Correction to: Counterfactual inference for consumer choice across many product categories

Quantitative Marketing and Economics -     

The ownership structure of UK firms and the informativeness of accounting earnings

This paper provides evidence that in the UK, a firm's ownership structure is related to the informativeness of its accounting earnings for price. Evidence is reported that concentrated outside ownership is negatively related to the contemporaneous price-earnings association. This is interpreted as indicative of more non-accounting information being collected and disseminated for firms whose ownership includes large outside (non-managerial) blocks and a consequential loss of informativeness of contemporaneous accounting earnings. Having controlled for the information environment, we provide evidence that the overall relation between return and earnings is attenuated for firms with diffuse outside ownership. This is interpreted as evidence of the market anticipating opportunistic managerial manipulation of earnings when outside ownership is diffuse.     

Industrial Restructuring and the State: the Case of MG Rover

MG Rover was the final name by which the British Leyland Motor Corporation (BLMC) became known. BLMC had been formed in 1968 upon a government initiative to strengthen the UK's automotive industry so that it could compete effectively with the American and other European multinationals in international markets. Within six years BLMC teetered on bankruptcy and was all but nationalised. This paper traces the ongoing secular decline of BLMC through its various stages down to the eventual closure of the Longbridge plant in 2005. In particular it will look at key themes such as investment, output, product development and market failure. In particular, there will be examination of the role of the various owners of Rover such as British Aerospace, BMW and the Phoenix Consortium as well as the part played by the UK government in the company's eventual downfall.     

The interaction of multiple champions in orchestrating innovation networks: Conflicts and complementarities

In networked or open innovation processes, so-called innovation communities have been identified in the innovation champion literature, in which innovation champions from different levels in the innovation system supposedly act as a team. It has however not been studied in detail to what extent and how different champions in innovation communities complement each other and act as a team. Applying the concept of innovation network orchestration to analyze the role and position of different kinds of champions as brokers in innovation networks, the purpose of this paper is to unravel the interaction between champions and what this entails in terms of role complementarities and conflicts as regards innovation network orchestration. This is done by using an explorative multiple case study approach in which three innovation journeys are analyzed. The results indicate that a distinction can be made between primary innovation communities, who act as aggregated orchestrators of the overall innovation network, and who in turn orchestrate secondary innovation communities in certain sub-networks. Here different kinds of champions complement each other and act as a team, but these complementarities are not a given: they are negotiated over time in interaction, and lack of reflection on each other’s roles may result in role conflicts. The main conclusion is that an oversimplified notion of innovation communities as a unified team of champions should be avoided: innovation communities themselves need a form of orchestration.     

Social Values versus Interpersonal Conflict among Hikers and Mountain Bikers

Conflict has traditionally been defined in terms of goal interference (interpersonal conflict) where the physical presence of one individual or group interferes with the goals of another individual or group. Recent research has identified social values differences as an alternative explanation for conflict. Social values conflict can occur between users with different beliefs and values, even if there is no contact between them. This article builds on this conceptual distinction by examining social values and interpersonal conflict reported by hikers (n = 210), mountain bikers (n = 163), and those who participate in both activities (n = 400). Data for this article were obtained from onsite surveys. Respondents evaluated unacceptable behaviors associated with hiking and mountain biking. Across all three groups, less conflict was reported for hiking than for mountain biking. To the extent that conflict did exist for hiking, mountain bikers and dual-sport participants were more likely than hikers to report unacceptable behaviors. For evaluations of mountain biking behavior, hikers were more likely than mountain bikers to experience conflict, whereas dual-sport participants fell in between these two extremes. All three groups reported more interpersonal than social values conflict.