Browsing by Subject "KOTA2021?"

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  • Fischer, Katharina; Lehner, Othmar M. (2021-03-23)
    Emanating from the influential survey of Barberis and Thaler (2003), this systematic literature review examines the significant volume of studies on behavioral finance from 36 reputable finance journals published be-tween 2009 and 2019. The findings are clustered into eight prominent research streams, which indicate the current developments in behavioral finance. Findings show that research intensively focuses on behavioral biases and their influence on economic phenomena. Driven by the impetus to understand the human mind, significant findings originated in the relatively new field of Neurofinance. Additionally, the analysis addresses the influence of market sentiment and its correlation with some of the other findings. Furthermore, implications on the limits to arbitrage in connection with some financial anomalies complete the holistic picture.
  • Moser, Christine; Reinecke, Juliane; den Hond, Frank; Svejenova, Silviya; Croidieu, Grégoire (2021-02-22)
    In this introduction to the special issue, we first provide an illustrative overview of how food has been approached in organization studies. We focus on the organizing of food, that is the organizational efforts that leverage, shape and transform food. Against this backdrop, we distinguish the agency of organizations and the agency of food and explore their intersection. We argue that the ‘biomateriality’ of food, i.e. its biomaterial qualities, plays a distinctive role in shaping and affecting organizing and organizations. To do so, we present a conceptual framework for analysing food organizing, which highlights the biomateriality of food and its agentic effects on organizational efforts. Thus, we provide researchers with an analytical toolkit to disentangle the different agents (people, organizations, food itself) and the associated processes and mechanisms that play a role in food organizing. We use this analytical toolkit to introduce the different articles in the special issue and put forward some lines of future research.
  • Keinonen, Henrik Markus Alfred (2021)
    This paper examines the relationship between ownership concentration and firm performance within the Nordic corporate governance model. Using data on Finnish publicly listed companies (PLCs) during a period of economic growth and stability, we find that the ownership share of the largest owner is negatively related to Tobin’s Q . We posit that certain blockholders may exchange their active monitoring and control function of the management for the private benefits of control, which is an inherent risk of the Nordic Corporate Governance (NCG) model. We find that state ownership is negatively associated with Tobin’s Q , suggesting that government owners might promote politically desirable goals rather than create long-term value for all shareholders. It is plausible that certain domestic blockholders render PLCs with a concentrated ownership structure less a!ractive to foreign investors.
  • Ekman, Peter; Röndell, Jimmie G.; Anastasiadou, Elena; Kowalkowski, Christian; Raggio, Randle D.; Thompson, Steven M. (2021-08-28)
    Building on recent engagement research, this study contributes to a deepened understanding of business actor engagement (BAE) dimensions that includes both behaviors and emotions. Following a systematic combining approach, this study contextualizes and clarifies BAE. Through an analysis of dyadic data (providing firm and customers), we offer in-depth knowledge of the antecedents and types of BAE. This study identifies engagement disposition combined with engagement connectedness as the antecedents of an engagement initiative's overall BAE. Building on these dynamics, we propose a conceptual BAE framework with a set of testable propositions that links BAE with its proposed antecedents. Finally, we use the empirical and theoretical insights to derive a BAE taxonomy consisting of four types that offers guidance on how to manage customers with different engagement characteristics in practice.
  • Nansubuga, Brenda; Kowalkowski, Christian (2021-07-23)
    Purpose: Following the recent surge in research on carsharing, the paper synthesizes this growing literature to provide a comprehensive understanding of the current state of research and to identify directions for future work. Specifically, this study details implications for service theory and practice. Design/methodology/approach: Systematic selection and analysis of 279 papers from the existing literature, published between 1996 and 2020. Findings: The literature review identified four key themes: business models, drivers and barriers, customer behavior, and vehicle balancing. Practical implications: For managers, the study illuminates the importance of collaboration among stakeholders within the automotive sector for purposes of widening their customer base and maximizing utilization and profits. For policy makers, their important role in supporting carsharing take-off is highlighted with emphasis on balancing support rendered to different mobility services to promote mutual success. Originality/value: This is the first systematic multi-disciplinary literature review of carsharing. It integrates insights from transportation, environmental, and business studies, identifying gaps in the existing research and specifically suggesting implications for service research.
