Search

Author(s): John Hulland [sup.1] , Mark B. Houston [sup.2] Author Affiliations: (1) grid.213876.9, 0000 0004 1936 738X, Department of Marketing, Terry College of Business, University of Georgia, , Athens, GA, [...]

Author(s): Darren W. Dahl[sup.1] Author Affiliations: (1) Sauder School of Business, The University of British Columbia, V6T 1Z2, Vancouver, BC, Canada Rebecca Hamilton's editorial provides a strong definition and compelling [...]

Abstract Social sustainability and, in particular, its measurement and reporting are gaining importance in society, politics and business but are facing major challenges. This is because there are no standardized and uniform approaches or frameworks. The existing approaches cover social issues, but no systematic presentation has been proposed. Moreover, there is no approach that can be applied in both management accounting and financial reporting. The aim of this paper is to present a catalog of criteria for addressing this issue and thus to close the research gap. For this purpose, frameworks utilizing catalogs of criteria for social sustainability assessment and reporting are analyzed and critically reviewed. One major weakness found is that all frameworks are oriented around only socially protected values in their catalogs. As social sustainability is focused on the impact on stakeholders, these are frequently missed. One solution to this problem is to adopt a 1:1 ratio of socially protected values to stakeholders, which is developed and described in this paper via a catalog of criteria. Furthermore, a systematic presentation of social issues using a four-level structure is proposed. Social indicators are, in turn, assigned to subcategories, to supercategories, and finally to stakeholders. This not only improves transparency and comprehensibility but also simplifies decision-making. A procedure model for the application of the catalog is also suggested. Such a catalog has not been described in previous research.

Marketing inter-firm control considers how one party to an exchange manages the behaviors and/or performance outcomes of another. Despite the existence of mature, robust theories in the marketing literature such as transaction cost economics, agency theory, organizational control theory, and the theory of relational exchange, many questions of control remain. Three areas important to modern day inter-firm management and not addressed by extant channels are third-party control (control by a non-dyadic constituent), self-control (control by and of the actor), and control as a function of daily routine. To consider these and other aspects of control, this paper applies a general framework to examine issues of control and governance. This framework considers control systems (dyadic control, third-party control, and self-control), control modes (formal and informal control) the rules of control (setting standards, monitoring, and sanctioning), and the costs and welfare maximization of such rules. It also addresses control behaviors and outcomes. Introducing a single organizing control framework and demonstrating its use, this paper explains the multi-system control framework, offers research propositions, and provides a research agenda., Author(s): David I. Gilliland [sup.1] Author Affiliations: (1) grid.47894.36, 0000 0004 1936 8083, Colorado State University, , 1278 Campus Delivery, 80523-1278, Fort Collins, CO, USA Control has emerged as a [...]

This paper clarifies why context-specific studies have scientific merit and provides recommendations to authors and journal stewards on how to develop them well. A context-specific study is a study in a unique setting yielding conclusions that can be considered to have limited generalizability to other settings. A firm's industry-think of pharmaceuticals, video games, movies, platform markets, sharing economy-may represent an unambiguous example of a specific context. Unfortunately, the generalizability-specificity dilemma is often misunderstood. Generalizability is excessively heralded as the ideal, and studies in specific contexts are too often denigrated, while both intrinsically can be valuable to the advancement of knowledge. The present paper aims to (1) provide a more nuanced system of beliefs for marketing scholarship to adopt in favor of specificity; (2) offer a helping hand to authors and editors when developing and publishing context-specific studies; (3) review successful examples from the prior literature; and (4) offer clear implications for scholars., Author(s): Stefan Stremersch [sup.1] [sup.2] , Jorge Gonzalez [sup.2] , Albert Valenti [sup.2] , Julian Villanueva [sup.2] Author Affiliations: (1) grid.6906.9, 0000000092621349, Erasmus School of Economics, Erasmus University Rotterdam - [...]

Abstract Change necessitates companies to alter their established routines. But how flexible are routines, and how can they be changed? Research has given very different answers to this question. While some researchers see routines as rigid and opposed to change, others see them as flexible and a source of change. The problem is not only that these positions are unrelated, but that there is no foundation that conceptually encompasses and connects both elements of routines, rigidity and changeability, which is why these two facets currently present as opposites. Current research tends towards the second position, neglecting the rigidity of routines. This paper offers an action-based microfoundation of routine change expanding Feldman and Pentland’s ostensive-performative approach beyond feedback processes. The focus of the theoretical conceptualization of routines is on action-specific knowledge acquired and applied through repetition. This action-based microfoundation allows the contradictory views of previous research to be positioned in a larger context. Routines are flexible, but only incrementally; they exhibit rigidity towards radical change. Building on this theoretical conceptualization, this paper distinguishes four types of routine changes: routinization/expansion, adaptation, problem fixing, and deliberate routine exchange. This distinction can contribute significantly to the focus of research and thus make it more rigorous. It also allows the rigidities of routines to be taken into account more strongly than before, thereby significantly increasing the relevance of routine research.

Abstract The advent of social media and its commodification have created a never-ending feedback loop between businesses and their customers. In this context, constant negative Word-of-Mouth (NWOM) may jeopardize a corporate image and cause defensiveness in corporate communication. This paper presents a case study of several customer service accounts of the railway company Deutsche Bahn on Twitter to investigate the management and control of constant NWOM and the impact of accountability strategies on customers’ perception of the firm. To this end, a sample of 36,757 Twitter postings was drawn and analyzed by means of sentiment and content analysis techniques. The findings suggest that the perceived accountability towards the firm declined in case of an attitude shift towards the user. In contrast, the firm was being held accountable more insistently after expressed defensiveness, regardless of the firm’s actual accountableness. With this paper, we introduce the notion of accountability management and an accompanying theoretical framework to the literature. This provides a novel perspective on constant NWOM countermeasures for organizations that are part of ‘toxic’ industries or face unrightfully claimed accusations, i.e., when being held accountable for outer circumstances beyond their control.

