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The tournament literature has typically traced employees' competitive actions to characteristics of individual-level career tournaments. Yet, such individual-level tournaments usually transcend firms that themselves compete in a firm-level tournament. We study the cross-level implications of a firm-level tournament for the competitive actions that constituent employees undertake against other individuals internal and external to their firm. We propose a theory of individual reputational incentives, which predicts that a firm's competitive threats decrease its employees' internal competitive actions yet increase their external competitive actions, while a firm's competitive opportunities increase employees' internal and external competitive actions. The theory also predicts that these effects are largest when a firm faces potential unexpected losses or gains in its standing, such as when the firm experiences competitive threats from resource-disadvantaged firms, or competitive opportunities against resource-advantaged firms. In panel data on the population of motorcycle riders competing in MotoGP from 2004 to 2020, we examine these hypotheses using overtakes to measure riders' internal and external competitive actions. Our findings reveal how riders adjust their internal and external overtakes based on their team's competitive threats and opportunities, and on the relative resource endowments of the teams supplying such threats or opportunities. [ABSTRACT FROM AUTHOR]

We develop and test theory regarding the effect of CEO paranoia, defined as stable tendencies toward suspicion, feelings of ill will or resentment, mistrust, and belief in external control or influence, on firm stakeholder engagement. We theorize that because CEOs higher in paranoia have tendencies toward hypervigilance and the biases of self-as-target and sinister attributions they typically avoid engagement with external stakeholders. Further, we argue that CEOs higher in paranoia are subject to paranoid activation when confronted with trait-relevant cues that confirm suspicions of being targeted by a malevolent external entity (here, regulatory rulings or rival attacks), thus eliciting a shift away from avoidance to a more aggressive engagement with those stakeholders. To do so, we develop a content-analytic measure of CEO paranoia following both theory and evidence in psychology and methodological best practices, finding evidence that broadly supports our premise. In total, our study draws attention to how the manifestation of CEO paranoia changes the way CEOs engage stakeholders over time, contributing to understanding in multiple ways. [ABSTRACT FROM AUTHOR]

This article studies how the rise of financial technology (Fintech) lending affects credit access, interest rates, and social welfare. We consider a lending competition model with two incumbent banks and a Fintech lender, which use different information and technologies to assess borrower creditworthiness. We show that Fintech lending could negatively affect high-quality borrowers' access to credit when the Fintech lender's screening accuracy is superior to that of the banks. Furthermore, Fintech lending may worsen the allocative efficiency of credit and reduce social welfare under some conditions. Analytical and numerical results suggest that Fintech lending mostly reduces the expected interest rates. [ABSTRACT FROM AUTHOR]

Competitors may perceive a focal firm's CEO succession as creating an exploitable opportunity as well as a future threat to preempt. Drawing from theories of executive human and social capital, we suggest that anticipation of internal disruption stemming from human and social capital changes in a CEO succession may lead to external disruption for the focal firm. In our sample of S&P 500 firms between 2010 and 2018, we find that competitors are more likely to attack the focal firm when the successor's professional experience differs drastically from that of the predecessor and less likely to do so when the successor is an insider. We also find that competitors' attacks following a succession event can be minimized by limiting changes to only one form of capital (i.e., human or social). Moreover, retaining the predecessor as board chair after the succession could be an effective human capital preservation strategy for reducing competitors' attacks when the difference in professional experience between the predecessor and successor is high. However, retaining the predecessor as board chair may not have the same effect when it comes to social capital. Our research highlights the competitive implications of CEO succession, offering new insight into disruption. [ABSTRACT FROM AUTHOR]

This article studies how industry peers' stock prices respond when another firm in the industry is acquired by a foreign firm. The average stock price reactions of industry peers in horizontal foreign acquisitions around deal announcements are significantly negative. Peers' returns are more negative in growing, less specialized, and competitive industries. Moreover, the negative stock price reactions of industry peers are related to future decreases in their operating performance. Overall, these results suggest that foreign acquisitions have strong competitive effects for the industry peers of U.S. target companies. [ABSTRACT FROM AUTHOR]

