가에대해, 러시아모라토리움 /LTCM 위기는러시아, 아르헨티나, 브라질, 칠레, 콜롬비아, 에쿠아도르, 페루, 터키등 8 개국가에대해, 그리고서브프라임위기는인도네시아, 한국, 아르헨티나, 브라질, 콜롬비아, 에콰도르, 러시아, 우크라이나, 루마니아, 터키, 남아프리카공화국등 11 개국가에대해평균한값이다. <Table 1> Capital flows in Sudden Stop Countries Capital flows/gdp (%) Asian Foreign Exchange Crisis (5 countries) Source: IMF( ) 실질환율의대폭하락 Russian Moratorium /LTCM Crisis (8 countries) Sub-prime Crisis (11 countries) Sudden Stop 이발생한국가는실질환율이큰폭으로절하된것으로나타났다. 대외균형회복을위해서는경상수지흑자전환이필요한데, 이를위해서는실질환율의큰폭절하를통한교역재부문의대외경쟁력제고가불가피했기때문이다. 명목환율을교역상대국의상대적인물가지수로나눈실질실효환율의변동률의경우 <Table 2> 와같이아시아외환위기시의 Sudden Stop 발생국이 -45.5%, 러시아모라토리움 /LTCM 위기시의발생국이 -21.2%, 서브프라임위기시의발생국이 20.1% 로대폭절하되었다. <Table 2> 에서 BIS 가실질실효환율지수를작성하지않는국가 ( 아시아외환위기의경우말레이시아, 러시아모라토리움 /LTCM 위기의경우콜롬비아, 에콰도르등 2 개의국가, 서브프라임위기의경우콜롬비아, 에콰도르, 우크라이나등의 3 개국가 ) 는제외하였다. <Table 2> The Rate of Change of Real Effective Exchange Rate in Sudden Stop Countries The Rate of Change of Real Effective Exchange Rate(%) Source: IMF( ) 실물경기의위축 Asian Foreign Exchange Crisis (4 countries) Russian Moratorium /LTCM Crisis (6 countries) Sub-prime Crisis (8 countries) Sudden Stop 은국내유동성공급감소, 자국통화가치의하락에따른재무제표효과 (balance sheet effect) 등을통해실물경기의위축을초래하였다. 특히대부분의신흥시장국들은 Sudden Stop 이발생한이후국내투자부진등의영향으로경기후퇴를경험하였다. <Table 3> 와같이경제성장률을나타 내는 GDP 성장률은아시아외환위기시의 Sudden Stop 발생국이 -7.7%, 러시아모라토리움 /LTCM 위기시의발생국이 -3.0%, 서브프라임위기시의발생국이 2.7% 로나타났다. 각사례별대상국가는 <Table 1> 과같다. <Table 3> GDP Growth Rate in Sudden Stop Countries GDP Growth Rate(%) Asian Foreign Exchange Crisis (5 countries) Source: IMF( ). Russian Moratorium /LTCM Crisis (8 countries) Sub-prime Crisis (11 countries) 외환보유액의급격한감소 통화가국제화된선진국과는달리신흥시장국은국제금융시장에서자국통화표시자금조달이곤란하기때문에 Sudden Stop 이발생할경우외화자금수요가급격히증가하게된다. 이경우정책당국은외환시장과실물경제에미치는부정적영향을최소화하기위해금융기관에외화유동성공급하고환율방어를목적으로외환시장개입등을실시함에따라외환보유액은급격히감소하게된다. 외환보유액은한국가가일정시점에서보유하고있는외화채권의총액이다. 아시아외환위기시의 Sudden Stop 발생국의외환보유액변동률을 <Table 4> 에서살펴보면 -40.0%, 러시아모라토리움 /LTCM 위기시의발생국이 -33.6%, 서브프라임위기시의발생국이 16.3% 로나타났다. 각사례별대상국가는 <Table 1> 과같다. <Table 4> The Rate of Change of Foreign Exchange in Sudden Stop Countries The Rate of Change of Foreign Exchange (%) Source: IMF( ). Asian Foreign Exchange Crisis (5 countries) Russian Moratorium /LTCM Crisis (8 countries) Sub-prime Crisis (11 countries) 자본유출입급변동에대한주요국의대응사례분석 외환보유액의확충및활용 신흥시장국들은외환보유액이 Sudden Stop 발생을억제하는안전장치의역할을수행하고경기의연착륙에도도움을준다는점을인식하였다. 이에따라 1997 년아시아외환위기이후대부분의국가들은외환보유액규모를크게확대하였고신흥시장국중에서는아시아지역국가의증가가뚜렷하였는데, 2008 년말현재전세계외환보유액합계의 34% 를차지하는것으로추정되었다. Sudden Stop 발생초기수출기업에대한

85 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 신속한외화유동성공급은수출둔화를완화하는요인으로작용하여 Sudden Stop 이실물경제에미치는부정적영향을완화하는데크게기여한것으로판단된다. Sudden Stop 을경험한국가들을살펴보면, 리먼브라더스사태이후외환보유액을활용하여외화유동성경색에신속히대응하였으며, 글로벌금융위기시에는외환보유액감소폭이과거위기시에비해둔화된것으로나타났다. 신흥시장국이리먼브라더스사태발생이후외환보유액을활용하여민간부문에외화유동성을공급한경로는외화 Repo, 통화스왑등국가별로다양한것으로나타났다. 즉 BIS (2008) 에의하면한국, 인도네시아, 브라질, 칠레, 폴란드및헝가리는외환스왑제도도입또는개선, 멕시코는현물환시장공개매도, 브라질과필리핀은기간물 RP 매입, 한국과러시아는은행및기업외화채무지급보증의방법으로외화유동성을공급한것으로파악되었다 자본유출입에대한규제 금융의국제화에따른자본유입확대는자본조달비용감축및투자활성화등을통해경제성장에긍정적요인으로작용하는반면, 단기자본의급격한유출입에따른금융및외환시장교란, 경기변동성확대등의부작용도수반된다. 따라서신흥시장국에서는자본유출입의속도와규모, 만기구조등을조절하기위한규제를실시함으로써환율의변동성완화, 통화정책의자율성제고, 금융시스템의안정성 (financial stability) 확보등을도모하였다. 자본유출입규제는직접규제 (administrative controls) 와간접규제 (market-based controls) 로구분할수있다. 직접규제는해외차입, 증권투자, 해외송금등특정거래를제한하는방식의양적규제를의미하고, 간접규제는자본유출입에대해세금을부과하거나추가비용을부담시킴으로써투자수익률등자본거래유인을축소시키는가격규제조치로서가변예치의무제도, 한계지준제도, 자본거래세 (financial transaction tax), 이중환율제가있다. 가변예치의무제도 (variable deposit requirement) 는외화증권발행이나거주자의해외차입에대해일정한비율을무이자로중앙은행에예치시키는제도이고, 한계지준제도 (unremunerated reserve requirement) 는일정한도이상의비거주자외화예금에대해중앙은행에무이자로예치하게하는제도이다. 그리고자본거래세는거주자해외차입시, 비거주자의국내증권투자또는원리금회수시일정률의세금을부과 ( 토빈세, 이자평형세등 ) 하는제도이고, 이중환율제 (dual/two-tier exchange rate) 는시장환율과다른환율을적용하여투기적자본거래를억제하는제도이다. 자본유입규제의경우중남미및아시아의일부국가들은가변예치의무제도, 자본거래세부과등의간접규제를실시하였다. 즉칠레는 년에가변예치의무제도, 브라질은 년과 2009년에자본거래세, 콜롬비아는 년과 년에가변예치의무제도, 태국은 년과 2006 년에비대칭적외환포지션규제, 및한계지준부과등의간접규제를도입하였다. 특히칠레는자본유입규제와함께긴축재정등경제안정화정책을실시한결과, 물가가안정되면서자본유입규제의효과가어느정도발휘되었다. 자본유출규제의경우유럽및아시아의일부국가들을중심으로자본의급격한유출을억제하기위해대외송금금지등의규제조치를실시하였다. 홍콩의경우금리급등, 외환보 유액소진, 국제금융중심지로서의신인도저하등의부작용이나타나기도하였으나주식시장및외환시장개입, 공매도규제등을통하여환투기공격을방어하는데성공적이었던것으로평가되고있다. 국가별로구체적으로살펴보면, 아일랜드는 1992 년에비거주자에대한대출및선물환거래제한, 스페인은 1992 년에국내은행과비거주자간자본거래에대한예치의무부과, 태국은 년에이중환율제, 외환포지션규제및대외송금제한, 홍콩은 년에외환과주식시장개입및주식거래요건강화, 말레이시아는 년에외환포지션규제및원리금의대외송금제한의자본유출규제를도입하였다 외환건전성에대한규제 신흥시장국의외화자산, 부채통화불일치 (currency mismatch) 위험은외환및금융시장의불안을초래하여경제의안정적성장을저해하므로이를적절하게관리할필요가있다. 신흥시장국의경우통화불일치위험을축소하기위한외환건전성규제는 Sudden Stop 발생시외환및금융시장의불안정을완화하는데중요한역할을수행하는것으로인식되었다. 부문별로는금융기관, 특히은행부문에대한외환건전성규제가중요하다고하겠다 (Goldstein & Turner, 2004). 이경우자본거래자유화로자본유출입에대한직접통제가어려워짐에따라은행부문에대한외환건전성규제는다양화되었는데, 외국환포지션한도, 외화유동성비율, 외화부채조달자금의운용한도, 외화표시증권보유한도등의규제가있다. Goldstein and Turner(2004) 에의거해구체적으로살펴보면, 외국환포지션한도는외화자산부채간차이를일정범위이내로제한하는것이고, 외화유동성비율규제는외화유동성및외화자산부채간만기불일치 (gap) 비율등을규제하는것이다. 그리고외화부채조달자금의운용한도는외화부채로조달한자금의운용을제한하는것이고, 외화표시증권보유한도는외화예금을이용한해외증권투자등을제한하는것이다. 한편신흥시장국의외환건전성규제는은행에대한외국환포지션한도및외화유동성비율규제등을중심으로이루어졌다. 이경우외국환포지션한도규제는은행의자기자본대비순포지션 (net open position) 비율을기준으로관리되었다. 외국환포지션한도규제비율은브라질과같이은행시스템의달러화 (dollarization) 가많이진행된국가에서높은경향을보이고있으며, 외환포지션한도관리는일별 (overnight position) 또는일중 (intra-day position) 포지션을기준으로상시관리체제를유지하고있다. 외화유동성비율에대해서는총외화부채대비외화유동자산비율또는잔존만기별외화유동성비율규제를통해관리되었다. 인도네시아, 칠레, 페루등의경우총외화부채대비외화유동자산비율을기간별로구분하여관리하였으며, 멕시코는유동부채대비유동자산비율을기간별로구분하여관리하였다 (Goldstein & Turner, 2004). 아르헨티나는은행의외화표시채무의일정비율을유동성이높은외화자산에운용토록하였으며, 칠레는가계부문에대한외화대출을제한하였다.

86 84 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 글로벌금융위기전후우리나라외환시장의구조적문제점 환율변동성심화 2000 년이후우리나라의 EMPI 를추정한 <Table 5> 을살펴보면 2008 년 4/4 분기중에는 EMPI 가 -6.8 로나타났는데, 이는리먼브라더스사태의영향으로 2000 년이후 EMPI 의평균치 (0.4) 로부터표준편차 (2.0) 의 3 배인 -6.4 보다낮은수치이다. 이에비추어볼때우리나라는이기간중원화환율이대폭절하되고외환보유액이크게감소하여외환위기의징후가있었던것으로평가된다 년 2/4 분기중에는 EMPI 가평균치 (0.4) 로부터표준편차 (2.0) 의 1 배인 2.4 보다높은 2.9 로추정되었는데, 이는 2/4 분기이후원화환율이상당폭절상된가운데외환보유액이크게증가한데기인한다. <Table 5> Exchange Market Pressure Index(EMPI) /4 2/4 3/4 4/ /4 2/4 3/ Source: This Table was developed by authors of this article. 한편 2008 년 9 월중순리먼브라더스사태발생이전에는 1,000 1,100 원에서움직이던원 / 달러환율이리먼브라더스사태이후급속한상승세지속하여 2009 년 3 월초에는 1,570 원까지상승하였다. 이는글로벌디레버리징 (de-leveraging) 에따른외국금융기관들의대출금회수, 외국인증권투자자금유출과동유럽금융위기발생우려등에주로기인하였다. 그러나 2009 년 3 월이후에는국내외화자금사정이호전되고국제금융시장이점차안정됨에따라원 / 달러환율이빠른속도로하락하여연말에는 1,164.5 원을기록하였다. 이는미달러화가약세를보인가운데, 경상수지가큰폭의흑자를보이고외국인증권투자자금이유입되었기때문이다. 이에따라원 / 달러환율의변동성은리먼브라더스사태이전에비해크게확대되었다. <Table 6> 와같이전일대비및일중변동폭은 2008 년상반기중각각 4.4 원, 7.1 원에서 10 월중에는각각 47.7 원, 65.8 원으로대폭확대되었으며, 원 / 달러환율의변동성은선진국은물론아시아및중남미신흥시장국의통화에비해서도크게높았던것으로나타났다. 이후원 / 달러환율의변동성은 2009 년 1/4 분기까지높은수준을하다가 2/4 분기이후점차축소되었다. <Table 6> The Change of Won/Dollar Exchange Rate (Won) st Half /4 2/4 3/ Overnight Intraday Source: Bank of Korea( ). 이와같이원 / 달러환율변동성이크게확대된것은우리나라의경우기본적으로자본시장의대외개방도가높은데다국내은행의외자의존도가심화되었기때문이다. 즉, 금융국제화과정에서국내자본시장이다른신흥시장국보다더큰폭으로개방됨에따라외국인투자자금이국내에대규모로유입되었으며, 글로벌위기발생과정에서는이러한외국인투자자금이급격한유출로반전하는 Sudden Stop 현상이발생하였기때문이다 외화자금시장의불균형심화 리먼브라더스사태이전까지만해도 % 범위내에서움직이던외환스왑레이트는리먼브라더스사태이후국내외화자금사정이악화되면서 2008 년 10 월초순에는 9.0% 수준까지급락하였다. 스왑레이트가플러스 (+) 이면포워드프리미엄이고마이너스 ( ) 이면디스카운트를나타낸다. 그이후외환당국의외화유동성공급, 대규모경상수지흑자및외국인주식투자자금유입등으로국내외화자금사정이호전되면서외환스왑레이트는상승세를지속하였다. 또한스왑레이트가급등락하면서차익거래유인 ( 내외금리차 - 스왑레이트 ) 은스왑레이트급락, 국제금리하락에따른내외금리차확대등으로 2008 년 12 월초 11.13%p 까지확대되었다가 2009 년들어서는스왑레이트가상승하면서크게축소되었다. 이처럼스왑레이트가급락한것은스왑시장의구조적불균형에더하여리먼브라더스사태이후외국인투자자금의급격한유출등으로국내외화자금사정이크게악화된데주로기인한다. 즉, 국내스왑시장은 2006 년이후조선 중공업체의해외수주증가, 해외주식투자양도차익비과세 (2007 년 6 월시행 ) 등에따른내국인의해외증권투자급증등으로선물환매도가크게늘어나면서구조적인공급우위의불균형상태가지속되었다. 또한차익거래목적으로유입되었던외국인채권투자자금이 Lehman Brothers 사태이후급격히유출되고, 국내외은지점의차입금상환도크게늘어나면서외화자금시장의불안이심화되었다 외채구조의취약성 우리나라의총외채는 2006 년이후급속히증가하여 <Table 7> 과같이 2008 년 9 월말에는 2005 년말의 1,879 억달러에비해 2 배이상늘어난 4,261 억달러로사상최대수준을기록하였다. 이는주로조선 중공업체의해외수주및자산운용사의해외증권투자관련선물환매도에따른국내은행의포지션조정을위한대규모외화차입, 외국인의국내채권투자급증때문이었다. 이에따라 2008 년 9 월말에는총외채가총대외채권보다 235 억달러많은순채무국으로전환되면서외채상환능력이약화되었다. 또한외국환은행의선물환매입에따른포지션조정 ( 현물환매도 ) 과정에서단기외채가급증함에따라외환보유액대비단기외채비율이 31.3%(2005 년말 ) 에서 79.1% (2008 년 9 월말 ) 로크게상승하여외채구조도악화되었다.

87 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) <Table 7> External Debt and External Claim External Debt (A) External Claim(B) (End of, 100 million Dollar) ,879 (156) 3,171 (282) 1,292 (125) 659 (95) 2,104 (113) 2,601 (722) 3,809 (638) 1,208 (-83) 1,138 (479) 2,390 (286) 3,832 (1,231) 4,206 (397) 374 (-834) 1,603 (465) 2,622 (233) 4,261 (430) 4,026 (-179) -235 (-609) 1,896 (293) 2,397 (-226) Net External Claim(B-A) Short-Term External Debt(C) Foreign Exchange Reserves(D) Short-Term External Debt Ratio(C/D)(%) Note) Number in parenthesis are the change from the end of previous year. Source: Bank of Korea( ). 이처럼외채규모가급증하고외채구조도악화됨에따라글로벌금융위기의전개과정에서우리나라의대외익스포져 (exposure) 가과다하다는해외의우려가지속되었다. 외채의급증에도불구하고외채관련지표는안정기준범위내에있었지만일부해외언론들이우리나라의외채상환능력에대해부정적으로보도하면서시장심리를악화시켰다 (<Table 8> 참조 ). 세계은행 (World Bank) 에따르면총외채 (External Debt)/ 경상 GNI) 와총외채 / 경상수입액 (Ordinary Earnings) 비율중하나라도경체무국기준에해당되면경채무국 (light debtor country) 으로분류한다. <Table 8> External Debt Indicator External Debt/ Nominal GNI (End of, %) light debtor country (48 80%) light debtor External Debt/ Ordinary Earnings country ( %) Short-Term External Debt/ External Debt Source: Bank of Korea( ) 외환파생상품거래리스크관리미흡 Stable (less of 60%) 2003 년일평균거래량이 64 억달러에불과하던외환파생상품거래는빠른속도로늘어나 2008 년에는 361 억달러로급증하였다. 외환파생상품거래에는현물환을제외한선물환, 통화선물, 외환및통화스왑, 통화옵션, 금리스왑등금리관련외환파생상품등을포함한다. 그러나 Lehman Brothers 사태이후에는환율급등등으로외환파생상품거래가선물환을중심으로크게위축되면서 2009 년상반기중에는일평균거래량이 296 억달러로감소하였다. 이와같은외환파생상품거래의급속한증가는상당한부작 용을초래하였다. 즉, 2006 년과 2007 년의경우환율하락기대심리가확산되면서수출기업등의환위험 hedge 거래가크게늘어났는데, 이는외채증가뿐만아니라환율하락을가속화시킨요인으로작용하였다. 또한 2008 년하반기이후에는글로벌신용경색우려등으로원 / 달러환율이급등하면서외환파생상품거래기업은대규모손실이발생하였다. 수출기업의 KIKO 관련손실규모를살펴보면 1.5 조원 (2008 년 6 월말기준, 원 / 달러환율 1,046 원 ) 으로대부분중소기업에서발생하였다. 또한선물환매도등으로환위험헤지거래를한기업들역시리먼브라더스사태이후환율이급등하면서외환파생상품거래에따른손실이발생하였다. 한편 CDS, CDO 등고위험신용파생상품투자를확대해온일부국내금융기관들은글로벌신용위기의발생과함께파생상품투자에따른손실이발생하였다. 5. 연구결과토론및시사점 5.1. 환율의가격기능제고 자본유출입이자유롭고외환거래규모가크게확대된상황에서환율을의도한수준으로관리하는데에는막대한비용 ( 매입개입은통화불태화비용, 매도개입은외환보유액감소 ) 이소요되며, 또한시장개입이지속되면서정책당국의개입여력이약화되었다는인식이확산될경우단기투기성자본의유입이급증하고, 외부충격발생시이러한자금이일시에대규모로유출되는 Sudden Stop 이발생할가능성이있다. 따라서환율은기본적으로외환의수요와공급, 기초경제여건및국제금융시장흐름등을반영하여외환시장에서자율적으로결정되도록하는것이바람직하다. 정책당국도기본적으로이러한점을인식하고환율정책을운용하고있으나, 이러한정책기조를일관되게지속할필요가있다. 환율의가격기능활성화는대외충격을일차적으로환율변동으로흡수할수있을뿐만아니라, 환율이기초경제여건을반영하여움직이도록함으로써투기자본의유출입을억제할수있다. 다만투기거래및과도한쏠림현상등으로환율이단기간에급격히변동하는경우에는경제에미치는부정적영향을감안하여제한적인범위내에서미세조정 (smoothing operation) 을실시함으로써환율의급변동을완화할수있을것이다. 중장기적으로국내외환시장의폭과깊이가어느정도확보되는시점에서는환율이전적으로시장기능에의해결정되는선진국형완전자유변동환율제도로전환하는것이바람직하다. 이단계에서는미세조정 (smoothing operation) 을 6 개월이내에 3 회이하로만실시하고, 1 회개입을 3 영업일 ( 연속 ) 이내로제한하여 IMF 의자유변동환율제도 (free floating) 요건을충족할필요가있다 외화자금시장의구조적수급불균형완화 국내외화자금시장의불안은환위험헤지를위한선물환매도가크게늘어나면서선물환시장및스왑시장의구조적인수급불균형이심화된데주로기인하였다. 이와같은선물환거래의구조적수급불균형을해소하기위해서는글로벌금융위기이후제도적으로마련된금융기관에대한선물환포지션규제등의제도적장치를적절히활용할필요가있다. 그러나기

88 86 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 업의선물환포지션을실물거래의일정한도내로제한하는조치는거래상대방인금융기관에대해서는제한이없기때문에선물환수급불균형을해소하는데한계가있다. 따라서기존의금융기관의선물환포지션한도를제한하는조치를신축적으로활용함으로써외국환은행의선물환매입축소를통해수출기업및자산운용사의환위험헤지를위한선물환매도가늘어날경우이를적절한수준에서억제할필요가있다. 이와같은선물환포지션규제등의제도적장치와함께수출업체와자산운용사등해외증권투자자의환헤지관행이개선되도록유도해야할필요가있다. 또한수출업체와자산운용사의해외주식투자에대한과도한환위험헤지는외환시장교란요인으로작용하여채산성확보에도움이되지않는다는점을인식시킬필요가있다. 아울러외화자금시장의수급불균형이심화될경우에는중앙은행의스왑거래를확대하여시장의수급불균형을완화할필요가있다 적정수준의외환보유액관리 글로벌금융위기를극복하는과정에서터득한외환보유액관리경험을바탕으로외환보유액은평시와비상국면으로구분하여관리하는것이바람직하다. 먼저자본이정상적으로유입되는평시에는긴급시외화유동성공급상황발생에대비하여외환보유액확충을도모하되, 시장심리나평판 (reputation) 에부정적인영향을미치지않는방법으로이를추진할필요가있다. 다음으로자본이대규모로유출되는비상상황이발생할경우외화유동성을단기간에집중적으로공급하여외환시장불안및그에따른위기발생을차단하도록노력해야한다. 다만외환보유액이급격히감소할경우우리나라외환보유액사정에대한우려가확산되면서국가신용등급하락위험과함께금융시장불안정이증폭될수있는점에유의할필요가있다. 한편외환보유액의급격한감소에대비하여미국 중국 일본등주요국중앙은행과의통화스왑이나 CMIM(Chiang Mai Initiative Multi-lateralization) 통화스왑실행등제 2 선외환보유액을적극활용하기위한국제적협조체제를강화해야할것이다 과도한외화자금유입억제 국내자본시장이개방된상황에서이러한외화유동성위기가발생하는것은어느정도불가피한측면이있다. 따라서대내외여건변화에따른외화유동성위기를방지하기위해서는외국자본이과도하게유입되고있다고판단될경우자본시장개방원칙을유지하면서도자본유입의속도를조절하기위한대책을다각도로마련하여추진할필요가있다. 먼저외국인주식투자자금에대해서는대내외여건변화시급격한유출로반전될우려가있으므로글로벌금융위기이후도입된외환건전성조치외에다양한간접규제를도입하여투자자금의과도한유입을억제해야한다. 즉, 외국인주식투자자금이대규모로유입되면서외환시장의안정성을저해할우려가있는경우자본거래세를도입하여투자자금의유입속도를조절해야한다. 외국인채권투자자금에대해서는외화자금시장의수급불균형해소노력을지속하여차익거래유인을축소함으로써채권투자를통한외화자금유입및외채증가억제를도모해야한다. 차익거래유인이단기간내에축소되지못하고외국인채 권투자자금이과도하게유입되는현상이지속될경우에는투자자금의유입을억제하기위한규제의도입을추진해야한다. 특히외국인주식투자자금유입에대한규제를도입하는경우외국인투자자금이채권투자로우회하여유입될가능성이있는점을고려하여외국인채권투자자금유입에대해서도동시에규제를추진해야한다. 구체적으로는규제방안으로는비거주자가국내채권매입을위해외화자금을원화로환전한금액에대해차익거래유인을감안한일정비율의세금을부과하는자본거래세를도입하거나, 비거주자의국고채및통안증권투자한도를일정수준에서한시적으로제한하는방안을추진해야할필요가있다. 한편금융기관의과다한해외차입이대내외여건변화와함께시스템리스크요인으로작용하지않도록하기위해서는개별금융회사의외환건전성제고및감독강화방안을차질없이추진해야한다. 이들방안은미시적대책으로서금융기관의외화자산 부채의통화불일치 (currency mismatch) 문제를해소하는데에는한계가있으므로거시적측면에서외환건전성을제고하는대책을강구할필요가있다. 예를들어, 금융기관의자본금대비외화자산의비율을일정수준에서관리하는외화자산한도설정방안을국제적논의의경과를보아가며도입을추진해야할것이다 외환파생상품거래의건전한육성 글로벌금융위기전개과정에서나타난외환파생상품거래의문제점은국내파생상품시장이충분히발달하지못한상태에서상품구조에대한일반소비자들의이해부족, 리스크관리소홀, 금융기관간과당경쟁등으로유발되었다고할수있다. 따라서외환파생상품거래의건전한육성을도모하기위해서는리스크관리및건전성감독을강화하는방향으로제도를개선할필요가있다. 파생상품거래는본질적으로규제회피수단으로개발된측면이있기때문에직접규제가도입될경우에는회피거래가성행하여실효성이크지않을뿐만아니라규제비용이일반소비자에게전가될가능성이있다. 이러한점을고려하여바젤은행감독위원회 (BCBS) 등에서논의되고있는파생상품거래관련규제방안은리스크관리및건전성감독강화에중점을두고있다. 먼저외환파생상품거래를글로벌금융위기이후정비된금융기관의종합익스포져 (total exposure) 관리대상에포함시켜충당금을설정하도록하거나담보관리를강화하여신용위험 ( 거래상대방위험 ) 에대한관리를강화해야한다. KIKO 상품과같이환율변동방향및범위에따라거래일방이과도하게불리한불완전헤지상품거래는소비자보호및시장거래질서유지차원에서사전심사단계에서부터사후관리에이르기까지엄격하게감시 감독할필요가있다. 이들고위험파생금융상품은그구조가복잡하기때문에전문가그룹으로구성된자율규제기관에서사전심사를담당하는것이바람직할것이다. 또한현재장내파생상품거래에만적용되는내부자거래 (insider trading) 및시세조정 (market manipulation) 금지등의불공정거래규제 ( 자본시장법 제 173 조의 2, 제 176 조 ) 를장외외환파생상품거래에도적용해야한다. 그리고 CDS 등장외파생상품거래의신용리스크가시스템리스크로확산되지않도록하기위해서는미국 (ICE Trust) 및유로 (ICE Clear Europe, Eurex Clear) 등과같이중앙청산소 (CCP, central counter-party) 를통해결제및청산의확실성을보장할필요가있다.

89 Yoon-Chul Kim, Myung-Hoon Yi / Journal of Distribution Science (2016) 결론및시사점 본연구는자본의유입과출입으로인한급변동 (Sudden Stop) 위험하에서외환시장을개선하는방안을제시하였다. 분석을위해자본유출입의급변동과외환시장의안정성에대한이론적고찰을하였다. 또한외환시장의안정성을측정하는외환시장압력지수 (EMPI, Exchange Market Pressure Index) 를이용하여 Sudden Stop 국가를판별하였다. 연구결과, 자본유출입급변동의특징을추출하였고, 주요국의자본유출입급변동에대한사례분석을통하여글로벌금융위기전후우리나라외환시장의문제점과개선방안을도출하였다. 글로벌금융위기전후우리나라외환시장의문제점으로는환율의변동 성이심화되었으며외화자금시장의불안정이심화되었고외채구조의취약성이드러났으며외환파생상품거래의리스크관리가미흡하다는점이었다. 외환시장불안정에따른경기침체는기업의영업이익과가계의소득을감소시킴으로써유통산업을포함한경제전반의활성화에장애요인으로작용할것이다. 이에대한개선방안으로환율의가격기능을제고하고, 외화자금시장의구조적수급불균형을완화하여야할것이다. 또한외환보유액의적정관리노력을강화하고, 과도한외화자금의유입을억제할필요가있으며, 외환파생상품거래의건전한육성을도모해야할것이다. 이밖에국내금융및외환시장의안정과이를바탕으로한실물경제의안정을위해서는시장원리에기초한여러가지방안들을지속적으로마련해나갈필요가있다. Reference Agosin, M., & Huaita, F. (2012). Overreaction in Capital Flows to Emerging Markets: Booms and Sudden Stops. Journal of International Money and Finance, 31(5), Bacchetta, P., & Van Wincoop, E. (2000). Does Exchange-Rate Stability Increase Trade and Welfare?. American Economic Review, 90(5), Bank for International Settlements (2008). Principles for Sound Liquidity Risk Management and Supervision. Bank for International Settlements Press & Communications. Bank of Korea ( ). Economic Statistics Yearbook. Bank of Korea Press. Calvo, G. A. (1998). Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops. Journal of Applied Economics, 1(1), Calvo, G. A. (2014). Sudden Stop and Sudden Flood of Foreign Direct Investment: Inverse Bank Run, Output, and Welfare Distribution. Scandinavian Journal of Economics, 116(1), Calvo, G. A., Izquierdo, A., & Mejia, L. F. (2004). On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects. National Bureau of Economic Research Working Paper, Calvo, G. A., Izquierdo, A., & Mejia, L. F. (2008). Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration. National Bureau of Economic Research Working Paper, Catao, L. (2006). Sudden Stops and Currency Drops: A Historical Look. International Monetary Fund Working Paper, 133. Cinar, G., Isin, F., & Hushmat, A. (2016). How Managers React to Crisis?: A Planned Behavior Theory Approach. East Asian Journal of Business Management, 6(4), Eichengreen, B., Rose, A. K., & Wyplosz, C. (1995). Speculative Attacks on Pegged Exchange Rate: An Empirical Exploration with Special Reference to the European Monetary System. National Bureau of Economic Research Working Paper, Frankel, J., & Rose, A. (1996). Currency Crashes in Emerging Markets: Empirical Indicators. National Bureau of Economic Research Working Paper, Goldstein, M., & Turner, P. (2004). Controlling Currency Mismatches in Emerging Markets. Peterson Institute for International Economics Press. Hutchison, M. M., & Noy, I. (2006). Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets. Journal of Development Economics, 79(1), International Monetary Fund ( ). International Financial Statistics. International Monetary Fund Press. Kaminsky, G. L., & Reinhart, C. M. (1999). The Twin Crises: the Causes of Banking and Balance- Of-Payments Problems. American Economic Review, 89(3), Krugman, P. (1979). A Model of Balance-of-Payments Crises. Journal of Money, Credit, and Banking, 11(3), Obstfeld, M. (1996). Models of Currency Crises with Self-Fulfilling Features. European Economic Review, 40, Siddiqui, M. A., & Erum, N. (2016). Modeling Effect of Exchange Rate Volatility on Growth of Trade Volume in Pakistan. Journal of Asian Finance, Economics and Business, 3(2), Tambi, M. D. (2015). Economic Growth, Crisis, and Recovery in Cameroon: A Literature Review. International Journal of Industrial Distribution & Business, 6(1), 5-15.

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91 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Effects of National Pride and National Attachment on Consumer Ethnocentrism 국가자부심, 국가애착이소비자자민족주의에미치는영향 Jung-Hyuck Choy( 최정혁 ) *, Soon-Hwa Choi( 최순화 ) ** Received: November 11, Revised: November 28, Accepted: December 15, Abstract Purpose - In the major global markets, such as US and China, consumer ethnocentrism has been strengtened and there is a growing need for related study. This research aims to investigate the effects of national pride and national attachment on consumer ethnocentrism, using a nationally representative dataset from 2013 Korean General Social Survey. Based on the reviews of literature in social and political sciences, two dimensions of national pride were considered: national society pride which is based on positive evaluations on the nation s democracy condition or social security system, and national achievement pride which is based on positive evaluations regarding the country s achievements in the areas of technology, art, sports, and so on. Research design, data, and methodology - The authors developed a structural model in which two types of national pride, national society and achievement pride, are proposed to affect national attachment, thus influencing consumer ethnocentrism. 1,294 surveys were used for empirical analysis. The hypotheses were tested by utilizing SPSS 22.0 and AMOS The unidimensionality of each construct and the nomological validity were supported from the results of factor analyses and correlation analysis. Results It was found that both national society pride and national achievement pride have significant and positive effects on national attachment. Consumers who show stronger pride on the social systems or the global achievements of Korea are more likely to remain being a citizen of the country and support the country even in wrong. Also, there was a significant and positive relationship between national attachment and consumer ethnocentrism. Korean consumers who have stronger attachment to Korea tend to express higher ethnocentrism to protect Korean labor market and to promote economic development of the country. Conclusions The findings of this study showed that companies and government need to emphasize the country s advanced social environments or global competitiveness in technology, sports, art, and so on, to boost national attachment. With a deeper understanding on the relationships among national pride, national attachment, and consumer ethnocentrism, the authors expect that both local and foreign companies in Korea will be able to develop more effective marketing strategies and to achieve sustainable competitive advantage. Keywords: National Pride, National Attachment, Consumer Ethnocentrism, Retail Strategy. JEL Classifications: M10, M31, F 서론 미국, 중국등글로벌주요시장을중심으로보호무역주의 * First Author, Choy & Company, Korea. jungchoy@gmail.com ** Corresponding Author, Department of International Business, Dongduk Women s University, Seoul, Korea. Tel: , schoi@dongduk.ac.kr 가심화되고있다. 글로벌금융위기이후국가경제활성화를위해자국기업의복귀를지원하는각국의정부정책이강화됨에따라본국으로회귀하는리쇼어링기업들이증가했다. 미국의경우리쇼어링기업에대한정부의세제혜택이확대되자포드, GE 등이미국내생산량을대폭증가하였고일본정부의대기업규제완화, 입지지원등의영향으로도요타등대형제조업체들이생산시설을본국으로이전하기시작했다. 향후미국트럼프정부의출현과함께보호주의기조는더욱강화될전망이다.

