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Although credit unions are nonprofit organizations, their objectives depend on the efficient management of their resources and credit risk aligned with the principles of the cooperative doctrine. This paper aims to propose the combined use of credit scoring and profit scoring to increase the effectiveness of the loan-granting process in credit unions.

This sample is composed by the data of personal loans transactions of a Brazilian credit union.

The analysis reveals that the use of statistical methods improves significantly the predictability of default when compared to the use of subjective techniques and the superiority of the random forests model in estimating credit scoring and profit scoring when compared to logit and ordinary least squares method (OLS) regression. The study also illustrates how both analyses can be used jointly for more effective decision-making.

Replacing subjective analysis with objective credit analysis using deterministic models will benefit Brazilian credit unions. The credit decision will be based on the input variables and on clear criteria, turning the decision-making process impartial. The joint use of credit scoring and profit scoring allows granting credit for the clients with the highest potential to pay debt obligation and, at the same time, to certify that the transaction profitability meets the goals of the organization: to be sustainable and to provide loans and investment opportunities at attractive rates to members.

This research aims to examine and understand the rationales and modalities behind the use of disclosure before, during and after a corporate governance scandal involving CPA Australia (CPAA).

Data beyond CPAA's annual reports were collected, such as news articles, media releases, an independent review panel (IRP) report, and the Chief Operating Officer's letter to members. These disclosures were manually coded and analysed through the word counts and word trees in NVivo. This study also relied on Norbert Elias' conceptual tool of power games among networks of actors – figurations – to model the scandal as a power game between the old Board, the press, concerned members, the IRP and the new Board. This study analysed the data to reveal a collective and in fieri power balance that changed with the phases of the scandal.

A mix of voluntary, involuntary, requested and absent disclosures was important in triggering, managing and ending the CPAA scandal. Moreover, communication and disclosure fulfilled a constitutive role since both: mobilised actors, enabled coordination among actors, contributed to pursuing shared goals and influenced power balances. Such a constitutive role was at the heart of the ability of coalitions of figurations to challenge and restore the powerful status quo.

This research introduces to accounting studies the collective and in fieri dimensions of power from figurational theory. Moreover, the research sheds new light on using voluntary, involuntary, requested and absent disclosures before, during and after a corporate crisis.

This study aims to propose a comprehensive greenfield foreign direct investment (FDI) attractiveness index using exploratory factor analysis and automated machine learning (AML). We offer offer a robust empirical measurement of location-choice factors identified in the FDI literature through a novel method and provide a tool for assessing the countries' investment potential.

Based on five conceptual key sub-domains of FDI, We collected quantitative indicators in several databases with annual data ranging from 2006 to 2019. This study first run a factor analysis to identify the most important features. It then uses AML to assess the relative importance of each resultant factor and generate a calibrated index. AML computational algorithms minimize predictive errors, explore patterns in the data and make predictions in an empirically robust way.

Openness conditions and economic growth are the most relevant factors to attract FDI identified in the study. Luxembourg, Hong Kong, Singapore, Malta and Ireland are the top five countries with the highest overall greenfield attractiveness index. This study also presents specific indices for the three sectors: energy, financial services, information and communication technology (ICT) and electronics.

Existent indexes present deficiencies in conceptualization and measurement, lacking theoretical foundation, arbitrary selection of factors and use of limited linear models. This study’s index is developed in a robust three-stage process. The use of AML configures an advantage compared to traditional linear and additive models, as it selects the best model considering the predictive capacity of many models simultaneously.

This study aims to explore how haute cuisine excellence is and can be self-represented on the websites of three-star restaurants and juxtaposed onto the websites of external authoritative food guides.

In total, 26 French Michelin three-star restaurant websites and their reviews in the prominent Michelin and Gault and Millau dining guides were examined. This data was then processed using lexicometric software.

Five semantic universes emerged, showing that restaurants and dining guides do not emphasize the same elements of culinary excellence. While restaurant websites emphasize the charismatic leadership role of the chef through family history, professional recognition and vicarious learning, the two iconic guides are far from rating the criteria they claim to: For the Michelin Guide, criteria other than cuisine appear central. Conversely, Gault and Millau, far from its nouvelle cuisine principles advocating democratization at lower cost, insists on fine products.