The authors examine the effects of a firm's and its competitors' online reviews on its demand within the hotel industry. The authors leverage a unique data set of actual bookings from properties of a major hotel chain in six different markets in the United States, supplemented with online reviews garnered from a popular social media platform. The findings indicate that not only a hotel's own reviews but also its competitors' reviews have a significant impact on the hotel's booking performance. The impact of review sentiment is amplified if the focal hotel also charges higher prices or when the volume of reviews is high. The authors establish heterogeneous effects across consumer segments (business vs. leisure travelers) and by the type of review content (objective vs. subjective attributes to assess quality). Specifically, both a hotel's own reviews and its competitors' reviews have a larger impact on bookings for business travelers compared with leisure travelers, and for reviews that mainly discuss subjective attributes, for which consumers need to rely on the experiences of others to assess the quality of a hotel prior to their stay. The study provides a set of comprehensive insights on the impact of both own and competitors' online reviews on a focal hotel's bookings. [ABSTRACT FROM AUTHOR]

Although the liability of foreignness has been shown to present real economic barriers for foreign firms in various contexts around the globe, scholars continue to debate what drives this liability in different market contexts: lack of information due to institutional distance, lack of social embeddedness, discrimination, or something else. In this study, we propose a new theory, that in corporate lobbying within the nonmarket strategy context, the liability of foreignness is driven in no small part by a values-based ideological conflict stemming from the divide between democracy and autocracy. Private-sector firms from autocratic countries face costs of illegitimacy in Washington, D.C., and professional corporate lobbyists charge such firms a fee premium, in effect, to pay for legitimacy. We conduct an empirical study of the lobbying fees charged by professional corporate lobbyists in Washington, D.C., to their domestic and foreign firm clients, and the results strongly support the predictions of our theory. We also show that the liability of foreignness in this context endures for foreign firms from autocratic countries over the 15-year length of our sample period. Offering a new theoretical perspective as well as new empirical findings regarding the liability of foreignness, our study has practical implications for managers of foreign firms and may also generalize to other market contexts. [ABSTRACT FROM AUTHOR]

The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after we correct for the mismeasurement of intangibles, the evidence points to the superior ability of star firms. [ABSTRACT FROM AUTHOR]

We test the signaling view of corporate social responsibility (CSR) engagement using two complementary quasi-natural experiments that impose exogenous negative pressure on stock prices. Firms under such adverse price pressure increase CSR activities compared to otherwise similar firms. This effect concentrates among firms with stronger signaling incentives, namely, those facing greater information asymmetry, more product market competition, higher shareholder litigation risk, and higher stock price crash risk. Firms under the exogenous negative price pressure mainly improve CSR strengths, including costly environmental investments. We also find that CSR engagement attracts socially responsible investors and lowers the cost of capital for signaling firms. [ABSTRACT FROM AUTHOR]

By employing a dynamic model with two limit order books, we show that fragmentation is associated with reduced competition among liquidity suppliers and lower picking-off risk of limit orders. Due to these countervailing channels, the impact of fragmentation on liquidity and welfare differs with asset volatility: When volatility is high (low), liquidity and aggregate welfare in a fragmented market are higher (lower) than in a single market. However, fragmentation always shifts welfare away from agents with exogenous trading motives and toward intermediaries. We empirically corroborate our model's predictions about liquidity. Our model reconciles the mixed results in the empirical literature. [ABSTRACT FROM AUTHOR]

This paper examines how labor mobility restrictions like noncompete agreements affect firms' investment decisions. Using matched employee-employer data from LinkedIn, I show that increases in the enforceability of noncompete agreements lead to widespread declines in employee departures, specifically in knowledge-intensive occupations. Established firms that rely more on these knowledge-intensive occupations increase their investment rate in physical capital. However, new firm entry in corresponding sectors declines. I provide evidence for different mechanisms to explain these patterns. Together, the findings show that labor frictions play an important role in investment decisions. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Publishers face an existential threat from a variety of news aggregators, such as free aggregators (e.g., Google News, Yahoo News), micropayment-facilitating aggregators (e.g., Blendle), and subscription-charging aggregators (e.g., Apple News+). The authors seek to theoretically examine whether publishers can collaborate and compete with the different types of news aggregators and, if so, what pricing and content-sharing strategies publishers should pursue. In the absence of a news aggregator, publishers sell their content as a composite publication; this intensifies interpublisher price competition and hurts publishers' profits. A free aggregator, however, could help unbundle the articles of a publisher. Moreover, if publishers share articles on the same topic with a free aggregator, they can completely eliminate interpublisher competition and replace it with competition between the aggregator and the publishers, but they only partially eliminate interpublisher competition if they share articles on different topics with it. Yet, the free aggregator needs to bring sufficient additional traffic to the publishers to motivate them to share content and collaborate with it. Conversely, publishers will be willing to collaborate with a micropayment-facilitating aggregator even if it does not bring additional traffic to the publishers. This is because a micropayment-facilitating aggregator helps publishers unbundle their content and price discriminate. Lastly, publishers can be motivated to collaborate even with a subscription-charging aggregator that is powerful enough to dictate the terms of the revenue-sharing arrangement with the publishers. This is because the subscription-charging aggregator improves its profits without hurting the publishers' surplus. [ABSTRACT FROM AUTHOR]

