Value, Performance and Narrative: Cultural Politics of Narrative as the Meta Frame of Value Transference in Financial Capitalism

이완기 영미문학연구회 2008 영미문학연구 Vol.15 No.-

Value is the crucial locus where politics, economy and culture converge. Exploring possibilities of cultural theory of value, this article focuses upon the question of value and actual process of value formation related, in particular, to operativity and performativity of narrative as the cognitive operation constitutive of financial narrative politics for value transference in the discourse of financial crisis. It revisits value theory of Simmel and Marx to articulate economic theory of value into cultural politics of narrative, following Ricoeur, as a mechanism of value transference which is correlated with the financial doctrine of entanglement and contagion. Through narrative where utterances and statements perform as collective operativity of information, a value is constructed and transferred to inform and motivate actors. Narrative structure is thus a meta frame of cultural valorization of the economic value. At the stage of financial capital a systematic interpretation over a specific instance takes a form of narrative through which actors resort to perform, constructing the notion of the sensible in value realization. It is a crucial aspect of cultural production under financial capitalism, valorizing the uncertainty of financial flows by producing signifying chain of value through narrative process. Therefore to answer the "onto-phenomenological question" of value, the value production in economic sphere should be necessarily articulated into "an adequate analogy to the psychoanalytic narrative" that explains how economic value can acquire meanings beyond economy in individual mind as well as in social relation. As "the question of value necessarily receives a textualized answer," as Spivak penetrates, it is narrative as the subsumption mechanism through which a notion or consciousness of value is accompanied in the construction of value as Simmel and Ricoeur emphasize on how a value can be represented in sequence or narrative process. It is cultural studies' share to analyze the dominant value politics conveyed in the textuality of everyday narrative. By dissecting its operativity and performativity the dominant value politics operates as an effective activation of real subsumption, cultural theory, in an effort to conceptualize another possibility of value transference, can demystify and thus can disrupt the chain of cultural valorization of the economic value under financial regime.

매도가능금융자산에 대한 공정가치 서열체계 정보의 가치 관련성 : 중국 상장기업을 중심으로

여효청,박성환 한국회계정보학회 2018 회계정보연구 Vol.36 No.1

The purpose of this study is to analyze the relevance of the fair value system information of available-for-sale financial assets on the enterprise value of listed companies in the Chinese market. In order to do that , the previous studies on the relevance of fair value system information (level 1, level 2 and level 3) were discussed and based on that, the research hypotheses and verification model were founded. Information on the fair value hierarchy of available-for-sale financial assets was collected from the companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange in China. The companies which continually lised on the board from 2011 to 2015 were selecetd as the samples and the information about fair value hierarchy of available-for-sale financial assets were founded in the annotation of the audit report from 2007 to 2015 and was extracted manually. First, the financial industry in a period of 4years from 2007 to 2010 (voluntary adoption of SFAS No. 157), showed that fair-value hierarchy level 1 and level 2 had positive relations to firm's value. Second, financial and non-financial industry in a period of 3years from 2011 to 2013(voluntary adoption of IFRS No.13) showed that level 1 and level 2 of fair-value hierarchy information had positive effect on firm's value. Third, financial industry in a period of 2years from 2014 to 2015(mandatory adoption of IFRS No.13) showed that all variables of level 1, level 2 and level 3 were positively related to firm's value. However, non-financial industry showed that only level 1 had positive relation with firm's value. Fourth, after adoption of IFRS No.13, the higher the portion of level 2 is, the lower the value relevance of fair-value hierarchy information becomes. It may be because in case of level 2, the input factors would be selected subjectively comparing to level 1. The implication of this study is that level 1 and level 2 of the fair value hierarchy information of available-for-sale financial assets are positive (+) in most of the analysis. In addition, the information of level 3 was not significant in most analyzes. This suggests that the provision of detailed information in the fair value hierarchy system has the effect of reducing information asymmetry. 본 연구의 목적은 중국 증권시장에서 상장된 기업을 대상으로 매도가능금융자산 공정가치 서열체계정보(level 1, level 2 및 level 3)의 기업가치 관련성을 실증 검증하는 것이다. 구체적으로 2011년부터 2015년까지 중국의 상해증권거래소와 심천증권거래소에 계속 상장된 기업을 금융업과 비금융업으로 구분하고 공정가치 서열체계정보공시의 의무도입 전후로 구분하여 기업가치 관련성을 검증한다. 본 연구의 주요결과를 요약하면 다음과 같다. 첫째, 2007년부터 2010년까지 미국의 SFAS No.157에 따라 조기 도입한 기간에 금융업의 매도가능금융자산의 공정가치 서열체계인 level 1과 level 2는 유의적인 양(+)의 가치관련성을 보이나, level 3은 유의하지 않은 음(-)의 관계를 나타냈다. 둘째, 2011년부터 2013년까지 IFRS No.13에 따라 자발적으로 도입한 기간에는 금융업뿐만 아니라 비금융업도 level 1과 level 2가 기업가치와 유의한 양(+)의 결과가 나타났다. 다만, level 3은 통계적으로 유의하지 않은 음(-)의 결과를 보여주었다. 셋째, 2014년부터 2015년까지 IFRS에 따라 의무적 도입한 기간에 금융업에서는 level 1, level 2와 level 3의 모든 변수들이 통계적으로 유의적인 결과를 나타냈다. 그러나 비금융업에서는 level 1만 통계적으로 유의한 기업가치관련성을 나타냈다. 넷째, 2011년부터 2015년까지 IFRS에 따라 도입한 전체 기간에 금융업에서는 level 1과 level 2가 유의한 양(+)의 관계를 나타났다. 비금융업은 level 1만 유의적인 양(+)의 가치관련성을 보였다. 마지막으로 IFRS에 따fms 자발적 도입과 의무적 도입 기간의 가치관련성 차이가 있는지를 확인한 결과, 금융업에서는 level 1의 가치관련성이 증가되었다. 이는 의무도입과 함께 매도가능금융자산의 비중이 큰 금융업에 대한 투자자의 관심이 증가되었다는 증거라 할 수 있다. 금융업뿐만 아니라 비금융업에서도 의무 도입이후에 level 2가 기업가치관련성의 유의한 감소를 나타냈다. 이는 level 2의 투입변수가 주관적 판단이 개입될 수 있고, 신뢰도가 level 1에 비해 상대적으로 낮을 수 있기 때문에 나타난 결과일 수 있다. 본 연구에서 매도가능금융자산의 공정가치 서열체계정보 level 1과 level 2는 대부분의 분석에서 기업가치에 양(+)의 관련성을 보였다. 반면, level 3의 정보는 대부분의 분석에서 유의적이지 않은 결과를 나타냈다. 이는 공정가치 서열체계의 세분화된 정보의 제공이 정보의 비대칭을 감소하는 효과가 있음을 시사한다.

