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  • Manai, Aicha; Holmlund, Maria (Emerald, 2015-08-01)
  • Dube, Apramey; Helkkula, Anu (Emerald Group Publishing Ltd., 2015-04-14)
  • Aspara, Jaakko; Chakravarti, Amitav (Emerald Group Publishing Ltd., 2015)
  • Holmén, Martin; Wang, Peng (M.E.Sharpe, 2015)
    This paper investigates Initial Public Offerings (IPOs) of high-tech firms on the Chinese Growth Enterprise Market (GEM). Almost half of the GEM IPOs are set up in pyramid structures. The likelihood of a pyramid structure increases with the size of the IPO firm and state control. Our results do not suggest that pyramids are set up to overcome financial constraints. However, we document that pyramid IPOs are discounted before the IPO. The subscription price to book ratio is significantly lower for pyramid IPOs and this translates into higher underpricing. We conclude that IPO investors demand a higher risk-premium when investing in pyramid IPOs.
  • Kowalkowski, Christian; Windahl, Charlotta; Kindström, Daniel; Gebauer, Heiko (Elsevier Inc., 2015)
    Both academics and practitioners emphasize the importance for product firms of implementing service-led growth strategies. The service transition concept is well established, namely a unidirectional repositioning along a product-service continuum—from basic, product-oriented services towards more customized, process-oriented ones—ultimately leading to the provision of solutions. We challenge this service transition assumption and develop alternative ones regarding how product firms should pursue service-led growth. Using ‘problematization methodology’, and drawing on findings from thirteen system suppliers, we identify three service-led growth trajectories: (1) becoming an availability provider, which is the focus of most transition literature; (2) becoming a performance provider, which resembles project-based sales and implies an even greater differentiation of what customers are offered; and, (3) becoming an ‘industrializer’, which is about standardizing previously customized solutions to promote repeatability and scalability. Based on our critical inquiry, we develop two alternative assumptions: (a) firms need to constantly balance business expansion and standardization activities; and (b) manage the co-existence of different system supplier roles. Finally, we consider the implications for implementing service-led growth strategies of the alternative assumptions.
  • Kindström, Daniel; Kowalkowski, Christian; Alejandro, Thomas (Emerald Group Publishing Ltd., 2015)
    Purpose The objective of this research is to explore the implications for the sales function of the infusion of services by formerly product-based firms. In particular, it aims at identifying the changes that need to be made at the sales-function level if the services are to be successfully sold. Design/Methodology This research is an exploratory qualitative case study. Data were collected by focus group discussions and in-depth interviews with relevant managers in three large multinational companies based in Northern Europe, which were pursuing service-led growth. Findings The effects of service infusion processes on the sales function could be seen with respect to the three parts of the analytical framework: organization, roles, and competences. The results illustrate the need for a changed perspective with respect to all three parts, if a product-based firm is to be successful in the infusing of associated services into its portfolio of offerings. Analysis of the results identifies key operational initiatives that management needs to understand and implement when corporate and marketing strategies increasingly focus on service-led growth. Research limitations The study was exploratory and vendor centric, which means that it did not quantitatively assess the results or directly involve the customers at whom the services were directed. Also, the choice of business-to-business firms limits the capacity to generalize the findings. Originality/Value Whereas relationship-based and value-based selling are approaches more geared to the sales-force level, the study reported in this paper set out to understand fundamental differences at the sales-function level when firms pursue service-led growth. The findings suggest that the realignment of corporate strategy towards an increased focus on services may have far-reaching implications for the sales function.
  • Aspara, Jaakko; Charkavarti, Amitav; Hoffmann, Arvid O. I. (Emerald Group Publishing Ltd., 2015)
  • Lindman, Juho (Universidad de Talca, 2014-09-01)
  • Eränti, Veikko; Lindman, Juho (Valtiotieteellinen yhdistys, 2014-09-01)
  • Virk, Nader Shahzad; Butt, Hilal Anwar (Springer New York LLC, 2014-07-24)
    The evaluation for the specification errors of asset-pricing models is conducted using numerous characteristic portfolios for the Finnish stock market. The selection of the market is motivated by the atypical setting wherein few firms dominate the total market capitalization and small numbers of stocks are listed. We report diverging risk-returns trade-offs for the average tendencies of the stocks and for the actual growth in the invested stocks. We show Carhart (1997) model produces the smallest pricing errors across all the tested specifications although with different significant risk for EW and VW test portfolios. Deviations in the significant risk factors in the asset pricing tests becomes prevalent for using a simple technique of equally weighted (EW) and value weighted (VW) test assets. We suggest more cautious analyses for markets that have peculiar features instead of generalizing to standard evidence.
