Effects of Mood States on Variety Seeking: The Moderating Roles of Personality

Building upon previous research and in an attempt to better understand the influence of mood states on variety‐seeking (VS) tendency, two specific emotional states (sadness and happiness) are discussed. Furthermore, this article proposes that the effects of mood states on VS are moderated by individuals’ differences. In this article, optimum stimulation level, self‐monitoring, and need for cognition are used to examine the moderating effects of this relationship. Consistent with the proposed hypotheses, the results indicate that sad individuals tend to incorporate more VS than happy ones. In addition, the three personality types tested in this article moderate the effects of mood on VS. Finally, suggestions for future research are discussed.     

The effects of need for cognition and trait anxiety on price acceptability

This research explored the effects of two personality variables, the need for cognition and trait anxiety, on consumers' price acceptability. The study used 124 subjects to determine support for the predicted relationships between the two personality variables and price acceptability. The results showed that the low need for cognition individuals had significantly lower price acceptability than the high need for cognition individuals. On the other hand, price acceptability showed a U‐shaped relationship with trait anxiety. Price acceptability for both high‐ and low‐anxiety individuals was higher than that for individuals with moderate levels of anxiety. © 2001 John Wiley & Sons, Inc.     

Partitioned pricing: Can we always divide and prosper?

The widespread use of partitioned pricing by marketers may be the result of perceptions that it enhances the perceived value of the offer. This research identifies boundary conditions for the effectiveness of partitioned pricing by examining the role of the reasonableness of a surcharge and the need for cognition in consumers’ processing of pricing information. Three studies, each consisting of two experiments, examine the effectiveness of partitioned versus combined pricing and show that for high need for cognition persons, partitioned pricing has a more favorable effect than combined pricing when the surcharges are reasonable; these effects reverse when the surcharges are unreasonable. The studies indicate no differences between partitioned and combined pricing across surcharge conditions for low need for cognition consumers. A fourth study incorporating both reasonable and unreasonable surcharges in one experiment substantiates the conclusions of the first three studies. Finally, detailed process measures provide evidence that high versus low need for cognition persons evaluate partitioned pricing information differently in distinct surcharge conditions.     

Female franchisees; a lost opportunity for franchising sector growth?

Abstract

The purpose of this study is to investigate why female franchisees are under-represented in franchise ownership. A qualitative approach was adopted using a collective, instrumental case study of 30 female franchisees. A number of different types of influences were identified in the literature and then elucidated and assessed. It was found that push and pull factors, work–family life balance, franchising sector characteristics and external influences act as variable incentives and disincentives among female franchisees’ selection of the franchise business model with different levels of risk-taking propensity. The marketing efforts of franchises would be more effective if the way in which the identified influences that impinge on the selection of the franchise business model informed the prospecting of potential female franchisees. A further need is identified for franchises to adjust their recruitment programmes to reflect the variable effect of incentives and disincentives at different levels of capital investment. Limited research specifically examines the selection of the franchise business model by female franchisees with various levels of risk-taking propensity and identifies the nature of influences that act as incentives and/or disincentives on that selection decision.     

政治关联会影响企业风险承担吗?--来自民营上市公司的经验证据

本文研究了政治关联以及政治关联层级对我国民营上市公司风险承担水平的影响,结果发现：政治关联降低了民营上市公司风险承担水平,且政治关联层级越高,民营上市公司风险承担水平越低。本文的研究深化了对民营企业政治关联所带来的经济后果的认识,同时对加快市场化进程和转变政府职能具有一定的启示意义。     

On‐line product presentation: Effects on mood,perceived risk,and purchase intention

Because the Internet purchase of apparel is risky, there is a strong need to develop better visual product presentation on‐line that may give some sense of fit and other tactile experience to reduce perceived risk and create pleasurable shopping experiences. Toward this end, the effect of product presentation on consumer responses was examined here. In addition, the relationships among variables were investigated to provide details of the nature of the effect of product presentation. This study employed a 2 2 between‐subjects factorial design: product movement (product in motion vs. product not in motion) image size (large vs. small). Mock Web sites were created to closely mimic the design of actual Web sites. Two hundred forty‐four female undergraduates logged on and evaluated two pairs of pants under the same treatment conditions. The present research showed (a) main effects for product movement on mood, perceived risk, and apparel purchase intention; (b) an interaction between product movement and image size on apparel purchase intention; (c) a negative relationship between mood and perceived risk; (d) a positive relationship between mood and apparel purchase intention; (e) a negative relationship between perceived risk and apparel purchase intention; and (f) mediating relationships among variables. Based on the results, apparel e‐tailers are advised to create positive mood using product rotation to decrease shoppers' perceived risk and increase purchase intent. © 2005 Wiley Periodicals, Inc.     