92 90 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) 일자리창출을위해자국산제품을구매해야한다는소비의식도빠르게확산되고있다. 미국소비자조사에서고용창출에도움이된다면가격이높더라도국산품을구매하겠다고대답한비중이 93% 에달했으며, 중국의경우에도국가경제발전을지원하기위해국산품을선택하거나해외기업의제품이라도중국에서생산된제품을구매하겠다고응답한소비자들이 60% 수준에이르는것으로나타났다 (Boston Consulting Group, 2013; Marketing China, 2015). 소비시장에자민족주의가확산됨에따라제조업은물론유통업체들도전략적으로대응하고있다. 미국에서는대형유통업체를중심으로 자랑스러운미국산 (Proudly made in the USA) 제품을강조한마케팅전략이활발하게진행되고있다. 저렴한수입제품을중점적으로판매하던월마트의경우 2013 년부터 10 년간총 500 억달러의미국산제품을구매할계획을발표하며국산품소비를권장하는 Buy Made in USA 캠페인을진행중이다. 중국에서도자동차, 전자등다양한분야에서국산품구매를권장하는마케팅이확산되고있다. 이러한변화는외국산제품을사용하는것이국가경제발전을저해하는부적절하고비윤리적이라는인식으로국산품을구매하는소비자자민족주의 (consumer ethnocentrism) 가심화되고있으며, 관련연구의중요성이증대되고있음을보여준다. 그러나기존연구는소비자자민족주의를애국심과혼돈하여사용하거나모호하게해석하는한계점을지닌다 (Shankarmahesh, 2006). 또한전세계적으로보호주의가강화되는환경속에서한국소비자의자민족주의에관한연구의필요성이커지고있으나기존연구들은월드컵, 올림픽등국제대회상황에서의한시적인마케팅변수로애국심과자민족주의를인식하는경우가많다. 소비자자민족주의가장기적인기업의경영활동과성과에영향을미치는주요변수로작용할가능성이커짐에따라다각적이고체계적인연구가필요한상황이다. 본연구의목적은소비자의국가자부심이국가에대한애착과자민족주의에미치는영향을파악하는데있다. 기존의소비자자민족주의연구들이인구통계적변수또는과시적성향, 물질주의와같은소비관련변수와의관계를파악하는데치중한반면본연구는사회학, 정치학분야의연구에서국가에대한태도에영향을미치는주요요인으로발견된국가자부심을주요선행변수로설정하여그관계를분석한다는점에서차별성을지닌다. Shankarmahesh (2006) 에의하면시장경제가발달하는초기에는소비자들이수입품, 특히선진국에서생산된고가, 고급이미지의제품을선호하지만성숙시장에서는자국에서생산된제품을선호하는자민족주의적소비성향이뚜렷해진다. 이는국내기업또는자국산제품에대한신뢰와자신감, 국내고용시장을위협하는해외생산에대한거부감등이복합적으로작용한결과로분석된다. 이러한관점에서한국소비자의국가자부심과소비자자민족주의의관계에관한연구의필요성은더욱크다고볼수있다. 또한본연구는국가자부심이소비자자민족주의에영향을미치는관계에서국가에대한애착이매개변수로작용할것으로가정한다. 제품, 브랜드와긍정적인경험을쌓은소비자가해당제품, 기업에정서적인애착을지니게되어적극적으로지지하는결속행동을보이듯, 자국의역량이나위상에자부심을느낀국민은국가에강한애착을느끼고이는자민족주의성향에영향을미칠것으로예상된다. 특히소비의식이 성숙한한국시장에서국가에대한애착은맹목적, 무비판적옹호가아닌국가에대한객관적, 긍정적평가를바탕으로형성된다고가정할수있다. 나아가본연구는국가에대한자부심을다차원적개념으로해석해민주주의실현수준과같은국가사회차원과한국의과학기술달성정도등에관한국가성취차원으로구분하여영향력을파악하고자한다. 이러한시도는소비자자민족주의연구의깊이를더할뿐아니라애국적행동을이끌어내기위한기업및정부의의사결정에전략적시사점을제공할것으로기대된다. 또한본연구는 ISSP(International Social Survey Programme) 가실시하는국제사회조사의일환인한국종합사회조사 (Korean General Social Survey) 자료를활용하였다. 한국종합사회조사는매년전국의 18세이상성인남녀 1,600명을대상으로실시된다. 본연구는 2013년종합사회조사의특별이슈로선정된국민정체성, 자민족주의성향에관한설문조사자료를사용하였다. 전국단위조사자료사용을통해분석결과의일반성을높일뿐아니라향후국가간비교분석등심층적인연구로발전시킬수있는기반을구축할수있을것으로기대된다. 2. 이론적배경 2.1. 국가자부심 자부심이란자기자신또는자신과관련된것의가치와능력에대한긍정적평가에바탕을둔자신감을의미한다. 국가자부심은국민이자신이속한국가의역량, 현수준에대한긍정적평가에바탕을둔감정이다 (Breuilly, 1993; Cohen, 1996). 이는국가의사회, 문화, 경제, 예술, 스포츠등다양한분야에대한국민의평가가복합적으로반영된개념으로볼수있다. 즉국가자부심은맹목적민족주의, 보수적정치이념과달리국가가노력을통해얻은결과에대한긍정적평가로형성된다. Tracy and Robins (2007) 는이를자국이무조건옳고우월하다는자만적자부심과구분되는진정한자부심이라고설명하였다. 민족성또는상징성이아닌국가수준, 상황에대한긍정적인식에기반한자부심은타국을배척하거나부정적으로평가하지않는긍정적차원의애국심으로볼수있다 (Brown, 2000; Hjerm, 1998). 이러한의미의국가자부심을소비자의사결정과정으로해석하자면, 제품또는기업의품질, 디자인, 역사등다양한측면에서의가치와능력에대한신념, 태도로이해할수있다. 국가자부심은다차원적개념으로다양한측면에서분석된다. Hjerm (1998) 은국민적자부심을정치적차원과문화적차원으로구분하였는데, 정치적자부심은국가의공적측면에대한자부심을, 문화적차원은국가의역사, 문화와관련한국민의자부심을의미한다. Meuleman, Bekhuis, Lubbers, and Scheepers (2012) 는국가자부심을역사, 예술, 스포츠등에대한문화적자부심과민주주의수준, 사회시스템, 공정성등의분야에서의사회적자부심으로구분하였다. 이밖에도국가에대한이미지를측정하는연구에서적용하는정치적안정, 경제성장, 공공질서, 국민근면성, 산업화정도등다양한측

93 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) 면에서접근가능하다 (Ahn, 2012) 국가애착 애착이론에의하면애착은인간이상대방에대해느끼는사랑, 친밀감등을통해형성되는감정으로, 의존과친밀감이커질수록애착관계가강해진다고할수있다 (Collins & Read, 1990). 원래애착은자녀와부모, 이성또는동성간의관계에서나타나는인간적감정이지만소유물, 비생명체로그대상이확장되었다. 소비자의경우자신이열정을지니거나오랜기간사용한제품, 브랜드에대해강한친밀감, 의존감을느끼는애착이형성되기도한다 (Wallendorf & Arnould, 1988). 애착은제품, 브랜드에대한실용적, 정서적, 사회적가치를바탕으로형성되며개인적으로겪는다양한경험이축적되면서강화된다 (Aaker, 1992). 강한애착을지닌대상과의결속 (commitment) 관계는소비자가지니는브랜드충성도의가장높은단계이기도하다. Pimentel and Reynolds (2004), Belk, Wallendorf, and Sherry (1989) 는특정브랜드, 기업에대한애착은소비자로하여금지속적인구매는물론헌신적인행동도마다하지않는궁극적인충성행동을유발한다고설명한다. 소비자는애착을지닌제품, 브랜드에특별한의미를부여해다른대안과비교불가하다고생각하고강한지지행동을보일뿐아니라실망스러운모습을보이거나나쁜소문이들리더라도쉽게긍정적인태도를변경하지않는다. 국가에대한애착은국민이자국에대해가지는애정, 몰입을의미한다 (Kim, Kim, Park, & Lee, 2012). 국가에대한애착수준이높으면국민으로서강한소속감을느끼고관계를지속적으로유지하기위해노력하는모습을보인다. 즉소비자가특정제품, 브랜드에애착을지니듯이국가에대한강한애착을지닌국민은자신의국가를타국보다훨씬뛰어나다고생각하고다른국가로의이전이나이탈할가능성이매우낮아진다. 또한소비자가애착을지닌브랜드를자신과동일시하거나문제나위기상황에서실수를용인하고용서하는것처럼 (Aaker, Fournier, & Brasel, 2004) 국가에대해애착을지닌국민은국가의실망스러운모습에도인내심을발휘하고지지를유지하는헌신적인모습을보일수있다. 이와유사하게 Kim et al. (2012) 은국가에대한강한애착이다소편파적인애정, 무조건적옹호로표현될수있다고설명하였다. 집단주의성향이강한한국의경우국가에대한감성적애착이타국에비해높은것으로분석되었다. Kim et al. (2012) 의연구에서한국은물론미국, 프랑스, 중국, 일본등대부분의국가에서국민의국가애착수준이 4.5 이상 (7 점척도 ) 으로높게나타났으며특히한국의경우국가애착이 5.18 로중국 (5.17), 일본 (4.55) 보다높은것으로분석되었다. 이러한배경에는집단적사회특성뿐아니라단일민족에대한강한인식, 외부의침입이빈번했던역사적배경, 문제해결에감정적으로접근하는국민적성향등이작용한다고볼수있다 소비자자민족주의 자민족주의는자신이속한집단을중심으로다른집단을구분하고평가하는성향으로, 인종, 종교, 민족, 국가등다양한집단에적용된다. Sumner (1906), Shimp and Sharma (1987) 등의연구에의하면자민족주의성향이강한사람은자신의집단을호의적으로인식하고우월감을느낀다. 극단적인경우에는자신이속한집단을신성시하고다른집단을배척하거나경멸하는모습을보이기도한다 (Shankarmahesh, 2006). Shimp and Sharma (1987) 는소비자자민족주의를외국산제품또는해외기업을자국산제품, 기업과구분하여부정적태도를보이는행태로설명한다. 여기에는기업경영의국제화, 자유무역주의확산등에따른국내고용시장위축과국가경제의피해등에대한우려가작용한다. 즉소비자자민족주의는국가경제를보호하고국민일자리창출및보전을위해외국산제품을구입하는것을부적절하거나비윤리적이라고인식하여구매를거부하는의식에서비롯된다 (Ahn, 2012). 소비자자민족주의는단순히외국산제품구매를거부하는데그치지않고국내경제와일자리에영향을미치는여러가지경제활동에대한의식을포함한다. 예를들어 Shimp and Sharma (1987) 는소비자자민족주의를측정하는 CETSCALE 을개발하면서외국산제품의수입반대, 구입의비윤리성뿐아니라해외기업의국내경영활동규제와같은국내기업, 경제를지지하는측면을포괄한개념으로설명한바있다. Han and Won (2016) 은소비자자민족주의를독단주의적, 애국적자민족주의로구분하였다. 국민적우월감, 문화적폐쇄성을바탕으로하는독단주의적소비자자민족주의는자국제품이최고이고더신뢰할수있다는인식, 국산품구매가최선이라는태도로정의된다. 애국적자민족주의는국가경제발전과국민의일자리창출을위해국산품을소비해야한다는측면으로외국산제품구매가비애국적이라거나부의유출을유발한다는의식으로표현되는개념이다. 집단주의, 물질주의가치가중시되는사회에서, 또는자국의전통을지지하고변화를반대하는보수주의성향이강할수록소비자자민족주의성향이높은것으로나타난다 (Clarke, Shankarmahesh, & Ford, 2000). 이문화를수용하는문화적개방성이높고세계주의의식이높을경우자민족주의는약해진다는분석결과도존재한다. 한편연령, 성별, 학력등인구통계적변수가소비자자민족주의에미치는영향관계에대한기존연구결과는일관적이지않은편이다. 이는경제, 사회, 문화적환경은물론시대적배경에따라소비자개인의자민족주의성향이유동적으로변화하기때문인것으로파악된다 (Bannister & Saunders, 1978; Sharma, Shimp, & Shin, 1995; Klein & Ettenson, 1999). 3. 연구가설및연구모형 3.1. 연구가설 소비자애착에관한기존연구들은애착이제품, 서비스의기능적, 정서적, 사회적가치에대한긍정적평가와반복적인경험에따른만족도의영향을받는다는점을밝히고있다 (Fournier, 1998). 소비자의제품, 브랜드에대한긍정적평가와정서가감정적애착과연결되듯, 국가에대한호의적인태도가국가에대한애착을형성하는데영향을미친다고가정할수있다. 이는국가의역량과현위상에대한이성적평가를바탕으로국가애착이형성된다는관점으로, 현대사회에서는애국심

94 92 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) 을맹목적, 무비판적정서로국한해서는안된다는 Blank and Schmidt (2003), Coenders, Gijsberts, and Scheepers (2004) 등의주장과도일치한다. 즉국가애착은국가의역량, 위상에대한신뢰와유대감을바탕으로형성되며이는국가발전을위한행동을유발하는요인으로작용한다고볼수있다. 소비자행동, 유통및마케팅연구분야에서국가자부심에관한기존연구는매우제한적으로실시되었다. Shimp and Sharma (1987) 는소비자자민족주의척도를개발하는연구에서국가자부심을선행요인으로제시한바있으며, Meuleman, Bekhuis, Lubbers, and Scheepers (2012), Cutura, Cicic, and Agic (2014) 의경우국가자부심이자국상품에대한긍정적인태도를형성한다는점을발견하였다. 본연구는국가에대한국민의자부심이경제, 사회, 역사, 문화등복합적측면에대한평가라는기존연구를바탕으로국가자부심을다차원적개념으로해석하고자한다 (Kim et al., 2012). 이러한접근은국가에대한애착을강화하고나아가소비자자민족주의에영향을미치는선행변수를구체적으로파악하여보다효과적인경영및정책방안을구상하는데도움이될것으로보인다. Ha and Jang (2014), Hjerm (1998) 의경우국가자부심을사회적, 문화적차원으로분류하였으나국가의다양한측면에대한평가를포괄하지못하는한계를지닌다. 본연구는국가자부심을국가사회차원의자부심과국가성취차원의자부심으로구분하여국가애착과의영향관계를분석하고자한다. 국가사회차원의자부심이국가의민주주의실현, 사회안전시스템등의수준에대한평가를바탕으로형성된다면, 국가성취자부심은과학기술, 예술, 스포츠등의분야에서국가의위상에대한평가로이루어진다. 따라서본연구의가설은국민의국가사회자부심과국가성취자부심이높을수록국가에대한애착이커질것을가정한다. <H1> 국가사회자부심은국가애착에정 (+) 의영향을미칠것이다. <H2> 국가성취자부심은국가애착에정 (+) 의영향을미칠것이다. 국가에대한애정수준이높을수록국가발전을위협하는대상에대해적대적으로반응하는경향을보인다 (Shimp & Sharma, 1987; Shankarmahesh, 2006). 즉국가에대한강한애정을지닌소비자는자국중심적인사고를바탕으로다른국가의기업, 제품을차별하는자민족주의성향이높아진다. 따라서국산품, 자국기업과브랜드를지지하고보호하려는의향이커진다. Kim et al. (2012) 은국가애착을국가정체성의하위요인으로설명하며애착이강할수록자민족주의성향이높아진다는점을밝혔다. 이와유사하게국가의발전을위해국민들이단결하고협동해야한다는국가충성심이소비자자민족주의에긍정적인영향을미친다는연구결과도존재한다 (Han, 1988). 따라서본연구는국가에대한애착수준이높은소비자일수록국가와국민의발전에부정적영향을미치는경제적활동을경계하는소비자자민족주의성향이높아진다고가정한다. <H3> 국가애착은소비자자민족주의에정 (+) 의영향을미칠것이다. <Table 1> Key Findings of Previous Research National Pride National Attachment 3.2. 연구모형 Previous Research Shimp & Sharma (1987) Key Findings National Pride Consumer Ethnocentrism (+) Hjerm (1998) National Pride Xenophobia (+) Meuleman, Bekhuis, Lubbers, & Scheepers (2012) Cutura, Cicic, & Agic (2014) Shimp & Sharma (1987) Han (1988) Kim et al. (2012) National Pride Preference for National Cultural Goods (+) National Pride Consumers Orientation towards Domestic Products (+) Patriotism Consumer Ethnocentrism (+) Patriotism Consumer Ethnocentrism (+) National Attachment National Stature and Strength (+) 본연구의목적은소비자자민족주의에영향을미치는요인을파악하여변화하는기업환경에대응하여국내기업은물론국내시장에진입한해외기업들이소비자의지지와옹호를얻고충성도를제고할수있는방안을제시하는데있다. 이를위해소비자의국가자부심이국가에대한애착을거쳐자민족주의성향에미치는영향을살펴보고자한다. 특히본연구는국가자부심을민주주의실현, 정치적영향력등에관한국가사회차원의자부심과과학기술, 스포츠등의분야에서의국가성취차원의자부심으로구분하여각차원이국가애착을거쳐소비자자민족주의에미치는영향을분석한다. 본연구의연구모형을도식화하면 <Figure 1> 과같다. <Figure 1> Research Model 4. 연구방법론및실증분석 4.1. 연구대상 본연구는국가자부심과국가애착, 소비자자민족주의의영향관계를분석하기위해 2013 년한국종합사회조사 (KGSS) 의자료를활용했다. KGSS 는시카고대학의국가여론조사기관 (NORC: National Opinion Research Center) 과국제사회조사연합기구 (ISSP) 가공동으로실시하는일반사회조사 (General Social Survey) 의한국조사이다. 이조사는사회구조의변화를국제비교하기위한목적으로매년 40 여개국가에서실행되고있다.

95 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) 종합사회조사는사회, 경제, 정치부문의기본설문조사와특별이슈에관련된조사로구성된다. 본연구는 2013 년실시된국민정체성 (National Identity) 이슈에관한설문조사의데이터를활용하여연구모형을분석하였다. 자료는전국의 18 세이상성인남녀 1,600 명을대상으로대면조사를통해수집되었다. 설문조사는 2013 년 6 월부터 3 개월간진행되었으며분석에사용된유효샘플수는 1,294 명이다 변수측정 본연구는 2013 년 KGSS 자료중국가자부심, 국가애착, 그리고소비자자민족주의와연관된자료를사용하여가설을검증하였다. 각변수에대한조작적정의및구체적인측정항목선택은소비자자민족주의에관한기존연구는물론 ISSP 자료를활용한기존연구를바탕으로실시하였다 (Ha & Jang, 2014; Hjerm, 1998). 먼저국가자부심은국가의현수준, 위상에대해긍정적으로평가하는수준으로정의된다. 국가자부심은국가사회수준에대한자부심과국가성취수준에대한자부심으로구성된다. 구체적으로국가사회자부심은 민주주의실현정도 (Society Pride1), 세계사회에서의정치적영향력 (Society Pride2), 사회안전시스템수준 (Society Pride3), 사회집단에대한공정한대우정도 (Society Pride4) 에대한자부심으로측정되었다. 국가성취자부심은여러분야에서국가가달성한위상에대한자부심으로 과학기술 (Achievement Pride1), 스포츠 (Achievement Pride2), 예술및문학 (Achievement Pride3) 분야로구분하여자료가수집되었다. 국가자부심은 4 점척도를사용하여측정되었다. 국가에대한애착 (National Attachment) 은소비자가국민으로서자국에대해느끼는정서적몰입정도로정의된다. 특정제품, 브랜드에대한애착과유사하게, 국가에대한강한애착은소비자로하여금한국의우수성을독보적이라고인식하도록하고한국의국민이라는지위를유지하고싶어하며, 국가의잘못에도인내심을발휘할의향이높아지도록한다. 국가애착은국가에대한자부심을기반으로더욱강화되며국가를향한편향적애정으로표현될수도있다. Kim et al. (2012) 의 경우국가에대한정서적애착을자국에대한무조건적지지, 국가가비난받을때에도적극적으로옹호하는자세등으로정의한바있다. 본연구에서국가애착은 나는언제나한국의국민이고싶다 (National Attachment1), 한국은다른대부분의국가보다나은국가이다 (National Attachment2), 한국인과같은사람들이많아지면세상이더좋아질것이다 (National Attachment3), 잘못될지라도한국을지지해야한다 (National Attachment4) 의항목에대해동의하는정도로 5 점척도를사용하여측정되었다. 소비자자민족주의 (Consumer Ethnocentrism) 는자국의경제, 노동시장을보호하기위한목적으로관련활동을판단하는경제적관념으로정의된다. 즉소비자자민족주의가강한소비자는자유무역, 수입제품의확산등에대해부정적으로인식하며정치적, 사회적의사결정이자국기업의제품, 서비스를우선시하여이루어져야한다고믿는다. 본연구는기존의소비자자민족주의연구에서사용된측정도구를바탕으로 KGSS 자료를활용하였다 (Han & Won, 2016; Shimp & Sharma, 1987). 구체적으로 외국산제품에대한수입을제재해야한다 (C_Ethnocentrism1), 대형외자계기업의진출로한국기업이어려움을겪고있다 (C_Ethnocentrism2), 한국내에서외국인들의부동산거래를허용하면안된다 (C_Ethnocentrism3), TV 는한국프로그램을우선취급해야한다 (C_Ethnocentrism4), 한국에대한국제기구의영향력을축소해야한다 (C_Ethnocentrism5) 에대한동의정도로측정되었으며, 5 점척도가사용되었다 측정모형검증 가설을검증하기에앞서국가자부심, 국가애착, 소비자자민족주의의타당성을검증하기위한요인분석을 SPSS 22.0 을사용하여실시하였다. 배리맥스회전방법을사용한탐색적요인분석에서주성분분석으로고유치 1.0 이상의요인을추출한결과 <Table 2> 에제시된바와같이요인수는 4 개로나타났고, 모든항목이요인적재치 0.5 이상을보여적절하게적재된것이확인되었다. KMO 및바틀렛수형검정성분석에서 KMO 측도가.829(p<.001) 로높은적합도가도출되었다. <Table 2> Results of Exploratory Factor Analysis Construct Item Factor1 Factor2 Factor3 Factor4 Eigen value % Var. Exp. National Society Pride National Achievement Pride National Attachment Consumer Ethnocentrism Society Pride Society Pride Society Pride Society Pride Achievement Pride Achievement Pride Achievement Pride National Attachment National Attachment National Attachment National Attachment C_Ethnocentrism C_Ethnocentrism C_Ethnocentrism3.177, C_Ethnocentrism C_Ethnocentrism

96 94 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) 다음으로 AMOS 21.0 을사용하여확인적요인분석을실시하였다. 그결과 <Table 3> 에제시된것처럼모든측정항목의해당변수에대한요인적재량이통계적으로유의하게분석되었다 (p<.001). 확인적요인분석의부합도는 χ 2 = (df=98, p<.001), GFI=0.963, AGFI=0.949, NFI=0.905, CFI=0.927, RMR=0.036, RMSEA=0.048 로나타나전반적인평가기준을만족시키는것을알수있었고, 구성개념들이수렴타당성을갖춘것이확인되었다 (Bagozzi & Yi, 1988; Hair, Anderson, Tatham, & Black, 2006). 또한측정도구의신뢰도분석을위해각변수의 Cronbach alpha 계수를측정한결과만족스러운측정치를나타내고있음을알수있었다. 변수의판별타당도분석결과 <Table 4> 에나타난바와같이구성개념간의관계를보여주는 Φ 계수의신뢰구간 (Φ±2.58SE) 이 1.0 을포함하지않음으로판별타당성을확인할수있었다 <Table 3> Results of Confirmatory Factor Analysis Construct Item Loadings S.E. t-value Chronbach α National Society Pride Society Pride Society Pride Society Pride Society Pride National Achievement Pride Achievement Achievement Pride Pride Achievement Pride National Attachment Consumer Ethnocentrism National Attachment1 National Attachment2 National Attachment3 National Attachment C_Ethnocentrism C_Ethnocentrism C_Ethnocentrism C_Ethnocentrism C_Ethnocentrism χ 2 (98)= (p<.001), GFI=0.963, AGFI=0.949, NFI=0.905, TLI=0.911, CFI=0.927, RMR=0.036, RMSEA=0.048 <Table 4> Correlation Coefficients Between Constructs (S.E.) National Society Pride National Achievement Pride National Attachment Consumer Ethnocentrism National Society Pride (.010).633 (.016).164 (.013) National Achievement Pride (.012).219 (.012) National Attachment (.018) Consumer Ethnocentrism 가설검증 측정도구의타당성과신뢰성을확인한후연구모형을검증하기위해 AMOS 21 을사용한분석이실시되었다. 경로계수의추정은 MLE(Maximum Likelihood Estimation) 을채택하여이루어졌으며, 분석결과는 <Table 5> 에나타난것과같다. 분석모형의적합도지수는 GFI=.963, NFI=.904, TLI=.911, CFI=.926, RMR=.036, RMSEA=.046 등으로각수치가권장기준치를충족하여연구모형이타당하다고판단할수있다 (Bagozzi & Yi, 1988). 먼저국가자부심이국가애착에미치는영향을분석한결과, 국가사회및국가성취자부심이모두국가애착과유의한관계를가지는것이확인되었다. 구체적으로국가사회자부심이국가애착에미치는영향은경로계수 0.542(t=10.155, p<.001) 를보여 <H1> 이채택되었다. 즉한국의민주주의수준과사회시스템환경을긍정적으로평가하고자랑스러워하는소비자일수록국가에대한애착수준이높아짐을알수있다. 또한국가성취수준에대한자부심이국가애착에미치는영향은경로계수 0.160(t=3.465, p<.001) 을보여 <H2> 가채택되었다. 한국의과학기술, 예술과문학등의세계적위상에자부심을느낄수록한국에대한강한애착을지니고있는것으로나타났다. 다음으로국가애착이소비자자민족주의에미치는영향에관한 <H3> 을검증하였다. 분석결과국가애착과소비자자민족주의의관계의경로계수는 0.341(t=7.698, p<.001) 로가설이채택되었다. 즉국적을계속유지하고싶고국가의잘못을용서하겠다는강한국가애착을지닌소비자일수록외국산제품의확산과글로벌기업의공략을견제하는자민족주의성향이강한것을알수있었다. <Table 5> Results of Hypotheses Test Hyp Path National Society Pride National Attachment National Achievement Pride National Attachment National Attachment Consumer Ethnocentrism Path Standardized Coefficient Coefficient χ 2 (100)= (p<.001), GFI=0.963, AGFI=0.949, NFI=0.904, TLI=0.911, CFI=0.926, RMR=0.036, RMSEA= 결론 5.1. 연구결과의요약및시사점 t-value (p<.001) (p<.001) (p<.001) 전세계적으로보호무역주의가확산되고애국심을자극하는마케팅, 유통경쟁이치열해짐에따라자국시장의소비자들로부터지지와옹호를얻기위한경영활동의중요성이증대되었다. 글로벌제조업체들은국내에서생산한제품이라는원산지효과를강조하고있으며, 거대유통업체들도국산품판매를강조하는마케팅전략을강화하는움직임을보이고있다. 이러한

97 Jung-Hyuck Choy, Soon-Hwa Choi / Journal of Distribution Science (2016) 환경변화로인해소비자자민족주의에관한연구는정치적, 사회적현상으로이해하기보다기업이전략적으로활용할수있는요인이라는측면에서진행되어야한다. 본연구는 2013 년전국의 18 세이상소비자를대상으로실시된한국종합사회조사 (KGSS) 자료를바탕으로소비자자민족주의에영향을미치는국가자부심과국가애착의관계를분석하였다. 특히본연구는국가자부심을국가사회차원의자부심과국가성취와관련된자부심으로구분하여각요인이국가애착과나아가소비자자민족주의에미치는영향을파악하였다. 분석결과, 국가자부심은국가애착을거쳐소비자자민족주의에영향을미치는중요한선행요인임을알수있었다. 우선국가자부심이국가애착에미치는영향관계에관한가설검증결과, 한국의민주주의실현정도, 세계적정치영향력, 사회안전시스템의수준을긍정적으로평가하고자랑스럽게여기는소비자일수록한국에대한정서적애착이강한것으로나타났다. 또한한국이과학기술, 스포츠, 예술및문학분야에서달성한성취수준에대해자부심을느낄수록한국을다른나라보다더나은국가로인식하며국가의실수도용서하며지지할의향이높은강한애착을보이는것이발견되었다. 나아가국가에대한애착은소비자자민족주의에유의한영향을미치는것으로검증되었다. 즉계속한국의국민이고싶어하고국가가잘못을저지르더라도지지하고자하는소비자는국가경제를보호하기위해외국산제품수입, 외국인의한국내부동산거래, 해외영화, 프로그램방영등을제재해야할필요성이크다고인식하는것으로나타났다. 본연구는다음과같은시사점을제공한다. 먼저본연구는소비자자민족주의의선행요인으로국가자부심과같은심리사회적변수를적용하였다는점에서기존연구와차별된다. 기존의소비자자민족주의연구는자민족주의와애국심을동일시하거나인구통계학적변수와의관계를파악하는데초점을둔경향이있다. 본연구는정치, 사회학분야의기존연구를바탕으로국가에대한자부심과국가애착을선행요인으로도출하여소비자행동에미치는영향을파악함으로써소비자자민족주의를보다정밀하고심층적으로이해하는데도움을준다. 이러한시도는기업과정부가애국적소비행동을유도해야하는상황에서전략적으로판단할수있도록하는가이드라인을제공할수도있을것이다. 국가사회, 국가성취자부심이국가애착에미치는영향관계의가설검증결과국가의사회적수준, 대외적위상을자랑스러워하는국민은국민으로서지위를계속유지하고자하며다른국가보다자국을가장뛰어나다고생각할뿐아니라국가의잘못을용인하며계속지지할의향이높은강한애착을보유하고있음을알수있었다. 이는국가에대한태도및행동의향의형성과정을제품, 브랜드에대한평가, 신뢰등인지적태도가정서적태도와나아가행동에영향을미치는소비자행동이론을바탕으로해석할수있음을보여준다. 즉특정제품과브랜드를긍정적으로평가하고구매와사용과정에서자부심을느끼는소비자가강한애착관계를형성하듯이, 소비자의국가에대한애착도 유사한과정을거쳐형성됨을알수있다. 국가애착과소비자자민족주의의관계에대한가설검증결과또한소비자의특정제품, 브랜드에대한애착과충성행동의관계로설명할수있다. 국가에대한애착을지닌소비자는외국산제품수입, 외국인의국내거래제한등을통해국가경제를보호하고자하는의향이강한것으로나타났다. 이러한발견은기업이고객과의애착관계를바탕으로경쟁력을축적하듯이국가도국민의자부심을바탕으로강력한애착관계를지향하여국가경제를발전시킬수있음을시사한다. 나아가본연구는국내기업이자국산제품소비를촉진하거나대형외자계기업과의경쟁에서소비자의지지를구하는데도움이되는전략적시사점을제공한다. 주요시장을중심으로보호무역주의가확산되고소비자자민족주의경향이심화됨에따라애국심을바탕으로한마케팅은더이상국제적인이벤트에한시적으로사용하는활동으로인식할수없게되었다. 또한경제수준이높아지고소비자의식이성숙해짐에따라감상적이고맹목적인애국심을자극하는데에도한계가있다. 국가자부심과국가애착의관계분석결과에서나타나듯이, 진정한애국심마케팅을실현하기위해서는여러측면에서의국가역량, 현위상등에대한긍정적인평가와자부심을바탕으로국가애착이형성되도록하고소비행동으로이어지도록해야한다. 특히국가의사회수준에대한자부심은국가애착에강한영향력을미치는것으로나타났다. 국민의애국적활동을추구하는기업또는정부는무조건적으로민족성에호소하거나감상적으로접근하기보다선진화된한국사회의모습을강조하여국가에대한애착이커지도록하는것이바람직하다. 예를들어세계적으로영향을미치는한국의혁신적인사회시스템등을소재로한메시지를발신한다면호응을얻고자국산제품, 국내기업을지지하는자민족주의적행동을유발할수있을것으로기대된다 한계점및향후연구방향 본연구는전국단위조사를바탕으로수집된자료를활용한분석이라는점에서결과의일반화가능성을높였지만동시에 2 차자료활용에따른변수설정및조작의한계성에관한문제점을지니고있다. 향후연구에서는국가애착, 소비자자민족주의에관한측정문항을보다구체적인항목으로구성함으로써변수의신뢰도및타당도를높이고더욱가치있는시사점을제안할수있을것으로예상된다. 또한본연구는소비자자민족주의에영향을미치는심리사회학적요인을중점적으로다뤘으나, 향후연구에서는기본적인인구통계학적변수를연구모형에포함시킴으로써연구의완성도를제고할수있을것으로기대된다. 나아가한국과일본, 중국등집단주의의식이높은사회는물론개인주의성향이강한미주, 유럽과의비교분석을통해세계소비시장에서경쟁하는다양한기업들의현지전략구상을위한시사점을도출할수있을것이다.

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101 Soon-Hong Kim / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Analysis of the Heuristic Theory and the Prospect Theory for Smartphones: Focusing on Framing, Endowment Effect and Regulatory Focus Theory 스마트폰을대상으로한휴리스틱및프로스펙트효과분석 : 프레이밍, 보유효과및조절초점이론을중심으로 Soon-Hong Kim( 김순홍 ) * Received: November 15, Revised: December 1, Accepted: December 15, Abstract Purpose - In the present study, it has become the most important necessity in our daily lives that consumers psychological factors affect the use of smartphones, and it has been analyzed through behavioral economic approaches. In this respect, the present study is intended to apply the heuristic theory and the prospect theory among behavioral economics theories to examine how psychological factors affect consumers product selection. Research design, data, and methodology - In the present study, using smartphone repurchase as a dependent variable, whether regulatory focus effects have interaction effects on behavioral economic theories and behavioral economic effects such as possession (ownership) effects, framing effects, and brand recollection. As an analysis method, questionnaire surveys conducted with university students in Incheon were examined through Two-Way ANOVAs using the SPSS23 package. Results - The analysis from the results are as follows. Using smartphone repurchase as a dependent variable, the main effects and interaction effects on two variables; satisfaction difference with product functions and positive framing variable were statistically significant. Using repurchase as a dependent variable was statistically significant, there was no interaction effect between the two variables; satisfaction difference with product functions and the difference of brands in possession. Using smartphone repurchase as a dependent variable, interaction effects on two variables; satisfaction difference with product functions and the lengths of product possession periods were not statistically significant. The results from the analyses of interaction effects of brand recollection and brands type were statistically significant in possession using repurchase as a dependent variable. The results from the analyses of the main effect of the brands type were statistically significant in possession using repurchase as a dependent variable. Conclusions - The implication of the present study is that it suggests the factors that became important for customers smartphone purchase following the change in the meaning of smartphones from practical products in the past to hedonic products. Limitations of the present study are first, the study subjects are limited to students and the number of copies in questionnaires is only approximately 130, which is insufficient, so that the present study is not sufficient as a study for entire smartphone users. Keywords: Behavioral Economics, Heuristic, Prospect, Framing, Brand Recollection. JEL Classifications: M11, M21, M30, M 서론 * Professor, Division of international trade, Incheon National University, Incheon, Korea. Tel: , snow8817@hanmail.net 일상생활에서늘사용되는스마트폰은상대방과의의사소통기능뿐만아니라카메라기능, 음악, 게임, 동영상감상및채팅기능등다양한쾌락적기능을가지고있다. 이런다양한기능을보유하고사용에즐거움을주는스마트폰은한번보유

102 100 Soon-Hong Kim / Journal of Distribution Science (2016) 한스마트폰브랜드에대한애착도크며, 브랜드인지도, 소비자들의성향등심리적요인이제품만족및보유하고있는브랜드의제품재구입의도에상당한영향을미친다고할수있다. 따라서본연구는쾌락재로서우리일상생활에가장중요한생필품이된스마트폰을대상으로보유하고있는브랜드를재구입할때소비자들의심리적요인이어떻게작용하고있는지에대해행동경제학적인접근으로분석하고자한다. 행동경제학이란경제학이란인간의의사결정이반드시합리적인것만이아니라심리적이고경험에의한직관에의해작용한다고보는방법론이다. 구체적연구방법으로이원분산분석 (Two-Way ANOVA) 을활용하여스마트폰재구매에소비자제품태도이론의대표적속성인제품기능의만족도수준의차이와함께프레이밍효과, 보유효과, 보유기간, 위험회피성향 ( 조절초점효과 ) 및브랜드회상등심리적요인들이소비자들이보유하고있는브랜드제품에대한재구입의도에상승효과가나타나는지분석해보고자한다. 행동경제학이론으로프로스펙트이론 ( 전망이론 : prospect theory) 이있는데 Kahneman and Tversky (1973) 가주장한이론으로사람들은이익에관해서는위험회피적이지만손실에있어서는위험추구적인것이라는것이다. 프로스펙트이론의대표적개념으로프레이밍효과 (framing effect) 가있는데프레이밍효과란사람들의의사결정의선택이프레임에따라달라진다는것이다. 컵에물이반이있는데 아직반이나남아있다 라고생각하는긍정주의와 이제반밖에없다 라고하는비관주의가있다는것이다 (Tomono, 2008). 본연구에서는스마트폰구입시선택의객관적요인인제품의기능수준에대한만족도차이와심리적요인인프레이밍효과가상호작용효과를일으키면서보유하고있는스마트폰재구입의도에영향을미치는지분석해보고자한다. 또한프로스펙트이론으로보유효과가있다. 보유효과 (endowment effect) 란프로스펙트이론의손실회피성을잘나타내는이론으로어떤물건의소유자가보유하고있는물건을팔때는손실감이구매자가물건을구입하면서느끼는이득보다더크게느낀다는것이다, 또한보유기간이길수록보유기간과비례하여더높은가치를부여한다는보유기간효과 ( 현상유지바이어스효과 ) 에대한연구도있다 (Strahilevitz & Lowenstein, 1998). 본연구에서도특정브랜드의스마트폰을보유하고있을경우보유브랜드에대한애착이더커서스마트폰보유브랜드에따라보유하고있는스마트폰브랜드를재구입하려는강도에차이가있음을밝히고자한다. 또한스마트폰보유기간이길수록보유스마트폰재구입의도에더영향을미칠것인지에대해서도상호작용효과가있는지분석하고자한다. 또한휴리스틱이론중이용가능휴리스틱 (availability heuristic) 이란기억에서잘떠오르는대상에대하여더높은평가를내리는현상을말한다 (Lee & Kim, 2014). 본연구에서는이용가능휴리스틱 (availability heuristic) 의대표적개념인스마트폰회상브랜드와보유브랜드별로재구입의도에영향을미치는지알아보고자한다. 프로스펙트이론중에소비자들의성향에따라소비자선택이달라질수있다는조절초점이론도있다. 조절초점이론이란소비자들이상품선택시위험회피에대한성향에관한이론으로서, 소비자들이상품구입시향상초점 (promotion focus) 과방어초점 (prevention focus), 두가지행동유형으로나눌수있다. 향상초점성향의사람들은이득추구에관심을갖는반면, 방어초점성향의사람들은위험회피에관심을더갖는다는이론이다. 본연구에서는보유브랜드별로소비자성향에따라보유하고있는스마트폰재구입의도에차이가있는지분석해보기로한다. 2. 선행연구고찰 2.1. 프로스팩트이론과프레이밍효과 프로스펙트이론 (Prospect Theory) 이란의사결정이반드시합리적인것이아니라심리적요인에도좌우된다는이론으로프레이밍효과와보유효과등이있다. 프레이밍효과는 Kahneman and Tversky (1973) 의프로스펙트이론에의해소개되었는데, 똑같은대상도어떻게설명되느냐에따라다르게받아들일수있다는이론이다. 컵에담긴물을보고 물이반밖에없다 고할수도있고, 물이반이나있다 고도할수있는이치이다 (Won, 2013). Tversky and Kahneman (1974) 은이익을추구하는긍정적프레이밍일경우에는위험회피적, 부정적프레이밍일경우에는위험선호적이된다고주장한다. Kim and Yoo (2010) 의연구를보면메시지프레이밍표현방식이광고태도와브랜드태도에미치는영향을밝히고, 그과정에서조절초점과제품유형이어떠한조절효과를갖는지를분석하였다. 실증분석결과, 메시지프레이밍표현방식에서부정적메시지의광고효과가긍정적메시지에비해상대적으로큰것으로나타났으며, 광고메시지프레이밍표현방식이광고태도와브랜드태도에미치는영향에서조절초점의조절효과도유의하다는것으로분석하였다 보유효과와현상유지바이어스 프로스펙트이론에서손실회피성이사람의행동에미치는영향은두가지가있다. 하나는 Thaler (1980) 가명명한 보유효과 (endowment effect) 이며다른하나는 Samuelson and Zeckhauser (1988) 가제시한 현상유지바이어스 (status quo bias) 이다. 보유효과란사람들이어떤물건이나상태를보유하고있지않을때보다실제로보유하고있을때그가치를높이평가하고있다는것이다. 손실회피성에서도출되는또다른특성은현상유지바이어스다. 사람들은현재상태에서변화하는것을회피하려고한다는것이다. 손실회피현상이발생하면가지고있는것에대해현상유지하려고하는애착감이강해진다. 같은브랜드상품을사고, 같은직장에머무는사람들의성향들이이런관성과결부되어있다고한다. 이런현상을고려할때현상유지바이어스는현재의상태에기준점을내린기준점효과의일종으로볼수있다 (Tomono, 2008) 조절초점이론 Crowe and Higgins (1997) 에의하면사람들은자신의목표

103 Soon-Hong Kim / Journal of Distribution Science (2016) 달성을위해심리적으로두가지행동유형을보이는데, 향상초점 (promotion focus) 과방어초점 (prevention focus) 으로나눌수있다. 방어초점성향의사람들은손실회피를선호하는성향으로, 위험회피를통하여바람직한결과를얻고자한다는것이며, 향상초점사람들은성취나희망, 성취등의이득을최대화하기를선호한다는것이다. 한국인은방어초점에기반한조절초점효과에더민감하게반응한다고하는데이는손실회피성향이높기때문이라고한다 (Yeo, 2007). Higgins and Spiegel (2004) 는조절초점과특정사건의적합성이높을때소비자는그사건에대해호의적인반응을하게된다는것이다. 이를조절적합효과라고한다. 조절적합효과가나타나는이유는각조절초점소비자가자신에게적합한메시지를들을때그와관련된대상에더높은가치를부여하기때문이라고한다 (Lee & Kim, 2014) 휴리스틱이론 휴리스틱이론이란인간이의사결정을할때합리적인것이아니라즉흥적이고직관적으로의사결정을할경우가많다는이론이다. 광고나브랜드선호등도소비자들이상품을선택할때휴리스틱에의해선택을하는경우가많다. 휴리스틱은문제를해결하거나불확실한사항에대해판단을내릴필요는있지만명확한실마리가없을경우사용하는편의적 발견적방법이다. 휴리스틱의가장큰특징은이용가능성 (availability heuristic) 이다. 이용가능성이란어떤사상 (event) 이출현되는빈도나확률을판단할때그사상이발생했다고쉽게알수있는사례 ( 최근의사례 ) 를생각해내고그것을기초로판단하는것을뜻한다 (Tomono, 2008). 또다른휴리스틱종류로대표성휴리스틱 (representative heuristic) 이있다. 브랜드이미지실험의예를들면코카콜라등의브랜드이미지실험에서상표가잘알려진코카콜라의브랜드이미지가맛을느끼는데영향을준다는것을실증적으로보여주었다 (Lee, 2010). 3. 연구방법 3.1. 가설설정 본연구에서스마트폰을설정하게된배경으로는제품의특성에따라제품선택과정이다르게나타날수있는데, 실용재의경우제품선택과정에서객관적이고분석적으로접근하는반면, 쾌락재의경우제품선택에있어서소비자의감성적부분이더큰영향을줄수있다고생각한다. 스마트폰의경우는상대방과의소통이라는본래목적보다즐거움과재미를위해사용한다고볼수있기때문에스마트폰이심리적요인에더영향을받을것이라는판단하에행동경제학의분석대상으로삼는다. 따라서본연구에서는스마트폰은가장많이사용하고있는 20 대를대상으로쾌락재로서현대인들의필수품이된스마트폰재구입의도에행동경제학적요인이영향을주는지분석하고자한다. 구체적연구방법으로행동경제학의주요연구대상인프레이밍효과, 보유효과, 보유기간, 회상브랜드및 소비자들의위험회피성향 ( 조절초점효과 ) 등의변수들이스마트폰에대한제품기능에대한만족도수준의차이에따라보유브랜드스마트폰제품재구입의도에상호작용효과및주효과가있는지분석해보고자한다. 지금까지의이론적배경을토대로정리하면다음과같은가설을세울수있다. <H 1> 제품기능만족도수준의차이와긍정적프레이밍성향의고저에따라보유하고있는스마트폰재구입에상호작용효과를나타낼것이다. <H 1-1> 스마트폰제품기능만족도수준이높을수록보유하고있는스마트폰재구입의도가높을것이다. <H 1-2> 스마트폰이용시긍정적프레이밍성향 ( 즐겁고, 유용함을느끼는성향 ) 이높을수록보유하고있는스마트폰재구입의도가높을것이다. <H 2> 제품기능만족도수준의차이와스마트폰보유브랜드종류에따라보유하고있는스마트폰재구입의도에상호작용효과가있을것이다. <H 2-1> 보유하고있는스마트폰브랜드종류에따라보유하고있는스마트폰재구입의도에미치는영향이차이가있을것이다. <H 3> 제품기능만족도수준의차이와스마트폰보유기간에따라보유하고있는스마트폰재구입의도에상호작용효과가있을것이다. <H 3-1> 소비자들의스마트폰보유기간이길수록보유하고있는스마트폰재구입의도가높을것이다. <H 4> 스마트폰보유브랜드종류와스마트폰회상브랜드종류에따라보유하고있는스마트폰재구입의도에상호작용효과가있을것이다. <H 4-1> 스마트폰회상브랜드에따라보유하고있는스마트폰재구입의도에미치는영향에차이가있을것이다. <H 5> 소비자조절초점변수와보유브랜드별변수간에상호작용효과가있을것이다. <H 5-1> 소비자들의조절초점 ( 방어성향 ) 에따라보유하고있는스마트폰재구입의도에미치는영향에차이가있을것이다 연구방법및설계 행동경제학의주요연구내용인휴리스틱및프로스펙트이론이영향을미치는지검정을위해본연구의주요독립변수들로는프레이밍효과중에서쾌락재에는긍정적효과가더효과가있다는선행연구들에따라긍정적프레이밍효과를선정했으며, 보유효과와보유기간, 브랜드회상과조절초점이론중한국인들은위험회피경향이더강하다는 Yeo (2007) 의연구를참고로하여방어적초절초점변수를선정하였다. 종속변수로는보유하고있는스마트폰재구입의도를선정하였다. 상품에대한재구매변수는일반적으로고객충성도를알아보는대표적인지수로마케팅등의성과변수로자주사용된다.