Augmented reality-delivered product information (ARPI) can overcome the limited space at the point of sale to inform shoppers on demand and will therefore become more widespread in brick-and-mortar stores. To fill the void of academic research, this paper develops a model of how consumers process ARPI and how ARPI can shape brand image and purchase intentions. Making use of the cues-filtered-out theory, this paper suggests that the effect of ARPI controllability depends on information detailedness. An unintended backfire effect of controllability occurs when the accessible information is detailed, which is explained by the mediating process via perceived comprehensiveness. This backfire effect is a risk primarily in busy shopping times. The main experiment conducted in a hypermarket and four follow-up studies (using field, lab, and video settings) empirically confirm the proposed model on the basis of different data sources, including usage tracking, questionnaires, and scanner data. The paper derives managerial implications and outlines directions for future research., Author(s): Stefan Hoffmann [sup.1] , Tom Joerß [sup.1] , Robert Mai [sup.2] , Payam Akbar [sup.1] Author Affiliations: (1) grid.9764.c, 0000 0001 2153 9986, Institute of Business Administration, Department of [...]

Abstract In this paper, we examine in a systematic manner how investors react to the sentiment of instant ESG news. Instead of acquiring proprietary ESG news or events datasets directly from specific ESG data providers, we extract fresh ESG news directly from a plethora of raw news articles. We showcase how the latest development in NLP (i.e. the BERT model) can be applied to build a comprehensive and fresh ESG news dataset, and how company ESG news sentiment can be efficiently recognized by a machine. Overall, we find that the market reacts to ESG news based on news sentiment. On the event day, positive ESG news has an average abnormal return of 0.31% while negative ESG news leads to a mean value of $$-0.75$$ - 0.75 %. More interestingly, we find that the impact of ESG news may depend on the company’s historical ESG record. The negative impact of negative ESG news has less severe consequences for companies with an overall better ESG record, while the positive impact of positive ESG news may be more pronounced for companies with a worse ESG record.

Abstract Long-term throughput, as a key performance indicator of a stochastic flow line, is affected by numerous parameters describing the features of the flow line, such as processing time and buffer size. Fast and accurate evaluation methods for a given set of values for those parameters are a prerequisite to systematically optimize such a flow line. In this paper, we consider the case of a flow line with random processing times, limited buffer capacities and so-called milkruns that supply the machines with material parts that are required to perform, e.g., assembly operations on workpieces. In such a system, shortages in the supply of material parts can limit the performance of the flow line. Up to now, there are no accurate analytical approaches to quantify the complex interactions in such milkrun-supplied flow lines for realistic problem sizes. We propose to use recurrent neural networks to determine the long-term throughput of such flow lines enabling us to evaluate production systems of flexible size. Our results show that the throughput can be determined accurately and quickly via recurrent neural networks. Furthermore, we use this new evaluation procedure as a building block to optimize this type of flow line using gradient and local search techniques.

This article discusses the ten research papers compiled for the Journal of Academy of Marketing Science (JAMS) Special Issue, which has the express purpose of laying new groundwork for the understanding of business model innovations in emerging markets. Altogether, the papers delineate a new organizational framework for doing business in emerging markets and for optimizing gains from emerging market innovations. This Special Issue defines and clearly differentiates emerging market innovations (EMIs) from developed market innovations (DMIs) and provides a generalizable framework. The proposed framework corresponds to the process whereby developed market firms do business in emerging markets, capitalize on the innovative potential therein, reap the benefits and drawbacks of reverse innovations back to developed markets, and, finally, continually refine and optimize their innovation strategies. This study offers crucial managerial guidance through discussion on marketing to the Bottom-of-Pyramid (BoP), the importance of Grassroots Innovation (GRI), the necessity of Corporate Social Responsibility (CSR) strategies, and the role of employees in open innovation. Lastly, this Special Issue posits conceptual and methodological limitations and future research direction to capture the emerging market phenomena entirely., Author(s): V. Kumar [sup.1] , Rajendra Srivastava [sup.2] Author Affiliations: (1) grid.256304.6, 0000 0004 1936 7400, J. Mack Robinson College of Business, Georgia State University, , Atlanta, GA, USA (2) [...]

This paper introduces a conceptual framework for understanding new and futuristic in-store technology infusions. First, we develop a 2 x 2 typology of different innovative and futuristic technologies focusing on their level of convenience and social presence for the consumer. Next, we offer a series of propositions based on the idea that convenience and social presence can trigger vividness by enhancing consumer involvement, imagery, and elaboration, which ultimately leads to enhanced sales. Finally, the paper then focuses on four moderating areas-consumer traits, product/service dimensions, mental models and social networks-to understand how they might impact the vividness experienced via the technology., Author(s): Dhruv Grewal [sup.1] , Stephanie M. Noble [sup.2] , Anne L. Roggeveen [sup.3] , Jens Nordfalt [sup.4] Author Affiliations: (1) grid.423152.3, 0000 0001 0686 270X, Babson College, , 213 [...]

Abstract This paper presents an overview of the internet sector. The paper begins by introducing key concepts and definitions, particularly around technology, the internet, and the digital economy. It then [...]

