Does Brokerage Commission Determine Market Share of an Online Brokerage? : An Empirical Investigation of Online Brokerage Services

Seonyoung Shim(심선영) 한국전략경영학회 2009 전략경영연구 Vol.12 No.2

온라인 채널은 증권 거래를 비롯한 금융 서비스에 매우 유용한 채널이다. 이러한 유용성은 온라인 증권사들의 비즈니스 기회를 확대함과 동시에 증권사간 경쟁을 심화시켜 왔다. 고객을 유인하기 위한 온라인 증권사의 대표적 경쟁 수단으로 낮은 수수료와 양질의 온라인 거래 시스템을 제공을 들 수 있다. 하지만, 두 전략의 실증적 효과에 대한 종합적 고찰은 찾아보기 어렵다. 따라서 본 논문에서는 8년간의 패널 데이터를 활용하여 저수수료 및 고품질의 서비스 전략이 온라인 증권사의 시장 점유율에 미치는 영향을 살펴본다. 연구의 결과는 온라인 거래 시스템 품질을 주요 변수로 부각하면서 맹목적 수수료 인하 전략의 허실을 지적한다. 따라서 이 연구는 온라인 증권거래를 비롯한 온라인 서비스 기업의 전략 수립에 있어 서비스 품질을 중요성을 시사한다. 또한 거래수수료 뿐만 아니라 이자 수익이 증권사의 성과에 주요한 요소임도 밝힘으로써, 전체 수익 증대를 위한 전략 모색에 시사점을 제공한다. The effectiveness of online medium to brokerage service not only delivers business opportunities but also intensifies competition between online brokerages. Although low price and high quality have received great attention as means of significant customer attraction strategies, there is a paucity of empirical study that investigates these two factors together in the online brokerage area. Hence we utilize price and quality as the lens to examine the determinants of online brokerage’s market share and empirically investigate the effects using firm level panel data spanning 8 years. Our study gives an important warning on the online brokerages’ reckless adoption of commission discount strategy. The quality of the trading system shows the central and dominant contribution to market share. The growing importance of interest revenue in the online brokerage business is also confirmed by our study. Our study delivers valuable implications for online brokerages as well as various e-commerce firms.

SNS 구매후기는 누구의 마음을 움직이는가?

심선영(Seonyoung Shim) 한국IT서비스학회 2012 한국IT서비스학회지 Vol.11 No.3

With the advent of SNS (Social Network Services), the product reviews by friends in SNS are intensively utilized for online marketing. However, there is a lack of empirical evidence on the actual marketing effect of SNS reviews, although we need to identify who can be the target of SNS marketing in terms of customer attributes, preferences, or experiences. In this study, we investigate the moderating role of customer attributes in identifying the effect of SNS reviews on customer purchasing decision. As the moderating variables, we adopt ‘information search experience’ and ‘perception of information overload’. Research results evidence that, in order to understand the effect of SNS reviews in a comprehensive manner, we need to examine it in the context of various related factors such as ‘information search experience’ and ‘perception of information overload’. The results show that the persuading effect of SNS reviews for product purchasing is stronger for the customers with the lower information search experiences as well as the lower perception on the information overload on the web. This result delivers managerial implications on who can be the target customers of SNS marketing.

인터넷뱅킹시스템이 은행의 경영성과에 미치는 영향에 대한 분석

심선영(Seonyoung Shim) 한국IT서비스학회 2014 한국IT서비스학회지 Vol.13 No.1

This study investigates the impact of Internet Banking Systems on the business performance of bank. Although Internet Banking Systems were introduced about 15 years ago in Korea, there were few studies which evidenced the relationship between Internet Banking Systems and the performance of banks. For this empirical investigation, this study collected the panel data of 13 domestic banks over 8.5 years and divided the dataset into two parts-the first half period (2003-2007) and the second half period (2008-2011) in order to examine the dynamic changes in the impact of Internet Banking Systems. The fixed-effects panel regression results were different in the two parts of dataset. Internet Banking Systems showed only cost-efficiency impact in the first half period. However, in the second half period, Internet Banking Systems showed positive impact on the bank profitability. Moreover, the dummy variable regarding local bank showed no additional impact on this result, implying that the impact of Internet Banking Systems was still significant for the local banks. The results will deliver managerial interpretation on the value of Internet Banking Systems and additional implication on the strategic planning of Internet Banking Systems for many domestic banks.

