-
- Prof.Lee "Non-clinical interactions with staff lead to higher impact on patient satisfaction than clinical interactions"
- Professor Nah Lee of Sungkyunkwan University’s SKK GSB has published a paper in the prestigious marketing journal, 'Marketing Letters', demonstrating that non-clinical aspects lead to greater impact on patient satisfaction than clinical aspects. Prof. Lee, with a co-author Richard Staelin (Duke University's Fuqua School of Business), analyzed a set of 317 thousand Google reviews of U.S. acute care hospitals. The output of these analyses shows that non-clinical factors, such as kind doctors and staff and clean facilities, have roughly twice the impact on patient satisfaction compared to clinical factors, like diagnosis and treatment outcomes. Evaluation of each factor was independent from each other and often patients had ‘mixed’ evaluation where some factors were positively evaluated while others were negatively evaluated. Furthermore, patients did not evaluate hospital services by separating specific staffs (doctors, nurses, or other employees), or different departments (ER, surgery, billing, etc.). Instead, patients assessed their satisfaction based on their overall perception of the service received from the entire team of staffs providing the hospital care. These findings have important implications for understanding the voice of the customers for hospitals and other businesses. While clinical factors are important for increasing patient satisfaction, non-clinical factors are also crucial, so hospitals should make strategic decisions on which aspects to invest in depending on the feedback received from the patients. The methodology used in this paper can serve as a simple roadmap for analyzing the massive amount of online customer feedback, which can help firms better understand their customer satisfaction and address areas that need improvement. Original Journal: https://doi.org/10.1007/s11002-024-09738-2
-
- 작성일 2024-08-06
- 조회수 91399
-
- Prof. Lim’s warning about the AI bubble
- Professor Terence Lim of Sungkyunkwan University’s SKK GSB has warned in the newspaper column that the recent investor and corporate enthusiasm about AI technology may be another bubble in the making. In his column titled "The More You Look, The More Expensive A Few Stocks are" in the Korea Economic Daily, Prof. Lim predicted, "The AI bubble will suddenly burst when the market realizes that AI application revenue models are not easy." Since last year, the stock market's liquidity had increased despite the US Fed’s quantitative tightening and flooded into a few big tech stocks on the back of the investor enthusiasm for AI. In the first half of this year, 55% of the S&P 500 index's rise was driven by NVIDIA, Microsoft, Eli Lilly, Meta, and Amazon. Notably, NVIDIA 's stock price jumped from 25 times the expected earnings for 2024 at the beginning of the year to 45 times in just six months. NVIDIA's current stock price reflects the massive AI-related investments already taking place and the expectation that these investments will continue to grow rapidly. Jim Covello, Head of Global Equity Research at Goldman Sachs, pointed out the issues such as overly optimistic expectations for AI technology and the lack of concrete framework on how AI technology will be used to improve productivity. As the economy starts to slow more visibly in the coming months and corporate earnings fall short of expectations, the companies will likely break free from the compulsion to invest in AI, which has uncertain returns. The market will also become more rational. The U.S. economy is already gradually cooling, and the liquidity that fueled the stock market's rise is now ebbing. It is generally the most appropriate time to hedge against the eventual stock market correction when everyone is steeped in optimism. Original article: : https://www.hankyung.com/article/202407183040i
-
- 작성일 2024-08-01
- 조회수 105439
-
- The Hidden Truths of Corporate Scandals
- Professor Jung-Hoon Han of Sungkyunkwan University’s SKK GSB has published a paper in the prestigious Strategic Management Journal, revealing how media and public interest in corporate misconduct is determined. Prof. Han, with co-authors Timothy G. Pollock (University of Tennessee – Knoxville) and Srikanth Paruchuri (Texas A&M University), recently published a research paper titled “Public enemies? The differential effects of reputation and celebrity on corporate misconduct scandalization” in the Strategic Management Journal. When firms engage in misconduct, widely known firms tend to attract media attention. This is because they are already highly visible, and the positive evaluation they have received clashes the harm they have caused. Nonetheless, there can be multiple ways through which firms become well known. On the one hand, firms can gain “high reputation” based on the rational assessment of their consistently superior performance and capability. On the other hand, firms can cultivate emotional resonance from stakeholders through unconventional and attractive behaviors and traits, leading them to be treated like “celebrities.” The firms listed on Fortune’s “Most Admired Companies” ranking exemplifies high-reputation firms. Tesla, which had rarely recorded solid financial performance until recently but nonetheless have cultivated a strong fan base, can be considered a celebrity firm. The rational and emotional bases underlying the evaluation of high-reputation and celebrity firms can create differences in how