While research has uncovered an array of visible competitive dynamics, a strategic world of competition lies beneath the surface that should also be theorized and empirically traced. We investigate the strategic consequences of "media–rival" common ownership, in which investors own a media company and a non-media focal firm's rivals. We posit that focal firms receive worse coverage from media outlets when institutional investors hold substantial ownership in both a media company and the focal firm's rivals because the investors' common holdings provide them with incentives and power to enhance the competitiveness of their portfolio firms by tainting the focal firm's media coverage. We account for three moderators to show that this effect amplifies when investors have stronger incentives and power to influence the media and when media executives have incentives to cater to the interests of their investors. Using a novel dataset on common ownership of rival firms and media companies, we find support for our theory. Our study reveals a new invisible hand underlying competitive markets and offers a new view of the media as a strategic tool. [ABSTRACT FROM AUTHOR]

Does proprietary knowledge protection (PKP) spur or hinder the product-market performance of new firms? Exploiting the staggered adoptions of the inevitable disclosure doctrine by U.S. State Courts, which enhance PKP, we show that treated firms increase industry-adjusted sales growth by 2% compared to control firms. The effect is concentrated among small and young firms and increases with the scope of proprietary knowledge and rivals' access to external finance. PKP encourages firms to develop new products and stimulates initial public offering activity. Our results suggest that PKP alleviates predation risk associated with "deep-pocket" rivals by allowing firms to maintain competitive advantages. [ABSTRACT FROM AUTHOR]

Fifty years ago, the Federal Trade Commission stopped enforcing its fictitious reference pricing guidelines, emphasizing the search qualities of price and the belief that competition would drive out deceptive behavior. Yet this practice of posting false, inflated comparison prices alongside sale prices has proliferated. Building on prior analytic work and the documented effects of reference pricing on search behavior and consumer choice, the authors develop a descriptive model explaining why fictitious reference pricing has spread instead of being extinguished by competition. After summarizing the model with a series of generalizations, the authors consider potential regulatory solutions to the problem. They propose that disclosure of the true normal price charged may be the only solution that could plausibly influence both consumer and firm behavior. Then, based on the existing literature, interviews with practitioners and regulators, an analysis of other nations' approaches, and the results of a laboratory study of 900 consumers to examine how they integrate "true normal price" information into deal evaluations, the authors develop a set of propositions about the likely effects of requiring firms to disclose recent selling prices for goods, identifying both potential benefits and challenges associated with such a requirement. [ABSTRACT FROM AUTHOR]

Once scaled, online platforms reconfigure value to remain competitive. Reconfiguration in online platforms may take a different form than in pipelines, as online platforms are intermediaries that generate network effects among the sides they connect. They also face stiff competition from other spheres due to lower barriers to entry. Why and how do online platforms reconfigure value? By examining 13 Indian online platforms that have achieved a certain level of success (such as tipped markets, investor confidence, or profitability), this article offers four strategies for reconfiguring online platforms: enhance interactions, enhance capabilities, offer new services, and nurture new transactions. [ABSTRACT FROM AUTHOR]

Homeowners who originally bought when marketwide price levels were high (low) fetch high (low) sales prices and rents, even decades later. We study the propagation of reference-dependence to neighboring listings. The "spillover" reference point effect is about one-half as large as the "own" reference point effect. Neither house quality nor location appears capable of explaining the result. Using a simple model to provide empirical predictions, we find support for a competition-based mechanism. We quantify the aggregate effect of own and spillover reference point effects on aggregate prices and/or rents at the ZIP code level. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

U.S. equity exchanges have experienced a dramatic increase in competition from new entrants, resulting in the fragmentation of trading across venues. While market quality has generally improved over this period, we show most of the improvements have accrued to the largest stocks. We then show this bifurcation in market quality is related to the fragmentation of trading. Theoretically, more exchange competition should reduce trading costs, yet it may also increase adverse selection for liquidity providers, leading to higher spreads. We document evidence of both effects (fragmentation improves market quality for large stocks while small stocks experience relatively worse quality). [ABSTRACT FROM AUTHOR]

