Institutional distance and international networking

We focus on how small- and medium-sized enterprises (SMEs) adapt to differences in institutional logics (values, beliefs, and rules) in their networking when they enter an institutionally distant market. We address gaps in the literature, relating to the role of institutional logics in SME internationalization, and how institutional distance affects the formation of network ties. We show how the social interaction involved in internationalization is embedded in the institutional logics followed by partnering actors. Specifically, we demonstrate how institutional distance may constrain the networking activities of SMEs and identify practices that may support successful internationalization.     

An Investigation of the Relationship Between Destination Branding and Destination Competitiveness

Empirical research focusing on the relationship between destination branding and destination competitiveness has so far been lacking. Even though destination brand is partially incorporated into the two most prominent theoretical models of destination competitiveness, there is still a need for understanding the role that destination branding plays in achieving destination competitiveness. For this reason, this study proposes a theory-based research instrument that joins the branding process implementation index and competitiveness measured by customer satisfaction. The proposed instrument is tested in the context of Croatian coastal destinations. The results confirm that a well-implemented destination branding process increases destination competitiveness.     

Das Fach Kommunikationswissenschaft

Communication Science appears to become more and more professionalized and seems to increase its research activities and publications. Yet there are no far empirical data to support what seems to be evident. In a survey among DGPuK members in 2010, Altmeppen et al. (2011) found a status quo that shows two interesting aspects: German Communication Science has extended its research activity and, at the same time, differentiated itself substantively and methodically. The data also show that the survey instrument used in the past does not grasp the discipline’s thematic, theoretic, and methodical diversity any more. This finding is a challenge to the field: Communication Science must find a way to systematize and structure itself in order to gather all thematic and methodic directions under one umbrella, considering both the broad avenues and the side roads. Based on the 2010 data and the existing survey categories, this paper develops an empirical instrument that can be used to examine, in a long term design, the research activities in Communication Science and demonstrate, to the discipline itself and to outside observers, its multifarious facets and its dynamic.     

The delivery option in credit default swaps

Under standard assumptions the reduced-form credit risk model is not capable of accurately pricing the two fundamental credit risk instruments – bonds and credit default swaps (CDS) – simultaneously. Using a data set of euro-denominated corporate bonds and CDS our paper quantifies this mispricing by calibrating such a model to bond data, and subsequently using it to price CDS, resulting in model CDS spreads up to 50% lower on average than observed in the market. An extended model is presented which includes the delivery option implicit in CDS contracts emerging since a basket of bonds is deliverable in default. By using a constant recovery rate standard models assume equal recoveries for all bonds and hence zero value for the delivery option. Contradicting this common assumption, case studies of Chapter 11 filings presented in the paper show that corporate bonds do not necessarily trade at equal levels following default. Our extension models the implied expected recovery rate of the cheapest-to-deliver bond and, applied to data, largely eliminates the mispricing. Calibrated recovery values lie between 8% and 47% for different obligors, exhibiting strong variation among rating classes and industries. A cross-sectional analysis reveals that the implied recovery parameter depends on proxies for the delivery option, primarily the number of available bonds and bond pricing errors. No evidence is found for a direct influence of the bid-ask spread, notional amount, coupon, or rating used as proxies for bond market liquidity.     

An analysis of the impact of student–scientist interaction in a technology design activity,using the expectancy-value model of achievement related choice