매도가능금융자산에 대한 공정가치 서열체계 정보의 가치관련성에 관한 연구

김상미,한종수 한국회계정보학회 2014 한국회계정보학회 학술대회발표집 Vol.2014 No.1

본 연구는 2011회계연도부터 K-IFRS로의 전환에 따라 확대 적용되는 공정가치 회계의 정보유용성을 검증하기 위하여 금융지주, 은행, 증권 및 보험을 포함하는 금융기관을 대상으로 매도가능금융자산 에 대한 공정가치 서열체계정보의 가치관련성(value-relevance)을 실증 분석한다. K-IFRS는 공정가치를 측정하기 위하여 사용하는 가치평가기법과 관련된 투입정보의 순위를 정하기 위하여 공정가치 서열체계를 정하였다. 동일한 자산이나 부채의 활성시장의 공시가격(수준1)에 가장 높은 순위를 부여하고 자산과 부채에 대하여 직·간접적으로 관찰 가능한 시장정보에 의해서 뒷받침되는 투입정보는 수준2로 분류하며 관측 가능하지 않은 투입변수(수준3 투입변수)에 가장 낮은 순위를 부여하도록 하였다. 공정가치 서열체계가 낮을수록 관측 가능하지 않은 변수를 이용하여 공정가치가 측정되므로 측정오류 및 경영자의 재량으로 인한 신뢰성 하락을 예측할 수 있다. 동 연구는 위와 같은 공정가치 서열체계의 특징에 관심을 두고 이에 대한 시장의 차별적 반응에 대하여 분석 하였다. 연구결과 수준 1과 수준2는 양(+)의 가치관련성을 가지는 반면, 수준3은 음(-)의 가치관련성을 가지는 것으로 분석되어, 수준3 측정에 대한 정보비대칭, 측정오류 및 경영자의 재량에 대한 시장의 부정적 인식을 확인할 수 있었다. 이러한 결과는 수준3을 평가방법에 따라 구분하거나, 수익률모형에 따라 분석하여도 동일한 결과를 얻을 수 있었다. 또한 공정가치 평가를 통한 금융기관의 중요한 감독지표인 자본적 정성 지표 조정에 대한 유인이 있을 수 있는 바 이에 대한 시장의 반응에 대하여 검증한 결과, 자본적정성이 낮은 경우, 자본적정성이 증가할수록 수준3에 대한 가치관련성은 감소하는 것으로 나타나, 수준 3을 이용한 자본적정성 조정가능성에 대하여 시장에서 부정적으로 인식하고 있는 것으로 나타났다. Currently, the application of fair-value accounting, which is a major part of K-IFRS, keeps expanding for the purpose of providing useful information. This study empirically examines whether fair value hierarchy information disclosures by financial institutions are relevant for equity valuation. Especially, this study using available-for-sale financial assets to examine the value relevance of the fair value hierarchy information disclosure is very meaningful research because it can be used in well-timed to accounting standard setters. Under K-IFRS 1113, “Fair value measurement”, companies are required to distinguish between assets and liabilities reported at fair value based on observability of the inputs used in the measurement process; Level1 (observed inputs from quoted prices in active markets), Level2 (indirectly observable inputs from quoted prices of comparable items in active market or other market-related information) and Level3 (unobservable, firm-generated inputs). This study examines the concern that fair value of the financial assets not traded in active markets and using unobservable input are too unreliable to be used in financial reporting. We find that coefficients on the Level 3 are consistently lower than those of Level 1 and Level 2, and the coefficient of the Level 3 shows negative and significant. Additional analysis suggests the lower value relevance of Level3. Collectively we concluded that equity investor recognize Level3 information unreliable due to intrinsic measurement error and management-induced error caused by information asymmetry between managers and investors. In addition we find evidence that the lower value relevance of Level 3 is deteriorated by increasing the capital adequacy ratio for firms with lower capital adequacy. The results suggests that equity investor suspect the earning management through Level3 for the purpose of increasing the capital adequacy ratio for firms with lower capital adequacy ratio.