Why would some firms persist with continued operations when facing unfavorable economic conditions? Although prior studies have investigated the roles of uncertainty and sunk costs as sources of inertia, an unacknowledged type of sunk cost associated with temporary suspensions of operations is related to the erosion of existing capabilities. Building on the resource-based view and real options theory, we argue that resource idling contributes to capability erosion and that the anticipated capability loss motivates firms to refrain from idling their resources under demand uncertainty in the first place. The negative effects of uncertainty on resource idling are likely to be particularly strong for firms with superior capabilities and for those having a greater reliance on human capital. Using data on oil drilling contractors in Texas, the empirical evidence lends support to our theoretical arguments. Our insights suggest that resource idling shapes the development path of capabilities and risks jeopardizing firms' competitive advantages. The seemingly operational decision of temporarily idling resources can therefore be quite strategic for a firm, and "hysteresis," or inertia in continuing operations, can preserve firms' capabilities. [ABSTRACT FROM AUTHOR]

Using novel shadow bank funding data, I find that shadow banks are funded by the very banks they compete with when originating mortgages. Evidence suggests that banks have market power in the upstream market for shadow banks' funding, which in turn softens mortgage market competition through their strategic behaviors in both markets. I build and calibrate a quantitative model of vertical integration and competition to show that those consumers who would most benefit from shadow bank services are the ones to bear the costs. Secondary market innovation could increase downstream competition by reducing shadow banks' reliance on their competitors. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Economically insignificant tick sizes encourage undercutting behavior, thus harming market quality. Theoretical work shows that increasing tick sizes in unconstrained markets reduces undercutting and improves market quality. Equity market pricing grids are generally too coarse to test this prediction. We examine a cryptocurrency market with infinitesimal tick sizes where undercutting limit orders acquire price priority without meaningful economic cost. We show that increasing tick sizes reduces undercutting behavior, increases liquidity provision and quoted depth, and reduces transaction costs for institutional and retail-sized trades while decreasing short-term volatility. Tiny tick sizes are suboptimal, supporting increased minimum trading increments in tick-unconstrained markets. [ABSTRACT FROM AUTHOR]

I examine whether competition from domestic industry rivals affects firms' proclivity to undertake foreign direct investment (FDI) and their country location choices. I find that competition affects foreign production decisions and the geography of international investments. While firms enduring stiffer competition are significantly less likely to undertake FDI, this effect is heterogeneous across firms. Competition deters FDI more strongly when costs are heavier, whereas it has weaker effects when efficiency is higher, growth opportunities are valuable, and cash reserves are higher. FDI location models suggest that when going abroad, firms facing stronger competition are more likely to pursue economies of productivity and taxation. [ABSTRACT FROM AUTHOR]

The Internet of Things (IoT) technology trend is transforming business and society. This creates a need to understand strategic behavior in the consumer IoT, where firms tend to offer multiple platform devices, and new generations of devices are introduced frequently. We propose a novel analytical model that formalizes the concept of a multiplatform firm that offers a system of platforms, such as a smartphone, and a new platform device, such as a smartwatch, and orchestrates a multiplatform ecosystem. The analysis shows how a platform design decision, like offering a new standalone device, affects consumer choices and market outcomes. We identify two classes of new devices that matter, and show when a new platform device may disrupt the smartphone market. Moreover, we characterize conditions under which it is profitable for a vendor to make its new platform device look and feel more like its smartphone. Overall, we provide insights into how multiplatform firms differ from platform firms. We identify future research opportunities on the economics of consumer IoT and multiplatform ecosystems.

This paper presents a unifying model of disclosure in the presence of competitors and supply market reliance to examine the role of multisegment operations on disclosure choice. A firm's private information can have varying demand implications for its own portfolio of segments and for its competitors' portfolios of segments. In multisegment firms, cross-firm spillovers of information discourage disclosure whereas cross-segment spillovers encourage disclosure. This suggests multisegment firms with more informationally diverse segments will have more incentives for transparency. Further, in multisegment firms, reliance on an imperfect supply market has less detrimental effects on transparency compared to single-segment firms. Supply market reliance is less detrimental for multisegment firms with a more diverse portfolio of segments. The results suggest that multisegment firms have more incentives for transparency relative to single-segment firms. JEL Classifications: L11; L13; M41. [ABSTRACT FROM AUTHOR]