Widespread, and growing, use of artificial intelligence (AI)-enabled voice assistants (VAs) creates a pressing need to understand what drives VA evaluations. This article proposes a new framework wherein perceptions of VA artificiality and VA intelligence are positioned as key drivers of VA evaluations. Building from work on signaling theory, AI, technology adoption, and voice technology, the authors conceptualize VA features as signals related to either artificiality or intelligence, which in turn affect VA evaluations. This study represents the first application of signaling theory when examining VA evaluations; also, it is the first work to position VA artificiality and intelligence (cf. other factors) as key drivers of VA evaluations. Further, the paper examines the role of several theory-driven and/ or practice-relevant moderators, relating to the effects of artificiality and intelligence on VA evaluations. The results of these investigations can help firms suitably design their VAs and suitably design segmentation strategies., Author(s): Abhijit Guha [sup.1] , Timna Bressgott [sup.2] , Dhruv Grewal [sup.3] [sup.4] , Dominik Mahr [sup.2] , Martin Wetzels [sup.5] , Elisa Schweiger [sup.6] Author Affiliations: (1) grid.254567.7, 0000 [...]

The healthcare sector is one of the largest industries in most countries. It is also an outstanding case for a multi-tier system of the participating parties' incentives and their conflicting interests. This paper focuses on a few of the multifactorial interrelationships between the different actors in healthcare services. The novel approach of this paper is the assumption of double-information asymmetry between the transacting parties that describes the actors' relationships more realistically than the traditional principal-agent models. It will be shown that any system of incentivization may only apply perverse incentives in this case. Notably, efficient, high-quality healthcare units will be punished while less efficient and lower quality ones will be rewarded for their accomplishment. The theoretical analysis is supported by facts regarding Central and Eastern-European countries. Some symptoms and causes of the current decline can also be found in advanced West European countries and even in the United States. They are closely related to the ill-designed regulatory systems of publicly funded healthcare in these countries. Keywords Asymmetric information in healthcare * Incentive theory * Two-sided information asymmetry JEL C73-D82-I11, Introduction The health care sector has become one of the largest industries in most of the advanced and medium-developed countries. It is also an outstanding case for a complex multi-tier [...]

This paper investigates the relationship between carbon dioxide emissions and gross domestic product in the Middle East and North Africa region using World Bank data covering the period 1980 to 2010 on the eve of the Arab Spring. Unlike extant studies using parametric models, the results provide evidence against the postulated inverted-U shaped relationship between pollution and the level of economic development. Using a non-parametric model, new evidence is found against the existence of a carbon Environmental Kuznets Curve in contrast to previous studies on the region. The paper provides a cautionary note against the use of parametric models to draw policy implications about the trade-off (or lack thereof) between environmental quality and the level of economic development. Keywords Carbon emissions * Environmental Kuznets curve * Non-parametric regression JEL Classification C14 * C23 * Q54, Introduction The relationship between pollution levels and economic development has been a contentious issue within the economics literature. The discussion was typically examined using the so-called Environmental Kuznets Curve (EKC) [...]

Abstract Elite higher education institutions are notable for developing a significant number of graduates who assume leadership positions. This highlights the importance of integrating the two fields of elite education and leadership education. This paper seeks to address the central questions of how leaders will be cultivated and what elite higher education institutions will look like in 2030. To explore these inquiries, a case study was conducted at a German graduate school using the future workshop methodology. The process involved four creative workshops and an online survey, employing both top-down and bottom-up approaches. Through this participatory process, an image of the future of an elite graduate school for leadership in 2030 was developed. This image can serve as a starting point for contemporary higher education institutions to prepare themselves for and actively contribute to shaping a promising future.

Abstract The continuous changes in the business environment require transformation processes and innovation in organizational structures to maintain competitiveness. Innovation is required for future orientation and need an appropriate leadership style to be implemented in the company successfully. Various studies in the literature examine the topic of change models and the requirements for effective implementation of changes. Based on the constant change in the labor market, which is due to ongoing digitalization, the need for research of transformation, change-management and radical or disruptive innovation remains topical. A new challenge arises with a transformation in the entire company which affects all essential business processes. Because several levels are simultaneously affected by the transformation process, a more complex concept is required for the implementation than it could be found in the literature. There is a lack of empirical research in general for innovation-driven transformation processes and a missing connection to the implementation of radical or disruptive innovation in company. The aim of this paper is to investigate the need for new research in change theory. The focus is on the importance of innovation leadership for a radical or disruptive innovation change process, what is to be classified under a comprehensive transformation process in the company. In addition, the need for an innovation transformation model is established.

While Joseph A. Schumpeter is classified as a pioneer of evolutionary economics in a wide sense and of entrepreneurship and innovation management in a narrower sense, Schumpeter is less known for his contributions in the area of scientific methodology and history of science. The paper deals with methodological premises in Schumpeter's scientific positioning. In 1908, in his Das Wesen und der Hauptinhalt der theoretischen Nationalokonomie, Schumpeter developed and pioneered his methodological individualism which is very much acknowledged. However, comparing these early positions with methodological writings in his History of Economic Analysis (1954) shows that he has not really shifted from methodological individualism to an institutional perspective that addresses the academic interplay and sees economic action rooted in historical predispositions, paths and social constraints. Keywords Methodological individualism * Institutional economics * Joseph A. Schumpeter * Economic methodology JEL B25 * B30 * B41 * F14 * F01 * F20 * O10, Introduction The paper deals with Joseph A. Schumpeter and his efforts to treat economics methodologically. Some authors argue that Schumpeter maintained his principal scientific positions over the course of his [...]

