Investigating the marketing impact of consumers’ connectedness to celebrity endorsers

Consumers enjoy following famous media personalities, discovering details about their habits, food preferences, or designer brands that they wear. Consumers model their consumption behaviors based on their favorite celebrities’ preferences. Marketers are aware of such celebrity admiration and frequently use celebrities as part of marketing communication strategies. Grounded in parasocial relationship and social connectedness theories, this study tests a model of connectedness to the celebrity, attitude toward the celebrity, receptivity toward the celebrity‐endorsed message, and purchase intentions of the celebrity‐endorsed market offering. These relationships were investigated using structural equation modeling. The findings indicate an individual's level of connectedness to their favorite celebrity is positively linked with both their receptivity toward the celebrity‐endorsed message and purchase intentions of the celebrity‐endorsed market offering. On the theoretical side, the integration of parasocial relationship and social connectedness theories explain the processes through which celebrity endorsements impact consumers’ attitudes and behaviors. On the practical side, the findings suggest marketers should carefully choose the best celebrity endorsers for advertisements after considering how constituents from within their key target markets are likely to connect with the chosen celebrity. However, beyond consumers’ connectedness to the celebrity, the findings also suggest that receptivity toward the celebrity‐endorsed message is an essential link to purchase intentions of the endorsed offering.     

Strengthening organizational ambidexterity with top management team mechanisms and processes

Abstract

Organizational ambidexterity is the organizational capability to simultaneously pursue explorative and exploitative innovation strategies. Studies have examined the Top Management Team (TMT) actions and decisions with the ambidextrous orientation of a firm. Further, studies have also shown that a behaviourally integrated TMT is positively associated with organizational ambidexterity. However, there has been limited research examining the antecedents to the behaviourally integrated TMT. Anchored in the upper echelons perspective, we have examined the influence of TMT processes and mechanisms on organizational ambidexterity. The TMT is observed to positively influence ambidexterity by enhancing the firm’s ability to meet the differentiation-integration challenges, and by facilitating the effective deployment of ambidextrous Human Resource (HR) architectures for employee learning. Thereby, this investigation examines the effect of TMT processes and mechanisms in enabling structural as well as contextual ambidexterity. The results from a sample of 78 hi-tech Small and Medium Enterprises (SMEs) across different industries were analysed using partial least squares structural equation modelling. We find the mediating role of TMT behavioural integration in the effect of TMT connectedness and TMT cross-functional interfacing mechanisms on organizational ambidexterity. However, our results show that rewards contingent on organizational performance do not motivate the TMT members to facilitate organizational ambidexterity. The results from this study lend support to the upper echelons perspective and add to two distinct streams of literature namely organizational ambidexterity and behavioural integration.     

Exploring tourists’ soundscape emotion and its impact on sustainable tourism development

Despite the long-standing appeal for tourism researchers to pay more attention to the effects of soundscape, there remains a serious lack of in-depth studies on the topic. Drawing on moderating effects of tourists’ soundscape emotion, this study examines certain determinants of tourists’ pro-environmental behaviour. Kulangsu was used as a source of empirical data for its abundant soundscape resources. The results revealed the explicit connections of human-environmental relationships to pro-environmental behaviour. All the paths are more significant when grouped with positive soundscape emotions than with their negative counterparts. This demonstrates the importance of soundscape to promote sustainable development in tourist destinations.     

Have cross-category spillovers of economic policy uncertainty changed during the US–China trade war?

This study investigates the interconnection of policy uncertainties between the world’s two largest countries, the US and China, and sheds light on whether and how the US–China trade war affects each party. Given the deep-seated economic integration and trade linkage between the two countries, these characterizations are essential for understanding how policy shocks propagate spatially. Using fiscal, monetary, and trade policy data from January 2000 to December 2019, I provide ample evidence of bilateral, multilateral, and system-wide measures of policy uncertainty connectedness. Monetary policy is most likely to be the leader of policy uncertainty in China, while fiscal policy is more likely to be the leader in the US. The cross-category connectedness is not constant over time. Overall, the direction of spillover is from the US to China, although this changes in different periods owing to different environments. These findings are useful for policymakers to monitor the effectiveness of policies and to help investors avoid economic policy uncertainty shocks induced by return fluctuations.     