Satellite Internet constellations ("SICs") promise to connect the world, finally delivering on the promise of global connectivity. This Note explains why SICs will only achieve their maximum potential with the adoption of free space optical ("FSO") communication technologies, which provide massive bandwidth and interference benefits over radio. FSO will yield the greatest possible benefits with standardization through a formal standard development organization. Standardized, with the ability to communicate, collaborate, and consolidate, SICs will provide the greatest coverage and fastest speeds to their consumers. While SIC consolidation will proffer many benefits, it will also bear risks, as large players exert outsized market influence and reduce innovation. Geopolitical competition will make universal standards unlikely, necessitating national and international collaboration. [ABSTRACT FROM AUTHOR]

We present a bibliometric study of engineering doctoral dissertations focusing on the properties of materials. The study exhaustively examines the production of doctoral theses on material properties in the field of engineering at Spanish universities from 1977 to 2022. The main objective is to analyse the volume and temporal distribution of these theses, explore their production by authors and directors considering gender, and identify the most common descriptors in the research. Technological innovation and progress in engineering materials are essential for social welfare, economic competitiveness, and international cooperation, highlighting the significance of these studies. The results reveal a total of 508 valid theses after a meticulous filtering process, with a notable increase in production post-1998, particularly during 2011-2020. The study highlights the limited presence of women in both authorship and direction of these, indicating male dominance in the field. However, there is an increasing trend of female participation in these academic areas. This study offers detailed insights into the trends and composition of doctoral research in materials engineering in Spain, pointing to important gender dynamics and research themes. [ABSTRACT FROM AUTHOR]

This research aimed to present a model for the competitiveness of selected Iranian knowledge-based companies in the fourth industrial revolution. Therefore, in terms of the goal, it is applied research because, in addition to the awareness and scientific aspect, it will also have a practical element for the relevant organizations. According to the purpose and nature of this research, in terms of method, it was qualitative research conducted by interviewing research experts. The statistical population of the study included Iran’s knowledge-based companies, which, according to the classification of the working group for evaluating and recognizing the competence of knowledge-based companies and institutions, the field of electricity and electronics, laser and photonics, were chosen due to their greater dependence on the components of the fourth industrial revolution. The approach of the qualitative part has been grounded in theory. The results showed that the competitiveness model of selected Iranian knowledge-based companies in the fourth industrial revolution includes internal organizational factors, Extra-organizational factors, agility, capable intellectual resources, value chain, innovative services and products, environmental factors, organizational factors, international drivers of the fourth industrial revolution, data challenges in the implementation of technology 04, governance factors in the fourth industrial revolution, industry’s relationship with University, increasing information literacy, continuous research and development, identification of technological advantage, capability building, laws appropriate to the characteristics of the fourth industrial revolution, attention to the environment, attention to the market and the needs created by the fourth industrial revolution, determining strategy, investment in technology, survival, and value creation. [ABSTRACT FROM AUTHOR]

With increasing competition between the products in the market, packaging design is getting maximum attention in product sale. In order to sell any product, manufacturers use marketing strategies and effective communication. The aim of this study is to perform a product packaging analysis on perfume bottles, using eye gaze tracking technology to identify most viewed and consumer-friendly packaging design. To examine visual attention and emotional arousal in reaction to packaging design features in an ecommerce environment, we had conducted an eye gaze tracking experiment with 75 female participants. In this research, we analyzed pupil and eye monitoring metrics to identify emotional and cognitive processes, with an emphasis on emotional arousal, visual attention and cognitive effort. Our findings identified prominent packaging designs that sellers can use to display product advertisements according to consumer preferences to further enhance sales and revenue for their business. This study's empirical application could be extremely beneficial to marketers, content managers and advertisers in terms of managing and designing web content. [ABSTRACT FROM AUTHOR]

Attacks by the Houthis, an Iran-backed armed group from northwest Yemen and now its de facto governing authority, pose a significant threat to commercial shipping in the Red Sea and the Gulf of Aden, and therefore to the global economy. Washington faces a range of unpalatable options to deal with this threat. The current approach of limited American and British airstrikes is flawed, but the alternatives – no airstrikes or more airstrikes – are arguably worse. Under a more ambitious strategy, the United States would through diplomacy help rebuild the internationally recognised government of Yemen, which nominally brings together anti-Houthi factions but is in fact fragmented and weak. Only this option has a realistic prospect of modifying the balance of power inside Yemen and containing the Houthis' regional threat. Otherwise, the Houthis are likely to consolidate power, which would be a tragedy for the Yemeni people given the brutality of Houthi rule, and present a perennial danger to regional security given their ambitions. [ABSTRACT FROM AUTHOR]

