Conceptualising town centre image and the customer experience

Abstract

Compared with store image literature, the town centre is underexplored as a retail image context. This paper examines what is meant by town centre image by conducting an empirical study of 536 consumers to elicit top-of-mind images of five town centres. Following extensive content analysis and rigorous replication, the findings reveal a broader, holistic image construct than previously assumed in the literature. New psychological, intangible elements of town centre image are identified, confirming the need to measure image specific to the retail context. Further, drawing on the customer experience framework, a conceptual model of town centre image is developed. The model provides the basis for future conceptualisation and operationalisation of town centre image, combined with an approach for managing the customer experience in town centres.     

Conceptualizing Innovation Orientation: A Framework for Study and Integration of Innovation Research*

The term innovation orientation has been frequently used in the innovation literature, but with a mix of conceptualizations and meanings. Drawing from work found in the innovation, management, and marketing literatures over the past 35 years, the concept of innovation orientation as a system is conceptualized and defined in this article. The domain of innovation orientation is delineated as a multidimensional knowledge structure and a framework for understanding innovation orientation and its consequences in an organizational context are developed. The framework defines the innovation orientation knowledge structure as composed of a learning philosophy, strategic direction, and transfunctional beliefs within an organization that define and direct the organizational strategies and actions toward specific innovation‐enabling competencies and processes. These innovation‐oriented firm competencies are in the areas of resource allocation, technology, employees, operations, and markets. The framework then explains that these appropriately developed innovation‐enabling competencies lead to innovation outcomes, specifically ideal innovation form, type, and rate that, in turn, affect firm performance. An inventory of propositions for future research that correspond to the innovation orientation concept is also presented in this comprehensive framework. This study provides two important contributions to the existing innovation literature. First, the article examines the vast innovation literature to arrive at a clear definition of the innovation orientation construct to provide a consistent conceptualization for future research. Second, the article develops a comprehensive, organized framework for understanding innovation orientation and its effects. In doing this, the framework extends the dynamic capabilities research stream by offering an explanation of how innovation orientation fosters the development of organizational competencies and makes it possible for a firm to recognize and respond to shifts in market dynamism.     

Testing the sufficiency of the theory of planned behavior: a case of customer dissatisfaction responses in restaurants

This study tested the sufficiency of both the Theory of Planned Behavior (TPB) and the extended TPB models by adding the variable of past behavior. In addition, the present study examined the mediating role of the TPB variables on the relationships between past behavior and customers’ intentions to engage in different types of dissatisfaction responses (i.e., voice, negative word-of-mouth communication, and exit). Results of the study demonstrated the strong predictive power of the original TPB mode but the inclusion of past behavior did not significantly improve the predictability of the three dissatisfaction response intentions. Furthermore, the mediating analyses indicated that the influence of past behavior was mediated by TPB variables. In the contexts of negative word-of-mouth communication, the effect of past behavior on intention was mediated by attitude. Meanwhile, both subjective norm and perceived behavioral control mediated the relationship between past behavior and the intention to engage in voice behavior.     

Copula-based factor model for credit risk analysis

A standard quantitative method to assess credit risk employs a factor model based on joint multivariate normal distribution properties. By extending the one-factor Gaussian copula model to produce a more accurate default forecast, this paper proposes the incorporation of a state-dependent recovery rate into the conditional factor loading and to model them sharing a unique common factor. The common factor governs the default rate and recovery rate simultaneously, implicitly creating their association. In accordance with Basel III, this paper shows that the tendency toward default during a hectic period is governed more by systematic risk than by idiosyncratic risk. Among those considered, the model with random factor loading and a state-dependent recovery rate is shown to be superior in terms of default prediction.     

Surprises,sentiments, and the expectations hypothesis of the term structure of interest rates

Between 2005 and 2009, we document evident time-varying credit risk price discovery between the equity and credit default swap (CDS) markets for 174 US non-financial investment-grade firms. We test the economic significance of a simple portfolio strategy that utilizes fluctuation in CDS spreads as a trading signal to set stock positions, conditional on the CDS price discovery status of the reference entities. We show that a conditional portfolio strategy which updates the list of CDS-influenced firms over time, yields a substantively larger realized return net of transaction cost over the unconditional strategy. Furthermore, the conditional strategy’s Sharpe ratio outperforms a series of benchmark portfolios over the same trading period, including buy-and-hold, momentum and dividend yield strategies.     

Mode of Entry and the Regional Distribution of Foreign Direct Investment in China

In this paper we re-examine the regional determinants of FDI in China using both total FDI flows, and FDI flows disaggregated by entry mode. Building on both the FDI location and entry mode choice literatures, we argue for the existence of mode-specific location advantages, and test for their existence. We first specify and estimate a location model of aggregate FDI flows to Chinese regions. Using the aggregate model as a benchmark, we then estimate separate equations for each of three different entry modes (wholly-owned subsidiaries, equity joint ventures and cooperative joint ventures), and compare the results with the aggregate model. The results indicate that mode-specific location advantages do exist, at least within China, but they are limited to a small number of factors. In particular, we identify the accumulated stock of FDI as being more likely to attract high control modes of entry, while existing policies to attract FDI are more likely to attract lower control modes of entry.     

The developing field of technology education: a review to look forward

This paper attempts to review the development of technology education over the last 20–25 years. The purpose is to reflect on how far the field has come and where it might go to, including what questions need to be considered in its ongoing development. The data for this paper draw on our work in developing The International Handbook of Research and Development in Technology Education (Jones and de Vries 2009). However, the paper is more than a summary of this work, instead representing a synthesis in its own right. The work was not undertaken to report solely on the collective achievement of a large number of people internationally, but rather to use this as a means for setting a sound foundation for future research, development and teaching in technology education. By considering the underlying philosophy, international development of curriculum, relationships of technology education with other subject areas, teaching, learning and assessment as well as teacher education, and educational research, we are able to scope past activities and present an agenda for moving forward in teaching, research and development.     

Fewer Fish for Higher Profits? Price Response and Economic Incentives in Global Tuna Fisheries Management

This paper evaluates industry-wide economic incentives arising from changes in product prices in an industry exploiting a common renewable resource (tropical tunas) that is regulated via output limits. Changes in prices alter economic incentives by affecting revenues, profits, conservation, and nonmarket public benefits. Economic incentives in industries exploiting common resources have been examined from multiple angles. However, industry level variation in market prices arising from changes in public regulation has not been explored. We analyse the impact on economic incentives due to changes in output limits and market prices through estimation of ex-vessel price and scale flexibilities for imported skipjack and yellowfin in Thailand’s cannery market. The unitary scale flexibility, estimated from the General Synthetic Inverse Demand Systems, indicates no loss in revenue and even potential profit increases resulting from lower harvest levels that could arise from lower catch limits. However, for a revenue neutral or positive outcome to be achieved, the three inter-governmental tuna Regional Fisheries Management Organizations, which manage the majority of the yellowfin and skipjack tuna in the Pacific and Indian Oceans, would have to coordinate multilaterally to set the catch limits for both species.