Acquisitions of family owned firms: boon or bust?

Using a hand-collected dataset, we examine the acquisitions of 307 family owned targets for the period 1984–2000 to study the conflicting roles of entrenchment and alignment of interests in these firms. We find that bidders experience the strongest announcement market reaction at the medium levels of family ownership. However, bidder returns are negatively impacted when acquiring a public target family firm, even controlling for the percent owned by the family. We also find that overall firms that acquire family owned targets experience significant large negative returns in the long run. However, the long run results are also sensitive to the ownership structure of the family firm target with medium levels resulting in insignificant returns in the long run.     

The role of actual,ideal, and ought self‐congruence in the consumption of hedonic versus utilitarian brands

To emotionally attach consumers to a brand and inspire brand loyalty, marketers often target the brand personality towards the consumer's actual or ideal self. The self is not limited to its actual and ideal dimension, however, and motivation to approach a desired self may vary depending on the consumer's personality. Thus, the current research is the first to link self‐congruence to self‐discrepancy theory by incorporating the ought self into the self‐congruence framework and taking into account self‐discrepancies as potential moderators of the self‐congruence effect. Additionally, hedonic brand nature is discussed as important condition for self‐congruence and self‐discrepancies exhibiting their fullest effect. The conducted study focuses on how actual, ideal, and ought self‐congruence influence emotional brand attachment and consequently brand loyalty. For brands of primary hedonic nature, findings confirm actual and ideal self‐congruence as drivers of emotional brand attachment, which in turn increases brand loyalty, while ought self‐congruence influences brand loyalty directly. Moreover, self‐discrepancies moderate the described relations, albeit their effect is contrary to theory‐based expectations. From these findings, the authors derive important implications for business practice and future research.     

Bubbles,crashes and information contagion in large-group asset market experiments

Experimental Economics - We study the emergence of bubbles in a laboratory experiment with large groups of individuals. The realized price is the aggregation of the forecasts of a group of...     

Marketing and the law

Marketing decisions are particularly vulnerable to legal rulings made in both the courts and the legislatures. The effective management of those legal implications challenges the modern marketing professional. Grasping marketing's overall legal environment, including its governing case law, regulatory statutes and future trends, is essential. These reviews will provide analysis of recent court cases and legislation with particular emphasis on creatively assisting the marketer's management of the legal factor.     

Occupational accidents in the Netherlands: incidence,mental harm,and their relationship with psychosocial factors at work

This study investigated the incidence of mental harm due to occupational accidents and the relation between psychosocial factors at work and the occurrence of occupational accidents in the Netherlands for the construction industry and health and welfare sector. Analyses revealed that occupational accidents in the construction industry more often involved physical harm, whereas accidents in the health and welfare sector relatively more often resulted in mental harm, in comparison to other sectors. Results showed that psychosocial factors were associated with occupational accidents in both sectors. For the construction industry, high time pressure and exposure to violence and harassment by colleagues or supervisors were associated with occupational accidents. For the health and welfare sector, low autonomy and exposure to violence and harassment by colleagues or supervisors or by people outside the organization were associated with occupational accidents. The present paper stresses the importance of also taking psychological consequences and psychosocial factors at work into account in assessing the occurrence of occupational accidents.     

Pay progression in routinised service sector work: navigating the internal labour market in a fast food multinational company

The United Kingdom's widespread use of low-skill, low-paid employment has been well documented. It has been argued internal labour markets (ILMs) benefit such workers, affording them with opportunities for progression. Relatively little is known, however, about the impact of ILMs on entry level workers undertaking routinised service sector work. Drawing on qualitative data, this article explores the prospects on offer in a market leading, fast food multinational company. Potential enabling features include on-the-job training, a transparent and integrated pay structure and a professed culture of progression . Occupational movements to positions above the low-pay threshold are, however, relatively rare. We conjecture this contradiction is the result of the business context in which the firm operates. The findings suggest that in sectors where price leadership strategies dominate, escape from low pay is likely to be exceptional, even within large organisations featuring some of the classic characteristics of ‘pure’ or strong ILMs.     

中企海外并购成功法则

尽管这些年中国企业海外并购越来越多，但是成功较少，失败案例却较多。     

The tourist experience of domestic VFR travellers: the case of Hungary

Visiting friends and relatives (VFR) is the main driver of domestic travel in many countries. This study is one of the first to analyse VFR travel from a perspective of tourist experience. This study aims to investigate the complex dynamics behind VFR-related travel, especially in aspects of trip activities and tourist experience formation. Based on a survey (N?=?879) examining domestic VFR travellers’ trip activities in Hungary, the paper discusses the formation of a tourist experience in context of short-haul domestic VFR travel, especially the role of influencing factors. The results reveal differences between the segments with trip motivation of visiting friends (VF) and visiting relatives (VR) – the two main types of VFR tourists. It was found that independent variables such as VF, staying for longer and participating in leisure and tourism-type activities have a positive effect on tourist experience evolvement; however, factors such as VR, being rather passive during such a visit and focusing on social acts and bonding negatively affect the formulation of a tourist experience. The paper’s novelty and uniqueness lies in applying a new perspective of analysing and discussing VFR travel: the theoretical concept of tourist experience formation.     

How Industries Evolve

Firms can improve their performance by tailoring investments to ride industry trends rather than to fight them. This article sheds light on how. It argues that better corporate performance hinges on understanding how industries evolve and that the main frameworks currently in use (the five forces and the S-curve/product life cycle models) are incomplete for this purpose. Building on an extensive body of fieldwork and statistical research, the author identifies four basic models of industry evolution which she calls 'receptive', 'blockbuster', 'radical organic', and 'intermediating'. Each kind of evolution involves specific kinds of risks, and each carries different implications for the relevance of established capabilities and investment priorities.