Context: The connection between law and political determinants of health is not well understood, but nevertheless it is suggested that the two are inseparable, and this represents an upstream level with scope for influencing other determinants of health (particularly social determinants). Solidarity underpins European health care systems, and given its clear link with redistribution, it can be seen as a means for addressing health inequities. As such, solidarity may be seen as a political determinant of health in the specific context of European Union (EU) competition policy. Methods: A range of EU case law, treaty provisions, and European Commission publications relating to EU competition policy are analyzed. Findings: Solidarity is typically juxtaposed as antithetical to competition and thus as underpinning exceptions to the applicability of prohibitions on anticompetitive agreements, abuse of dominance, and state aid. Case law indicates an additional dynamic between definitions of solidarity at the EU and national levels. Conclusions: This analysis leads to two groups of considerations when framing solidarity as a political determinant of health in the EU competition policy context: first, the predominance of solidarity suggests it may shape competition reforms; second, the EU–member state dynamic indicates less EU-level reach into national competition reforms in health care than may be expected. [ABSTRACT FROM AUTHOR]

Federally Qualified Health Centers (FQHCs) are pivotal in delivering healthcare services to underserved populations in the United States. While the number of FQHCs and FQHC look-alikes has been increasing, intensifying competition, limited research has examined the cost implications associated with this growing competition among FQHCs. This study aims to fill the research gap by analyzing the relationship between the level of competition among FQHCs and the cost of care per patient. Understanding this relationship is crucial for managers and policymakers in deriving informed decisions related to the expansion of FQHCs. The study comprehensively analyzed data from FQHCs from 2016 to 2022. The analysis involved examining the cost per patient in relation to the level of FQHC competition, measured by FQHC saturation in the area. The study's findings reveal a positive association between FQHC competition and the cost of care. Specifically, FQHCs in areas with higher levels of FQHC competition reported a higher cost per patient. This relationship underscores the potential financial dynamics influenced by the competitive environment among FQHCs. The results of this study have important implications for healthcare management and policy formulation. FQHC managers are suggested to consider the cost implications of increased competition in their strategic planning and operations. Meanwhile, policymakers should consider the potential cost ramifications of FQHC competition when designing and implementing policies related to FQHC expansion, especially those aimed at optimizing resource allocation and ensuring care affordability. Recognizing the impact of competition on cost can lead to more informed decisions regarding the funding, establishment, and distribution of FQHCs, ultimately contributing to the sustainability and efficacy of healthcare services in underserved areas. [ABSTRACT FROM AUTHOR]

Background: Rising health care costs and consequent increases inMedicare reimbursements have led tomany payment reforms over the years. Implementation of the prospective payment system (PPS) for hospitals in 1983 incentivized hospitals to either purchase skilled nursing facilities (SNFs) or utilize their excess capacity to establish one within the hospital. With PPS reimbursement being applied to SNFs in 1998, prior monetary incentives for hospitals to own an SNF disappeared. However, despite the reduction in numbers, many hospitals continued to operate their hospitalbased skilled nursing facilities (HBSNFs). Purpose: This study examines the organizational andmarket-level factors associated with the survival of HBSNFs using the population ecology of organizations framework. Methodology: Using American Hospital Association survey data, event histories of all U.S. acute care hospitals with an open HBSNF in 1998 were plotted to examine if a hospital closed its HBSNF during a 22-year period (1998-2020). The primary independent variables included hospital size, ownership, totalmargin, market competition, andMedicare Advantage penetration. The independent and control variableswere lagged by 1 year. Cox regressionswere conducted to estimate the hazard ratios capturing the risk of HBSNF closure. Results: The results showed that HBSNFs located in large, not-for-profit hospitals and those operating in less competitive markets had greater odds of surviving. Practice Implications: The HBSNF administrators of small, for-profit hospitals and those operating in highly competitive markets could utilize the findings of this study to judiciously allocate slack resources to theirHBSNFs to keep those open given the current emphasis on continuity of care by regulatory bodies. [ABSTRACT FROM AUTHOR]

