An Exploratory Examination of Serious Surfers: Implications for the Surf Tourism Industry

Surf tourism is a multibillion dollar industry expected to continue expanding. Despite such economic significance, the surf tourism literature has gaps related to surf tourism segments. In response, this study applied the serious leisure framework to profile serious surfers and contrast their sociodemographic composition and travel behaviors. Although more serious surfers are more avid travelers in the quest for the perfect wave as compared with less serious surfers, preference for local attractions and conveniences did not vary between groups. In addition to contributing the scholarship of serious leisure and surf tourism, this study provides insights for the surf tourism industry. Copyright © 2015 John Wiley & Sons, Ltd.     

Asymmetric rivalry between strategic groups: response,speed of response and ex ante vs. ex post competitive interaction in the spanish bank deposit market

The objective of this study is to examine asymmetric rivalry between strategic groups in a given industry. Two research hypotheses argue for the existence of asymmetric rivalry in the sense that strategic groups of small companies have a greater degree of response but a slower speed of response to the actions of strategic groups of large companies, than vice versa. To test this, we use an ex post approach that examines the news releases published on the strategic actions and reactions of firms. A third hypothesis compares ex ante competitive expectations with ex post asymmetric rivalry between strategic groups. To test this, we compare ex post news on actions/reactions with an ex ante approach that estimates conjectural variations. The empirical application carried out on bank deposits in the Spanish market defines strategic groups in terms of size due to the historical and institutional conditions of the industry (deregulatory change). The results obtained show that rivalry patterns between strategic groups in terms of company size can be predicted as asymmetric in the sense that smaller bank strategic groups have a greater degree of response (Stackelberg ‘leader–follower’ competitive interaction), and a slower speed of response to the actions of larger bank strategic groups than is found the other way around. Moreover, ex ante expectations of aggressiveness on the part of larger strategic groups characterize greater ex post reactions from the smaller‐size strategic groups. Therefore, the size distribution of strategic groups is valuable to research on complex industries with deregulation changes. Copyright © 2005 John Wiley & Sons, Ltd.     

Going Lean: How the Best Companies Apply Lean Manufacturing Principles to Shatter Uncertainty, Drive Innovation, and Maximize Profits by Stephen A. Ruffa

Books reviewed in this issue:

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  Going Lean: How the Best Companies Apply Lean Manufacturing Principles to Shatter Uncertainty, Drive Innovation, and Maximize Profits
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  Ready, Set, Dominate: Implement Toyota's Set-Based Learning for Developing Products and Nobody Can Catch You!
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  Market Rebels: How Activists Make or Break Radical Innovations

     

Rural tourism and gendered nuances

Research findings on rural residents’ attitudes towards tourism are often contradictory, in part due to a lack of data examining the often divergent perspectives of particular subgroups. Regional survey data from the Intermountain Western United States is used to provide an improved understanding of rural tourism attitudes as they are linked to community involvement and changes, while also exploring both intragender and intergender differences. Group differences in levels of community involvement, perceptions of tourism and various other issues are observed. While differences emerge, there is also widespread agreement on the importance of preserving local culture and the opposition to sale of agricultural land for development.     

Authentic leadership promoting employees' psychological capital and creativity

Two hundred and one employees report their psychological capital, as well as their supervisors' authentic leadership. Supervisors describe the employees' creativity. The main findings show that authentic leadership predicts employees' creativity, both directly and through the mediating role of employees' psychological capital. The study empirically validates theoretical arguments that suggest integrating authentic leadership and psychological capital in research, and indicates that both may foster employees' creativity, a crucial resource for helping organizations to face competitive challenges, take advantage of business opportunities, and improve organizational effectiveness.     

When hedonic products help regulate my mood

This paper analyzes how affect mechanisms work when consumers form their attitude toward and intention to purchase a hedonic product. The first of two studies shows that when products have the potential to improve moods, affect regulation dominates affective evaluation in forming purchase intentions. In other words, the need to repair one??s mood overrides mood-congruent reviews. However, the affect regulation mechanism is not very stable, and study two shows that introducing a competing source of information, such as product reviews, overwhelms the effect. Results show that when consumers are in a bad mood, product reviews significantly influence their attitude and purchase intention regarding a hedonic product. However, this effect is not significant for consumers in a positive mood because they generate both arguments and counterarguments that compensate for the information received from a third party.     

Buy Local! Familiarity and Preferences for Extra Virgin Olive Oil of Italian Consumers

Over the last few years, the origin of the local product has played a central role in consumer choices. This study explores what Italian consumers want and look for when purchasing olive oil by combining a web-based survey and a perceived analysis technique. In particular, preferences for different olive oil attributes as well as the psychographic traits of respondents were revealed through a web-based questionnaire administered to Italian consumers (N = 179). From this questionnaire, respondents who indicated their availability to participate further underwent a preference test under blind conditions (N = 99). Respondents also did an expectation test based on the visual observation of the labels. Results showed that the majority of consumers considered local production, PDO and region as factors of highest importance in determining olive oil quality.     

Dissecting interbank risk using basis swap spreads

This paper analyses interbank risk using the information content of basis swap (BS) spreads, floating-to-floating interest rate swaps whose payments are associated with euro deposit rates for alternative tenors. To identify the impact of shocks affecting interbank risk, we propose an empirical model that decomposes BS quotes into their expected and unexpected components. These unobservable constituents of BS spreads are estimated by solving a signal extraction problem using a particle filter. We find that expected components covariate with aggregate liquidity and risk aversion while systemic risk arises as the main driver behind unexpected fluctuations. Our empirical findings suggest that macroprudential analysis emerges as a key device to ease asset pricing in a new multi-curve scenario.     

Behavioral agency and corporate entrepreneurship: CEO equity incentives & competitive behavior

Scholars have long studied drivers of entrepreneurial behavior among established firms. Yet little is known about how individual factors shape a firm’s choice to pursue entrepreneurship. We draw on behavioral agency theory to explore the role of equity incentives in driving corporate entrepreneurship. Our findings suggest CEOs avoid corporate entrepreneurial behaviors as their option wealth increases. However industry dynamics also prove to be an important contingency when predicting the effects of both restricted stock and stock options on the likelihood that the CEO engages in corporate entrepreneurship. Our findings provide a theoretical platform for predicting dimensions of entrepreneurial behavior and highlight effects of CEO equity ownership.