Optimality of least squares in the seemingly unrelated regression equation model

In this article the authors have investigated the situations in which the single-equation least squares estimator is identical with the generalized least squares estimator in the seemingly unrelated regression model. The condition obtained turned out to be advantageous from an empirical point of view as it permits one to decide whether to go for a single-equation least squares method or Zellner's method with estimated disturbance variance covariance matrix for estimating the coefficients in the model.     

Industrial railway heritage trains: the evolution of a heritage tourism genre and its attributes

Heritage tourism forms a specific genre within the wider field of tourism; however, this genre itself encompasses a wide range of different types of heritage attractions, of which industrial attractions, military attractions, stately homes and attractions associated with historic people are all examples. This paper discusses the evolution of industrial railway heritage attractions from their original railway operations to visitor attractions; second, it examines the key attributes defining successful industrial railway heritage attractions; and third, it compares and contrasts these attributes for three industrial railway heritage attractions, spanning three separate locations and two countries (Australia and Malaysia). The findings from the study identify and support ranges of success factors and suggest a framework for examining the genre of industrial railway heritage attractions and their attributes. This framework can direct future studies that investigate the nature of industrial railway heritage trains, and contribute to enriching understanding and knowledge of this genre of attractions.     

Celebrity endorsements,self-brand connection and relationship quality

The extant literature on celebrity endorsement effects largely focuses on the endorsement effects on consumer evaluations of the endorsed brand. The current study extends the literature by assessing the impact of endorser credibility on two consumer–brand relationship-oriented outcomes – brand relationship quality and consumer self-brand connections. Additionally, the self-brand connection is positioned as a partial mediator of the effect of endorser credibility on relationship quality. A conceptual model is developed and estimated on a sample of 535 Generation Y (youth) consumers from India. The hypotheses are supported and the model demonstrates acceptable fit to the data. Overall, the present study introduces a relationship-building perspective to the celebrity endorsement literature. The results suggest that celebrity endorsers possess the ability to provide meaningful self-definitional benefits to consumers as well as cultivate enhanced relationship quality with the endorsed brands, thus contributing novel insights into celebrity endorsement dynamics.     

Bayesian incentive compatible parametrization of mechanisms

We consider a general scheme to construct Bayesian incentive-compatible mechanisms using a suitable ‘variable mechanism parametrization.’ The key idea is to perturb a given direct mechanism, which might not be truth revealing, introducing sufficient variability as a function of agents’ announcements to generate incentives for truthful revelation. We discuss a variable-price auction in a general setting as an example.     

Convergence and reorientation via open innovation: the emergence of nutraceuticals

The use of networked organisational arrangements to conduct exchanges is one of the most distinctive features of high-tech research-intensive industries. Advances in biotechnology and genomics research have enabled a generic technology platform that has fuelled a more ‘open’ approach to innovation and learning. This relies on collaborations between networked partners and allows for the convergence and reorientation of traditional sectors. This paper lends support to the view that some technologies can trigger a higher system level innovation, that is, in addition to the inter-firm level, an inter-industrial and inter-institutional level convergence and re-orientation process. This paper explores how this phenomenon is being witnessed in the pharmaceutical and food sectors and fast becoming a dominant logic in the emerging nutraceuticals industry.     

中印创业者之创业评价与青年人职业选择研究

社会支持是创业活动重要的推动因素,而对创业发展的政策制定而言,假设不同地区对创业活动的需求是一致的,同样的政策可以适用于不同的地区.本研究认为,社会如何看待创业者和创业是未来创业活动的重要决定因素.这种态度会受到个人的家庭背景以及该地区的创业发展情况影响.     

Correction to: Determinants of agricultural entrepreneurship: a GEM data based study

International Entrepreneurship and Management Journal - The original article has been corrected. The spelling of author name Amit Kumar Dviwedi was incorrect and has now been corrected to Amit...     

Determinants of agricultural entrepreneurship: a GEM data based study

The aim of this study is to explain the determinants of entrepreneurship in agriculture industry. What are the drivers of early stage entrepreneurial activity of agri-business entrepreneur and how it is influenced by various cognitive and social capital factors? To answers these questions various driving factors of entrepreneurial activity have been explored from the literature. To achieve the objective, the study uses APS (Adult Population Survey) 2013 data of 69 countries provided by GEM (Global Entrepreneurship Monitor). Total number of respondents 1470, those who are alone or with others, currently trying to start a new business, including any self-employment or selling any goods or services to others in Agriculture Industry, were selected from the data set. To measure the influence of cognitive and social capital factors on early stage entrepreneurial activity logistic regression was employed. The findings show that those who see entrepreneurial opportunities, are confident in their own skills and ability, having personal relationship or social networks with existing entrepreneurs, and have invested in others business as business angels are more likely to become an entrepreneur. Additionally, fear of failure or risk perception does not prevent people to become entrepreneur. Policy implications have been discussed. This is one the first study of its kind and contributes to the existing literature by explaining agricultural entrepreneurship through an integrated approach of entrepreneurial cognition and social networking.

     

Stable Discovery of Interpretable Subgroups via Calibration in Causal Studies

Building on Yu and Kumbier's predictability, computability and stability (PCS) framework and for randomised experiments, we introduce a novel methodology for Stable Discovery of Interpretable Subgroups via Calibration (StaDISC), with large heterogeneous treatment effects. StaDISC was developed during our re-analysis of the 1999–2000 VIGOR study, an 8076-patient randomised controlled trial that compared the risk of adverse events from a then newly approved drug, rofecoxib (Vioxx), with that from an older drug naproxen. Vioxx was found to, on average and in comparison with naproxen, reduce the risk of gastrointestinal events but increase the risk of thrombotic cardiovascular events. Applying StaDISC, we fit 18 popular conditional average treatment effect (CATE) estimators for both outcomes and use calibration to demonstrate their poor global performance. However, they are locally well-calibrated and stable, enabling the identification of patient groups with larger than (estimated) average treatment effects. In fact, StaDISC discovers three clinically interpretable subgroups each for the gastrointestinal outcome (totalling 29.4% of the study size) and the thrombotic cardiovascular outcome (totalling 11.0%). Complementary analyses of the found subgroups using the 2001–2004 APPROVe study, a separate independently conducted randomised controlled trial with 2587 patients, provide further supporting evidence for the promise of StaDISC.     

Mandatory Corporate Social Responsibility: The Indian experience

The question we raise is what to do when companies fail to keep pace with societal expectations with respect to their corporate social responsibility (CSR). The response of the Indian government was to make it mandatory for large corporations to spend funds on CSR activities. In this paper, we investigate the success of this legislation both for the companies and the intended beneficiaries. We find that the impact of the legislation has fallen short of expectations both in terms of the volume of CSR expenditure generated and the activities to which it has been directed. In particular, we find that the legislation has had a negative corporate profitability which can impact on the willingness of companies to spend in this area. We conclude that greater care must be taken when implementing mandatory CSR if it is to be effective.