Using CRM to Model Firm Performance in a Business-to-Business Market

Customer relationship management (CRM) is the widely accepted approach for gathering, examining, understanding and translating information related to customers into managerial action. CRM is investigated in the context of new product performance (NPP). CRM enhances NPP as well as firm performance. This study investigates the impact of CRM on NPP through the moderation of top management support and an innovative culture, as well as the impact of CRM on firm performance through the mediation of NPP. A questionnaire survey is used for data collection from marketing managers of 159 firms in Pakistan in the B-to-B market. Hypotheses were tested using SEM in SMART PLS. This research shows that CRM directly affects firm performance, while NPP partially mediates the relationship of CRM and firm performance. These findings have significant implications for the practitioner. This study delivers insights to managers and academicians about the role of CRM in enhancing NPP and improving firm performance. In general, the study provides new insights into CRM by integrating top management support and an innovative culture. The research extends our understanding that top management support and innovative culture do not moderate the relationship of CRM with new product performance in a B-to-B context.     

Is Financial Flexibility a Priced Factor in the Stock Market?

This paper develops a factor analysis–based measure for shifts in corporate financial flexibility (FFLEX) that can be observed from public accounting information. Companies that experience positive shifts in FFLEX are associated with higher future investment growth opportunities. We show that FFLEX is a robust determinant of future stock returns. Firms that have increased their financial flexibility are associated with lower stock returns in the subsequent period. A zero‐cost return portfolio produces a significant positive monthly premium of 0.69%, which is driven by covariance (risk). Risk inherent in the flexibility factor is not explained away by either prominent pricing characteristics or factors.     

Inequality and the composition of taxes

This paper analyses the political economics of the composition of taxes. Taxes may be levied on income, or on expenditure, with the median voter pivotal in the theoretical framework analysed. As in Meltzer and Richard (J Polit Econ 89:914–927, 1981), income taxes increase with inequality. Conversely, expenditure taxes first increase and then decrease with increasing inequality. The extent to which taxes are levied on income relative to expenditure unambiguously rises with inequality. In contrast to government size evidence, cross-country data exhibit a robust positive correlation between the extent to which taxes are levied on income relative to expenditure and inequality. Consistent with the theory, this relationship holds most significantly in stronger democracies.     

Ethical Consumerism: A View From the Food Industry in Morocco

Both consumers and firms are now more concerned about ethics as a way to make business transactions a win–win deal. As consumers ensure profitability to businesses, they expect fair practices and honest behaviors toward society. The study reported here attempts to investigate Moroccans’ perceptions and attitudes toward ethical consumerism of food. Consumers’ willingness to buy those products and their motives for such purchases as well as factors preventing ethical purchases is investigated. Besides price, which drives most their decision to buy a food or not, Moroccans are driven by ethical claims such as “healthy,” “no fat,” “pasteurized,” etc. It was shown that consumers trust information on the labels of products besides information provided by consumer authorities. In relation to ethical aspects, Moroccans are mostly concerned about the environment and religion. Older men with high income are shown to be a good target for the ethical food market.     

Cost-effectiveness of ranibizumab and aflibercept to treat diabetic macular edema from a US perspective: analysis of 2-year Protocol T data

Abstract

Aims: Protocol T (NCT01627249) was a head-to-head study conducted by the Diabetic Retinopathy Clinical Research Network that compared intravitreal aflibercept, bevacizumab, and ranibizumab for the treatment of diabetic macular edema (DME). A cost-effectiveness analysis accompanying the 1-year data of Protocol T revealed that aflibercept was not cost-effective vs ranibizumab for all patients, but could have been cost-effective in certain patient sub-groups if the 1-year results were extrapolated out to 10?years. The present study evaluated the cost-effectiveness of US Food and Drug Administration-approved anti-vascular endothelial growth factor agents (ranibizumab, aflibercept) for treatment of DME using the 2-year data from Protocol T.

Methods: Costs of aflibercept 2.0?mg or ranibizumab 0.3?mg, visual acuity (VA)-related medical costs, and quality-adjusted life-years (QALYs) were simulated for eight VA health states. Treatment, adverse event management, and VA-related healthcare resource costs (2016 US dollars) were based on Medicare reimbursement and published literature. VA-related health utilities were determined using a published algorithm. Patients were stratified by baseline VA: 20/40 or better; 20/50 or worse.

Results: Total 2-year costs were higher, and QALYs similar, for aflibercept vs ranibizumab in the full cohort ($44,423 vs $34,529; 1.476 vs 1.466), 20/40 or better VA sub-group ($40,854 vs $31,897; 1.517 vs 1.519), and 20/50 or worse VA sub-group ($48,214 vs $37,246; 1.433 vs 1.412), respectively. Incremental cost-effectiveness ratios in the full cohort and 20/50 or worse VA sub-group were $986,159/QALY and $523,377/QALY, respectively. These decreased to $711,301 and $246,978 when analyses were extrapolated to 10?years.

Limitations: Key potential limitations include the fact that VA was the only QALY parameter analyzed and the uncertainty surrounding the role of better- and worse-seeing eye VA in overall functional impairment.

Conclusions: This analysis suggests that aflibercept is not cost-effective vs ranibizumab for patients with DME, regardless of baseline vision.