Copyright of Majalat Monazaat Al-Aamal is the property of Majalat Monazaat Al-Aamal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The purpose of this study is to examine the relation between product market competition and audit fees by using firm-level product market competition measures and mitigating the endogeneity issues. Design/methodology/approach: This study uses 12,136 US firms from 2004 and 2019. To ensure the robustness of the main findings, this study uses three firm-level product market competition measures and import trade tariff rate reductions of the USA as a quasi-natural experiment. This study also performs three cross-sectional tests and validation tests. Findings: This study demonstrates that there is a negative relation between product market competition and audit fees and establishes a causal relation. Moreover, it reveals that the findings become more pronounced when auditors possess industry-specific expertise, when client firms are younger, and when operating within more homogeneous industries. Additionally, a validation analysis supports the findings. Practical implications: This study offers significant insights for regulators by highlighting how product market competition plays a constructive role in overseeing firm management. Originality/value: The authors contribute to the existing literature by showing that there is a negative association between product market competition and audit fees after controlling external monitoring mechanisms. The authors also find the causal relation. These findings indicate that competitive pressures originating from product markets exert a significant influence on disciplining a client firm's management. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Neo‐Brandeisian legal scholars have recently revived the ideas of Supreme Court Justice Louis Brandeis, who championed state regulation that preserved market competition and economic liberty in the face of concentrated private power. Yet ultimately and perhaps paradoxically, it has been Europe and not the United States that has proved more hospitable to accommodating key features of the Brandeisian approach. We explain this outcome by tracing the evolution of EU competition law to gain insight into the social learning processes through which such regimes change over time. We argue that the EU's administrative system, which provides the European Commission with significant bureaucratic discretion, has facilitated processes of ongoing deliberative adjustment to policy and practice, which over time has resulted in a system of "regulated competition" with striking similarities to the Brandeisian vision. The analysis highlights how administrative law institutions condition how regulatory regimes evolve in response to acquired experience and knowledge. [ABSTRACT FROM AUTHOR]

The European Commission has pioneered the coercive regulation of artificial intelligence (AI), including a proposal of banning some applications altogether on moral grounds. Core to its regulatory strategy is a nominally "risk‐based" approach with interventions that are proportionate to risk levels. Yet, neither standard accounts of risk‐based regulation as rational problem‐solving endeavor nor theories of organizational legitimacy‐seeking, both prominently discussed in Regulation & Governance, fully explain the Commission's attraction to the risk heuristic. This article responds to this impasse with three contributions. First, it enrichens risk‐based regulation scholarship—beyond AI—with a firm foundation in constructivist and critical political economy accounts of emerging tech regulation to capture the performative politics of defining and enacting risk vis‐à‐vis global economic competitiveness. Second, it conceptualizes the role of risk analysis within a Cultural Political Economy framework: as a powerful epistemic tool for the discursive and regulatory differentiation of an uncertain regulatory terrain (semiosis and structuration) which the Commission wields in its pursuit of a future common European AI market. Thirdly, the paper offers an in‐depth empirical reconstruction of the Commission's risk‐based semiosis and structuration in AI regulation through qualitative analysis of a substantive sample of documents and expert interviews. This finds that the Commission's use of risk analysis, outlawing some AI uses as matters of deep value conflicts and tightly controlling (at least discursively) so‐called high‐risk AI systems, enables Brussels to fashion its desired trademark of European "cutting‐edge AI ... trusted throughout the world" in the first place. [ABSTRACT FROM AUTHOR]

As an important method of reducing pollution, green technology innovation (GTI) is receiving more attention. However, facing the challenges in conducting GTI, it is crucial for enterprises to find the optimal path to acquire green technology. This paper investigates how high‐pollution manufacturing enterprises make decisions on independent innovation and green technology introduction under government intervention and public involvement. The influences of other factors, such as media attention and product market competition, have also been considered in the tripartite evolutionary game model. The simulation after applying MATLAB indicates that government intervention and public participation have a significant impact on the decision‐making of green technology acquisition paths for enterprises. Government subsidies and penalties are important policy tools for enterprises to make decisions on the selection of green technology acquisition paths. Meanwhile, reputational incentives or losses brought from public involvement are also essential in encouraging government intervention and green technology acquisition of enterprises. Finally, the extent to which the changes in various influencing factors affect the selection of enterprises' green technology acquisition paths have been tested and simulated. This paper aims to provide policy implications for governments, as well as decision‐making strategies for enterprises that urgently require green transition to achieve sustainable development. [ABSTRACT FROM AUTHOR]

