Did households’ time preference change due to the Great Recession?

Household time preference for US households, as measured by the planning horizon, was fairly stable for many years, but sharply changed with the onset of the Great Recession. Based on an analysis of a combination of the 1992–2013 Survey of Consumer Finances (SCF) datasets, time preference increased in 2010 and remained high in 2013, indicating households were less patient after the onset of the recession. This pattern held up even after controlling for household characteristics.     

Banks’ deferred tax assets during the financial crisis

Review of Quantitative Finance and Accounting - Prior studies have demonstrated that the net deferred tax liabilities of industrial firms are valued by market participants in a manner consistent...     

‘You really are a great big sister’ – parasocial relationships,credibility, and the moderating role of audience comments in influencer marketing

ABSTRACT

This study examines the moderating role of audience comments in influencer marketing. A YouTube vlog entry by a social media influencer featuring the endorsement of a brand was studied, and an experimental design featuring two conditions related to audience comments was created. The results indicate that a parasocial relationship with the influencer builds the perceived credibility of the influencer, while comments by other audience members moderate the effect. Influencer credibility positively affects brand trust and purchase intention. The findings enhance the understanding of the role of an active audience in influencer marketing.     

IT-systeme als enabler von marketing-kooperationen: Steigert der einsatz von it den markterfolg durch vertikale marketing-kooperation?

Diese Studie zeigt auf, dass sowohl die Koordination von Marketingaktivit?ten zwischen vertikalen Partnern in der Wertsch?pfungskette (strategische Steuerungsebene) als auch gemeinsam geplante und durchgeführte Marketingaktivit?ten (operative Ebene) wichtig für den Markterfolg der beteiligten Unternehmen sind. Die Ergebnisse zeigen, dass dabei dem Einsatz von IT-Systemen zur Unterstützung dieser kooperativen Prozesse eine besondere Bedeutung zukommt, indem er diese Beziehung(en) zwischen der Marketing-Kooperation und dem Markterfolg von Unternehmen positiv moderiert.     

R&D Partnerships and Innovation Performance: Can There Be too Much of a Good Thing?

R&D collaboration facilitates the pooling of complementary skills, learning from the partner as well as the sharing of risks and costs. Research therefore stresses the positive relationship between collaborative R&D and innovation performance. Fewer studies address the potential drawbacks of collaborative R&D. Collaborative R&D comes at the cost of coordination and monitoring, requires knowledge disclosure, and involves the risk of opportunistic behavior by the partners. Thus, while for lower collaboration intensities the net gains can be high, costs may start to outweigh benefits if firms perform a higher share of their innovation projects collaboratively. For a sample of 2735 firms located in Germany and active in a broad range of manufacturing and service sectors, this study finds that increasing the share of collaborative R&D projects in total R&D projects is associated with a higher probability of product innovation and with a higher market success of new products. While this confirms previous findings on the gains for innovation performance, the results also show that collaboration has decreasing and even negative returns on product innovation if its intensity increases above a certain threshold. Thus, the relationship between collaboration intensity and innovation follows an inverted‐U shape and, on average, costs start to outweigh benefits if a firm pursues more than about two‐thirds of its R&D projects in collaboration. This result is robust to conditioning market success to the introduction of new products and to accounting for the selection into collaborating. This threshold is, however, contingent on firm characteristics. Smaller and younger as well as resource‐constrained firms benefit from relatively higher collaboration intensities. For firms with higher collaboration complexities in terms of different partners and different stages of the R&D process at which collaboration takes place, returns start to decrease already at lower collaboration intensities.     

The Antecedents and Consequences of Affordable Value Innovations for Emerging Markets

Emerging markets offer tremendous growth opportunities for firms. While established multinational firms typically focus on premium segments in emerging markets, they often fail to leverage additional growth opportunities in so‐called good enough or low‐income segments in emerging markets. Customers in these low‐income markets have substantially different requirements and are very price sensitive. Theoretical and case‐based research suggests that innovating for these low‐income segments in emerging markets differs significantly from innovating for premium or traditional Western markets. We argue that tapping successfully into low‐income segments in emerging markets requires the development of new products that meet the low price expectations while at the same time offering also value to customers in these segments. We refer to these new products as affordable value innovations. We analyze the antecedents of affordable value innovation for emerging markets. We draw on institutional theory to derive three potentially relevant antecedents of affordable value innovation for emerging markets. These are bricolage, local embeddedness, and standardization. We test our hypotheses using multiple informant data from 47 multinational corporations involving 103 innovation projects that target low‐income customers in emerging markets. Our empirical analysis shows that all three antecedents have significant effects on the level of affordable value innovation: while bricolage and local embeddedness are positively related to the level of affordable value innovation, standardization has a negative impact. We also examine the relationship between the level of affordable value innovation and performance. We find evidence for our basic assumption that a firm's capability to develop and launch affordable value innovations is key to success in emerging markets. It indicates that a firm's investments in affordable value innovations for emerging markets pay off financially. Finally, a cross‐regional comparison of our data shows that the key findings on antecedents of affordable value innovation and its impact on performance do not vary across various emerging markets. Overall, our findings offer important implications for research on and the practice of innovation for low‐income segments in emerging markets.     

Intermediary roles in local mobile advertising: Findings from a Finnish study

This research examines the intermediary roles that advertising agencies perform between small local advertisers and a mobile advertising service provider. The intermediary roles have been left unexplored, although the agencies have influence on their client's decisions to use new media. A real-life experiment of new mobile advertising system was conducted, and interview data from eight advertising agencies were collected. The findings show that agencies may play three types of roles. In playing connecting, mediating, and inhibiting roles, agencies influence the value created not only for their clients' but also for themselves and the advertising media provider.     

Pre‐school staffs’ attitudes toward foods in relation to the pedagogic meal

The aim of this study, with the pedagogic meal in focus, was to identify pre‐school staff members’ attitudes to the role of food and meals as part of daily activities at pre‐school. Interviews were carried out at 12 pre‐schools and a total of 34 pre‐school staff participated. The staff revealed strong opinions as well as ambivalence towards how food and meals should best be integrated into their daily work and pedagogic activities. The pre‐school staffs’ lack of or insufficient education and knowledge regarding food and nutrition resulted in an ambivalent and uncertain situation with respect to how they should see themselves as teachers in the meal situation. Nevertheless, most of the staff had a clear perception of what it meant to practice a pedagogic meal. It meant helping and encouraging the children to help themselves and serving as an adult model for the children at table, though this pedagogic activity was uncommon. While the staff were satisfied with the pre‐schools’ role of catering for the children, they expressed concern about or even mistrust towards the children's parents. Despite, or perhaps due to, their inadequate knowledge about food and nutrition and the lack of specific aims for the pedagogic meal, they assumed that the public sector was a better educational institution regarding foods and a better guarantor for children's food habits and dietary intake. As the teachers’ identities have changed over the past years they have not yet found a solid ground for determining how food and meals could be integrated into their everyday work as pre‐school teachers and childminders.