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The impact of negative customer engagement on market-based assets and financial performance
No full textInternational audienceNegative customer engagement (NCE) has received little research attention. The effect of NCE on market-based assets (i.e. brand equity) and firm performance remains a particularly underexplored topic despite the increasing rates of NCE with brands across a multitude of service industries. This study develops a comprehensive and parsimonious model of the causes and consequences of NCE. In this study, time-series cross-sectional data from the US airline industry and a simultaneous equation modelling technique were used to provide evidence for why some firms experience more NCE than others. The results indicate that airlines with a higher relative marketing capability (RMC) experience fewer NCE incidents in the form of customer complaints. A firm’s relative marketing capability determines the extent to which its customers engage negatively with it. Furthermore, deviating from earlier studies which explored the direct and immediate relationships between the focal variables, this study theoretically argued and empirically demonstrated that brand equity mediates the nexus between NCE and financial performance. That is, the number of NCE incidents a firm experiences affects its brand equity, which in turn impacts its financial performance, as measured by Tobin’s q and market value added (MVA)
Optimal liquidation problem in illiquid markets
No full textInternational audienceIn this research, we develop a trading strategy for the optimal liquidation problem of large-order trading, with different market microstructures, in an illiquid market. We formulate the liquidation problem as a discrete-time Markov decision process. In this market, the flow of liquidity events can be viewed as a point process with stochastic intensity. Based on this fact, we model the price impact as a linear function of a self-exciting dynamic process. Our trading algorithm is designed in such a way that when no favourite orders arrive in the Limit Order Book (LOB), the optimal solution takes offers from the lower levels of the LOB. This solution might contradict conventional optimal execution methods, which only trade with the best available limit orders; however, our findings show that the proposed strategy may reduce final inventory costs by preventing orders not being filled at earlier trading times. Furthermore, the results indicate that an optimal trading strategy is dependent on characteristics of the market microstructure
Societal Inequality, Corruption and Relation-Based Inequality in Organizations
No full textInternational audienceOur paper contributes to emerging management research on the effects of societal inequality. It aims to study the relationship between societal-level inequality and perceived unequal HR practices within organizations based on relationships which we term “relation-based inequality” (RBI). We further examine the moderating effect of country corruption on the RBI-employee commitment link. Thus, whereas previous research has looked at single countries, there is still much to know about societal effects of inequality and corruption on employee perceptions and attitudes at work across countries. By surveying 691employees from five countries and using country-level indicators we take a first step in this direction, and establish that inequality (income, health and education) is linked to higher levels of relation-based HR practices. We also show that the effect of RBI is different for continuance, affective and normative commitment, and contingent on country corruption levels
A non-linear analysis of the impacts of natural resources and education on environmental quality: Green energy and its role in the future
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Pricing and advertising decisions in a direct-sales closed-loop supply chain
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Organizational Learning From Hidden Improvisation
No full textInternational audienceResearch has identified improvisation as a creative and open activity that can be harnessed to encourage innovation and learning within the organization. In this paper, we present improvisation as a covert phenomenon, occurring in a climate of mistrust and fear of censure, and disconnected with wider organizational learning. Drawing on qualitative evidence of a Fire Service in the United Kingdom, we explore hidden improvisation, and identify the conditions and processes that can connect these local deviations to wider processes of learning. We show that while most improvisations remain hidden and contained to avoid wider scrutiny, certain conditions of frequency, connectedness and scale escalate events to become more visible to supervisors and managers. The learning outcomes from these visible improvisations will then depend on management’s interpretation, evaluation and translation of improvising behaviours. Dependent on prior relationships of trust and credibility, middle management perform a key brokering role in this process, connecting previously hidden improvisation to wider organizational systems and structures
Ranking with a Euclidean common set of weights in data envelopment analysis: with application to the Eurozone banking sector
