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Purpose: There is widespread belief that intermediaries in African agri-food value chains have disproportionate market power. In this paper, the authors examine this belief by uncovering the purchasing and selling prices, costs and profit margins by farmers, intermediaries and retailers in the matooke (cooking banana) value chain in Uganda, and by analysing the prevailing value chain and market structures, seasonal entry and exit dynamics and the trading relationships in the chain. Design/methodology/approach: Data for this study were collected along the trading routes from the main matooke producing districts in South-West Uganda (Kabarole, Bunyangabo, Bushenyi, Isingiro and Mbarara) to the main urban markets around the capital Kampala. A structured survey was administered with 383 producers, 172 collectors and wholesalers and 71 retailers. In addition, key informant interviews and focus group discussions were held. Findings: The authors find that price mark-ups by intermediaries (selling prices minus purchasing prices) vary with the type of intermediary, season and location but generally reflect the costs of moving matooke down the value chain to the urban consumer. The authors do not find evidence for disproportionate market power among the intermediaries in the chain. Intermediaries enter and exit the market in peak and off-peak season, such that profits are kept in check. This seasonality does imply a small shift in market power in favour of farmers in off-peak season and in favour of intermediaries in the peak season. Research limitations/implications: The investigation concentrated on an important and relatively homogenous staple crop along its main trade route. More remote areas, where there is less of an abundance of matooke, might still be characterised by local monopsonies where intermediaries have more market power due to high search and transport costs. Similarly, (local) monopsonies might exist for products for which there is a smaller market (segment), for products with a stronger seasonal variation in supply and for more perishable products. Originality/value: While there is an important literature on the role of intermediaries in African agri-food value chains, the evidence on intermediary market power is scant. Beliefs on intermediary market power are largely based on anecdotal evidence from farmers or inferred from observed prices or market structures. The paper contributes in addressing this important knowledge gap by studying the matooke value chain in Uganda. [ABSTRACT FROM AUTHOR]

Purpose: The paper empirically investigates the link between banking market structure and funding liquidity risk. Design/methodology/approach: With a panel of Vietnamese commercial banks from 2007 to 2021, the system generalized method of moments (GMM) estimator is applied as the primary regression method, while the random-effect model and the corrected least square dummy variable (LSDVC) technique are also considered in robustness checks. Findings: Competition may increase banks' funding liquidity risk. This finding holds for competition measures derived from the Boone index and concentration ratios but not in the case of the Lerner index as a proxy for market power. Further results indicate that the funding liquidity risk of banks that are larger and have better performance (less credit risk and higher return) tends to be less affected by competition. Besides, the overall impact of bank competition on funding liquidity risk is amplified by the financial crisis and the COVID-19 pandemic. Originality/value: The study extends the empirical literature by exploring the relationship between bank competition and funding liquidity risk. Additionally, the paper also studies how the impact of bank competition on funding liquidity risk depends on the characteristics of the banking sector and the macroeconomic conditions of the economy, including the moderating effect of the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Purpose: This study explores the motivations underlying the European Super League (SL) breakaway attempt. While institutional settings bind football to tradition, investors conceive football companies as an opportunity to diversify their investments in a fast-growing technological industry. The study investigates the market structure and identifies the reasons behind the European football crisis, proposing to modify the role of Union of European Football Associations (UEFA) in the European football market. Design/methodology/approach: After summarizing the unusual features of the European football market, the article displays the agents involved and their interrelations. Modeling the market facilitates picturing the misalignment of targets of regulatory bodies and football clubs. It also helps visualize the potential consequences of the SL coup on the market. Findings: The market does not allow football companies to monetize their business and compete with other entertainment sectors. Only a radical change in the balance of power between clubs and self-interested institutional settings can settle this situation. Indeed, this relation leads to market inefficiency because the two most critical clubs' financial problems (the high dependence on broadcasting revenues and the uncontrolled expenditures on players' salaries) are linked to the same issue: the governing bodies strongly influence the profit equation by holding control of media rights and incentivizing clubs to overspend to win both on-field and off-field. Originality/value: This study is the first to assess the football business market using an evolutionary approach to address its problems. It offers a visualizing tool to understand the market and proposes an alternative solution for solving the football market crisis. [ABSTRACT FROM AUTHOR]

Purpose: The authors provide a novel interpretation of the relationship between skill demand and labour market concentration based on the training rationale. Design/methodology/approach: The authors use a novel data set on Italian online job vacancies during 2013–2018 to analyse the relationship between labour market concentration and employers' skill demand. The authors construct measures of market concentration and skill intensity in the local labour market. The authors regress the measures of skill demand on market concentration, controlling for sector, occupations and other features of the labour market. The authors also use the Hausman–Nevo instrument for market concentration. Findings: The authors show that employers in a highly concentrated labour market demand competencies associated with the ability of workers to learn faster (e.g. social skills) rather than actual knowledge. They also require less experience but higher education. These results are consistent with the hypothesis that employers in more concentrated labour markets are more prone to train their employees. Instead of looking for workers who already have job-specific skills, they look for workers who can acquire them faster and efficiently. The authors provide a theoretical framework within which to analyse these aspects as well as providing a test for the relevant hypotheses. Practical implications: In addition to cross-countries differences in labour market regulations, the authors' findings suggest that policy authorities should consider the local labour market structure when studying workforce development programmes aimed at bridging the skill gap of displaced workers. Moreover, the authors show that market concentration can have relevant implications for human resource (HR) managers by affecting their recruitment behaviour through the demand for skills. In fact, concentrated markets tend to favour firms' collusion and anti-competitive behaviour that could strongly affect HR management practices. Originality/value: The authors' paper innovates on the literature in a number of ways. First, the authors provide evidence of local labour market concentration in Italy. Second, the authors provide evidence of skill demand at the local level using a detailed skill taxonomy that goes beyond the classical distinction between high and low skills. Third, and most importantly, the authors provide evidence of the relationship between skill demand and labour market concentration. By analysing detailed skills and competencies, the authors take one step beyond understanding the features of labour demand in monopsonistic markets. [ABSTRACT FROM AUTHOR]

The European Union's Digital Markets Act (DMA) calls for far-reaching changes to the way economic activity will occur in EU digital markets. Before its remedies are imposed, it is critical to assess their impacts on individual markets, the digital sector, and the overall European economy. The European Commission (EC) released an Impact Assessment in support of the DMA that purports to evaluate it using cost/benefit analysis. An economic evaluation of the DMA should consider its full impacts on dynamic competition. The Impact Assessment neither assesses the DMA's impact on dynamic competition in the digital economy nor evaluates the impacts of specific DMA prohibitions and obligations. Instead, it considers benefits in general and largely ignores costs. We study its benefit assessments and find they are based on highly inappropriate methodologies and assumptions. A cost/benefit study using inappropriate methodologies and largely ignoring costs cannot provide a sound policy assessment. Instead of promoting dynamic competition between platforms, the DMA will likely reinforce existing market structures, ossify market boundaries, and stunt European innovation. The DMA is likely to chill R&D by encouraging free riding on the investments of others, which discourages making those investments. Avoiding harm to innovation is critical because innovation delivers large, positive spillover benefits, driving increases in productivity, employment, wages, and prosperity. The DMA prioritizes static over dynamic competition, with the potential to harm the European economy. Given this, the Impact Assessment does not demonstrate that the DMA will be beneficial overall, and its implementation must be carefully tailored to alleviate or lessen its potential to harm Europe's economic performance. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to carry out an empirical investigation about how the level of market concentration or competitiveness of the banking system and institutional quality are associated with bank's financial stability. Design/methodology/approach: This study uses dynamic panel data techniques on the sample of 133 developing and emerging countries over the years 2002–2020. Findings: The authors document several significant findings. First, there is evidence that bank stability is positively associated with the level of market concentration. The result is in line with the concentration–stability view that banks operating in a more concentrated market tend to be more stable than those in a less concentrated market. Second, the results confirm that the quality of the institutional environment plays a critical role in improving the stability of banks in developing and emerging countries. Third, the authors find that institutional development can moderate the effect of market concentration (or competitiveness of the banking system) on bank stability. Specifically, the results show that better institutional quality enhances the positive influence of bank concentration on the bank's financial stability in developing and emerging countries. These results are robust to different specifications with the alternative measures of bank stability and market concentration. Originality/value: This study provides further understanding regarding the effects of the level of market concentration or competitiveness of the banking system and institutional quality on bank stability in 133 developing and emerging countries over the years 2002–2020. [ABSTRACT FROM AUTHOR]