Many education initiatives in science and technology education aim to create enthusiasm among young people to pursue a career in Science, Technology, Engineering, and Mathematics (STEM). Research suggests that personal interaction between secondary school students and scientists could be a success factor, but there is a need for more in-depth research on the actual effects of science education initiatives. This paper describes an in-depth, qualitative assessment of a technology design activity, using as a theoretical framework the expectancy-value model of academic choice Eccles and Wigfield (Annu Rev Psychol 53:109–132, 2002). A core element in the studied education initiative is the interaction between secondary school students and scientists. Semi-structured interviews were conducted with participating students and analysed qualitatively to disentangle the factors in their motivation to participate in this initiative and their experiences and memories gathered during participation. Last, this paper reflects on the use of the expectancy-value model for in-depth assessments of science education initiatives. Results show that interest-enjoyment values and attainment values are most important in the students’ motivation to participate in the studied activity. These values are connected to educational principles of authentic practice, and of providing meaningful contexts for scientific concepts. Furthermore, results show that the interaction between students and scientists is not automatically a success factor. Disappointment in this interaction, can cast a shadow on students’ whole experience. This leads us to propose to include an additional factor in the expectancy-value model of achievement related choice: educational environment, including ‘personal interaction’ as an element. Adding this factor would—in our opinion—create an even better framework for in-depth assessment of science education initiatives.     

Insights into the reception and acceptance of risk messages: nuclear emergency communication

The objective of this paper is to test whether the effect of variables such as knowledge, attitudes, trust, risk perception, and psychometric risk characteristics changes in the different stages of risk-related information processing. To address this question, a distinction is made between two information-processing steps, reception (measured as a person’s ability to retain the information communicated) and acceptance (measured as a person’s level of agreement with the communicated information). An empirical study was conducted, using a radiological accident (2008) in Belgium as a communication case study. Face-to-face interviews were conducted on a large sample of Belgian population representative with respect to province, region, level of urbanization, gender, age, and professionally active status (N?=?1031) and among the population living in vicinity of the accident (N?=?104). All factors were measured on reliable scales (Cronbach’s α?>?.75). The reception–acceptance model was used to produce new insights into risk communication. The results demonstrate that knowledge was the driving factor only for the reception of risk messages, while heuristic predictors such as psychometric risk characteristics, attitudes, and trust were most influential for the acceptance of risk messages. It is discussed how the results will facilitate a more thorough understanding of information processing and how they could be used to design more focused risk communication strategies.     

Achieving destination competitiveness: an importance–performance analysis of Serbia

As a relatively new and under-researched tourism destination, Serbia provides an interesting context to assess destination competitiveness in conditions of global environmental changes and the additional challenges of transition from a socialist economy to a market-based economy. This article uses importance–performance analysis (IPA) to assess the importance of different activities to underpin tourism development in Serbia, as well as the industry's perceived performance in respect of these activities. There are a number of areas in which Serbian tourism industry considers itself to be underperforming in the implementation of activities to maintain destination competitiveness. This article analyses these results in detail using IPA as a diagnostic tool. Particular attention is paid to investigating the implications of the findings for both destination managers and private tourism operators in Serbia that can assist them to develop a focused action agenda to achieve and maintain destination competitive advantage. The approach can be used in other destinations to assess tourism ability to meet the challenges of global trends.     

The role of online platforms for media markets — Two-dimensional spatial competition in a two-sided market

We analyze the market for online and offline media in a model of two-dimensional spatial competition where media outlets sell content and advertising space. Consumer preferences are distributed along the style and type of news coverage where the distance costs may vary across dimensions. For integrated provision of online and offline platforms we show that entering the online market reduces average profits and may even constitute a prisoner's dilemma. Specialized provision may yield polarization in the style and type dimensions. This is in contrast to the maximum–minimum differentiation result previously established in the literature on multidimensional horizontal competition. We show that maximal differentiation in both dimensions occurs due to the discrete nature of the type dimension and asymmetric advertising markets.     

Market failures and the additionality effects of public support to private R&D: Theory and empirical implications

We extend the theoretical basis of the empirical literature on the effects of R&D subsidies by providing an estimable model of strategic interaction among subsidy applicants, and public and private sector R&D financiers. Our model incorporates fixed R&D cost and a cost of external finance. We derive the optimal support rule. At the intensive (extensive) margin the costs of external funding reduce (increase) the optimal subsidy rate. We also establish necessary and sufficient conditions for the existence of additionality. It turns out that additionality at the intensive margin is less likely with higher spillovers. Our results suggest that the relationship between additionality and welfare may not be straightforward.