Managerial optimism: New observations on the unifying theory

Managerial optimism theory is behavioral finance's greatest achievement. It explains two prominent features of corporate financial behavior – over‐investment and pecking‐order capital structure preferences – that otherwise require two different theories with mutually incompatible assumptions about managerial loyalties to shareholder‐value maximization. After reviewing the development of managerial optimism as a unifying theory, I use a simple change of measure to transform risk‐averse optimism to risk‐neutral probabilities that can be pessimistic or optimistic depending on wealth changes. This unexplored feature has implications for, among other things, pay for performance when managers are excessively optimistic.     

Reinterpreting the theory of planned behavior and its application to green hotel consumption intention

The main aim of this paper was to understand a guest’s decision to stay at a green hotel by using the theory of planned behavior (TPB) developed by Ajzen (1991). The population for this study was green hotel customers in Taiwan. A total of 425 usable responses were received from the willing participants around the parking area of green hotels. This study performed a PLS-SEM to examine the proposed model. The results of this study showed that social pressure has very little direct impact on behavioral intention to stay at a green hotel. The results of the estimated standardized regression coefficients and t-values indicated that perceived behavioral control has a slightly higher impact on behavioral intention than attitude. This study also verified the proposed mediating relationships between the first-order and second-order antecedents. This study provided theoretical and managerial implications for understanding respondents’ decision to stay at a green hotel.     

Support for the underdog brand biography: Effects on consumer attitude and behavior

Conflict between favorites and underdogs is an everyday phenomenon. Research suggests that people support the underdog as they see a reflection of their own self in the person at a disadvantaged position. Two studies examine the effect of underdog brand biography in two different contexts. Study 1 provides support for the notion that underdog brand biographies for established brands elicit stronger consumer response than underdog brand biography for new brands. In study 2, a 2 × 2 between-subjects experimental design measured respondents’ reaction toward an underdog brand biography over a top dog brand biography under conditions of public versus private consumption. Results demonstrate that consumers exposed to underdog brand biographies in the private consumption condition will be more likely to respond favorably than when they are exposed to the public consumption condition. Based on the results it is suggested that advertisers make use of underdog brand biographies in case of established brands. Furthermore, choice of underdog brand narratives is likely to bring positive results under conditions of private consumption.     

Using methods of Multi-Criteria Decision Making to provide decision support concerning local bioenergy projects

The public sector plays an important role in the German “Energiewende”. Besides energy management in municipal properties the local government can also support the switch to renewable energy sources through a change in energy supply structures within in their region. Methods of Multi-Criteria Decision Making (MCDM) from Operations Research are helpful regarding that challenge, as they are able to assess the sustainability of local energy concepts, since they not only offer stakeholders the opportunity to participate, but also consider multiple conflicting criteria. In that way, the acceptance of local energy projects and the participation of stakeholders in the decision process are supported. The case study presented in this paper illustrates the results of a MCDM process employed to identify a sustainable bioenergy concept in a rural village in Lower Saxony, Germany. Our analysis revealed not only the opportunities and challenges associated with executing an MCDM process to support the realization of local bioenergy projects, but also discusses potential limitations of the methods.     

The role of brand personality,self-congruity,and sensory experience in elucidating sky lounge users’ behavior

This study attempted to develop an integrated model linking brand personality, self-image congruity, hedonic and utilitarian values, and behavioral intentions in the sky lounge context. Our results indicated that brand personality was significantly related to self-image congruity, which in turn influenced hedonic and utilitarian values. While hedonic value significantly affected intentions to revisit and recommend, utilitarian value significantly influenced intention to recommend. Moreover, self-image congruity and values played a significant mediating role. Furthermore, the links from hedonic value to intentions to revisit and recommend, and from utilitarian value to intention to revisit were significantly moderated by sensory experience.     

Determinants of individual investment decisions in investment‐based crowdfunding

We investigate determinants of investment decisions in investment‐based (equity and bond) crowdfunding campaigns, using a novel investment‐, investor‐ and campaign‐level database, where equity refers to investments in entrepreneurial start‐ups and bonds to large real estate projects. We find that investors who have higher social interactions invest more. Social interactions are important in an equity crowdfunding context but do not affect participation in bond investments. This is consistent with the view that investors' social networks help reduce information asymmetry. Women invest less in the riskiest (equity) investments but more in safer ones (bonds). These findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Overall, the findings contribute to the understanding of how investment‐based crowdfunding can be a viable source of entrepreneurial finance and how entrepreneurs' campaign decisions affect investor participation in this new form of entrepreneurial finance.     