Purpose: The study examines the impact of uncertainty on bank opacity while particularly taking into account the moderating role of market structures. Design/methodology/approach: Using a sample of Vietnamese banks from 2007 to 2019, the paper measures uncertainty at the disaggregate level of the banking sector through the dispersion of bank shocks and capture bank opacity from the perspective of bank earnings management based on discretionary loan loss provisions. The authors apply both structural and non-structural proxies of bank competition/concentration to better explore the role of market structures. Empirical regressions are conducted using the fixed effect regressions with Driscoll–Kraay standard errors and the two-step system generalized method of moments (GMM) technique, and then verified by the least squares dummy variable corrected (LSDVC) estimator. Findings: Bank earnings opacity is less severe in periods of higher uncertainty. Further analysis documents that the negative impact of uncertainty on bank earnings opacity is stronger when the level of bank competition increases or when bank market power decreases. Originality/value: The finding highlighting the conditioning role of market structures is entirely novel in the uncertainty-bank opacity literature. Moreover, in providing additional evidence on the significant impact of uncertainty on bank opacity, while prior related studies explore economic policy uncertainty, the authors utilize micro uncertainty in banking that exhibits enormous superiority. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to explore the impact of earthquakes on the labor market. The authors try to estimate the impact of two major earthquakes (Izmir and Elazig) in Turkey. Design/methodology/approach: In order to analyze the effects of devastating earthquakes in the nearby regions of the province where the earthquake took place, on the labor market, monthly and annual data from the TUIK and ISKUR database will be used. For this purpose, the authors consider the earthquake a natural experiment and employ a Synthetic Control Method (SCM). In addition, the analysis will be carried out using seasonally adjusted data, taking into account the seasonal effects of the monthly data to be used in the study. Findings: The results show that the impact varies based on the labor market structure of the regions. While the earthquake positively affects the labor market of agriculture-oriented regions, it harms the labor market of nonagricultural-oriented regions. Research limitations/implications: A major limitation of the study is that we cannot fully separate the impact of Covid-19 from our estimate. The authors believe that Covid-19 overestimates the negative impact of earthquakes on the labor market. Social implications: Earthquakes have adverse effects on the labor market. The estimation of the earthquake-related costs may provide a useful guide on policy planning and government incentives. Originality/value: The originality of the study lies in the fact that this is the first study to evaluate how the dynamics of the labor market has changed as a result of the earthquakes that have taken place in Turkey, within the framework of causality. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2022-0568 [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the evolution of a competitive market structure over time through the lens of competitive group membership dynamics. Design/methodology/approach: A new hidden Markov modeling approach is devised that accounts for the three sources of competitive heterogeneity involving managerial strategy, corporate performance and the impact of strategy on performance. In addition, some observed "entry" and "exit" states are considered to model firms' entry into and exit from the market. The proposed model is illustrated with an investigation of the US banking industry based on a data set created from the COMPUSTAT database. This paper estimated the model within the Bayesian framework and devised a reversible jump Markov chain Monte Carlo estimation procedure to determine the number of latent competitive groups and uncover the characteristics of each group. Findings: This paper shows that the US banking industry, contrary to the prior findings of having a relatively stable structure, has, in fact, gone through dramatic changes in the past number of decades. Originality/value: Contrary to prior work that has primarily focused on managerial strategy to study market evolutions, the competitive groups perspective accounts for all three sources of intra-industry competitive heterogeneity. In addition, unlike prior research, the analysis is not limited to firms remaining in the panel of study for the entire observation period. Such limitation results in missing the various changes that occur in the competitive market structure because of the new entrants or the struggling firms that do not survive in the market. [ABSTRACT FROM AUTHOR]

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Purpose: This study analyzes farmers' preferences for agricultural credit and its market structure in rural Benin using the conjoint analysis approach. Design/methodology/approach: The data used come from primary sources collected from 228 randomly selected farmers. The conjoint analysis approach was used to produce the results. The bias associated with the heteroscedasticity of the error terms was fixed using the weighted least squares estimation method. Agricultural credit markets were segmented using the Calinski algorithm. Findings: The study results reveal that farmers prefer a long-term agricultural credit with a low interest rate received via mobile banking. The interaction between a type of credit with collateral and a low interest rate is positively correlated with farmers' credit demand. The authors also found that agricultural credit markets are heterogeneous because of the heterogeneity in farmers' credit demand. This result has led to three different rural credit market segments identified in the selected study's sites. The market share simulation reveals a significant market share for the type of credit preferred by farmers in two segments. Research limitations/implications: The proven evidence from this study can guide the development of appropriate agricultural financial products that promote financial inclusion among farmers in rural Benin. More specifically, agricultural financial policies that promote digital long-term credit with low interest rate and appropriate guarantee mechanisms can promote financial inclusion among farmers and reduce the problem of asymmetric information in agricultural credit market. The study also calls for the promotion of differentiated policies across the three identified segments in order to positively impact the welfare of all farmers. Practical implications: The use of agricultural financial products that include digital long-term credit with low interest rate and appropriate guarantee mechanisms promote financial inclusion and reduce asymmetric information problems in agricultural credit markets in rural Benin. Social implications: The promotion of long-term digital and cheap credit improves farmers household's wellbeing in rural Benin. Originality/value: This study contributes to a better understanding of the structure of rural credit markets. It also reveals the most preferred characteristics of rural credit profiles by farmers. Besides, it validates the importance of the use of guarantee as an appropriate mechanism which minimizes the problem of asymmetric information between financial agents and farmers. [ABSTRACT FROM AUTHOR]

Purpose: The authors present nine dimensions to provide structure for the many Futures of Work (FoW). This is done to advance a more sociotechnical and nuanced approach to the FoW, which is too-often articulated as singular and unidimensional. Futurists emphasize they do not predict the future, but rather, build a number of possible futures – in plural – often in the form of scenarios constructed based on key dimensions. Such scenarios help decision-makers consider alternative actions by providing structured frames for careful analyses. It is useful that the dimensions be dichotomous. Here, the authors focus specifically on the futures of knowledge work. Design/methodology/approach: Building from a sustained review of the FoW literature, from a variety of disciplines, this study derives the nine dimensions. Findings: The nine FoW dimensions are: Locus of Place, Locus of Decision-making, Structure of Work, Technologies' Roles, Work–Life, Worker Expectations, Leadership Model, Firm's Value Creation and Labor Market Structure. Use of the dimensions is illustrated by constructing sample scenarios. Originality/value: While FoW is multi-dimensional, most FoW writing has focused on one or two dimensions, often highlighting positive or negative possibilities. Empirical papers, by their nature, are focused on just one dimension that is supported by data. However, future-oriented policy reports tend are more often multi-faceted analyses and serve here as the model for what we present. [ABSTRACT FROM AUTHOR]