가치 창조 및 전유 요소가 기업의 성과에 미치는 영향

김철민,박광호 한국산업경영시스템학회 2017 한국산업경영시스템학회지 Vol.40 No.4

Companies must capture value for sustainable growth. Capturing value is a critical task for companies, particularly when operating own businesses and organizations or starting new business. The business strategy of many companies focuses on capturing the maximum value from customers and other stakeholders. Even though a wide range of studies on value creation and appropriation has been conducted in the strategic management field, most of studies are still conceptual and theoretical. Thus more empirical studies are required to suggest future-oriented value strategy. This study reveals the value creation and appropriation elements in the aviation industry of Korea. The purpose of this study is to understand the trend of value creation and appropriation in the industry. In addition, the relationship between the elements and firm’s performance are tested. The firm’s performance is defined by that past and future point of views. The sample were collected from Korean Air and Asiana Air. The empirical test shows that the elements of value creation-appropriation have significant impact on firm’s performance. Further, the element of value appropriation to customer has a positive impact both on firm’s past and future performance. Our results show that investors acknowledge a value-based strategy as a sign of stock valuation. The results of this test correspond with the earlier one, showing that maximizing customers value rather than shareholder value does deliver impressive returns. The finding suggest that companies need to change their strategy to efficiently manage performance. With the test results, we propose a value-based strategy to maximize firm’s future financial and stock performance.

THE ROLE THAT INNOVATION AND STRATEGY PLAYS IN VALUE DRIVER THEORY TO CREATE ENTERPRISE VALUE

Paul Wendee,Fiona Sussan 글로벌지식마케팅경영학회 2018 Global Marketing Conference Vol.2018 No.07

The Theory of Value Drivers, or Value Driver Theory (Wendee, 2011), is useful in understanding the value creation process in any enterprise. Innovation and strategy are important components in the value creation process. This research, which is based on Value Driver Theory, explored the role that innovation and strategy have in the value creation process and how they are employed in creating enterprise value. Value Driver Theory was discovered using two different, but compatible, research methodologies. The qualitative study used to discover Value Driver Theory explored the effect of business value drivers on the valuation of businesses in the United States and proposed a theory of value drivers. The Value Driver Theory study used two research methods – grounded theory and the Delphi method - to explore the effect of business value drivers on the valuation of businesses in the U.S. and to propose a theory of value drivers. In addition to a list of 72 individual value drivers, which includes innovation and strategy, the theory of value drivers presents a comprehensive value driver possibilities frontier and value driver chain, both of which are part of and are used to explain the theory of value drivers. The theory of value drivers is comprised of 28 propositions that work in concert with the possibilities frontier, the value driver chain, and other elements that are described in the paper. The Value Driver Theory paper differs from other studies as follows: First, the paper significantly extends the notions, ideas, and concepts from previous studies on value drivers. Second, the paper creates a comprehensive classification scheme for value drivers and has identified many more characteristics and properties of value drivers than previous studies. Third, the study identified 72 specific value drivers through the literature review and the Delphi study. Fourth, the paper consolidates the material from the literature review and the result of the research conducted through the Delphi and grounded theory studies and codifies it into the theory of value drivers. Subsequent to the publication of the paper on Value Driver Theory, new conceptual frameworks and tools have been developed to enhance the usefulness of Value Driver Theory in evaluating the enterprise value creation process. These conceptual frameworks and research tools were explored in the current study in general terms; and particularly as to how they relate to and enhance the use of innovation and strategy in the value creation process.

