Beyond Better Wine: The Impact of Experiential and Monetary Value on Wine Tourists’ Loyalty Intentions

Research on the experiential aspects of wine tourism has been advocated but the evolution of this approach in this field is still in its infancy. This exploratory study proposes a behavioral model to simultaneously examine the role of hedonic and utilitarian shopping value as well as monetary value perceptions in predicting cellar door visitors’ overall satisfaction and loyalty intentions. The application of partial least squares path modeling indicates that cellar door visitors are oriented toward the experiential aspects of the visit itself as much as to pragmatic considerations in purchasing wine. The insights are, therefore, directed toward the creation of a total cellar door experience. These findings contribute to the understanding of a cellar door visitors’ decision-making process, providing managers and researchers with insights into how to effectively accommodate cellar door visitors’ needs.     

Work Family Conflict in New Business Ventures: The Moderating Effects of Spousal Commitment to the New Business Venture

The creation of new business ventures (NBVs) is considered to be a central element of entrepreneurship theory and research. The processes by which individuals set intentions, gather resources, build organizations, and manage exchanges between the organization and external groups (which include family members) are important processes in the creation of NBVs. The more NBVs do these activities, the more likely they will succeed. Different research agendas have examined the factors that influence the new business venture operator's (NBVO) success in forming a NBV. One of the more recent streams of research has focused on the NBVO's human and social capital. Human capital in the form of education and experience appears to be an important asset to the NBVO. Social capital as a NBVO resource is less widely studied. Davidsson and Honig suggest that simply having a spouse is an important resource for NBVOs. Previous research suggests that spousal social support may be helpful for several reasons. First, some spouses may provide unpaid work to help the business succeed. They may provide financial resources which reduce the urgency of cash flow problems or facilitate the entrepreneur's abilities to acquire loans. Finally, they may provide emotional encouragement and support. Together, these spousal resources may help NBVOs to overcome the liabilities of newness. However, others have suggested that spouses may be a liability and that work and family conflict may become a resource constraint for married NBVOs. There is a limited but growing body of research empirically demonstrating that married NBVOs are likely to experience strain from work and family conflict (WFC). Married NBVOs may have complex family dynamics, and spouses may act in ways that create strain on the NBVO. From a social capital perspective, social capital needs to be maintained which can be a resource drain. If so, then those spousal actions are likely to draw on the NBVOs resources to manage family dynamics. This resource drain could negatively affect the success of the NBV. Based on Sustainable Family Business Theory II, this paper investigates the degree that the NBVO's spouse is a constraint on the creation of a NBV. In particular, we focus on NBVO strain as there is significant evidence that NBVOs experience more strain than individuals in other types of gainful employment. Furthermore, this strain has some debilitating effects that may threaten the viability of any business venture. This could be most critical in the start‐up phase when the survival of the firm is most at risk. Using Sustainable Family Business Theory II as a foundation, we investigate the degree that WFC creates NBVO strain both directly from NBVO's perceptions of WFC and the degree that spouse may be a liability by passing spousal strain from WFC to the NBVO. Furthermore, we investigate how a spouse who is committed to the NBVO may exacerbate the liability of newness. We test these relationships on a sample of 110 new small businesses provided through two different state Small Business Development Center offices. This sample represented a diversity of industries and diversity by gender. The results suggest that when a spouse experiences WFC, a spouse is likely to be a resource constraint that creates NBVO physiological strain. Furthermore, spousal commitment to the NBV is likely to exacerbate this relationship. These results imply that, first, a spouse is not inherently a resource or a constraint in the creation of NBVs. The degree of spousal WFC is likely to expand or constrict NBVO resources to be successful. Thus, more research is needed to investigate WFC linked to NBV creation.     

Limited attention and the role of the venture capitalist

This research analyzes the venture capitalist's incentives to maximize the profits of the entrepreneurs of ventures and the limited partners of a venture fund. Venture capital is a professionally managed pool of capital invested in equity-linked private ventures. Entrepreneurs turn to venture capitalists for financing because high-technology startup firms have low or negative cash flows, which prevent them from borrowing or issuing equity. In addition, venture capitalists are actively involved in management of the venture to assure its success. This solves the problem of startup firms that do not have the cash flows to hire management consultants.Venture capital contracts have three main characteristics: (1) staging the commitment of capital and preserving the option to abandon, (2) using compensation systems directly linked to value creation, and (3) preserving ways to force management to distribute investment proceeds. These characteristics address three fundamental problems: (1) sorting the venture capital among the entrepreneurial ventures, (2) providing incentives to motivate venture capitalists to maximize the value of the funded ventures, and (3) providing incentives to motivate entrepreneurs to maximize the value of the ventures. Venture capitalists fund only about a dozen projects a year out of a thousand evaluated. Each project may receive several rounds of financing. Payoffs to VCs can be very high or be a complete loss.The typical venture capital (VC) firm is organized as a limited partnership, with the venture capitalists serving as general partners and the investors as limited partners. General partner VCs act as agents for the limited partners in investing their funds. VCs invest their human capital by placing their reputation on the line. The goal is to begin to convert the investment into cash or marketable securities, which are distributed to the partners. VC management companies receive a management fee equal to a percentage (usually 2.5%) of the capital of each fund. They also receive a percentage (15–30%) of the profits of each fund, called carried interest. Periodic reports are made by the VC firm to the limited partners. Usually these are only costs of managing the fund, and so revenues are negative. Most contracts specify the percentage of time that the VC will devote to managing the fund.The analysis of this research deals with the incentives of the VC who has limited attention to be allocated between improving current ventures and evaluating new ventures for possible funding. The analysis shows that the VC, as agent for both the entrepreneur and the general partners, does not have the incentives required to maximize their profits. The VC allocates attention among ventures and venture funds less frequently than required to maximize the entrepreneurs' and limited partners' profits. However, the VC does maximize the total profits of all ventures. Because the VC considers the opportunity cost of attention, the VC's allocation of attention is efficient. The implication of this result is that, although the entrepreneurs and limited partners could be made better off with a different allocation of the VC's time, this would be an inefficient use of the VC's time.     

