1,721,035 research outputs found
Risky choices in strategic environments: An experimental investigation of a real options game
Full text linkManagers frequently make decisions under conditions of fundamental uncertainty due the stochastic nature of the outcomes and competitive rivalry. In this study, we experimentally test a theoretical model under fundamental uncertainty and competitive rivalry by designing a sequential interaction game between two players. The first mover can decide either to choose a sure outcome that assigns a risky outcome to the second mover or to pass the decision to the second mover. If the second player gets the chance to decide, she can choose between a sure outcome, conditioned by the assignment of a risky payoff to the first mover, or the sharing of the risky outcome with the first mover. We then introduce the following experimental treatments: (i) relegating second-mover participants to a purely passive role and substituting them with a random device (absence of strategic uncertainty - that is, when the source of uncertainty is a human subject); (ii) providing information about the behaviour of second-mover counterparts; and (iii) completely removing the second-mover participant.We find that decision makers are sensitive to the presence or absence of strategic uncertainty; indeed, in the presence of strategic uncertainty, first movers more often diverge from the behaviour predicted by the model. Given our experimental results, the theoretical model needs to be revisited. The standard model of monetary payoff-maximizing agents should be substituted by one of decision makers who maximize a utility function which includes the psychological cost induced by strategic uncertainty. (C) 2019 Published by Elsevier B.V
Supply chain finance: The role of credit rating and retailer effort on optimal contracts
Full text linkSupply chain finance aims at finding the best financing arrangements within a given buyer-supplier dyad. The source of capital can be internal (buyer or supplier) or external (financial institution) to the supply chain. So far, many studies have investigated the optimal mix of the sources of capital; our study aims at contributing to the recent literature that explores the interface of operations and finance extending the supplier-based financing models. As the Covid-19 pandemic hits economic activity, the financial constraints have ever greater importance; knock-on effects of the Covid-19 crisis urges on the critical role of a supply chain that should provide financial resources, along to the flow of goods, in the more efficient way. The proposed model considers a supply chain formed by a supplier and a retailer, both capital-constrained that can ask for a loan to a financial institution or resort on their internal reciprocal sources. Demand is uncertain, retailer, that acts as a price taker, may also affect her product demand applying some effort in increasing sales. Both retailer and supplier can fail. The model optimizes the supplier and retailer's’ profit varying their contract parameters; doing this, the research allows to understand the interplay between supply chain operational and financial issues when retailer's sales effort is at work, and its findings can support retailer in the suppliers selection basing on their credit rating. Our findings show how operational (retailer's effort) and financial (trade credit conditions) issues can synergically interact also in supply chain with low working capital or conversely how retailer with high working capital can perform better working with low rating supplier, however boosting the chance to successfully compete in the Covid-19 pandemic era
The relationship between institutions and value creation in software development models
Full text linkPurpose: The purpose of this paper is to analyse the possibility for firms to consider institutional settings to systematically direct dispersed individual efforts of discovery and invention towards objects (products or processes) of their interest in order to enhance their value creation capacity. Design/methodology/approach: The authors conduct a comparative analysis of the different institutional settings within which software products are invented and produced – closed producer-centred model, open user-centred model, and hybrid interactive producer-user model. Findings: The authors draw indications regarding the possibility to design institutional settings for value creation and the potential pitfalls tied to these strategic tools. Originality/value: A theoretical framework is elaborated in order to understand the different ways in which institutional contexts influence and direct value creation processes. The model analysed shows the firms’ deliberate attempt to stimulate a dynamic process of social interaction and communication which may foster higher levels of creativity and innovation. In order to guarantee the necessary accessibility and to sufficiently motivate external programmers towards the perception of a new code, the firm has to surrender the traditional source through which it appropriates value: barriers to the accessibility of the code developed through IPRs. The adoption of an institutional setting which facilitates dynamic value creation processes suggests, therefore, the need to turn to dynamic mechanisms for value appropriation in parallel
Sharing economy and dynamic pricing: Is the impact of Airbnb on the hotel industry time-dependent?
Full text linkPrior literature has reported significant price and revenue reductions in the hotel industry due to the emergence of Airbnb. Other studies have documented that hotels' price reactions to the penetration of Airbnb depend on their service level, e.g., low/medium-end versus high end. Relying on a large sample from the Italian market, we contribute by showing that the effect of Airbnb on hotels' price decisions does not only depend on incumbents’ quality level, but also on the difference between booking and check-in time. That is, the effect of the penetration of Airbnb on hotels' dynamic price decisions varies over time depending on the core segment hotels target
Current research issues in production economics
Full text linkThis Special Issue includes a selection of papers originally presented and discussed at the Twentieth International Working Seminar on Pro- duction and Operations Management, Innsbruck, February 19–23, 2018, and subsequently extended and improved.