An evaluation framework for developing green infrastructure by using a new hybrid multiple attribute decision-making model for promoting environmental sustainability

With the expansion of urbanization caused by the growth of population and industrial activities, the urban/city and suburban areas are facing a variety of environmental threats. Although more research and urban policy has advocated and practiced the development of green infrastructure (GI) to support urban sustainable environment, the evaluation framework for the development of GI for promoting environmental sustainability is still insufficient. Moreover, the Analytic Hierarchy Process (AHP) commonly applied in published literature, makes an unrealistic assumption of independent relationships among dimensions/criteria in decision making for satisfying the real-world problem. Therefore, the purpose of this study is to construct the evaluation framework, including four dimensions and related ten criteria, using a new hybrid-modified multiple attribute decision-making (MADM) model for developing and improving the GI for promoting environmental sustainability. This MADM model is combined with three different methodologies of MADM, including the Decision-Making Trial and Evaluation Laboratory (DEMATEL) for constructing the influential network relation map (INRM) to explore the complex influential inter-relationships and DEMATEL based on Analytic Network Process (DANP) for determining the influential weights with the VIse Kriterijumska Optimizacija I Kompromisno Resenje (VIKOR) for evaluating and presenting improvement strategies for six different GIs. The empirical study indicates that DEMATEL and DANP Results suggest that decision-makers should pay more attention to the improvement of Design (D₄) and Materials (D₂) in terms of dimensions when utilizing the GI to promote environmental sustainability. Because these dimensions are enhanced, Species (D₁) and Energy (D₃) will be improved in synchronization. From the perspective of criteria, five are key core criteria and need to be focused on first: increasing the green coverage rate (B₉), utilizing sustainable materials (B₄), using ecological engineering (B₈), shaping species biodiversity (B₁), and reducing energy consumption (B₅). Modified VIKOR reveals that “grass swales” are a comparatively better choice among six GIs for promoting environmental sustainability toward achieving the aspiration level. Therefore, this MADM model is beneficial to provide a more convincing assessment framework and improvement strategies for the development of GI for promoting environmental sustainability. As a result, these modified MADM models can be shown more conveniently and reasonably than traditional methods such as traditional AHP or ANP method.     

利用相位差变化趋势的多源信号关联

针对多源信号关联难度大、关联准确率低的问题，利用同一目标平台上搭载的多个辐射源信号具有一致的动态变化趋势这一特点，提出一种利用相位差特征的多源信号关联方法。已知阵列形式和侦测点位置，通过对侦收到的多个辐射源信号进行处理，获取相位差信息并累积形成相位差变化趋势；对比提取疑似相似段，根据相似性判决策略进行有效关联。该方法能有效避免不同传感器对位置测量的误差影响，相比传统基于位置信息关联的方法，能有效提升关联准确率。仿真和实测数据分析证明了该方法的有效性，在阵列形式和侦测点位置已知的条件下该方法具有重要工程意义。     

A decision support model for buying battery electric vehicles considering consumer learning and psychological behavior

Developments in battery electric vehicles (BEVs) have received more and more attentions in the last decades due to alleviating carbon emissions and energy crisis. Consequently, how to rank alternative BEVs to assist consumers make better purchasing decisions is a worthy research study. However, there are still some defects in the existing studies for ranking of BEVs: 1) the evaluation index system of BEVs is not comprehensive; 2) the determination of criteria weights cannot be well applied to the actual purchase scenarios; and 3) the psychological behavior of consumers is ignored. To address those shortcomings, this paper proposes a decision support model to assist with consumers to buy BEVs. First, a systematic evaluation criteria system of BEVs including quantitative and qualitative indicators from parameter configurations and online reviews is constructed. Then, a weight algorithm considering consumer learning is proposed to determine the criteria weights. Furthermore, a decision support process considering consumers' regret avoidance behavior is proposed. Finally, an actual BEV purchase case is given to illustrate the practicability of the decision support model. This can be seen in case studies the proposed support model can be well applied to consumers with different regret avoidance behaviours.