A Study of the Influencing Factors on the User Acceptance of Music File Sharing Technology

심선영(Seonyoung Shim),Donald L. Amoroso 한국IT서비스학회 2008 한국IT서비스학회지 Vol.7 No.3

  File sharing technology is the most popular methodology through which consumers gain music from online. However, music file sharing and free downloads of music have caused terrible recession of traditional music industry. The purpose of this paper is to develop the underlying theory for understanding the acceptance of music file sharing technology and empirically test our theoretical model. We develop extended TAM model and explore the influencing factors on the user acceptance of music file sharing technology. Our study delivers a better understanding on consumers’ attitudes towards music downloads. By understanding the fundamental characteristics of technology that makes consumers enthusiastic, traditional music industry will gain managerial implications.

스마트폰 푸시 알림과 SNS 정보가 모바일 구매에 미치는 영향에 대한 실증분석

심선영(Seonyoung Shim),김연순(Yoensoon Kim) 한국데이타베이스학회 2015 Journal of information technology applications & m Vol.22 No.4

In this study, we investigated the impact of the information richness and reachness on the mobile purchasing and the moderating effect of individual characteristics. We examined the information richness and reachness through SNS information and Push notification of smartphone, respectively. As the moderating variables, we adopted customer’s value orientation and innovativeness. In the main-effect model with no moderating variable, both of information richness and reachness showed significant effects on the perceived value of products and purchasing channel. Especially, the impact of information richness was more significant on product awareness, while the impact of information reachness was more significant on channel awareness. In the interaction-effect model with moderating variables, customer’s value orientation showed significant moderating effect on the impact of perceived product value. However, customer’s innovativeness did not show the significant moderating effect on the impact of perceived channel value. It implies that the impact of information reachness applies to the majority of customers, regardless of her [his] innovativeness. Therefore the organizations might be able to use Push notification to activate the customer’s mobile purchasing.

다수의 대중추천인가? 소수의 지인추천인가?

