Archivio istituzionale della Ricerca - Bocconi
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Analyzing the concept of loyalty. A four-dimensional relationship with the brand
No full textCompanies that successfully implement targeted, adaptive loyalty strategies not only boost customer retention but are better positioned to grow and thrive over the long term. The ability to understand the various aspects that influence customer loyalty is essential to creating programs that effectively address consumer needs. To do this, we need to analyze the four main dimensions of loyalty: cognitive, affective, conative, and behavioral. These dimensions reflect various aspects of the relationship between the customer and the brand, so for each one, we must identify the key antecedents (the factors that cause its occurrence) and outcomes (the concrete effects that arise)
In search of the causes of the globalization backlash: methodological considerations on post-treatment bias
No full textWe study the implications of post-treatment bias in the context of the globalization backlash. We
discuss the viability of horse-race regressions aimed at assessing the relative role of economic vs.
cultural drivers of the backlash. First, we develop a contrived example in which exposure to an
economic shock raises support for the radical right, while at the same time changing the cultural
traits of a fraction of the population from libertarian to authoritarian, with authoritarian traits
being positively related to radical-right support. Given this hypothetical, yet plausible, set-up,
and using also simulated data, we show how controlling for culture leads to biased estimates
of the economic shock’s effect on support for the radical right. Such horse-race regressions do
not allow to estimate the relative role of the economy vs. culture, nor they allow to grasp the
mediating role of culture. We complement the methodological discussion with an application to
observational data from 15 western European countries
CEO as board chair in listed family firms: a test of the performance effects during an economic crisis
No full textFamily firms often opt for a combined CEO and board chair positions, yet the implications of such leadership structure on firm performance remain a subject of scholarly debate. We introduce the socioemotional wealth (SEW) perspective as a unifying framework that bridges the divergent views of stewardship and agency theories. We argue that the effects of CEO duality on performance are contingent upon the balance between extended and restricted SEW priorities. Drawing on a sample of listed companies on the Milan Stock Exchange between 2003 and 2015, our empirical analysis reveals that listed family firms derive greater benefits from CEO duality compared to their non-family counterparts. Moreover, our findings demonstrate that such leadership structure renders the highest performance benefits in listed family firms when the CEO–chair is not a family member, particularly during periods of economic crisis
Biased bureaucrats and the policies of international organizations
Get PDFThis article advances a novel argument about the policy output of international organizations (IOs) by highlighting the role of individual staffers. We approach them as purposive actors carrying heterogeneous ideological biases that materially shape their policy choices on the job. Pursuing this argument with an empirical focus on the International Monetary Fund (IMF), we collected individual-level information on the careers of 835 IMF “mission chiefs”—staffers with primary responsibility for a particular member state—and matched them to newly-coded data on more than 15,000 IMF-mandated policy conditions over the 1980–2016 period. Leveraging the appointment of the same mission chief to different countries throughout their career, we find that individual staffers influence the number, scope, and content of IMF conditions according to their personal ideological biases. These results contribute to our understanding of the micro-foundations behind IO output, and have implications for the accountability and legitimacy of IOs
Collective cognition in context: explaining variation in the management of Europe's 2015 migration crisis
Get PDFCognition is an essential first step in crisis management. This article conceptualizes crisis cognition as a collective and context-dependent process. Drawing on cognitive sociology, I argue that governmental structures and culture/identity shape cognitive schemas and communicative practices essential for collective cognition. I apply this framework to compare governments' recognition of the 2015 migration crisis in Luxembourg and Germany, which showed a puzzling gap in crisis preparation. The qualitative analysis triangulates interviews and other sources. In Germany, complex responsibilities, adversarial bureaucratic identities, and hubris inhibited cognition. In small Luxembourg, simple government structures and collective identity emphasizing vulnerability fostered timely cognition and preparation. I consider country size as macro-level context that shapes government structures and officials' identities, and critically discuss its role as an underlying explanation. This study introduces a sociological perspective on cognition to public administration, shows through which mechanisms context affects collective behavior, and proposes a comparative explanation for effective crisis management
Are SPACs a good investment deal for investors? A performance comparison between SPACs vs IPOs
No full textPurpose – SPACs are reshaping the world of digital entrepreneurial finance. Firms in the digital sector often
need access to public markets for long-term competitiveness. SPACs offer a viable solution for these entities to
collect capital and transition to public ownership quicker than IPOs. In this context, the paper aims to analyse
and compare the performance of SPACs with those of IPOs in the post-business combination phase. The
objective is to provide novel insights into the determinants of SPAC operating and market performance by
considering firm-specific and deal-specific characteristics and the broader implications of market uncertainty.
Design/methodology/approach – The analysis applies univariate and multivariate OLS regressions to a
sample of 96 SPACs to investigate the drivers affecting SPACs’ performance vis-a-vis IPOs.
Findings – The study finds that SPACs underperform the matched group of IPOs on both operating and stock
market performance (buy-and-hold strategy). The time to execute a business combination negatively correlates
with SPAC performance, and proximity to the 80% deal threshold negatively affects share price performance
and EBITDA margin.
Practical implications – The objective is to offer insights for institutional investors to effectively select
prime targets within the SPAC framework.
Originality/value – This study strengthens the findings related to the drivers influencing the long-term
performance of SPACs that were previously identified in prior research.
Keywords SPACs, Alternative financing, Operating performance, ROA,
Cultural homophily and collaboration in superstar teams
No full textOne may reasonably think that cultural homophily, defined as the tendency to associate with others of similar culture, affects collaboration in multinational teams in general, but not in superstar teams of professionals at the top of their industry. The analysis of an exhaustive dataset on the passes made by professional European
football players in the top-5 men’s leagues reveals that, on the contrary, cultural homophily is persistent, pervasive and consequential even in superstar multinational teams of very high skill individuals with clear common objectives and aligned incentives, and involved in interactive tasks that are well-defined and not
particularly culture intensive
Esecuzione
No full textCapitolo del manuale di procedura penale, dedicato alla disciplina codicistica dell’esecuzione dei provvedimenti del giudice penale, aggiornato alle ultime modifiche legislative e decisioni della Corte costituzionale intervenute rispetto alla precedente edizion
Marketing in Creative Industries : Value, Experience and Creativity
No full textThe book addresses the specific challenges of marketing in the creative industries, applying marketing theory to a wide range of international examples. Marketers in the creative industries create and deliver customer value, whereby the creativity of producers - artists, curators, athletes, for example - must be trasnformed into an experience for customers and consumers