The paper focuses on tax expenditures of individuals, which are one of the fiscal tools of the state. In the Czech Republic they are primarily aimed at housing policy, pension policy, and philanthropy, and the question is the extent to which tax expenditures can influence the preferences of tax payers. The aim of this paper is to evaluate the effect of tax expenditures of individuals in the form of tax deductions for social policy, housing support and retirement savings. We also evaluate whether these tax deductions fulfill the fiscal functions for which they were introduced and the extent to which taxpayers use them. Methodically, the research is based on the analysis of secondary statistical data of the Financial Administration of the Czech Republic and results from aggregated tax returns filed for the period 2005-2015. The effect of tax deductions was decreased by abolition of the progressive rate of personal income taxes and by introduction of a uniform tax rate of 15%. Tax deductions for retirement savings do not have a sufficiently strong motivational impact and do not affect taxpayers in the context of public policy. Deductions for mortgage interest can be regarded as a form of major housing support, but are related to taxpayer income and favor those with higher incomes. Keywords Tax policy * Tax deductions * Individuals * Mortgage interest * Life insurance * Retirement contributions JEL Classification H2 * D14 * E62, Introduction Tax expenditures are one of the state's primary fiscal tools for allocating private funds to preferred areas. The principle of tax incentives concerns the extent to which expenditures are [...]

In this paper, we investigate the extent of monetary independence in a group of ten Asian countries: China, Malaysia, Japan, India, Indonesia, Philippines, Thailand, Korea, Singapore, and Hong Kong. While the traditional investigation has considered only the bivariate relationship between the home interest rate and the base rate, we employ both single-equation and vector autoregressive representations of the bivariate and the trivariate relationship including the desired (or optimal) interest rate. We find in most countries, that the ranking of monetary independence is relatively consistent across the models and methodologies although model specifications produce important differences for some countries such as Japan, Indonesia, and India. Trilemma suggests that a country cannot accomplish all three policy objectives: monetary independence, exchange rate stability, and free capital mobility. To increase monetary independence a country must choose between greater exchange rate flexibility or a lower degree of capital mobility. The fact that China and Malaysia, the two countries that are known to have imposed the strictest capital controls, consistently rank high in various scenarios while Hong Kong, which has maintained nearly the freest regime in capital markets, is lowest in monetary independence, indicates that perhaps capital controls may play a more important role than does exchange rate flexibility in securing independence in monetary policy making. On the other hand, countries that maintain greater exchange rate stability do not necessarily rank low, unless it is combined with greater capital mobility as in the case of Hong Kong. Keywords Trilemma * Monetary independence * Capital controls * Exchange rate flexibility This paper has been written with a generous support from The A P J Kalam India Studies Research Program. We have benefitted from very useful and constructive comments from two referees. JEL Classification F3 F4, Introduction In an open economy, a monetary authority is subject to the trilemma, which states that it is impossible to have all three policy objectives of (a) unrestricted capital movement, [...]

This paper contributes to the sparse literature on inequality convergence by empirically testing convergence across states in the U.S. This sample period encompasses a series of different periods that the existing literature discusses--the Great Depression (1929-1944), the Great Compression (1945-1979), the Great Divergence (1980-present), the Great Moderation (1982-2007), and the Great Recession (2007-2009). This paper implements the relatively new method of panel convergence testing, recommended by Phillips and Sul (2007). This method examines the club convergence hypothesis, which argues that certain countries, states, sectors, or regions belong to a club that moves from disequilibrium positions to their club-specific steady-state positions. We find strong support for convergence through the late 1970s and early 1980s, and then evidence of divergence. The divergence, however, moves the dispersion of inequality measures across states only a fraction of the way back to their levels in the early part of the twentieth century. Keywords Club convergence * Inequality measures * Panel data * U.S. JEL Classification C22 * D63, Introduction Dew-Becker and Gordon (2005) show that from 1966 to 2001, only the top 10% of the income distribution in the U.S. gained real income equal to the growth in [...]

Several studies identified a positive relationship between a firm's knowledge assets and its productivity. Knowledge assets are usually considered as the level of human and technological capital of the firm. Knowledge assets of the firm may also increase by the so-called spillover effect, especially in less developed host economies of foreign direct investment, which means diffusion of the technology, knowledge and managerial skills from foreign companies to local ones. Beyond the impact of the human and technological capital of firms, this paper also examines the effect of spillover of knowledge on the firms' performance in Hungary within a linear regression model. The model is based on individual data of Hungarian enterprises, examining the change in performance as the difference of the variables between 1996 and 2014. The paper shows that knowledge assets (concerning human capital) basically determine the firms' production in Hungary from 2000. The effect of research and development activity was not significant in the investigated period. Foreign shares in the industries' total equity (proxy for spillover effect) have a weak and, after 2005, a negative influence on performance. The spillover effect in the Hungarian economy was not demonstrated by the regression model. Keywords Human capital * Spillover effect * Hungary * FDI * Productivity * Knowledge asset JEL classification F20 * G30, Introduction Productivity can be regarded as a measure of outputs that are obtained by a combination of inputs. In total factor productivity all inputs are considered, which generally include physical [...]