The moderating effects of need for cognition and cognitive effort on responses to multi-dimensional prices

We investigate how need for cognition and cognitive effort associated with multi-dimensional pricing combine to influence demand. Experiment 1 shows that individuals with low (vs. high) need for cognition are less likely to purchase products that list price and relative discount separately. The direction of the effect of need for cognition on demand is found to depend on whether consumers’ inaccurate arithmetic generally leads them to overestimate or underestimate final prices. Therefore, experiment 2 finds that individuals with low (vs. high) NFC are more likely to purchase products that list price and relative surcharge separately. As expected, the effect is eliminated for absolute discounts or surcharges and mediated by recalled purchase prices.     

情绪对错误记忆的影响

情绪是伴随着认知和意识过程产生的对外界事物的态度,是对客观事物和主体需求之间关系的反应,是以个体的愿望和需要为中介的一种心理活动,影响着错误记忆的产生。通过分组研究发现:积极情绪组较之消极情绪组会产生更多的错误记忆,但不同情绪下对正确记忆的影响几乎是没有差别的。研究错误记忆可以帮助人们了解错误记忆是怎么产生的,与真实记忆之间有何区别,能够让大家趋利避害,尽可能的减少错误记忆的发生,从而为我们的学习生活所用。     

Revisiting the risk-taking effect of executive stock options on firm performance

While the relation between equity-based compensation and firm performance has been widely discussed, the findings on how executive stock options (ESOs) affect firm value are still inconclusive. This research examines the risk-taking effect of ESOs on firm performance by taking into consideration managers' personal risk aversion. A three-stage-least-squares approach is adopted to examine a simultaneous system of equations describing option compensation, risk-taking, and firm performance. Evidence confirms that ESOs increase managerial risk-taking, but such risk-taking is constrained by managers' personal risk aversion. In addition, evidence indicates that managerial risk-taking induced by ESOs would increase both long-term and near-term stock returns. The negative impact on near-term and the positive impact on long-term returns on investment imply that it takes time for accounting performance to reflect the risk-taking effect of ESOs. These results further indicate that managers focus their concerns more on stock risk and return rather than near-term accounting results.     

家族社会资本、创业导向与初创期企业成长绩效关系研究

文章以135家企业为样本,运用多元回归分析与结构方程模型对家族社会资本、创业导向及企业成长绩效三者之间的关系进行了实证研究。结果表明,结构资本对创新性具有显著的正面影响,关系资本对风险承担性具有显著的正面影响,而创新性和先动性受到认知资本的影响。同时,结构资本能够提高企业的竞争绩效,关系资本有助于企业竞争绩效和潜力绩效的提高,而认知资本对企业潜力绩效具有显著的促进作用。在家族社会资本、创业导向和初创期企业成长绩效的关系链中,创业导向具有显著的中介作用。     

Business Advertising Appeals as a Mirror of Cultural Dimensions: A Study of Eleven Countries

Previous research into the use of explicit and implicit conclusions in advertising has yet to demonstrate consistent effects for both brand attitudes and purchase intentions. While research has examined the role of involvement, this study contributes by examining the trait called need for cognition (NFC), which addresses a person's propensity to engage in effortful thinking. In addition, this study introduces argument quality (AQ) as another potential moderator of conclusion explicitness effects. In a 2 × 2 experiment of 261 subjects, conclusion explicitness (explicit conclusion, implicit conclusion) and AQ (strong, weak) are manipulated, with NFC (high NFC, low NFC) as a third measured variable. Results indicate more favorable evaluations for implicit conclusions over explicit conclusions for high-NFC individuals. Further, implicit conclusions result in more favorable brand attitudes and purchase intentions when linked with strong AQ for high-NFC individuals. The findings confirm that conclusion explicitness does not differentially affect the evaluations of low-NFC subjects. Results suggest that NFC may represent an important moderating variable for future conclusion explicitness research.     

The effect of humor in advertising: An individual-difference perspective

An experiment was conducted to investigate the effect of individual differences in need for cognition on humor's influence on persuasion in advertising. Results indicate that the effect of humor in advertising is moderated by levels of audience members' need for cognition. Advertising humor is more effective in influencing audience members' responses to an advertisement when audience members' need for cognition is low rather than high. Results also suggest that the effect of humor on attitude toward the brand can be mediated by attitude toward the ad. © 1996 John Wiley & Sons, Inc.     

