An interactive perspective on business in practice and business in theory

For nearly a quarter of a century researchers engaged in business exchange have met on the annual IMP Conferences to share their experiences, with the phenomenon of interaction and business relationships; its sources, content and effect for the larger business landscape. This special issue’s selection of papers from the 2008 IMP Conference gives a nice illustration of the width and depth in this research. The issue includes considerations of interdependencies in dyadic business relationships, in connected business relationships and among business and non-business organizations. Finally, it includes a discussion of the emergences of research communities like IMP, and stresses the importance of the organically emerging interaction among researchers representing both similar and dissimilar theoretical and empirical interpretations of the dynamics of the business landscape.     

A network approach for assembling and linking input–output models

Input–output (IO) models, describing trade between different sectors and regions, are widely used to study the environmental repercussions of human activities. A frequent challenge in assembling an IO model or linking several such models is the absence of flow data with the same level of detail for all components. Such problems can be addressed using proportional allocation, which is a form of algebraic transformations. In this paper, we propose a novel approach whereby the IO system is viewed as a network, the topology of which is transformed with the addition of virtual nodes so that available empirical flow data can be mapped directly to existing links, with no additional estimation required, and no impact on results. As IO systems become increasingly disaggregated, and coupled to adjacent databases and models, the adaptability of IO frameworks becomes increasingly important. We show that topological transformations also offer large advantages in terms of transparency, modularity and increasingly importantly for global IO models, efficiency. We illustrate the results in the context of trade linking, multi-scale integration and other applications.     

Using Lifestyle Analysis to Develop Lodging Packages for Staycation Travelers: An Exploratory Study

When the U.S. economy experienced a downturn in 2008, an alternative to travel known as a “staycation” became popular. This study investigated the lifestyle profiles of staycation travelers by using Activities, Interests, and Opinions statements to segment staycation travelers. Because the largest percentage of staycations is taken by the Millennial generation, students at a university in northeastern Ohio were surveyed. An exploratory factor analysis revealed six factors followed by a cluster analysis, which revealed four clusters. Travel packages that hotels could create to market to members of the four clusters were created. Limitations and future research are discussed.     

How do commodity futures respond to macroeconomic news?

This paper investigates the impact of seventeen US macroeconomic announcements on two broad and representative commodity futures indices. Based on a large sample from 1989 to 2005, we show that the daily price response of the CRB and GSCI commodity futures indices to macroeconomic news is state-dependent. During recessions, news about higher (lower) inflation and real activity lead to positive (negative) adjustments of commodity futures prices. In contrast, we find no significant reactions during economic expansions. We attribute this asymmetric response to the state-dependent interpretation of macroeconomic news. Our findings are robust to several alternative business cycle definitions.

Comparative Analysis of the Informal Pre‐Insolvency Procedures of the UK and France

The aim of this paper is to provide a brief overview of the informal pre‐insolvency proceedings available in the UK and France. In addition, the aim is to provide a comparative analysis of the approach taken towards corporate rescue at this early stage by the ‘key players’ in insolvency. In particular, emphasis will be placed on the role of insolvency practitioners and creditors as well as the involvement of the courts in pre‐insolvency restructurings. Finally, the paper considers the effectiveness of the pre‐insolvency mechanisms available in the two jurisdictions and assesses whether or not these promote and encourage a corporate rescue culture. Copyright © 2016 INSOL International and John Wiley & Sons, Ltd. Copyright © 2016 INSOL International and John Wiley & Sons, Ltd     

The barriers and drivers of seafood consumption in Australia: A narrative literature review

Although seafood is considered to be an important part of a healthy and balanced diet, many Australians still do not consume the recommended amounts for good health. Fish is an excellent source of protein, omega‐3 fatty acids and other nutrients, and studies have shown that seafood‐rich diets can have a lower impact on the environment than diets high in other animal proteins. Concerns about health and sustainability have led to an increased interest in understanding consumers' attitudes toward seafood. This review aims to assess the current knowledge on drivers and barriers to seafood consumption in the Australian context. Systematic search strategies were used to identify relevant peer‐reviewed journal articles from three electronic databases (SCOPUS, Web of Science and Science Direct) and grey literature reports from targeted government and industry websites. Accepted studies investigated drivers and/or barriers to seafood consumption in Australia through qualitative, quantitative, or mixed method designs. Initial searches identified 504 publications from which fourteen met the criteria for the review process. The reviewed studies revealed that influences on seafood consumption in Australia are similar to those identified in other developed countries. The leading drivers of seafood consumption are health, taste, and convenience, while the main barriers are price, availability, concerns about quality, and a lack of confidence in selecting and preparing seafood. Some possible intervention strategies targeted toward these factors are explored in the discussion. Future research should focus on designing and implementing specific interventions so that their effectiveness in increasing seafood consumption in Australia can be assessed.     