  • Dube, Apramey; Helkkula, Anu; Strandvik, Tore (2014-06-15)
  • Neganova, Irina (2014-06)
    Purpose: to investigate a concept of service-based dominant logic, define it, reveal its dimensions, theoretical framework, and managerial implications. Design/methodology/approach: the topic is approached by theoretical analysis and conceptual development. Using a definition of the dominant logic as a mind set or a world view the present article suggests ‘service-based dominant logic’ as a name for a generic theoretical concept instead of the widely used ‘service-dominant logic’ which can be easily misinterpreted as logic dominated by service only. Service-based dominant logic is ‘pure’ logic of service: it considers service as the fundamental basis of business and doesn’t include any goods-centric aspects. This logic relates to a firm’s facilitation and support of customer value creation processes using different types of resources obtained from a company. Findings: the study proposed the definition and revealed three dimensions of service-based dominant logic found in the relevant literature: ‘service logic’, ‘service-dominant logic’ and ‘customer-dominant logic’. The study showed similarities and differences between these three research streams in regard to how they defined a value, a product, a service, value creation, role of customer, role of company, and how important interactions were in value creation. The paper also described the theoretical framework of service-based dominant logic: it stated that service-based dominant logic had originated from service marketing, relationship marketing and value creation literature, and it interrelated with customer relationship management and business networks and channels research. Finally, the article classified the managerial implications of service-based dominant logic into three groups: company’s decision making, company’s organizing and company’s activities. Originality: the paper contributes conceptually to the service marketing literature by delineating the concept of service-based dominant logic. This term that before have not been widely used serves as the “umbrella” for three research streams exploring service as business perspective: ‘service logic’, ‘service-dominant logic’ and ‘customer-dominant logic’. This approach allows making deeper comparison between the main propositions of these research streams that could be interesting for the academic community for further application of research methods to collect empirical data from the corporate sector to check the findings.
  • Strandvik, Tore; Holmlund, Maria; Grönroos, Christian (Emerald Group Publishing Ltd., 2014-03-26)
    Special Issue: Back where we belong – Marketing as the organization’s core strategy
  • Butt, Hilal; Virk, Nader Shahzad (Wiley-Blackwell Publishing Ltd., 2014-03-02)
    This paper presents a simplified single period asset-pricing model adjusted for liquidity and tests it for the Nordic markets. The detailed empirical evidence is presented from Finnish test case. Empirical testing of small yet developed markets is motivated by the increased relevance of the illiquidity effect for illiquid assets/markets. The main evidence reports liquidity risk makes sufficiently larger part of predicted factor risk premium than the market risk, contrary to comparable US evidence. This highlights the ability of liquidity related model betas in capturing the time variation in expected returns across illiquid (Nordic) markets than market beta.
  • Widenius, Michael "Monty"; Nyman, Linus Morten (Talent First Network, 2014-01-29)
    This article is meant as a primer for those interested in gaining a basic understanding of the business of open source software. Thus, we cover four main areas: i) what motivates businesses to get involved in open source; ii) common open source licenses and how they relate to community and corporate interests; iii) issues regarding the monetization of an open source program; and iv) open source business models currently employed. This article is particularly suitable for people who want a general understanding of the business of open source software; people who want to understand the significant issues regarding an open source program's potential to generate income; and entrepreneurs who want to create a company around open source code.
  • Edvardsson, Bo; Kowalkowski, Christian; Strandvik, Tore; Voima, Päivi (Emerald Group Publishing Ltd., 2014)
  • Diaz Ruiz, Carlos; Kowalkowski, Christian (Elsevier Inc., 2014)
    A central question in industrial marketing is whether the form in which the external environment of a firm is represented influences the marketing strategy. This influence has been studied generally through case study research, and quantitative evidence is limited. In response to this limitation, this paper reports on a quasi-experiment investigating whether market representations have a constructive aspect in business. Empirically, this study compares two types of ostensive and performative market representations—service focus and product differentiation—in order to test for influence exacted by industrial marketing on strategies. Results indicate that service focus is selected when market representations rely on agency in firms (i.e., performative), and product strategies are selected when structures are emphasized (i.e., ostensive). This paper contributes to methodology development by expanding the link between a case study approach and quasi-experiments explaining how quasi-experiments can replicate findings in industrial marketing.
  • Editorial 
    Kindström, Daniel; Kowalkowski, Christian (Emerald Group Publishing Ltd., 2014)
  • Cooren, François; Vaara, Eero; Langley, Ann; Tsoukas, Haridimos (Oxford University Press, 2014)
    Abstract: Studying language and communication at work implies that we connect them to the very processes, activities, and practices that constitute organizations or organizational phenomena. We demonstrate in this chapter that language and communication at work can mean many things and that there are a variety of theoretical and methodological approaches that can be used for such analysis. Four characteristic features of such studies are highlighted: (1) interest in the communicative constitution of organization, (2) focus on discursive or communicative practices, (3) emphasis on temporal aspects and dynamics, and (4) placing language and communication in its sociomaterial context. Not all studies can focus on all these aspects, but these features are central in this nascent stream of research.