Purpose: The study investigates the impact of the interaction effect of product market competition and rollover risk on the default risk of the firms. Design/methodology/approach: The study used the sample of unbalanced panel data from Indian corporates without any survivability bias over the period from 2009 to 2020 consisting of 30,396 firm-year observations of 6,718 firms spread across 143 industry groups. The panel data regression tests the interaction effect in the context of the asset substitution problem, predation threat theory, competitive shock, and competitive risk. Findings: The empirical results highlighted the dominance of the predatory effect of competition over the disciplinary advantage of short-term debts. The competitive shock to the industry results in a higher credit spread for refinancing short-term debt and significantly increases rollover risk for firms. Smaller firms have higher default risk from rollover losses than larger firms in the face of competition due to asset-substitution problems and strong rivalry. For firms with weaker fundamentals, the interaction effect of rollover risk and competition exacerbates the flight-to-quality problem, resulting in a systemic event. Practical implications: The investors can benefit by factoring ex-ante the interdependence of competition, debt market illiquidity, and default premia while calculating the credit risk. The shareholders of competitive firms can reduce the moral hazard of refinancing the rollover losses and defaulting at a higher fundamental default threshold, by reducing sub-optimal utilization of funds by managers and agency costs. Originality/value: As per the best of author knowledge, the present study is the first to study the moderating effect of product market competition in exacerbating default risk through the rollover channel. [ABSTRACT FROM AUTHOR]

This study develops a theory concerning the ways in which firms manage knowledge search in relation to the search behaviours of competitors. While the search behaviours of competitors provide information cues regarding the possible distribution of valuable innovation opportunities in the knowledge space, a focal firm may search with competitors synchronously (i.e. searching with competitors in the same knowledge areas at the same time) or asynchronously (i.e. searching in different knowledge areas from competitors). This study examines the quest for legitimacy under institutional pressure as a key contingency that shapes firms' propensity to search with competitors synchronously or asynchronously. Focusing on scrutiny by security analysts as a source of institutional pressure, and employing mergers and acquisitions of brokerage houses as a natural experiment that results in exogenous drops in analyst coverage, this study finds that firms are more prone to search with competitors asynchronously following an exogenous drop in analyst coverage, providing support to the theory. Additional analysis shows that the positive relationship between an exogenous drop in analyst coverage and a firm's asynchronous search behaviour is less pronounced when the firm in question has proven its ability to capture valuable innovation opportunities via high innovation performance. [ABSTRACT FROM AUTHOR]

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Amid increasing geopolitical tensions between Western powers and China over the alleged state-capitalist nature of Chinese corporate internationalization, European governments have introduced a set of political measures tightening their trade and investment regimes on grounds of national security and economic competitiveness. This article analyzes how this "geoeconomic turn" in Europe affected the internationalization of (state-backed) Chinese firms into Europe and hence the establishment of Sino-European corporate relations. With a focus on the Chinese ICT and automotive industries, we zoom in on corporate internationalization by distinguishing two modes: (a) outward foreign direct investments (greenfield investments and mergers and acquisitions) and (b) the formation of collaborative ties (strategic alliances and joint ventures) with European companies--a hitherto underexplored form of Sino-European corporate relations. Our analysis is predicated on a comprehensive dataset consolidating information on both modes of internationalization for the period 2000-2023. We show that, in relation to investment numbers, Chinese companies continue to expand into Europe, even if values are decreasing. We also find that the formation of collaborative ties (strategic alliances and joint ventures) has not halted but increased in the wake of Europe's geoeconomic turn, indicating a further intensification of Sino-European corporate relations, though under the radar of tightening investment policies and mechanisms. When unpacking the variegated impact of the geoeconomic turn on Chinese companies' internationalization strategies in Europe, our study also finds, however, that its ramifications vary substantively-not only per sector but also among companies exposed to varying degrees of party-state permeation. Applying a novel fine-grained measure to party-state permeation, the article shows that the geoeconomic turn seems to have affected predominantly those leading Chinese firms with a high party-state exposure. [ABSTRACT FROM AUTHOR]

The objective of this paper is to analyze the impact of the product market competition on investment efficiency with the mediating effect of Firm Risk Management through a dynamic panel estimation model. The sample consists of 260 non-financial firms listed on the Pakistan stock exchange for the period of 2010–2022. In addition, this paper analyzes the data through the mediation technique as per a review of the prior literature. Investment efficiency is the primary function of corporate finance. Pakistan being an emerging country is mostly owned by the family-owned business. These businesses have different policies as compared to non-family-owned businesses. This is the empirical indication that product market competition decreases investment efficiency in an emerging economy. The result reveals that in Pakistan, product market competition has a significant negative impact on investment efficiency. Firm Risk Management is also mediating the relationship in line with the prior study. The result supports agency theory, Schumpeterian viewpoint, and capital allocation theory. [ABSTRACT FROM AUTHOR]