104 102 Soon-Hong Kim / Journal of Distribution Science (2016) 연구방법으로이원분산분석 (Two-Way ANOVA ) 분석방법을시행하였다. 분석통계 S/W 로는 SPSS 23 패키지를이용하였다. 연구대상은인천의대학생들을대상으로하여 130 부를설문조사하였다. 이원분산분석결과는주효과와상호작용효과분석을보여준다. 주효과는한처치변수의변화가결과변수에영향을미치는가에관한분석이며, 상호작용효과는다른처치변수의변화에따라한처치변수가결과에영향을미치는가에관한분석결과를보여준다 조작적정의 프레이밍효과 Song and Park (2009) 은메시지의긍정 부정프레이밍에대한조작을점검하기위해광고가 제품을사용할때기대할수있는긍정적측면을제시하고있다 라는문항에대해 Likert 식 7 점척도를사용하여측정한바있다. 본연구에서는프레이밍효과에대한조작적정의로 Song and Park (2009) 과 Tversky and Kahneman (1974) 의연구를참고하여긍정프레이밍효과를묻는문항으로 스마트폰사용으로생활이편리하고유용하다, 그렇지않을것이다 라는문항을 Likert 5 점척도로만들어두그룹으로분류하였다 보유브랜드및보유기간 현상유지바이어스측정을위해각자보유하고있는스마트폰브랜드를확인하기위해 지금사용하고있는스마트폰브랜드는어떤브랜드인가 를질문항목을만들어명목변수로설정하였다. 사용브랜드문항은 Gellup Korea (2016) 의통계자료를참고로하였다. Gellup Korea (2016) 는 2016 년 7 월전국 19 세이상남녀 1004 명을대상으로한스마트폰브랜드사용선호도순위를보면삼성전자갤럭시 S, 갤럭시노트 56%, LG 전자 19%, 애플아이폰 17%, 팬택스카이 베가 2%, 기타브랜드 1% 의순으로나타났다. 스마트폰보유기간그룹을설정을위해서 KISDI (2014) 의한국미디어패널조사를참고하였다. 이조사에서휴대전화보유자 9,413 명을대상으로 휴대전화평균사용및교체시기분석 보고서를통해일반휴대전화단말기평균사용기간이 1 년 7 개월인반면스마트폰은이보다훨씬짧은 1 년 2 개월에그친것으로보고하였다. 본연구에서스마트폰보유기간은위보고서의평균사용기간을참고하여스마트폰단말기사용기간 1 년미만을 1 그룹, 1 년에서 1 년 6 개월미만사용기간을 2 그룹, 1 년 6 개월이상사용을 3 그룹으로분류했다 브랜드회상 행동경제학에서대표성휴리스틱 (representative heuristic) 으로재인휴리스틱여부를검증하기위해최초상기도로 휴대폰하면제일먼저떠오르는브랜드 로질문하여 Gellup Korea (2016) 의스마트폰브랜드사용선호도보고서를참조하여갤럭시, 아이폰, LG G 폰, 팬택스카이 / 배가등 4 가지브랜드를제시하여사용그룹으로나누었다 조절초점효과 조절초점이론에대한측정문항으로는 Kim and Yoo (2010), Liverman, Camcho, and Higgins (1999) 의연구를바탕으로 스마트폰구입시제품의단점을파악하는데관심이있다 라는문항을설정하여 아주관심이없다 부터 아주관심이있다 등 5 점등간척도를이용하여두그룹으로구분하였다 제품기능만족도와재구입변수 제품기능만족감의수준차이는스마트폰만족감여부에대해 5 점척도로측정하여제품만족여부에대해낮은그룹과높은그룹두그룹으로구분하여명목척도로사용하였다. Ajzen and Fishbein (1977) 의태도모델에서는제품에대한태도는그제품기능, 디자인, 편리성, A/S 등제품의속성들에대한평가에의해결정된다고하였다. 본연구에서도스마트폰제품의다양한속성들, 기능과디자인등의선호요인에따라소비자재구매성과에영향을미친다는이론을고려하여, 변수선정을위해스마트폰제품만족의다양한속성들을문항으로설정하여 기능, 디자인, 사용편리성, A/S, 교환, 환불 만족도등을독립변수로회귀분석을시행한결과, 제품기능만족도만이유의한결과가나와이를소비자가제품을선택하는객관적인요인변수로선정하였다. Oliver (1980) 는기존의제품이나서비스를지속적으로반복구매하는경향을고객충성도라고하였는데, 이를참고하여결과변수로서스마트폰재구입변수를 5 점척도로측정하여본연구의결과변수로사용하였다. 4. 분석결과 4.1. 기술적분석 설문분석결과기술적분석결과를요약하면다음과같다. 성별은남자 45%, 여자 55% 의비율을보이고있다. 현재사용하고있는스마트폰기종으로는갤럭시 S 와갤럭시노트기종이 53%, 아이폰 5 와아이폰 6 브랜드가 35%, LG G 폰이 9.4%, 팬텍스카이, 베가브랜드가 2.6% 의순으로조사되었다. 스마트폰브랜드하면제일먼저떠오르는브랜드로는 51.3% 가삼성갤럭시브랜드를선택하였으며, 45.3% 가애플의아이폰브랜드를선택하였다. 사용하는브랜드의호감도는 52.8% 가 좋다 이상의호감도를나타냈다. 브랜드만족도는약 71% 가 만족, 아주만족 으로비교적높은만족감을나타내고있다. 휴대중인스마트폰의사용기간은 6 개월 ~1 년미만 이 24.8% 로가장높은빈도를나타냈으며 1 년 6 개월 ~2 년 사이가 21.4%, 2 년 ~3 년사이는 19.7%, 1 년 ~1 년 6 개월사이가 14.5% 로나타나젊은층들의스마트폰사용기간이매우짦음을확인할수있었다. 지금사용하는브랜드를재구입하려는의향에대한질문에 그럴것이다 31.6%, 아주그렇다 25.6% 로약 57% 는사용브랜드를재구입하려는의사를나타냈다. 사용중인스마트폰의기능, 디자인, 교환 환불, A/S, 배터리사용편리성등의만족감을묻는문항에 만족한다 이상이 기능 의만족도는 71%, 디자인만족도 76%, 교환 환불만족도 33%, A/S 만족도 37%,

105 Soon-Hong Kim / Journal of Distribution Science (2016) 베터리사용편리성 33% 의빈도값이나왔다 분석결과 <Table 1> 에는스마트폰제품기능에대해만족도고저수준의차이와프레이밍효과에따라보유하고있는스마트폰재구입에미치는영향이차이가있을것이라는 <H 1> 에대한상호작용효과가분석결과통계적으로유의성이입증되었다. 상호작용효과를보면 F=2.392, p-value=0.043으로제품기능만족도의고저차이와긍정적프레이밍변수간에상호작용효과가있는것으로나타났다. <Table 1> Results of Functions * Positive Framing ANOVA Analysis Source Type Df Mean Square F-value Sig. Model Functions Positive Framing Functions*Positive Framing Error Sum 114 이원분산분석 (Two-Way ANOVA) 결과상호작용효과가있다는것은두요인의주효과를제거한후에도각집단의평균값들에차이가있다는것이다. 따라서 <H 1> 의분석결과주효과를제거한후에도기능만족도수준의차이와프레이밍효과가상승작용을일으켜스마트폰재구입의도가더강하게나타난다는것을의미한다. 일반적으로스마트폰이단순한소통수단이아니라게임, 카메라등을위한쾌락재이므로단순한단말기자체의기능만족도이상으로스마트폰을활용함으로써느끼는즐거움과유용성이라는긍정적프레이밍성향이높은사람일수록보유하고있는스마트폰재구입의도에상승효과를가져온다고볼수있다. 쾌락적제품에대한구매의도가긍정적프레이밍에서부정적프레이밍보다더호의적일것이라는연구결과들도본연구결과와맥락을같이한다 (Song & Park, 2009). <Table 2> Results of Functions * Owned Brands ANOVA Analysis Source Type Df Mean Square F-value Sig. Model Functions Owned Brand goods 5 2, Functions*Owned Brands Error Sum 117 <Table 2> 에는스마트폰브랜드종류에따라보유하고있는스마트폰재구입에미치는영향이차이가있는지, 제품기 능만족도수준의차이와스마트폰보유브랜드종류별로스마트폰재구입의도에상호작용효과가있는지분석하였다. 분석결과는보유제품기능만족의차이와제품보유브랜드종류간에상호작용효과는통계적으로유의하지않은것으로나타나 (F=1.331, p-value=.209) <H 2> 는기각되었다. 상호작용효과의기각으로주효과를분석해본결과보유브랜드종류에따른스마트폰재구입의도에대한주효과는통계적으로유의한결과가나타나 (F=2.903, p-value=.017) <H 2-1> 은통계적으로유의한결과가나타났다. 분석의시사점으로는제품보유브랜드에따라서스마트폰보유하고있는재구입의도에영향을미치는주효과분석은행동경제학의현상유지바이어스효과가존재하는것으로볼수있다. <Table 3> Results of Functions * Holding period ANOVA Analysis Source type Df Mean Square F-value Sig. Model Functions Holding period functions*holding period Error Sum 117 <Table 3> 에는재구입을종속변수로제품기능만족수준차이와보유기간두그룹에대한상호작용효과 <H 3> 및주효과 <H 3-1> 분석결과를보면제품보유기간의장단에따른제품재구입의차이강도는주효과 F=.809, p-value=.448, 상호작용효과 F=1.196, p-value=.315 로통계적으로유의하지않은것으로나타났으며, <H 3> 과 <H 3-1> 은통계적으로모두유의하지않은것으로나타났다. 즉, 스마트폰브랜드의기능만족도의차이와보유하고있는스마트폰브랜드의보유기간변수가결합한상호작용효과는유의하지않은것으로분석되었다. <Table 4> Results of Brand Recall * Holding Brand ANOVA Analysis Source Type Df Mean Square F-value Sig Repurchase Repurchase Repurchase Repurchase Model Brand Recall Holding Brand Brand Recall* Holding Brand Error Sum 117 <Table 4> 에서는보유스마트폰브랜드종류와스마트폰하면떠오르는회상브랜드에따라스마트폰재구입의도에차이가있는지분석하였다. 분석결과상호작용효과및주효과분석결과를보면, 스마트폰보유브랜드변수와회상브랜드변수간상호작용효과는

106 104 Soon-Hong Kim / Journal of Distribution Science (2016) F=2.506, p-value=.035 로 <H 4> 는통계적으로유의한것으로나타났다. <H 4> 에대한브랜드회상변수와사용브랜드변수간에주효과, 상호작용효과모두통계적으로유의한것으로나타났다. 분석결과를정리하면스마트폰하면떠오르는회상브랜드와현재보유하고있는스마트폰브랜드와서로상호작용효과가나타난다는것은행동경제학에서논의되고있는프로스펙트이론의현상유지바이어스와휴리스틱이론인브랜드회상이서로상승작용효과가있다는것을설명해주고있다. <Table 5> Results of Holding Brand * Prevention focus ANOVA Analysis Source Type Df Mean Square F-value Sig. Repurchase Model Holding Brand prevention focus Holding Brand * Prevention focus Error Sum <Table 5> 에서는보유스마트폰브랜드종류와방어적조절초점성향에따라보유하고있는스마트폰재구입의도에미치는영향이차이가있는지분석하였다. 분석결과상호작용효과 (F=0.998, p-value=.447) 는없는것으로나타나 <H 5> 의상호작용효과는통계적으로유의하지않은것으로분석되었다. 즉, 스마트폰보유브랜드별로조절초점이론즉, 제품구입시단점을더고려하는조절초점이론과보유하고있는스마트폰브랜드종류별상호작용효과는유의하지않은것으로나타났다. 상호작용효과의통계적유의성이기각되어보유하고있는제품재구입에대한방어적초점효과간에주효과를분석한결과 F=4.559, p-value=.013 으로 <H 5-1> 의주효과는통계적으로유의한결과가나타났다. 주효과의의미는소비자들의방어적조절성향에따라서스마트폰재구입여부의강도가달라짐을알수있다. 분석결과를정리하면상호작용효과의경우는 <H I> 과 <H 4> 의경우에만행동경제학의상호작용효과가통계적으로유의한것임이밝혀졌다. 즉, 제품기능만족도차이와프레이밍효과간에, 브랜드회상과보유브랜드변수간에보유하고있는제품재구입의도에미치는영향은서로상호작용효과가있다는것이검증되었다. 제품기능만족도수준의차이, 보유브랜드차이, 브랜드회상에따른브랜드차이, 소비자의성향별로스마트폰재구입의도에주효과가있는것으로분석되었다. 5. 결론 5.1. 연구결과요약 본연구를통해스마트폰재구매에대한행동경제학적인 이론들, 브랜드회상과보유효과및프레이밍효과에대해 Two-Way ANOVA 분석방법을시행하였다. 분석결과는다음과같다. 분석결과를정리하면상호작용효과의경우는 <H I> 과 <H 4> 의경우에만행동경제학의상호작용효과가통계적으로유의한것임이밝혀졌다. 즉, 제품기능만족도의고저차이와프레이밍효과, 브랜드회상과보유브랜드변수간에제품재구입에미치는영향은서로상호작용효과가있다는것이검증되었다. 제품기능만족도고저의차이, 보유브랜드차이, 브랜드회상에따른브랜드차이, 소비자의성향별로스마트폰재구입에는주효과만존재하는것으로나타났다. 분석결과시사점은상호작용효과가있는 <H 1> 의경우스마트폰의기능만족도수준의차이와스마트폰의긍정프레이밍의고저에따라제품재구입에차이가있다는것은일반적으로쾌락적제품에대한구매의도는긍정적프레이밍이높을수록즉, 스마트폰이생활에유용하고즐거움을주는집단일수록제품기능의만족도수준이높을수록상승효과를일으켜재구입의요인이더크게나타난다고볼수있다. 또한회상브랜드와보유하고있는브랜드간의상호작용효과가통계적으로유의하다는것은스마트폰이가지고있는브랜드의특징을나타내주는것으로서스마트폰의브랜드이미지가소비자들에게각인되어있고, 자신이보유한브랜드에대한애착이강할수록보유브랜드제품에대한재구입의도가더강하게나타난다는것을보여주고있다. 제품보유기간의장단에따른재구입차이여부에대한변수간주효과와상호작용효과에대한통계적으로유의하지않은것으로분석된결과는스마트폰보유기간의교체기간이 20 대의경우평균 1 년 2 개월로신제품등의보급으로교체기간이짧아지는추세로보유기간이길다고스마트폰을재구입하는것은아니라는것으로해석해볼수있다. 보유기간여부보다는자기가보유한브랜드에대한애착이있어재구매하는경향이있다고판단할수있다. 보유하고있는브랜드재구입을종속변수로브랜드회상과방어적조절초점효과변수와의상호작용효과가없다는것은스마트폰은제품구입에있어서제품의장, 단점여부를확인하는소비자성향과는큰차이가없다고볼수있다. 이는스마트폰은보유한브랜드에대한애착과브랜드이미지에의해구입의사가결정된다고볼수있다 시사점 본연구의실무적시사점으로는스마트폰이과거실용적제품에서쾌락적제품으로바뀜에따라고객들이스마트폰구매에어떤요인들이중요한지시사해주고있다. 우선제품의기능에대한평가가중요한요인이지만스마트폰을즐기기위해서는카메라기능, 동영상을볼수있는충분한저장공간, 다양한게임과채팅을쉽게할수있는앱활용의용이성등이중요한기능으로이러한기능향상에스마트폰업체들은더욱주력하여야하며, 제품사용으로인해생활이더욱즐겁고, 재밌고, 활력이있다는것을강조하는긍정적메시지의광고를개발하는것이부정적프레이밍보다더효과적일것이라여겨진다. 또한본연구를통해행동경제학의주요개념인휴리스틱의브랜드회상, 프로스펙트이론의보유효과와프레이밍효과가통계적으로유의한것으로나타난것에주목하면스마트폰은

107 Soon-Hong Kim / Journal of Distribution Science (2016) 이미브랜드이미지가소비자들의머리에각인되어스마트폰하면바로떠오르는대표적브랜드들이자리매김하고있다. 이러한효과들을업계에서는십분활용하여야한다. 또한소비자들은자신들이보유한브랜드에익숙하거나편리함을느껴쉽게다른브랜드로전환하려하지않는보유효과가있음도확인하였다. 이는스마트폰은고객충성도가높은제품임을보여주고있다. 따라서스마트폰업체들은고객들에게고객충성도향상을위해고객관계관리전략을강화해나가야한다. 고객관리를위해오랜기간동안자기회사브랜드를보유하고있는고객들에게높은등급을부여하여자사브랜드구입시가격혜택이나다양한서비스를지급하고, 지속적으로고객에대한관심과관리를보여야한다. 조절초점이론과관련하여서방어적초점효과에통계적으 로유의한결과들이나왔는데방어초점은손실회피를선호하는경향을나타내는데스마트폰구입으로인해스마트폰의기능이나사용의편의성, 배터리관리, A/S 등에서신제품개발시보다주의하여야할부분이다. 본연구의한계로는우선연구대상이대학생으로한정되어있으며설문부수도 130 여부로부족하여스마트폰이용자전체를대상으로하는연구로는미흡하다. 또한행동경제학적인접근법은집단을정해놓고직접실험에의한방법과병행하면더바람직하나추후연구과제에서시도해보고자한다. 연구방법으로도 ANOVA 분석에만의존하여, 향후스마트폰선택에대한인과관계를설정하여구조방정식등의방법으로연구하고자한다. References Ajzen, Icek, & Fishbein, Martin (1977). Attitude-behavior relations: A theoretical analysis and review of empirical research. Psychological Bulletin, 84(5), Sep Crowe, E., & Higgins, E. T. (1997). Regulatory Focus and Strategic Inclinations: Promotion and Prevention in Decision-Making. Organizational Behavior and Human Decision Processes, 69, Gallup Korea (2016). Result of Smartphone Brand being used. Seoul, Korea: Gallup Korea. Higgins, E. Tory, & Spiegel, Scott (2004). Promotion and prevention strategies for self-regulation: A motivated cognition perspective. In Vohs, Kathleen D., & Roy F. Baumeister (ed.). Handbook of self-regulation: Research, theory and applications, New York: Guilford Press, Kahneman, Daniel, & Amos, Tversky (1973). On the Psychology of Prediction. Psychological Review, 80, Kahneman, Daniel, & Amos, Tversky (1984). Choice, Values and Frames. American Psychologist, 39, Kim, Sung-Jae, & Yu, Ming-Ji (2010). Effects of Message Framing on the Advertising Effectiveness - Moderating Role of Regulatory Focus and Product Type. Journal of Korea Contents, 10(8), Korea Information Society Development Institute (2014). Korea Media Panel Research. Seoul, Korea: Korea Information Society Development Institute. Lee, Kyu-Hyun, & Kim, Kyung-Jin (2014). Korean Culture and Behavioral Economics. The Journal of Culture Industry, 14(1), Lee, Jin-Yong (2010). An Overview of Behavioral Decision Theory (BDT) in Consumer Behavior: Focusing on Korean Studies. The Journal of Consumer. 21(2), Liverman, N., Idson, L. C., Camacho, C. J., & Higgins, E. T. (1999). Choices between Stability and Change. Journal of Personality and Social Psychology, 77(6), Oliver, R. L. (1980). A Cognitive Model of the Antecedents and Consequences of Satisfaction Decisions. Journal of Marketing Research, 17, Samuelson, W., & Zeckhauser, R. (1988). Status Quo Bias in Decision Making. Journal of Risk and Uncertainty, 1, Song, In-Hak, & Park, Sea-Young (2009). Advertisement Effects of Message Framing and Temporal Frame. Social science of Chungnam University, 20(3), Strahilevitz, Michal A., & Loewenstein, George (1998). The Effect of Ownership History on the Valuation of Objects. Journal of Consumer Research, 25(3), Thaler, Richard H. (1980). Toward a positive Theory of Consumer Choice. Journal of Economic Behavior and Organization, 1, Tomono, Norio (2008). Behavioral Economics. Seoul, Korea: Jihyung.. Tversky, Amos, & Kahneman, Daniel (1974). Judgment Under Uncertainty: Heuristics and Bises. Science, 211, Won, Jee-Sung (2013). A Critical Review on Behavioral Economics with a Focus on Prospect Theory and EBA Model. Journal of Distribution Science, 11(5), Yeo, Jun-Sang (2007). Moderating Role of Self Regulatory Focus in Effect of Comparison Type on Brand Attitude. The Korean Journal of Advertising, 18(5),

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109 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Consumer Creativity, Emergent Nature and Engagement of Co-Creation: The Moderating Roles of Consumer Motivations 소비자의창의성, 창발성그리고공동가치창출활동과의관계 : 소비자동기요인의조절효과를중심으로 * Seong-Ho Kang( 강성호 ) **, Woo-Seong Kang( 강우성 ) *** Received: October 3, Revised: December 1, Accepted: December 15, Abstract Purpose In today s markets, new technologies such as social network systems and user generated contents have provided consumers with access to unlimited amounts of information and an ability to communicate with other consumers in the world. Specially, the massive of the internet and the development of online communities and interactive platforms offer the potential to cocreate with a large number of consumers. Significant changes in marketplace suggest that simply being consumer oriented is not enough, so firms must learn from and collaborate with consumers to create values that meet their individual and dynamic needs. In these sense, emergent perspectives in marketing highlight new opportunities for co-opting consumers as a means to define and cocreate value through their engagement. Although the importance of consumer co-creation with firms, the current literature lacks the respond to two questions: (1) who are the most competent consumers for creating the values with firm? and (2) what are the stimulaters to help the consumers engage for co-creation? To this answer the question, this research investigate how to structure consumer motivations to encourage consumers to be more engaged for co-creation and what drives a consumer to get involved to respond to a call for co-creation. Research design, data, and methodology To empirically test the hypotheses, a survey was conducted among consumers who had experienced the co-creation including upstream, downstream, autonomous, and sponsored co-creation with the firms. We collected a total of 343 responses. After we excluded 37 questionnaire because of incomplete responses, a total of 306 questionnaire remained. Working with a sample of 306 responses in Seoul and Kwangju, hierarchical moderated regression is employed to test research hypotheses. Results - The results indicated that consumer creativity and emergent nature are positively related to engagement in co-creation including upstream, downstream, autonomous, and sponsored co-creation. Also, the relationships between consumer creativity/emergent nature and engagement in co-creation were moderated by intrinsic motivation in case of upstream and downstream co-creation. Finally, interaction effects between consumer creativity/emergent nature and extrinsic motivation were not significant. Conclusions - These results suggest that marketing managers have to consider the consumer personality such as creativity and emergent nature and stimulate the intrinsic motivation of consumer to achieve the co-creation project successfully. Keywords: Consumer Creativity, Emergent Nature, Upstream Co-creation, Downstream Co-creation, Autonomous Co-creation, Engagement in Co-creation, Consumer Motivation. JEL Classifications: O35, M31, M10. * This study was supported by research fund from Chosun University, ** First Author, Assistant Professor, College of Business, Chosun University, Korea. Tel: , shkang123@chosun.ac.kr *** Corresponding Author, Associate Professor, School of Business, Dongguk University, Korea. Tel: , wskang@dongguk.edu

110 108 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 서론 정보통신의발달로인해소비자들은광대한양의정보에접근할수있는다양한경로들을획득하게되었다. 이는기업이제공하는정보가유일했던시대에서벗어나, 소셜네트워크 (social networks) 와이용자생산콘텐츠 (user generated content: UGC) 와같은소비자에의해정보가생산되는다원적정보원의시대로진입하였음을의미한다 (Melton & Hartline, 2015). 소비자들이다양한정보원에접근하게되면서그들은자신이원하는바를제품이나서비스의생산과정에적극적으로반영하기를원하게되었고, 이는자연스럽게제품과서비스의생산과정에소비자들이적극적으로관여하는소비자참여 (consumer participation) 와소비자권한부여 (consumer empowerment) 현상으로이어지게되었다. 소비자가제품이나서비스의생산과정에참여하거나혹은권한을부여받는행위는기업과소비자의적극적상호작용과정으로소비자의개인적이고역동적인욕구가직접적으로반영된다는장점을갖으며, 이는결국소비자에의한새로운가치창출활동이이루어짐을의미한다. 따라서이를소비자공동가치창출 (consumer cocreation) 이라부르며 (O' Hern & Rindfleisch, 2009; Prahalad & Ramaswamy, 2000), 많은기업들의신제품개발과정등에서활용되곤한다 (van Doorn et al., 2010). 예를들어미국의패션의류업체인 Threadless 는새로운 T-shirt 에대한디자인을소비자들의아이디어와평가에의해서결정하고있으며, 일본의생활용품회사인 Muji 는소비자들의아이디어로만구성된제품라인을갖추고있다 (Ogawa & Piller, 2006). 이외에도미국의식품업체인 Mountain Dew 와 M&M 은신제품음료의향과초콜릿의색깔을결정하기위해소비자투표를활용하기도하고, 이탈리아자동차기업 Fiat 는신제품의컨셉과광고캠페인의결정이소비자에의해서수행되어진다 (Fuchs et al., 2010). 이렇듯다양한분야에서수행되고있는소비자공동가치창출활동은새로운가치체계의재설계에공헌할수있으며 (Williamson & DeMeyer, 2012), 전통적인마케팅조사에서발견할수없었던소비자의복잡하고모호한욕구를직접적으로반영함으로써품질향상과위험감소, 시장수용도증가를동시에가능하게한다는측면에서 (Business Wire, 2001) 기업경쟁우위의핵심활동으로인식되고있다 (Prahalad & Ramaswamy, 2004). 이러한긍정적측면에도불구하고소비자들에의해창출된가치는소비자의잠재적욕구를충족시킬만한창의적이고근본적인혁신 (radical innovation) 이아니며 (Melton & Hartline, 2015), 소비자참여과정에많은관리비용이소요될뿐만아니라 (Boyd et al., 2010) 기업의목표와소비자의이익이일치하지않을경우복잡성이초래된다는점 (Hoyer et al., 2010) 그리고내부구성원들의직무스트레스가증가할수있다는점등 (Chan et al., 2010) 만만찮은부작용이지적되고있다. 따라서많은연구들은소비자들의공동가치창출활동이기업의성과에어떠한영향을미치는지에집중하게되었으며특히, 소비자공동가치창출활동이가장빈번하게일어나고있는신제품개발상황하에서이러한현상은더욱더두드러진다 (Hoyer et al., 2010). 다양한연구들사이의상이한결과즉, 언제소비자공동가치창출활동이신제품개발성과를향상시키는지혹은감소시키는지를밝히기위한다양한시도들이있어왔으며, 그결과 신제품개발단계, 신제품개발프로젝트의안정성정도, 신제품개발진행국가특성, 기술집약정도, 개발신제품의특성 ( 소비재 vs 산업재 ), 기업의규모등이두변수들간의인과관계를조절하는중요한요소임이밝혀진바있다 (Chang & Taylor, 2016). 이러한연구들은소비자들의공동가치창출활동과핵심성과와의관계를규명하고, 상황에의해달라지는조절변수들의존재를규명함으로써기업들에게소비자들을중심으로하는공동가치창출활동의효과성을인식시킬뿐만아니라, 이러한효과를극대화시키기위한내외부의상황적모형을제시하고있다. 하지만다수의연구들은소비자공동가치창출활동의특성을모두동일한것으로간주하고있을뿐만아니라공동가치창출활동과그성과와의관계에초점을맞춘나머지공동가치창출활동의 input 요소들에대한관심은소홀하였다. 따라서본연구는기존연구들과의간극을해소하기위하여소비자들의공동가치창출활동을의미있는형태로구분하여이들각각의활동들을견인하는선행요인을파악하고자한다. 이러한맥락에서본연구의구체적연구목적은다음과같다. 첫째, 본연구를통해어떠한소비자들이공동가치창출활동에관여하는지를살펴보고자한다. 모든소비자들이동일하게공동가치창출활동에참여하려는의지와능력을보유한것이아니기때문에기업은공동가치창출활동에관여할능력과의지가있는소비자들선택해야한다 (Vernette & Hamdi-Kidar, 2013). 이에본연구에서는공동가치창출활동을참여하게하는소비자들의특성으로창의성 (creativity) 과창발성 (emergent nature) 의역할에대해서살펴보고자한다. 창의성과창발성은유사개념으로인식되기도하지만최근에는이를구분하고자하는시도들이있어왔다 (Hoffman et al., 2010). 대체적으로창의성을새로운것을창출해내는일반적특성으로, 창발성을부분을활용하여새로운전체를창출해내는독특성으로이해한다 (Johnson, 2001). 이러한특성을지닌소비자들은새로운것을창출하고이를결합하고자하는다양한시도들에관심을갖고있어기업과소비자와의협력적플랫폼 (collaborate platform) 인공동가치창출활동에적극적으로참여하고자할것이다. 둘째, 본연구에서는소비자의공동가치창출활동을상향식 (upstream)/ 하향식 (downstream), 자발형 (autonomous)/ 후원형 (sponsored) 으로구분하고, 창의성과창발성이각각의소비자공동가치창출활동에어떠한영향을미치는가를검증하고자한다. 최근의소비자공동가치창출활동이소비자모니터, 체험단 / 홍보단, 트렌드헌터, 아이디어공모전, 파워블로거활용, 소비자조사참여등으로확대되면서다양한소비자가치창출활동들의특성에대한명확한이해가요구되고있다 (Koo & Rha, 2009). 특히나소비자가치창출활동이신제품이나서비스의다양한개발단계에서실시되고있으며, 이와동시에이러한활동들이소비자의자발적혹은비자발적 ( 후원적 ) 상황에서진행되고있다는점에서 (Son et al., 2015) 각각의상황에부합하는의미있는소비자공동가치창출활동의선행요인을이해하는것은관련활동들의성공가능성을높이기위한매우의미있는작업이될것이다. 마지막으로본연구에서는창의성 / 창발성과소비자의공동가치창출활동의관계에서소비자동기 (motivation) 의조절적역할에대해서살펴보고자한다. 소비자의대표적동기구조라할수있는내재적 (intrinsic) 동기와외재적 (extrinsic) 동기는소비자의개성과태도와의관계에서다양한역할을수행하여왔으며창의성 / 창발성과소비자공동가치창출활동의관여정도에도유사한영향을미칠것이다. 이러한시도는창의성 / 창발성과공

111 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 동가치창출활동과의관계가구체적으로어떠한과정에의해유도되는가를이해하는중요한실마리를제공할것이다. 2. 이론적배경및가설설정 2.1. 창의성과창발성 창의성 (creativity) 과창발성 (emergent nature) 은개인과기업수준에서모두혁신을이끄는주요한구성요소로우월한학습효과의기반 (Renzuli, 1986) 혹은신제품의시장성과를이끌어내는원천으로인식되고있다 (Im & Workman, 2013). 창의성은어떠한상황이나문제에대해적절하고 (appropriate) 새로운 (novel) 결과물 ( 제품, 과업, 아이디어 ) 을제시할수있는능력을 (Burroughs et al., 2008), 창발성은추상의개념을어떻게구체화시킬지, 그리고그것을주된흐름에어떻게적용시킬지에대해상상하는능력을의미한다 (Hoffman et al., 2010). 두가지모두새로운결과에대한생성이라는측면에서동일기능의개념으로이해되고있지만상황적차이가존재한다. 창의성이주로유용하고새로운것을만들어내는기질이나태도, 능력을의미한다면, 창발성은하부요소만으로존재하지않았던특성이나능력이상위요소에서의상호작용으로인해돌출되는현상을의미한다 (Hoffman et al., 2010). 따라서창의성과견주어창발성을주체들간의상호작용능력이나기질로특화하여규정하고는한다. 창의성 / 창발성에대한실체를규명하고자하는두가지형태의연구들이있어왔다. 먼저창의성 / 창발성의실체를개인적인성향이나기질, 태도, 능력으로규정하고이를측정하고자하는인지적관점의시도가첫번째이며, 개인이나조직에의해생산되어지는결과물들을평가함으로써창의성 / 창발성의정도를확인하고자하는결과론적시도들이두번째라할수있다 (Burroughs et al., 2008). 먼저창의성 / 창발성을개인적인지능력으로파악하고자했던견해들은이들을주로사고능력과태도로개념화하고측정하여, 측정치들이특정현상의방아쇠 (trigger) 역할을하는지를확인하고자하였다. Singh(1979) 에따르면, 창의적 / 창발적인사고능력을개인과상황에따라구체적역량유형의변화로인해요구되는다양한형태의유사능력들의결합이라고정의하고, 유사역량으로민감성 ( 특별한문제가아닌것처럼보이는상황을무시하지않고민감하게파악하는능력 ), 유창성 ( 특정상황하에서다양한아이디어를추출하는능력 ), 융통성 ( 고정적방식에서벗어나완전히다른시각으로변환하여다양한해결책을찾는능력 ), 독창성 ( 기존의것과다른참신하고독특한아이디어를창출하는능력 ), 정교성 ( 다소거친아이디어들을치밀하게가공하는능력 ) 등을제시하였다 (Im, 1998). 이와더불어창의성 / 창발성을개인의태도나성격으로보는견해들은창의적 / 창발적인개인들은창의적활동을부합되는태도와관심을표현할것이라는가정에기반하는데 (Hocevar, 1981), 타인의권유가아닌자신의자율적의지로문제를해결하려고하는성향인자발성, 자신의아이디어에대한타인의평가를두려워하지않는독자성, 문제가해결될때까지끊임없이노력하는집착성, 그리고주변의현상에대해끊임없이문제를제기하는호기심등이대표적인개인의창의성 / 창발성을구성하는태도적특성이라할수있다 (Im, 1998). 창의성 / 창발성은개인이나조직이생산한결과물 (products) 의특성으로규정되기도하는데, 이는창의적 / 창발적인특성이나성격그리고과정모두가궁극적으로는결과물로표현되어야가치가실현될수있다는결정론적관점에근거한다 (MacKinnon, 1978). 일부에서이러한관점을활용하여창의성 / 창발성을문제해결과등치시켜설명하고자하지만 그림 이나 문학 과같은창의적결과물들이문제해결을동반하지않는다는점에서적절한정의로받아들여지지못했다. 이에창의성과창발성을보다폭넓게정의하여야한다는주장들이나타났으며이들을다차원적인요소의결합으로보는견해들이등장하게된다. 이러한형태의대표적인연구로는 Burroughs et al. (2008) 의연구들을들수있는데, 이들은창의성 / 창발성이반영될결과물의평가차원을참신적차원 (novelty) 과기능적차원 (functionality), 그리고심미적차원 (aesthetic) 으로구분하였다. 참신적차원은특정결과물이창의혹은창발적이다라는사실을입증하는가장핵심적인개념으로결과물들을차별화시키는핵심적역할을수행한다. 참신성차원은 주어진상황이나문제에있어서전통적이고전형적인결과물에서얼마나벗어나있나 로측정하는데, 소비자입장에서는기능의시너지를이루기위해결과물의원래의도보다는다른목적으로결과물을응용하거나, 성능및외관을향상시키기위한결과물을수정하고, 새로운방법으로두개이상의결과물을결합하는등과같은행동결과들에서두드러지게나타난다. 결과물의참신성에대한전제는참신성이결과물의기능을개선시킨다는점이며, 단순히기이하고신기한형태의창출이아닌유용한목적을위해성취되어져야한다는것이다 (Lubart, 1994). 따라서창의적이고창발적인결과물은어떤특정한문제를독자적으로해결할수있는목적성이수반되어야한다. 창의성 / 창발성의두번째차원이었던기능성이발현되는과정에서그결과물들이예술적이거나표현적일때이를심미적이라고한다. 즉결과물들이일상적이지않은목적을해결하는것이면서아름답거나, 고상하거나, 매력적인경우를심미적차원이라특정하여부르는것이다. 본연구에서는위에서살펴본다양한연구중에서, 창의성과창발성을개인의기질과특성으로정의하는연구들을기반으로하고자한다. 이는본연구에서논의되는창의성 / 창발성의적용상황은소비자들이기업들과의공동가치창출활동에참여하는것으로, 기업들은사전에고객들이창출한결과물을통해창의성 / 창발성을측정, 평가하기가불가능하기때문이다 소비자공동가치창출활동 소비자의공동가치창출활동은기업의가치창출전과정에소비자를적극적으로참여시킴으로서가치창출과정을재설계하려는일련의활동들을의미한다 (Lee et al., 2012). 대표적인소비자공동가치창출활동으로는신제품개발을들수있다 (Hoyer et al., 2010). 신제품개발과정은불확실성과위험성이가장높은기업의의사결정이기때문에소비자의욕구에대한정확한반영이이를극복하는효과적인방법으로알려져있다 (Nambisan & Baron, 2009). 따라서다양한유형의소비자참여와관여가신제품개발과정에서이루어지고있으며, 많은연구들이신제품개발상황하에서의소비자 - 기업간협업활동을소비자공동가치창출활동의주영역으로삼는다 (Hoffman et al., 2010). 신제품개발상황하에서의소비자의공동가치창출활동은