their misconduct is treated by the media. People are likely to engage in rational information processing when viewing high-reputation firms’ misconduct. Thus, high-reputation firms’ misconduct is more likely to be publicized by the media – and become scandalized – when the misconduct is objectively severe, for instance, a data breach that has exposed 500 million customer accounts. Celebrity firms’ misconduct is less likely to be scandalized under such circumstances because overlooking factual details is a typical characteristic of emotional information processing. However, perceived severity may not always match objective severity. For instance, when United Airlines violently removed a passenger in 2017, the incident created an intense collective perception of severity and sparked a scandal, even though the harm was practically limited to a single individual. Such collective perception of severity increases the likelihood celebrity firms’ misconduct becomes scandalized because it fuels the public’s emotional interest in the firms. In contrast, perceived severity weakens the likelihood of high-reputation firms’ misconduct being scandalized because the public interest is likely to diminish with repeated exposure to the same information. These findings have important implications for firms’ crisis management because what people expect from firms differs based on the rational and emotional information processing. High-reputation firms should focus on providing detailed information about the cause of their misconduct and their remedial plans. Celebrity firms, in contrast, should focus on tempering emotional fervor and buzz surrounding their misconduct and try to devise creative and unconventional remedial actions that could potentially revive stakeholders’ positive emotional resonance. Original Journal: https://doi.org/10.1002/smj.3638 As shown in the graph above, as the objective severity of misconduct increases, the effect of reputation gradually increases (a), while the effect of attachment decreases and becomes statistically insignificant (b). Conversely, as the perceived severity increases, the effect of reputation gradually decreases to a statistically insignificant level (c), while the effect of attachment becomes increasingly stronger (d).
-
- 작성일 2024-07-31
- 조회수 109167
-
- "Emeritus Professor Pil Hwa Yoo: 'The service industry is a breakthrough for South Korea's economy.'"
- Emeritus professor Pil Hwa Yoo of Sungkyunkwan University's SKK GSB and worldwide best-selling author of "Hidden Champions," Hermann Simon, chairman of Simon-Kucher & Partners, have published an article in the July issue of Dong-A Business Review. In the article titled "South Korea-Germany Service Exports," Prof. Yoo and his co-authors point out that as the global market for services expands, South Korea, which heavily relies on manufacturing and exports, needs to expand its service exports. If so, what strategies should Korean companies pursue to dramatically increase their service exports? Capitalizing on the strength of Korea's manufacturing industry to develop more high-value-added services derived from manufacturing and exporting the results is considered a solution. The lines between service and manufacturing are becoming increasingly blurred. In many cases, service is an integral part of the product. We call this phenomenon the servitization of manufacturing. If a Korean manufacturing company wants to export products to Dubai, it needs to build a value chain that incorporates service elements throughout the supply chain, from planning and development for localization and sourcing raw materials to maximize profits, production, distribution, and after-sales management. For example, 1) product planning based on big data analysis related to localization; 2) introduction of a modeling system for purchasing raw materials, optimal production, and inventory management; 3) application of smart process technology to production processes and inspection systems to improve productivity and reliability; 4) training of local personnel using remote services to reduce costs; and 5) automation of customer after-sales management using AI technology. The OECD estimated that in 2022, the share of services embedded in the manufacturing of goods in South Korea was about 28%. According to EU statistics, the percentage of services exports triggered by goods exports is between 25% and 30%, and this percentage is rising. As the importance and proportion of services derived from manufacturing grow, Korea's service industry should focus on improving the quality of manufacturing-related services such as design, education and training, installation, maintenance, repair, and refurbishment, and actively sell these services to overseas markets. Also, when Korean companies export their services, they need to adopt the success formula of the German Hidden Champions: strong aspiration, focus (specialization), and globalization. Original Article: https://dbr.donga.com/article/view/total/article_no/11334/ac/a_list/ac/m_editorpick
-
- 작성일 2024-07-11
- 조회수 161177
-
- Interview with Prof. Alex Gotsopoulos