심선영(Seonyoung Shim) 한국전자거래학회 2012 한국전자거래학회지 Vol.17 No.3

최근 SNS상에서 소비자들이 지인의 추천을 통해 구매를 하는 현상이 많이 벌어지고 있다. 본 연구에서는 이러한 지인추천이 새로운 구매 휴리스틱 유발 요소로서 영향력을 갖는지 살펴본다. 이를 위해 구매 휴리스틱에 대한 지인추천의 영향력을 대표적 휴리스틱 유발 요소인 대중추천의 영향력과 신뢰성, 전문성, 적합성 측면에서 비교해 본다. 나아가 정보원천의 영향력뿐만 아니라 정보 빈도의 효과도 살펴본다. 즉, 지인의 추천이나 대중의 추천이 구매의사결정에 영향을 미침에 있어 정보원천으로서의 우위가 있다면, 그 효과가 상대적 빈도에 의해서는 어떻게 달라지는지도 살펴보는 것이다. 이는, 다수의 대중추천보다는 한정된 지인추천이 양적인 열세를 가질 수 있다는 현실에 착안한 것이다. 따라서 지인추천이라는 새로운 정보원천이 가지는 구매 휴리스틱 영향력에 있어 빈도의 제한성에서 오는 현실적 효과를 살피고자 한다. 연구 결과, 동일한 빈도에서는, 지인추천이 대중추천보다 구매 휴리스틱 유발에 있어 월등한 효과를 가지고 있지 않은 것으로 나타났다. 하지만, 지인추천 또한 대중추천처럼, 아무런 추천이 없는 경우에 비해서는 구매 설득력이 우월한 것이 확인되었으며, 신뢰성 면에서는 대중추천보다 높이 평가되었다. 또한, 지인추천이 대중추천보다 강력한 구매 휴리스틱 요소가 되기 위해서는 절대적 빈도 우위가 필요함도 밝혀졌다. 본 연구는 소비자의 구매 휴리스틱에 대한 이해를 넓힘으로써, 구매에 보다 적절한 정보를 제공하고, 효율적인 구매를 지원할 수 있도록 기업관점의 함의를 제공해 줄 것이다. Recently, there happens many purchasing cases encouraged by friends recommendation in SNS (Social Network Service). This study investigates the effect of friend recommendation on consumers purchasing heuristic. For this purpose, we compare the effect of friend recommendation with consumer recommendation in terms of trustworthy, specialty, relevancy. Usually, the frequency of friend recommendation is far lower than that of consumer recommendation. Hence, we examine how the effect of information source (friend recommendation or consumer recommendation) is moderated by the frequency of recommendation, as well. As results, this study finds out that, under the same frequency, friend recommendation does not have significantly stronger effect on the purchasing heuristic, although friend recommendation is evidenced as one of significant heuristic inducers. However, in terms of trustworthy, friend recommendation is significantly superior to the consumer recommendation. Moreover, under sufficiently higher frequency, friend recommendation works as better heuristic factor than consumer recommendation. The results deliver managerial implications in the perspective of understanding consumers’ purchasing decisions and responding strategies of firms.

인터넷뱅킹시스템의 품질과 은행의 영업성과 간 내생성에 대한 시계열 분석

심선영(Seonyoung Shim) 한국전자거래학회 2013 한국전자거래학회지 Vol.18 No.4

본 논문에서는 시중 5대 은행(국민, 우리, 하나, 씨티, 신한)을 대상으로 인터넷 뱅킹 시스템의 영업성과의 내생성에 대해 시계열분석을 하였다. 상기 다섯 개 은행의 공통점은 2000년을 전후로 타 은행과 합병한 은행들이라는 것이다. 합병의 과정을 통해 정보시스템 통합을 위한 대형 IT 프로젝트를 경험한 은행들로 합병 이후 전반적으로 인터넷 뱅킹 시스템의 향상을 보인 은행들이다. 본 연구는 VAR와 VECM 모델을 기반으로 인터넷 뱅킹 시스템의 품질과 은행의 성과 간(영업수익과 비용)의 그랜져 인과관계를 분석하였다. 논문의 주요 결과는 다음과 같다. 첫째, 인터넷 뱅킹 시스템은 은행의 영업수익과 비용에 긍정적인 영향을 미쳤다. 둘째, 인터넷 뱅킹 시스템은 수익요인보다는 비용요인에 의한 성과향상이 유발되었다. 이는 은행들이 운영비용 감축을 목적으로 인터넷 뱅킹에 투자했을 가능성을 시사한다. This study investigates time series data on internet banking systems and business performances for 5 large-scale banks : Kookmin, Woori, Hana, City, Shinhan. These banks have the common features that they merged with other banks around 2000, hence they experienced massive IS integration between banks. This study adopted VAR and VECM for identifying Granger causality between the quality of internet banking systems and the performances of banks(operating revenue and cost). The main results are as follows. First, internet banking system impacts positively on the revenues as well as costs of banks. Second, the improvement of internet banking system is instigated by cost part more than revenue part. Hence, the results imply that banks tries to reduce operating costs via internet banking systems, however the systems rather increased the costs of banks, although the systems increased operating revenues of banks too.