No full textInternational audienceThis paper provides a new method to define a Euclidean common set of weights (ECSW) in data development analysis (DEA) that (1) allows ranking both efficient and inefficient firms, (2) is more realistic in terms of determination of weights, and (3) generates rankings for banks consistent with their credit ratings. We first use DEA to determine the efficient frontier and then estimate a common set of weights that can minimize the Euclidean distance between the firms and that frontier. This process is illustrated by a simple numerical example and is extended to a real-life situation using the Eurozone banking sector. Our ECSW approach outperforms other common set of weights approaches in both numerical and real-life examples, and in terms of providing rankings consistent with banks’ credit ratings
Why and when coalitions split? An alternative analytical approach with an application to environmental agreements
No full textWe use a parsimonious two-stage differential game setting where the duration of the first stage, the coalition stage, depends on the will of a particular player to leave the coalition through an explicit timing variable. By specializing in a standard linear-quadratic environmental model augmented with a minimal constitutional setting for the coalition (payoff share parameter), we are able to analytically extract several nontrivial findings. Three key aspects drive the results: the technological gap as an indicator of heterogeneity across players, the constitution of the coalition and the intensity of the public bad (here, the pollution damage). We provide with a full analytical solution to the two-stage differential game. In particular, we characterize the intermediate parametric cases leading to optimal finite time splitting. A key characteristic of these finite-time-lived coalitions is the requirement of the payoff share accruing to the splitting country to be large enough. Incidentally, our two-stage differential game setting reaches the conclusion that splitting countries are precisely those which use to benefit the most from the coalition. Constraining the payoff share to be low by Constitution may lead to optimal everlasting coalitions only provided initial pollution is high enough, which may cover the emergency cases we are witnessing nowadays
The standalone and resource-bundling effects of government and nongovernment institutional support on early internationalizing firms’ performance
No full textInternational audiencePurpose – This study aims to analyze the individual and joint effects of institutional support bygovernment and nongovernment institutions on early internationalizing firms’ (EIFs) performance. It alsoinvestigated the moderating impact of firm age and size on the institutional support-firms’ exportperformance relationships.Design/methodology/approach – Data were collected from 705 EIFs in the apparel industry ofBangladesh and analyzed with hierarchical regression.Findings – The positive influence of institutional support on exporting firms’ financial performance isstronger for the joint effect of government and nongovernment assistance than the individual impact. Firms’size positively moderates the impact of individual government and nongovernment assistance, while agepositively moderates their resource-bundling effect.Research limitations/implications – The findings suggest the necessity of integrating resources fromdiverse but complementary sources of institutional support for superior export performance. The findingsalso show the presence of the liability of smallness and liability of newness in the standalone and jointinfluence of institutional support, respectively.Practical implications – Firms need to bundle resources obtained from the government (unrequited) andnongovernment (reciprocal) institutional support to overcome the liability of smallness they might encounterwhile availing of support from only one source.Originality/value – Distinguishing between government and nongovernment institutional support, thispaper sheds light on exporting firms’ resource-bundling mechanism for these two sources of support in thebackdrop of an emerging economy. It also offers fresh insights into the critical role of the liabilities of newnessand smallness in early internationalization, especially with regard to the home-country institutionalenvironment
Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China
No full textInternational audienceUsing a large panel dataset of 861 listed Chinese firms, the present study investigates whether corporate social responsibility (CSR) affects firm-value. It examines the influence of five CSR dimensions on firm-value. Then, it pinpoints the moderating impact of industry-sensitivity and power concentration of the CEO. In contrast to developed economy’s evidence, the results show an overall negative impact of CSR on firm-value. Looking closer at the dimensions separately, we find a negative impact of most of the CSR dimensions and a positive impact of some other CSR dimensions on firm-value. However, we observe that CSR enhances the value of firms operating in sensitive industries. Similarly, we find that a powerful CEO can also create firm-value through CSR by aligning CSR practices with the firms’ objectives. Our results are sufficiently rigorous to alternate proxies of CSR