Purpose: This paper analyses the effect of a particular Active Labour Market Policy, the hiring incentives, on firms hiring policies. The effects of a programme on firms' behaviour have in fact rarely been evaluated. Design/methodology/approach: The analysis is based on micro-data drawn from Rilevazione su Imprese Lavoro (RIL), conducted by Inapp in 2010, 2015 and 2018 on a representative sample of limited liability and partnership firms. The authors apply a policy evaluation framework to investigate the impact of the use of incentives in the short run. The authors infer the counterfactual policy scenario thanks to a survey question that asks about firms' behaviour in the absence of the incentives. The authors also control for firms' unobserved heterogeneity, including firm's fixed effects, and endogeneity issues, estimating a differences-in-differences model that exploit the longitudinal component of the RIL survey. Findings: The authors find that the use of at least one incentive scheme in 2017 is associated with an increase in the share of newly hired of about 0.07 percentage point in the short run. Moreover, hiring incentives have a small positive relationship with the share of both young workers and temporary contracts. Finally, these results are robust to endogeneity issues. Originality/value: The analysis provides an updated evaluation of the effectiveness of hiring incentives in Italy by focusing on firms' behaviour rather than on the evolution of individual employment. It identifies the impact by using a rich set of econometric methods as well as counterfactual analysis. [ABSTRACT FROM AUTHOR]

Purpose: The study aims to analyze the changes in banking market structure and their impact on the bank efficiency. Design/methodology/approach: This study uses a one-stage stochastic frontier analysis (SFA) to compare the impact of the market structure and the GFC on the economic efficiency of the major banks in both countries. Findings: A significant negative impact of the GFC is observed on bank efficiency. Overall, Canadian banks posted better efficiency scores than their American counterparts. Additionally, cost-efficient banks are found to be more resilient to crises and more profit-efficient in the post-GFC period. The authors found that market power had a positive impact on the cost and profit efficiency of banks. Higher levels of equity, market power and concentration helped banks be more cost-efficient. Research limitations/implications: Only large banks are selected for study although it represents the majority stake of both banking sectors. Practical implications: Banking regulators should include more measures to assess the banking market structure and performance. Originality/value: As per the best knowledge of the authors, it is the first study to assess the change in banking market structure and efficiency of the US and Canadian banking sectors in the post-GFC period. [ABSTRACT FROM AUTHOR]

Baumol's impact on the development of managerial theories of the firm is investigated here through the material found in Galbraith's archives. In 1957, Galbraith published a paper claiming that the impact of macroeconomic policies varies with market structures (competitive versus oligopolistic). That publication prompted Baumol (1958b) to send Galbraith a manuscript dealing extensively with a crucial question of managerial theories of the firm, namely, the trade-off between sales and profits. I argue that Baumol's critiques and Galbraith's answers largely explain the way Baumol (1958a, 1959) framed his alternative model of the behavior of corporations. He reasoned in terms of maximization of sales with a profit constraint as their main objective. In return, Business Behavior, Value and Growth fostered the development of Marris' (1964) and Galbraith's (1967) theories of the corporation. While Tullock (1978) provides a narrative in which the sales maximization hypothesis has two main branches -- Baumol for the one and Galbraith--Marris for the other -- the paper demonstrates that these branches are intimately connected. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to analyse the whisky market in relation to international competitiveness and international market structure. Design/methodology/approach: The study uses Herfindahl–Hirschman index and net export index to describe the international market structure, and revealed symmetric comparative advantage (RSCA) index to measure export competitiveness. In addition, it was developed this stability and duration through regression analysis, and used Kaplan–Meier estimator to characterize the competitiveness survival in international whisky market. Findings: The results reveal that imports market structure remained unconcentrated and, on the other hand, exports market structure is highly concentrated. Concerning the trade characteristics, UK and Ireland have a strong tendency to export; Australia, France, Japan and Spain have a strong position on import and consumption; and Latvia, The Netherlands and Singapore to re-export. About the RSCA, UK, Ireland and Latvia have highest values. UK and Ireland are totally stable during the period analysed, and other countries such as USA, Singapore and Latvia also have a greater survival rate of RSCA. Originality/value: This study provides a comprehensive and current analysis of the international whisky market structure and competitiveness, contributing to the analysis of the international market for products that have differentiation and focus appeal, such as whisky. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the impact of market structure and market share on the performance of the Islamic banks operating in the Iranian banking system based on the structure-conduct-performance (SCP) paradigm. Design/methodology/approach: The Iranian Islamic banking system's market structure is evaluated by using the econometrics method to test the validity of the traditional SCP paradigm. For this purpose, the authors estimate a simple regression model that is consisted of several independent variables, such as the market share, bank size, real gross domestic product, liquidity and Herfindahl-Hirschman index as a proxy variable for concentration and one dependent variable, namely, the profit as a proxy for performance. The panel data includes a data sample of 22 Islamic banks operating from 2006 to 2019. Data are extracted from the balance sheet of Islamic banks and the time-series database of the Central Bank of Iran and World Bank. Findings: The study's findings indicate that both concentration and market share have a positive impact on the performance of banks in the Iranian Islamic banking system. This result is contradicted with both traditional SCP and efficient structure hypotheses; however, it confirms the existence of oligopoly or cartel in the Iranian Islamic banking system that few banks try to gain the highest share of profit and maintain their market share by colluding with each other. This result is in contradiction with other research studies about the market structure in the Iranian banking system that claimed that banks in Iran operate under monopolistic competition. In addition, it shows that the privatization of some banks in Iran does not improve and help competition in the Iranian banking system. Originality/value: This paper is a pioneer empirical study analyzing the market structure, concentration and collusion based on the SCP paradigm in Iranian Islamic banking. The results of the study support the existence of collusive behavior among the Islamic bank in Iran that is not aligned with Sharia. This study clearly shows the difference between ideal Islamic banking and Islamic banking in practice in Islamic countries. This clearly indicates that only prohibiting some operations like receiving interest, gambling and bearing excessive risk is not enough. In fact, the Islamic banking system should be based on the Sharia rule in all aspects and much more modification and study have to be done to achieve an appropriate Islamic banking system. These possible modifications to overcome the issues of cartel-like market structure and collusive behavior in the Iranian Islamic banking system include making the Iranian banking system more transparent, letting foreign banks enter the Iranian banking system and minimizing the government intervention in the Iranian banking system. [ABSTRACT FROM AUTHOR]

Purpose: This study explores how firms develop innovation ecosystems through forming alliances with suppliers and the effects on innovation, economics and consumer welfare. Design/methodology/approach: This study develops two game theory models to compare supply chain structures with and without ecosystem alignment. (1) A single supplier provides components to two competing manufacturers (one innovative and one non-innovative). (2) An innovative manufacturer (focal firm) aligns with a supplier that also supplies components to a competing manufacturer. Findings: An ecosystem construction strategy that alliances use to reconfigure coopetitive relationships and ecosystem alignment is identified. A manufacturer aligning with a supplier will strengthen the monopoly of the alignment, which is beneficial to both Allies but always harmful to the competitor. Interestingly, such an ecosystem construction strategy may be beneficial to future innovation, the industry and consumers. Research limitations/implications: The findings raise several topics that warrant further exploration. For example, scenarios with multiple suppliers were not considered. Furthermore, the implementation of regulatory measures to mitigate the harmful effects of alignment on innovation should be investigated. Practical implications: This paper provides a guide for enterprises seeking alignment and to the corresponding measures required to stimulate innovation within ecosystems. What's more, the aligned firm should not always attempt to win the race but should instead take measures to encourage the competitor to share demand information. Originality/value: Firstly, most research on supply chain management has focused on its economic impacts. There is a lack of research on the influence of ecosystem alignment on the innovation incentives of firms. Furthermore, the literature still lacks evidence of how ecosystem construction strategies can increase consumer welfare. In the present study, the authors model a complex market structure that includes a competitor, which is becoming increasingly common in high-tech markets. Thirdly, this paper is one of the few that examines the impacts of market-structure changes on innovation incentives. Most importantly, this study extends the current literature by studying coopetition in the ecosystem context. [ABSTRACT FROM AUTHOR]

