Pension Contributions and Firm Performance: Evidence from Frozen Defined Benefit Plans

We study the impact of freezing defined benefit (DB) pension plans and replacing them with defined contribution (DC) plans on liquidity, financial leverage, investment, and market value of a sample of firms over 2001‐2008. We find evidence that the pension freeze tends to attenuate the drain on corporate liquidity and relieve the pressure to borrow to pay for mandatory contributions (MCs) associated with underfunded DB plans. Although investors seem to favor the pension freeze as evidenced by positive announcement abnormal stock returns, there is little reliable evidence that the freeze increases investment efficiency and long‐term stock performance.     

A Participatory Simulation to Facilitate Farmers' Adoption of Livestock Feeding Systems Based on Conservation Agriculture in the Uplands of Northern Vietnam

In the mountain areas of northern Vietnam, extensive husbandry of large-ruminants is limited by the lack of natural forage. Since 2000, the Mountain Agrarian System Program has been concerned with this issue and has evaluated technical alternatives aimed at sustainable integration of crop-livestock systems. One alternative consists of feeding systems for largeruminants based on cropping systems with plant cover. Diffusion of information about the new system is supported by a set of interactive communication tools for use between farmers and researchers. A participatory simulation method was developed that combines a compartmental model of the village territory with five technical innovations. Farmers simulate the adoption of the innovations they choose among food-forage cropping systems in rotation or in association, and urea-treated straw. They evaluate the quantity of forage that can be grown for their herd using the chosen set of techniques.

Simulations revealed farmers' constraints and objectives in adopting sustainable cropping systems on the hillsides while maintaining a small animal husbandry system. The results obtained by each farmer provide a useful basis for discussion about the implementation of innovation. This participatory simulation method could be more widely used to facilitate the diffusion of innovations such as integrating livestock feeding systems with conservation cropping practices.     

Exploring the cargo and eco‐efficiencies of international container shipping companies: A network‐based ranking approach

This study aims to evaluate the cargo and eco‐efficiencies of international container shipping companies (CSCs) for the period 2013–2017 for benchmarking purposes. An integration of two‐stage network directional distance function and network‐based approach in data envelopment analysis is utilized to distinguish the efficient operators. Results show that most CSCs are highly ranked in the cargo efficiency stage but lowly ranked in the eco‐efficiency stage and vice versa. This study emphasizes the strengths and weaknesses of each factor of every CSC. Results can help the inefficient CSCs find the areas for improvement by learning from their peers.     

Antecedents of emotional attachment to brands

Marketers desire exclusive brand repurchase. This can occur when customers develop deep emotional “bonds” with brands, as elaborated in the emotional attachment to brands construct. To create emotionally attached repurchase, marketers must understand controllable antecedents of the phenomenon. However, a comprehensive study of antecedents is missing from the literature. We use qualitative methods to derive five primary antecedents of emotional attachment to brands. Our summary model allows for simultaneous operation of multiple antecedents, as we consistently observed in our data. We offer applied suggestions for leveraging antecedents to evoke exclusive repurchase based on emotional attachment to brands.     

Does Earnings Management Relieve the Negative Effects of Mandatory Pension Contributions?

Mandatory pension contributions (MCs) are negative shocks to a firm's liquidity that can unfavorably impact its cost of capital, financing, and investment plans. We examine whether firms faced with MCs use both noncash (NEM) and cash‐generating earnings management (CEM) to partially offset their negative effects. Firms increase CEM, but not NEM, when they experience MCs. We also find that earnings management associated with MCs does not substantially lower the weighted cost of capital or boost external funding and investment. Our findings suggest that MC firms use CEM as it directly generates cash to fund MCs, while NEM does not.     

How Developed-Country Firms Make Standardization/Transfer and Adaptations Decisions in Relation to their Developing-Host-Country Operations?

Factors influencing firms’ standardization and adaptations decisions tend to be treated as static isolated entities in the extant literature. Further, the focus is predominantly on Western MNCs and product development or marketing functions with manufacturing firms and the emerging/developing country perspective underrepresented. We explore factors, as well as their interrelations that determine standardization and adaptations decisions when a developed country manufacturing firm establishes operations in a developing country. Purposefully, Italian manufacturing firms with operations in Vietnam are examined. We identify functions, processes, and practices that are standardized/transferred and those that are adapted. A theoretical model is developed based on the findings.     

Reverse stigma in the Freegan community

Freegans are anti-consumers who sustain themselves through dumpster diving and the consumption of disposed goods. Mainstream consumers consider Freeganism dirty and tainted—a stigma. Through a qualitative investigation of Freeganism and its practitioners, this research contributes a multi-dimensional framework of reverse stigma. The framework explicates the mechanisms by which stigmatized individuals re-direct stigma onto normative culture. Specifically, these mechanisms are ideological reversal, practice reversal, and resource reversal. While past research emphasizes defensive, self-directed stigma management strategies, this research shows that some communities adopt offensive, others-directed strategies to reject their stigmatized status and redirect the stigma to normative others.     

Impacts of switching from business households to enterprises on the financial performance

Portuguese Economic Journal - This study aims to elucidate whether switching from business households to enterprises brings higher financial performance than not switching. The study was carried...