When do firms change technology‐sourcing vehicles? The role of poor innovative performance and financial slack

This paper examines the adjustments firms make to the composition of their portfolios of technology‐sourcing vehicles (i.e., alliance, acquisition, or go‐it‐alone) in response to poor innovative performance. We advance a behavioral perspective on the make/buy/ally question, suggesting that differences in financial slack will generate different portfolio decisions. Specifically, we posit that firms with greater levels of financial slack are more likely to respond to poor innovative performance by opting for (1) greater vehicle diversification, and (2) new sourcing vehicles, while firms with less financial slack will respond by (1) downscoping their portfolio of sourcing vehicles, and (2) reverting to more familiar vehicles. We find support for our predictions using extensive data from the population of U.S. public pharmaceutical firms from 1992 to 2006. Copyright © 2015 John Wiley & Sons, Ltd.     

CSR development in post‐communist economies: employees' expectations regarding corporate socially responsible behaviour – the case of Romania

Drawing on stakeholder theory and the evolutionary approach to institutions, this paper investigates the channels through which corporate social responsibility (CSR) is developed in post‐communist economies by focusing on the employee background factors that shape the employees' expectations with regard to corporate socially responsible behaviour. We identify three channels through which exogenous and endogenous CSR are developed: employees with work experience in multinational enterprises (MNEs) (leading to exogenous CSR), employees with CSR knowledge (leading to exogenous CSR) and employees with experience of the socialist system (leading to endogenous CSR). Furthermore, we argue that the interactions between these channels lead to hybrid CSR in transition economies. We use a questionnaire‐based survey with employees of domestic and MNEs in Romania and we conduct regression analysis. We find that employees with work experience in MNEs act as channels for exogenous CSR, while employees with experience of the socialist system act as channels for endogenous CSR. Furthermore, employees with experience of the socialist system and CSR knowledge or work experience in an MNE act as channels for hybrid CSR in transition economies. Based on our results, we put forward implications for theory, managers and policy makers.     

A Classification of Two-Factor Affine Diffusion Term Structure Models

Dai and Singleton (2000) introduced a typology of affine diffusionmodels when the domain of admissible values of the factors isan intersection of half planes and under some additional constraintson the parameters. This condition on the domain and the additionalsufficient constraints are restrictive and can considerablydiminish the practical interest of affine models. In this articlewe successfully address the research agenda sketched by Duffie,Filipovic, Schachermayer (2003, section 12.2, p. 1042). A systematicinvestigation is performed and our article provides a completetypology in the two-factor case, without prior restrictionson the domain and on the parameters.     

Mobile social commerce content,consumer emotions and behaviour

Mobile social commerce (MSC) is exhibiting a growing interest from businesses and buyers due to the increasing number of mobile app users and combination of e-commerce and sharing features of MSC platforms. The limited existing research on MSC recommends that the impact of MSC platform features/content on consumer behaviour should be further explored, while the social commerce literature emphasizes the necessity to investigate impulse buying (IB) and social participation (SP). Thus, this study adopted the Stimulus-Organism-Response (SOR) theory to investigate the impact of MSC content's usefulness, interactivity, entertainment and authenticity, built from the literature, on consumer emotions (arousal and pleasure), and their relationship with IB and SP. A sample of 345 Generation Y Chinese consumers was employed, while responses were collected through a survey, being used partial least squares (PLS) structural equation modelling to test our hypotheses. Significant relationships were established between the content characteristics and emotions, entertainment exhibiting the strongest impact on arousal, and authenticity on pleasure. Arousal had a significant impact on pleasure, and arousal and pleasure significantly affected IB and SP, with arousal displaying a stronger impact. This research expands the MSC theory through the grouping of content characteristics, documentation on the impact on consumer emotions, the relationship between arousal and pleasure, and the effect on both IB and SP, extending the SOR theory applicability. Practical recommendations for Generation Y MSC marketing are proposed. The model could be extended by introducing privacy concern, content personalization, perceived risk as independent factors, and trust and planned behaviour as explained variables.