모바일 투표 기반 공동주택 거버넌스 개선에 대한 실증 분석

심선영(Seonyoung Shim) 국제e-비즈니스학회 2016 e-비즈니스 연구 Vol.17 No.1

모바일 플랫폼 경쟁과 모바일 생태계에 관한 고찰

이보경(Bokyoung Lee),심선영(Seonyoung Shim) 한국IT서비스학회 2012 한국IT서비스학회지 Vol.11 No.2

Contemporary smartphone competition is generally described as the battle between Apple's proprietary platform and Google's open platform. However, this competition is not limited within smartphone adoption itself. User's pre-adoption of one mobile platform via smarphone can be connected to the post-adoption of the same mobile platform based on the other smart devices (e.g. smart pad). In this study, we investigate whether user's preference to a certain platform is persistent over mobile ecology, from the pre-adoption of one smart device to the post-adoption of following devices. For this investigation, we adopt the dual-model as the ground theory, where post-adoption of IT product is explained by both dedication and constraint factors. The empirical testing first evidences that dual model works well as our research model for identifying the reasons of post-adoption. Next, we group our data into two parts in order to compare the switching behavior of iPhone users and Android phone users. iPhone users show much lower switching rate to Android based smart pads, while Android phone users show higher churn rate to iPad (49.3%:96.3%). Especially, satisfaction showed much stronger effect than switching cost on the continuing intention of existing platform, when the analysis is given to the iPhone user's group. From this result, we can conjecture the relatively stronger loyalty of iPhone users. More managerial implications on the mobile platform strategy are driven.

Ambidextrous Governance, Balance Tuning, and Outsourced ISD Performance: A Three Dimensional Response Surface Analysis

Sojung Lucia Kim(김소정),Seonyoung Shim(심선영) 연세대학교 경영연구소 2020 연세경영연구 Vol.57 No.2

정보시스템개발 아웃소싱 성과에 있어 계약적 거버넌스와 관계적 거버넌스는 기본적 두 거버넌스 방법론으로, 두 가지 거버넌스를 동시에 사용하는 양손잡이 거버넌스도 많이 채택되고 있다. 양손잡이 거버넌스의 경우 둘 간의 적절한 균형점을 찾는 것이 필수적으로 요구된다. 선행연구에서도 강조되었듯 두 거버넌스 간 조율을 통해 최적의 거버넌스 형태를 찾기 위한 과학적 분석이 필요하다. 우리는 두 거버넌스를 모두 채택하는 양손잡이 전략하에서 균형과 불균형 거버넌스를 개념화하고 이러한 거버넌스 형태가 정보시스템개발 성과에 미치는 영향을 다항회귀모델(polynomial regression)과 반응표면분석(response surface analysis)을 통하여 고찰하였다. 발주사와 수주사가 서로 쌍을 이룬 107건의 데이터를 수집, 분석하여 다음의 결과를 얻었다. (1) 두 거버넌스 간 균형은 정보시스템개발 성과에 긍정적이다. (2) 두 거버넌스 간 불균형은 정보시스템개발 성과에 부정적이다. (3) 두 거버넌스 간 최적의 균형점은 계약적 거버넌스에서 관계적 거버넌스로 점점 이동하며 발견된다. 이상의 결론을 바탕으로 3차원 반응표면분석을 기반의 본 연구는 그 간의 IT거버넌스 및 정보시스템개발관리 연구에 새로운 함의를 제공한다. Two basic modes of IT governance—contractual and relational, the combination of which shapes ambidextrous governance—are equally important in information systems development (ISD) outsourcing performance; thus, managing an appropriate balance between them is necessary. Past literature also argues that the governance mode should be adjusted through a systematic process; therefore, tuning for an optimal balance is critical. We set up an ambidexterity process model and conceptualize balanced and imbalanced governance. We then test the association between ambidextrous governance and ISD performance using polynomial regression and response surface methodology. Data from both client and vendor—107 dyadic matched outsourced ISD projects—show that (1) balance between the two modes is beneficial to ISD performance, (2) imbalance between the two modes is hazardous to ISD performance, and (3) the optimal balance point is found by gradually moving from contract-weighted to relation-weighted governance through a systematic process. We contribute to the research on extant IT governance and ISD project control literature by adopting three-dimensional response surface methodology and analyzing the ambidextrous nature of governance from the perspective of this novel approach.