업무시설에 대한 디자인 참여자의 가치특성 : 전용사무소 건축을 중심으로

박일우,박영기 대한건축학회 2003 대한건축학회논문집 Vol.19 No.6

Establishing value of design participants in design phase is useful for verifying design directions. The design direction and criteria are largely influenced by design participants' experiences and their idealistic value for building. This study aims to verify value of design participants regarding owner occupied office building in Korea. Results of this study are summarized as follows; Value of design participants can be classified into five categories. They are "Economic Value", "Socio·Cultural Value", "Aesthetic Value", "Building Performance Value" and "Functional Value". Economic value is the most important one for the owner. Main purpose of the owner to build an owner occupied facility is to attain economic purpose, strategic purpose and a need for workspaces. Balancing these factors to a highly effective level is the main task for the owner and the architect. Economic consideration is always on the top of owners' list. The owners' interest for economic consideration can be found in those variables which consist the economic value. Initial budget, operation profit and construction cost are the most important variables in the economic value. In socio·cultural value urban utilities is the most important variable. Urban is one of the key factors which is related with the value of owners' property.

VALUE CO-CREATION AND CUSTOMER INVOLVEMENT: EMPIRICAL ANALYSIS FROM RUSSIAN PERSPECTIVES

Marina Doroshenko 글로벌지식마케팅경영학회 2014 Global Marketing Conference Vol.2014 No.7

Purpose Two patterns of consumer value creation are commonly observed in literature: standardisation and customisation of products. An important value-creating feature of standard products is reduction of consumer costs, both direct (prices of standard products are lower) and indirect (costs of recognising, selecting and learning-to-use). Personalised production, on the contrary, is costly, but the decrease in value due to a complexity of choice and use is compensated by an additional value from the perfect fitting to THE consumer needs. Service industry, especially B2B services, provides a good example of personalisation. This paper focuses on marketing to study drivers and determinants of the successful value creation in an individualised service production. Incentives to provide bespoke services arise when it is impossible to sell a second copy (a replica) of previously provided services: the service should be personally tailored and tuned to the needs of a particular customer. Bespoke services cannot be properly produced without detailed information about THE customers’ needs; a common knowledge about a representative consumer is not sufficient in this case. Customised KIBS have two producers: first, the service provider, who inputs its intellectual human resources; second, the customer, whose input is information, i.e. knowledge about itself. This phenomenon is known as co-production. The value of a customised service is therefore added by consumer as well. Co-production adds value to the supplied item by transforming it from replica into a unique object. The purpose of the current paper is to analyse the mechanism of co-production in marketing services in order to identify the sources of the above mentioned inefficiencies. Methodology The study of marketing services is part of the broader study of knowledge-intensive business services (KIBS) in Russia. Our methodology includes the study of observable patterns in KIBS sector performance with an objective to arrive at a better conceptual understanding of contemporary practices. We employ empirical data from 2007-13 obtained from specialised surveys of Russian executives who were asked to answer questions both on their own company and on market developments. The survey covers 600-800 producers of KIBS annually, and one tenth of them are suppliers of marketing services. Furthermore, in 2007, 2011 and in 2013 the survey involved over 700 business consumers of KIBS, of whom at least one third are users of marketing services. Marketing services involve a visible share of customised production (up to 70 per cent before the recent economic downturn), which makes them a convenient field for a research on individualised services. Original metrics of their knowledge intensity, level of customisation, customer involvement and customers’ absorptive capacity are the most important empirical outcomes of our surveys. Maim findings First, we argue that marketing services in Russia are highly knowledge intensive. The literature on KIBS usually proposes three main characteristic of knowledge intensity: 1) educational attainments of the workforce that are associated with the level of professional skills; 2) share of the value-added, and 3) share of customised services. With our original methodic we obtain quantitative metrics of all the three characteristics and prove high knowledge intensity of marketing services. Second, we present thorough investigation of provider-customer relations within service production. We provide original metrics of the intensity of customer co-production and show that the users of marketing services are deeply involved into co-production. We also demonstrate how the level of co-production fluctuates along the service production cycle to prove our hypothesis about positive relation between the intensity of customers’ involvement and their ability to add value to customised services. Third, we prove that value adding via co-production of marketing services is rarely absolutely efficient. The losses in efficiency results in value losses because proper customisation is impossible without perfect co-production, and insufficient co-production thus generates standard service instead of bespoke one. We reveal the sources of imperfect co-production and provide empirical evidence of their relative importance. Fourth, we demonstrate that value added through co-production can be lost due to incomplete absorption of the service. We provide evidence about imperfect absorptive capacity of Russian users of marketing services and expose its sources. We also discuss the relation between absorptive capacity and the general economic cycle in Russia. Research implications The study of co-production of marketing services may help their providers to optimise their customer strategy, to upgrade their value chains and to avoid value losses in their interaction with customers. More generally, the study improves our understanding of the bespoke production which takes the growing importance with the progress of post-industrial mode of production and life.