112 110 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 소비자와기업의협력관계를기반으로하기때문에관계의정도와상황에따라다양한형태를지닌다. 그중신제품의개발단계와참여수준은소비자공동가치창출활동을다양하게하는주요요인으로주목받고있다 (Son et al., 2015). 이는신제품개발각각의단계에따라소비자가기여하는역할이달라공동가치창출활동이단계별로상이하게적용될뿐만아니라 (Chang & Taylor, 2016), 공동가치창출활동에대한참여가협력적관계의주체인기업과소비자에의해서만시작될수있기때문이다. 이러한상황에근거하여신제품개발상황하에서의소비자의공동가치창출활동은하향식공동가치창출활동 (downstream co-creation) 과상향식공동가치창출활동 (upstream co-creation) 으로구분된다 (Vernette & Hamdi-Kidar, 2013). 하향식공동가치창출활동은신제품이출시된이후에소비자들의소비경험을바탕으로기업에게피드백을제공하는일련의행위들을의미하며, 상향식공동가치창출활동은신제품개발의초기단계인제품아이디어와컨셉개발단계에서부터소비자들이가치창출활동에적극적으로관여하는것을의미한다. 또다른형태의소비자공동가치창출활동은소비자의참여정도에따라구분되는데, 공동가치창출활동의자율성 (autonomy) 에따라후원형공동가치창출활동 (sponsored co-creation) 과자발적공동가치창출활동 (autonomous co-creation) 이대표적이다 (Zwass, 2010). 후원형공동가치창출활동은기업에의해공동가치창출활동이주도적으로실행되며소비자는대체적으로공동가치창출에대한참여의대가와보상을지급받는다. 이에반해자발적공동가치창출활동은기업의지원없이소비자들의자발적의지로공동가치창출활동에관여하는것으로외적보상이나대가의지급보다는자기효능감과즐거움을위해참여한다. 이러한유형으로소비자공동가치창출활동을분류하는것은기업이수행하고있는대부분의공동가치창출활동을포함하고있는포괄적분류법이라는측면에서, 그리고기업의가치창출과정 ( 상향식 / 하향식 ) 과소비자의동기적행동요인 ( 자율형 / 후원형 ) 이모두포함된다중적차원을가진다는측면에서유의미한분류방법이라할수있다. 다양한유형의공동가치창출활동들은몇가지소비자요인에의해촉진되어진다. 먼저소비자는기업이제공하는직접적인금전적보상이나이익또는간접적으로지급되는지적자산의공유에의해촉진된다 (Hoyer et al., 2010). 직간접적인금전적보상으로자극된외재적동기는소비자들을보다더적극적으로참여활동에몰입하게한다. 또한특정가치창출활동에자신이공헌하고기업으로부터받은직함 (title) 들은소비자의지위, 사회적존중감을높이고, 타인과의결합의지를강하게만드는사회적혜택을제공함으로써공동가치창출활동을촉진한다 (Nambisan & Baron, 2009). 이외에도제품이나서비스관련기술정보와지식들에대한이해와학습능력상승에대한기대역시소비자들이공동가치창출활동에참여하게하는중요한요인이된다. 앞서살펴보았던세가지요인들이소비자들의공동가치창출활동을위한촉진제역할을수행하였다면다음의요인들은기업들이공동가치창출활동을꺼리게하는장애물역할을한다. 첫번째로는공동가치창출과정에서공개되는정보에대한보안문제이다 (Prahalad & Ramaswamy, 2004; Liebeskind, 1997). 기업이보유하고있는제품과서비스에대한노하우가소비자들에게공개되었을경우경쟁자에게관련정보가이전될것인가에대한우려, 그리고소비자에게제공될내부정보 에대한거부감등이이에해당한다. 두번째로는지적재산권의소유권여부가소비자와기업간의갈등의소지가될수있다. 지적재산권의소유여부는상황에따라뒤엉킬소지가다분하고이로인해법적분쟁이끊이질않고있으며이는기업으로하여금불확실성에대한인지를증가시킨다 (Hoyer et al., 2010). 세번째로공동가치창출활동은소비자들로하여금정보의과부하 (information overload) 를초래하게한다. 특히, 신제품개발시아이디어창출단계에서발생하는정보의과부하는소비자들의정보처리능력을초과하게하고이로인해다양한정보원에비해유익한결과가창출되지않는깔때기상태가형성될가능성이크다는것이다 (Hoyer et al., 2010). 마지막으로소비자들이창출된참신한아이디어는대체적으로생산과공정에대한고려가전혀없는상태일가능성이많아비현실적일가능성이크다는것이다 (Magnusson et al., 2003). 이러한논의들을종합하여보면 <Table 1> 과같다. <Table 1> Summary of Literature Review Empirical study Conceptual study Authors Fuchs et al. (2010) Lorenzo-Romero et al. (2014) Hoffman et al. (2010) Vernette & Hamdi-Kidar (2013) Hoyer et al. (2010) Conclusion They find that though participants product evaluation are identical, those who are empowered to select the products to be marketed exhibit stronger demand for the underlying products. This paper examines four different types of benefits derived from the uses and gratification approach motivating customers to participate in on-line co-creation This paper draw on research on personality theory and informationprocessing tyles to support their conceptualization and develop and validate a highly reliable scale to measure emergent nature Lead users and emergent nature consumer are two highly attractive targets for marketing co-creation The authors outline and discuss a conceptual framework that focuses on the degree of consumer cocreation in NPD 2.3. 창의성 / 창발성과소비자의공동가치창출활동 위에서살펴본바와같이소비자의창의성 / 창발성은참신하고유용한결과를만들어내기위해컨셉을어떻게만들어낼것인지그리고그것을주류시장 (mainstream marketplace) 에어떻게진입시킬지를상상하고현실화할수있는소비자의특성과관련되어있다 (Hoffman et al., 2010). 성공적인제품 / 서비스의컨셉의개발을위한소비자독특한특성과정보처리능력은대체적으로새로운경험과아이디어에개방적인모습을보이며, 경험적이며논리적인스타일모두를활용하는데능숙하다. 과거연구에따르면다른경험에개방적일수록발산적사고 (divergent thinking) 에능숙한데이러한특성은높은상상력, 독특한감성적, 심미적, 지적요소들과의경험을즐기고자

113 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 하는욕구들과밀접하게관련되어있다 (McCrae, 1987; Stanovich & West, 1997). 따라서개방적사고성향을갖을수록새로운아이디어에쉽게몰입하고이를논리적추론과정으로연결시키고자하는욕구가강해져가치창출활동에관여할가능성이커진다고할수있다. 또한, 개방적사고는자기성찰을위한기회를제공하며탐색적호기심에의해자극되어진다 (Fenigstein et al., 1975). 지적이고경험적인측면에서자기자신에대한빈번한인식은자신이보유하고있는지식과경험들에대한연관성과기억의해석가능성을높이게되고이는다른지식과경험들에대한연관관계형성을증가시킨다 (Hoffman et al., 2010). 이러한이유로창의 / 창발적특성을보유한소비자들은공동가치창출활동에더많은관심과공헌을할가능성이커질것이며이는공동가치창출활동의전반에적용될수있을것이다. 따라서다음과같은가설을도출할수있다. < 가설 1> 소비자창의성은공동가치창출활동에긍정적영향을미칠것이다. < 가설 1-1> 소비자창의성은상향식공동가치창출활동에긍정적영향을미칠것이다. < 가설 1-2> 소비자창의성은하향식공동가치창출활동에긍정적영향을미칠것이다. < 가설 1-3> 소비자창의성은자발적공동가치창출활동에긍정적영향을미칠것이다. < 가설 1-4> 소비자창의성은후원형공동가치창출활동에긍정적영향을미칠것이다. < 가설 2> 소비자창발성은공동창출활동참여에긍정적영향을미칠것이다. < 가설 2-1> 소비자창발성은상향식공동가치창출활동에긍정적영향을미칠것이다. < 가설 2-2> 소비자창발성은하향식공동가치창출활동에긍정적영향을미칠것이다. < 가설 2-3> 소비자창발성은자발적공동가치창출활동에긍정적영향을미칠것이다. < 가설 2-4> 소비자창발성은후원형공동가치창출활동에긍정적영향을미칠것이다 소비자동기의조절적역할 공동가치창출활동은소비자들이직접적으로획득하게되는물리적인혜택의종류와정도와는별개로심리적원인에의해서자극되어진다 (Etgar, 2008). 소비자의심리적원인으로가장빈번하게활용되는것은바로소비자의동기구조이다. 즉, 주체의행위과정을동인시키는요소는개인이보유하고있는동기구조의유형인내재적동기 (intrinsic motivation) 와외재적동기 (extrinsic motivation) 에의해서소비자의행위가조절될수있음을의미한다 (Deci & Ryan, 2000). 내재적동기는일이나과업등의행동을수행하는것자체가즐거움이나보상이되는경우형성되는동기라고할수있는데, 행동자체에내재되어있는흥미, 즐거움, 호기심, 자발적관심등에의해유발되어진다. 이에반해외재적동기는금전이나명예, 지위혹은부정적결과에대한회피에의해서형 성되는동기로서외부적인자극에의해유발되어진다 (Ryan & Deci, 2000). 내재적동기와외재적동기에대한초기의연구들은두가지형태의동기구조를단일구조차원으로간주하고있어내재적동기가강하면그만큼외재적동기가약해지고, 반면에내재적동기가약하면외재적동기가강해진다고이해하였지만 (Amabile & Cheek, 1988), 최근에는내재적동기와외재적동기가상충되는개념이아니라이원적구조를지니고있어두동기유형이독립적으로존재할수있다고인식되고있다 (Moneta & Siu, 2002; Miao et al., 2007). 이는내재적동기와외재적동기가모두독립적인상황에서동시에영향을미칠수있음을의미한다하겠다. 내재적동기가강한소비자, 즉내재적동기에의해행동이조절되는소비자들은대체적으로자기결정적으로행동한다 (Ryan & Deci, 2000). 이는내재적동기가스스로의행동과결정을즐거움과보람으로인식하는원인이되기때문에스스로의결정으로행동하는것이가장높은효용을제공하게됨을의미한다. 따라서공동가치창출활동에있어내재적동기가강한소비자들은자신의자기결정적행위에의해공동가치창출활동의관여할가능성이크다. 스스로의판단과결정에의해행해진결과들이자신의효용을극대화하는데공헌하기때문이다. 더구나창의성 / 창발성이높은소비자들에게서발견되는개방적사고는스스로의판단에의해외부의정보와자극을수용할것인지를결정하는대표적인내부적사고체계이다 (Fenigstein et al., 1975). 즉창의성 / 창발성이높고내재적동기성향이강한소비자들은자기결정적사고의정도가높을것이며호기심과과제에대한몰입및흥미등에더강한영향을받을것이다. 공동가치창출활동중상향식공동가치창출활동은아이디어, 컨셉, 생산등과같은신제품의개발초기과정에서부터중요한의사결정에적극적으로참여하는형태로, 다른공동가치창출활동에비하여더높은수준의적극성과과제에대한몰입을요구한다 (Vernette & Hamdi-Kidar, 2013). 이에반해하향식공동가치창출활동은신제품이완성되어출시된이후소비자가사용과정에서제공하는가치증가활동을의미하는것으로소비자의참여분야와관여의정도가제한적이다 (Vernette & Hamdi-Kidar, 2013). 따라서소비자들의공동가치창출활동특히상향식공동가치창출활동일경우창의성 / 창발성과소비자들의공동가치창출활동의관여정도와의관계는내재적동기가강할수록더강화될수있을것이며반면에하향식공동가치창출활동일경우에는내재적동기가강할수록그관계가약화될것이다. 이와더불어, 또다른공동가치창출활동의유형이라고할수있는자발적 / 후원적공동가치창출활동에대한소비자의관여정도와창의성 / 창발성과의관계역시내적동기의정도에의해그관계가조절될수있을것이다. 자발적공동가치창출활동은개인의내적자극인자기효능감에의해행해지는소비자의공동가치창출활동이며, 후원형공동가치창출활동은기업의주도하에제공되는외적보상을바탕으로소비자들의참여하는기업주도형공동가치창출을의미한다 (Zwass, 2010). 따라서내재적동기가강한창의성 / 창발적소비자들은호기심이나몰입감, 그리고자기결정감과같은자극요인에의해자신의행동을결정하는성향이강하며이러한성향과가장유사한공동가치창출활동에적극적으로관여하게할것이다. 이에반해, 내재적동기가강한창의성 / 창발적소비자들은기업에의해의사결정과정이주도되는공동가치창출활동이자신의자기효능감과, 몰입감을훼손한다고지각할가능성이크다. 따라

114 112 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 서후원형공동가치창출활동에대해서는부정적견해를표출할가능성이크다할것이다. 이를종합해보면내재적동기가강할수록창의성 / 창발성과소비자의상향식 / 하향식공동가치창출활동의관계는더욱더강화될것이며반면, 내재적동기가강할수록창의성 / 창발성과하향식 / 후원형공동가치창출활동은약화될것이다. 이러한논의를바탕으로다음과같은가설이가능할것이다. 공동가치창출활동과의관계에있어부 (-) 의조절적역할을수행할것이다. < 가설 4-4> 외재적동기는소비자의창의성 / 창발성과후원형공동가치창출활동과의관계에있어정 (+) 의조절적역할을수행할것이다. 이를바탕으로한연구모형은다음과같다. < 가설 3> 내재적동기는소비자의창의성 / 창발성과공동가치창출활동간의관계에있어조절적역할을수행할것이다. < 가설 3-1> 내재적동기는소비자의창의성 / 창발성과상향식공동가치창출활동과의관계에있어정 (+) 의조절적역할을수행할것이다. < 가설 3-2> 내재적동기는소비자의창의성 / 창발성과하향식공동가치창출활동과의관계에있어부 (-) 의조절적역할을수행할것이다. < 가설 3-3> 내재적동기는소비자의창의성 / 창발성과자발적공동가치창출활동과의관계에있어정 (+) 의조절적역할을수행할것이다. < 가설 3-4> 내재적동기는소비자의창의성 / 창발성후원형공동가치창출활동과의관계에있어부 (-) 의조절적역할을수행할것이다. 외재적동기는자신의내부가아닌외부의평가와경쟁, 금전적인센티브및타인의통제와제약에의해서발현된다 (Spiro & Weitz, 1990). 즉, 소비자자신의내부에존재하는요인이아닌외부적자극에의해자신의행동이결정된다는것이다. 이러한측면에서외재적동기가강하면서창의적창발성이뛰어난소비자들이상향식혹은자발적공동가치창출활동에관여할경우, 신제품개발자체에대한순수한즐거움이동인이되기보다는참여와관여행위자체를보상에대한거래행위로인식하게될가능성이커지고 (Amabile & Cheek, 1988), 결국소비자들의상향적혹은자발적공동가치창출활동참여와관여에부정적영향을미칠가능성이있다. 반면, 외재적동기가강하면서창의성과창발성이큰소비자들이하향식혹은후원형공동가치창출활동에참여할경우, 하향식혹은후원형공동가치창출활동의특성에기인하는타인혹은집단의존형방식에의해금전적보상이나타인의통제를자신의동기적구조와일치한다고인식할가능성이있고이로인해하향식혹은후원형공동가치창출활동을보다적극적이고활발하게관여혹은참여할가능성이커진다. 따라서다음과같은가설이가능하다. < 가설 4> 외재적동기는소비자의창의성 / 창발성과공동가치창출활동에조절적역할을수행할것이다. < 가설 4-1> 외재적동기는소비자의창의성 / 창발성과상향식공동가치창출활동과의관계에있어부 (-) 의조절적역할을수행할것이다. < 가설 4-2> 외재적동기는소비자의창의성 / 창발성과하향식공동가치창출활동과의관계에있어정 (+) 의조절적역할을수행할것이다. < 가설 4-3> 외재적동기는소비자의창의성 / 창발성과자발적 3. 실증분석 <Figure 1> Research Model 3.1. 자료수집과표본의특성 소비자의창의적, 창발적특성이공동창출활동참여에미치는영향에있어내 / 외재적동기의조절효과를고찰하기위해구조화된설문지를작성하였다. 구조화된설문지는학생 8 명, 직장인 8 명과의소그룹면접을통해도출되었다. 이를바탕으로 2016 년 1 월부터 2 월까지약 60 일동안서울과광주소재직장인과대학생들을대상으로편의표본추출방식과인터넷을통해설문조사를수행하였다. 총 343 명의응답자가조사에참여하였으며, 불성실하게응답한 37 명을제외한 306 명의응답이최종분석을위해사용되었다. 본연구에서는무응답편의분석을위해조사기간동안에응답한응답자들과조사기간이외에응답한응답자들을구분하여연령, 교육수준별차이가있는지를독립표본 t-test 를통해살펴보았다. 또한초기에회수된설문지와후기에회수된설문지들을구분하여동일한방법으로분석해본결과, 두집단간해당변수들의차이가없는것으로나타나무응답편의는나타나지않는것으로판단하였다. 또한, 단일정보원을활용한설문조사에서발생할수있는동일방법편의 (common method bias) 를확인하기위해 marker 변수와종속변수사이의상관관계를확인해보았다 (Lindell & Whitney, 2001). 독립변수와통계적상관관계가없을것이라고판단된응답자의소득을 marker 변수로활용하여종속변수들과

115 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 의상관관계를확인해본결과통계적으로유의한상관관계를발견할수없었다. 응답자의주요인구통계적특성을살펴보면, 여성이 158 명으로 51.6% 를차지하고있었으며, 남성이 148 명으로 48.4% 를차지하였다. 연령의경우에는 세가 132 명으로 43.1% 를차지하였으며, 세가 79 명 (25.8%), 세가 72 명 (23.5%) 인것으로나타났다. 학력은대학교재학이 203 명 (66.3%), ( 초 ) 대졸 56 명 (18.3%), 대학원재학및졸업 34 명 (11.1%) 순으로나타났으며조사대상중대학생은 169 명 (55.2%), 사무직은 101 명 (33.0%), 전문직은 19 명 (6.2%), 기타 17 명 (5.6%) 로확인되었다. <Table 2> Summary of Sample Information Demographics Gender Age Frequency (%) Demographics Frequency (%) Male 148(48.4) Occupation Professional 19(6.2) Female 158(51.6) Others 17(5.6) years old 132(43.1) High School 16(10.8) years old 79(25.8) Attending 37(25.0) University (23.5) Bachelor 53(35.8) years old years old years old 18(5.9) Education Attending Graduate School 30(20.3) 5(1.6) Master 11(7.4) Vocational Student 169(55.2) 1(0.7) Occupation School Office Job 101(33.3) Total 306(100.0) 3.2. 변수의측정 본연구에활용되어지는주요변수들을측정하기위해선행연구에서신뢰성과타당성을인정받은측정항목들을연구의맥락에맞게수정하여사용하였고통제변수를제외한모든측정항목들은리커트 5 점척도를사용하였다. 먼저, 독립변수인소비자의창의성은 Renzulli, et al. (2010) 의연구를기반으로 나는상상력이풍부한편이다, 나는유머감각이많은편이다, 나는어떤질문에대해독창적이거나일반적이지않는반응을하는편이다, 나는모험적이고위험을감수하는편이다, 나는타인에게유머를보이지않아도되는상황에서유머를보이곤한다, 나는사물이나아이디어를수정하거나보완하는것을즐기는편이다, 나는지적인유희를즐긴다, 나는아이디어에대한공상에잠기곤한다, 나는타인과다르다는사실에대한두려움이없다, 나는관행적으로행동하는것을싫어하는편이다 의 10 개항목을이용하였다. 소비자의창발성은 Hoffman et al. (2010) 의연구에서사용되었던항목들을바탕으로 새로운제품 / 서비스에대해즉각적인용도를알수없을지라도, 미래에어떻게사용할수있 는지에대해생각하는것을좋아함, 새로운제품 / 서비스아이디어를마주하게될때, 그것들이미래에사람들의일상생활에어떻게들어오게될지쉽게그려볼수있음, 누군가나에게명확한활용방안도없이새로운제품 / 서비스에대한아이디어를준다면, 나는다른사람들이그아이디어를어떻게활용할것인지에알수있게그빈칸을채워넣을수있을것같음., 새로운제품 / 서비스에대해즉각적인용도를알수없을지라도, 나는일반사람들이나중에어떻게그것을사용하는지상상해보는것을좋아함, 나는제품 / 서비스를사용하는방법에대한새로운아이디어를실험해보는것을좋아함, 나는현재의제품 / 서비스를개선하여일반적인사람들에게더매력적으로보일수있는방법을쉽게생각해낼수있음, 의 6 가지항목을이용하였다. 소비자의공동가치창출활동중상향식 / 하향식, 그리고자발형 / 후원형을구분하기위하여 Vernette and Hamdi-Kidar (2013) 의연구를바탕으로다양한공동가치창출활동을제시하였다 (1 제품 / 서비스에대해온라인에의견제시, 2 기존제품 / 서비스를개선하거나새로운제품 / 서비슬만들수있는방법을구체적으로상상하기, 3 아이디어플랫폼, 토론그룹또는포럼에아이디어를제출하거나제출된아이디어를평가하기, 4 시장에출시되기전에제품이나브랜드의테스트에참가하기, 5 제품을홍보하는데참여하기 ( 광고만들기, 홍보콘텐츠만들기, 소셜네트워크에공유하기등 ), 6 소비자지원활동 ( 온라인포럼, 자주묻는질문등 ) 에참여하기 ). 이러한활동중 2, 3, 4 의활동은상향식공동가치창출활동으로, 1, 5, 6 의활동은하향식공동가치창출활동으로구분하였다. 동시에자발형활동은 1, 2, 3, 6 활동으로 4, 5 활동은후원형공동가치창출활동으로구분하였다. 마지막으로외재적동기는공동가치차출활동에참여하는동기로 돈이나상품등의금전적인이익때문에참여한다, 명예나대중들의인정때문에참여한다, 다른사람들보다더나은기여를하기위한경쟁때문에참여한다 의세가지항목을, 외재적동기는 문제해결이나오류수정과정에있어서의도전때문에참여한다, 일자체에대해서또는다른무언가를찾아내고자하는호기심때문에참여한다, 다른사람들과의함께어울리기위한토론때문에참여한다, 좋은시간을보낼수있는재미나즐거움때문에참여한다 의네가지항목을활용하였다 신뢰성과타당성분석 본연구에서는측정도구들의타당성과신뢰성을확인하기위하여창의성과창발성그리고내재적 / 외재적동기를대상으로 Cronbach's α 계수와탐색적요인분석을실시하였다. <Table 3> 에서확인할수있듯이측정개념들의 Cronbach's α 계수가.70 을상회하고요인적재량과요인고유값이모두신뢰도와타당도를설명하기에충분한수준으로도출되었다.

116 114 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) <Table 3> Construct Evaluation Constructs Item Loading Eigen value Cronbach'α Creativity Emergent nature Upstream Downstream Autonomous Sponsored Intrinsic motivation Extrinsic motivation 3.4. 가설검증결과 Cre1.600 Cre2.530 Cre3.597 Cre4.649 Cre5.553 Cre6.576 Cre7.559 Cre8.518 Cre9.564 Cre Em1.737 Em2.690 Em3.733 Em4.774 Em5.755 Em6.700 Up1.775 Up2.871 Up3.688 Dw1.811 Dw2.766 Dw3.741 Auto1.703 Auto2.802 Auto3.887 Auto4.776 Sp1.733 SP2.852 In1.764 In2.874 In3.844 In4.729 Down1.754 Down2.835 Down 본연구의가설인창의성과창발성이유형별소비자의공동가치창출활동에미치는영향에있어동기적요인 ( 내재적동기와외재적동기 ) 의조절적역할을검증할목적으로위계적조절회귀분석 (hierarchical moderated regression) 을실행하였다. 위계적조절회귀분석을실행하기위해서는 1 단계에서독립변수와종속변수사이의관계를파악한후, 2 단계에서부터조절변수와독립변수들을추가하면서모형의설명력이얼마만 큼개선되는가를분석하는방법으로회귀분석을바탕으로하는조절변수들의역할검증에사용된다 (Cohen et al., 2003). 위계적조절회귀분석을활용하기위해독립변수로는소비자의창의성과창발성을종속변수로는유형별소비자의공동가치창출활동을, 마지막으로조절변수로는내재적동기와외재적동기를활용하였다. <Table 4> 에서나타난것처럼첫째, 통제변수로사용된응답자의교육수준, 연령은통계적으로유의하지않은것으로나타났다. 둘째, 창의성 (B 상향식공동가치창출 =.310, p<.01, B 하향식공동가치창출 =.210, p<.01, B 자발형공동가치창출 =.297, p<.01, B 후원형공동가치창출 =.187, p<.01,) 과창발성 (B 상향식공동가치창출 =.278, B 하향식공동가치창출 =.305, p<.01, B 자발형공동가치창출 =.297, p<.01, p<.01, B 후원형공동가치창출 =.280, p<.01) 은 4 가지공동가치창출활동에대한소비자들의관여정도모두에정 (+) 의영향을미치는것으로나타나가설 1(1-1, 1-2, 1-3, 1-4) 그리고가설 2(2-1, 2-2, 2-3, 2-4) 는모두채택되었다. 셋째, 창의성과공동가치창출활동의관계에있어내재적동기는상향식공동가치창출활동 (B 상향식공동가치창출 =.192, p<.05) 과자발형공동가치창출활동 (B 자발형공동가치창출 =.139, p<.05) 에서정 (+) 의조절효과가나타났으며, 넷째, 창발성과공동가치창출활동과의관계에있어내재적동기는상향식공동가치창출활동 (B 상향식공동가치창출 =.192, p<.05) 과자발형공동가치창출활동 (B 자발형공동가치창출 =.139, p<.05) 에서정 (+) 의조절효과가있는것으로나타나가설 3-1 과 3-3 은지지되는것으로나타났다. 다섯째, 창의성과공동가치창출활동의관계에있어내재적동기의조절적역할은하향식공동가치창출활동 (B 하향식공동가치창출 =.077, p>.05) 과후원형공동가치창출활동 (B 후원형공동가치창출 =.126, p>.05) 에서통계적으로유의하지못한것으로나타났으며, 여섯째, 창발성과공동가치창출활동과의관계에있어도내재적동기의조절적역할은하향식공동가치창출활동 (B 하향식공동가치창출 =.051, p>.05) 과후원형공동가치창출활동 (B 자발형공동가치창출 =.036, p>.05) 에서통계적으로유의하지않은것으로나타나가설 3-2 과 3-4 는기각되는것으로나타났다. 일곱번째, 창의성과공동가치창출활동의관계에있어외재적동기는상향식공동가치창출활동 (B 상향식공동가치창출 =.096, p>.05), 하향식공동가치창출활동 (B 하향식공동가치창출 =-.015, p>.05), 자발형공동가치창출활동 (B 자발형공동가치창출 =.037, p>.05) 및후원형공동가치창출활동 (B 후원형공동가치창출 =.047, p>.05) 모두에서조절적역할을수행하지못하는것으로나타났으며, 여덟번째, 창발성과공동가치창출활동의관계에있어도외재적동기는상향식공동가치창출활동 (B 상향식공동가치창출 =.077, p>.05), 하향식공동가치창출활동 (B 하향식공동가치창출 =.086, p>.05), 자발형공동가치창출활동 (B 자발형공동가치창출 =.074, p>.05) 및후원형공동가치창출활동 (B 후원형공동가치창출 =.096, p>.05) 모두에서조절적역할을수행하지못하는것으로나타나가설 4-1, 4-2, 4-3, 4-4 는기각되는것으로나타났다.

117 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) <Table 4> Results of Hierarchical Moderated Regression Upstream Age Edu Creativity Emergent Intrinsic Extrinsic Stage1 Stage2 Stage3 B(SE) B(SE) B(SE).008(.048).110(.057).002(.044).085(.052).337(.084)***.261(.058)***.105(.152).068(.044).071(.052).001(.044).310(.085)***.278(.059)*** -.739(.242) -.505(.252) Creativity*Intrinsic Creativity*Extrinsic Emergent*Intrinsic Emergent*Extrinsic.192(.075)*.096(.073).071(.049)*.077(.050) R F *** *** <Figure 2> 는창의성 / 창발성과내재적동기간의상호작용이상향형 / 내재적공동가치창출활동에미치는영향을 spotlight analysis 를통해구체적으로나타낸것이다. Downstream Age Edu Creativity Emergent Intrinsic Extrinsic Stage1 Stage2 Stage3 B(SE) B(SE) B(SE) -.037(.047).004(.056) -.048(.044) -.020(.052).224(.085)**.289(.058)*** (.246).020(.054) -.021(.052) -.049(.044).210(.085)*.305(.059)** -.345(.246) -.199(.253) Creativity*Intrinsic Creativity*Extrinsic Emergent*Intrinsic Emergent*Extrinsic.077(.077) -.015(.073).051(.050).086(.050) R F *** 8.613*** Autonomous Age Edu Creativity Emergent Intrinsic Extrinsic Stage1 Stage2 Stage3 B(SE) B(SE) B(SE) -.006(.046).064(.054) -.017(.041) -.037(.049).315(.080)***.282(.055)***.105(.052)*.019(.042) (.080)***.297(.055)*** -.604(.229) -.343(.238) Creativity*Intrinsic Creativity*Extrinsic Emergent*Intrinsic Emergent*Extrinsic.139(.071)*.037(.069).074(.046)*.074(.047) R F *** *** Sponsored Age Edu Creativity Emergent Intrinsic Extrinsic Stage1 Stage2 Stage3 B(SE) B(SE) B(SE) -.032(.049).044(.058) -.036(.046).023(.054).211(.089)*.261(.062)***.103(.055).094(.047)*.015(.055) -.037(.046).187(.089)*.280(.062)** -.416(.260) -.370(.266) Creativity*Intrinsic Creativity*Extrinsic Emergent*Intrinsic Emergent*Extrinsic.126(.081).047(.077).036(.053).096(.053) R F *** 7.307*** *p<.05, **p<.01, ***p<.001 <Figure 2> Interaction effects of consumer creativity/emergent and intrinsic motivation on engagement in consumer co-creation

118 116 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 결론 4.1. 요약 본연구는소비자의창의성과창발적특성이다양한형태의소비자공동가치창출활동 ( 상향식 / 하향식, 자발형 / 후원형 ) 에미치는영향에있어개인의동기차원인내재적동기와외재적동기에의해어떻게조절되는가를분석하는데목적이있다. 기업과소비자사이의공동가치창출활동에참여한소비자들을대상으로표본을수집하여분석한결과, 창의성및창발성과 4 가지소비자공동가치창출활동간에는통계적으로유의한주효과를확인할수있었다. 또한창의성및창발성그리고소비자공동가치창출활동과의관계에있어내재적동기의상호작용효과는상향식공동가치창출그리고자발형공동가치창출활동하에서만유의한것으로나타났으며반면, 외재적동기는 4 가지상황모두에서상호작용효과가나타나지않았다. 이는공동가치창출활동은창의성 / 창발성이높은소비자들이관여되어질수록더큰성과를얻는다는점, 내재적동기가이들의관계를증진시킨다는점, 그리고소비자의공동가치창출활동은상향식 / 하향식, 자발형 / 후원형으로분류되고이들은각각차별적특성을지닌다는점을확인할수있었다. 이를바탕으로다음과같은학술적실무적시사점을확인할수있다 학술적, 실무적시사점 첫째, 본연구는소비자공동가치창출활동들이다양한특성을지니는몇가지형태로분류할수있음을보이고실제로이러한구분이공동가치창출활동에서왜다르게다루어되어야하는지를보여주고있다. 기존의연구들은대체적으로소비자공동가치창출활동이기업의마케팅활동에수익성과같은고객가치창출을극대화할수있는마케팅수단임을여러방법을통해증명하고있지만 (Fuchs et al., 2010; Nambisan & Baron, 2009) 구체적으로공동가치창출활동의성과를증대시키기위한상황적분석은부족한편이었다. 본연구는기존연구들에서구분되어지는 4 가지소비자공동가치창출활동이소비자동기요인과같은조절장치에의해다르게변화될수있음을보임으로서각각의소비자공동가치창출활동의다양한작동메카니즘을제시하고있다. 둘째, 본연구에서는소비자의공동가치창출활동의관여를증가시킬선행요인으로창의성과창발성의역할을확인할수있었다. 소비자공동가치창출활동에대한기존의연구들은앞서설명했듯그효과성과부작용을측정하고자하는시도들이다수를이루어왔으며, 소비자의공동가치창출활동에대한참여를증대시킬가능성이있는여러요소들 (e.g. 재무적, 사회적, 기술적, 심리적자극요인들 ) 에대한개념적가능성을제시하여왔다 (Hoyer et al., 2010). 본연구는기존연구에서언급되어온여러자극요인들 (motivator) 들의역할을측정하고이들의관계를경험적으로밝힘으로써기존연구들의주장을실증화하였다. 한편본연구는보다효과적인소비자공동가치창출활동을설계하는기업들에게다음과같은실무적시사점을제공한다. 첫째, 가설검증결과창의성과창발성은 4 가지유형의공동가치창출활동에참여하고자하는소비자들의태도와모두와밀접한관련을갖는것으로나타났다. 이는 4 가지공동가치창출 활동에서도창의성과창발성이라는소비자의특성이모두성과를담보하는중요한변수임을의미한다. 따라서신제품개발과같은소비자의참여와관여가필요한기업의마케팅활동에는공동가치창출활동의설계이전에창의성과창발성을갖춘소비자들을어떻게확보할것인가를더중요한의사결정영역으로인정할필요가있다. 대부분의기업들은공동가치창출활동의설계에가장큰초점을두고있으며이러한초점에가장잘부합하는소비자들을인터넷을통한공모와전문조사업체들의인력풀을통해조달하고있다 (Lorenzo-Romero et al., 2014). 하지만이러한방식으로공동가치창출활동에참여한소비자들은참여과정에서수동적참여와다양한불만의제시, 그리고기업의운영주체들과의의견불일치로인해오히려부정적인결과를받아들곤한다 (Boyd et al., 2010). 따라서기업이소비자들의공동가치창출활동을설계하기위해서는먼저창의성과창발성을갖춘소비자들을선별하는것을가장먼저고려하여야할것이며이를위해서는다양한경로를통해소비자들과커뮤니케이션함으로써참여자원의선제적확보에힘써야할것이다. 또한확보된소비자자원들에대한창의성 / 창발성측정도구를정교화함으로써소비자자원확보를위한객관성을체계적으로갖춰야할것이다. 이러한과정을통해기업들은소비자공동가치창출활동을확실한세분시장형성전략으로활용할수있을것이며더나아가이는신속하고밀도있는구전효과 (word of mouth) 를수반하는계기가될수있을것이다. 둘째, 소비자가창의성 / 창발성이강하면서내재적동기가강한소비자들은상향식공동가치창출활동과자발적공동가치창출활동과같은상황하에서는보다강력한참여와관여활동을보인다는것이다. 반면창의성 / 창발성이강하면서내재적동기가강한소비자들일지라도하향식혹은후원형공동가치창출활동에서는개인적동기수준의강화요인이작용하지못하여기대하는수준의소비자공동가치창출활동이나타나지않는다는것이다. 이는보다강력한수준의소비자참여와관여활동을유도하기위한참여소비자들의구체적인특성을제시할뿐만아니라, 기업들이목표로하는공동가치창출활동의수준과강도에따라어떠한소비자들을참여시킬지에대한구체적인가이드라인을제공해준다. 셋째, 외재적동기는 4 가지공동가치창출활동에대한소비자참여와관여에유의미한조절효과를제공해주지못하였다. 이는외재적동기자극수단이전체적으로창의성과창발성을발현시키기위해서는그리효과적인자극수단이되지못함을의미한다. 이러한결과는전체적으로창의성향상수단의과정에서외재적동기의자극수단이배제되어야한다는기존연구들과같은맥락의결과들이라고할수있을것이다 (Hennessey et al., 1989). 셋째, 본연구를통해 4 가지공동가치창출활동과창의성 / 창발성과의관계에있어외재적동기는조절적역할을수행하지않는것으로드러났다. 이는창의성 / 창발성의증진에있어외재적요인이부정적역할을수행할수있음을의미한다. 즉보상과인센티브와같은외재적요인에의한동기화는소비자의공동가치창출활동에대한참여에어떠한영향도미치지않기때문에공동가치창출활동의증진을위해소비자에게제시하는물리적보상은합리적의사결정이아님을보여주고있다 연구의한계점및향후연구방향 본연구는위와같은학문적이고실무적시사점을제시하고

119 Seong-Ho Kang, Woo-Seong Kang / Journal of Distribution Science (2016) 있음에도불구하고, 다음과같은한계점을지니고있어향후연구는이를반영하여진행되어야할것이다. 첫째, 본연구에서는매우다양한소비자의공동가치창출활동중 6 가지의활동들을분석대상으로하여연구를진행하였다. 이러한공동가치창출활동이일반적으로기업활동에서자주활용되는활동임에는틀림없지만해당연구에서고려되지못한보다다양한형태의활동들이존재하는것이사실이며, 더욱더구체화되어진매체들을활용하는새로운유형의활동들이출현할것으로예상된다. 따라서향후연구에서는본연구에서포함되지않았지만점차그활용빈도가높아지는공동가치창출활동들에대한실증적분석이요구되어진다하겠다. 둘째, 본연구에서사용된 6 가지의공동가치창출활동을 2 가지기준에의거 4 가지 형태의활동으로분류하면서소수의전문가들을활용한심층면접 (in-depth interview) 을진행하였다. 전문가를활용한심층면접이객관적이며신뢰성있는분류의방법이되기위해서는보다많은전문가들의의견을반영하여야할것이며, 보다다양한영역의전문가의견을확보하여야더객관적이고신뢰성있는공동가치창출활동의분류가가능해질것이다. 셋째, 확보된표본은대체적으로 10 대후반에서 20 대중반에걸친응답자들이다수를차지하고있으며서울과광주의소비자들로표본의지역적분포가제한되어있다. 본연구가보다높은타당성과신뢰성을확보하기위해서는다양한특성이반영된표본들을구성하여조사하여특정표본들의특성이반영되는현상을방지하여야할것이다. References Amabile, T. M., & Cheek, J. M. (1988). Microscopic and macroscopic creativity. Journal of Social and Biological Structures, 11(1), Boyd, E. D., Chandy, R. K., & Marcus, C. (2010). When do chief marketing officers affect firm value? A customer power explanation. Journal of Marketing Research, 47(6), Burroughs, J. R., Mick, D. G., & Moreau, C. P. (2008). Toward a psychology of consumer creativity. In C. Haugtvedt, P. M. Herr, & F. K. Kardes (eds.). Handbook of consumer psychology (pp ), New York: Taylor & Francis. Business Wire (2001). New study identifies customer involvement as primary success factor in new product development. Business/Technology Editors, Business Wire, New York, March, 14. Chan, K. W., Yim, C. K., & Lam, S. S. (2010). Is customer participation in value creation a double-edged sword? Evidence from professional financial services across cultures. Journal of Marketing, 74(3), Chang, W., & Taylor, S. A. (2016). The Effectiveness of customer participation in new product development: A Meta-Analysis. Journal of Marketing, 80(1), Cohen, J., Cohen, P., West, S. G., Aiken, L. S. (2003). Applied multiple regression/correlation analysis for the behavioral sciences (3rd ed.). Mahwah, NJ: Lawrence Erlbaum. Deci, E. L., & Ryan, R. M. (2000). The what and why of goal pursuits: Human needs and the self-determination of behavior. Psychological Inquiry, 11(4), Etgar, M. (2008). A descriptive model of the consumer co-production process. Journal of the Academy of Marketing Science, 36(1), Fenigstein, A., Scheier, M. F., & Buss, A. H. (1975). Public and private self-consciousness: Assessment and theory. Journal of Consulting and Clinical Psychology, 43(4), Fuchs, C., Prandelli, E., & Schreier, M. (2010). The psychological effects of empowerment strategies on consumers' product demand. Journal of Marketing, 74(1), Hennessey, B. A., Amabile, T. M., & Martinage, M. (1989). Immunizing children against the negative effects of reward. Contemporary Educational Psychology, 14(3), Hoffman, D. L., Kopalle, P. K., & Novak, T. P. (2010). The "right" consumers for better concepts: Identifying consumers high in emergent nature to develop new product concepts. Journal of Marketing Research, 47(5), Hocevar, D. (1981). Measurement of creativity: Review and critique. Journal of Personality Assessment, 45(5), Hoyer, W. D., Chandy, R., Dorotic, M., Krafft, M., & Singh, S. S. (2010). Consumer cocreation in new product development. Journal of Service Research, 13(3), Im, S. (1998). Invitation to creativity. Seoul: Kyobobook. Im, S., Montoya, M. M., & Workmanan, J. P. (2013). Antecedents and consequences of creativity in product innovation teams. Journal of Product Innovation Management, 30(1), Johnson, S. (2001). Emergence: The connected lives of ants, brains, cities, and software. New York, NY: SCRIBNER. Koo, H. G., & Rha, J.-Y. (2009). The concept of consumer-business collaboration: Its potential and its limitations shown by critical review of consumer participation marketing cases in Korea. Journal of Consumer Studies, 20(3), Lee, S. M., Olson, D. L., & Trimi, S. (2012). Co-innovation:

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121 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) Print ISSN: / Online ISSN The Study on the Influence of Technology Acceptance in the Traditional Markets for Consumer Purchasing Intention: Based on Augmented Reality Technology 전통시장의기술수용이구매의도에미치는영향 : 증강현실 (AR) 기술을중심으로 Kyung-In Cho( 조경인 ) *, Chul-Jung Kim( 김철중 ) ** Received: November 15, Revised: December 2, Accepted: December 15, Abstract Purpose - This study has been conducted based on the assumption that technology acceptance for the traditional markets introduce Augmented Reality Technology system into traditional markets in order to increase the influence on consumer purchasing intention. The Augmented Reality Technology system on this study has been carried out by a modeling study based on Davis(1989) s Technology Acceptance Model (TAM). Research design, data, and methodology - Before starting the research, we inquired previous researches and defined the basic concept for each research with applying some parts of them. By doing this, we were able to find out if the users had perceived ease of use and the feeling of usefulness for the technology acceptance in using traditional markets. As a result, we measured how efficiently those factors could have an influence on traditional market visit. Moreover, we analyzed the result with actual proofs, assuming that such a visiting intention would affect consumers purchasing intention Results - To summarize the results, first, we have found that the necessity for augmented reality technology for traditional markets and its convenience in use can have a positive effect on visiting traditional markets. Second, we have discovered that the feeling of easiness in use, technological usefulness, and its visiting intention for Augmented Reality Technology can positively influence on the users purchasing intention. Conclusions - By taking advantage of the research results from this study, the technological acceptance for the traditional markets suggests not only a positive impact on the users' visiting traditional markets but also an influence on the users purchasing intention for the goods that are sold in the traditional markets. The weak point of this study is that it did not have sufficient theoretical explanation for technological acceptance in traditional markets, and it also lacked theoretical research to apply Augmented Reality Technology to the distribution industry. In order to overcome these drawbacks, we have to conduct thoughtful empirical analysis and research. Lastly, we insist that we will have to carefully verify reliability for the questionnaire data collected by the Internet survey panels in the future. Keywords: Traditional Market, Technology Acceptance, Augmented Reality. JEL Classifications: D3, M1, M3, M 서론 * First author, Researcher, Doctoral Candidate, Graduate school, Gachon University, Korea. Tel: , zokin@naver.com. ** Professor, Department of Business Administration, Gachon University, Korea. Tel: , cjkim@gachon.ac.kr 년유통시장의개방이우리나라소매업에많은변화를가져왔다. 특히전통시장은이시점으로부터많은어려움을겪게된다. 신유통업체는대기업의투자로대형마트, 편의점, 인터넷을이용한온라인업체뿐만아니라 TV 홈쇼핑의등장과성장은소비자들에게는다양한소비의기회를제공하였다.