Modelling the social funding and spill-over tax for addressing the green energy financing gap

The major challenge for filling the financing gaps of green energy is lower rate of return of green projects comparing to fossil fuels. Electricity tariffs are often regulated by governments; It has to be kept in low price to serve for every households as a necessary goods. Sources of revenue from green energy comes only from user charges. Hence it is not so much attractive for private investors. The paper is proposing a model for utilization of the tax revenue spillover of green energy supply by returning the portion of it to green energy projects in order to increase their rate of return. In addition, the paper is proposing a social community based funding scheme for smaller scale green projects (e.g. solar and wind). The paper theoretically and empirically shows that utilizing spillover effect in form of tax return for funding green energy projects will increase the rate of return and make them feasible and interesting for the private investors.     

Measuring the Connectedness of the Global Economy

We develop a technique to exploit forecast error variance decompositions to evaluate the macroeconomic connectedness embedded in any multi-country macroeconomic model with an approximate vector autoregressive (VAR) representation. We apply our technique to a large global VAR model covering 25 countries and derive vivid representations of macroeconomic connectedness. We find that the US exerts a dominant influence in the global economy and that Brazil, China, and the Eurozone are also globally significant. Recursive analysis over the period of the global financial crisis shows that shocks to global equity markets are transmitted rapidly and forcefully to real trade flows and real GDP.     

Firm-specific information and systemic risk

Although there is substantial literature linking news to the asset return volatility of a single asset, little attention has been paid to how news influences the relationships between firms. This paper addresses this issue by examining how firm-specific scheduled and unscheduled news arrivals influence the systemic risk of individual firms based on a sample of 47 US financial institutions. Whereas negative surprises from scheduled news announcements and a higher rate of unscheduled news both increase the systemic risk of a firm, positive news surprises decrease this systemic risk. In addition, negative scheduled news and a higher rate of unscheduled news across the sector increases the total connectedness or systemic risk across the sector as a whole. These effects are magnified when the market is already in distress. The results indicate that regulators should consider more than volatility and pay attention to the news flow when monitoring systemic risk.     

Financial connectedness revisited: the role of Fama-French risk factors

We study the contributions of Fama-French type risk factors to spillovers across global stock markets by combining the framework proposed by Diebold and Yilmaz(2009) with insights from asset pricing. We demonstrate that incorporating the risk factors absorbs approximately 40% of information from DY’s total spillover measure to blur the boundaries between ‘To’ and ‘From’ countries and alleviates its upward trend. We find that the DY’s spillover index after controlling for the risk factors yet fluctuates in accordance with historically important economic events over time. Last but not least, the stock market characteristics implied by risk factor exposures are revealed to play the crucial role in determining the Net spillover direction among global equity markets.     

论海外客商对原乡村落传统文化的复兴

从粤闽山区往海外迁移的客家人,坚持传承以儒家文化为核心的中华文明,因而涌现了一批崇文重教的海外客商,进而对其原乡传统村落文化的复兴产生了重要的推动作用.通过对梅州市大埔县蓝氏、丰顺县张氏和兴宁市刘氏宗祠的田野调研,借助教育人类学的研究方法,发现海外客商在原乡村落宗族文化复兴的导向上,大抵遵循从经济回馈过渡到文化反哺的模式.海外客商与原乡宗亲的互动,主观上促成了华人华侨与原乡更为密切的情感交往,客观上恢复了原乡客家村落的宗族文化和儒家礼制.海外客商在原乡寻找祖荫所唤醒的集体记忆,不仅推动客家村落传统文化的复兴,而且促成儒家文明在海内外更为广泛的传播.     

Oil,Gas, or Financial Conditions-Which One Has a Stronger Link with Growth?

Using the models of Diebold-Yilmaz (2012) and Barunik and Krehlik (2018) and monthly U.S. data from January 1992 to May 2019 (329 observations), this study estimates the return and volatility connectedness transmitted from commodity markets (natural gas and crude oil) and the Kansas City financial stress index to macroeconomic indicators (GDP and CPI). As a research target, crude oil has received significant attention. Although natural gas plays an important role in the energy markets as an environment-friendly alternative, it has not been studied extensively. We find the different spread speed of shocks to return and volatility variables through the total spillover index. We focus on both crude oil and natural gas and find that after the bankruptcy of the Lehman Brothers on September 19, 2008, there was a significant jump in the total return spillover from 35.09% to 46.91%, peaking in October 2008. Furthermore, in the frequency domain, we find that the total long-term return spillover index had the highest proportion during the global financial crisis. When the total spillover is concentrated on the high frequencies, it means the system will have an impact mostly in the short term. When it is concentrated on the lower frequencies, it shows that shocks are persistent and works in the long term among the system. It could give some information to the policymakers.