VALUES DRIVING CONSUMERS TO PURCHASE ETHNIC APPAREL: THE CASE OF HANFU

Zahra Pourabedin,Feng Qilin,Vahid Biglari 글로벌지식마케팅경영학회 2018 Global Marketing Conference Vol.2018 No.07

The purpose of this study was to identify the relationship between perceived value, ethnic identity and purchase intention of ethnic apparel. This study examines how Hanfu (traditional costume of the Han Ethnic Group of China) customers perceive certain types of values (emotional value, social value, uniqueness value, conditional value and perceived value). Then this study determined how customers’ perceptions of these values and ethnic identity were correlated with perceived value, and intention to buy Hanfu. Findings from this study indicated that perceived value and ethnic identity were generally associated with purchase intention of ethnic apparel. Hence, ethnic identity moderated the relationship between perceived value and purchase intention. Finally, compared to emotional value, social value, and uniqueness value, conditional value showed the most influential impact on the perceived value. The findings provide an insight in recognizing factors which play an important role in wearing ethnic apparel. More specifically this research provides insight for traditional apparel marketers to design apparel products and reposition the existing products.

The Impact of Value Creation and Appropriation Elements on Performance

Chul-Min Kim(김철민),Kwang-Ho Park(박광호) 한국산업경영시스템학회 2017 한국산업경영시스템학회지 Vol.40 No.4

Companies must capture value for sustainable growth. Capturing value is a critical task for companies, particularly when operating own businesses and organizations or starting new business. The business strategy of many companies focuses on capturing the maximum value from customers and other stakeholders. Even though a wide range of studies on value creation and appropriation has been conducted in the strategic management field, most of studies are still conceptual and theoretical. Thus more empirical studies are required to suggest future-oriented value strategy. This study reveals the value creation and appropriation elements in the aviation industry of Korea. The purpose of this study is to understand the trend of value creation and appropriation in the industry. In addition, the relationship between the elements and firm’s performance are tested. The firm’s performance is defined by that past and future point of views. The sample were collected from Korean Air and Asiana Air. The empirical test shows that the elements of value creation-appropriation have significant impact on firm’s performance. Further, the element of value appropriation to customer has a positive impact both on firm’s past and future performance. Our results show that investors acknowledge a value-based strategy as a sign of stock valuation. The results of this test correspond with the earlier one, showing that maximizing customers value rather than shareholder value does deliver impressive returns. The finding suggest that companies need to change their strategy to efficiently manage performance. With the test results, we propose a value-based strategy to maximize firm’s future financial and stock performance.

온라인쇼핑몰에서 구매의도에 미치는 영향

좌인열(In-Yeol Jwa),박광호(Kwang-Ho Park) 한국산업경영시스템학회 2022 한국산업경영시스템학회지 Vol.45 No.2

Many studies have suggested that e-commerce value creation potential depends on four interdependent factors Lock-In, Complementarity, Efficiency, and Novelty. In order to survive in the recent fierce competition, companies have also secured e-Trust that strengthens long-term business relationships by reducing consumer uncertainty. This study, while analyzing the value creation factors (Lock-in, Complementarity, Efficiency, Novelty, e-Trust) of recent e-commerce (online shopping mall) companies from the point of view of purchase intention, customer value (Functional value, Emotional value, Social value) We present an academic proposition that can also examine the mediating effect of value). First, through previous studies on value-based strategy and value creation in e-commerce, various discussions on the theoretical background necessary for effective value-based strategy establishment and strategy execution of e-commerce (online shopping mall) companies were reviewed. Second, it provides academic discussion and practical implications by presenting academic propositions on the value creation factors of e-commerce (online shopping mall) companies, purchase intentions, and customer value, and confirming the basis through empirical analysis.