Purpose: Drawing on chaos theory as an overarching approach, as well as guidelines from effectuation and transformative learning theories, this study aims to evaluate the changing marketing channels in the hospitality industry in the wake of the COVID-19 pandemic. It also aims to develop a conceptual framework that demonstrates the transformation of the marketing structure; in particular, the transformation of hospitality organizations, employees and customers. Design/methodology/approach: The study uses the hermeneutic method and conceptually evaluates the existing actors of the services marketing structure. It also discusses how to transform this structure into the new normal in the wake of the COVID-19 pandemic. Findings: The findings of the study demonstrated that COVID-19 has resulted in changing marketing channels in the hospitality industry. These include external, internal, interactive and substitutional marketing channels. In response to these changes, the hospitality industry needs to adopt a more transformative marketing structure that requires the transformation of hospitality companies, employees and customers. Research limitations/implications: The conceptualized transformation of the services marketing structure could help hospitality practitioners, employees and customers to understand the new normal and acquire new abilities, meanings, awareness and learning accordingly. Originality/value: This study uses chaos, effectuation and transformative learning theories to reconceptualize the hospitality services marketing structure. The contribution of this paper lies in the conceptual pathways it suggests for transforming hospitality firms, employees and customers and for demonstrating their transformed roles and positions in the wake of the pandemic. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the impact of financial inclusion on per capita gross domestic product (GDP) at varying degrees of financial inclusion for a sample of 76 developing countries between 2011 and 2017. To evaluate the heterogeneous impact, this paper constructs the multi-dimension index of financial inclusion to classify sample countries into two sub-samples in terms of the value of FIID, taking account of three dimensions of financial inclusion: access, usage and availability. Design/methodology/approach: This study attempts to identify the presence of reverse causality and long-run relationship between financial inclusion and economic growth by using the Granger causality test (Wald test) and three alternative panel cointegration tests (Kao Test, Pedroni Test, Westerlund Test) respectively. Because of the existence of the bi-directional causality between financial inclusion and per capita GDP, this study uses a fixed effect instrumental variable model with lagged dependent variable to get unbiased estimators from the panel regressions for sample countries. Findings: This paper finds a strong positive impact of financial inclusion on per capita GDP growth in sample developing countries, controlling for labor market structure, financial institutions' efficacy, infrastructural and governance issues. This study suggests that economic growth will be high in developing economies with a higher level of financial inclusion; however, the positive impact for two sub-samples countries (low and medium level of inclusion and high level of inclusion) are heterogeneous. The estimated result explains that a 1% increase in the financial inclusion index leads to a 0.0153% point increase in the per capita GDP for the countries with a low and medium level of financial inclusion, while this positive impact is significantly higher, 0.0794% point for countries with the high level of financial inclusion. This study also suggests that the higher concentration in the financial market by few agents and the lower level of governance may have an adverse impact on economic growth for the economies with a low and medium level of financial inclusion. Originality/value: This study is an original study that contributes to the research gap by explaining the heterogeneous impact of financial inclusion on economic growth at varying degrees of inclusion in the two sub-sample countries. Moreover, this study posits greater appeal as it explores the issue using the sample of only developing economies. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine how the "wage premium," the percentage by which wages earned by skilled workers exceed those of unskilled workers, varies across industries characterized by different levels of competitiveness. Design/methodology/approach: A theoretical model employing constant elasticity of substitution (CES) utility function and constant returns to scale production function is developed and analyzed to derive the effects of industry competitiveness on the wage premium. Econometric methods are applied to Chilean manufacturing data to test implications of theoretical model. Findings: Once the relative factor endowment is being controlled, market competition significantly reduces the wage premium. More specifically, given with the same relative factor endowment, the wage premium is significantly higher under oligopolistic competition than under monopolistic competition. Empirical evidence from Chilean manufacturers supports our theoretical conclusions. Practical implications: During economic development, the reallocation of production factors from unskilled labor-intensive to skilled labor-intensive industries raises the wage premiums received by skilled workers. Besides, skilled workers will earn higher wages by working in more highly concentrated industries instead of more competitive industries. This needs to be considered by government policymakers who must balance promotion of technical change with prevention of extreme the income inequality. Originality/value: This paper examines how market structure affects wage premiums, providing new insights into a well-established literature that largely maintains that wage premiums are primarily a function of relative factor endowments or international trade. [ABSTRACT FROM AUTHOR]

Purpose: Recent models in firm theory assume that problems have to be solved for production to take place and that knowledge is the main input for problem-solving. This paper characterizes the relationship between the predictability of production prcesses and investment in knowledge. Design/methodology/approach: This paper uses a theoretical model of firm theory to study investment in knowledge by a simplified one-layer firm with a stochastic technology, across different market structures, and develops a calibration exercise to illustrate the results. Findings: Firms working closer to the production frontier (those with a larger efficient scale in perfect competition, facing a higher demand in monopoly or more competitive internationally in an open economy) react more in terms of investment in knowledge when problem predictability changes. Investment in knowledge becomes nearly insensitive to such changes for firms with a low output, i.e. those far from the frontier. A calibration exercise suggests that the elasticity of knowledge with respect to the predictability of problems was around 0.59 for the US economy for the period 1980–2020. Originality/value: These are the first nonambiguous results on the relationship between the predictability of production processes and investment in knowledge and help understanding knowledge acquisition by different firms in distinct competitive environments. [ABSTRACT FROM AUTHOR]