Production and Operations Management was established in the1970s as an academic discipline focusing on scientific topics treating the interface between engineering, management, and economics with a special emphasis on financial consequences of decisions in the produc- tion domain. The subject is interdisciplinary in nature and it therefore contains a wide range of topics. The Working Seminar included sessions such as supply chain management, innovation management, general production and operations management, productivity and performance analysis, service management, risk management in production, in- ventory control, scheduling, forecasting, simulation applications, green and reverse logistics, manufacturing strategy, production planning and control, investment and financial planning
Project and knowledge management at European public space agencies: The need for a three-dimensional project management office
Full text linkSpace agencies are continuously developing new space missions, each of which undergoes a long development cycle, from the feasibility study to routine operations and disposal, as per the European Cooperation for Space Standardization (ECSS), the body responsible for developing and maintaining a set of standards for the space industry in Europe. Each mission is a stand-alone project, where the development cycle starts every time from scratch, with new resources, technologies, and requirements, applying the same (tailored) standards, but with limited usage of lessons learnt from earlier or parallel projects. In this article, we analyse typical project management and knowledge management approaches adopted by public space agencies, making use of a relevant case study in Europe. From the results of our case study analysis, we propose a three-dimensional Project Management Office (PMO) governance, explaining how this novel approach helps address limitations and challenges of the current approaches when dealing with multiple complex projects, such as space missions. With the PMO defined as an organisational body or entity assigned various responsibilities, the authors focus on three specific areas, namely, Strategy, Resources, and Knowledge, as three key drivers that can improve the current management of projects of the organization
The Effect of Reshoring Announcement on Company Share Price
No full textThe reshoring trend has gained momentum among manufacturing companies, which increasingly decide to relocate their production activities back to their home country. In this article, we explore the relationship between the motivations guiding the decision to reshore and the companies’ shareholder value. Particularly, taking an eclectic paradigm perspective, we aim to understand whether the motivations driving the companies’ decisions to reshore explain changes in the shareholder value. Empirically, we built an ad-hoc database based on 370 reshoring decisions involving the USA as a reshoring destination and announced in the 10-year time window ranging from 2009 to 2018. Our results highlight that resource seeking, market seeking and strategic asset seeking motivations positively affect the share price of the companies, while there are no market reactions when companies repatriate their activities because of efficiency-seeking motivations. This study extends previous literature offering explanations about how changes in the companies’ share price depend on the different reshoring motivations (i.e., efficiency seeking, resource seeking, market seeking, and strategic asset seeking motivations) pursued by the reshoring companies. Moreover, this study offers important implications for managers of companies undertaking reshoring decisions
Understanding blockchain applications in Industry 4.0: From information technology to manufacturing and operations management
Full text linkThe current literature regarding blockchain-based applications in the context of Industry 4.0 has rapidly grown during the last decade. However, a systematic literature review that summarizes the main contributions, findings, and implications from a managerial perspective of the blockchain technology adoption in the specific context of Industry 4.0 is still missing. The present article aims to fill this research gap by examining and elaborating on the extant literature to develop a literature-grounded framework (WHY-HOW-WHAT) that helps better understand the management issues that blockchain technology can help resolve in the context of Industry 4.0, as well as identify the main features of blockchain-based solutions in various areas of Industry 4.0. Furthermore, the proposed framework is useful to understand how ten Industry 4.0 enabling technologies combine with the blockchain technology to implement efficient and effective blockchain-based solutions in Industry 4.0 settings. Finally, based on this framework we conjecture the trajectories of the evolution of blockchain technology in Industry 4.0 settings, and highlight the relevant research gaps that both academics and practitioners working on this field should address in the near future
The Short- and Long-Term Impacts of COVID-19 Pandemic on the Sharing Economy: Distinguishing Between “Symptomatic” and “Asymptomatic” Platforms
Full text linkOur study presents a systematic literature review on the repercussions of the COVID-19 pandemic on the different types of sharing economy platforms and the sharing economy phenomenon in its entirety. Our literature review helps understand how the characteristics of different services of the sharing economy combine with contingent factors, such as government-mandated lockdowns, changed consumer behaviors, and people's fear of contagion, to determine the magnitude of the impact of COVID-19 on the sharing economy both in the short run and in the long run. By examining these factors, we distinguish between sharing economy services/platforms that were (and possibly will be) negatively impacted by the COVID-19 pandemic (referred to as "symptomatic" platforms) and those that were not (and possibly will not be) impacted at all or even benefit (referred to as "asymptomatic" platforms). We then propose a new framework that combines traditional dimensions of sharing economy with a dimension resulting from the COVID-19 pandemic, i.e., the level of physical interaction required to deliver the sharing economy service. Building upon the extant literature, the framework helps better understand how the sharing economy will evolve after the pandemic. It also helps identify important research gaps that both academics and practitioners working on the field of sharing economy should address in the near future
- …