In this paper, we develop a theoretical framework to investigate the impact of adopting a strategy of know-how trading on the degree of research and development (R&D) cooperation. We show that the consequences of cooperation in know-how sharing under the conditions of the model are similar to a policy of cooperation in R&D investments in areas with large spillovers. An industry-wide policy of cooperation among competitors with respect to R&D investment and sharing would simply result in maximal joint profits. This cooperative R&D outcome could be generalized to any degree of spillover other than 100%. In this paper, the commitment to a policy of know-how trading by the participants in an industry is explained by the firm's attempt to induce the equilibrium of a single industry-wide cooperative research joint venture. In a repeated game framework, we show that pre-commitments by non-cooperative firms to disclose their own know-how to the industry can be effective in inducing cooperative R&D investments by the participants. Keywords Cooperative R&D * Repeated games * Know-how trading * Policy JEL Classifications L13 * 031 * 033, Introduction Innovation originates from a network of firms interacting in a variety of ways, and adopting various external technology sourcing strategies that move beyond traditional research and development (R&D) contracting. [...]

The paper considers a monetary union composed of two representative countries characterized by different inflation aversions. The model derives Nash equilibria after a country-specific shock in which the countries have a costly option to abandon the common currency. The main results are that the higher the inflation aversion of the country affected by the shock, the lower its exit probability. The higher the inflation aversion in both countries, the lower the probability that the country not directly hit also abandons the monetary union (contagion). Keywords Monetary unions * Contagion * Nash equilibria * Inflation aversion JEL Classification F30 * F31 * F41 * G01, Introduction This is a very short stylized paper focused on assessing the stability of a monetary union. The paper aims to analyze the role played by heterogeneous inflation aversions of [...]

Abstract The objective of this paper is to highlight similarities and differences across various case study designs and to analyze their respective contributions to theory. Although different designs reveal some common underlying characteristics, a comparison of such case study research designs demonstrates that case study research incorporates different scientific goals and collection and analysis of data. This paper relates this comparison to a more general debate of how different research designs contribute to a theory continuum. The fine-grained analysis demonstrates that case study designs fit differently to the pathway of the theory continuum. The resulting contribution is a portfolio of case study research designs. This portfolio demonstrates the heterogeneous contributions of case study designs. Based on this portfolio, theoretical contributions of case study designs can be better evaluated in terms of understanding, theory-building, theory development, and theory testing.

The Journal of the Academy of Marketing Science (JAMS) is completing 50 years of publication in 2022. This paper attempts to pay homage to this milestone, demonstrating that JAMS has remained true to its mission, while simultaneously staying current by adapting to the rapidly changing times. Using a multi-method approach (Latent Dirichlet Allocation, Semantic Analysis, and Bibliometric Analysis), we analyze topics and thematic areas, research communities, and their evolution. We identify fifteen main research topics over time (including Firm Performance, Survey Research, Models and Analytical Approaches, Marketing Theory, Sales Management, Marketing Mix, Customer Service, Firm Strategy, Branding, Social Issues and Ethics, Customer Relationship Management, Shopping and Distribution, Channels, Consumer Behavior, and Marketing Communications), along with three central research communities (Advertising, Marketing Strategy, and Customer Satisfaction), which characterize the intellectual structure of the journal. Our analysis also looks at both declining and emerging research interests, suggesting where JAMS could be heading in the future., Author(s): Abhishek Borah [sup.1] , Francesca Bonetti [sup.2] , Angelito Calma [sup.3] , José Martí-Parreño [sup.4] Author Affiliations: (1) grid.424837.e, 0000 0004 1791 3287, INSEAD, , Fontainebleau, France (2) grid.20364.33, [...]

Many core marketing concepts (e.g., markets, relationships, customer experience, brand meaning, value) concern phenomena that are difficult to understand using linear and dyadic approaches, because they are emergent. That is, they arise, often unpredictably, from interactions within complex and dynamic contexts. This paper contributes to the marketing discipline through an explication of the concept of emergence as it applies to marketing theory. We accomplish this by first drawing on the existing literature on emergence in philosophy, sociology, and the theory of complex adaptive systems, and then link and extend this understanding to marketing using the theoretical framework of service-dominant (S-D) logic, particularly as enhanced by its service-ecosystems and institutionalization perspectives. Our work recognizes both emergence and institutionalization as integral or interrelated processes in the creation, maintenance, and disruption of markets and marketing phenomena. We conclude by discussing implications for marketing research and practice., Author(s): Stephen L. Vargo [sup.1] , Linda Peters [sup.2] , Hans Kjellberg [sup.3] , Kaisa Koskela-Huotari [sup.3] , Suvi Nenonen [sup.3] , Francesco Polese [sup.4] , Debora Sarno [sup.5] , [...]

Abstract The Coronavirus Aid, Relief, and Economic Security (CARES) Act was the largest stimulus package in US history. In this paper, I look into whether public sentiment improved in response [...]

Abstract Facing increasing interregional and international competition, the need for innovating economic and socio-institutional structures is virulent. One possibility is establishing clusters to promote the idea that developing a network of companies with a mix of cooperative and competitive practices leads to competitive advantages for the respective area. Organizing clusters means developing a cluster culture, a communication strategy and a selection criterion for creating the desired mix of companies. We base our opinion paper on an extensive literature review of scientific sources about clusters, cluster policy and Place Leadership. We reveal that the prevailing cluster policy often does not lead to sustainably successful clusters. We conclude that we need a shared vision among cluster members to develop resilient clusters. Shared visions create a sense of belonging, social identity, and internalization of values and attitudes. This way, it is possible that a sustainable and trust-oriented network structure can develop, and knowledge spillovers within the cluster, necessary for resilient clusters, can occur. True Place Leadership is crucial to deal with the needed diversity of actors and stakeholders, some of whom are in competition, inspiring, motivating, and guiding shared, cooperative, and collaborative ways of working. Employing Place Leadership can outperform current policy measures in other regional, industrial and structural areas and might even make them redundant.