A systematic review of women's entrepreneurship and internationalization literature

There has been an increased interest in women's entrepreneurship research due to the changing sociocultural conditions in the global marketplace. Despite this trend, there is still a lack of understanding about the role women entrepreneurs play in the internationalization process of firms. The aim of this article is to systematically review the literature on women's entrepreneurship and internationalization by examining the trends in the research. A bibliometric analysis is conducted on articles in the Web of Science databases to understand which researchers are publishing the most and how they are related to other researchers in the field. In addition, a content analysis of the articles from the bibliometric analysis is conducted that reveals three main clusters from the research: (a) epistemological position and gender, (b) cultural and social reasons for the creation of businesses, and (c) motivations, business characteristics, and performance. From the bibliometric and content analysis, implications for policy makers and future research directions for women's entrepreneurship and internationalization patterns are stated.     

The relationship between tax rates and tax revenues in eurozone member countries - exploring the Laffer curve

We estimate Laffer Curves for direct and indirect taxes for each Eurozone country, using panel data from 1995 to 2011, by means of Seemingly Unrelated Regression (SUR) models. We choose the three taxes that contribute the most to the government tax revenue: the value added tax (VAT), the corporate income tax (CT), and the labour income tax (LT). From our estimated significant parameters, which have the expected signs according to the Laffer Curve theory, we obtained a maximum/optimal tax rate for VAT for Greece, Portugal, and Slovakia and for the majority of the Eurozone countries for direct taxes. We also take into consideration the business cycle. Many countries do not present differences in regime, and when they do, the optimal tax rate is higher during recessions. Finally, we compare the observed tax rates in 2012 to the estimated optimal tax rates, to assess if the 2012 policy was located at the prohibitive range of the Laffer Curve. Our results are important for the discussions about fiscal discipline and harmonization in the Eurozone, since they exhibit important disparities between countries and taxes. We can see that, especially for CT and LT, there is a strong divide between the values of the optimal maximum tax rates for Eastern European countries and Western European economies. Additionally, the economic and financial conditions of each country also influence the value for the tax rate.     

Comparison of Stakeholder Perspectives on Current Regulatory and Reporting Reforms

In the European insurance industry, regulatory and reporting frameworks are currently subject to far-reaching reforms. We focus on four of these frameworks, namely the Solvency II framework, insurance guaranty systems, the proposed IFRS 4 Phase II international accounting standards, and Market Consistent Embedded Value reporting. We present these frameworks, analyze them from the insurance company's management, investors, and policyholder perspectives, and compare them. Our analysis implies that the four frameworks need to be considered jointly, due to various interrelations and interactions. We argue that a coordinated introduction will be necessary to ensure that the regulatory burden is reduced and synergies can be utilized in the event of all four frameworks being implemented as planned. Furthermore, we analyze the challenges of a holistic, comprehensive approach to insurance reporting and regulation and its implementation in order to achieve the goals set by the frameworks.     

Bilateral Trade, Openness, and Asset Holdings

This paper analyzes the relationship between bilateral trade flows, trade openness, and asset holdings in a three-country stochastic general equilibrium model. The three-country model set-up enables me to disentangle the effects of bilateral trade flows and trade openness on bilateral portfolio patterns. I find that both factors independently influence bilateral asset holdings. Higher bilateral trade as well as higher trade openness lead to a higher bilateral foreign asset position. Furthermore, the model shows an interaction effect between these two factors, where increasing trade openness reduces the influence of bilateral trade flows on asset holdings. I provide supporting empirical evidence for these theoretical findings using a data set on the geographical composition of international portfolio holdings.