- Professor Alex Gotsopoulos at SKK GSB, Sungkyunkwan University, researches Strategy and Entrepreneurship. His research focuses on the emergence of new industries, and on how the challenges and opportunities that entrepreneurs face evolve as industries progress from infancy to maturity. Alex has received support from the National Science Foundation in the US and a number of North American and European foundations due to his outstanding achievements. His research has been published in top-tier management journals such as the Academy of Management Journal, the Strategic Management Journal, and the Academy of Management Review. It has also been featured in outlets such as the Wall Street Journal and Inc.com. In February, his paper was accepted in the Journal of Business Venturing as well. Alex explained the paper titled "United We Stand? Organizational Groups and Spinoff Mortality in the Context of Academic Entrepreneurship" using the ecosystems of iOS and Android as examples. He explained, "iOS and Android are competitors, as we all know. The iOS ecosystem wants to grow so that it can successfully compete against the Android ecosystem. At the same time, the iOS ecosystem does not want to grow so big that there would be competition within the iOS ecosystem (i.e., among firms within that focal ecosystem). Hence, they have two contradictory needs that they need to balance, to grow and to not grow. Within each ecosystem, the optimal number of firms needs to be maintained so that there is strong collaboration and symbiosis but not too strong competition." Alex, who lectures on entrepreneurship in the MBA program, mentions that students' and societal perceptions of entrepreneurship have changed significantly compared to 11 years ago. He said "When I first came to Korea 11 years ago, becoming an entrepreneur was not a common career choice at all. However, everybody is now quite positive about entrepreneurship, everybody has entrepreneur friends or dreams of becoming an entrepreneur themselves. Ample government grants and recent unicorns like Coupang have further increased students’ willingness and interest in exploring careers in entrepreneurship or in working for ambitious startups." He said that he feels the changes in Korea compared to how it was before. He noted, "Korea and Koreans have become much more cosmopolitan during my years here. People have learned how to travel, how to experience, and what to appreciate in foreign countries and cultures. Korean students have become more open to but also more critical of foreign ideas and cultures, and how to utilize them in the Korean context." Alex is also a passionate instructor who updates his course offerings and curricula frequently to cater to students’ needs in the ever-evolving business world and economy. He stated, "The central message of my teaching remains the same: students should not take teachings and lectures as givens. Instead, they should keep an open mind and think out of the box. What they learn in class is not absolute truths but rather the tools that will help to form informed opinions and come up with innovative solutions."
-
- 작성일 2024-06-21
- 조회수 102549
-
- SKK GSB Boot Camp and Pre-MBA Programs
- Every August, all programs at SKK GSB welcome new students and embark on a fresh start. A new beginning is always exciting, but at the same time, students could be worried about whether they will be able to understand the MBA courses well. SKK GSB offers preparatory programs, such as the Pre-MBA and Bootcamp, to assist new students before their classes commence. Vice Dean Raunaq Pungaliya, said, "Our Pre-MBA and Bootcamp programs are specifically designed to ensure that all students, regardless of their career background or undergraduate major, start with the confidence and knowledge needed to succeed in their MBA journey." The Bootcamp in the Full-Time MBA focuses on core business disciplines: managerial economics for economic insight into management decisions, quantitative analysis for robust data interpretation skills, and financial accounting to speak the language of business; while the corresponding program in the Business Analytics MBA focuses on programming, which is necessary for data-oriented business professionals. Jun Ho Kyung, a student in the Business Analytics MBA program, stated," Understanding MBA courses can be challenging without a background in calculus and programming. The SKK GSB boot camp helped me significantly by teaching condensed courses that complement the two-year MBA program."
-
- 작성일 2024-06-12
- 조회수 88159
-
- Virtual Influencer Marketing Strategies by Prof. Hwang
- SKK GSB Professor Se-rim Hwang’s research on virtual influencers has been in the spotlight recently. The study found that human influencer marketing, despite its high marketing effect, has backfired in some cases. On the other hand, virtual influencers were less likely to be exposed to scandals or bad reputations than human influencers, and they also cost less. Furthermore, virtual influencers have generated more engagement from people than human influencers. This means that choosing virtual influencers can be more cost-effective and ensure high engagement from people. An interesting point is that virtual influencers with imperfections resonate with more people than those with a perfect appearance. Lil Miquela, one of the most popular virtual influencers who debuted in 2016 and has over 2.6 million followers, is known for her imperfect human-like features instead of her perfect appearance. "Virtual influencers with humanized stories of overcoming challenges and hardships are more effective for marketing," Hwang said. Prof. Hwang's paper, 'Should Your Brand Hire a Virtual Influencer?', has gained attention in the academic community and was published in the May-June issue of Harvard Business Review. In Korea, the June issue of Dong-A Business Review published her special report on virtual influencers.
