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Corporate governance reforms and risk disclosure quality: evidence from an emerging economy
No full textInternational audiencePurpose The purpose of this paper is to examine the impact of corporate governance (hereafter, CG) reforms on the risk disclosure quality in an emerging economy, namely Pakistan. The authors also investigate the impact of CG reforms on the relationship between CG practices and risk disclosure quality. Design/methodology/approach The authors use a manual content analysis method to a sample of non-financial companies listed on the PSX-100 index for 2009–2015, to examine the impact of CG reforms on risk disclosure quality. The authors use pooled ordinary least squares and the system GMM estimations to test the research hypotheses. Findings The authors find that CG reforms have a positive impact on risk disclosure quality. The results indicate that certain CG practices such as CEO duality and board independence are associated with risk disclosure quality. Interestingly, the findings also highlight the effectiveness of CG reforms by showing that the revised code positively moderates the CG practices and risk disclosure relationship. Practical implications The findings of the study have policy implications for regulatory bodies of emerging economies trying to strengthen the CG structures and to introduce risk disclosure regulations to cater the information need of stakeholders. Originality/value The authors provide new empirical evidence for the impact of CG reforms on risk disclosure quality using a unique setting of an emerging economy, namely Pakistan
A legitimacy perspective on sharing economy consumption in the accommodation sector
No full textInternational audienceThis research adopts a consumer focus in examining the impact of perceived legitimacy of sharing economy platforms on attitude and behavioural intention in the accommodation sector. By investigating tourist adoption of sharing economy platforms from a legitimacy perspective, this research differs from past studies which focused on characteristics of new services to predict adoption. Results show that (1) tourists evaluate legitimacy through comparisons with traditional offers in the accommodation sector rather than with other sharing economy offers, (2) lack of legitimacy has a negative effect on guest behavioural intentions and (3) this effect is moderated by relativism. Even though sharing economy platforms' commercial success may imply that they are enjoying a high level of legitimacy in the eyes of tourists, our results suggest that tourists act as societal actors and that the legitimacy issues raised by the sharing economy are relevant to them and inform their decisions
Risk analysis in the management of a green supply chain
No full textInternational audienceIn order to implement or maintain a green supply chain (GSC) that produces goods and services responsibly and sustainably, supply chain managers should use tools that allow for the efficient identification, quantification, and mitigation of the ever‐present risks. The objective of the present research is to identify the risk factors associated with the processes involved in GSC management. Based on an analysis of the characteristics of GSC risk, the authors put forward a list of risk design principles and a risk criteria evaluation system for a GSC. Gray relation analysis method was then used to clarify the degree of connection between certain supply chain risk factors and select key risk factors. Finally, Back Propagation Artificial Neural Network (BP‐ANN) method was used to determine the risk level associated with a GSC. The determination of risk level will help companies to develop effective strategic management initiatives in a GSC environment
Evaluating the Effect of Framing Energy Consumption in Terms of Losses versus Gains on Air-Conditioner Use: A Field Experiment in a Student Dormitory in Japan
No full textInternational audiencePromoting energy conservation in university dormitories is challenging because student residents are typically charged a flat utility fee. One possibility to curb excessive energy use in the absence of monetary incentives is to highlight the environmental consequences of energy use. However, it is still largely unknown how these consequences should be communicated to effectively change people’s behavior. In the present study, we analyzed the effect of framing the environmental consequences of energy use in terms of losses versus gains on the air-conditioner use of student residents of a Japanese university dormitory. A total of 330 students were provided with stickers to attach to the air-conditioner remote control in their dormitory room during the winter term. The stickers conveyed that increasing the temperature will hurt the environment (loss frame), that reducing the temperature will protect the environment (gain frame), or that changing the temperature will affect the environment (neutral frame). Day-to-day variations in objective air-conditioner use data were analyzed as a function of experimental condition to examine the effect of message framing. The change in air-conditioner use from pre-intervention to intervention period did not differ between experimental groups and neither did the change from pre-intervention period to a period after the intervention
Can Bitcoin Be an Inflation Hedge? Evidence from a Quantile-on-Quantile Model
No full textInternational audienceIn this study we quantify and analyze the dynamic dependence between US, eurozone, UK and Japan Bitcoin market returns and realized and unexpected inflation, conditional on different market states and various nuances of inflation. Using a Quantile-on-Quantile regression, we investigate the hedging properties of Bitcoin against inflation, thereby offering a fresh look at the return-inflation puzzle from the point of view of alternative investments. We find that while bullish UK, Euro and Japanese Bitcoin markets facilitate hedging against inflation by offering higher returns, the USD Bitcoin market performs worse with inflation. In general, our results indicate an asymmetric relationship between inflation, both realized and unexpected, and alternative investments such as the Bitcoin market
Do buyer–seller personality similarities impact compulsive buying behaviour?
No full textInternational audienceThis study investigates the influence of buyer–seller personality similarities on compulsive buying behaviour in a dyadic setting. To provide insights into the gaps in previous research, we collected both buyer and corresponding seller data, and considered sellers' personalities. Specifically, using difference score analyses and variance-based structural equation modelling, we analysed 1038 buyer–seller dyads in service encounters. Compared with the effects of individual buyers' personalities on compulsive buying, the combined personality results showed that buyer–seller agreeableness similarities increase the compulsive buying behaviour of agreeable buyers. On the other hand, buyer–seller similarities in openness and neuroticism reduce compulsive buying. A further analysis showed that buyer–seller interactions mediate the effect of their extraversion and openness similarities on compulsive buying, while buyers' shopping enjoyment mediates the effect of their extraversion and neuroticism similarities on compulsive buying. Overall, compulsive buyers have interpersonally different buying behaviours when their personalities match (differ) with their corresponding sellers'. Thus, marketers can match agreeable buyers with similar sellers to promote sales, while dissimilar sellers should be complemented with open-minded and neurotic buyers, in particular, to reduce losses
On Retailers’ Profit in A Price- and Greenness Sensitive Market with Different Demand Functions
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Uncovering Asset Market Participation from Household Consumption and Income
No full textInternational audienceWe propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households face idiosyncratic income risks but participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We employ a robust indirect inference estimation method to address the substantial heterogeneity in the data and to uncover individual asset market participation from individual consumption data and asset prices. The estimated model yields a limited participation that is consistent with Euler conditions and properly isolates three categories of households: stockholders, bondholders, and nonparticipants. The model very accurately reproduces the proportions of stockholders reported in the Survey of Consumer Finances over three-year intervals and provides a reasonable estimate of stock market participation costs. Finally, we use individual asset market participation to quantify propensities to consume for the three groups and to test whether the top decile of the households identified as stockholders by our estimated model are able to price characteristic-based stock portfolios. Our results are consistent with existing empirical evidence
Ethical leadership and environment specific discretionary behaviour: The mediating role of green human resource management and moderating role of individual green values
No full textInternational audienceThis study examines the mediating role of green human resource management between ethical leadership and employees' citizenship behavior towards the environment with the moderating effect of individual green values. We collected data from 589 MBA executive students with one-year of experience working in various organizations at two different times using a questionnaire-based survey method. Applying structural equation modeling to the results confirmed a direct effect of ethical leadership on employees' citizenship behavior towards the environment and an indirect effect through green human resource management. Further, individual green value strengthened the association between green human resource management and employees' environmentally conscious citizenship behavior. Our study contributes to social learning and supply value-fit theory and has implications for management