Purpose: This paper analyzes the effect of the banking market (concentration and competition) on financial development. Design/methodology/approach: In order to estimate the effects of banking concentration and competition on financial development, we conducted an empirical analysis using the System Generalized Method of Moments (S-GMM) through a dynamic panel data model. Findings: The main results suggest that concentration and competition affect financial development. In particular, an increase in bank concentration may inhibit the country's financial development, due to the lack of competition. Our results do not confirm the controversy between concentration and competition, suggesting that concerning financial development, concentration is the reverse of competition. Practical implications: The results of this study add a new perspective on banking market power: a financial system concentrated or uncompetitive constrains financial development. Originality/value: The literature that combines the investigation of the effects of banking market structure (concentration) and banking market conduct (competition) on financial development is scarce. Although a concentrated banking sector can reduce competition through barriers to new entrants (which could expand financial services offer), it is also true that a concentrated banking sector can be competitive. In order to avoid the controversy, our paper chooses to look into a comprehensive approach considering independent measures of bank concentration and bank competition, which together refer to the banking framework. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to describe the core of an advanced destination management system, which uses a series of data matching techniques and business analytics. Design/methodology/approach: This study first proposes the conceptual framework for an advanced destination management system and then illustrates the core components of the proposed system using real-world data from Northern Indiana. In this study, search interests, devices used and other forms of website use derived from online clickstream data were merged with visitor demographic and tripographic information obtained from an online survey to develop an analytic model used to describe the core market structure. Findings: Key demographic factors (e.g. gender, age and income), search interests, referred websites, the number of total sessions, temporal aspects and spatial aspects of visitor travel provide essential information defining the structure and dynamics of the visitor marketing in Northern Indiana. Originality/value: The process and data used in this study provide a "proof of concept" for developing highly personalized marketing systems, which can substantially improve the competitiveness of a destination management organization. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to expose the pattern and mechanism of Roman private enterprise as the rudimentary form of capitalistic business. Design/methodology/approach: By means of historical analysis and theoretical reconstruction, the author retraces the background and foundations of business through slave as the initial stage of private enterprise. Findings: A comprehensive view of public and private entrepreneurship at the end of Republic and the beginning of Empire is presented. The riddle of "unnaturally" dear slaves in Rome (as compared with free labor and slaves in other countries of antiquity) is scrutinized. It is shown that "excessively" high demand for them was largely determined by their institutional worth: thanks to dominica potestas, they appeared to be the key organizational resource for expanding private industrial business. The framework of private enterprise securing limited liability for owner and turning "business slave" into a kind of director is brought to light. Research limitations/implications: The results of this research allow historians to retrace the origins of modern private enterprise to classical antiquity, while economists and managers get an opportunity to better understand its nature and organizational status of those owning and managing it. Practical implications: Leaders and executives can draw from the paper an object lesson of how, remaining within the existing political system, legal regulation and economic traditions, to make a radical innovation whose true meaning and social potential are so immense and far-reaching that get evident only many centuries later. The findings and conclusions the author comes to may be used in educational courses on economics, entrepreneurship, management, business history and so on. Social implications: An instructive model of conciliation of interests is scrutinized. "Directors" – those organizing and managing a business but not owning it – were, as well as workers, recruited by coercion and legal regimentation of their relations with proprietors. The polarization of their institutional roles was at the bottom of private enterprise from the very outset. The state created incentives for initiative and competent business men in subjection to well-offs to work hard, on one hand, and made their masters to use these incentives to public and their own profits. The benefits of all parties were taken into account, though, of course, not to the same degree. Thereby, a kind of social compromise embodied in a novel institution was attained to. Originality/value: This paper is the first to demonstrate in relief the background and framework of Roman private enterprise as well as the functions and organizational status of its "director." [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper aims to disclose shared beliefs and understandings about the concept of professionalism amongst Dutch commercial real estate valuers. It examines prevailing logics of action in a mature European valuation industry and reflects on the potential influence of these logics on the occurrence of judgement bias in valuation. Design/methodology/approach: The underlying study adopted a grounded theory approach to facilitate reflexive in-depth interview sessions with 20 experienced valuation professionals in the Netherlands. Emerging data on core categories of professionalism were initially identified and grouped; and subsequently conceptualised into ideal role types of valuers using institutional logics theory. Findings: Three different ideal types appear to guide Dutch valuation practice: the expert, the service provider and the reporter. The expert emphasises professional standards and technical quality, while the service provider advocates commercial quality and the reporter aims to uphold procedural quality. The authors find that the attention for technical quality associated with the expert role may be at risk of underexposure, fostering concerns about judgement quality and associated bias risks. Research limitations/implications: The potential impact of both commercial and bureaucratic logics on valuation quality may raise authoritative and educational concerns over judgement bias effects. However, while trends in professionalism may transcend national boundaries, the specifics of local real estate market structures and regulations require replication of results in other markets. Originality/value: Institutional logics provide an alternative, socio-economic perspective on present-day valuer behaviour that progresses the understanding of the valuer–client relationship, thereby advancing the knowledge base on valuer judgement and client influence. Furthermore, the authors' role typology offers future research opportunities in terms of measurement and explanation of differences. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the critical role of types of coopetition (upstream/downstream), market structure (concentrated/competitive) and innovation (low vs high degree of innovation) that can affect the way consumers perceive the resulting price (un)fairness of new offerings. Design/methodology/approach: Three between-subjects experiments involving different participant populations and product categories were conducted to test the research hypotheses. Findings: The valence of the effect of types of coopetition (upstream/downstream) on price fairness is conditional on the market structure and the degree of innovation associated with the new product offering. Downstream (as opposed to upstream) coopetition is much more detrimental to perceptions of price fairness in a concentrated market than in a competitive and fragmented market. However, within a competitive market, downstream coopetition may lead to greater price fairness perception than upstream coopetition when the new product offering is highly innovative. Research limitations/implications: The current study uses lab experiments with fictitious scenarios and focuses on two moderating variables: market structure and innovation perceptions. Future research may use field experiments and explore additional moderating variables that may annihilate the negative effect of downstream coopetition on price fairness perception, especially in a concentrated market. Practical implications: In concentrated markets, firms should opt for upstream rather than downstream coopetition to limit the negative effect the announcement of coopetition has on price fairness evaluation. However, within a competitive market, when the new product offering resulting from coopetition is associated with a high perceived degree of innovation, firms should opt for downstream rather than upstream coopetition because of its positive impact on price fairness evaluation. Originality/value: To the best of authors' knowledge, this study is the first to demonstrate that new product development from coopetition has important implications for the perception of price fairness, leading to positive or negative effects depending on market structure and the degree of innovation of the new product offering. It then explores the conditions under which types of coopetition (upstream/downstream) might backfire. [ABSTRACT FROM AUTHOR]

Purpose: In this study, it is aimed to examine do-it-yourself (DIY) practices from sustainable and entrepreneurship perspectives and to understand how transformation mechanism works in between altruistic and utilitarian tendencies in shared economy market conditions. Meaning, material and competency of practice theory will be indicative in explaining transformation of existing practices, how practice is transformed and diffused in market ecosystem through the introduction of new objects and opportunities to better understand how values and meanings change. Design/methodology/approach: This study is a phenomenological research interested in explaining contingency of sustainability in between altruistic and market conditions in shared economy ecosystem through DIY practices. The sample of this study is made up of 15 participants actively carrying out DIY activities. Data is analysed with MAXQDA Analytics Pro 2018 program through grounded coding technique. Findings: DIYers' relationship with market results them to create roles subject to their dependence on altruistic values of sustainability and their stance to anti-consumption in between alternative and mainstream economy. When they converge to the market, DIY activities turn into medium of marketing activities. When they diverge from the market, they become "transformers" embracing principles of shared economy. Contingency appears depending on three conditions: one is related with active participation in DIY or market practices. Second is related with occupation status that DIYers have. Third is related with competence that active DIYers have. Research limitations/implications: This study is aimed only at active participants. Therefore, it is possible to see the effects of altruistic and market behaviour more clearly. However, this group represents a minor group that will make it possible to comment on a small group. This is one of the limitations of this study. Originality/value: In the study, proximity and distance to mainstream market condition are taken as the basis and market structure is taken as an agent. By this way, DIYers' activities evaluated not only from social and economical perspective but also their transformation compared to capitalist market conditions challenging altruistic values of DIY, sustainability and sharing economy. Thus, this study is evaluating sustainability, shared economy and DIY not as an entity but as a process. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to assess the nature of competition between conventional and Islamic banks operating in Malaysia. It is an effort to enrich the existing literature by offering an empirical compromise on the differences in the results of studies related to competition between the two types of banks. Design/methodology/approach: Secondary data on all banks operating in Malaysia's diversified banking sector is collected from the FitchConnect database for the period 2011-2017. A non-structural measure of competition (H-statistic) as informed by Panzar–Rosse is used to measure the competition between conventional and Islamic banks. Panel data analysis techniques are used to estimate H-statistic. Wald test for the market structure of perfect competition/monopoly is used to affirm the validity and consistency of the results. Findings: The findings of this study signify that the Malaysian banking sector operated under monopolistic competition during the period of study. The long-run equilibrium condition holds for the Malaysian banking sector. Competition among conventional banks is more intense than that among Islamic banks. Financial reform endeavours of Bank Negara Malaysia (BNM) along with the liberalisation wave of the financial system were successful in promoting competition, rendering the financial system contestable, resilient and dynamic. Practical implications: Regulators and policymakers may find the results beneficial in terms of rethinking the number of banks operating in the Islamic sector. The number of banks, however, is not the only determinant of competition in the banking sector. Implications of competition change for stability and risk-taking behaviour of banks should be considered. Originality/value: Within the context of Malaysia's diversified banking system, given the contradictory results reported in studies on competition, this study is an effort to provide a plausible middle ground. It suggests a possible answer as to why competition nature has not changed since the policy change initiatives of BNM, namely, banks merger, expansion of Islamic banking operation scope and liberalisation process. [ABSTRACT FROM AUTHOR]

