Smoking hot portfolios? Trading behavior,investment biases,and self-control failure

Self-control is a personality trait that explains undersaving and nonparticipation decisions. We show that self-control failure also affects trading behavior among individuals on capital markets. We use smoking as the most socially accepted example of self-control failure among 13,644 German brokerage clients and compare the trading behavior of 3,553 smokers and 10,091 nonsmokers. Smokers are associated with a higher portfolio turnover unexplained by financial sophistication or wealth effects. Self-control failure also exacerbates overconfidence, social contagion, sensation seeking, and attention grabbing. Overall, self-control failure is costly because it increases the gap between gross and net returns of smokers relative to nonsmokers.     

Connecting strategic orientation,innovation strategy,and corporate sustainability: A model for sustainable development through stakeholder engagement

This paper aims to enhance our understanding of the relationship between organizations' strategic orientation (i.e., instrumental, equidistant, and stewardship) and their innovational strategy (i.e., organizational ambidexterity and open innovation), and this relationship's influence on their sustainability performance. We expected organizations' strategic orientation to influence their innovational strategy and exhibit better corporate sustainability. We focused on 12 different multinational organizations in the Eurozone and found that inbound open innovation acts as a driver for corporate sustainability while simultaneously positively enabling organizations to pursue both financial and social initiatives. After suggesting open innovation as a new corporate sustainability antecedent, we only found empirical evidence of inbound open innovation. However, we would suggest that if organizations incorporated outbound open innovation in their strategy, they could likely improve their corporate sustainability. Also, we found that achieving an equidistant or stewardship orientation paves the way for sustainability to become an integral part of an organization's innovational culture and actualizes the organization's strategic behavior. Our findings further contribute to a deeper understanding of organizations' characteristics as their sustainability commitment grows and as they move from an instrumental to a stewardship orientation and implement an open innovational strategy.     

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.     

Knowledge capital,CEO power,and firm value: Evidence from the IT industry

Disruptive innovation dramatically changes the demand of a product market in the information technology (IT) industry. In response to the impact of disruptive innovation, IT firms that may be eliminated from the competitive race actively develop innovative products and adjust their operating strategies to strengthen their survivability in the fiercely competitive market. Thus, this study explores the factors that affect firm value in the IT industry under the impact of disruptive innovation. The empirical results reveal that knowledge capital and CEO power play crucial roles in explaining firm value. IT firms with powerful CEOs and increased knowledge capital have high firm values. The effects of knowledge capital and CEO power on firm value are especially significant for founder and duality CEO firms. Furthermore, the influence of CEO power is more prominent in periods of financial crisis.     

CEO hometown identity and firm green innovation

Drawn on the upper echelons theory, this study investigates how chief executive officer (CEO) hometown identity drives firm green innovation. We propose that CEO hometown identity has a positive impact on a firm's green innovation performance. Furthermore, we explore the moderating role of managerial discretion determined by organizational and environmental factors (i.e., institutional ownership and market complexity). We propose that institutional ownership negatively moderates the positive relationship between CEO hometown identity and green innovation, but market complexity plays a positive moderating role. Using Chinese publicly listed firms from 2002 to 2016 in heavily polluting industries, our findings support these hypotheses. Our research contributes to the upper echelons theory and corporate social responsibility literature and has substantial practical implications.     

网红营销对消费者购买行为影响调查研究

伴随“互联网+”概念的深入人心和自媒体的迅速兴起,网红已成为自媒体时代网络经济发展中不可小觑的重要力量,“网红大军”在引领消费时尚的同时还极大地促进了消费者的购买欲望。本文以网红营销为研究对象,主要针对网红博主所处的社会背景和广告营销策略展开研究,基于文献研究和问卷调研数据,分析网红营销对消费者购买行为的具体影响过程和作用机理。研究表明,网红借助于直播这一营销方式,既有效的提高了销售额,也增强与消费者的互动交流。本文研究结论将对相关企业决策提供有益的决策支持和策略指导。     

Representatives of future generations as promoters of sustainability in corporate decision processes

Current protests of the young generation emphasize that interests of future generations should be taken more into account by policy makers and in corporate decision processes. As organizations contribute to enduring environmental and social problems, they are required to promote sustainability in order to preserve options for the well-being of future generations. However, organizational decision makers often take a short-term perspective and neglect investments in intergenerational justice. Previous theoretical work has acknowledged the importance of representing future generations in today's decision-making processes to adopt a long-term perspective in order to promote intergenerational justice. In a laboratory experiment, we show that appointing representatives of future generations at the organizational level can foster investments in intergenerational justice. Although this outcome is more pronounced when aligned with the representatives' individual incentives, it even persists for a representative who is monetarily penalized for advocating the interests of future generations.     

Longitudinal analysis versus cross-sectional analysis in assessing the factors influencing shoppers’ impulse purchase behavior – Do the store ambience and salesperson interactions really matter?

Numerous studies in the marketing literature focused on consumer behavior in general, but relatively few studies have examined Impulse purchase behavior (IPB). Although few studies examined IPB, the vast majority of the studies were conducted using the cross-sectional design. These studies suffer from certain limitations like random measurement error, common method bias, causality & validity-related issues that are inherently associated with the cross-sectional design. Despite these limitations, very few studies have examined the IPB using the longitudinal design. Multilevel structural equation modeling (ML-SEM) is conducted in the study to analyze the longitudinal data for examining the changes in the causal effects of the factors influencing the shoppers' IPB over a period of time. Additionally, structural equation modeling (SEM) is conducted to examine changes in the causal effects of the factors influencing IPB at each time point of data collection. Drawing upon the stern's model and stimulus-organism-response model, the study examines the causal effects of the factors influencing the IPB. The results of ML-SEM indicate significant fluctuations in the factors influencing IPB over time. Similarly, the results of SEM indicates that few factors (like store ambience and salesperson interactions) have shown a significant influence on IPB in the initial time points (i.e., during the initial store visits of shoppers), but became insignificant over a period of time in their subsequent store visits. The findings suggest that the store crowd, secondary customers influence, and in-store promotions show a significant influence on the IPB, compared to the store ambience and salesperson interactions.     

海洋科技创新驱动区域经济增长影响效应分析

海洋经济被视为引领世界经济发展的新引擎.基于结构方程模型在经济学领域分析复杂关联因素中的优势,采用偏最小二乘结构方程模型研究海洋科技创新能力、蓝色经济发展和区域经济发展之间的关联效应,分析海洋科技与经济发展之间的内在作用机理.实证研究表明:海洋科技创新能力对蓝色经济发展具有显著的直接促进作用;引入蓝色经济作为中介变量形成传导路径,科技创新能力对驱动区域经济发展具有间接效应及明显的总体作用.     

电商不同类型促销对购买行为的长期影响——以亚马逊电子书为例

促销的长期影响在学术界一直备受争议,并且传统研究更多地关注实体企业的促销效果,而对电商平台的促销活动研究较少。为了厘清电商平台的不同促销方式对消费者购买行为的长期影响,本文基于亚马逊电子书的销售数据,建立固定效应模型考察了降价和优惠券两种价格促销的长期影响。结果表明,降价促销会导致消费者未来购买数量减少、购买金额增加、购买时间间隔缩短;优惠券促销则会使得消费者未来购买数量增加、购买金额减少、购买时间间隔不变。在此基础上,本文进一步分析了消费者购买经验的调节作用。本文不仅丰富了已有促销长期影响的研究成果,而且对电商如何制定促销策略以优化促销长期效果提供了科学可行的建议,具有重要的理论意义和实践价值。