122 120 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 하지만전통시장은이러한변화에따라가지못하고매출이급격히떨어지며경기가침체되기시작했다. 전통시장은경쟁력강화를위해다양한활성화방안을모색하며노력하였으나지난 20 여년동안전통시장감소나상인의감소는여전하다. 원인으로는시설의노후화, 상인의노령화, 신용카드보급률저조, PC 사용저조등이전통시장경영취약으로볼수있다. 소비자들은소비형태의고급화외식문화확산에따른쇼핑과외식의연계성화, 주말쇼핑의보편화등이생활의변화로나타났다. 정부는전통시장발전을위해특별법을제정하여지원체계를구축하였으나이는소비자의욕구가제대로파악이안되고상인교육이나시설현대화와같은양적지원에치중하여고객의재방문과구매력향상에는큰실효를거두지못했다 (Kwon & Park, 2011). 현재도전통시장활성화를위해다양한정책이나오고있다. 이제는전통시장의활성화를위해진정소비자가필요로하는것이무엇이며현재의산업을이끌고있는트렌드가무엇인지를파악하여불황에있는전통시장이활로를모색해야한다. 현대는 IT 기반의정보화시대이다. 우리나라는전세계에서 IT 강국으로인정을받고있다. 이러한 IT 기술의기반으로전통시장을활성화할수있는연구가절실할때이다. 스마트폰이 3 천만대보급이되었다. 빠르게변하는세상그중심에모바일혁명이주도를하고있다. 모바일혁명은이미통신수단을뛰어넘어 GPS 위치기반서비스, 증강현실 (Augmented Reality) 기술과같은신기술이나오고있다. 증강현실은현실세계를기반으로가상의이미지나정보를실시간으로합성하는신기술이다. 이러한신기술은불과몇년사이에산업전반에걸쳐사용이되고있다. 의료서비스, 방송, 건축, 게임, 교육, 쇼핑등우리생활에서모바일의성장과함께점점자리를잡아가고있다 (Hwang, 2013). 본연구는전통시장이기술수용모형을기반으로정보기술또는정보시스템의수용으로이용자가이용의편리성과필요성을지각하는지를알아본다. 요인별이용자의방문의도를측정하고종속으로구매의도를측정하여이용자가전통시장에서기술수용이구매의도에어떠한영향을미치는가에결과를도출한다. 기술수용의정보기술과정보시스템은너무광범위하다. 하여저자는그동안관심을갖고연구중인증강현실기술을중심으로전통시장에접목하여연구하였다. 본연구는전통시장활성화를목적으로다각적인이론들을자료화하고특히서비스품질과전통시장과의연관된논문의이론적배경을집중적으로연구했다. 전통시장에적용할수있는기술수용모형 (TAM) 에대하여도이론적배경의다양한연구를했다. 국내논문및해외저널, 전문서적을통한문헌연구가이루어졌다. 기술수용모형 (TAM) 에구체적으로적용하기위해필자가관심이있고연구하는분야인증강현실 (AR) 기술콘텐츠를전통시장에적용하기위하여증강현실 (AR) 기술관련이론배경을다각적으로연구하고검증하는방식으로이루어졌다. 본연구는증강현실기술의도입이전통시장활성화를목적으로방문의도에미치는영향을분석하기위함이고종속으로는구매의도를알기위함이다. 관련연구를토대로하여선행연구자료를검토하고기술수용모형에적용을위한증강현실기술을도입함이전통시장방문의도에어떠한영향을주는지를알기위해 18 세성인남녀를대상으로설문측정하여그결과를분석하였다. 설문자료의통계는 SPSS 로신뢰성과타 당성을확보하여연구모형에따른가설을증명해나갔다. 증명에따른결과요인을파악하고결과를기술하였다. 2. 이론적배경 2.1. 전통시장 시장의사전적의미는 갖가지물건을사고파는곳 이라고정의하거나 정기적으로많은사람들이모여상품의판매와교환이이루어지는장소 라고도정의하고있다. 이러한의미에서서시장과재래시장은구분이따로없으나법률에서는시장과재래시장을구분하고있다 (Youn & Kim, 2012). 전통시장에대해한번더정의한다면전통시장은오랜시간동안정해진장소또는사람들이필요에의한정해진시간에모여서물건을사고파는곳이며주고받는물건안에는전통시장만의정 ( 情 ) 도무형의상품으로들어있는곳이다. 전통시장또한고령화에의한상인부족으로다음세대로의대물림이어려워졌다. 도시는대형마트등이전통시장의역할을대신할뿐만아니라소비자들에게는도시소비생활패턴에편의를더해주고있다. 이러한다각적인현상은전국의전통시장이감소하고쇠퇴하는결과를가져오게된다. 소상공인시장진흥공단자료에의하면전국의재래시장은 1911 년에는 1,084 개에서 1941 년에는 1,593 개로 30 여년동안꾸준히증가하였다고한다. 특히이북지역인평안도와함경도지역의시장은 2 배이상급증하였다고한다. 하지만현대 2005 년에와서는 1,660 개로정점을찍었으며 2008 년에는 1,550 개, 2010 년에는 1,517 개, 2013 년에는 1,502 개로계속감소하였다. 전통시장은 2006 년 (1,610 개 ) 이후 8 년동안 108 개의시장이사라졌다 년까지감소세를보이는전국의전통시장개수는그표를자세히보면등록시장의개수는감소하지만인정시장의개수는 8 년동안꾸준히증가한것으로나타난다. 또한무등록시장은 2006 에비해 2013 년은절반이상으로줄었다 년조사에서는무등록시장을제외한등록시장과인정시장의개수를보면 2014 년에는 1,398 개에서 2015 년은 1,439 개로꾸준히증가한것을알수있다. 이렇듯전체시장의숫자는줄었으나무등록시장의감소로해석될수있다 기술수용모형 (TAM) 현대는정보기술과정보시스템에대한의존도가점점높아지고있다. 이에이러한사용의도가실제사용에영향을주는요인분석은연구자와실제사용자, 그대상이되는실무자들에게무척중요하다. 그이유는정보기술과정보시스템이전혀사용되지않거나사용이되어도효율적이지않다면정보기술과정보시스템은가치가없다. 조직의구성원들은업무성과를개선하기위해조직에도입이되는정보기술수용에믿음, 긍정, 부정, 이용의사등이어떠한원인에따른결과를나타내는지이러한기술수용이외부요인과의관계를증명하는데초점을두고있다 (Davis, Bagozzi, & Warshaw, 1989; Davis, 1989). Davis 의기술수용모형 (Technology Acceptance Model: TAM) 의근원은태도를통해행위를예측하는합리적행위이

123 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 론 (Ajzen & Fishbein, 1980) 을기초로정립되었다. 합리적행위이론은실제행위는실행하고자하는행위의도에영향을받는다. 또한행위의도는개인의주관적규범과개인의태도에의해결정된다 (Davis, 1989). 기술수용모형 (TAM) 은 컴퓨터시스템실행의향상을위해시스템을평가하고용이함, 유용함, 태도를결정하는모델을제시하였다 (Davis et al., 1989). 기술수용모형은수용자의기술이용에대한행동의도와이용에대한태도의결정으로지각된유용성과지각된이용용이성을도입하여행동이론의관점을합리적으로설명하는것이다 (Davis, 1989). 정보기술또는정보시스템사용자의수용하는행동을예측하고설명하기위해실제사용자의시스템사용의태도는시스템사용자의사용의도에영향을주어시스템사용을결정하게된다. 정보기술또는정보시스템에대한지각된유용성과지각된이용용이성요인이정보기술또는정보시스템의사용태도와사용의도에어떠한영향을미치는지에대한연구이다. 지각된유용성 (perceived usefulness) 이란새로운정보기술또는정보시스템에대하여그효과성을인지한이용자의지각된평가를말한다. 지각된유용성은이용자가인지한주관적태도를말한다. 새로운정보기술이나정보시스템이이용자준거집단의목표또는성과에관계없이이를측정하지아니하는것이다. 개념적으로는정보기술과정보시스템의조직에서정보시스템의조직에서업무처리, 업무성과개선, 성과의향상, 업무의유용성, 목표달성등에미치는이용자에게인지되어지각된효과정도로나타낼수있다 (Yun, 2004). 신기술과신제품은이용자에게제공이될때가치를높여주어유용성이높게측정이된다. 이는시장에서빠르게사용될수있음을말한다 (Roberts, Varki, & Brodie, 2003). 지각된이용용이성 (perceived ease of use) 이란새로운정보기술과정보시스템의환경에대하여이용자가평가하는것으로시스템의입출력이나시스템분석의편리성, 다양한기능을보다쉽게이용할수있는정도를말한다. Davis 의정의로는새로운정보기술과정보시스템에대해잠재적인예비이용자가수용함에쉽게접근할수있고별다른노력이없이도인지되어이용할수있을것이라는기대성의정도라고말한다. 기술수용모형에서는이용자의지각된이용용이성은이용자의지각된유용성에영향을미치는것으로제시하였다. 이는새로운기술이나시스템에있어편리한기술은그렇지않은기술이나시스템에비해이용이되는비율이높음을나타내고더잘이용됨을보여주기위함이다. 또한이용자가새로운기술과시스템을수용하는정도의직접적인영향으로나타나기도함을의미한다. 이용용이성의개념적으로는새로운기술이나새로운시스템에대해이해가쉽게되어야하고그기술을익히는데쉬워야하며능숙함도쉬워야한다. 또한통제와유연함도쉽게제공이되어야한다 (Yun, 2004). 이용에대한태도 (attitude towards use) 는이용자의일반적인감정으로합리적행동이론 (TRA) 의태도와같다. 어떠한외부요인에대해좋아하고싫어하는감정의태도인것이다. 기술수용모형에서이용자의태도는이용자의인지가필요로하고그것의유용함에지각이되면태도에영향을미치게된다. 태도는신제품이나신기술을이용함에이용자의신념과감정이나타나는것이다. 실제행동전의행동의도에직접적으로영향을주기에태도는행도에직접적으로는영향을주지는않는다. 정보기술이용에관한실증연구에서는지각된용이성이이용자의태도에직접적으로영향을미치는것으로나타나유용성과태도가유의미한관계가있음을나타냈다 (Davis, 1989). 하지만최근의 TAM 관련한여러연구에서는태도가유용성과이용용이성에영행을받아이용의도에매개를하고는있으나직접적인결정요인이아닌것으로도나타나는주장이나오고있어매개효과를부정하기도한다. 태도의매개에대해불확실한효과가있어모형의간명화로태도변수를제외시키는경우도있다 (Venkatesh & Davis, 1999; Kim & Oh, 2002). 이용에대한행동의도는기술수용모형이론에서보면실제행동의전단계이다. 실제행동이되는새로운정보기술과정보시스템의수용은행동의도 (intention) 에의해결정이되는것이다. Adams et al. (1992) 는이용자가실제행동을하는것은자발적이어야하며, 이는이용자의판단이나행동의자유를의미하는것이라고했다 증강현실 (Augmented Reality: AR) 증강현실 (AR) 은가상현실 (Virtual Reality: VR) 의한분야이다. 현실세계와가상세계를이음새없이연결하고또한실시간으로혼합하는 IT 기술로사용자에게향상된몰입으로현실감을주는기술이다. 가상현실 (VR) 기술은실제환경과다른가상환경을그래픽화해놓은것이다. 그렇기때문에사용자가실제환경처럼몰입을할수는없다. 하지만가상현실 (AR) 기술은바탕을현실환경에두어가상의캐릭터나그래픽, 설명등의부가정보를첨가하거나추가할수있다. 사용자는현재눈으로보이는현실세계에가상의부가정보가첨가또는추가된세계를보며새로운가상의정보를얻을수있다. 예를들어스마트폰의카메라로상대방의모습을비추고상대방에게가상의옷을바꾸어준다던지얼굴의메이크업을가상으로바꿀수있는기술이다. 또는지도검색을기반으로카메라를비추는방향에내가원하는상점의위치정보또는전화번호등의정보를얻을수있다. Azuma (1997) 의증강현실 (AR) 정의는많이인용이되고있다. Azuma 는다음과같이증강현실 (AR) 에대한특징을정의한다. 첫째, 가상현실 (AR) 은실제환경 (Real-world Element) 의이미지가가상환경의이미지와함께결합되어야한다. 둘째, 사용자와실시간상호작용 (Interaction) 이이루어져야한다. 셋째, 3D 의가상의물체가현실에도반영이되어야한다. 증강현실 (AR) 기술의발전과그산업은모바일기기의등장과발전으로더욱가속화되었고지금도증강현실 (AR) 기술을이용한새로운산업이등장하고있다 (Park, 2014). 미래에는모바일기기스마트폰을들고다니는현실의공간어디라도증강현실 (AR) 기술이구현될것으로사료된다. 현재의증강현실 (AR) 기술의기능의가장대표적인것이스마트폰의카메라를이용하여현실세계를비추면비추어진현실세계의다양한정보가제공된다는것이다. 이런기능을이용하여증강현실 (AR) 은게임서비스, 의료서비스, 관광안내서비스, 교육서비스, 쇼핑서비스등의분야에서활용하며시작하는단계

124 122 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 이다. 앞으로의증강현실 (AR) 기술은더욱더많은분야로퍼져나가며발전될것이다. 특히대중적인증강현실 (AR) 기술이서비스가된다면그영향력은대단할것이다. 증강현실 (AR) 기술이현재의다양한산업으로까지올수있었던것은모바일기기스마트폰의시장이큰역할을했다. 스마트폰은 GPS 를기반으로한위치기반서비스로현실세계에서사용자의위치를정확히인지하고그위치에따른정보를서비스할수있다. 또한무선통신과다양한그래픽은증강현실 (AR) 이구현되기에적합한환경을제공하였다 (Yoon, 2012). 쇼핑서비스증강현실 (AR) 기술중백화점에등장한증강현실 (AR) 거울은 3 차원 (3D) 가상현실피팅솔루션이있다. 사용자는거울앞에서면거울이사용자의신체치수를자동으로측정하고사용자가의상을선택하면피팅이된모습을앞면뒷면까지도보여준다. 이러한기술은사용자뿐만아니라매장운영자에게도유용하게이용이되고있다. 현대백화점은국내에서처음으로온라인몰에가상현실 (VR) 백화점을선보였다. 실제오프라인매장을온라인에그대로옮겨놓아백화점에가지않고도매장을둘러보는기능을온라인에구현을한것이다사용자에게현실감있는온라인쇼핑을제공하는것이다. 가상현실 (VR) 은증강현실 (AR) 처럼현실세계와결합되어구동되는것은아니지만이러한현실기반의가상현실 (VR) 은증강현실 (AR) 기술의많은관심을가져올것이다. 미국의 아마존닷컴 은 2015 년증강현실 (AR) 기술특허 2 종을출원했다. 사용자가저비용으로거실에서도증강현실 (AR) 을구현하는특허를출원했다. 이것은거실이백화점으로바뀌는증강현실 (AR) 효과를내는기술이다. Yoon (2012) 의연구에서는위치기반서비스는이동통신망이나자동항법장치 (GPS) 를통해위치정보를파악하여사용자의위치에서원하는정보를제공하는서비스임을정의했다. 증강현실은현실세계와가상현실이혼합된, 현실을바탕으로한혼합현실 (Mixed Reality) 의한종류이다 (Kim & Kim, 2013). 증강현실기술이현재의실용화단계에이르기까지모바일시장이큰역할을해왔다. 모바일기기스마트폰에는카메라, 그래픽처리, 무선통신, GPS 기능이탑재되어사용자에게증강현실기술을제공하는역할을한것이다. 증강현실 (AR) 기술의위치기반서비스, 상품의가상체험은대기업위주의신유통분야에서시도와진행을하고있다. 하지만구체적으로시스템이개발되어전통시장에서상용화되고있는사례는찾아보기가어렵다. 증강현실 (AR) 기술의위치기반서비스로문화유산관광서비스를실행하여 내손안의덕수궁 서비스를시범운행하여전년대비 16.5% 증가, 관람객만족도 80.4%, 주변상점매출향상으로증가한사례는있다 (Oh & Kim, 2013). 전통시장은경쟁소매업체인대형마트나백화점과는달리개별점포가운집하여거리를형성하고있다. 소비자가전통시장을찾아원하는상품을찾고싶을때점포의위치나취급하는상품을잘모를경우시장내에서고충을겪게될것이다. 앞서소개한증강현실 (AR) 기술의사례에서보듯다양한사례들이전통시장에적용이가능하다. 특히위치기반서비스를이용하여개별점포의부가정보를담아사용자에게제공을한다면전통시장을찾는소비자에게편의를제공할것이다. 3. 연구모형과가설 3.1. 연구모형 본연구는전통시장의기술수용이구매의도에미치는영향에관한연구이다. Davis et al. (1989) 의기술수용모형 (TAM) 을기초로하였지만전통시장의특성의수용자특성을연구하기위해수용자의기술이용에대한행동의도를종속변수로구매의도로바꾸었고, 이용에대한태도의결정으로지각된유용성과지각된이용용이성을도입하여행동이론의관점을합리적으로연구를위해이용에대한태도를방문의도로바꾸어측정하였다. 기술수용모형 (TAM) 을기초로연구모형을구분하면지각된이용용이성을전통시장의증강현실기술수용에따른이용편리성으로지각된유용성을전통시장의증강현실기술수용에따른필요성으로구분하고방문의도, 구매의도로영향을주는것을측정하였다. 필요성과이용편리성의상관관계를분석하고필요성이방문의도에미치는영향을 < 가설 1> 로설정하였다. 이용편리성이방문의도에미치는영향을 < 가설 2> 로설정하였다. 방문의도가구매의도에미치는영향을 < 가설 3> 으로설정하였다. 필요성이구매의도에미치는영향을 < 가설 4> 로설정하였다. 이용편리성이구매의도에미치는영향을 < 가설 5> 로설정하였다. 가설의증명을위해선행연구에서제시하는각개념들을정의하고구성요소들을참고로다음과같은연구모형 <Figure 1> 를제시하였다. Acceptance of Augmented Reality in Traditional Market 3.2. 가설의설정 Perceived Usefulness Perceived Ease of Use H1 H2 H4 Intent of Visit H5 <Figure 1> Research model H3 Purchase Intent 증강현실에관한연구가많은학자들에의해이루어지고있다. 증강현실은이미교육, 게임, 의료, 관광, 쇼핑분야에서두각을나타내고있다 (Kim, 2014). 특히일본닌텐도사의증강현실 (AR) 을구현한게임 ' 포켓몬 GO' 모바일게임은 7 월출시이후 3 개월동안전세계에서유료아이템매출이 6 억달러를돌파했다. 증강현실 (Augmented Reality) 은혼합현실 (Mixed Reality) 이라고도한다. 혼합현실환경은증강현실을포괄한다. 또한증강현실은항상휴대하고다니는기기를통해일상생활의영역에들어오고있으며생활전반에영향을끼쳐대중에게체감을높일수있는콘텐츠의발전이기대되고있다고설명했다 (Kim, 2014). 시스템적인설명에있어증강현실은기술이실행이되는장치별로기술적장점을가지고있다이는어떠한콘텐츠를사용하느냐에따라세분화된다. 그리하여산업전반에다양하고광범위하게응용이되고있다. 증강현실의다양한콘텐츠분야를보면교육, 의료, 게임, 쇼핑, 방송, 전시, 광고등의다양한

125 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 분야에서활발하게적용이되고있다 (Ahn, 2016). 학자들의이론적인근거를바탕으로 < 가설 1> 을설정하였다. < 가설 1> 전통시장증강현실기술필요성이방문의도에긍정적 (+) 영향을미칠것이다. 증강현실이사용자에게보다향상된몰입감과현실감을제공해주는것은사용자의실재세계와가상세계를이음새없이실시간으로혼합하여제공하기때문이다 (Lee, 2013) 사용자가실재자기주변의상황에가상세계가제공하는정보기술을이용하여부가적인정보를얻는다면낯선환경에서의적응에편리한수단이된다. 또한증강현실은인간의모든감각에적용될수있고실제물체를제거하는것까지가능하다고한다. 증강현실은위치기반서비스와결합을하여사용자의길찾는방식을바꾸고있다. 이는사용자편리중심으로위치기반정보기술이사용자의위치와주변의정보를알려주는것에그쳤다면모바일증강현실의길찾기기능은스마트폰카메라가비추는방향에따라상점정보, 연락처정보, 거리의주변정보등을제공받을수있다. 학자들의이론적인근거를바탕으로 < 가설 2> 를설정하였다. < 가설 2> 전통시장증강현실기술이용편리성이방문의도에긍정적 (+) 영향을미칠것이다. 전통시장의증강현실기술의필요성에의한지각이생기고또한전통시장을이용함에편리함을인지하게된다면전통시장을방문하게되는의도가새로워질것이다. 전통시장이대기업의신유통업체들의정보기술이나정보시스템을따라가는것은결코쉽지가않다. 하지만새로운기술의수용이신유통업체에못지않게이루어진다면이용자의방문의도가바뀔수있다. 인간의행동의도는개인적요인과사회적요인으로구분하여영향을미친다. 개인의본래마음과관련된개인적요인은어떤행동에대한이용자자신의태도를의미한다. 사회적요인은자신이어떠한목표로하는행동에이용자의주변사람들이나준거집단이가지고있는의견을같이하는정도의양을나타낸다. 바로주관적규범을의미하는것이다. 그러므로행동의도가실제행동을수행하기위한의도를의미한다 (Ajzen & Fishbein, 1980). 본논문에서의방문의도는이용자가필요성과이용편리성에대한행동의도가의미를가진다면구매의도라는실제행동에영향을줄것임에가설을설정하였다. 학자들의이론적인근거를바탕으로 < 가설 3> 을설정하였다. < 가설 3> 증강현실기술이수용된전통시장의방문의도가구매의도에긍정적 (+) 영향을미칠것이다. Davis 의기술수용모형과선행연구에의하면지각된유용성은행동의도에긍정적영향을주는것으로나타났다. 이에따라전통시장의증강현실기술수용의지각하는필요성이구매의도에긍정적영향을미칠것으로가정하였다. 또한본논문에서는증강현실기술의이용편리성이부각이될수있어전통시장의구매를목적으로하는행동의도에영향을미칠것으로가정하였다. 학자들의이론적인근거를바탕으로 < 가설 4>, < 가설 5> 를설정하였다. < 가설 4> 전통시장증강현실기술필요성이구매의도에긍정적 (+) 영향을미칠것이다. < 가설 5> 전통시장증강현실기술이용편리성이구매의도에긍정적 (+) 영향을미칠것이다. 전통시장에증강현실기술이수용이된다는가정을설정하고, 그예로전통시장증강현실 (AR) 은실재시장환경체험, 실시간상품체험, 가상현실안내체험, 카메라를비추면실제화면위에다양한정보를제공하는기능이있는전통시장이용에도움을주는증강현실어플리케이션임을예문으로보여주고가정으로체험했을때에따른연상능력을전국의성인남녀를대상으로설문조사하였다. 4. 실증분석 4.1. 일반적특성 연구방법의표본은인터넷온라인조사업체를통해설문조사표본을조사하였다. 조사일정은 2016 년 10 월 17 일부터 2016 년 10 월 20 일로하였다. 조사방법으로는인터넷설문조사방법을사용하였다. 총 309 부를회수하였으며, 신뢰성과타당성의분석을실시하여부적합하고불성실하다고판단이되는 45 매를제외하였다. 그리하여총 254 매를실증분석에사용하였다. 전통시장을얼마나자주이용하십니까? 라는일반적인질문에서 1~2 회이용한다. 139 명 (52.7%), 3~5 회이용한다. 47 명 (17.8%) 로나타났다. 전통시장과댁과의거리는얼마나되십니까? ( 도보로 ) 라는질문에서 11 분 ~30 분이내 121 명 (45.8%), 10 분이내 72 명 (27.3%) 로나타났다. 모바일증강현실을구현하는시스템으로스마트폰이용에관한일반적질문도하였다. 스마트폰을사용한지몇년이되었나요? 라는질문에는 5~7 년이 93 명 (35.2%), 7 년이상 92 명 (34.8%) 으로조사되었다. 자신의스마트폰활용도는어느수준인가요? 라는질문에는중간이다 ( 잘모르는기능은배우면서습득한다 ) 130 명 (49.2%) 이고, 매우높다 ( 스마트폰을자유자재로다룬다 ) 117 명 (44.3%) 로조사되었다. 인구통계분석에의하면 성별은어떻게되십니까? 라는질문에서남자 133 명 (50.4%), 여자 131 명 (49.6%) 로조사되었다. 연령은어떻게되십니까? 라는질문에서 50 세이상 69 명 (26.1%), 40~49 세 68 명 (25.8%), 30~39 세 66 명 (25.0%), 20~29 세 (23.1%) 로나타났다. 학력은어떻게되십니까? 라는질문에서는대학생및대졸 187 명 (70.8%), 고졸 ( 이하 ) 52 명 (19.7%) 으로조사되었다. 직업은어떻게되십니까? 라는질문에서는회사원 114 명 (43.2%), 전업주부 33 명 (12.5%) 로조사되었다. 월평균소득이어떻게되십니까? 라는질문은 301~500 만원 72 명 (27.3%), 501 만원이상 60 명 (22.7%) 으로조사되었다. 마지막으로대상자의거주지역에대한질문으로는서울 89 명 (33.7%), 경기도 55 명 (20.8%) 순으로조사되었다 연구방법 인터넷조사회사의패널을통해온라인설문을배포하고조사하여수집하였다. 통계방법은 SPSS 21.0 을활용하여빈도분석, 신뢰도분석, 요인분석, 회귀분석을실시하였다. 각입

126 124 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 력된변수인독립변수와종속변수를분석하였다. 독립변수로는필요성, 이용편리성이있고종속변수로는방문의도와구매의도를활용하였다. <Table 1> Definition of variables factor Q Metrics Perceived ease of use Perceived usefulness Intent of visit Purchase Intent Q11 The real experience is convenient. Q12 Real time experience is convenient. Q13 Virtual experience is convenient. Q14 It is convenient for foreigners. Q15 It is convenient for both sexes. Q16 A real experience is necessary. Q17 Real time experience is necessary. Q18 Virtual experience is necessary. Q19 It is necessary for foreigners. Q20 Everyone is young and old. Q21 Q22 I would like to go to a traditional market for a real experience. I want to go to a traditional market to experience real-time. I want to go to a traditional market for a virtual Q23 experience. Q24 Traditional market Foreign tourists will increase. Q25 Q26 Q27 Anyone will want to go to the traditional market. I want to buy a product because I have a real experience. I want to buy a product because I experience it in real time. I'm going to buy it because I have a virtual Q28 experience. Q29 Foreigners will have an intention to purchase. Q30 Everyone will be willing to buy 신뢰성과타당성 변수를 4 개로나누어요인의함량을도출하였다. 요인의항목으로필요성, 이용편리성, 방문의도, 구매의도가있다. 종속변수는구매의도로하였다. 요인범주내의일관성이있는지를알아보기위하여신뢰도검정을실시한결과 Cronbach α 의항목은편리성 0.843, 필요성 0.878, 방문의도 0.912, 구매의도 0.914, 전체평균 Cronbach α 는 로나타나신뢰성이높은것으로확인되었다. 타당성분석의방법으로요인분석을실시하였다. 다른변수에의해설명되는 KMO 계수가 으로나타났으며, 요인분석의적합성여부를나타내는 Bartlett 의구형성검정치는 로 20 개항목이동일하다는귀무가설이유의수준 에서기각되었다. 이는타당성분석의유의성이있음을의미한다. 타당성분석결과편리성은 에서 0.603, 필요성은 에서 0.585, 방문의도는 에서 0.577, 구매의도는 에서 으로나타났다. 일반적으로 0.6 이상이면타당성이비교적우수하다고본다. 본연구에서는평균이 0.6 이상으로나타나비교적우수하다고할수있다. 가설의분석을위하여가설의값은각요인을더하여항목수를나눔으로써평균치의값을구했다. 각가설들이대표성을가질수있도록항목을변환하였다. 위에서설명한가설들을정리하였다. < 가설 1> 전통시장증강현실기술필요성이방문의도에긍정적 (+) 영향을미칠것이다. < 가설 2> 전통시장증강현실기술이용편리성이방문의도에긍정적 (+) 영향을미칠것이다. < 가설 3> 증강현실기술이수용된전통시장의방문의도가구매의도에긍정적 (+) 영향을미칠것이다. < 가설 4> 전통시장증강현실기술필요성이구매의도에긍정적 (+) 영향을미칠것이다. < 가설 5> 전통시장증강현실기술이용편리성이구매의도에긍정적 (+) 영향을미칠것이다. <Table 2> Reliability and feasibility analysis factor Metrics Perceived Purchase Intent of Perceived ease of Intent visit usefulness use Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Eigen Value) Dispersion ratio % Cumulative dispersion Cronbach α Total Cronbach α < 가설 1>, < 가설 2> 는방문의도와유의한정 (+) 의관계가

127 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 높은것으로나타났다. 의미를분석해보면필요성과이용편리성은방문의도에중요한고려요인이될수있음으로판단이된다. 기술적통계수치인 Durbin-Watson 은 으로나타났는 데, 이는수치가 2 에가깝고 0 또는 4 와가깝지않으므로잔차들간에상관관계가없어회귀모형이적합하다고할수있다. <Table 3> Dependent variable: Intent of visit Acceptance of Traditional Market Augmented Reality model Non-standardization factor B Standard error t R² F Probability of significance Judgment (a constant) Perceived ease of accept use Perceived accept usefulness Durbin Watson < 가설 3> 은구매의도와유의한정 (+) 의관계가높은것으로나타났다. 의미를분석해보면방문의도는구매의도에중요한고려요인이된다. 기술적통계수치인 Durbin-Watson 은 으 로나타났는데, 이는수치가 2 에가깝고 0 또는 4 와가깝지않으므로잔차들간에상관관계가없어회귀모형이적합하다고할수있다. <Table 4> Dependent variable: Purchase Intent model Acceptance of Traditional Market Augmented Reality (a constant) Intent of visit Non-standardization factor B Standard error t R² F Probability of significance Judgment accept Durbin- Watson < 가설 4>, < 가설 5> 는구매의도와유의한정 (+) 의관계가높은것으로나타났다. 의미를분석해보면필요성, 이용편리성은구매의도에중요한고려요인이된다. 기술적통계수치인 Durbin-Watson 은 으로나타났는데, 이는수치가 2 에가깝고 0 또는 4 와가깝지않으므로잔차들간에상관관계가없어회귀모형이적합하다고할수있다. <Table 5> Dependent variable: Purchase Intent Acceptance of Traditional Market Augmented Reality Non-standardization factor model B Standard error t R² F (a constant) Perceived ease of use Perceived usefulness Probability of significance Judgment accept accept.000 Durbin- Watson 연구결과를바탕으로검증결과를요약하면다음과같다. 첫째, 전통시장증강현실기술필요성, 이용편리성이방문의도에긍정적인영향을미칠것이라는연구가설 (< 가설 1>, < 가설 2>) 에대한회귀분석결과 t 값이편리성 2.241, 필요성 으로나타나고유의확률값이편리성 0.026, 필요성 으로나타나 < 가설 1>, < 가설 2> 는채택이되었다. 둘째, 구매의도에긍정적인영향을미칠것이라는연구가설 (< 가설 3>, < 가설 4>, < 가설 5>) 에대한회귀분석결과 t 값이방문의도 , 편리성 2.329, 필요성 로나타나고유의확률값이방문의도 0.000, 편리성 0.021, 필요성 으로나타나 < 가설 3>, < 가설 4>, < 가설 5> 는채택이되었다. 5. 결론 5.1. 연구결과요약 본연구는전통시장의기술수용이구매의도에미치는영향에대하여전통시장에증강현실기술 (AR) 시스템을도입한다는가정으로조사수행하였다. 기술시스템도입은기술수용모형 (TAM) 을기반으로연구모형화하였다. 연구를수행하기에앞서선행연구자료를고찰하여그토대에각각의구성개념을정의하거나인용하여이용자가전통시장을이용함에있어기술수용에대한지각된이용편리성과지각된필요성이전통시

128 126 Kyung-In Cho, Chul-Jung Kim / Journal of Distribution Science (2016) 장방문의도에얼마나영향을미치는지를측정하였고, 방문의도가구매의도에또한영향을미칠것을가정하여측정후실증분석하여정의하였다. 결과를요약하면첫째, 전통시장증강현실기술필요성, 이용편리성이방문의도에긍정적인영향을미치는것으로조사되었다. 둘째, 증강현실기술편리성, 증강현실기술필요성그리고그에따른방문의도는구매의도에긍정적인영향을미치는것으로조사되었다. 본연구의결과를통해전통시장의기술수용이이용자의전통시장방문의도에긍정적인영향을줄뿐만이아니라나아가서전통시장의구매의도에까지영향을줄수있음을시사하고있다. 방문의도또한구매의도가목적이됨을나타나고있다. 기술수용은정보기술과정보시스템으로구분이된다. 최근전통시장은이전에비하여기술수용을적극적으로수용하고있다. 시설현대화, 상인교육등이그대표적인예이다. 하지만이러한모습도전통시장의경쟁이되는대형마트, 백화점등의신유통에비하면상당히뒤떨어진수준이다 연구시사점 증강현실 (AR) 기술은 1997 년에 Azuma 에의해정의되고꾸준히진보해온기술이다. 이미많은산업에서시도를하며이용자들에게많은관심을끌고있다. 대기업중심의신유통업체들도앞다투어새로운모델을선보이며소비자들에게관심을끌고있다. 전통시장은이제증강현실 (AR) 같은새로운정보기술수용에더욱적극적인자세를취해야한다. 증강현실초기사업에다양한관심을가져야한다. 노후화된시설은현대화사업으로변하고있고, 노령화된상인은세대교체와더불어수준높은 상인교육으로성장하고있다. 새로운정보시스템과그에따른정보기술은그리멀리있지않다. 스마트폰 3 천만대시대를살고있는우리나라의국민은남녀노소누구나한손에는스마트폰을들고있다. 스마트폰카메라를이용한가상체험은전통시장의상품을접근하는데용이함을줄것이며, GPS 위치기반기술의시장안내, 점포찾기등의서비스개발은복잡한구조의시장을더욱쉽게접근하도록유도할것이다. 연구결과를요약하면다음과같다. 첫째, < 가설 1>, < 가설 2> 는방문의도와유의한정 (+) 의관계가높은것으로나타났다. 의미를분석해보면증강현실기술수용의필요성과이용편리성은방문의도에중요한고려요인이될수있음으로판단이된다. 둘째, < 가설 3> 은구매의도와유의한정 (+) 의관계가높은것으로나타났다. 의미를분석해보면기술수용에유용한지각과용이성에반응을한이용자의방문의도는구매의도에중요한고려요인이된다. 셋째, < 가설 4>, < 가설 5> 는구매의도와유의한정 (+) 의관계가높은것으로나타났다. 의미를분석해보면증강현실기술의필요성을인지한이용자와이용편리성을인지한이용자는구매의도에중요한고려요인이된다. 사회과학분야에서기술수용에대한연구는두드러지게많은성과를내고있다. 최근에는증강현실기술에대한산업의적용에대한연구가많은추세이다. 본연구의취약점을자각하면전통시장의기술수용에관한이론적인부분이취약했고, 증강현실기술의유통산업과의접목적인이론연구도부족하였다. 이렇게부족한부분에대한면밀한실증분석연구가이루어져야한다. 마지막으로앞으로는인터넷조사패널에의한설문자료수집은섬세하게검증된신뢰가뒷받침되어야할것으로사료된다. References Adams, D. A., Nelson, R. R., & Todd, P. A. (1992). Perceived usefulness, ease of use and usage of information technology: A replication. MIS Quarterly, 16, Ajzen, Icek, & Fishbein, Martin (1980). Understanding attitudes and predicting social behavior. Englewood Cliffs, N. J.: Prentice-Hall. Azuma, R. T. (1997). A Survey of Augmented Reality. Teleoperators and Virtual Environments, 6(4), Davis, F. D., Bagozzi, R. P., & Warshaw, P. R. (1989). User acceptance of computer technology: A comparison of two theoretical models. Management Science, 35(8), Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use and User Acceptance of Information Technology. MIS Quarterly, 13(3), Hwang, Jae-In (2013). Mobile AR study tendency and view. Korea Institute of Information Technology Magazine, 11(2), Kim, Chan-Dong (2009). Tradition market in Seoul, will activate how?. Policy Report, 36, Kim, Hee-Young (2014). Industrialization of Augmented Reality Contents: Focusing on the 21st Century s Films and Augmented Reality Arts. Catoon & Animation Studies, 35, Kim, Sang-Hyeon, & Oh, Sang-Hyun (2002). The Determinants of Repurchase Intentions in the Service Industry: Customer Value, Customer Satisfaction, Switching Costs and Attractiveness of Alternatives. Journal of Korean Marketing Association, 17(2), Kim, Yong-Kyeom (2012). An Integrated Theoretical Model on the Relationships between the Related Factors of the Technology Acceptance Model. Journal of Industrial Economics and Business, 25(2),

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131 Jeong-Hwan Lee / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Corporate Governance and Cash Holdings in Retail Firms * 기업지배구조와현금보유와의관계 : 유통상장기업에대한연구 Jeong-Hwan Lee( 이정환 ) ** Received: November 15, Revised: December 2, Accepted: December 15, Abstract Purpose This paper examines the explanatory power of the agency theory in the determination of cash holdings for Korean retail firms. If the agency theory holds, a firm with strong corporate governance structure tends to have low cash holdings. A strong governance structure makes the CEO of this firm to behave in the interests of shareholders and thus the CEO has low incentive to stockpile cash holdings, which can be easily diverted for the CEO s own managerial purposes. We investigate this relationship between corporate governance structure and cash holdings, by using corporate governance scores as a proxy variable that captures the effectiveness of corporate governance mechanism. Research design, data, and methodology We adopt the sample of publicly listed retail firms in KOSPI market from 2005 to Financial and accounting statements are gathered from the WISEfn database. We also use the corporate governance scores published by Korean Corporate Governance Service. The relationship between the corporate governance scores and cash holdings is cross-sectionally estimated based on the ordinary least square method. This estimation method is widely accepted in the existing literature. The sample of large conglomerates, Chebol, and the remainder firms are separately examined as well, to account for the distinctive internal financing environment in these large conglomerates. Results We mainly contribute to the extant literature by providing empirical evidence against the agency theory of cash policy. Unlike the prediction of agency theory, we confirm statistically insignificant or even positive correlations between the set of corporate governance scores and cash-asset ratios. Almost all the major corporate governance attributes including total score, shareholder rights, board structure, and the quality of information disclosure do not show negative correlations with cash holdings, which poses a strong challenge to the validity of the agency theory in the determination of retail firms cash holdings. Conclusions This study presents interesting empirical results with respect to the cash policy in Korean retail firms. Consistent to prior studies, I verify that the agency theory only limitedly explains the level of cash holdings. Future studies may obtain more robust results by examining a longer sample period. Keywords: Agency Theory, Corporate Governance Score, Cash Holdings, Retail Industry. JEL Classifications: G30, G 서론 전세계적으로 1990 년대이후기업들의현금성자산보유 * This work was supported by the research fund of Hanyang University (HY-2014). ** Corresponding Author, Assistant Professor, College of Economics and Finance, Hanyang University, Korea. Tel: , Jeonglee@hanyang.ac.kr 는지속적인증가추세를보이고있으며, 국내기업의경우에는 1997 년외환위기이후이러한경향성이심해지고있다고알려지고있다 (Park & Yon, 2009). 이로인해국내외학계에서는기업경영에있어서현금성자산의역할및그결정요인에대한연구가활발히진행되고있는상황이다. 이와같은현금보유의다양한결정요인들중에 Dittmar et al. (2003) 은현대기업에서소유와경영의분리에의해발생하는대리인문제 (agency problem) 를강조한다. 즉소유와경영이분리가핵심이되는현대기업에서경영자는사적이익을