Literal versus extended symbolic messages and advertising effectiveness: The moderating role of need for cognition

The authors classify an advertisement as an extended symbolic message (ESM) when the ad's subject and message are presented in a nonliteral format. The study compares the advertising effectiveness of the ESM with that of a literally equivalent message (LEM) when the ESM contains either a salient cue (Experiment 1) or subtle cue (Experiment 2) to a nonliteral interpretation. The results indicate that the audience's need for cognition moderates the effectiveness of the ESM. In comparison with an LEM, exposure to the ESM that contained a salient cue resulted in fewer counterarguments and a more favorable attitude toward the ad and brand among high‐NFC subjects in experiment 1. These results were replicated in experiment 2 among high‐NFC subjects who successfully comprehended the non‐literal subject of the ESM that contained a subtle cue. The implications of these results and directions for future research are discussed. © 2006 Wiley Periodicals, Inc.     

同业业务发展、货币政策传导与银行风险承担

商业银行同业业务逐渐从传统信用拆借演变为类信贷业务,一些银行通过同业业务实施监管套利、风险资产出表,同业业务的快速发展对原有货币政策传导体系形成干扰,甚至改变了商业银行的风险承担渠道。使用25家A股上市银行2008-2018年数据,在理论和实证两个方面分析了同业业务发展对银行风险承担的影响。理论上,同业业务能够提高银行风险承担水平和强化货币政策风险承担渠道,上述影响并同时对于不同银行伴有异质性。实证结论验证了理论推演的假设:同业业务发展与银行风险承担水平正相关,并对货币政策银行风险承担渠道具有强化作用;同业业务对大型银行的风险承担水平影响有限,但对股份制银行和中小银行的风险承担水平表现了较强的正相关性。分析货币政策风险承担渠道,中小银行对货币宽松与否更为敏感,其同业业务发展程度与货币宽松情况表现出较强的相关性。根据上述研究结论,监管政策应当更加关注银行体系分层结构下的同业业务发展引导,尤其是对于股份制银行和中小银行,应当逐步引导同业业务占比较高银行压缩同业资产,鼓励商业银行业务回归本源,支持实体经济发展。     

Comparing mood-induction and affective conditioning as mechanisms influencing product evaluation and product choice

Previous research has demonstrated that nonverbal, affective elements of ads have the capacity to influence the evaluation of the product in the ad, and product choice. Affective conditioning and mood induction have been presented as mechanisms responsible for this effect. In general, most researchers adopt only one of these two mechanisms in their studies. They often implicitly suggest that the two mechanisms are competing in the sense that only one mechanism is taken to be valid. In our study, the effect of a nonverbal affective stimulus, that is, music, on product evaluation and product choice was studied, using both mechanisms in two experiments with a comparable research format. The mood mechanism was studied by presenting music to subjects, thus inducing mood (cf. Alpert & Alpert, 1989; Batra & Stayman, 1990; Sullivan, 1990), followed by a slide presentation of a pen (the product). The affective conditioning mechanism was studied, using the same music and the same slides, presented in accordance with the affective conditioning paradigm. Results of the study indicate that both mechanisms may be operative in influencing the evaluation of the product, and product choice. It is further suggested that both mechanisms work differently. Mood induction is thought to create a short-lasting association between a product and an affective stimulus. Thus, the mechanism of mood induction may be primarily important to retailers selling multiple products, for example, by playing background music in a retail store. In contrast, affective conditioning is thought to create a longerlasting integration between a product and an affective stimulus. Consequently, the mechanism of affective conditioning may be successfully employed by producers of a specific product (line). © 1994 John Wiley & Sons, Inc.     

创新还是寻租？业绩期望落差对企业风险承担行为的影响

基于企业行为理论和参照点理论，探讨了业绩期望落差与企业创新性行为和寻租性行为之间的动态关系，并且考察了CEO权力和独立董事监督的调节作用。利用2013-2018年沪深A股制造业非国有上市公司的数据进行分析，结果发现：当期望参照点占主导地位时，随着业绩落差的增加，企业的长期风险承担意愿增强、短期风险承担意愿减弱，但当生存参照点起主导作用时，企业的长期风险承担意愿减弱，而短期风险承担意愿增强，因此业绩期望落差与创新性行为呈先增加后减少的倒U型关系，而与寻租性行为呈先减少后增加的U型关系。进一步研究发现，CEO权力弱化了业绩期望落差与寻租性行为的U型关系，独立董事监督强化了业绩期望落差与创新性行为的倒U型关系。研究深化了对业绩落差状态下企业风险承担行为的理解，丰富了企业行为理论的研究成果，对企业管理实践也有重要启示。     