Abstract The objective of our paper is to analyze, how valuation practice deals with inflation especially for the terminal value, and how company value is influenced by assumptions set by practitioners. For that reason, we examine how vulnerable companies could be regarding struggles to pass on inflationary effects to their customers. We analyze the inflation rates assumed for the steady-state (terminal value) by comparing them to different estimators for the inflation rate expected at the valuation date (Survey of Professional Forecasters, inflation rates derived by comparing real and nominal rate of returns, inflation swaps). We quantify the implications of using different inflation rates for future cash flow development, terminal value and the company value at the valuation date, and compare nominal reported values with company values in a (hypothetical) world without inflation. Our sample consists of 263 valuation reports written by German auditors with valuation dates between 2000 to 2021. Most of the reports aim at determining the price per share to compensate minority shareholders during a squeeze-out. Our results question inter alia the preference for a constant company specific inflation rate of around 1% on average, and we quantify a number of value effects.

Abstract In this paper, we revisit a frequently employed simplification within the WACC approach that company cost of capital $$k_{V}$$ k V is supposed to be invariant to the debt ratio and therefore equal to the unlevered cost $$k_{U}$$ k U . Even though we know from Miles and Ezzell (1980) that $$k_{V}$$ k V formally differs from $$k_{U}$$ k U , treating both costs as equal strongly facilitates the practical firm valuation e.g. when companies strategically change their target debt ratios to a significantly different magnitude after a transaction. We provide both a theoretical model and an empirical analysis using 29 firms of the German stock market to quantify the economic significance between the company cost of a levered and an otherwise identical but unlevered firm. In particular, we can numerically support the usual simplification in the absence of default risk. In case that firms are default-risky, however, empirical findings indicate a clear difference between these costs equal to 1.88 percentage points on average even for moderate assumed bankruptcy costs which translates to a company mispricing of nearly 100%. As a result, the company cost of capital does practically not depend on the debt ratio if the firm is not subject to default risk or if bankruptcy costs are negligible. Otherwise, it does and a negligence of this relationship can cause significant mispricings.

Health spending has grown faster than the U.S. economy for decades and currently represents approximately 18% of gross domestic product. As with other sectors of the economy, the COVID-19 pandemic has had a significant impact on this growth of the health sector and the labor force that supports it. This paper examines that impact, describing how health care spending, employment, and prices have evolved since the start of the pandemic, using data from the authors' Health Sector Economic Indicators (HSEI) series. After unprecedented drops in March and April of 2020, both spending and employment have gradually recovered but, by the end of the summer, remained below their pre-COVID levels. Prices, on the other hand, have continued to rise. The paper compares these patterns with those observed in earlier recessions and describes some likely reasons for them. Keywords Health sector * Health spending * Health employment * Health care prices * COVID-19 * Health sector economic indicators, 1 Introduction At nearly 4 trillion dollars in annual revenues and 18% of gross domestic product (GDP), the health sector is one of the largest components of the U.S. economy [...]

Incentivized referrals are frequently used by firms to recruit new customers. Currently, most companies use two-sided incentive plans that reward both the referrer and the target. This is sensible and likely popular since both parties (the existing customer and target of the referral) are rewarded, potentially increasing the likelihood of successful referral conversion. That said, a small number of firms use one-sided incentives that reward only the referrer or only the target, which tend to be of lower cost. In the current paper, we examine how to effectively use one-sided incentives from a cross-cultural perspective. Specifically, we posit that reward-target incentives are more effective than reward-referrer plans among consumers who are high (instead of low) in interdependence because reward-target plans can appease social concerns, which are more important to those high (vs. low) in interdependence. Across a series of studies, we confirm these predictions and show that managerially relevant variables that influence social concerns (e.g., opaqueness of the referral information, product-liking risk) moderate our effect., Author(s): Lili Wang [sup.1] , Zoey Chen [sup.2] Author Affiliations: (1) grid.13402.34, 0000 0004 1759 700X, School of Management, Zhejiang University, , 310058, Hangzhou, China (2) grid.26790.3a, 0000 0004 1936 [...]

Customer journey models consider information search behavior only at the pre-purchase stage, yet consumers search for information after purchasing. This paper updates customer journey models by integrating two different streams of research-customer journey and post-decision information search (PDIS)-and examining information search as a valuable consumer response and managerial element of the journey. Findings from a multimethod approach, in-depth interviews and a longitudinal survey, reveal that consumers can engage in PDIS in the pre- and post-consumption phases for different reasons such as to maximize the utility of a purchase, reduce choice uncertainty or regret, and/or satisfy curiosity about a purchase and pre-purchase information search behavior. The findings also indicate that consumers prefer customer-initiated touchpoints for PDIS behavior. The importance of PDIS is reinforced by its positive relationships with customer engagement, word-of-mouth and repurchase intentions. This article provides important managerial insights for dealing with PDIS in the customer journey., Author(s): Cristiane Pizzutti [sup.1] , Renata Gonçalves [sup.1] , Maura Ferreira [sup.2] Author Affiliations: (1) grid.8532.c, 0000 0001 2200 7498, Universidade Federal do Rio Grande do Sul, , 855 Washington [...]