-
- 작성일 2024-06-10
- 조회수 85784
-
- What factors can cause corporate misconduct to escalate into a scandal?
- Prof. Jung-Hoon Han of Sungkyunkwan University’s SKK GSB(Graduate School of Business) has published a paper in the prestigious Academy of Management Journal, shedding light on when misconduct by high-status firms escalates into scandals. Prof. Han and Professors Timothy G. Pollock (University of Tennessee, Knoxville) and Scott Graffin (University of Georgia) analyzed 2015–2018 data breaches involving publicly traded U.S. firms. They question the widely held assumption that scandals usually stem from high-status firms’ misconduct and demonstrate that the development of scandals depends on the perpetrating companies’ surrounding environment. For example, if several large tech companies such as Google, Meta (owner of Facebook) and X (formerly Twitter), and the supermarket chain Walmart engaged in the same misconduct, the media would be less likely to report on and scandalize Walmart’s misconduct as it is easier to tell a story based on tech companies’ all doing the wrong thing than to try to crowbar a retail firm into the narrative. The key takeaway is that journalists are more likely to report on and scandalize corporate misconduct when there is a clear industry-based pattern. The harder it is to identify a set of similarities that helps journalists tell a simple story, the lower the likelihood that any one firm’s misconduct will be scandalized. These findings have significant implications for companies’ crisis management strategies. When facing misconduct allegations, firms should address public concerns by highlighting how they differ from other industry leaders who have engaged in misconduct and by stressing that their actions do not reflect an industry-wide failure. From a preventive standpoint, firms should exercise caution when adopting practices from other high-status firms to avoid scandalization. The figure above illustrates that while high-status firms’ misconduct is more likely to become scandalized, such tendency is amplified when high-status firms’ misconduct has been prevalent within the same industry (a). In contrast, the prevalence of high-status firms’ misconduct outside an industry attenuates the scandalizing effect of focal firm’s status (b). Original Journal: https://doi.org/10.5465/amj.2022.0365
-
- 작성일 2024-05-21
- 조회수 33783
-
- Professor Youngju Nielsen signs a strategic business agreement with Maeil Business Newspaper
- (Photo sorce: Maeil Business Newspaper) SKK GSB Professor Youngju Nielsen's fintech company iLab has signed a strategic business agreement (MOU) with Maeil Business Newspaper. Maeil Business Newspaper and iLab will jointly develop a 'Target Date Fund (TDF)' index. The two organizations will launch TDF benchmark indices (indices for comparing investment performance) that can be used depending on the retirement date. It is expected that the launch of TDF benchmarks tailored to the Korean market will clearly distinguish the performance of financial institutions, such as their profitability. Original article in Korean: https://www.mk.co.kr/news/stock/11011908
-
- 작성일 2024-05-10
- 조회수 3387
-
- SKK GSB Professor Hwang Se-rim reveals the effectiveness of AI influencers
- SKK GSB Professor Hwang Se-rim's paper, which reveals the effectiveness of AI influencers, has been published in the May-June issue of Harvard Business Review (HBR), a prestigious business journal. Professor Hwang, along with Assistant Professor Shunyuan Zhang of Harvard University, Associate Professor Xiao Liu of New York University, and Professor Kannan Srinivasan of Carnegie Mellon University, analyzed over a million pieces of content over six years. Influencer marketing has been actively used due to its high marketing effect, but there have also been cases of backfires, and recently, there has been an increase in cases of brand marketing using AI influencers. The paper compared the effectiveness of human influencers and AI influencers in five aspects: engagement, reach, diversity, reputational risk, and cost. The study found that AI influencers were able to generate more engagement from people than human influencers. In particular, AI influencers were less likely to be exposed to scandals or bad reputations than human influencers, and they also cost less. This means that choosing AI influencers can be more cost-effective and also ensure high engagement from people. According to one survey, 52% of social media users in the United States already follow AI influencers, and this percentage is even higher worldwide. Among various industries, the fashion and beauty industries were more receptive to paid advertising posts by AI influencers, while people showed more resistance to paid advertising posts by human influencers. As the time spent consuming traditional media such as TV decreases, influencer marketing is expected to become even more important for brands. This study has proven that AI influencers have clear advantages over traditional human influencers. This means that brands should positively consider adopting AI influencers when introducing social media marketing. Original Journal: https://hbr.org/2024/05/should-your-brand-hire-a-virtual-influencer
-
- 작성일 2024-04-30
- 조회수 3030