Purpose: The paper aims to link product market features in the Greek metal processing sector to the wage-setting practices followed therein. Design/methodology/approach: Aggregate business structural statistics are used to document the product market structure features while information from a rich sectoral collective agreement database, covering a number of sectors of the Greek economy, is used for the wage-setting practices. The approach is, in general, descriptive and discursive with the use of some regression analysis. Findings: The main findings of the paper include: first, the metal sector as a whole is heterogeneous in terms of its structural/productive features; second, the type of collective agreements followed in the subsectors of the metal sector appear related to the structural features of the subsectors; third, negotiated wages appear binding for subsectors facing less product market competition; and finally, the ability to opt out of the sectoral agreement and sign firm-level agreements during the recent crisis in Greece was used mainly by firms suffering accounting losses. Research limitations/implications: The research results are limited by the absence of detailed firm-level information both on the actual wages paid and on the exact industrial relations practices in the workplace. Originality/value: In view of the changes taking place in industrial relations in general and collective bargaining in particular, the issue of the homogeneity – in terms of structure and performance – of individual sectors, sets the question of whether one size (agreement) fits all and consequently whether extensions of agreements to whole sectors are advisable. This is the spirit in which the paper is written. The originality is linked both to the issue addressed but also to the use of the detailed collective labour agreements information and its association with product market features. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the impact of competition in the Malaysian Islamic banking industry and the market structure of the industry by focusing on the particular impact created by the entrance of fully fledged foreign Islamic banks plus the introduction of Islamic subsidiaries of existing conventional banks in the country (domestic and foreign ownership). Design/methodology/approach: Using a sample of 16 Islamic banks in the country that operated between 2008 and 2015, this paper measures the competition among the Islamic banks using the Panzar-Rosse Model and by looking at the market structure of the industry using the k-bank concentration ratio and the Herfindahl-Hirschman Index. Findings: The study found that between 2008 and 2015, the Malaysian Islamic banking industry operated in monopolistic competition conditions with a moderately concentrated market structure. The introduction of foreign Islamic banks caused the market structure to become more competitive and less concentrated by comparing the results that include foreign Islamic banks against the results generated with a subsample of domestic Islamic banks only. Bank Negara Malaysia's (BNM's) financial reform and the liberalisation of the financial system were proven to induce competition making the financial system more resilient, competitive and dynamic. The Islamic banks have recorded consistently increased annual performance with the under-performing Islamic banks catching up on the top performers. Originality/value: Very few research studies have focused on the market structure and competition of the Islamic banking industry in Malaysia, especially using recent financial data; this study will contribute to filling the existing gap. [ABSTRACT FROM AUTHOR]

Purpose: Continually evolving market structures characterized by high competition and simultaneous coopetition raise the need for the awareness of strategic actions of industry stakeholders and therefore the field of competitive intelligence (CI). Hence, this paper aims to provide a case-based method to enrich and automate the entire CI cycle using open-source data to analyze the industry environment. Design/methodology/approach: The research method is based on design science research and accompanied by a three-year continuous in-depth case study in the automotive supply industry using unstructured, qualitative data to examine the activities of 25 industry stakeholders. Findings: This paper provides a new holistic method for gaining valuable insights for decision-makers presented through a multiple-layer perspective of the industry development including structural transformation and strategic alignments in functional and cross-sectional areas of the stakeholders. Research limitations/implications: The development of a holistic approach using open-source data combines the knowledge-based view and industry economics and allows easy transferability to any other industry. Practical implications: The proposed method shows an increase in knowledge for managers to support daily work as well as strategic decision-making. Furthermore, it is proven that even unexperienced CI analysts are empowered to deliver high-quality results. Originality/value: The paper contributes to the literature and practice of CI by using an approach, which uses unstructured, qualitative data to enrich the entire CI cycle in a business-to-business environment. The case description confirms performance and time improvements of the method and shows the potential of the created insights. [ABSTRACT FROM AUTHOR]

Purpose: This study investigates the pricing decisions of the UK wholesale and retail food, beverages and tobacco sector over 2007–2016 using 19 four-digit level NACE Rev.2 classification industries. Design/methodology/approach: The Hall (1988) and Roeger (1995) model is employed to estimate the price-cost margin for the aggregate sector and each constituent industry. Findings: The results suggest the presence of weak imperfect competitive conduct as the markup value is close to perfect competition. Moreover, it is found that industries with higher market share and liquidity reserves tend to charge a lower markup, validating the presence of price wars and competitive incentives in the sector. Originality/value: This paper contributes to the literature of pricing decisions and how access to available liquidity may affect the selling price of products. The pricing strategies also depend on the market structure as firms operating in more competitive sectors may start price wars more often than their counterparts in more concentrated sectors. Therefore, this study adds value to the investigation of pricing decisions under liquidity constraints across the UK wholesale and retail food, beverages and tobacco firms. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to examine the relationship between bank diversity and small- and medium-sized enterprise (SME) firm innovation in China to evaluate the impact of recent bank deregulation. Design/methodology/approach: Using a large data set that includes 8,143 firm-year observations of 1,122 listed SME firms in China and baseline and robustness regression analyses, the authors identify how bank diversity affects firm innovation and via what economic mechanisms. Potential endogeneity problems are considered and addressed in the design and analysis to minimize research bias. Findings: The authors find robust evidence that bank diversity improves firm innovation. Specifically, the findings suggest that the positive effects of bank diversity on firm innovation are only significant for the firms which are more external finance dependent, have fewer growth opportunities and/or located in the provinces having low financial market development. Originality/value: This study provides novel evidence and insights into the relationship between banking market structure and the determinants of firm innovation in the Chinese context, as a result of China's banking deregulation. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to present a methodological framework to evaluate the relationship between social network centrality, individual competitiveness and network competitiveness. Design/methodology/approach: Tilapia fish farmers in the Canoas I hydroelectric dam (states of São Paulo and Paraná, Brazil) were provided with a roster of all actors in their network and interviewed to obtain information on relational and competitiveness variables. UCINET was used to calculate the degree centrality of each farmer. Seven competitiveness drivers were combined into a single indicator to determine the level of competitiveness. A four-quadrant matrix was constructed to investigate the relationship between degree centrality and level of competitiveness. Findings: A positive relationship was found between degree centrality and level of competitiveness. Research limitations/implications: Agents upstream or downstream of fish farming were not interviewed, precluding an in-depth analysis of competitiveness in terms of market structure and market relations. The authors suggest that future studies should investigate the influence of upstream and downstream agents on the social network and competitiveness of fish farmers. It is also important to monitor changes in the level of competitiveness of fish farmers in the event of a national economic crisis. Originality/value: Development of a novel methodological framework on the basis of two methodologies, social network analysis and competitiveness analysis. [ABSTRACT FROM AUTHOR]

