2018, Vol.42, No.10

Journal of Tourism Sciences 2023 KCI Impact Factor : 2.7

pISSN : 1226-0533 / eISSN : 2713-6388
https://journal.kci.go.kr/JTS

This study examines the relationship between the cash conversion cycle and the stock price of food service industry firms. The sample is firm-year data belonging to 38 firms in the food service industry listed on the Korean exchange from 2010 to 2017. Considering that the sample had properties of the panel data, a panel regression model was employed for the analysis. The main results of the study are as follows. First, there was a significant negative (-) relationship between the stock price and the cash conversion cycle of food service industry firms. This means that the shorter the cash conversion cycle, the higher the value of the shares. Based on this result, it can be inferred that reducing the investments of working capital would be an efficient working capital management policy for sample firms. Second, in the analysis of the effect of financial constraints on the relationship between the cash conversion cycle and the stock price, it was confirmed that the effect was not significant. This result implies that financial constraints are not considered to be a factor that would change the working capital management policy of food service firms. This study is meaningful in that it is the first study to investigate the impact of the cash conversion cycle and the firm value for firms in the food service industry listed on the Korean exchange.

The purpose of this study was to analyze subjective perceptions of Chinese and Korean visitors attending a Hallyu culture festival using Q methodology and then to compare the differences between the two groups. Cohen’s concept that tourism motivation and experience may differ depending on the difference of perceptions between self-culture and other-cultures was used as a framework for the analysis of visitors to the Busan One Asia Festival (BOF). As a result, the subjectivity of Chinese visitors was divided into four factors, whereas the subjectivity of Koreans was divided into three. From these factors, several meaningful results could be derived. First, the Korean Wave contents and their experience competitiveness were commonly recognized by Chinese and Korean visitors. Second, while the Chinese group placed relative importance on cultural exchanges, the Korean group was more focused on escape from daily life. Finally, this study proposed various strategies for developing contents and promoting festivals in order to expand the cognitive scope of festivals concentrating on K-pop.

This study explores the changes of awareness of social capital among the residents of four rural communities in South Korea according to the temporal flow. A survey was conducted for a total of four times over two years at intervals of every six months. This study conducted ANOVA analysis with residents’ questionnaires and compared changes in the four latent factors of social capital. As a result, community residents' perceptions of social capital rose steadily from the start until the end of the study, and it was confirmed that the upward trend would decrease over time. In addition, the perception of institutional structural factors of social capital was relatively higher than at the beginning of the study, and the associative network factor had a relatively low perception compared to the other three factors of social capital. The major contribution of this study is confirming that the perception of community residents was continuously rising for the four social capital factors, and that the recognition level of the factors was also different in each period.