Incentive Effects of Community Rating in Insurance Markets: Evidence from Massachusetts Automobile Insurance

Rate regulations in insurance markets often impose cross-subsidies in insurance premiums from low-risk consumers to high-risk consumers. This paper develops the hypothesis that premium cross-subsidies affect risk taking by insurance consumers, and tests this hypothesis by examining the marginal impact of premium subsidies and overcharges on future insurance costs. The empirical analysis uses 1990–2003 rating cell-level data from the Massachusetts automobile insurance market, in which regulation produced large cross-subsidies across cells. Consistent with the hypothesized effects, premium subsidies are found to be significantly related to higher future insurance costs, and the opposite effects are found for premium overcharges.     

Technology in the time of corona: A critical institutional reading

Drawing on institutional theory and using examples from Israel, we offer a critique of technology's deployment in responses to the coronavirus disease (COVID-19). We distinguish between technologies-in-use (“small ‘t' technologies”), the bundle of artifacts and practices that bring them into being, and “Big ‘T' Technology,” the latter being technology as an institution – shared meanings, structures, and practices that govern thought and action. Using the conceptual tool kit of institutional theory, we make three interrelated arguments. First, the deployment of technologies-in-use in response to the pandemic is embedded in diverse and contradictory institutions, the institution of technology among them. These technologies participate in the very construction of crisis, which fosters the revert to known and established ways of being and doing. Thus, technologies-in-use are not necessarily the most efficient and rational but rather the most legitimate and readily available. Second, putting certain technologies into action has not been happening by itself. Instead, we have witnessed contestations among relevant agents – like politicians and experts – who engage in institutional work to serve their interests. Third, despite its global reach, technology is locally adapted and implemented in specific contexts. All in all, institutional theory helps us to explore further and critique the naïve belief, common in public discourse, in technology as a remedy of all things. Instead, it offers a more critical understanding of the cultural dynamics involved in putting technology to work in the coronavirus crisis. This critical lens carries implications for policymaking and implementation in times of crisis.     

Industry 4.0 and circular economy practices: A new era business strategies for environmental sustainability

Amid rising environmental concerns, Industry 4.0 and blockchain technology (BCT) are transforming circular economy (CE) practices and prevailing business models. Recognize the same; this study examines the role of blockchain technology in circular CE practices and their impact on eco-environmental performance, which influences organizational performance. The study collects data from 404 enterprises located in Chinese and Pakistani territories, involved in cross-border supply chain operations. Both countries' sample has great relevance due to the China Pakistan Economic Corridor (CPEC), which possesses several positive fallouts in terms of technology spillovers across firms. Using the partial least squares structural equation modeling (PLS-SEM) modeling framework, this study provides three key findings. First, BCT significantly improves the circular economy practices (circular procurement, circular design, recycling, and remanufacturing). Second, CE practices help improve firms' environmental performance and stimulate their financial performance. Third, higher eco-environmental performance significantly boosts organizational performance. This study sets out the foundations for participating countries/firms that simultaneously achieve financial and sustainable goals by integrating blockchain technology in circular economy practices.     

“I know I can,but I don't fit”: Perceived fit,self-efficacy,and entrepreneurial intention

While extant literature generally suggests a positive relationship between entrepreneurial self-efficacy and entrepreneurial intention, several moderators have been identified – suggesting possible boundary conditions on that relationship. This paper introduces perceived person-entrepreneurship fit to entrepreneurship and shows that it moderates the relationship between entrepreneurial self-efficacy and entrepreneurial intention. Three studies are conducted which illuminate the utility of randomized experiments and methodological approaches to address limitations in the interpretation of empirical results. Studies 1 and 2 are randomized experiments to examine causality; Study 3 contains two correlational surveys to triangulate the results by examining whether the proposed effects withstand the influence of confounding variables in real-life. The findings indicate that when a strong perception of fit with entrepreneurship is achieved, entrepreneurial intention is strongly predicted by entrepreneurial self-efficacy. In contrast, if one perceives a low level of fit or no fit, entrepreneurial intention will be low, regardless of entrepreneurial self-efficacy.     

The Right to Rent: Active Resistance to Evolving Geographies of State Regulation

Drawing on recent qualitative research on the UK's Immigration Act 2016, this article sets out to explain the opposition of social housing professionals to the imposition of the Right to Rent. By locating this policy intervention within the evolving geographies of state regulation, it is possible to account for the mechanisms through which housing professionals can resist the extension of duties that were previously the remit of border agents and immigration officials. Synthesizing Bourdieu's critical sociology with Boltanski and Thevenot's sociology of critique helps explain not only the governmental underpinnings of contemporary immigration rhetoric, but also the forms of resistance for which housing professionals display a strong justification in exercising. The universal nature of ‘classification struggles’ within and beyond state institutions extends the relevance of this research to encompass most, if not all, welfarist regimes operating within actually existing neoliberal orders. The analysis of the findings of this research has wider implications that reach beyond housing and urban studies while immigration persists as one of the most significant contemporary political issues, almost without geographical exception, right across the globe.