Does it pay off for museums to foster creativity? The complementary effect of innovative visitor experiences

This paper aims to explore the link between creativity orientation, investment in visitors’ experience and operating and funding performance in tourist attractions, taking museums as a case study. The empirical work is based on an analysis of the information provided by a sample of Spanish, French, German, British and American museums. The findings highlight the positive impact of creativity orientation on museums’ operating performance, but show a curvilinear effect on funding performance. The use of new technologies and adaptation to the audience proves positive when seeking to attract visitors.     

Does involvement matter in online shopping satisfaction and trust?

Consumer involvement in online shopping can play a moderating role when explaining Web site effect on satisfaction and trust. This study proposes a set of hypotheses based on the Elaboration Likelihood Model (ELM) of persuasion, a conceptual model that explains the formation of individual attitudes that are prompted by central and peripheral cues. The model proposes the use of central signals when the buyer is highly involved and peripheral signals when the buyer is less involved. Nevertheless, the results of this study would suggest that these relationships are not so clearly defined in the case of online buying, which implies that certain assumptions associated with the ELM need to be revised to take the particularities of the online context into account. © 2011 Wiley Periodicals, Inc.     

Cointegration and the PPP and the UIP hypotheses: An application to the Spanish integration in the EC

The aim of this paper is to find some empirical evidence on Purchasing Power Parity (PPP) and Uncovered Interest Parity (UIP) in the Spanish case vis à vis the European Community for the period 1980–89. The main contribution of the paper is the aggregation of the variables corresponding to the countries that participate in the exchange rate mechanism of the European Monetary System. The results support the importance of the interest differential as an explanatory variable for the short-term adjustment to the PPP. The results follow from powerful estimation techniques, applied in the framework of a multivariate error-correction model using the maximum-likelihood procedure as developed by Johansen and Juselius (1992).     

Monetary transmission in Spain: a structural cointegrated VAR approach

This paper analyses the monetary policy channels in Spain using a cointegrated structural VAR approach which explicitly accounts for endogenous policy reactions in a small open economy. Evidence is found of one cointegrating relation which is identified as a long-run money demand function. In addition, stability tests are applied to this relationship to assess whether there has been a change of monetary regime. The impulse-responses for the non-monetary shocks as well as the absence of the puzzles traditionally found in the empirical literature, suggest that the model specification identifies the monetary policy shocks correctly. Thus, according to our results, a monetary contraction causes a weak downward response in the price level, as well as an increase in both short and long-run nominal interest rates, a decrease in aggregate output and an exchange rate appreciation.     

Estimating the export and import demand for manufactured goods: The role of FDI

In this paper we estimate the demand for exports and imports of manufactured goods for a panel containing the majority of the EU countries as well as the United States and Japan. The model includes as explanatory factors both the traditional determinants of trade and also the stock of foreign direct investment (FDI). We apply panel unit root and cointegration tests allowing for heterogeneity. Whereas there is no evidence of cointegration when using just the traditional formulation, the results are favorable to the existence of long-run relationships linking the variables of the augmented model. Moreover, the results point mainly to a complementary relationship between trade and FDI.     

Is there a euro effect in the drivers of US FDI? New evidence using Bayesian model averaging techniques

In this paper the authors analyze the potential determinants of US outward FDI stock with a particular focus on the euro effect during the period 1985–2017. To this aim, they consider a large set of candidate variables suggested both by theory and previous empirical analysis. They select the covariates using Bayesian model averaging, a data-driven methodology. Their sample includes a total of 56 host countries, that represent around the 70% of US outward FDI stock. They study the role of the euro on American FDI both in Europe and the rest of the world. In Europe, they consider various country groups: the European Union (EU), the euro area (EA), as well as core and periphery within this last group. They conclude that many variables studied by previous FDI literature cannot be considered robust determinants. Moreover, US OFDI is explained by both horizontal and vertical motives. However, HFDI strategies predominate in EA core countries, whereas VFDI prevails in the periphery. As for the euro effect, the common currency seems to have played an important role encouraging US FDI, being a crucial element in the convergence of EA periphery to its core. In addition, the results indicate that the adoption of the euro has favoured VFDI to the detriment of HFDI.

     

Relationship marketing in museums: influence of managers and mode of governance

ABSTRACT

On the bases of relationship marketing and social capital, this paper aims to explore whether museums’ external relationships depend on managers and internal relationships as well as on mode of governance. The empirical findings of a hierarchical regression analysis for a sample of 556 museums indicate that close relationships with the external environment require managerial social capital and a supportive culture that favours internal cohesion. Finally, public museums directly run by government entities remain too bureaucratic and lack incentives to promote internal cohesion as well as relationships with customers and other stakeholders. Implications for managers are discussed.     

The mediating effect of satisfaction on consumers' switching intention

Most previous research on consumers' switching intention has focused on individual variables that have immediate effects on consumers' intentions or behaviors, rather than analyzing it as a complex phenomenon. This article provides evidence that some service provider behaviors precipitate relationship dissolution, whereas other behaviors create a predisposition to switch. This different effect is observed through the mediating effect of customer satisfaction. While poor service quality and low firm commitment undermine consumer satisfaction and have only an indirect effect on switching intentions, price unfairness and anger incidents have a strong effect on switching, both directly and indirectly through satisfaction. Implications are discussed for customer relationship management. © 2007 Wiley Periodicals, Inc.     

Testing for Hysteresis in Unemployment in OECD Countries: New Evidence using Stationarity Panel Tests with Breaks*

This paper tests hysteresis effects in unemployment using panel data for 19 Organization for Economic Co‐operation and Development (OECD) countries covering the period 1956–2001. The tests exploit the cross‐sectional variations of the series, and additionally, allow for a different number of endogenous breakpoints in the unemployment series. The critical values are simulated based on our specific panel sizes and time periods. The findings stress the importance of accounting for exogenous shocks in the series and support the natural‐rate hypothesis of unemployment for the majority of the countries analysed.     

Estimating the export and import demand for manufactured goods: The role of FDI

In this paper we estimate the demand for exports and imports of manufactured goods for a panel containing the majority of the EU countries as well as the United States and Japan. The model includes as explanatory factors both the traditional determinants of trade and also the stock of foreign direct investment (FDI). We apply panel unit root and cointegration tests allowing for heterogeneity. Whereas there is no evidence of cointegration when using just the traditional formulation, the results are favorable to the existence of long-run relationships linking the variables of the augmented model. Moreover, the results point mainly to a complementary relationship between trade and FDI.