  • Maghsoudi, Amin; Harpring, Russell; Piotrowicz, Wojciech; Heaslip, Graham (2021-10-25)
    This study reviews research on cash and voucher assistance (CVA) by applying a humanitarian supply chain management perspective. A systematic literature review was conducted to identify, analyse, and synthesize past academic research. The Content-Context-Process framework was used to structure the content analysis. The findings reveal that the outcomes of CVA programmes are dependent upon critical context-specific factors which influence feasibility and operability. Humanitarian actors must consider factors that are external to the supply chain (i.e., the nature of disaster, politics, economy, and infrastructure) as well as internal to the supply network (i.e., local market availability and accessibility, supplier/donor interest, supplier/vendor selection and contracting, and beneficiary preference). The delivery process is influenced by these factors, which has an impact on programme responsiveness and cost-efficiency. The results provide insights for humanitarian practitioners to reconsider their supply chain strategies when deciding on the selection and implementation of CVA programmes. Potential gaps in the literature are identified, and ecommendations for further research are listed.
  • Colak, Gonul; Korkeamäki, Timo (2021-07-08)
    Career concerns can limit a manager's willingness to take risks, which can lead to excessive policy conservatism. An increase in a CEO's ability and willingness to change jobs (CEO mobility) can diversify her human capital and reduce her conservatism. We derive several CEO mobility measures and relate them to a policy riskiness index that captures the overall risk embedded in a firm's corporate policies. We find a strong positive relation between CEO mobility and the riskiness of corporate policies. We also link external regulatory shocks that constrain labor mobility to significant drops in corporate risk-taking.
  • Davtyan, Robert; Piotrowicz, Wojciech (2021-09-08)
    This paper explores opportunities for utilising cleantech in framing research on sustainability-oriented innovations in public procurement. Research objectives include a critical examination of whether cleantech is a distinct sector through a systematic literature review and synthesis of findings with public procurement research. The final analysis involved 31 peer reviewed academic papers along with additional publications obtained with the snowball-approach. The results suggest that cleantech could be used to analyse sustainability related research in the public procurement context. Cleantech is also helpful in enhancing research on public procurement of innovations and addressing societal benefits through local development. Findings unveil new opportunities in investigating better access of smes to public contracts through intermediaries, networks, and public-private partnerships. This paper is the first academic paper to analyse academic cleantech literature and link cleantech and public procurement fields. Such an approach is helpful in framing sustainability in public procurement research and stresses new ways of involving smes in public contracts.
  • Norrgrann, Anu; Syrjälä, Henna (2020)
  • Annala, Linda (2021-02-05)
    In rural drinking water governance, the reliance on community management has permeated development programmes and water policies for decades. Moving away from a community-centric view, this paper expands the focus to a broader landscape in order to investigate how the state, citizens and other non-state actors co-produce drinking water in the Amhara region of Ethiopia. The study seeks to understand what kinds of power relations are being (re)produced among co-producing actors through the discourse of community management. The conceptualisation of power relations is undertaken by employing Foucault’s governmentality perspective. As its empirical material, besides an examination of policy documents, the study utilises interviews with community Water, Sanitation and Hygiene Committees (WASHCOs), woreda (district) and regional water officials, private suppliers, NGO representatives, artisans and other actors. As a conceptual contribution, the paper makes power visible in the otherwise depoliticised literature of co-production. For governments and development practitioners, the study urges the opening up of spaces for discussion by showing how the vocabulary of community management can be appropriated to (re)produce power structures.
  • Cho, Hye-jin; Lehner, Othmar M.; Nilavongse, Rachatar (2021-01-20)
    Purpose: With the macroprudential approach, systemic risk is explained by a general equilibrium (GE) model. However, since on-balance-sheet and off-balance-sheet (OBS) risks are structurally segmented, for example annually or periodically on financial statements, the GE model might need further integration with OBS risks including ecological shocks. Design/methodology/approach: This study develops a theoretical two-period model with consumption, investment and loans, which further includes carbon emissions to distinguish between loans for “green” or “brown” firms to enhance the perspective of ecological sustainability. Findings: The paper shows how the environmental, social and governance (ESG) factors might be of relevance in the standard bank capital regulatory structure. In dealing with ecological sustainability, a new methodological framework with the green K-index introduces penalties to be paid in the capital structure related to ESG factors. The model is enhanced for screening green or brown firms related to impact investing. The integrated view of financial stability and ecological sustainability further illuminates how a wide cross-sectoral resilience of a green K-index measure for the economy might be achievable. Research limitations/implications: A stock-flow consistent model with balance-sheet methods raises the question whether all necessary variables and parameters can be computed in practice. Compared to the agent-based model (ABM), this model additionally lacks inputs from agents' behaviour, thus non-rational decisions, which may be relevant in practice. More generally, by adopting a balance-sheet structure, the model shows a coherent framework with relevant variables. The methodology of the GE model with OBS has not been scholarly explored and thus is presented for discussion rather than generalisation. The GE model with OBS provides a new interpretation of systemic risk and interbank relations with a consideration of ecological aspects. Its economic implication contributes to contemporary banking theory as well as to the sustainability discussions in the larger financial sector. Practical implications: Banks and investors can more carefully measure the ecological risks in their loan portfolios and make better informed decisions leading to a better sustainability of the financial markets. Originality/value: This study develops a theoretical GE model with off-balance-sheet risks. The model adds green regulation enhancing the capital regulation framework relevant to sustainability. This, in turn, enhances the role of banks in a coherent economic framework for loan decisions towards a much greener finance.
