Behaviour‐Based and Outcome‐Based Control Systems: A Meta‐Analytic Study

Sales control systems are instruments used by firms to improve performance and other organizational outcomes. To understand their antecedents and consequences, this paper conducts a meta‐analysis based on 104 studies. The results showed significant relationships between behaviour‐ and outcome‐based control systems and the complexity of the products, bonuses, financial performance, sales innovation, organizational support and satisfaction with supervisors. The outcomes revealed that behaviour‐based control systems were the most effective mechanism in turbulent markets and for determining financial performance. However, outcome‐based control systems were the most efficient instrument for complex products.     

Fire sales by euro area banks and funds: What is their asset price impact?

The assets under management of investment funds have soared in recent years, triggering a debate on their possible implications for financial stability. We contribute to this debate assessing the asset price impact of fire sales in a novel partial equilibrium model of euro area funds and banks calibrated over the period between 2008 and 2017. An initial shock to yields causes funds to sell assets to address investor redemptions, while both banks and funds sell assets to keep their leverage constant. These fire sales generate second-round price effects. We find that the potential losses due to the price impact of fire sales have decreased over time for the system. The contribution of funds to this impact is lower than that of banks. However, funds’ relative contribution has risen due to their increased assets under management and banks’ lower leverage and rebalancing towards loans. Should this trend continue, funds will become an increasingly important source of systemic risk.     

Live streaming commerce from the sellers’ perspective: implications for online relationship marketing

ABSTRACT

Live streaming has recently become a popular direct selling channel which offers small, self-employed sellers unseen levels of consumer interaction and engagement. While the extant research focused on consumer motivation and intention to shop via live streaming, little is known from the seller’s perspective. Indeed, the potential advantages of live streaming commerce are accessible to everyone, but sellers experience different levels of success with this medium. Using a mixed quantitative and qualitative approach, this study analyses Facebook data of live streaming sellers to assess the nature and extent of engagement metrics, and delineate the dynamic, interactive live streaming sales process. We identify four sales approaches and twelve strategies adopted in acquiring and retaining customers. This typology of sales approach representing seller-focused antecedents is mapped against the relationship process and outcomes to provide a framework for understanding relationship mechanisms in live streaming commerce.     

Policy responses to an overheated housing market: Credit tightening versus transaction taxes

Among Asian economies, Hong Kong has experienced the highest real growth in house prices since the 2010s. Two macroprudential measures, namely credit tightening (loan-to-value ratio cap) and transaction taxes (stamp duty), were introduced to cool down the overheated housing market. This study examines and compares their effectiveness based on a set of constant-quality house price indices. Through an error correction model, we find that credit tightening was able to curb house price growth in the high-price segment, while transaction taxes could not. An explanation is that the exemptions from transaction taxes for those with genuine housing needs could be abused by other market participants. It is easier for buyers to exploit the exemptions to get around the stamp duty than to manipulate the property valuation for mortgage lending. The implication is that the effectiveness of macroprudential measures hinges on whether compliance or exemption can be easily monitored and enforced.     

FIRE SALES FORENSICS: MEASURING ENDOGENOUS RISK

We propose a tractable framework for quantifying the impact of loss‐triggered fire sales on portfolio risk, in a multi‐asset setting. We derive analytical expressions for the impact of fire sales on the realized volatility and correlations of asset returns in a fire sales scenario and show that our results provide a quantitative explanation for the spikes in volatility and correlations observed during such deleveraging episodes. These results are then used to develop an econometric framework for the forensic analysis of fire sales episodes, using observations of market prices. We give conditions for the identifiability of model parameters from time series of asset prices, propose a statistical test for the presence of fire sales, and an estimator for the magnitude of fire sales in each asset class. Pathwise consistency and large sample properties of the estimator are studied in the high‐frequency asymptotic regime. We illustrate our methodology by applying it to the forensic analysis of two recent deleveraging episodes: the Quant Crash of August 2007 and the Great Deleveraging following the default of Lehman Brothers in Fall 2008.     

The managerial flash sales dash: Is there advantage or disadvantage at the finish line?

The central intent of this qualitative inquiry is to investigate the benefits, drawbacks, and performance measures of hotel room inventory distribution via flash sales websites. Key advantages and disadvantages of using such a distribution channel fall within the categories of inventory management, revenue management, brand marketing, customer relationships, and operational challenges. The significance of the study is in providing a comprehensive review of the flash sales phenomenon in the lodging industry that may assist hotel managers with the performance evaluation of this distribution channel. Using grounded theory methodology, a flash sales evaluation framework was developed based on 46 phone interviews with hotel managers from different segments of the American hotel industry.     

Workplace isolation: salespeople and supervisors in USA

Virtual work is becoming the norm in sales organizations because it is cost effective for the firm and can benefit customers and salespeople. However, along with these benefits, virtual work brings new challenges to organizations. One critical issue is workplace isolation (WI). This study uses responses from a sample of 346 salespeoples in the pharmaceutical field to test a model that investigates the relationships among WI, self-efficacy, leadership style, extra-role performance (ERP), satisfaction with the supervisor, and turnover intentions. Salespersons perception of managers as considerate leaders are associated with lower WI levels. Salespeople with higher levels of self-efficacy are less likely to believe that they are isolated from the company and their colleagues. WI, in turn, is significantly related to satisfaction with the supervision and ERP. Managerial implications and future research directions are presented.     

企业经济业务重分类及其控制和审计研究

本文通过对经济业务分类和审计方法的演变分析,尤其是针对现在国内外流行的"业务循环"经济业务分类方法与根据业务循环,开展内部控制测试与审计中存在的重复和遗漏之不足,提出了崭新的企业经济业务新的分类标准,主张将企业全部经济业务分成广义购进、广义销售、货币收付和资料生成四大类型,然后研究在新的分类下每类业务的控制与审计重点,以达到消除目前在控制与审计活动中存在大量重复作业,节约审计资源,降低审计成本,提高审计质量与效率之目的。     

New product development in foreign customer relationships: a study of international SMEs

Abstract

This study identifies a gap in research concerning how small and medium-sized enterprises (SMEs) can benefit from pursuing locally (rather than globally) oriented internationalization strategies. Becoming overly dependent on one single foreign market could potentially reduce the inflow and diversity of new knowledge that can serve as input for new product development. This study discusses how this risk can be minimized. In this endeavour we create a theoretical model that investigates how the local sales concentration and relationship-specific commitment of SMEs relates to new product development. To do this we draw on the behavioural internationalization process framework. The theoretical model is tested on an effective sample of 188 Swedish SMEs. The results show that relationship-specific commitment mediates the effect of local sales concentration on new product development. The implication is that investments which enable collaboration in important business relationships are crucial requisites for keeping firms innovative and in pace with market fluctuations. The findings thus contribute to international business literature by showing that a local market scope of operations combined with a relationship orientation are beneficial for new product development in international SMEs.     

Privatizing Poland's Economy

No abstract available for this article.