132 130 Jeong-Hwan Lee / Journal of Distribution Science (2016) 추구하고자주주의이익에반하여유보된현금을비효율적으로사용할유인이있으며, 이러한사적이익을위한현금사용은기업가치에부정적인영향을끼친다는것이다. 이는 Jensen (1986) 의이론과도잘상응하는바이다. 즉다시말해대리인이론에따르면경영자가주주의통제를벋어난경우에경영자는주주의이익보다는사적이익을우선시하며, 이와같은사적이익을추구하기위해기업의자본조달방법중재량적권한이가장큰현금성자산의보유를늘린다는것이다. 하지만개별기업이경영자의경영행위를잘감시할수있는효과적인지배구조를가질경우대리인문제발생가능성이낮아지게된다. 이에따라대리인이론은효과적으로경영자를통제할수있는기업들은그렇지못한기업에비해현금보유가작다는것을예측하고있다. 즉, 주주에의해효과적으로통제되고있는기업의경영자는기업내에현금성자산을보유한다고해도, 자신의재량권을자유롭게확대하지못하게되기때문이다. 이처럼대리인이론은현금보유정책에있어서기업지배구조의중요성을강조하고있으며, 지배구조의효율성과현금보유량간의음의관계를예측하고있다. 본연구에서는이와같은기업지배구조와현금유보와의관계를직접적으로규명하고자하였다. 기업지배구조를측정할수있는측도로는한국기업지배구조원 (KCGS) 에서발표하는기업지배구조지수를활용하였다. 이기업지배구조지수는유가증권시장에상장된기업들의지배구조를다양한항목을통해평가하여매년발표되고있다. 본연구는이기업지배구조지수활용을통해대리인이론이현금보유량결정에실제로유의한영향을미치는것인지에대해확인하였다. 이를위해본연구는한국거래소유가증권시장상장된유통기업에대해 2005 년부터 2013 년까지를연구기간으로결정하여조사하였다. 이는기업지배구조지수가 2005 년부터본격적으로발표된것을고려한다면자연스러운표본선택이라고할수있다. 본연구의주요결과들은다음과같다. 첫째, 전체기업지배구조지수를변인으로고려하였을경우, 기업지배구조지수와현금보유량의관계는통계적으로유의하지는않지만양의상관관계를있음을밝혔다. 이결과는음의상관관계를예측하는대리인이론에반하는실증분석결과이다. 한편이러한결과는한국상장기업전체표본에대해음의상관관계를밝힌 Park and Yon(2009) 는상이하나미국기업을표본대상으로하여기업지배구조와현금보유량과의상관관계가없음을밝힌 Opler et al. (1999) 하는부합하는결과이다. 두번째, 본연구는이러한대리인이론에입각한예측이기업지배구조지수의다양한항목들, 즉주주권리보호, 이사회구성과운영, 기업공시, 감사기구, 그리고경영과실배분등의분석에있어서도잘성립하지않음을밝히고있다. 다시말해각개별기업지배구조지수와현금보유량의상관관계는통계적으로유의하지않거나, 많은경우통계적으로유의한양의관계를나타냈었다. 이와같은각항목분석의결과는본논문의첫번째결론의강건성을확보해주고있다. 한편본연구는경영성과배분의항목에한해서만통계적으로유의하게음의상관관계를얻었으나, 이러한경영성과배분은기업지배구조에대한설명요인으로서차지하는비중이미미하다는점을고려해볼때, 대리인이론을적극적으로지지하는결론을얻었다고보기는힘들다고여겨진다. 세번째, 본연구는이러한결과가한국기업분석에있어서가장특징적인기준으로간주되는가장중요한기준으로생각되는재벌비재벌구분에있어서도강건함을밝히고있다. 즉 기존연구와유사하게재벌유통기업들이보다낮은현금보유량을보이고있는것을확인하였으나, 재벌과비재벌유통기업에서모두에서기업지배구조지수는현금보유량의측도인현금 - 자산비율과유의하지않은상관관계를보이거나오히려통계적으로유의하게양의상관관계를보이고있었다. 이러한분석결과역시유통기업의현금보유정책에대한대리인이론의설명력을뒷받침하지못하는결론이라고할수있다. 본연구의학술적공헌은다음과같다. 우선본연구의가장큰공헌은대리인이론과기업의현금보유에대한논의에있어서또다른실증분석결과를제시한다는점에있다. 본연구의결과는대리인이론이유통기업의현금보유정책을잘설명하지못하고있음을밝히고있다. 이는가장대표적인현금보유결정요인에대한연구들인 Opler et al. (1999), Mikkelson and Partch (2003), 및 Harford et al. (2012) 의결론과유사하다. 미국기업을대상으로한이들의실증분석은모두대리인이론의기업별현금보유에대해제한된설명력을가지고있음을밝히고있다. 이와같이대리인이론이잘성립하지않음을보인본연구의결과는 Dittmar et al. (2003) 의관점에서해석될여지가있다. 그들은현금보유에있어서많은실증분석결과들이대리인이론과잘부합하지않는이유에대해많은표본이국가별단위로분석되었다는것에주목하였다. 만약이러한각개별국가의기업지배구조가어느정도성숙해있다면, 국가별횡단면분석은큰유의성을보이지못할가능성이크다. 이에따라국가별횡단면분석이대리인이론을실증적으로뒷받침하는결과를찾지못할개연성에주목하고있다. 이러한그들의분석역시비교적표본수가제한된유통산업에유사하게적용될수있다. 즉기업의규모가크며, 대기업집단의비중도높은비교적균질한성격을지니는상장유통기업들역시대리인이론이횡단면분석을통해명확히들어나지않을가능성이있다. 한편본연구의결과는기존한국기업에있어서대리인이론과현금보유정책을분석한연구에있어서새로운실증적결과를제시해준다. 기존국내유가증권상장기업에대한연구는현금보유에대한대리인이론의설명력을지지하였다. Gong (2006) 은대주주지분율과현금비율이양으로유의한상관관계를보인것을밝혀대리인이론이제한적이나마현금보유를설명할수있는가능성에대해제시하였다. Park and Yon (2009) 의한국상장기업전체에대한연구는기업지배구조지수와현금보유량간의음의상관관계가있음을밝혀대리인이론의설명력을뒷받침하였다. 이러한한국상장기업전체에대한연구와는달리본연구는유통기업에있어서이러한대리인이론이설명력이크지않음을밝히고있다. 또한본연구는한국유통기업의현금보유정책을연구한기존문헌에도큰시사점을준다. 한국유통기업의경우현금보유정책에대한연구전체가매우제한적인상황으로서관련된연구로는유동성의한계가치를연구한 Kim and Lee (2016a) 및 Kim and Lee (2016b) 등이있을뿐이다. 대리인문제와현금보유정책에대한분석역시미진한상황이다. 본연구는한국상장유통기업내에현금보유의결정요인을분석하고, 대리인문제와연결시킴으로서유통기업들의현금정책분야분석에있어서큰시사점을준다고할수있다. 본연구의구성은다음과같다. 2 절에서는선행연구를검토하였다. 3 절에서는실증모형과표본선정의문제에대해서분석하였다. 4 절은실증분석결과를보고하고있으며, 5 절에서는

133 Jeong-Hwan Lee / Journal of Distribution Science (2016) 최종적인결론을제시한다. 2. 선행연구고찰 미국기업의현금보유결정요인에대해포괄적으로분석한연구로는 Opler et al. (1999) 이대표적이다. 이연구는기업들이현금유보에있어서의편익과비용을전반적으로고려하여보유현금수준을결정한다는실증결과를제시하고있다. 즉, 향후투자기회가좋은기업과현금흐름의위험이높은기업일수록, 자본시장으로의접근이용이하지않고, 신용등급이낮은기업일수록현금비율을낮게유지하고있는것을밝히고있다. 한편이연구는대리인문제를경영자의지분율을그측도로사용하여분석하였고, 대리인문제가현금보유량결정에있어서제한적역할만을하고있음을밝히고있다. 한편 Mikkelson and Partch (2003) 는대리인문제가보유현금에제한적인영향만을준다는 Opler et al. (1999) 의결과를장기적인관점에서재분석하였다. 즉과거 5 년간을기준으로총자산에서현금성자산을 25% 이상과대하게보유한미국기업들을대상으로장기적인영업성과를비교해본결과보유현금과기업가치간의유의한관계를확인하지못하였다. 경영자지분과현금보유이에따른기업성과간의관계분석에서도, 지분율에따른유의적인차이가발견되지않아기업내현금에대해대리인비용이미치는영향은제한적이라는 Opler et al. (1999) 의주장을지지했다. Dittmar et al. (2003) 은이들연구와상반된결론을제시한다. 즉기존의실증분석결과들이대리인이론과잘상응하지않는이유는표본의대부분이기업지배구조가성숙한미국등을포함한선진국의기업들이기때문이고이에따라국가별횡단면분석은큰유의성을보이지못할가능성이크다는가능성을밝히고있다. 이러한논의를바탕으로그들은전세계 45 개국가를대상으로 11,000 개표본을이용하여재분석하였으며, 그결과기존실증분석결과와상반되게지배구조가차원에문제가있어대리인문제의발생가능성이큰국가의표본이이러한대리인문제의발생가능성이낮을것으로예상되는국가의표본보다보유현금의수준이약 25% 이상높다는것을발견하여, 대리인이론을지지하고있다. 반면 Harford et al. (2012) 은오히려 Opler et al. (1999) 와유사한결론을제시하고있다. 이들은기업지배구조를반영하는포괄적인지표인 Gompers et al. (2003) 의지수를이용하여미국기업들의현금보유와기업지배구조간의관계를분석하였다. 그결과, 지배구조가기업의미래현금비율에유의적으로영향을미친다는상관관계를확인할수는있었지만지배구조가좋지않은기업들이오히려더낮은현금보유비율을보이고있음을밝혀, 대리인이론의제한적영향력을밝힌 Opler et al. (1999) 과상응하는결론을얻었다. 해외를중심으로대리인이론과현금보유에관한활발한연구결과들과는달리, 현금보유에대한정책에대한국내연구는제한적이다. 포괄적인현금보유에관한연구로는 Gong (2006) 이대표적이다. Gong (2006) 은유가증권시장에상장된기업을표본을분석하였으며, 투자기회가많거나정보비대칭등의문제로인해자본시장에서의자본조달에다소어려움이있는기업에현금보유량이크다는사실을밝혔다. 또한외환위기이전시기에는최대주주지분율과현금비율이양 (+) 으로 유의한상관관계를보인반면, 외환위기이후에는유의하지않은것으로나타남을보여제한적이나마국내기업의있어서도대리인비용이현금보유수준에영향을미칠수있다는가능성을제기하였다. 본연구와같이기업지배구조지수를사용하여한국기업내의현금보유정책을분석한연구로는 Park and Yon (2009) 가있다. 이들은유가증권시장상장기업들을대상으로기업의현금보유와기업지배구조지수를사용하여상관관계를분석하여, 기존대리인이론이주장하는바와같이지배구조지수와현금보유량간의음의상관관계를밝히고있다. 하지만이연구는유통산업이아닌유가증권시장전체를대상으로한분석이며, 유통업의특수성을반영하지는못하고있다. 한편유통업과관련해서대리인문제와현금보유에대한연구는그리많지않은상황이다. 대리인문제와관련해서는 Kim and Lee (2016b) 이기업지배구조지수와유동성의한계가치와의관계가대리인이론을지지하기에는제한적임을밝히고있다. 현금정책전반을보더라도 Kim and Lee (2016a) 가유통기업내의유동성의한계가치를분석하는것에제한되는등, 현금유보에대한연구가잘이루어지지않고있는상황이다. 3. 연구방법론 3.1. 실증모형 기업이현금수준에영향을미치는주요결정요인들에대한대표적인국내외연구로 Gong (2006) 과 Opler et al. (1999) 이있다. 본연구는이들의연구를바탕으로기업지배구조지수와현금보유량과의관계를연구한 Park and Yon(2009) 의모형을따라현금보유의결정요인을확인하고자한다. 이들연구들은성장성이우수하고현금흐름이불확실성이높은기업이일반적으로예비적동기의현금수요가있다는것을지적하고조절변인으로고려하였다. 또한정보비대칭성역시내부자본조달유인을제공해줄있다는점에서현금보유의조절변인으로고려하였다. 이와같은기존연구에입각하여본연구는아래와같은실증분석식을사용하였으며기존의문헌에따라최소자승법을사용하여추정하였다. 이식 (1) 에서종속변수로사용되어지는 Cash 는회계연도 t 에각개별기업 i 가보유한현금성자산의비율을의미한다. 여기서현금성자산은현금및현금등가물과시장성유가증권의총합을기업의총자산으로나눈값을사용하였다. 기업지배구조지수 (CG) 로는한국기업지배구조센터 (KCGS) 에서공시하는해당연도별개별기업별점수로하였다. 대리인이론에의해기업지배구조지수는종속변수인보유현금와음 (-) 의상관관계를지닐것으로예측된다. 한편, KCGS 에서제공하는개별기업의지배구조점수는전체지수 (CG) 와주주의권리보호 (CG1), 이사회구성과운영 (CG2), 기업공시 (CG3), 감사기구 (CG4), 그리고경영과실배분 (CG5) 등 5 개의개별항목으

134 132 Jeong-Hwan Lee / Journal of Distribution Science (2016) 로구성되어있으며, 본연구에서는이 6 가지기업지배구조지수와현금보유량과의관련성을연구하였다. 또한식 (1) 에서는현금보유를결정하는것에있어서중요성을가지고있다고알려진여러가지조절변수 (control variables) 를고려하였다. Size 는기업의규모를나타내는조절변수이며, 회자의장부가치에자연로그값을취한것을사용하였다. Myers and Majluf (1984) 는규모가큰기업일수록투자자가가지는정보비대칭성이줄어들어자본조달비용이감소하기때문임을지적하고있으며, 이러한정보비대칭성을반영하는하나의변수로서사용하였다. 한편 Sales Growth 는매출액성장률로서전년도대비해당년도의매출액비율을구하였다. 성장성이높은기업일수록기업은투자할기회가많아지고, 이러한투자를위해내부자본의수요가증가하기때문에현금보유와양 (+) 의관계를지닐것으로예측된다. 연구개발비 (RD) 도일종의투자수요이기때문에, 현금자산비율에양 (+) 의영향을줄것으로예상된다. 변수 CF 는총자산대비영업현금흐름을의미한다. 일반적으로내부자본이외부자본에비해거래비용적인측면에서저렴하기때문에, 이영업이익률높은기업일수록현금축적할유인이작을것으로예측된다. 한편과거현금흐름의변동성이큰기업은미래에현금유동성에문제가있을가능성이크다. 이에따라현금수요의예비적동기에의해현금흐름의과거 5 년간표준편차로계산한현금흐름의변동성 (Std_CF)) 은현금보유량과양의관계를지닐것으로예측된다. 총자산대비총부채비율인 Lev 도음 (-) 의영향을줄것으로예측되는데, 이는높은부채비율자체가외부자본시장조달이원활함을알려주는측도일수있기때문이다. 현금보유유인이적은기업들이오히려많은배당을할가능성이있음으로총자산대비보통주의총배당금비율 (DV) 도현금성자산의비율에음 (-) 의영향을줄것으로예상된다. 한편신용등급이있는회사들이외부자본조달이원활할것이기때문에신용등급의유무에관련된더미변수 (Bond) 는현금비율과음의상관관계를가질것으로예측된다. 한편재별기업이라는특성이잠재적으로현금보유정책에미칠수있는영향을고려하기위해식 (2) 와대기업임을표시하기위한대한더미변수를도입하였다 (Large). 이는재벌과현금보유와의관계를밝히고있는기존연구에입각한것으로서, Park and Yon (2009) 역시비슷한방법론을사용하였다. 재벌은그기업구조의특성상계열사간의상호협력을통해현금이부족할경우일부지원이가능하기때문에, 현금보유에대한유인이다른기업들에비해더낮을수있다 표본설정및기초통계량 본연구는 2005 년부터 2013 년까지한국거래소의유가증권시장에상장된유통업에소속된기업들을표본으로설정하였다. 이와같은표본의선택은밑에서언급될기업지배구조지수가 2005 년부터본격적으로발표되기시작했다는점을고려했다면자연스러운선택이라고할수있다. 이와관련한재무정보는금융데이터서비스제공업체인 WISEfn 으로부터제공 받았다. 그리고회사채등급데이터는한국신용평가에서제공받았다. 이러한기준에논문은 2005년부터 2013년까지연표본 149개를최종선정하였으며, 총기업수는 27개이다. 가장중요한독립변수인기업지배구조지수는한국기업지배구조센터 (KCGS) 에서제공받았다. 이지수는상장기업의구조지수점수전체의합및주주권리보호, 이사회구성과운영, 기업공시, 감사기구, 그리고경영과실배분등의각항목별점수가같이보고되고있다. 이와같은자세한항목별점수의존재는본연구가개별기업지배구조특성과현금보유정책을연관시킬수있게해주었다. 아래의 <Table 1> 은 2005년부터 2013년까지전체유통표본기업을대상으로주요변수에대한평균, 중위수, 4분위수, 표준편차등의기초통계량을제시하고있다. 여기서분석된주요변수들은식 (1) 에서제시한종속변수및조절변수들이다. 현금, 기업규모, 매출액성장률, 영업이익률, 영업이익의변동성, R&D 지출, 부채비율, 배당비율이며, 이들변수에대한기초통계량이보고되었다. 이표를보면유통기업의현금보유량은 Park and Yon (2009) 에서제시된전체기업의현금보유량에비해상당히크다는것을알수있다. 유통상장기업의평균현금보유량의총자산에대한비중은약 14% 로서 Park and Yon (2009) 에서밝힌전체상장기업의평균인 10% 보다크게나타나고있다. 한편유통과판매를담당하는유통산업의특성상유통기업의 R&D 지출비율은전체상장기업의평균적인 R&D 지출비율보다낮게나와, 평균값이 0.1% 가안되는것으로나타났다. 이는평균적으로총자산의 1% 이상 R&D를지출하는전체상장기업의투자정책과는다른양태를보이고있는것이다. 다른변수들의분포에대해서는유통상장기업과전체상장기업에서커다란차이가없음을또한이표는밝히고있다. <Table 1> Summary Statistics stats mean p25 p50 p75 sd Cash Size Sales Growth CF STD CF R&D Lev DV 아래의 <Table 2> 는본연구에서독립변수로사용할기업지배구조지수에대한기초통계량을보고하고있다. <Table 1> 과마찬가지로평균, 중위수, 4 분위수, 표준편차등다양한기초통계량을제시하고있다. 본표에서분석된지수들로는전체지수 (CG) 와주주의권리보호 (CG1), 이사회구성과운영 (CG2), 기업공시 (CG3), 감사기구 (CG4), 그리고경영과실배분 (CG5) 이있다.

135 Jeong-Hwan Lee / Journal of Distribution Science (2016) <Table 2> Summary Statistics: Corporate Governance Scores stats mean p25 p50 p75 sd Total Score (CG) Shareholder Rights (CG1) Board (CG2) Disclosure (CG3) Auditing (CG4) Distribution (CG5) <Table 2> 는전체기업지배구조지수에있어서각항목별영향력을보여준다. 전체지수의구성중주주의권리보호 (CG1) 항목이가장중요한비중을차지하고있으며약 40% 의비중을보여주고있다. 이사회의구성과운영 (CG2), 기업공시 (CG3), 감사기구 (CG4), 세항목은 20% 수준의각기비슷한비중을보이고있다. 마지막으로경영과실배분항목 (CG5) 의지수는매우비중이낮아약 1% 정도의비중을보이고있어다른지표들과큰차이를보이고있다. 4. 실증분석결과 4.1. 전체지수를이용한결과 아래의 <Table 3> 은기업지배구조지수중전체지수 (CG) 를사용하여현금보유량과의연관성을분석하였다. 여러가지기업지배구조관련제도들이외부적내부적으로상호보충적인역할을하는기업지배구조의특성상, 전체지수가기업지배구조의상황을가장잘표현할수있는대표적인지수라고할수있다. 따라서현금보유에있어서대리인이론의설명력을확인할수있는가장적합한측도라고할수있다. <Table 3> 의구체적인구성은다음과같다. 우선 Model(1) 은식 (1) 과대응하는식으로벤치마크로서역할을한다. 여기에서조절변수는회사의규모 (Size), 회사의매출액성장률 (Sales Growth), 영업이익률 (Cf), 영업이익률의표준편차 (STD CF), R&D 지출 (RD), 부채비율 (Lev) 및배당비율 (DV) 이사용되었다. 채권신용등급이있을경우 1 을가지는더미변수 (Bond) 역시조절변수로사용되었다. Model(2) 는대기업임을표시해주는표시함수 (indicator) 를추가적인조절변수로도입하였다 (Large). 세번째에서는대기업에서의대리인이론의설명력판단하기위해대기업표본에한정해서식 (1) 을분석하였다. 네번째모형은대기업이아닌유통기업들의표본을통해식 (1) 을추정하였다. <Table 3> 은추정된계수및그계수와상응하는 t 통계량을보고하였으며, 조정결정계수 (adjusted ) 및관측치의수 (N) 역시보고하였다. 본표에서 * 는 p-value<0.10, ** 는 p-value<0.05, *** 는 p-value<0.01 을표시한다. <Table 3> 은현금보유결정차원에서여러가지흥미로운결과를제시한다. 무엇보다가장주목해야할사실은기업지배구조지수가변수가가지는계수값이양의값을보이고있다는점이다. 특히대기업의경우 5% 수준에서통계적으로유의하게양의값을보이고있다. 나머지모형에있어서도절대적수치는작지만계수앞의부호는추정계수가양의값을가지고있음을확인해주고있다. 이러한결과는기업지배구조가좋은기업에서보다적은현금을보유할것으로예측하는대 리인이론과는상반되는결과라고할수있으며, 대기업및비대기업구분에있어서도강건하게확인되고있다. <Table 3> Total Score Cash Model (1) Model (2) Large NonLarge CG Size Sales Growth CF STD_CF RD ** (1.5) (1.4) (2.1) (0.1) *** ** (-2.9) (-2.2) (-0.2) (-1.4) (0.5) (0.6) (0.1) (0.3) 0.340** 0.441*** 0.834** 0.292* (2.2) (2.8) (2.2) (1.7) (1.4) (1.3) (1.1) (1.3) (0.3) (0.4) (0.2) (-0.0) Lev *** *** *** *** (-4.3) (-4.9) (-3.7) (-3.2) DV * (-1.8) (-1.5) (0.2) (-1.2) Bond (0.1) (0.5) (-0.4) (0.3) ** Large (-2.2) Constant 1.023*** 0.871*** ** (3.9) (3.2) (0.2) (2.2) N adjusted 한편 <Table 3> 에서또주목해야할점은대기업의경우현금보유량이일반기업보다낮다는것을확인하고있다는것이다. Model(2) 에서대기업관련더미변수는 (Large) 통계적으로유의한음의값을가지고있는것으로확인되고있다. 이는유통기업에서도기존의대기업과현금보유에관련한예측이잘적용되고있다는것을확인하고있는것이다. 즉재벌은그기업구조의특성상계열사간의상호지원을통해현금이부족할경우일부지원이가능하기때문에, 현금보유에대한유인이다른기업들에비해더낮을수있을가능성을제시한기존의연구결과와상응하는것이다. 한가지더흥미로운점은영업이익률 (CF) 변수와현금보유량간의관계이다. 일반적으로영업이익률이높으면내부자본을쉽게조달할수있어현금유보의유인이작아지게된다. 하지만유통기업의분석결과이계수가양의값을보이고있어, 추가적원인분석의필요성이있다고할수있다. 하지만이는 Park and Yon (2009) 의분석결과에서확인가능하듯, 한국기업전반에서확인되는사항으로서상장유통기업만의고유한문제는아닌것으로이해되어야할것이다.

136 134 Jeong-Hwan Lee / Journal of Distribution Science (2016) 요약하자면, <Table 3> 의결과는대리인이론이유통기업의현금보유정책을잘설명하지못하고있음을나타내고있으며, 이는대기업군그리고그이외의유통기업분석에있어서강건하였다. 하지만유통대기업군에서는현금보유량이낮게나와상장기업전체표본을분석한기존의연구를뒷받침하고있다. 한편영업이익률과현금보유량간의일관된양의상관관계는한국의기존연구와유사한것으로서추가연구의필요성이있음을확인하고있다 개별지수분석 아래의 <Table 4> 는기업지배구조지수구정중가장높은비중을차지하는주주의권리보호지수를 (CG1) 을사용한현금보유량과기업지배구조지수와의상관관계를보고한다. 특히주주의권리보호항목은기업의정책이얼마나주주의이익을반영하는가를측정하는대표적인측도로서, 주주와경영진간의갈등을다루는대리인이론과가장긴밀하게연관된기업지배구조지수항목이라고할수있다. <Table 4> 의구체적인구성 <Table 3> 의구성과동일하다. 우선 Model(1) 은식 (1) 과대응하는식으로벤치마크로서역할을한다. 여기에서조절변수는회사의규모 (Size), 회사의매출액성장률 (Sales Growth), 영업이익률 (Cf), 영업이익률의표준편차 (STD CF), R&D 지출 (RD), 부채비율 (Lev) 및배당비율 (DV) 이사용되었다. 채권에신용등급이있을경우 1 을가지는더미변수 (Bond) 역시조절변수로사용되었다. Model(2) 역시마찬가지로대기업임을표시해주는표시함수를추가적인조절변수로도입하였다 (Large). 세번째에서는대기업에서의대리인이론의설명력판단하기위해대기업표본에한정해서식 (1) 을분석하였다. 네번째모형은대기업이아닌유통기업들의표본을통해식 (1) 을추정하였다. <Table 4> 역시추정된계수및그계수와상응하는 t 통계량을보고하였으며, 조정결정계수 (adjusted ) 및관측치의수 (N) 역시보고하였다. 본표에서 * 는 p-value<0.10, ** 는 p-value<0.05, *** 는 p-value <0.01 을표시한다. <Table 4> 역시현금보유결정요인차원에서여러가지흥미로운결과를제시한다. 무엇보다가장주목해야할사실은기업지배구조지수중한항목인주주의권리보호지수역시유통기업의현금보유비율과여전히통계적으로유의하지는않거나양의상관관계를보이고있다는점이다. 이러한결과는기업지배구조가좋은기업에서보다적은현금을보유할것으로예측하는대리인이론과는상반되는결과라고할수있으며, 이는 <Table 3> 의내용을뒷받침한다고할수있다. 특히주주의권리보호지수가주주와경영진간의갈등을다루는대리인이론과가장긴밀하게연관된기업지배구조지수항목인점을고려할때, <Table 4> 의결과는특히주목할필요성이있다. 다른조절변수들의계수는 <Table 3> 과큰차이를보이지않고있다. 여전히모든모형에대해영업이익률 (CF) 변수와현금보유량간의관계는통계적으로유의한양의관계를보이고있다. 이는 Park and Yon (2009) 의분석결과에서확인가능하듯, 한국기업전반에일반적인특징이라고할수있다. 또 Model(2) 의추정결과에서알수있듯이여전히본추정식은대기업의경우현금보유량이일반기업보다낮다는것을확인하고있다. 다른계수들과현금보유량간의관계역시기존의연구들과유사한관계를보여주고있다. <Table 4> Shareholder Right Score CG1 Size Sales Growth CF STD_CF RD Lev DV Bond Large Cash Model (1) Model (2) Large NonLarge (0.8) (-0.0) (0.4) (0.0) *** (-2.6) (-1.6) (0.8) (-1.6) (0.5) (0.7) (0.1) (0.3) 0.341** 0.439*** 0.955** 0.290* (2.2) (2.7) (2.4) (1.7) (1.6) (1.6) (1.2) (1.4) (0.3) (0.4) (0.2) (-0.0) *** *** *** ** (-3.8) (-4.3) (-3.1) (-2.6) (-1.4) (-1.2) (0.4) (-1.2) (-0.0) (0.5) (-0.8) (0.4) ** (-2.1) Constant 0.810*** 0.678*** *** (3.6) (2.9) (-0.6) (2.7) N adjusted 아래의 <Table 5> 는기업지배구조지수중이사회의구성과운영관련지수를 (CG2) 을사용하여현금보유량과기업지배구조지수와의상관관계를추정하였다. 특히이이사회는경영과소유가분리된현대기업에서경영자의행위를감독할수있는제도적중요성을가지고있다. 즉경영자의경영행위가기업내부조직을통한감독을통해주주의이해를반영할수있도록하는기업내부의중심기관이이사회이며, 이이사회의구성과운영이원활할수록경영자의경영행위가주주의이해관계에부합하게되어현금의과대한보유역시사라질가능성이높다. <Table 5> 의구체적인구성역시 <Table 4> 와마찬가지로 <Table 3> 의구성과동일하다. 우선 Model(1) 은식 (1) 과대응하는식으로벤치마크로서역할을한다. 여기에서조절변수는회사의규모 (Size), 회사의매출액성장률 (Sales Growth), 영업이익률 (Cf), 영업이익률의표준편차 (STD CF), R&D 지출 (RD), 부채비율 (Lev) 및배당비율 (DV) 이사용되었다. 채권신용등급이있을경우 1 을가지는더미변수 (Bond) 역시조절변수로사용되었다. Model(2) 역시마찬가지로대기업임을표시해주는표시함수를추가적인조절변수로도입하였다 (Large). 세

137 Jeong-Hwan Lee / Journal of Distribution Science (2016) 번째에서는대기업에서의대리인이론의설명력판단하기위해대기업표본에한정해서식 (1) 을분석하였다. 네번째모형은대기업이아닌유통기업들의표본을통해식 (1) 을추정하였다. <Table 4> 역시추정된계수및그계수와상응하는 t 통계량을보고하였으며, 조정결정계수 (adjusted ) 및관측치의수 (N) 역시보고하였다. 본표에서 * 는 p-value<0.10, ** 는 p-value<0.05, *** 는 p-value<0.01 을표시한다. <Table 5> Board Score Cash Model (1) Model (2) Large NonLarge CG2 Size Sales Growth CF STD_CF RD Lev DV Bond Large (1.1) (1.3) (0.7) (0.8) *** ** ** (-2.8) (-2.0) (0.7) (-2.0) (0.5) (0.6) (0.0) (0.3) 0.328** 0.435*** 0.955** 0.303* (2.1) (2.7) (2.5) (1.8) (1.5) (1.4) (1.0) (1.3) (0.3) (0.4) (0.1) (-0.0) *** *** *** *** (-4.5) (-5.1) (-3.2) (-3.6) (-1.6) (-1.4) (0.2) (-1.3) (0.1) (0.5) (-0.6) (0.3) ** (-2.4) Constant 0.908*** 0.771*** *** (3.8) (3.2) (-0.4) (2.9) N adjusted <Table 5> 역시현금보유결정요인차원에서여러가지뚜렷한결과를제시한다. 무엇보다가장주목해야할사실은기업내부의지배구조중핵심이되는이사회와관련한지수를분석함에있어서도, 이지수가여전히현금보유량과는통계적으로유의하지않은양의상관관계를보이고있다는점이다. 이러한결과는이전결과들과마찬가지로기업지배구조가좋은기업에서보다적은현금을보유할것으로예측하는대리인이론과는상반되는결과라고할수있으며, 이는 <Table 3> 및 <Table 4> 의내용을뒷받침한다고할수있다. 이와같이기업내부지배구조에서핵심이되는이사회관련지표역시대리인이론을뒷받침하지않는다는사실은또한주목할필요성이있으며, 현실적인이사회기능이문제가있음을알려주는하나의결과가될수있다. 다른조절변수들의계수는 <Table 3> 및 <Table 4> 와유의한차이를보이지않고있다. 여전히모든모형에대해영업이익률 (CF) 변수와현금보유량간의관계는통계적으로유의한양의관계를보이고있다. 이는 Park and Yon (2009) 의분석결과에서확인가능하듯, 한국기업전반에일반적인특징이라고이해될수있는부분이다. 한편 Model(2) 의추정결과에서알수있듯이여전히본추정식은대기업의경우현금보유량이일반기업보다낮다는것을확인하고있다. 다른계수들과현금보유량간의관계역시기존의연구들과유사한관계를보여주고있다. <Table 6> Information Disclosure Cash Model (1) Model (2) Large NonLarge CG3 Size Sales Growth CF STD_CF RD Lev DV Bond Large (0.3) (0.2) (1.3) (-0.7) ** (-2.1) (-1.4) (-0.0) (-1.0) (0.5) (0.6) (-0.1) (0.4) 0.340** 0.442*** 1.011*** 0.288* (2.2) (2.7) (2.7) (1.7) (1.5) (1.5) (0.8) (1.5) (0.3) (0.4) (0.0) (-0.0) *** *** *** *** (-4.3) (-4.9) (-3.4) (-3.6) (-1.4) (-1.2) (0.2) (-0.9) (0.1) (0.5) (-0.2) (0.4) ** (-2.3) Constant 0.875*** 0.720** * (3.0) (2.4) (0.2) (1.8) N adjusted 위의 <Table 6> 은기업지배구조지수중기업의공시관련지수를 (CG3) 을사용한현금보유량과기업지배구조지수와의상관관계를추정하였다. 기업의공시가투명할수록기업은내부자금을경영자의이해관계를위해유용하기가힘들어진다. 이에따라대리인이론은기업의공시의질과현금보유사이에서음의상관관계를예측하고있다. <Table 6> 의구체적인구성역시이전표들의구성과동일하다. 우선 Model(1) 은식 (1) 과대응하는식으로벤치마크로서역할을한다. 여기에서조절변수는회사의규모 (Size), 회사의매출액성장률 (Sales Growth), 영업이익률 (Cf), 영업이익률의

138 136 Jeong-Hwan Lee / Journal of Distribution Science (2016) 표준편차 (STD CF), R&D 지출 (RD), 부채비율 (Lev) 및배당비율 (DV) 이사용되었다. 채권신용등급이있을경우 1 을가지는더미변수 (Bond) 역시조절변수로사용되었다. Model(2) 역시마찬가지로대기업임을표시해주는표시함수를추가적인조절변수로도입하였다 (Large). 세번째에서는대기업에서의대리인이론의설명력판단하기위해대기업표본에한정해서식 (1) 을분석하였다. 네번째모형은대기업이아닌유통기업들의표본을통해식 (1) 을추정하였다. <Table 4> 역시추정된계수및그계수와상응하는 t 통계량을보고하였으며, 조정결정계수 (adjusted ) 및관측치의수 (N) 역시보고하였다. 본표에서 * 는 p-value<0.10, ** 는 p-value<0.05, *** 는 p-value<0.01 을표시한다. <Table 6> 의결과역시이전까지의결과들과상응한다. 기업지배구조지수중기업의투명성과관련이깊은기업공시에관한지수역시현금보유량과유의하지는않거나양의상관관계를보이고있다는점이다. 이러한결과는기업지배구조가좋은기업에서보다적은현금을보유할것으로예측하는대리인이론과는상반되는결과라고할수있으며, 이는 <Table 3> 및그이후의세부항목을다룬본연구의내용을뒷받침한다고할수있다. 다른조절변수들의계수들역시이전의결과들과큰차이를보이지않고있다. 여전히모든모형에대해영업이익률 (CF) 변수와현금보유량간의관계는통계적으로유의한양의관계를보이고있다. 이는 Park and Yon (2009) 의분석결과에서확인가능하듯, 유통산업만의특성이아닌한국기업전반에일반적인특징이라고이해될수있는부분이다. 한편 Model(2) 의추정결과에서알수있듯이여전히본추정식은대기업의경우현금보유량이일반기업보다낮다는것을확인하고있다. 다른변수들과현금보유량간의관계역시기존의연구들과큰차이를보여주고있지않다. 아래의 <Table 7> 은기업지배구조지수중감사기구에관한지수를 (CG4) 사용하여, 현금보유량과기업지배구조지수와의상관관계를추정하였다. 감사기구기업경영자의경영행위를감독하고이사회에보고하는기능을담당하는것으로서감사의기능이강할수록역시경영자가사적인이익을위해현금을지나치게유보할유인이사라지게된다. <Table 7> 의구체적인구성역시지난표들과동일하다. 여기서 Model(1) 은식 (1) 과대응하는식으로벤치마크로서역할을한다. 여기에서조절변수는회사의규모 (Size), 회사의매출액성장률 (Sales Growth), 영업이익률 (Cf), 영업이익률의표준편차 (STD CF), R&D 지출 (RD), 부채비율 (Lev) 및배당비율 (DV) 이사용되었다. 신용등급이있을경우 1 을가지는더미변수 (Bond) 역시조절변수로사용되었다. Model(2) 역시마찬가지로대기업임을표시해주는표시함수를추가적인조절변수로도입하였다 (Large). 세번째에서는대기업에서의대리인이론의설명력판단하기위해대기업표본에한정해서식 (1) 을분석하였다. 네번째모형은대기업이아닌유통기업들의표본을통해식 (1) 을추정하였다. <Table 4> 역시추정된계수및그계수와상응하는 t 통계량을보고하였으며, 조정결정계수 (adjusted ) 및관측치의수 (N) 역시보고하였다. 본표에서 * 는 p-value<0.10, ** 는 p-value<0.05, *** 는 p-value<0.01 을표시한다. <Table 7> 은이전의세부항목을통한연구보다보다흥미로운결과를제시하고있다. 무엇보다가장주목해야할사실은기업외부의감시기구중중심이되는감사와관련한지수 를분석함에있어서도, 이지수가현금보유량과는통계적으로매우유의한양의상관관계를보이고있다는점이다. 이러한결과는이전결과들과마찬가지로기업지배구조가좋은기업에서보다적은현금을보유할것으로예측하는대리인이론과매우상반되는결과라고할수있으며본연구의이전결과를보다강력히뒷받침하고있다. 이러한양의상관관계를유통기업내부에있어서감사들이제대로기능을하지못하고있음을말해주는하나의실증적근거라고볼수있다. <Table 7> Auditing Quality Score CG4 Size Sales Growth CF STD_CF RD Cash Model (1) Model (2) Large NonLarge 0.003** 0.004*** 0.006*** (2.4) (3.1) (3.0) (1.3) *** *** ** (-3.5) (-3.0) (0.0) (-2.3) (0.5) (0.6) (0.3) (0.2) 0.318** 0.450*** 0.865** 0.318* (2.1) (2.9) (2.4) (1.9) (1.4) (1.2) (1.0) (1.1) (0.3) (0.5) (-0.4) (-0.0) Lev *** *** *** *** (-4.4) (-5.2) (-3.7) (-3.6) DV * * (-1.9) (-1.8) (0.4) (-1.5) Bond Large (0.0) (0.7) (-0.3) (0.1) *** (-3.0) Constant 1.118*** 1.015*** *** (4.4) (4.0) (0.1) (3.1) N adjusted 한편이러한통계적으로유의한양의상관관계가대기업이아닌기업에서는약하게나타난다는점역시주목할필요가있다. 대기업이아닌기업들을분석한모형 (4) 에서기업지배구조의계수는통계적으로유의하지않을뿐만아니라그절대적인수치역시다른모형들에비해작게나와보다약한양의상관관계를보이고있다. 이러한비대기업군에서의관계는현금비율과감사기구지수와의양의상관관계가주로대기업군에서기인한것임을밝히고있어, 유통대기업군에있어서보다약한감사기능을함의하고있다. 그러나다른조절변수들의계수는이전표들과유의한차

