Selected academic work on firm value, market signals, technology adoption, and strategic resource allocation.
Specifically on how corporate actions and disclosures shape valuation and investor-relevant perception.
Published research
Authors: Hojoon Jang, Jongdae Kim, Junhee Seok
Journal: Korean Journal of Marketing
Publication date: November 2024
Abstract: This paper studies controversy risk as a valuation signal. Using KOSPI-listed firms with LSEG controversy data, the study finds that negative corporate events are associated with lower firm value, especially in highly competitive industries. The paper also shows that advertising investment can help defend valuation by improving stakeholder communication after controversy events.
Authors: Hojoon Jang, Junhee Seok, Jongdae Kim
Journal: Asia Marketing Journal
Publication date: April 2024
Abstract: This paper evaluates how M&A deal size affects acquirer valuation during periods of market uncertainty. Using S&P 500 acquirer data from SDC Platinum and Compustat, the study finds that large transaction values can pressure firm value, while advertising-driven consumer awareness can help offset that valuation pressure during crisis periods.
Authors: Yanghee Kim, Hojoon Jang, Junhee Seok
Journal: Asia Marketing Journal
Publication date: January 2024
Abstract: This study examines how non-financial signals translate into firm value through corporate reputation. Using panel data from Korean listed firms, the paper finds that responsible business practices can improve firm value and that reputation acts as a valuation channel, with the effect varying by industry sensitivity.
Authors: Jongdae Kim, Hojoon Jang, Junhee Seok
Journal: International Business Journal
Publication date: May 2023
Abstract: This study analyzes when acquisition spending creates valuation risk for acquirers. Using U.S. M&A data from SDC Platinum and firm-level data from WRDS Compustat, the paper finds that higher transaction value generally weighs on acquirer firm value, but the effect can be offset in highly competitive industries and cross-industry deals.
Authors: Hojoon Jang, Kyowon Seo, Jongdae Kim, Yunji Han, Seungyun Song, Kiwan Park
Journal: Services Marketing Journal
Publication date: June 2022
Abstract: This study uses employee review text to identify operating signals inside financial firms. By applying web crawling, text mining, hierarchical clustering, and regression analysis to Jobplanet reviews, the paper shows that employees at innovation-positioned financial companies place greater weight on relational rewards, which can become a talent-retention risk when expectations are not met.
Authors: Hojoon Jang, Kyoungmi Lee
Journal: Asia Marketing Journal
Publication date: October 2018
Abstract: This study examines when marketing spend can be read as a weak capital allocation signal. Using behavioral experiments and a stock-market event study, the paper finds that celebrity endorsement announcements can hurt growth expectations for technology-focused firms when investors and consumers infer that resources are being diverted away from product quality.
Doctoral dissertation
Authors: Hojoon Jang
Institution: Seoul National University
Publication date: August 2024
Abstract: This dissertation isolates governance disclosure as the primary ESG component that investors price into firm value. Across three experiments and two pilot studies, governance emphasis produced the strongest investor response, with credibility, financial stability, and management quality identified as the valuation channels. Environmental emphasis moved consumer perception more strongly than investor perception, separating the consumer-facing ESG signal from the investor-facing one. The findings inform how disclosure design translates into measurable firm value impact.
Conferences
Authors: Hojoon Jang, Kyoungmi Lee
Conference: Korea Academy of Commodity Science and Technology (Seoul, Republic of Korea)
Presentation date: May 25, 2024
Recognition: Best Paper Award
Abstract: This study evaluates sustainability reports as disclosure signals that can reshape stakeholder perception of firm quality. The project shows how narrative disclosure can influence perceived credibility, attractiveness, and long-term business value across stakeholder groups.
Authors: Hojoon Jang, Kyoungmi Lee
Conference: Korean Society of Consumer Studies (Seoul, Republic of Korea)
Presentation date: April 22, 2023
Abstract: This study examines how forward-looking mental simulations affect financial risk appetite. The project links narrative framing to risk preference, offering a behavioral lens on why investors may become more willing or less willing to accept uncertain payoff profiles.
Authors: Hyewon Park, Hojoon Jang, Minjung Ko, Kyoungmi Lee
Conference: KMIS Conference (Seoul, Republic of Korea)
Presentation date: November 2, 2019
Abstract: This study analyzes the behavioral drivers of marketplace retention. Using shopper journey data from Korean online open-market users, the project identifies four consumer motivation segments and finds that repurchase intent increases when platforms help users discover new needs, sharpen product preferences, and gain post-purchase confidence. The findings translate consumer behavior into platform economics by linking user intent, conversion quality, and repeat-purchase potential.
Authors: Hojoon Jang, Kyoungmi Lee
Conference: International Conference of Asian Marketing Associations (Bangkok, Thailand)
Presentation date: April 20 ~ 22, 2018
Abstract: This study tests whether celebrity endorsement announcements create different valuation signals across technology-driven and marketing-driven firms. Using Korean listed-company events, abnormal returns, and cumulative abnormal returns, the project finds that endorsement spending can be interpreted as either brand-building or weak resource allocation depending on the firm’s strategic profile.