Purpose: Prior literature indicates conflicting effects of online product information, which may complicate or simplify consumer purchase decisions. Therefore, the purpose of this paper is to investigate how different online product information (i.e. the choice set size and the popularity information and its presentation) affect consumers' decision making and the related market outcomes. Design/methodology/approach: This research relies on information-processing theories and social learning theory. By stepwise conducting two 2×2 within-subject factorial design experiments, this research examines the effects of the choice set size, product popularity information and product presentation on consumers' decision making and the aggregated market outcomes. Findings: The results show that product popularity information led consumers to either simplify or complicate their decision strategy, depending on the size of the choice sets. Additionally, presenting products by their popularity in descending order resulted in consumers making decisions with a larger decision bias. The results also show that the presence of product popularity was more likely to forge a "superstar" structure in a large market. Practical implications: The research suggests that e-retailers and e-marketplace operators should carefully utilize product popularity information. Multiple mechanisms that shape different shopping environments with different orders are necessary to create a long-tailed market structure. Originality/value: This study found the mixed effects of product popularity information when it is presented in different environments (i.e. the large/small choice set and the sorted/randomized product presentation). The overuse of popularity information may induce consumers' decision bias. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to evaluate policymakers' concerns about the lack of competition in highly concentrated markets for public company audits by examining the association between audit fees and the inequality of Big 4 market shares at both the USA national-industry and city-industry levels. Design/methodology/approach: Using publicly available data, this paper uses regression analysis to examine publicly available data to test research hypotheses related to the association between audit market inequalities and audit fees at both the USA national-industry and city-industry levels. Findings: The findings support a U-shaped association between national-industry inequality and audit fees. As inequality initially increases, fees decrease; however, as inequality becomes increasingly large fees increase. The city-industry level analysis shows the opposite pattern. The results are consistent with capacity constraints at the national-industry level that are less binding at the city-industry level. Research limitations/implications: This study provides evidence that market inequality has a non-linear association with audit price and contributes to the limited findings in industrial organization research on the importance of market share inequality in highly concentrated markets. Originality/value: This study provides new insights into the growing body of research on audit market structure by documenting that national-industry and city-industry analysis provides different insights into the market structure. In addition, the sample period for this study (2004-2017) addresses the General Accounting Office (GAO) concern about the lack of a stable audit market in the period it examined (GAO, 2008, p. 94) and finds evidence of market structure effects not present in the earlier GAO studies (GAO, 2003, 2008). [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to deal with international marketing of products, analyzing how adaptation/standardization and network development are achieved when marketing products in Bangladesh. Design/methodology/approach: By applying a qualitative method, the study was conducted at four multinationals, British American Tobacco, Perfetti Van Melle, Tetrapak and Reckitt Benckiser, operating in Bangladesh. Data were collected through semistructured interviews, direct observation and official documents. The analysis was conducted through construction of themes that were identified from the data set. Findings: The study demonstrates that business relationships related to a local market should be adapted to customer preferences. The research suggests that a balanced combination of product quality and development of new, innovative products adapted to the needs of the market and the customers establishes trust and networks. Cultural and market context were found to influence multinational companies (MNCs)s to standardize the quality of the products and adapt marketing mix components to the needs of consumers. Research limitations/implications: The paper contributes to international marketing literature with a model of product marketing based on context, trust, networks and adaptation/standardization. The model introduces the cultural dimension of femininity/ masculinity and the innovation of products and market structure. The study is limited to one emerging market. Further studies should explore other emerging market economies and MNCs. Practical implications: The results suggest that to meet the challenges of emerging market economies and achieve success, managers should take people and market needs into consideration. Originality/value: This paper extends product marketing literature by presenting a context-based model for MNCs' product marketing. [ABSTRACT FROM AUTHOR]

This chapter explores the concept of market infrastructure, which is tentatively defined as a materially heterogeneous arrangement that silently supports and structures the consummation of market exchanges. Specifically, the authors investigate the enactment of market infrastructure in the US grocery retail sector by exploring how barcodes and related devices contributed to modify its market infrastructure during the period 1967-2010. Combining this empirical case with insights from previous research, the authors propose that market infrastructures are relational, available for use, modular, actively maintained, interdependent, commercial, emergent and political. The authors argue that this conception of market infrastructure provides a powerful tool for unveiling the complex agencements and engineering efforts that underpin seemingly superficial, individual and isolated market exchanges. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine whether the crypto-currencies' market returns are symmetric or asymmetric informative, through analysing the daily logarithmic returns of bitcoin currency over the period of 2011-2017. Design/methodology/approach: In doing so, the symmetric informative analysis is estimated by applying the generalised auto-regressive conditional heteroscedasticity (GARCH) (1,1) model, whereas asymmetric informative or leverage effects analysis is estimated by exponential GARCH (1,1), asymmetric power ARCH (1,1) and threshold GARCH (1,1) models. In addition, the generalized autoregressive conditional heteroskedasticity in mean (GARCH-M (1,1)) was applied to examine whether the risk-return trade-off phenomenon was persistent in crypto-currencies market. Findings: The main findings indicate that bitcoin market return or volatility is symmetric informative and has a long memory to persist in the future. Furthermore, the sympatric volatility is found to be more sensitive to its past values (lagged) than to the new shock of the market values. However, asymmetric informative response of volatility to the negative and the positive shocks do not exist in the bitcoin market or, in other words, there is no leverage effect. This suggests that the bitcoin market is in harmony with the efficient market hypothesis (EMH) with respect to the asymmetric information and violated the EMH with regard to the symmetric information. Hence, the market price or return of bitcoin currency could not be predicted by simply exercising such past market information in the short-run investment. In addition, the estimated coefficient of conditional variance or risk premium (λ) in the mean equation of CHARCH–M (1,1) model is positive however, statistically insignificant. This indicates the absence of risk-return trade-off, in which case the higher market risk will not essentially lead to higher market returns. This paper has proposed that an investment in the crypto-currency market is more appropriate for risk-averse investors than risk takers. Originality/value: The findings of the study will provide investors with necessary information about the bitcoin market price efficiency, hedging effectiveness and risk management. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate the pricing objectives that business-to-business (B2B) service companies pursue to set their prices and to examine the impact of market structure on these objectives. Design/methodology/approach: To achieve the research objectives, data were collected from 193 companies operating in four different B2B service industries. Findings: The findings of the study indicate that, in the current study, the companies investigated seem to follow various pricing objectives with a particular emphasis being placed on customer-related ones. The study also reveals that the market structure does have an impact on the pricing objectives pursued because different market conditions are found to lead to different pricing objectives. Practical implications: The above findings indicate that the managers responsible for setting prices within their firms should follow a "situation-specific approach" and be guided by the unique characteristics of their markets. Originality/value: Given the lack of similar studies in the existing B2B services literature, the value of the paper is that it represents one of the first attempts to empirically examine this issue. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to examine whether the choice of employment sector for women is driven by the structure of the labour market or determined by the household socioeconomic condition. Design/methodology/approach: Data for the study were drawn from the National Sample Survey 68th round (2011–2012). The sector of employment was assessed through females' participation as an unpaid labour, employer/own account worker, informal wage worker, formal wage worker and unemployed. A multinomial logit model was used to examine the factors that determine the sector of employment. Findings: Although education increases formal employment among women, most of them are unemployed or entering into informal employment. It indicates that the labour market has not been able to integrate educated women into formal employment. Research limitations/implications: Increase in female education accompanied by a slow growth of employment creates the challenge to accommodate the educated and skilled women in formal employment. Originality/value: This study examines the factors determining the sectoral participation of employment to assess the responses of the current labour market for the females, especially educated females who have not been adequately addressed. The findings of the study have significant implications for formulating appropriate labour market policies for the educated female labour force. [ABSTRACT FROM AUTHOR]