  • Aminoff, Anna; Sundqvist-Andberg, Henna (2021-12-09)
    This study aims to systematically go through the various factors that prevent the implementation and diffusion of new closed-loop solutions and, thus, the transformation towards a circular economy. These factors are studied in the context of waste electrical and electronic equipment (WEEE) management. WEEE management offers an interesting context to study this, as technologies and political pressures, as well as a business potential for more efficient material recovery, exist. The study follows an embedded single case design based on interviews with actors in the WEEE management system. While the individual constraints may hinder the uptake of advanced recycling solutions, the interactions between these constraints seem to have an enforcing effect and lead to the formation of system-level lock-ins. This study identified three system-level lock-ins, the national extended producer responsibility scheme, techno-economic issues, and tensions in the supply chain, which impede the adoptation of innovations and the consequent transformation of the WEEE management system. Understanding how these constraints interact is essential for any effort to unlock the system and support the circular economy transformation.
  • Schauman, Sebastian; Heinonen, Kristina; Holmlund, Maria (2021)
    The recent resurgence of the vinyl record and the proliferation of so-called craft and artisanal products offer unique opportunities to observe ongoing shifts in the contemporary consumer’s values and attitudes. In this article, we explore such thought-provoking market developments and their implications by contrasting them with the conventional understanding of markets and consumers. This understanding can lead to marketing myopia as it works from the utility-oriented assumption that what ultimately matters for both the company and the customer is cost efficiency and convenience. Against this backdrop, in this article, we discuss how market developments representing the contemporary consumer’s mindset prove valuable in creating customer insight that highlights aspects often obscured by an exaggerated focus on cost efficiency and convenience. We provide an alternative approach to evaluating markets and consumers that encourages companies to build their customer-centric market strategies around questions of context, authenticity, story, and resonance. This will help them narrow the gap between their market offerings and the actual wants and needs of their customer, and consequently allow them to revitalize their market.
  • Stenbacka, Rune; Van Moer, Geert (2021-02-12)
    Even though cross ownership raises industry profits, we demonstrate that it is prone to a commitment problem. Specifically, we show that producers in a Cournot duopoly have unilateral incentives to resell their minority share-holdings in the rival to outside investors, leading to an equilibrium with complete divestments. This feature challenges the stability of cross ownership configurations.
  • Meriläinen, Eija Susanna; Koro, MIrka (2021-02-15)
    Disasters connected to natural hazards can at the same time be unfolding events, as well as structural phenomena with unequal disaster risk constructed over an extended timespan. Hence, in disaster studies, temporality and spatiality are central, yet often implicit, concepts employed to make sense of the disaster phenomena. In this article we explicitly focus on temporality and spatiality within qualitative disaster studies, particularly those containing ethnographic elements. We use Doreen Massey’s idea of space-time trajectories to analyze and illustrate how in qualitative disaster studies the trajectories of the disaster, research participants, and the researcher entangle in diverse ways. The focus is on how temporality and spatiality are present in the construction of data. The article is mainly conceptual, with illustrations drawn from empirical fieldwork on Valparaíso fire of 2014 in Chile. We interrogate how researchers’ sensitivity to temporality and spatiality challenges the conventional notions and practices of “data” in qualitative disaster studies. The focus in this article is on disaster studies, but it also offers methodological insights to other social sciences that strive to conduct research in the era of “Anthropocene,” with all its shifts and changes, the root causes of which have built over a long time.