This paper focuses on managers' marketing decision making during performance decline. Drawing on the reconciliation of theories of failure-induced change and threat-rigidity by Ocasio (1995 (See CR50)), we examine how performance decline may result in a rigid decision-making process and decision characteristics that reflect the narrowing of attention and increased risk seeking. Furthermore, drawing on managerial compensation research, we consider how incentive pay may affect the marketing decision-making process and decision characteristics of managers during performance decline. Using a simulation game with experienced Chinese managers, our results indicate that performance decline decreases marketing strategy process comprehensiveness but increases reliance on short-term marketing decisions, strategic change, and strategic risk taking. Moreover, incentive pay attenuates the rigid decision-making process of managers but accentuates their heightened risk seeking during performance decline. This paper offers unique behavioral insights into how managers make marketing decisions., Author(s): Daniel Han Ming Chng[sup.1] , Eric Shih[sup.2] , Matthew S. Rodgers[sup.3] , Xiao-Bing Song[sup.4] Author Affiliations: (1) China Europe International Business School, 201206, Shanghai, China (2) Sungkyunkwan University SKK [...]

This conceptual paper argues that the marketing discipline should move away from its rather restrictive focus on customers toward a view of marketing that acknowledges the interrelatedness of stakeholders. Building on multiplicity theory, this paper presents stakeholder marketing as a revised perspective on marketing that views stakeholder networks as continuous instead of discrete multiplicities. This revised perspective offers a better understanding of stakeholder networks where (1) value exchange has become complex rather than dyadic, (2) tension between stakeholder interests has become explicit rather than implicit, and (3) control over marketing activities has become dispersed rather than centralized. The paper conceptualizes capabilities required by firms for dealing with each of these three transitions: systems thinking, paradoxical thinking, and democratic thinking. The paper discusses implications for firm performance, marketing theory, empirical research, and marketing practice and argues that embracing stakeholder marketing helps to reclaim territory for marketing in academia and business., Author(s): Bas Hillebrand[sup.1] , Paul H. Driessen[sup.1] , Oliver Koll[sup.2] Author Affiliations: (1) Institute for Management Research, Radboud University Nijmegen, P.O. Box 9108, 6500HK, Nijmegen, The Netherlands (2) School of [...]

This paper presents an eight-firm study, conducted from the service-dominant logic perspective, which makes a contribution regarding knowledge of the anatomy of value propositions and service innovation. The paper suggests that value propositions are configurations of several different practices and resources. The paper finds that ten common practices, organized in three main aggregates, constitute and fulfill value propositions: i.e. provision practices, representational practices, and management and organizational practices. Moreover, the paper suggests that service innovation can be equated with the creation of new value propositions by means of developing existing or creating new practices and/or resources, or by means of integrating practices and resources in new ways. It identifies four types of service innovation (adaptation, resource-based innovation, practice-based innovation, and combinative innovation) and three types of service innovation processes (practice-based, resource-based, and combinative). The key managerial insight provided by the paper is that service innovation must be conducted and value propositions must be evaluated from the perspective of the customers' value creation, the service that the customer experiences. Successful service innovation is not only contingent on having the right resources, established methods and practices for integrating these resources into attractive value propositions are also needed. Keywords Resource integration * Service-dominant logic * Service innovation * Value proposition, Introduction Marketing inherited a goods-dominant logic (G-D logic) from economics, which emphasizes the exchange of manufactured output, embedded value, and tangible resources. This stance has been challenged by service-dominant logic [...]

Researchers from diverse disciplines have examined the many factors that contribute to the influence of published research papers. Such influence dynamics are in essence a marketing of science issue. In this paper, we propose that in addition to known established, overt drivers of influence such as journal, article, author, and Matthew effects, a latent factor 'citability' influences the eventual impact of a paper. Citability is a mid-range latent variable that captures the changing relationship of an article to a field. Our analysis using a discretized Tobit model with hidden Markov processes suggests that there are two states of citability, and these dynamic states determine eventual influence of a paper. Prior research in marketing has relied on models where the various effects such as author and journal effects are deemed static. Unlike ours, these models fail to capture the continuously evolving impact dynamics of a paper and the differential effect of the various drivers that depend on the latent state a paper is in at any given point of time. Our model also captures the impact of uncitedness, which other models fail to do. Our model is estimated using articles published in seven leading marketing journals during the years 1996-2003. Findings and implications are discussed. Keywords Citation * Citability * Matthew effect * Uncitedness * Scientometrics * Hidden Markov model * Tobit, Introduction The perceived quality of research is important both for individual scholars and for journals as they are intrinsically linked to the standing of both and are at essence a [...]

Abstract This paper uses an econometric approach to examine the inflation consequences of the American Rescue Plan Act of 2021. Price equations are estimated and used to forecast future inflation. [...]

Marketing scholars have long acknowledged that buyer-supplier relationships (BSRs) evolve over time. Nevertheless, truly dynamic considerations tend to be confined to the 'future research' sections of papers. Performing dynamic BSR research is difficult, not only because of the requirements of data collection and analysis, but also due to the somewhat fragmented understanding of the available studies on BSR dynamics and how an overarching understanding of their findings can refine static relationship models. We conduct a systematic literature review to organize the available research on BSR dynamics. The review process reveals four overarching themes: (1) relationship continuity, (2) relationship learning, (3) relationship stages and trajectories, and (4) relationship fluctuations. We discuss each theme, describe how the themes can be applied as a dynamic lens to research questions involving BSRs, and outline research directions that might stimulate further work on relationship dynamics., Author(s): Ali Shamsollahi [sup.1] , Danielle A. Chmielewski-Raimondo [sup.2] , Simon J. Bell [sup.2] , Reza Kachouie [sup.3] Author Affiliations: (1) grid.432649.e, 0000 0001 0666 5255, ESSEC Business School, , [...]

