Browsing by Subject "experience"

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  • Helkkula, Anu; Kowalkowski, Christian; Tronvoll, Bård (2018-01-01)
    Service innovation is a key source of competitive differentiation across firms and markets. Despite growing attention from practitioners and academics alike, systematic scholarly inquiry into service innovation’s diverse theoretical foundations has to date been limited. This article explores different approaches to service innovation and proposes a typology of four archetypes, each informed by a distinct theoretical perspective and by different underlying assumptions. Process-based and output-based archetypes focus on value-adding phases and output value, respectively. Experiential and systemic archetypes have attracted less attention but become central for firms seeking to cocreate phenomenologically determined value within the service ecosystem. The article also contributes to service innovation research and practice by bringing together the existing archetypes, which were previously treated separately. Juxtaposing these archetypes and emphasizing value and value cocreation, the article proposes an integrative view of how novel value cocreation can be enhanced in service innovations. Finally, we develop an agenda for future research, encouraging researchers and managers to plan service innovations systematically, deploying each archetype in value cocreation, and combining them within an integrative approach.
  • Keinonen, Henrik (Hanken School of Economics, 2021-12-08)
    The aim of this research is to study agency problems in entrepreneurial ventures and publicly listed companies (PLCs). Agency problems originate from asymmetric information, and can be detrimental to a firm’s investment attractiveness, high-growth ventures’ financial markets, and listed companies’ valuation. The overarching research question is what are the agency problems among entrepreneurial ventures and publicly listed companies, are these problems similar in nature, and can they be prevented or cured? The question is addressed in three different settings. Paper I reflects on business angel networks’ (BANs) value to startup entrepreneurs and their societal context, and provides statistics on BANs in Europe and the US. Paper II empirically investigates the impact of Israeli scaleup entrepreneurs’ criteria when selecting a Venture Capital (VC) firm, inverting the typical research order. Paper III contributes by providing answers to why certain blockholders in Finnish PLCs do not take responsibility for the company’s long-run development, but instead maximise their private utility. The authors employ descriptive statistics and quantitative research: interview data, an ordered logit regression model, longitudinal panel data with cross-sectional and time-series observations, and ordinary least squares regression. Agency problems in startups stem from the transactional process between entrepreneur and angel investor. In this setting, the entrepreneur might provide untruthful information to the investor or abuse the funding. BAN service quality may, however, reduce information asymmetries in entrepreneurial venture quality, and build trust between entrepreneurs and investors. BANs in more mature business angel markets tend to offer better quality services than those in less mature markets. Agency problems in scaleups manifest between VC firms and entrepreneurs, where VC managers may push entrepreneurs to take excessive risks that endanger their personal wealth. Empirically, entrepreneurial experience has a negative relationship with the importance entrepreneurs attach to valuation, which is moderated by the importance they attach to VC networks and reputation. Honest signalling of the parties’ qualities may reduce agency problems in the startup and scaleup phases. Large state ownership and company value are negatively associated, suggesting that government owners may promote political goals rather than long-term value for all shareholders. Liquidating state ownership in non-strategic companies and re-investing the assets through ETF funds would constitute a Pareto improvement. Ultimately, this study shows that agency problems are contextual and differ on the firm’s stage of development, namely startup, scaleup or PLC. But agency problems can be alleviated, which is important to the aggregate economy.
  • Ihamuotila, Maria; Liljeblom, Eva; Maury, Benjamin (2021-11-30)
    We study whether experience matters for acquirers in non-tech sectors when conducting acquisitions of high-tech targets. The topic is motivated by the rapid development of advanced and digital technologies that has fuelled tech-related M&A volumes, where companies seek high-tech targets to substitute or complement their own R&D and to stay competitive. Studying 1146 tech-oriented deals announced by European acquirers during the period of 2006-2019, we find the acquirer investors to be clearly optimistic about such takeovers, with positive and significant two-day cumulative abnormal returns of 0,82%. We also find that industrial acquirers seem to gain substantially. Lastly, one-time buyers were found to experience significantly higher cumulative abnormal returns than frequent buyers, and frequent buyers to exhibit a weak declining return pattern in subsequent deals. This implies that companies get rewarded for acquiring digital technology, and especially so in their first initiative to digitalize their business.
  • Ciuchita, Robert; Heller, Jonas; Köcher, Sarah; Köcher, Sören; Leclercq, Thomas; Sidaoui, Karim; Stead, Susan (2022-04-11)
    Gamification has attracted considerable practitioner attention and has become a viable tactic for influencing behavior, boosting innovation, and improving marketing outcomes across industries. Simultaneously, studies on the use of gamification techniques have emerged in diverse fields, including computer science, education, and healthcare. Despite the broad popularity of gamification in other fields, it has received only limited attention in the service literature. Moreover, the findings of extant studies on gamification in the service field are inconclusive and suggest an incomplete understanding of the employment of gamification in service contexts. Thus, this study aims to integrate the growing but scattered cross-disciplinary literature on gamification and to emphasize its relevance to service research. Specifically, we first conceptualize gamification for service and differentiate it from related concepts. Then, using a systematic literature review, we identify 34 empirical articles that reflect this gamification conceptualization and can be connected to relevant service research themes (e.g., customer participation, experience, and loyalty). Employing activity theory, we derive four higher-order functions of gamification: production, consumption, exchange, and distribution. Finally, we develop a research agenda to generate a better understanding of the central aspects within each of the identified gamification functions and stimulate future academic efforts on gamification in services.
  • Kauppinen-Räisänen, Hannele; Gummerus, Johanna; von Koskull, Catharina; Christini, Helene (2019-06-28)
    Purpose: The purpose of this study was to explore what luxury represents to contemporary consumers in their own life contexts. Design/methodology/approach: A mixed-methods qualitative approach was adopted that comprised individual, personal interviews and focused interviews with small groups. Findings: The study contributes to the field of luxury research by highlighting consumers’ interpretations of luxury as highly subjective, relative and contextual; showing that according to consumers, luxury relates to both consumption and non-consumption contexts; illustrating the value of luxury as a multidimensional construct in both contexts; and demonstrating how luxury may relate to a consumer’s desire to be meaningful and genuine, thereby generating prudential value. In these cases, luxury is closely linked to consumers’ perceptions of meaningfulness and well-being. Practical implications: For marketing managers, the findings suggest that the wave of new luxury – seeking meaningfulness – may serve as a novel means of branding. Originality/value: This study demonstrates that the significance of the concept of luxury transcends commercial settings and offerings, i.e. the brand, product or service. The findings show that luxury may also be generated in non-commercial contexts and specific activities (e.g. running, gardening). Based on these findings, it is proposed that luxury in non-commercial settings is characteristic of the new wave of luxury, and that in such settings, luxury may contribute to personal well-being, thereby generating prudential value.