139 Jeong-Hwan Lee / Journal of Distribution Science (2016) 이를보이지않고있다. 여전히모든모형에대해영업이익률 (CF) 변수와현금보유량간의관계는통계적으로유의한양의관계를보이고있으며이는 Park and Yon (2009) 의분석결과와상응하는부분이다. 한편 Model(2) 의추정결과에서알수있듯이여전히본추정식은대기업의경우현금보유량이일반기업보다낮다는것을확인하고있다. 다른계수들과현금보유량간의관계역시기존의연구들과유사한관계를보여주고있다. <Table 8> Distribution Score CG5 Size Sales Growth CF STD_CF RD Lev DV Bond Large Cash Model (1) Model (2) Large NonLarge *** *** *** (-2.8) (-3.1) (-0.9) (-3.5) ** ** (-2.5) (-1.5) (0.9) (-2.1) (0.5) (0.6) (0.1) (0.2) 0.293* 0.407*** 0.961** 0.320** (1.9) (2.6) (2.6) (2.1) (1.2) (1.1) (1.0) (-0.0) (0.2) (0.3) (-0.0) (-0.0) *** *** ** *** (-4.1) (-4.7) (-2.6) (-4.4) (0.2) (0.6) (0.6) (1.2) (-0.2) (0.3) (-0.8) (0.6) *** (-2.7) Constant 0.816*** 0.651*** *** (3.7) (2.9) (-0.5) (3.4) N adjusted 위의 <Table 8> 은기업지배구조지수중경영과실배분에관한지수를 (CG5) 사용하여, 현금보유량과기업지배구조지수와의상관관계를추정하였다. 이미언급한바와같이경영과실배분은여러가지기업지배구조의기능중매우작은비중의점수만을담당하고있다. <Table 8> 의구체적인구성역시이전표들과동일하다. 여기서 Model(1) 은식 (1) 과대응하는식으로벤치마크로서역할을한다. 여기에서조절변수는회사의규모 (Size), 회사의매출액성장률 (Sales Growth), 영업이익률 (Cf), 영업이익률의표준편차 (STD CF), R&D 지출 (RD), 부채비율 (Lev) 및배당비율 (DV) 이사용되었다. 채권신용등급이있 을경우 1 을가지는더미변수 (Bond) 역시조절변수로사용되었다. Model(2) 역시마찬가지로대기업임을표시해주는표시함수를추가적인조절변수로도입하였다 (Large). 세번째에서는대기업에서의대리인이론의설명력판단하기위해대기업표본에한정해서식 (1) 을분석하였다. 네번째모형은대기업이아닌유통기업들의표본을통해식 (1) 을추정하였다. <Table 4> 역시추정된계수및그계수와상응하는 t 통계량을보고하였으며, 조정결정계수 (adjusted ) 및관측치의수 (N) 역시보고하였다. 본표에서 * 는 p-value<0.10, ** 는 p-value<0.05, *** 는 p-value<0.01 을표시한다. <Table 8> 은본연구에서의이전결과들에반하는결과를보이고있다. 비록전체점수에있어서그중요성은매우작지만, 이지수는현금보유량과는음의상관관계를보여, 기존의대리인이론에입각한설명에상응하는결과를얻고있다. 특히이러한음의상관관계는대기업이아닌기업들에대해서보다확연하게나타나고있음을확인할수있다. 그러나이러한경영과실배분의지수의수치적중요성이미미하고, 대리인이론에서중점적으로다루어지는기업지배구조의요소가아니기때문에, <Table 8> 의결과가대리인이론의설명력을크게뒷받침한다고보기는어렵다. 다시말해주주권익보호, 이사회구조, 기업공시, 감사기구등과달리경영과실배분은대리인이론에서미비하게고려하는부분으로서이러한음의상관관계를대리인이론의설명력을연결시키는것은타당하지못한일이라고볼수도있다 소결 본절에서의유통상장기업에대한실증분석결과는대리인이론의설명력을지지하지않고있다. 기업지배구조분석에있어서매우작은역할을담당하는경영과실배분에대한분석을제외하고는다른모든지수들은기업의현금보유량과통계적으로유의하지않거나오히려통계적으로유의한양의상관관계를보이고있었다. 즉전체지수, 주주권리보호, 이사회구성과운영, 기업공시, 감사기구에관련된지수모두에서대리인이론의설명력을지지하지않고있는결론을얻고있는것이다. 위와같은결론은한국상장기업전반을분석한 Park and Yon (2009) 의결과와는상반되는것으로서유통상장기업의특징적인성격을반영하고있다고생각되어진다. 이와같은결과는 Dittmar et al. (2003) 의관점에서해석할수있는여지가크다. 그들의연구는현금보유에있어서이전까지의많은연구결과들에이어서대리인이론과부합하지않는이유는많은표본이국가별단위로분석되었다는것을지적하였다. 만약이러한각개별국가의기업지배구조가어느정도성숙해있다면, 국가별횡단면분석은큰유의성을보이지못할가능성이크다는가능성이있으며이에따라기존연구들이대리인이론을실증적으로뒷받침하는결과를찾지못할개연성에주목하고있다. 비슷한맥락에서유통상장기업은표본수가제한되어있고, 기업의규모가전반적으로크며, 대기업집단의비중도굉장히크다. 이러한유통상장기업의특성상, 산업내기업의지배구조형태들이비교적균등 (homogeneous) 한관계를가질개연성이크며, 이에따라본연구와같은유통기업내의횡단면분석이적절한설명력을가지지못할수있다. 한편위와같은본연구의결과는많은기존연구들과상응

140 138 Jeong-Hwan Lee / Journal of Distribution Science (2016) 한다. 가장대표적으로현금비율의결정요인을연구한 Opler et al. (1999), Mikkelson and Partch (2003), 및 Harford et al. (2012) 모두기업지배구조가현금비율에있어서오로지제한적인설명력을가지고있다는점을밝히고있다. 미국기업들을대상으로한이들실증연구는대주주의지분비율, 장기적관점, 기업지배구조지수등을통해대리인이론과현금비율과의관계를규명하려고하였으나대리인문제에관한여러변수들이현금비율과일관되지않은상관관계를가지고있음을밝히고있다. 5. 결론 5.1. 연구의요약 본논문은한국유통상장기업이라는표본에집중하여기업지배구조지수와현금보유량의관계를분석함으로서대리인이론의설명력을검정하고자하였다. 대리인이론은기업지배구조지수와현금보유량간의음의상관관계를예측하고있다. 이는좋은지배구조를지닌기업에서기업의경영진들이주주의이해관계에보다일치되게행동할가능성이높아지게되고, 이에따라경영진사적인이익을위한내부자본조달의통로로서현금보유할유인이줄어들게되는것에서기인한다. 하지만본연구의실증적분석결과는이러한대리인이론의예측과는반하는결론을보여주고있다. 총지수, 주주의권리보호지수, 이사회구성및운영지수, 기업공시지수, 감사기구지수등대다수의기업지배관련지수는유통기업내의현금비율과통계적으로유의하지않은관계심지어통계적으로유의한양의관계를보여주고있었다. 이러한관계는대기업및비대기업군의분리를통한분석에있어서역시강건하게확인되고있었다. 유일한예외는경영과실배분관련지수였으며이지수는기업의현금보유비율과통계적으로유의한음의상관관계를지니고있었다. 하지만이경영과실배분관련지수의기업지배구조에있어서중요성을생각해볼때, 이러한결과가대리인이론의설명력을크게뒷받침하지는않는것으로여길수있다 연구의시사점 본논문은대리인이론의설명력에반하는실증분석결과를 제공한다는점에서그큰학술적공헌이있다. 이는미국기업들을대상으로대리인이론과현금보유비율사이의관계를연구한 Opler et al. (1999), Mikkelson and Partch (2003), 및 Harford et al. (2012) 과일치하는결론이다. 이들연구모두대리인이론이미국기업의현금보유비율을설명하는데있어서매우제한적인설명력만지니고있음을밝히고있다. 한편본연구는한국기업에서현금비율연구에도큰시사점을준다. Gong (2006) 과 Park and Yon (2009) 등은한국상장기업내에서제한적이나마대리인문제가현금비율을설명하는것에있어서역할을할수있음을밝히고있다. 그러나본연구는유통상장기업이라는세부산업연구를통해이들의결론에반박하는실증적결과를얻어그큰시사점을지니고있다. 본연구의결과는유통사업의특수성에대한고려가필요함을강조한다고할수있다. 또한본연구는유통산업내에서도대기업집단이현금유보비율을작게유지한다는사실을확인하였다. 이는기존 Park and Yon (2009) 등의연구결과와부합하는것이다. 대기업집단은금융자회사및일반자회사등을통해내부자본을원활히조달할수있으며이에따라현금보유의유인이작아지게되기때문이다. 이러한대기업집단과현금비율과의관계를역시본연구의실증분석을통해확인할수있었다 연구의한계점과향후연구방향 본연구의가장큰한계점으로지적할수있는것은역시짧은표본기간선택에관한것으로서본연구에서는 2005 년부터 2013 년까지기간을분석대상으로하고있다. 하지만기업지배구조지수의공표가 2005 년에본격적으로이루어진것을고려해보자면이러한한계는불가피한것으로서보다장기적인시계열을이용한추후연구가진행될수있을것으로사료된다. 한편본연구에서정확하게밝히지못한부분은유통기업내현금비율과영업이익률간의양의상관관계이다. 이론적으로영업이익률이높은기업들은수익을통해내부자본을원활히조달할수있기때문에현금을보유할유인이작아진다. 하지만본연구의실증결과는강건하게양의상관관계를밝히고있어이러한기존의이론에반하는결론을얻었다. 이와같은양의상관관계에대한구체적인분석은본논문의연구범위를넘어서는것으로서본고에서는다룰수없었지만, 추후의미있는연구과제가될것으로역시생각된다. Reference Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38(01), Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate Governance and Equity Prices. The Quarterly Journal of Economics, 118(1), Gong, J. (2006). The Determinants of Corporate Cash Holdings. The Korean Journal of Finance, 19(1), Harford, J., Mansi, S. A., & Maxwell, W. F. (2012). Corporate governance and firm cash holdings in the US. In Corporate Governance (pp ), Berlin Heidelberg: Springer. Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review, 76(2),

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143 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) Print ISSN: / Online ISSN Structural Relationship between Salesperson s Perceived Evaluation Fairness and Job Performance in the Financial Market 금융시장에서영업사원의지각된평가공정성과직무성과간의구조적관계 Jun-Seop Lee( 이준섭 ) *, Ji-Young Kim( 김지영 ) **, Han-Geun Lee( 이한근 ) *** Received: September 27, Revised: December 3, Accepted: December 15, Abstract Purpose Salesperson perceptions of the fairness and accuracy of a performance evaluation system were examined by managerial and professional employees of large organization. The performance evaluation process is central to many personal decisions such as attitude for job and sales performance. This study investigates the relationship between perceived evaluation fairness, job satisfaction, organizational commitment, and sales performance. The main purpose of this study is to develop and empirically test a comprehensive model of salespersons perceived evaluation fairness on sales performance. For this purpose, we identified the structural relationship between perceived evaluation fairness, job satisfaction, organizational commitment, and sales performance. Also we investigate the mediating effects on job satisfaction and organizational commitment between perceived evaluation fairness and sales performance. Research design, data, and methodology - To empirically test these relationships, data were collected by in-depth interviews from sales managers and questionnaire surveys from 300 salespersons who work for sales area (credit card company, insurance company). Demographically, the overall sample was 91.6% female, 77.9% 30s and 40s, and 34% college educated, with an average tenure with their present organizations of 4 years. The questionnaire was composed of total 20 items dealing with frequency, quality, and consequences of perceived evaluation fairness, job satisfaction, organizational commitment, and sales performance. To test the research hypotheses, collected data analyzed by confirmatory factor analysis (CFA) and structure equation model (SEM). Results Through extensive and rigorous literature review process of related literature(perceived evaluation fairness, Job satisfaction, Organizational commitment, Sales performance), research model and research hypothesis was set up. This study obtains the following research results. First, perceived evaluation fairness has a positive effect on job satisfaction, whereas the effects of perceived evaluation fairness on organizational commitment and sales performance did not show statistically significant result. Second, job satisfaction and organizational commitment have complete mediating roles to the relationship between perceived evaluation fairness and organizational commitment, and relationship between perceived evaluation fairness and sales performance. Conclusions Based on the results, salespersons perceived evaluation fairness is one of the key independent variable for making high job satisfaction, organizational commitment, and sales performance. Finally the theoretical, managerial implication and research limitations are mentioned in the discussion. Keywords: Perceived Evaluation Fairness, Job Satisfaction, Organizational Commitment, Sales Performance. JEL Classifications: C42, E25, L21, M10, P17. * First Author, Ph.D candidate, Yonsei Business School, Yonsei University, Korea rccljs@naver.com ** Corresponding Author, Assistant Professor, Yonsei Business School, Yonsei University, Korea. Tel: , jiyoung.kim@yonsei.ac.kr *** Co-author, Ph.D candidate, Yonsei Business School, Yonsei University, Korea. ol600g@naver.com

144 142 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 서론 개인성과에대한평가의취지는충분히이해합니다만, 평가의객관성과공정성에는항상의문점이있습니다. 이런상황에서평가결과를승진이나보상에연계시키니반감이많을수밖에없습니다. 이는조직에서평가하게되는개인의성과평가제도에반발하는조직구성원들이흔히하는말이다. 조직구성원들개인의인사평가결과에의해서승진결정을하거나성과에대한보상을결정하려는기업들의노력이늘어나다보니성과평가에대한공정성확보가종업원개인뿐아니라조직의차원에서도간과할수없는중요한문제로부각되고있다. 최근에는이러한이슈로인해많은기업들이보다구체적이고, 비교적명확한평가제도의설계구축및운영에노력을기울이고있다. 조직구성원들이지각하는성과평가에대한공정성인식은성과뿐아니라상사나조직에대한신뢰및조직시민행동, 심지어는반생산적인행동들을포함한다양한태도와행동에중요한영향을미치게된다 (Kim, 2016). 공정함이란결과의공정성을이야기하는것이아닌기회의공정성 (equity) 이기때문에기업은조직구성원들에게동등한기회를제공및보장하면서조직구성원각자의노력과업무성과에상응하는대가를공정하게분배해야할책임과의무가있을것이다. 이러한성과평가의공정성에대한관심은최근사회과학분야에서의공정성연구로지속적으로논의가되고있으며특히마케팅연구에서공정성 (fairness) 이론은여러연구에서유용한이론적틀 (framework) 을제공해주고있다 (Jeon, 2007). 공정성이론은 Adams (1965) 의연구를시초로꾸준히여러연구에적용되어왔다. 조직내공정성의다양한역할과이것이조직구성원들의태도와행동에어떠한잠재적인영향을미치는지에대한연구들을살펴보면조직구성원들이스스로가조직내에서공정한대우를받고있다고지각할때긍정적인태도를가지게되며, 이는결국다양한형태로개인의업무성과및조직의효율성을증진시키는데중요한역할을한다고주장하고있다 (Hegtvedt, 1993). 공정성이론에의하면조직의구성원들은조직과의사회적교환속에서공정성을유지하려고하는동기를가지고있다. 즉종업원은자신이투입한노력과그에따른보상의수준을다른동료의보상의수준과비교한결과로공정성을지각한다는것이다 (Adams & Stacey, 1965). 공정성에관한연구는조직구성원이본인의업무를수행함과동시에조직으로부터노력에따른공정한대우와성과보상을받고있는지, 그러한공정한대우와성과에대한보상이직무와관련된조직구성원의직무태도와행동에어떠한영향력이있는지에대한연구가주를이루고있다. 그동안공정성과관련된연구들은 1970 년대에 Thibaut and Walker (1975) 의연구를시작으로진행되어왔는데대표적인연구들을살펴보면 Netemyer et al. (1997) 은조직의보상할당의공정성이종업원의직무만족에영향을미쳐조직시민행동을유발한다고주장하고있다. Moorman (1991) 의공정성과직무몰입의관계에관한연구에서는직원들의공정성인식이높으면높을수록직원들이직무몰입을잘하게된다는연구결과를제시하고있으며, Piercy et al. (2006) 은영업사원의조직의지원에대한공정성인식을조사한결과조직지원의공정성에대한인식은영업사원들의직무몰입, 직무만족, 그리고조직시민행동과직접적인관계가있고, 조직의성과에도간접적인영향을미친다고주장하였다. 이러한선행연구의논리에기반할때, 영업의일선에서직 무를수행하고있는영업사원들은그들이인식하는성과평가에대한공정성에따라영업활동을함에있어다양한태도와행동을보일것으로예상된다. 특히, 영업직의임금제도특성상성과급제가보편화되어있기때문에일반사원보다조직의성과평가에대한공정성에더욱민감하게받아들일가능성이있다. 따라서영업사원들은그들에대한성과평가가공정하다고느낄때조직전체의발전에공헌하는행동을하여개인의성과는물론, 조직의성과역시좋아질것이다. 반면영업사원들이성과평가를불공정하다고느끼면역할불이행, 편승과같은기회주의에빠져직무성과는나빠질것이다. 하지만대부분의공정성이론에기초한선행연구들에서는성과평가에대한공정성지각이직무성과등결과변수에미치는영향을살펴봄에있어서이들의직접적인관계만을확인을하고원인변수와결과변수사이에조직구성원들의어떠한심리적메커니즘이존재하는지, 그리고이심리적메커니즘변수가어떠한역할을하게되는지에대한연구는상대적으로많이부족한편이다. 이에본연구에서는이러한기존의공정성선행연구들에서드러난한계점을극복하고자다음의연구목적을달성하고자한다. 첫째, 영업의일선에서직무를수행하는영업사원들이지각하는그들의영업성과평가의공정성이직무만족과조직몰입, 그리고영업성과에어떠한차별적영향을미치는지살펴보고자한다. 둘째, 영업사원의공정성지각이영업성과에영향을미치는데있어직무만족및조직몰입이어떠한매개역할을하는지실증하고자한다. 또한본연구는영업직에종사하는영업사원들에대한연구의일환으로타업종의영업직에종사하는영업사원에비해급여의변동비가높고개인의성과에따라급여가결정되는성과급제도가보편화되어있는신용카드사, 생명보험사, 화재보험사등금융업계의영업직원을대상으로그들이지각하고있는성과평가에대한공정성연구를진행하였다. 이러한관계를실증하기위한연구의구성은다음과같다. 먼저 2. 이론적배경및연구가설설정에서는본연구의핵심구성개념인성과평가에대한공정성인식과직무만족, 조직몰입, 그리고영업성과에대해설명하고이를바탕으로본연구에서설정한연구가설을제안할것이다. 3. 연구방법에서는본연구의연구가설검증을위한데이터수집방법및분석방법등을제시할것이며, 4. 분석및결과에서는실증한분석결과를도출하여마지막 5. 결론에서는본연구결과를정리하고, 시사점및한계점에대한제언을하고자한다. 2. 이론적배경및가설 2.1. 성과평가의공정성 (Fairness) 성과평가는조직구성원이갖고있는잠재적유용성에대해평가하는제도라할수있다. Glueck (1982) 은성과평가를조직구성원혹은집단의업무수행결과를조직에서객관적으로파악하여조직구성원들의승진및보상결정, 종업원의이동배치전환, 교육훈련기회제공등의인사활동의기본이되는평가라주장하고있다 (Park et al., 2011). 따라서조직구성원스스로가본인의업무수행에있어조직으로부터공정한평가를받고있는지, 아닌지의인식여부가조직구성원관리자체의효율성을결정하게된다할수있다. 이러한성과평가공정

145 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 성에대한인식은구성원자신의업무에대한노력의투입과산출을다른구성원의그것과비교하여평가에대한공정함을판단하는공정성이론에기반을두고있는데 (Lee et al., 2014), 여기서공정성이란조직구성원이업무를수행함에있어조직으로부터공정한보상및결과물을받고있는지, 그리고이러한공정한대우가직무와관련된조직구성원의직무태도혹은행동에어떠한영향을미치는가를설명하는개념이라할수있다 (Greenberg, 1990). Masterson et al. (2000) 은조직구성원이지각하게되는공정성이조직에대한긍정적인태도를발생시켜보다나은행동을유발하게되는중요한요소임을주장하였고, Yoon et al. (2010) 의공정성연구에서도성과평가에대한공정성인식과조직의유효성간에는높은관련성이있다고밝힌바있다 공정성이론 (Fairness theory) 과조직몰입, 직무만족과의관계 그동안공정성과관련된선행연구들은 Thibaut and Walker (1975) 의사회교환이론에기초하여분배공정성과절차공정성이두차원을중심으로논의되어왔다. 종업원들의임금, 승진등의보상이종업원들의성과에따라공정하게분배되고있는지에대한분배공정성과이러한분배와관련된조직의결정이공정한절차에따라잘이루어지고있는지에대한절차공정성, 이두가지공정성에그초점이맞추어져왔다. 분배공정성은구성원개인이투입한노력혹은노동대비임금및보상간의비율을다른구성원과비교할때, 그비율혹은정도가공정하다고인지되는것을말하고 (Deutsch, 1975; Lee et al., 2014), 절차공정성은보상이결정되는과정에서의공정성과관련되는것으로이는임금및보상등을분배하는과정에있어사용되는공식적인프로세스에대한구성원들의공정성인식이라할수있다 (Masterson et al., 2000; Lee et al., 2014). 다시말해분배공정성은결과측면에서, 그리고절차공정성은조직의시스템측면에서서로다르게관련이있음을입증하였다 (Thibaut & Walker 1975). 또한최근의연구에서는조직의상사와부하간의의사소통과정에서조직에의해공정한대우를받고있는지를의미하는상호작용공정성 (interactional fairness) 이조직의공정성의새로운차원으로주목을받고있다 (Song & Yang, 2008). 기존의선행연구들에서조직구성원의조직에대한몰입과직무만족에영향을미치게되는중요한선행요인으로조직의공정성을제시한바있는데먼저, Moorman (1991) 의공정성과직무몰입의관계에관한연구에서공정성이종업원의직무몰입에긍정적인영향을미친다는것을제시하였다. 또한 Piercy et al. (2006) 은영업연구에서영업사원의조직의지원에대한공정성인식을조사한결과조직지원의공정성에대한인식은영업사원들의직무몰입, 직무만족, 그리고조직시민행동과직접적인관계가있다는것을밝혔고, 조직의성과에도간접적인영향이있다고주장하였다. 국내연구에서도 Choi and Ha (2007) 는절차공정성과상호작용공정성이불확실성을없애주는중요한수단임을주장하면서조직이공정성을실행에옮긴다는것은구성원의존엄성과권리를존중하여주는것으로인식되어조직구성원의상사에대한신뢰와조직에대한몰입등에영향을미친다는것을실증하였다. Goodwin and Ross (1992) 의연구에서는서비스상황에서공정성과만족과의관계를연구하였는데서비스실패의내용을세가지의공정성차원 ( 분배공정성 / 절차공정성 / 상호작 용공정성 ) 으로설정하였고연구결과분배공정성, 절차공정성, 상호작용공정성모두만족도에긍정적인영향을미쳤고, 특히절차, 상호작용공정성차원보다분배공정성의영향이가장큰것으로밝혀졌다. Konovsky and Pugh (1994) 의연구에서는종업원에대한평가공정성인식이상사에대한신뢰및직무만족에유의한영향을미친다고주장하였다. Brashear et al. (2004) 은영업사원들에대한공정성척도를개발하여연구한결과, 분배공정성및절차공정성은직원들의직무에대한동기를고취시키고, 이러한직무만족은곧판매성과에영향을미침을확인하였다. Lau and Oger (2012) 역시기업관리자들을상대로한연구에서관리자들이지각하는평가에대한공정성이직무만족에영향을미치고직무만족은공정성과조직몰입사이에서매개역할을하는중요한변수임을실증하였다 (Lau & Oger, 2012). 이상과같은대부분의공정성관련선행연구들에서는공정성을두가지차원 ( 분배공정성, 절차공정성 ), 혹은세가지차원 ( 분배공정성 / 절차공정성 / 상호작용공정성 ) 으로구분지어각세부차원들의차별적인영향을살펴보는데초점을두고실증하였지만연구자들의관점에따라통일되지않고다양한연구결과가제시되고있다. 따라서본연구는각차원의공정성을세분화시키지않고각차원을종합하여성과평가에대한공정성이라는구성개념으로연구를진행하였다. 따라서기존의성과평가에대한공정성, 조직몰입, 그리고직무만족을다룬선행연구들의논의를토대로본연구에서는영업사원들이인지하는성과평가에대한공정성이영업사원의조직에대한몰입및직무만족에긍정적인영향을미칠것으로예상하였고, 다음과같은연구가설을설정하였다. < 가설 1> 영업사원이인지하는성과평가에대한공정성은조직몰입에정 (+) 의영향을미칠것이다. < 가설 2> 영업사원이인지하는성과평가에대한공정성은직무만족에정 (+) 의영향을미칠것이다 공정성이론 (Fairness theory) 과직무성과의관계 일반적으로조직구성원들의직무성과는직무를수행함에있어들어간노력에대한성과의보상이나인사과정에있어공정한절차와분배, 그리고공정한대우에대한인식에따라영향을받을수있다. 조직구성원은자신이투입한노력만큼의정당한대우와보상을받고있다고인지할수록조직에헌신할뿐아니라자신들의직무에있어서긍정적인태도와행동으로임할수있기때문에직무성과평가에있어서조직구성원들이지각하게되는공정성은그들의직무성과에매우밀접한관련이있다고할수있다. 조직구성원이성과평가결과를불공정하다고지각한다면, 그러한불만족은결국노력투입을감소시켜성과를낮추는상황을유발하게되므로공정성은성과에영향을주는중요한요인으로고려될수있다 (Petty et al., 1984). Field et al. (2000) 의연구에서는조직구성원이지각하는직무만족, 이직의도, 그리고직무평가에영향을미치는분배공정성과절차공정성에관한연구에서분배공정성, 절차공정성모두그들의직무성과에중요한역할을한다고주장하였다. 또한국내의연구에서도 Jo (2010) 는직무평가에대한공정성은조직구성원에게본인이투입한노력이공정한보상으로연결이될것이라

146 144 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 는기대감을줄수있으며, 이는능동적인직무능력발휘등의조직에대한긍정적인효과를촉진시키고조직의성과를높이게되는결정적인역할을하게된다고주장하였다. 따라서다음의선행연구들의논의를토대로본연구에서는영업사원들이인지하는성과평가에대한공정성이영업사원의영업성과에긍정적인영향을미칠것으로예상하였고, 다음과같은연구가설을설정하였다. < 가설 3> 영업사원이인지하는성과평가에대한공정성은그들의영업성과에정 (+) 의영향을미칠것이다 직무만족과조직몰입, 직무성과와의관계 직무만족과조직몰입은마케팅과인사조직분야에서업무성과의선행변수로주로다루어지는구성개념이라할수있다. 직무만족은자신의직무에대한평가와직무를통해직, 간접적으로경험하게되는호의적인감정혹은긍정적감정의상태로정의될수있다 (Tett & Meyer, 1993). 많은연구에서주장하고있듯이직무만족은직무자체, 상사와의관계, 승진, 임금및보상수준등여러차원에대한조직구성원의정서적인반응이라할수있다 (Churchill et al., 1974). 한편조직몰입은조직에대한정서적인유대감및조직에대한종업원의심리적인일체감 (Mowday et al., 1979) 으로표현할수있는데, 조직구성원본인이속한조직에대한동일시, 애사심, 그리고조직에대한충성도와같은정서적인반응으로직무만족과비슷한정서적차원의성분을갖게된다 (Tett & Meyer, 1993). 하지만 Porter et al. (1974) 은조직몰입은직무만족과분명히관련이있지만각구성개념이지향하는객체가서로상이하다고주장하였다. 즉, 직무만족은자신의직무에대한정서적인반응이라할수있는반면, 조직몰입은자신이속한조직에대한정서적인반응으로직무만족에비해보다광범위하다. 간단히표현하면, 조직몰입은 조직 을, 직무만족은 직무 자체를지향하고있다는점에서두구성개념은지향하는객체가서로다른만큼확연히구분이된다할수있다. 직무만족과조직몰입과의관계를다룬많은연구들은이두구성개념들의상관관계를높이평가하고있으나이두구성개념들의인과관계에대한논란은어느구성개념이서로에게원인변수가되고, 어떻게결과변수에영향을미치느냐의문제이기때문에많은학자들의관점에따라다양하게주장되고있다. 먼저 Baterman and Strasser (1984) 는조직구성원이스스로의직무만족을해석하는데있어조직에대한몰입수준이기준이된다고보고있으며, 높은수준의조직에대한몰입은높은직무만족을유발한다는연구결과를주장한바있다. 또한 Vandenberg and Lance (1992) 의연구에서도조직몰입이직무만족의선행변수임을주장하고있다. 한편직무만족을조직몰입의선행변수라주장한연구들도있다. Steers (1984) 는개인의필요와욕구를만족시키는교환과정의역할들이조직에대한몰입을증가시킬것이라고주장하였고, Williams and Hazer (1986) 도직무만족이조직몰입에직접적인영향을미친 다는것을밝혔다. 또한 Wiener and Vardi (1980) 의연구와 Clugston (2000) 의연구에서도직무만족은직무관련측면에서종업원의태도라할수있고, 조직몰입은행동으로구별하면서조직구성원의직무만족이조직몰입의선행변수라고주장하고있다. 이상의선행연구들에서밝힌논리를근거로할때직무만족은직무수행과관련하여조직구성원이느끼게되는태도인반면에조직몰입은조직전체에대해형성되는행동이라할수있기때문에본연구에서는직무만족을조직몰입의선행변수가될것으로예상하고있다. 한편조직에대한몰입과직무성과관련한연구도끊임없이진행되어왔는데직무성과향상에영향을주는대표적인요인으로직무몰입을제시하고있으며 (Angle & Lawson, 1994; Benkhoff, 1997; Caruana et al., 1997). 최근의메타분석에서도조직에대한몰입이직무성과의중요한선행변수임을확인하고있다 (LePine et al., 2002). 따라서다음의선행연구들의논의를토대로본연구에서는영업사원의조직몰입은영업사원의영업성과에긍정적인영향을미칠것으로예상하였고, 다음과같은연구가설을설정하였다 < 가설 4> 영업사원의직무만족은조직몰입에정 (+) 의영향을미칠것이다. < 가설 5> 영업사원의조직몰입은영업성과에정 (+) 의영향을미칠것이다 직무만족과조직몰입의매개역할 앞서논의하였던공정성관련기존의선행연구들의이론에따르면조직구성원의조직몰입및직무성과에영향을미치는중요한선행요인으로조직의성과평가에대한공정성을제시한바있는데, Moorman (1991) 의연구에서는성과평가에대한공정성이종업원의직무몰입에긍정적인영향을미친다고제시하고있으며 Petty et al. (1984) 은공정성과직무성과관련연구에서조직구성원이조직에서의성과평가를불공정하다고지각한다면이는결국직무성과를낮추는상황을유발하게된다고밝혔다. 또한 Field et al. (2000) 은공정성의두구성요소인분배공정성, 절차공정성모두그들의직무성과에중요한역할을한다고주장하고있고, Piercy et al. (2006) 은조직지원의공정성에대한인식은영업사원들의직무몰입, 직무만족, 그리고조직시민행동과직접적인관계가있다는것을실증하였다. 이밖에도최근의연구들에서조직구성원의조직몰입및직무만족에영향을미치는중요한선행요인으로공정성변수를제시하고있으나 <Table 1> 에서알수있듯이대부분의공정성이론에기초한선행연구들에서는조직구성원이지각하는공정성, 직무몰입, 그리고직무만족세변수의관계를살펴봄에있어서변수들의직접적인관계에초점을맞추어살펴본연구들이대부분이라할수있다. 따라서조직의공정성과결과변수사이에서의어떠한변수가심리적인메커니즘으로작용하는지를살펴볼필요성이제기될수있다.

147 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) <Table 1> Influence factors of fairness, Job satisfaction, Organizational commitment Researcher Cohen (2011) Tan and Lau (2012) Hur and Park (2012) Nam(2013), Lee (2015) Chun (2014) Jung (2015) Choi et al. (2015) IV DV IV DV IV DV IV DV IV DV IV DV IV DV Interaction Justice Influence Factors Job attitude, Job satisfaction, Job commitment Performance evaluation justice, Procedural justice, Job satisfaction Organization commitment Organizational justice Job commitment Procedural justice, Distributive justice, Job satisfaction Job satisfaction, Job commitment, LMX(Leader-Member Exchange) Procedural justice, Distributive justice Trust about management, Job satisfaction, Job commitment, Job stress Organizational justice, Emotional intelligence Job satisfaction, Organization commitment Job environment Job engagement, Job commitment, Job satisfaction Fishbein and Ajzen (1975) 이제시하였던합리적행동이론에따르면행동은충동적으로행하는것이아니라합리적인이유에근거하여행해지는데마케팅이론에서주장하고있는그인과적순서는 신념 - 태도 - 행동 - 결과 라할수있다. 따라서본연구에서설정한구성개념들간의인과관계를설계한다면성과평가에대한공정성인식은신념에, 직무만족및조직몰입은태도와행동에, 그리고영업사원들의영업성과는결과에각각해당된다할수있다. 이상의논의를기반으로본연구에서는영업사원들이인지하게되는성과평가에대한공정성이조직몰입에영향을미치는과정내에서직무만족이매개변수역할을, 그리고성과평가에대한공정성이영업사원의영업성과에영향을미치는과정에서직무몰입이매개변수역할을할것으로예상하였고, 다음과같은연구가설을설정하였다. < 가설 6-a> 영업사원이인지하는성과평가에대한공정성이조직몰입에영향을미치는과정에서직무만족이매개역할을할것이다. < 가설 6-b> 영업사원이인지하는성과평가에대한공정성이영업사원의영업성과에영향을미치는과정에서조직몰입이매개역할을할것이다. 3. 연구방법 3.1. 자료수집및사전조사 본연구에서제시한연구목적및연구가설을실증하기위해 국내에서영업활동을수행하고있는영업사원들을대상으로사전조사와설문조사법으로자료를수집하였다. 설문조사는국내신용카드사, 생명보험사, 화재보험사등국내금융업계에서영업직으로근무하는영업사원들을대상으로실시하였다. 연구대상을신용카드사, 보험사영업사원으로선정한이유는카드업계및보험업계에종사하는영업사원들은타업종의영업직구성원에비해개인중심의성과급제도가보편화되어있고, 급여의변동비비중이높기때문에그어느영업직군보다조직내부의성과평가가공정한지에대한관심과그에따른민감도가높다는것이사전조사에서밝혀져본연구의적절한표본집단이라판단하였다. 실증분석을위한자료수집은서울, 경기, 그리고충청권에있는세곳의신용카드사 ( 국내카드사 3 곳 ) 와네곳의보험사 ( 국내생명, 화재보험사 3 곳, 외국계생명보험사 1 곳 ) 의영업소에서실제영업직에서영업업무를담당하고있는영업사원을대상으로하였으며, 먼저사전조사를통해설문에대한응답의지조사및본연구에서사용될측정도구들의적합성을평가한후, 설문조사를진행하였다. 설문조사는 3 주에걸쳐진행되었고다음과같은절차로진행되었다. 먼저카드사및보험사의영업사원들에게본연구의취지에대한설명을한후, 설문조사에대한협조를요청하였으며응답을허락한영업사원들에게설문지를제공하였고, 응답이끝난설문지는연구자가직접회수하여실증분석에사용하였다. 전체 300 부의설문지를배부하였고, 설문응답지중내적일관성이부족한설문지와불성실한응답을한 23 부의설문지를제외한 277 부를이용하여실증분석을진행하였다. 연구표본의구성요소중성별은남자 8.4%, 여자 91.6% 로여성영업사원의비율이업계특성상압도적으로높았으며, 연령은 20 대가 16.5%, 30 대가 46.2%, 40 대가 31.7%, 50 대가 5.6% 로 30 대와 40 대영업사원의비율이높았다. 설문대상자들의영업직에서의직무경력은 1 년이상 4 년미만이 42.5% 로가장많았으며, 10 년이상이 22.7%, 1 년미만이 10.3%, 4 년에서 7 년사이의직무경력자가 9.7%, 그리고 7 년이상 10 년미만직무경력자는 14.8% 로설문응답자의영업경력은대체로고루분포되어있다 주요변수의측정 본연구의구성개념들을측정하기위해기존선행연구들에서신뢰성과타당성이이미검증된측정도구를본연구의상황에맞게수정하여사용하였다. 특히성과평가에대한공정성및영업성과의측정은사전조사과정에서카드사및보험사영업소에서근무하는관리자 ( 지점장 1 명, 매니저 2 명 ) 와의심층인터뷰를통해기존선행연구에서사용하던측정도구를본연구에사용하는데있어서의적합성을조사한후, 이를카드사와보험사의상황과산업적특성에맞게수정및보완하였다. 먼저, 성과평가에대한공정성은 Price and Mueller (1986) 와 Moorman (1991) 의연구에서사용한측정문항을본연구의상황에맞게수정하여 5 문항을사용하였고, 직무만족은 Bettencourt and Brown (1983) 과 Piercy et al. (2006) 의연구에서사용된 4 문항, 조직몰입은 Allen and Meyer (1990) 의연구에서사용한 6 문항, 그리고영업성과는 Cravens et al. (1993) 의연구에서사용한 5 개의자기보고식척도를본연구에사용하였다. 모든구성개념의항목들은사회과학분야에서가장널리이용되는척도인 7 점리커트척도를사용하였다.