Moderating effects of tolerance for ambiguity and risktaking propensity on the role conflict-perceived performance relationship: Evidence from singaporean entrepreneurs

This study investigates the effects of tolerance for ambiguity and risktaking propensity in mediating the relationships between role conflict and perceived performance among 70 entrepreneurs in small and medium-sized businesses in Singapore. Entrepreneurial activity has been widely recognized as a major factor driving Singapore's economic development. Further insights therefore can be gained by this study, which addresses the above issues from the perspective of Singaporean entrepreneurs. As founders of their enterprises, entrepreneurs are often involved with many aspects of activities that create a high potential for conflict, having to play multiple roles, coping with competing and conflicting demands, and overcoming or accommodating to constraints. Role conflict faced by the entrepreneur can impede the entrepreneur's ability to perform effectively. However, the relationship between role conflict and perceived performance is not direct.Many entrepreneurial decisions will also involve ambiguity, because these decisions result in actions that are innovative and original. As entrepreneurs, they will have a significantly greater capacity to tolerate ambiguity than managers have. This suggests that an entrepreneur's tolerance for ambiguity may be able to assist in dealing with, or to moderate, the adverse personal effects of role pressures generated by role conflict. Investigation into this is the thrust of the first part of this research.The literature on entrepreneurship has often portrayed the entrepreneur as a risk-taker with expectation of receiving a profit as reward for this risk-bearing. Many studies on risk-taking behavior among entrepreneurs are focused on the risk-profile of entrepreneurs, that is, whether entrepreneurs are decidedly more risk-taking than nonentrepreneurs. In this second part of research, the investigation examines whether the effects of role conflict on performance outcomes are tempered by the entrepreneur's risk-taking propensity. An entrepreneur with high risk-taking propensity is more likely to succeed in coping with uncertainty and minimizing role stress than one with low risk-taking propensity.Results indicate that Singaporean entrepreneurs higher on tolerance for ambiguity or in risk-taking propensity are better positioned to “neutralize” the effects of role stress in the entrepreneurial role, leading to better performance outcomes. The weaker interactive effects however could be explained by several constraining circumstances: “the stringent control and omnipresence of the government in most businesses” (Tan and Tay 1994); “dominance of MNCs in key industries, and the domination of government-linked businesses in various services” (Boey and Chiam-Lee 1994)—all of which are said to somewhat discourage risk-taking and uncertainty-bearing. Despite the small moderator effects, these findings should be of significance to practitioners, because they suggest that the examination of the relationship between role conflict and performance would be incomplete without also considering the moderating effects of tolerance for ambiguity and risk-taking propensity.     

Purchasing Counterfeit and Legitimate Products in China: Social and Psychological Correlates and Predictors

Actual purchases of counterfeit and legitimate (brand-name) products in China were studied, with dissimilar variables found to predict the different types of purchases. Buying counterfeits correlated positively with self-monitoring, need for dominance, face-work, risk-taking, and worry about inflation but negatively with perfectionism. Regression analysis revealed that need for dominance, risk-taking, and worry about inflation predicted purchasing counterfeits. Buying legitimates correlated positively with self-monitoring, need for dominance, self-esteem, and perfectionism, but negatively with worry about inflation. Regression analyses found that self-monitoring and perfectionism predicted purchasing legitimates. A separate regression found that purchasing counterfeits was a negative predictor of receiving esteem from others.     

代际传承对家族企业风险承担的影响

家族企业代际传承已经成为学术界和实务界关注的一个焦点。文章尝试建立一个风险分析框架，深入分析代际传承对企业风险承担的影响机理及经济后果。基于2004-2016年我国沪深两市A股上市家族企业的研究数据，文章以家族二代继任者成为董事长或总经理的时点作为代际传承始点进行实证分析。研究结果表明：家族企业进入代际传承实施期后，企业风险承担水平会降低。与“家族—家族”类别的接班方式相比，在“职业—家族”类别的接班方式下，代际传承对企业风险承担水平的负效应更明显；创始人弱参与下的企业风险承担水平低于创始人强参与下的企业风险承担水平。此外，代际传承通过企业风险承担这项路径引起企业会计绩效下降。