Individuals increasingly seek to establish person brands on digital platforms that create organized online attention economies, which bring together attention seekers and audiences. While prior research has taught us much about how individuals develop person brands, there is limited guidance on how they attract and retain engaged attention (that is, attention that includes interaction) on such platforms. Through an inductive analysis of qualitative data obtained from a digital platform on which more than 16,000 authors compete for the attention of more than 13 million audience members, we develop theory regarding the iterative process by which person brands attract engaged attention in such online attention economies. Our paper offers practical insights to those seeking to attract attention and increase audience engagement online, as well as guidance to marketers and platform managers interested in taking advantage of this phenomenon., Author(s): Andrew N. Smith [sup.1] , Eileen Fischer [sup.2] Author Affiliations: (1) grid.264352.4, 0000 0001 0684 8852, Sawyer School of Business, Suffolk University, , 73 Tremont Street, 02108, Boston, MA, [...]

Although marketing researchers agree that brand authenticity has various meanings, little consensus exists concerning the number of meanings and what those meanings entail. This paper addresses this lack of clarity in the literature by introducing the Entity-Referent Correspondence (ERC) Framework of Authenticity. The ERC Framework provides an overarching definition of authenticity-a consumer's perception of the degree to which a supposed authentic entity corresponds with or is 'true to' something else, which we label a referent. The ERC Framework also suggests three types of authenticity-true-to-ideal, true-to-fact, and true-to-self-that are consistent with the general definition yet are distinct. Each type may manifest in a variety of ways in a brand context, suggesting that brand authenticity is not a singular concept. The framework also proposes nomological nets that explain how consumers form perceptions of each type, how the types lead to managerially relevant outcomes (e.g., expected quality, trust), and how the types affect each other. This research advances the literature on brand authenticity by offering three types of conceptual contributions as identified by MacInnis (2011 (See CR52)): integrating, differentiating, and delineating., Author(s): Julie Guidry Moulard [sup.1] , Randle D. Raggio [sup.2] , Judith Anne Garretson Folse [sup.3] Author Affiliations: (1) grid.259237.8, 0000000121506076, Department of Marketing & Analysis, Balsley-Whitmore Endowed Professor in [...]

Consumer attitudes and behaviors are fundamentally dynamic processes; thus, understanding consumer dynamics is crucial for truly understanding consumer behaviors and for firms to formulate appropriate actions. Recent history in empirical marketing research has enjoyed increasingly richer consumer data as the result of technology and firms' conscious data collection efforts. Richer data, in turn, have propelled the development and application of quantitative methods in modeling consumer dynamics, and have contributed to the understanding of complex dynamic behaviors across many domains. In this paper, we discuss the sources of consumer dynamics and how our understanding in this area has improved over the past four decades. Accordingly, we discuss several commonly used empirical methods for conducting dynamics research. Finally, as the data evolution continues into new forms and new environments, we identify cutting-edge trends and domains, and offer directions for advancing the understanding of consumer dynamics in these emerging areas., Author(s): Jonathan Z. Zhang [sup.1] , Chun-Wei Chang [sup.2] Author Affiliations: (1) grid.47894.36, 0000 0004 1936 8083, Colorado State University, , 80523, Fort Collins, CO, USA (2) grid.467171.2, 0000 0001 [...]

Abstract Using high-frequency job advertisement data, this paper evaluates dynamics among COVID-19, labor market, and government policies. We find that COVID-19 has caused a significant decline in labor demand, by [...]

This paper investigates whether and how emerging markets reward firms' corporate social responsibility (CSR) performance. We focus on the socially responsible investment (SRI) index, which lists the top CSR performers and serves as a tool to help investors make investment decisions based on financial and social criteria. We empirically test the financial market responses to the announcements of pioneering SRI indices recently launched in Brazil, China, and South Africa. We find that inclusion on an SRI index in these markets is associated with positive abnormal returns. However, inclusion on an SRI index does not benefit all firms equally: the positive financial response is strengthened by R&D expenditures but weakened by advertising expenditures; it is stronger for firms that have expanded globally to developing countries than those to developed countries., Author(s): Peng Zou [sup.1] , Qi Wang [sup.2] [sup.3] , Jinhong Xie [sup.4] , Chenxi Zhou [sup.5] Author Affiliations: (1) grid.19373.3f, 0000 0001 0193 3564, Department of Marketing, School of [...]

Programmatic television advertising technologies allow advertisers to detect the placement of competitor ads and schedule their own ads almost in real time. This paper investigates how managers can improve the effectiveness of their ad schedules by considering the relative placement of their ads with respect to competitor ads. By analyzing a dataset of more than 43,000 own-brand and 49,000 competitor TV ad insertions, we propose and estimate the effects of four ad scheduling strategies on online conversions. The best strategy is to place ads in isolation, either when competitors are not advertising at all or advertising on other stations; this avoidance strategy results in the greatest effectiveness of own-brand ads and delivers conversions from competitor ads. If an avoidance strategy is not possible, brands should advertise more heavily than their competitors. Doing so mitigates the substitution effect of competitive advertising, which occurs when competitor ads outnumber own-brand ads. Our analyses show that adopting programmatic television technology would have led the focal firm to increase the conversions from television advertising by 59%., Author(s): Ivan A. Guitart [sup.1] , Guillaume Hervet [sup.2] , Sarah Gelper [sup.3] Author Affiliations: (1) grid.462218.b, 0000 0004 1795 4169, EM-Lyon Business School, , 23 avenue Guy de Collongue, [...]

Abstract Public pension funding problems may contribute to a state's poor economic performance. This paper examines that proposition, using state-level data on public pensions developed by the Pew Trust, and [...]