148 146 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 실증분석 4.1. 신뢰성및타당성분석 본연구에서는각구성개념들의신뢰성을검증하기위해측정항목의신뢰성 (reliability) 을크론바알파 (Cronbach s alpha) 계수를이용하였으며평균분산추출값 (AVE), 합성신뢰도값 (C.R), 그리고변수간상관계수값 (correlation coefficient) 을이용하여수렴타당성과판별타당성을검증하기로했다. 먼저신뢰성을검증하기위해각각의구성개념 (construct) 별로측정항목이크론바알파 (Cronbach s alpha) 계수일반기준 (Nunnally & Bernstein, 1994) 인.6~.7을상회하는지, 그리고타당성을확인하기위한과정으로확인적요인분석 (CFA) 실행후표준요인적재치들이통계적으로유의한지 (Anderson & Gerbing, 1988), 그리고확인적요인분석 (CFA) 으로부터확인된표준부하량을이용하여개념신뢰도 (CR) 와평균분산추출값 (AVE) 을계산하였을때개념신뢰도가.7을상회하고, 평균분산추출값이.5를상회하는지 (Bagozzi & Yi, 1998) 를확인하는과정을통해진행되었다. 또한확인적요인분석 (CFA) 을통한과정에서직무만족 1개문항, 조직몰입 1개문항, 그리고영업성과 1개문항이변수의신뢰성과타당성의저해요인으로판단되어본연구에서제거되었다. 먼저, 본연구의구성개념 (Construct) 에대한신뢰성을확인한결과, Cronbach s alpha값이선행연구에서제시하고있는절대기준인.6~.7 을상회하는것으로나타났기때문에각구성개념의신뢰성은확보된것으로나타났다 (Nunnally & Bernstein, 1994). 각항목의신뢰성검증을마친후, 수렴타당성을검증하였다. 절대적합지수에해당되는 /df, 적합도지수 (GFI), 비교적합도지수 (CFI), 그리고증분적합지수에해당되는근사평균오차의제곱근 (RMSEA) 과표준적합도지수 (NFI) 를확인하였다. /df는 3 이하, GFI, CFI, NFI는.9이상, 그리고 RMSEA는다른적합도기준과달리값이작으면작을수록적합도가좋다고할수있는데일반적으로.8 이하로나오면적합한적합도로해석될수있다 (Hong, 2000). 확인한결과 <Table 2> 에서나타난바와같이모델의전반적인적합도수치들이비교적양호한수준으로나타났으며 ( = , df=109, /df=2.598, p<.001, GFI=.890, RMSEA=.076, CFI=.944, NFI=.913, TLI=.930), 각구성개념들의측정항목에대한요인계수역시.6 이상으로나타났고, p<.001 수준에서유의한것으로나타났다. 또한모든구성개념들의평균분산추출값이권고수준인.5 이상으로확인되었으며, 개념신뢰도역시모든구성개념이.7 이상으로확인되었기때문에수렴타당성도확보되었다. <Table 2 > Reliability / Validity Analysis Construct Perceived evaluation fairness Construct Job satisfaction Organizational commitment Sales performance Variable Factor Loading fairness fairness fairness fairness fairness Variable Factor Loading satisfaction satisfaction satisfaction commitment commitment commitment commitment commitment performance performance performance performance Cronbach α CR AVE Cronbach α CR AVE = , df=109, p<.001, GFI=.890, RMSEA=.076, CFI=.944, NFI=.913, TLI=.930 그리고판별타당성은서로다른구성개념 ( 잠재변수 ) 간의차이를나타내는것으로본연구에서는잠재변수의평균분산추출값 (AVE) 과상관계수의제곱을비교하여검증하였다. 검증결과, <Table 3> 에나타난바와같이모든잠재변수의평균분산추출값이상관계수의제곱보다더높게나타난것으로보아판별타당성이있는것으로확인되었다. <Table 3> Latent Variable Correlation fairness 1 satisfaction 0.411** 1 commitment 0.374** 0.575** 1 performance 0.159** 0.348** 0.464** 1 Mean SD **p<.01

149 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 가설검증 확인적요인분석결과를통해얻어진항목을바탕으로네개의잠재변인들간의관계를파악하였다. 설정한연구가설을검증하기위해구조방정식모형 (Structural Equation Modelling) 분석을수행하였는데, 분석결과연구모형의적합도는 = , P<.001, GFI=.878, RMSEA=.080, CFI=.937, TLI=.923. NFI=.906 으로나타났다. 따라서연구모형의적합도는수용할수있는수준의적합도라판단하였다 (Bagozzi & Yi, 1998). 다음으로연구가설은영업사원이지각하는성과에대한평가의공정성과직무만족, 조직몰입, 그리고영업사원의영업성과에관한가설로구성되었다. 연구가설을검증하기위한경로계수분석결과는 <Figure 1> 에서확인할수있다. 성과평가에대한공정성인식과조직몰입의관계를보는연구 < 가설 1> 의검증결과, 경로계수가.046(t=.756) 으로나타나연구 < 가설 1> 은기각되었다. 따라서성과평가에대한공정성인식은조직몰입에정의영향을미치지않는것으로나타났다. 성과평가에대한공정성인식과직무만족의관계를보는연구 < 가설 2> 를검증한결과, 경로계수가.450(t=6.440) 으로유의한것으로나타났기때문에연구 < 가설 2> 는채택되었다. 따라서성과평가에대한공정성인식은직무만족에정의영향을미치는것으로나타났다. 성과평가에대한공정성인식과영업성과와의관계를본연구 < 가설 3> 에서는경로계수가 (t=-.137) 로나타나 < 가설 3> 은기각되었다. 따라서성과평가에대한공정성인식은영업사원의영업성과에정의영향을미치지못하는것으로나타났다. 다음으로직무만족과조직몰입의관계를본연구 < 가설 4> 의검증결과, 경로계수가.701 (t=9.199) 로유의한것으로나타나 < 가설 4> 는채택되었다. 따라서직무만족은조직몰입에정의영향을미치는것으로나타났다. 조직몰입과영업성과의관계를본연구 < 가설 5> 에서는경로계수가.547(t=8.226) 로유의한것으로나타났다. 따라서영업사원의조직몰입은영업성과에유의한영향을미치는것으로나타나 < 가설 5> 는채택되었다. <Table 4> Hypothesis Verification 가설 Path Coefficient Result H1 Fairness Commitment rejected H2 Fairness Satisfaction 0.45 supported H3 Fairness Job PEF rejected H4 Satisfaction Commitment supported H5 Commitment Job PEF supported H6a H6b Fairness Satisfaction Commitment Fairness Commitment Job PEF supported supported <Figure 1> Path Analysis 이상의연구 < 가설 1>, < 가설 2>, < 가설 3>, < 가설 4>, < 가설 5> 의검증결과를토대로 < 가설 6> 에서는영업사원들이인지하는성과평가에대한공정성이조직몰입에영향을미치는데있어 (a) 직무만족이매개역할을, 그리고성과평가에대한공정성이영업사원의영업성과에영향을미치는데있어 (b) 조직몰입이매개역할을하는지를검증하였다. 먼저, < 가설 2>, < 가설 4>, < 가설 5> 가채택되었기때문에직무만족은독립변수인성과평가에대한공정성과종속변수인조직몰입사이에서매개변수의역할을, 조직몰입은독립변수인성과평가에대한공정성과종속변수인영업성과사이에서매개변수의역할을할수있는기본적인전제조건을충족하였다 (Sobel, 1982). 연구 < 가설 6> 의매개분석을수행하기위해비모수표본추출법인붓스트래핑방법 (bootstrapping method) 을사용했으며붓스트래핑방법은매개효과의분포가정규분포를따른다고가정하고있는 Sobel test 의약점을보완하기위한매개효과검증방법으로정규분포의여부와상관없이사용가능하고표본자료를재표본 (Resampling) 하는과정을거쳐추정하는방법이기때문에 (Preacher et al., 2007) < 가설 6> 의매개효과를검증하기위한적절한방법이라판단하였다. 연구 < 가설 6-a> 의검증결과, 매개효과의계수값은.316 으로나타났다. 95% 신뢰구간내매개효과계수의하한치와상한치는각각.226,.428 로하한치, 상한치가신뢰구간사이에 0 을포함하고있지않기때문에직무만족의매개역할은통계적으로유의한결과가나타났다 (<Table 5> 참조 ). 이결과는영업사원이지각하는성과평가에대한공정성이직무만족을높이고, 직무만족이높을수록조직에대한몰입도가증가한다는것을의미한다. 따라서성과평가에대한공정성이조직몰입에영향을미치는데있어직무만족이매개역할을하는것으로밝혀져연구 < 가설 6-a> 는채택되었다. 연구 < 가설 6-b> 의검증결과, 매개효과의계수값은.198 로나타났고 95% 신뢰구간내매개효과계수의하한치와상한치는.126,.292 로하한치와상한치가신뢰구간사이에 0 을포함하고있지않기때문에조직몰입의매개역할역시통계적으로유의하게나타났다 (<Table 6> 참조 ). 따라서영업사원의성과평가에대한공정성

150 148 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 지각이영업성과에영향을미치는데있어조직몰입이매개역할을하는것으로나타나연구 < 가설 6-b> 역시채택되었다. <Table 5> Bootstrapping Result (Job satisfaction) Bootstrap Bootstrap C.I (95%) Coefficient SE LLCI ULCI Job satisfaction LLCI: Low Level Confidence Interval (95%), ULCI: Upper Level Confidence Interval (95%) <Table 6> Bootstrapping Result (Organizational commitment) Organizational commitment Bootstrap Bootstrap C.I (95%) Coefficient SE LLCI ULCI LLCI: Low Level Confidence Interval (95%), ULCI: Upper Level Confidence Interval (95%) 5. 연구결과및시사점 본연구는공정성이론에기반하여영업사원들이지각하는성과평가에대한공정성이그들의영업성과에영향을미치는데있어어떠한심리적기재가작용해서영업성과에이어지는지를발견해보려는목적에서시작되었고, 목적에기반한연구가설을실증하기위해기존선행연구의이론적근거를바탕으로실증분석을통해다음과같은결과를도출하였다. 첫째, 영업사원의지각된평가공정성이직무만족에긍정적인영향을준다는인과관계를확인하였다. 이는기존의공정성관련선행연구들과동일한결과로서영업사원이지각하는평가에대한공정성은영업사원의직무만족에매우중요한선행변수임을다시한번확인할수있었다. 둘째, 영업사원이인지하는평가에대한공정성이조직몰입과영업성과에는직접적인인과관계가나타나지않았다. 이는신용카드사나보험사와같은금융업계영업사원들의상당수는근로기준법상개인사업자에속한경우가많기때문에직무활동에있어서팀이나조직단위의직무보다는독립적으로영업직무수행을하다보니그들이지각하는공정성이조직에대한몰입과의직접적인관계가없었던것으로판단된다. 또한성과평가의공정성과영업성과와의직접적인관계를확인했던기존의선행연구들의결과와는달리이두구성개념들의인과관계가확인되지않은점도업계의특수성이반영된결과라예측할수있다. 마지막으로영업사원들이인지하는성과평가에대한공정성이조직몰입에영향을미치고, 이과정에서직무만족이매개변수역할을, 그리고성과평가에대한공정성이영업사원의영업성과에영향을미치는과정에서조직몰입이매개변수역할을한다는점을실증하였다. 이와같은연구결과를토대로본연구가갖게되는이론적시사점과실무적시사점을논의하면다음과같다. 먼저, 이론적시사점으로는현재까지마케팅분야에서공정성에관한연구가꾸준히진행되어왔지만영업사원의성과평가에대한공정성에대한개념이확실히정립되지않고있으며, 성과평가에대한측정도구역시보다다양한관점에서의접근이필요했다. 본연구에서밝혀진결과가마케팅연구에서의공정성연구에미약하게나마기여할수있을것으로본다. 둘째, 본연구에서직무만족과조직몰입형성과정이영업사원이지각하는성과평가에대한공정성과영업성과사이에강력한매개역할을하는것으로밝혀진점은지금까지의공정성과관련된연구들이공정성의인식과결과변수와의직접적인관계만을밝히는것에초점을두어온우리나라공정성연구의영역을확장시키는기반이될수있을것이다. 마지막으로본연구는실제금융업계영업직에종사하는영업사원들을대상으로성과평가에대한공정성인식을조사하였다. 이는타업종의영업직영업사원들에비해성과급제도가보편화되어있고, 성과에대한급여의변동비가높은산업의조직에서근무하고있다는환경적인요소가본연구에매우적합한연구표본이라는점에큰의의가있다. 다음으로실무적측면에서본연구는영업직에종사하는영업사원들이지각하는성과평가의공정성에대한포괄적인이해를제시해줌으로써기업의입장에서영업사원을관리하는데다양한지침을제공해줄수있다. 먼저, 영업사원들의영업성과를높이기위한관리적전략으로영업사원들의조직에대한몰입을새로운방안으로제시할수있다. 영업사원들의조직에대한몰입을적극권장하게되면구성원들에게조직의중요한구성원이라는소속감도살리면서영업성과를높일수있기때문에두마리토끼를동시에잡을수있는기회를얻을수있다. 둘째, 영업사원들의조직에대한몰입과직무만족도를높이기위해서는성과평가에대한공정성의인식이선행되어야한다는것이다. 본연구에서는조직의성과평가에대한공정성이영업사원의직무만족에유의한영향을미치는것으로나타났다. 이는동기부여적인측면에서성과평가에대한공정성인식이조직내영업사원들에게받아들여지고그들의영업역량이인정되는조직문화가조성되어야한다는점을제시하고있다. 마지막으로구성원들의직무만족및그들의조직에대한몰입을위해서구성원들이신뢰할수있도록공정하고보다객관적인인사시스템을확보하고, 이를구성원들에게인지시켜그들이조직을신뢰하고자신의업무에충실할수있는여러가지제도적, 운영적방안들을마련해야할것으로본다. 6. 연구의한계점및향후연구제언 본연구는다양한학문적시사점과실무적시사점을제공하고있음에도불구하고몇가지의한계점과이러한한계점을극복하기위한향후연구의방향을제시할수있다. 먼저, 매우제한된산업에서근무하고있는영업사원만을연구대상으로설정하였기때문에연구결과를우리나라의모든영업사원에게적용시킨다는것은다소무리가있을수있다. 따라서보다다양한업종에서근무하고있는영업사원들을표본으로선정하여그들이지각하는성과평가에대한공정성과직무만족, 조직몰입및직무성과의관계를실증하는부분을향후연구과제로남기고자한다. 또한본연구에서사용된모든구성개념을동일한응답자에의해응답하게하는설문지를사용한연구방법은변수간의상관관계를높일수있는공통방법편의 (Common Method Bias) 의이슈를발생시킬수있는위험의소지가있으므로향후연구에서는보다다양한원천 (Source) 과수준 (Level) 에서의설문데이터와객관적인성과데이터사용의필요성이제기될수있다. 마지막으로, 기존의공정성관

151 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) 련선행연구들에서는공정성을단일요인이아닌분배공정성, 절차공정성, 상호작용공정성등여러요인으로구분해서살펴본연구가다수였지만, 본연구에서는영업사원의성과평가에대한공정성인식을여러공정성요인의총체적개념으로 보았기때문에단일요인으로측정하였다. 향후연구에서는각요인별로분류하여기타변수들간의관계를검증해볼필요성이제기될수있다. Reference Allen, N. J., & Meyer, J. P. (1990). The measurement and antecedents of affective, continuance and normative commitment to the organization. Journal of Occupational Psychology, 63, Bagozzi, R. P., & Y. Yi (1988), On the Evaluation of Structural Models. Journal of Academy of Marketing Science, 16(1), Bateman, T. S., & Strasser, S. (1984). A Longitudinal Analysis of the Antecedents Organizational Commitment. Academy of Management Journal, 27, Benkhoff, B. (1997). Ignoring Commitment Is Costly: New Approaches Establish the Missing Link between Commitment and Performance. Human Relations, 50(6), Bettencourt, L. A., & Brown, S. W. (1997). Contact Employees: Relationships among Workplace Fairness, Job Satisfaction and Prosocial Service Behaviors. Journal of Retailing, 73(1), Brashear, T. G., Brooks, C. M., & Boles, J. S. (2004). Distributive and procedural justice in a sales force context Scale development and validation. Journal of Business Research, 57(1), Choi, A-Ryoung, Kim, Cheong-Il, & Kim, Jung-Sook (2015). Study as to Effects of Organizational Justice for Employees in Food Service Corporation on Job Satisfaction and Organizational Commitment. International Journal of Tourism and Hospitality Research, 29(7), Cohen-Charash, Y., & Spector, P. E. (2001). The role of justice in organization: A meta-analysis. Behavior and Human Decision Processes, 86(2), Cravens, D. W., Ingram, T. N., LaForge, R. W., & Young, C. E. (1993). Behavior-based and outcome-based salesforce control systems. The Journal of Marketing, 57(4), Deutsch, M. (1975). Equity, Equality, and Need: What Determines Which Value Will Be Used as the Basis of Distributive Justice?. Journal of Social Issues, 32, Field, D., Pang, M., & Chiu, C. (2000). Distributive and Procedural Justice as Predictors of Employee Outcomes in Hong Kong. Journal of Organizational Behavior, 21, Greenberg, J. (1990). Organizational Justice: Yesterday, Today, and Tomorrow. Journal of Management. 16(3), Hegtvedt, K. A. (1993). Approaching distributive and procedural justice: Are separate routes necessary?. In E. J. Lawler, B. Markovsky, K. Heimer, & J. O'Brien (eds.). Advances in group processes (Vol. 10). Greenwich, CN: JAI Press. Hong, Se-Hee (2000). The Criteria for Selecting Appropriate Fit Indices in Structural Equation Modeling and Their Rationales. Korean Journal of Clinical Psychology, 19(1), Hur, Chan-Young, & Park, Jung-Do (2012). Leader-Member Exchange on the Relationship between Organizational Justice and Organizational Effectiveness. Korean Academy of Human Resource Management, 19(4), Jung, Hee-Young (2015). Research on the influences of interactive justice and emotional intelligence of flight attendant on job satisfaction and organizational commitment. Korean Association Of Human Resource Development, 18(2), Lau, C. M., & Oger, B. (2012). Behavioral effects of fairness in performance measurement and evaluation systems: Empirical evidence from France. Advances in Accounting, incorporating Advances in International Accounting, 28, Lee, Hee-Tae (2015). A study on the effects of organizational justice in Local governments performance-oriented human resource management on civil servants job satisfaction, organizational commitment and job performance: focused on Busan. The Korean Journal of Local Government Studies, 19(3), Lee, Jong-Wan, Kim, Choong-Hyun, & Lee, Jae-Hoon (2014). A Study on the Effect of the Perception of Justice on Pay for Performance System of Finance and Investment Companies to the Organizational Citizenship Behavior and Customer Orientation. Korean business education review, 29(4), LePine, J. A., Erez, A., & Johnson, D. E. (2002). The nature of dimensionality of organizational citizenship behavior: A critical review and meta-analysis. Journal of Applied Psychology, 87,

152 150 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) Masterson, S. S., Lewis, K., Goldman, B. M., & Taylor, M. S. (2000). Integrating Justice and Social Exchange: The Differing Effects of Fair Procedures and Treatment on Work Relationship. Academy of Management Journal, 43(4), Missing Link between Commitment and Performance. Human Relations, 50(6), Moorman, R. H. (1991). Relationship between organizational justice and organizational citizenship behaviors: Do fairness perceptions influence employee citizenship?. Journal of Applied Psychology, 76, Nam, Sung-Ha (2013). The effect of perceived justice on organizational commitment and satisfaction to the local public enterprise. GRI Review, 15(3), Nunnally, J. C. (1978). Psychometric Theory. New York: McGraw-Hill. Park, Jin-Young, Lee, Sung-Kwak, & Lee, Hee-Su (2011). Influence of Employee Evaluation Fairness on Trust and Organizational Commitment at First Class Hotels. Tourism Management, 26(2), Petty, M. M., McGee, G. W., & Cavender, J. W. (1984). A meta-analysis of the relationships between individual job satisfaction and individual performance. Academy of management review, 9(4), Piercy, N. F., Cravens, D. W., Lane, N., & Vorhies, D. W. (2006). Driving organizational citizenship behaviors and salesperson in-role behavior performance: The role of management control and perceived organizational support. Journal of the Academy of Marketing Science, 34, Porter, L. W., Steers, R. M., Mowday, R. T., & Boulian, P. (1974). Organizational commitment, job satisfaction, and turnover among psychiatric technicians. Journal of Applied Psychology, 59, Steers, R. M. (1984). Introduction to Organizational Behavior (2nd ed.). GlenviewⅢ, Scott: Forresman & Co. Tan, S. L. C., & Lau, C. M. (2012). The Impact of Performance Measures on Employee Fairness Perceptions, Job Satisfaction and Organizational Commitment. JMAR, 10(2), Tett, R. P., & Meyer, J. P. (1993). Job satisfaction, organizational commitment, turnover intention, and turnover: Path analyses based on meta-analytic findings. Journal of Personnel Psychology, 46, Vandenberg, R. J., & Lance, C. E. (1992). Examining the causal order of job satisfaction and organizational commitment. Journal of Management, 18(1), Williams, L. G., & Hazer, J. T. (1986). Antecedents and Consequences of Satisfaction and Commitment in Turnover Models: A Reanalysis Using Latent Variable Structural Equation Methods. Journal of Applied Psychology, 71(2),

153 Jun-Seop Lee, Ji-Young Kim, Han-Geun Lee / Journal of Distribution Science (2016) Appendix (Measurement) Construct Loading 1. How fair are the procedures used to evaluate employee performance? Path Loading C/R AVE Reliability.715 Evaluation Fairness on Job Performance (Price and Mueller, 1986; Moorman, 1991) 2. How fair are the distribution used to evaluate employee performance? 3. How fair are the procedures used to determine promotion? 4. How fair are the procedures used to communicate performance feedback? 5. How fair are the procedures used to determine pay increases? Job Satisfaction (Bettencourt and Brown, 1983; Piercy et al., 2006) 1. In general, I like working here I get little sense of accomplishment from doing my job I am satisfied with my job Organizational Commitment (Allen and Meyer, 1990) 1. I talk up this organisation to my friends as a great organisation to work for 2. This organization really inspires the very best in me in the way of job performance 3. I talk up this organization to my friends as a great organization to work for 4. I am proud to tell others that I am part of this organization 5. I find that my values and this organization's values are very similar Sales Performance (Cravens et al., 1993) 1. My performance is very high in terms of sales growth My performance is very high in terms of profit growth My performance is very high in terms of overall profitability My performance exceed sales targets and objectives assigned to me..942

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155 Appendix 153 Appendix Guide for Authors; The Journal of Distribution Science (JDS) Print ISSN: / Online ISSN: Introduction The Journal of Distribution Science (JDS) is an official and public journal published by the Korea Distribution Science Association (KODISA). The JDS is an international peer-reviewed journal, which is devoted to distribution economics, distribution management and science, and interdisciplinary topics. The journal is published twelve issues per year, in full English bimonthly every as a month. The mission of JDS is to bring together the latest theoretical and empirical distribution management research in international markets. The journal audience includes: business school academics and researchers, economists, social scientists, international business persons, and policy makers, as well as managers from both for profit and not for profit corporations Submission A uthors are requested to submit their papers electronically by attachments to Editorial office: kodisa_jds@daum.net. The attached files should be in MS Word, Word Perfect or RTF format. Any supplemental files should also be in Microsoft Word, RTF, Word Perfect, or Excel format. PDFs are not acceptable. Authors are requested to submit the text, tables, and artwork in electronic form to this address. The Publisher and Editor regret that they are not able to consider submissions that do not follow these procedures. All correspondence, including notification of the Editor's decision and requests for revision, takes place by Submission declaration Submission of an article implies that the work described has not been published previously (except in the form of an abstract or as part of a published seminar, lecture or academic thesis), that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, it will not be published elsewhere including electronically in the same form, in English or in any other language, without the written consent of the copyright-holder. Each submission must contain Submission Declaration Statement in its cover letter as follows: We hereby confirm that the manuscript has no any actual or potential conflict of interest with any parties, including any financial, personal or other relationships with other people or organizations within three years of beginning the submitted work that could in appropriately influence or be perceived to influence. We confirm that the paper has not been published previously, it is not under consideration for publication elsewhere, and the manuscript is not being simultaneously submitted elsewhere Conflict of interest All authors are requested to disclose any actual or potential conflict of interest including any financial, personal or other relationships with other people or organizations within three years of beginning the submitted work that could in appropriately influence, or be perceived to influence, their work Copyright Upon acceptance of an article, authors will be asked to complete a "Journal Publishing Agreement Form" of the Publisher (for more information on this and copyright see Acceptance of the agreement will ensure the widest possible dissemination of information. An will be sent to the corresponding author confirming receipt of the manuscript together with a "Journal Publishing Agreement Form" or a link to the online version of this agreement. The corresponding author will be responsible for the following: 1) Ensuring that all authors are identified on the copyright agreement, and notifying the editorial office of any changes in the authorship. 2) Warranting and indemnifying the journal owner and publisher on behalf of all co-authors. Although such instances are very rare, you should be aware that in the event that a co-author has included content in his or her portion of the article that infringes the copyright of another or is otherwise in violation of any other warranty listed in the agreement, you will be the sole author indemnifying the publisher and the editor of the journal against such violation. The journal will permit the author to use the article elsewhere after publication, including posting the final postacceptance manuscript version on the author s personal web pages or in an institutional repository maintained by the institution to which the author is affiliated, in other works or for the purposes of the author s teaching and research,

156 154 Appendix provided acknowledgement is given to the Journal as the original source of the publication. KODISA applies the Creative Commons Attribution-Non Commercial 4.0 International (CC BY-NC 4.0) to works we publish (read the human-readable summary or the full license legal code). This license was developed to facilitate open access namely, free immediate access to, and unrestricted reuse of, original works of all types. Under this license, authors agree to make articles legally available for reuse, without permission or fees, for virtually any purpose. Anyone may copy, distribute or reuse these articles, as long as the author and original source are properly cited Publication Ethics and Publication Malpractice The journal is committed to upholding the highest standards of publication ethics and takes all possible measures against any publication malpractices. All authors submitting their works to the journal for publication as original articles attest that the submitted works represent their authors contributions and have not been copied or plagiarized in whole or in part from other works. The authors acknowledge that they have disclosed all and any actual or potential conflicts of interest with their work or partial benefits associated with it. In the same manner, the journal is committed to objective and fair double-blind peer-review of the submitted for publication works and to prevent any actual or potential conflict of interests between the editorial and review personnel and the reviewed material. Any departures from the above-defined rules should be reported directly to the Editors-in-Chief, who is unequivocally committed to providing swift resolutions to any of such a type of problems. Further to the above, the journal is following the highest standards of publication ethics and the Code of Conduct for Journal Editors. By joining and supporting the Committee on Publication Ethics (COPE) the journal will help support the ethical imperative in promoting publication ethics and providing advice for editors and publishers ( /resources/guidelines). 2. The preparation of manuscripts (main document) 2.1. Language Please write your text in good English (American or British usage is accepted, but not a mixture of these) or Korean Word count While no maximum length for manuscripts is prescribed, authors are encouraged to write concisely. As a guide, articles should be between 5,000 and 7,000 words in length Style of presentation 1) Use A4 sheet size. 2) Margins should be one inch (2.5cm) at the top, bottom, and sides of the page. 3) Font type should be 12-point Arial throughout the document. 4) Double-space all body text, including abstract, references, end notes and appendices. 5) Number all pages in your manuscript, starting with the Abstract Page. 6) Manuscript text should be left-aligned Use of word processing software It is important that the file be saved in the native format of the word processor used. The text should be in single-column format. Keep the layout of the text as simple as possible. Most formatting codes will be removed and replaced on processing the article. Do not embed "graphically designed" equations or tables, but prepare these using the word processor's facility. Do not import the figures into the text file but, instead, indicate their approximate locations directly in the electronic text and on the manuscript. To avoid unnecessary errors you are strongly advised to use the "spell-check" and "grammar-check" functions of your word processor. 3. The presentation of manuscripts 3.1. Article structure Divide your article into clearly defined and numbered sections. Subsections should be numbered 1.1. (then , ,...), 1.2., etc. (the abstract is not included in section numbering). Use this numbering also for internal crossreferencing: do not just refer to "the text". Any subsection may be given a brief heading. Each heading should appear on its own separate line Introduction State the objectives of the work and provide an adequate background, avoiding a detailed literature survey or a summary of the results Literature review Provide an adequate background with detailed literature survey or a summary of the results of previous studies Methodology Provide sufficient detail to allow the work to be reproduced. Methods already published should be indicated by a reference: only relevant modifications should be described Results Provide sufficient detail to allow the results to be meaningful and informative.

157 Appendix Discussion This should explore the significance of the results of the work, not repeat them. A combined Results and Discussion section is often appropriate. Avoid extensive citations and discussion of published literature Conclusions The main conclusions of the study may be presented in a short Conclusions section, which may stand alone or form a subsection of a Discussion or Results and Discussion section Appendices If there is more than one appendix, they should be identified as A, B, etc. Formulae and equations in appendices should be given separate numbering: Eq. (A.1), Eq. (A.2), etc.; in a subsequent appendix, Eq. (B.1) and so on. Similarly for tables and figures: Table A.1; Fig. A.1, etc Tables, Figures, and Artwork Abbreviations Define abbreviations that are not standard in this field in a footnote to be placed on the first page of the article. Such abbreviations that are unavoidable in the abstract must be defined at their first mention there, as well as in the footnote. Ensure consistency of abbreviations throughout the article Mathematical formulae Present simple formulae in the line of normal text where possible. In principle, variables are to be presented in italics. Use the solidus (/) instead of a horizontal line, (e.g., X p /Y m). Powers of e are often more conveniently denoted by exp. Number consecutively any equations that have to be displayed separate from the text (if referred to explicitly in the text) Other symbols Greek letters and unusual symbols should be identified in the margin. Distinction should be made between capital and lower case letters; between the letter O and zero; between the letter I, the number one and prime; between kand kappa. The numbers identifying mathematical expressions should be placed in parentheses Footnotes Footnotes should be used sparingly. Number them consecutively throughout the article, using superscript Arabic numbers. Many word processors build footnotes into the text, and this feature may be used. Should this not be the case, indicate the position of footnotes in the text and present the footnotes themselves separately at the end of the article. Do not include footnotes in the Reference list Table footnotes Indicate each footnote in a table with a superscript lowercase letter Artwork 1) Make sure you use uniform lettering and sizing of your original artwork. 2) Save text in illustrations as "graphics" or enclose the font. 3) Only use the following fonts in your illustrations: Arial, Courier, Times, Symbol. 4) Number the illustrations according to their sequence in the text. 5) Provide captions to illustrations separately. 6) Produce images near to the desired size of the printed version. 7) Submit each figure as a separate file. Please do not: 8) Supply embedded graphics in your word processor document; 9) Supply files that are optimized for screen use (like GIF, BMP, PICT, WPG); 10) Supply files that are too low in resolution; 11) Submit graphics that are disproportionately large for the content Color artwork Please make sure that artwork files are in an acceptable format (TIFF, EPS or MS Office files) and with the correct resolution. If, together with your accepted article, you submit usable color figures then the Publisher will ensure that these figures will appear in color in the printed version. For color reproduction in print, you will receive information regarding the costs from the Publisher after receipt of your accepted article. Please note: Because of technical complications which can arise by converting color figures to "gray scale" (for the printed version should you not opt for color in print) please submit in addition usable black and white versions of all the color illustrations Figure captions Ensure that each illustration has a caption. Supply captions separately, not attached to the figure. A caption should comprise a brief title (not on the figure itself) and a description of the illustration. Keep text in the illustrations themselves to a minimum but explain all symbols and abbreviations used Tables Number tables consecutively in accordance with their appearance in the text. Place footnotes to tables below the table body and indicate them with superscript lowercase letters. Avoid vertical rules. Be sparing in the use of tables and ensure that the data presented in tables do not duplicate results described elsewhere in the article.

158 156 Appendix 3.3. References APA (American Psychological Association) Text: Citations in the text should follow the referencing style used by the American Psychological Association. You are referred to the Publication Manual of the American Psychological Association, Sixth (6th) Edition, ISBN Details concerning this referencing style can also be found at List: references should be arranged first alphabetically and then further sorted chronologically if necessary. More than one reference from the same author(s) in the same year must be identified by the letters 'a', 'b', 'c', etc., placed after the year of publication. Web references As a minimum, the full URL should be given and the date when the reference was last accessed. Any further information, if known (DOI, author names, dates, reference to a source publication, etc.), should also be given. Web references can be listed separately (e.g., after the reference list) under a different heading if desired, or can be included in the reference list Citation in text Please ensure that every reference cited in the text is also present in the reference list (and vice versa). Any references cited in the abstract must be given in full. Unpublished results and personal communications are not recommended in the reference list, but may be mentioned in the text. If these references are included in the reference list they should follow the standard reference style of the journal. All citations in the text should refer to: - Single author: the author's name (without initials, unless there is ambiguity) and the year of publication; - Two authors: list all authors' names with "and" separating the two authors and the year of publication; - More than three up to five authors: at first citation list all authors' names with "and" separating the last two authors and the year of publication; If more than six authors, list the first six authors followed by et al. and the year of publication. In subsequent citations use the first author et al. Citations may be made directly (or parenthetically). Groups of references should be listed first alphabetically, then chronologically. For example, Kim and Lee (2008) suggest..., or Lee and Cormier (2009) find that..., or A study of distribution economics (Youn, 2007) has shown that...' When citing a list of references in the text, put the list in alphabetical order and separate authors by semicolons; for example, "Several studies (Kim & Lee, 2008; Lee & Cormier, 2009a, 2009b; Youn & Kim, 2003) support this conclusion." To cite a direct quotation, give pages after the year, separated by a comma and a space. For example: "Smith argues that for something to happen it must be not only 'favorable and possible but also wanted and triggered' (2008, p.38)" List of references References should be arranged first alphabetically and then further sorted chronologically if necessary. More than one reference from the same author(s) in the same year must be identified by the letters "a", "b", "c", etc., placed after the year of publication. Reference to an article in journals: Kim, Pan-Jin (2009). A study on the risk management of korean firms in chinese market. Journal of Distribution Science, 7(2), Lee, Jung-Wan, & Cormier, James F. (2010). Effects of consumers demographic profile on mobile commerce adoption. Journal of Distribution Science, 8(1), Youn, Myoung-Kil, Kim, Yoo-Oh, Lee, Min-Kweon, & Namkung, Suk (2006). Domestic restrictions on the opening of retail stores. Journal of Distribution Science, 6(2), Reference to a book (ISBN): Greenberg, Paul (2001). CRM at the speed of light (5th ed.). Emeryville, CA: Lycos Press. Youn, Myoung-Kil, & Kim, Yoo-Oh (2016). Principles of distribution (2nd ed.). Seoul, Korea: Doonam Publishing. Reference to a Thesis for Doctorate (or Master's thesis): Kim, Young-Min (2001). Study on factors of introduction of supply chain management of korean companies. Seoul, Korea: Thesis for Doctorate in Jungang University. Reference to a chapter in an edited book: Burton, R. R. (1982). Diagnosing bugs in a simple procedure skill. In D. H. Sleeman, & J. S. Brown, Intelligent tutoring systems (pp ), London, UK: Academic Press. For published conference proceedings: Lee, Jung-Wan, & Kim, Young-Ei (2007). Green distribution and its economic impact on the distribution industry. Proceedings of the Second International Conference of KODISA (pp.12-32). Seoul, Korea: KODISA. For Magazine Article: Youn, Myoung-Kil (2010, July). Distribution science in medical industry. Medical Distribution Today, 39(4),

159 Appendix For newspaper articles: Kim, Young-Ei (2011). New challenges and opportunities for traditional markets. Korea Distribution News, 21 January, Section 3-4. Seoul, Korea. For newspaper articles (non-authored): Korea Distribution News (2011). Future of traditional markets. Korea Distribution News, 21 January, Section 3-4. Seoul, Korea. For Internet resources: Kim, Dong-Ho, & Youn, Myoung-Kil (2012). Distribution knowledge, research, and journal. Proceeding of 2012 Summer International Conference of KODISA, Seoul, Korea (pp.73-78). Retrieved August 30, 2012, from kodisajournals.org/index.php?mid= Conferences&document_ srl=8862 China National Petroleum Corporation (2009) annual reports. Beijing, China: CNPC. Retrieved September 30, 2010, from data and methodology, 3) the principal results, and 4) major conclusions. An abstract is often presented separately from the article, so it must be able to stand alone. For this reason, non-standard or uncommon abbreviations should be avoided, but if essential they must be defined at their first mention in the abstract itself Keywords Immediately after the abstract, provide a maximum of 5 keywords. These keywords will be used for indexing purposes JEL code Immediately after keywords, provide a maximum of 5 JEL codes. These codes will be used for indexing purposes Acknowledgements Collate acknowledgements in a separate section at the end of the title page and do not, therefore, include them on the main document (manuscripts) or otherwise. List here those individuals who provided help during the research (e.g., providing language help, writing assistance or proof reading the article, etc.). 4. The information of title page 4.1. Title Concise and informative. Maximum 15 words. Titles are often used in information-retrieval systems. Avoid abbreviations and formulae where possible Author names and affiliations Where the family name may be ambiguous (e.g., a double name), please indicate this clearly. Present the authors' affiliation addresses (where the actual work was done) below the names. Indicate all affiliations with a lower-case letter immediately after the author's name and in front of the appropriate address. Provide the full postal address of each affiliation, including the country name, and, the address of each author. Note: This information should be provided on a separate sheet and authors should not be identified anywhere else in the manuscript Corresponding author Clearly indicate who will handle correspondence at all stages of refereeing and publication, also post-publication. Ensure that telephone (with country and area code) are provided in addition to the address Abstract A concise, factual and structured abstract is required. About 200 words in total are recommended(however, the Korean Papers: About 350 words). The abstract should state briefly 1) the purpose of the research, 2) research design, 5. The checklist of submission It is hoped that this list will be useful during the final checking of an article prior to sending it to the journal's Editor for review. Please consult this Guide for Authors for further details of any item. For submissions you have prepared 3 files: File 1. The title page Ensure that the following items are present: - Full detail of authors - One author designated as corresponding author: address Full postal address Telephone and fax numbers - The title page must contain Submission Declaration Statement in its cover letter as follows: We hereby confirm that the manuscript has no any actual or potential conflict of interest with any parties, including any financial, personal or other relationships with other people or organizations within three years of beginning the submitted work that could inappropriately influence or be perceived to influence. We confirm that the paper has not been published previously, it is not under consideration for publication elsewhere, and the manuscript is not being simultaneously submitted elsewhere. Note: Author identification: Every effort should be made to ensure that submission material outside of the title page file

160 158 Appendix contains no clues as to author identity. Footnotes containing information pertaining to the identity of the author or institutional affiliation should be on separate pages. The complete title of the article and the name of the author(s) should be typed only on the title page file to ensure anonymity in the review process. Subsequent pages should have no author names, but may carry a short title at the top. Information in text, citations, references, or footnotes that would identify the author should be masked from the manuscript file. These may be reinserted in the final draft. In addition, the author's name should be removed from the document's Properties, which in Microsoft Word is found in the File menu. When submitting a revised version of a manuscript, please be sure to submit a blind version of your response letter detailing changes made to the manuscript as this is letter can be accessed by reviewers. File 2. The main document (manuscript) The text of the paper, including abstract, text, references and notes, tables, figure captions, figures, but without the names of authors, or any acknowledgements. Check that you have removed all author identification (names and affiliations) and any acknowledgements from the main document that you are going to submit. Please make sure that authors' names are not included in the document/file properties. Further considerations: 1) All information about all figure captions and all tables (including title, description, footnotes) has been provided 2) Manuscript has been "spellchecked" and "grammarchecked" 3) References are in the correct format for this journal 4) All references mentioned in the Reference list are cited in the text, and vice versa 6. After acceptance 6.1. Proofs One set of page proofs (as PDF files) will be sent by to the corresponding author (if we do not have an address then paper proofs will be sent by post) or, a link will be provided in the so that authors can download the files themselves. The author(s) may list the corrections (including replies to the Query Form) and return them to the Publisher in an . Please list your corrections quoting line number. If, for any reason, this is not possible, then mark the corrections and any other comments (including replies to the Query Form) on a printout of your proof and return by fax, or scan the pages and , or by post. Please use this proof only for checking the typesetting, editing, completeness and correctness of the text, tables and figures. Significant changes to the article as accepted for publication will only be considered at this stage with permission from the Editor. We will do everything possible to get your article published quickly and accurately. Therefore, it is important to ensure that all of your corrections are sent back to us in one communication: please check carefully before replying, as inclusion of any subsequent corrections cannot be guaranteed. Proofreading is solely your responsibility. Note that the Publisher may proceed with the publication of your article if no response is received Offprints The corresponding author, at no cost, will be provided with a PDF file of the article via . For an extra charge, paper offprints can be ordered via the offprint order form which is sent once the article is accepted for publication. The PDF file is a watermarked version of the published article and includes a cover sheet with the journal cover image and a disclaimer outlining the terms and conditions of use. Offprints Publishing Office: Korea Distribution Science Association (KODISA) Address: Hanshin Officetel Suite 1030, Shinheungdong Sujeong-gu, Seongnam-city, Gyeonggi-do, KOREA ( ) Tel: (+82 31) Fax: (+82 31) kodisajournals@gmail.com Bank Account Number(Beneficiary): Beneficiary Name: Korea Distribution Science Association SWIFT Code: HNBN KRSE XXX Bank Name: HANA BANK

161 Journal Publishing Agreement Form To: The Journal of Distribution Science, on behalf of Korean Distribution Science Association (KODISA) Section 1: In consideration of the undertaking set out in Section 2 and upon acceptance by the Editor for publication in the Journal, the Author(s) grants to KODISA ('the Publisher'), subject to Section 5, the exclusive right and license to publish the Article entitled: by to be published in ('the Journal') This license includes the right to publish, including the right to sub-license appropriate publishing or distribution rights, the material in the article in both printed and electronic form; the Article may be published in printed, online, CD-ROM, microfiche or in other media formats. Section 2: The Publisher here by undertakes to prepare and publish the Article named in Section 1 in the Journal, subject only to its right to refuse publication if there is a breach of the Author s warranty in Section 5 or there are other reasonable grounds; in such case the Publisher assigns to the Author any and all copyright and other rights in the Article otherwise assigned to it under this Agreement. Section 3: The Editor of the Journal and the Publisher are empowered to make such editorial changes as may be necessary to make the Article suitable for publication. Every effort will be made to consult the Author if substantive changes are required. Section 4: The Author warrants that the Article is the Author s original work, has not been published before, and is not currently under consideration for publication elsewhere; and that the Article contains no libelous or unlawful statements and that it in no way infringes the rights of others, and that the Author, as the owner of the copyright, is entitled to make this assignment. Section 5: KODISA, as the Publisher, reserves the right to refuse to publish your Article where its publication creates legal liability, or where circumstances come to light that were not known to the Editor, including prior publication, conflict of interest, manifest error etc. The Publisher is the ultimate custodian of academic quality and integrity, and will ensure that this will be done only in exceptional circumstances and on reasonable grounds. In such circumstances the Article will be returned to the Author together with all rights in it. Name & Signed by the First Author Name & Signed by the Corresponding Author Date & Place

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