Purpose: In 2013-2014, Bank Muscat and National Bank of Oman requested a merger and Bank Sohar and Bank Dhofar lodged a similar request. This paper aims to investigate the shape of the market structure, and it tries to answer whether approving such requests is good for the industry, economy and society. Design/methodology/approach: The study examines the market structure of Oman Banking Industry, and it also presents the shape of the market structure if there had been an approval for these mergers' requests. The Herfindahl–Hirschman Index (HHI) and the biggest k-banks Concentration Ratio (CRk), which measure concentration changes over 17 years during the period 1998-2014, are used in this study. Findings: The study finds that Oman's Banking Industry is highly concentrated, which should cause concerns over these two requests of mergers or similar requests in the future. In general, the concentration ratio shows decreasing trend. The concentration ratio in the deposit market implies a concentrated market with CR2 and CR3 recording 67 and 85%, respectively, while HHI reached 2,864 points in the 1998. However, in 2014, the concentration ratio had decreased, to CR2 and CR3 recording 52 and 65% respectively, and HHI standing at 2,112 points. Research limitations/implications: The researcher suggests future investigation and further research in setting a benchmark index as a guideline for mergers' requests. Practical implications: Exercising monopoly power, by fewer banks, is very harmful to the economy. Charging higher interest rates on business loans escalates the cost of production of products and services which will cause inflation; therefore, monopoly power will lead to slow growth of the economy. Social implications: Regulators in Central Bank of Oman (CBO) or in any central bank should be very careful in granting mergers, especially among big banks, because it enables newly bigger banks to exercise monopoly power, thereby harming depositors who will be getting low deposit interest rates and harming borrowers by charging them high loan interest rate. Originality/value: Even though, this study discussed two requests of mergers between banks in Oman; however, it has presented formal approaches to the measurement of market structure in any country. Overall, it provides the policymakers in making the final decisions on mergers between banks in the future which are not limited to these banks or to Oman's Banking Industry. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to investigate the pricing objectives (e.g. customer-related objectives, sales-related objectives, profit-related objectives) that service companies pursue to set their prices and to examine the impact of market structure on these objectives.Design/methodology/approach To achieve the research objectives, data were collected from 184 companies operating in four different service industries, namely, logistics companies, financial services providers, information technology companies and airlines.Findings The findings indicate that the companies that were investigated in the current study seem to follow a hierarchy of pricing objectives, in which their main focus is on the maintenance of the existing customers and the attraction of new ones to ensure their long-term survival in their market without, however, disregarding financial issues and objectives. The study also revealed that the market structure, along with the sector of operation, has an impact on the pricing objectives pursued, as different market conditions were found to lead to different pricing objectives.Practical implications The above findings indicate that managers responsible for setting prices within their firms should be guided by the unique characteristics of their markets.Originality/value Given the lack of similar studies within the existing services sector literature, the originality/value of the paper lies in the fact that it presents one of the first attempts to empirically examine this issue from a marketing point of view. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to summarize the January 11, 2018, Fixed Income Market Structure Advisory Committee’s (“FIMSAC”) inaugural meeting held at the US Securities and Exchange Commission (“SEC”).Design/methodology/approach This paper discusses the various topics covered at the inaugural FIMSAC meeting including the exploration of a variety of bond market liquidity issues, including the metrics for analyzing liquidity in the bond market and what these metrics mean for liquidity and dealer intermediation, electronic trading, exchange-traded funds (ETFs), transparency and potential policy responses to increase liquidity and the efficiency of the market.Findings The FIMSAC Chairman proposed the creation of subcommittees addressing modernization, fixed income ETFs and transparency.Originality/value This paper contains information on important topics raised by the fixed income market participants to the SEC and is helpful to all entities participating in the fixed income markets. [ABSTRACT FROM AUTHOR]

Purpose Prediction markets are techniques to aggregate dispersed public opinions via market mechanisms to predict uncertain future events’ outcome. Many experiments have shown that prediction markets outperform other traditional forecasting methods in terms of accuracy. Logarithmic market scoring rules (LMSR) is one of the most simple and widely used market mechanisms; however, market makers have to confront crucial design decisions including the setting of the parameter “b” or the “liquidity parameter” in the price functions. As the liquidity parameter has significant effects on the market performance, this paper aims to provide a comprehensive basis for the setting of the parameter.Design/methodology/approach The analyses include the effects of the liquidity parameter on the forecast standard error and the amount of time for the market price to converge to the true value. These experiments use artificial prediction markets, the proposed simulation models that mimic real prediction markets.Findings The simulation results indicate that prediction market’s forecast standard error decreases as the value of the liquidity parameter increases. Moreover, for any given number of traders in the market, there exists an optimal liquidity parameter value that yields appropriate price adaptability and leads to the fastest price convergence.Originality/value Understanding these tradeoffs, the market makers can effectively determine the liquidity parameter value under various objectives on the standard error, the time to convergence and cost. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to examine the market structure and value chain of pearl millet grain and fodder in India. There is a decline in demand for human consumption, with an increase in demand for non-food uses like cattle and poultry feed, raw material for starch and breweries industry. This paper explores alternative channels, uses and value chains of pearl millet grain and fodder. The paper examines in what ways small farmers can benefit from the evolving alternative uses for pearl millet grain in cattle and poultry feed industry, breweries and starch industry. The paper also analyses the impact of aggregators in increasing the efficiency of the value chain.Design/methodology/approach The study collected primary data from farmers, traders, commission agents and exporters and importers with innovative marketing channels with aggregators (Self-Help Groups) and without aggregators to analyze the prospects for improvements in marketing channels and value chain.Findings Given that the production of pearl millet is scattered and thin, there is a lot of scope for market aggregators to increase scale economies to reduce market costs to supply in bulk to food and industrial uses. Although there was some demand for human consumption high-quality grain, most of the future demand will come from cattle and poultry feed industry, breweries and starch industry. To tap these larger potentials, farmers need to aggregate their produce and ensure regular supply in bulk quantity at least to compete the cost with alternative grains like maize and broken rice.Research limitations/implications The research is based on the field-level data collection and observations obtained from Western India. This paper provides insights how the value chain of pearl millet is working and what improvements are needed to make value chain more efficient and inclusive. Although the results are applicable to similar neglected crops and area, more caution is needed.Social implications Through the formation of farmer aggregators, farmers can enhance their bargaining power vis-a-vis industry.Originality/value Till now, there is no study that explored the pearl millet value chain in detail in India, and the paper tries to fill this literature gap. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to measure and track the evolution of market concentration and competition in the microfinance industry in Bangladesh by employing both the structural and non-structural measurement techniques.Design/methodology/approach By using a unique panel data set generated from the microcredit regulatory authority (MRA) annual reports, the sample includes 169 microfinance institutions (MFIs) and covers the period 2009-2014. The authors employed the Herfindahl-Hirschman index (HHI) and concentration ratio (CR) (largest 3, 8 and 20 MFIs) as structural measurement techniques and the Lerner index as a non-structural measurement technique. In addition, four different market indicators are used as representatives of deposit and credit markets to better explain the evolution of market concentration.Findings The results of HHI indicate that the sector is moderately concentrated and currently transitioning to an unconcentrated market. However, based on CR, the industry is still dominated by a few large MFIs. The Lerner index (non-structural approach) also confirmed that the level of competition is relatively high and likely to follow an inverted U-shape during the study period.Practical implications The findings of this study will enhance our understanding of the market structure in the Bangladesh’s microfinance industry so as to inform important policy prescriptions. The results also provide impetus to the relatively young MRA to nurture competition in the market; simultaneously, the findings prompt management of the MFIs to cope with a competitive market environment.Originality/value This study is one of the first of its kind that includes a large data sample of microfinance market for a single country by employing both structural and non-structural measurement approaches. [ABSTRACT FROM AUTHOR]