  • Andersson, Ola; Ingebretsen Carlson, Jim; Wengström, Erik (2021-04-16)
    Several behavioural models of choice assume that decision makers place more weight on attributes where options differ more, an assumption we test in a set of experiments. We find that subjects are more likely to choose an option when we add options increasing the maximal difference in the original option’s strongest attribute, suggesting that the decision maker’s focus is drawn to attributes with a high spread. Additional experiments corroborate this finding. Still, we document that the focusing effect diminishes when options are presented using numbers instead of graphs or when subjects are forced to wait before submitting their answers.
  • Antikainen, Mikko Johannes (2021-01-21)
    The paper considers three main questions: the legal status of digital designs from the perspective of EU design law, whether the protection is tied to the reproduction of physical products, and whether the scope of protection covers dimensional conversion such as using a 3D design in 2D form or vice versa. There are two sets of views regarding dimensional conversion: the “abstract” and the “concrete” view. These two different attitudes towards the scope of protection influence the manner in which the protectability of digital designs is assessed. In the “abstract” protection, it would not matter whether a product only exists as a digital image and not as a physical shape. In the “concrete” view, the protection of digital designs is more problematic, as the scope of protection is often tied to the reproduction of an actual physical product. The paper argues that, under CJEU jurisprudence and EUIPO practice, most of the open questions regarding the protection of digital designs and dimensional conversion can be considered as solved. The CJEU has chosen “abstract” protection over “concrete”, thus broadening the scope of protection at the EU level. This means that the digital use of non-digital designs can now be seen as infringing. As a consequence, in the future, right holders should put more care into evaluating the limitations and exceptions. The paper points this out with regard to the issues that are of relevance for the gaming industry, as this is where the use of digital designs is most versatile and relevant.
  • Bekrar, Abdelghani; Ait El Cadi, Abdessamad; Todosijevic, Raca; Sarkis, Joseph (2021-03-08)
    The circular economy is gaining in importance globally and locally. The COVID-19 crisis, as an exceptional event, showed the limits and the fragility of supply chains, with circular economy practices as a potential solution during and post-COVID. Reverse logistics (RL) is an important dimension of the circular economy which allows management of economic, social, and environmental challenges. Transportation is needed for RL to effectively operate, but research study on this topic has been relatively limited. New digitalization opportunities can enhance transportation and RL, and therefore further enhance the circular economy. This paper proposes to review practical research and concerns at the nexus of transportation, RL, and blockchain as a digitalizing technology. The potential benefits of blockchain technology through example use cases on various aspects of RL and transportation activities are presented. This integration and applications are evaluated using various capability facets of blockchain technology, particularly as an immutable and reliable ledger, a tracking service, a smart contract utility, as marketplace support, and as tokenization and incentivization. We also briefly introduce the physical internet concept within this context. The physical internet paradigm proposed last decade, promises to also disrupt the blockchain, transportation, and RL nexus. We include potential research directions and managerial implications across the blockchain, transportation, and RL nexus
  • Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazabal, Gaizka (2021)
    We study the effects of mandatory disclosure on competitive interactions in the setting of oil and gas (O&G) reserve disclosures by North American public firms. We document that reserve disclosures inform competitors: when one firm announces larger increases in O&G reserves, competitors experience lower announcement returns and higher real investments. To sharpen identification, we analyze several sources of cross-sectional variation in these patterns, the degree of competition, and the sign and the source of reserves changes. We also exploit two plausibly exogenous shocks: the tightening of the O&G reserve disclosure rules and the introduction of fracking technology. Additional tests more directly focused on the presence of proprietary costs confirm that the mandated reserve disclosures result in a relative loss of competitive edge for announcing firms. Our collective evidence highlights important trade-offs in the market-wide effects of disclosure regulation.
  • Andreou, Panayiotis; Kagkadis, Anastasios; Fraga Martins Maio, Paulo; Philip, Dennis (2021-04-01)
    We create a market-wide measure of dispersion in options investors’ expectations by aggregating across all stocks the dispersion in trading volume across moneynesses (DISP). DISP exhibits strong negative predictive power for future market returns and its information content is not subsumed by several alternative equity premium predictors. Consistent with the implications of theoretical models that link dispersion to overpricing, the predictive power of DISP is particularly pronounced in relatively optimistic periods. Although an aggregate analysts’ forecasts dispersion (AFD) measure also performs well in optimistic periods, it delivers insignificant overall predictability. This is because in the aftermath of the 2008 financial crisis, AFD was heavily driven by pessimistic forecasts and hence its increase did not reflect a true overpricing. As a result, AFD does not appear to be a robust equity premium predictor in recent years.