It remains essential for restaurants to use a repertoire of cultural components and symbols, capitalize on the charismatic and architectural roles of their chef and showcase fine products that are representative of classical cuisine. Storytelling and dynamic narrative add-ons, regularly updated on large-audience social media, appear central to increasing restaurants’ perceived value, communicating innovation and attesting to their singularity and uniqueness.

To the best of the authors’ knowledge, this is the first empirical study to overlap the lexical perspectives of three-star restaurants and iconic guides’ websites.

The purpose of this paper is to examine FaceReader as a tool to compare the olfactory preferences of two selected countries. This paper examines the olfactory preferences of customers in the bakery department of a grocery store in the Slovak and the Spanish market.

The aim of this study is to examine subconscious/unconscious preferences in the selection of aromas suitable for the bakery department in the Slovak and the Spanish market. In this case, it is not a classical qualitative sensory testing of the perception of fragrances. The aim is to identify the associations of scents related to the selected sales department through images of the selected aromas. A special platform is used to obtain subconscious/unconscious feedback, which allows online collection of implicit feedback using the software FaceReader 7.

The authors noticed the different moods of the two groups of respondents when they answered the question about what they associate with the smell of bakery products. The Spanish respondents were slightly pleasantly disposed, while the Slovak respondents were slightly unpleasantly disposed. The smell of bakery products evoked more memories and emotions in the Spanish respondents than in the Slovak respondents, which can be explained by the higher pleasant mood. The main contribution of this work lies in the new opportunities to obtain feedback that can be used in marketing research and that rely not only on explicit but also implicit data. The extension of the methodological apparatus to implicit feedback presupposes some form of control of the data collected by the questionnaire. The use of biometric tools can represent an efficient alternative in terms of time and money to the use of neuroimaging tools in the selection/research of aromas for specific stores/departments.

It must be noted that the sample is small, and adequate conclusions cannot be made about entire population. Based on empirical findings and pandemic-related limitations, the authors plan to conduct similar research with real aroma samples and with even larger sample of tested respondents, considering weather, season, olfactory sensitivity (anosmia, hyposmia and normosmia) and participant fatigue (beginning and end of the week).

Today, marketers are facing the greatest challenge of how to attract consumers’ attention. Every individual has a different perception of the shopping environment based on his own experience, beliefs and attitudes. This is why new marketing techniques and approaches are becoming increasingly popular in the marketing environment.

El objetivo de esta investigación es examinar FaceReader como una herramienta para comparar las preferencias olfativas entre dos países. Concretamente, examinamos las preferencias olfativas de los clientes en el departamento de panadería de un supermercado en el mercado eslovaco y español.

El objetivo de este estudio es examinar las preferencias subconscientes/inconscientes en la selección de aromas adecuados para el departamento de panadería en el mercado eslovaco y español. En este caso, no se trata de una prueba sensorial cualitativa clásica de la percepción de fragancias. El objetivo es identificar las asociaciones de olores relacionados con el departamento de ventas seleccionado a través de imágenes de los aromas seleccionados. Se utiliza una plataforma especial para obtener comentarios subconscientes/inconscientes, que permite la recopilación en línea de comentarios implícitos utilizando el software FaceReader 7.

Observamos diferentes estados de ánimo de los dos grupos de encuestados cuando respondieron a la pregunta sobre qué asociaban con el olor de los productos de panadería. Los encuestados españoles estaban ligeramente más predispuestos hacia aromas más agradables, mientras que los encuestados eslovacos estaban ligeramente más predispuestos hacia aromas menos agradables. El olor de los productos de panadería evocó más recuerdos y emociones en los encuestados españoles que en los eslovacos, lo que puede explicarse por el estado de ánimo. La principal contribución de este trabajo radica en las nuevas oportunidades para obtener comentarios que pueden ser utilizados en investigaciones de marketing y que no solo se basan en datos explícitos, sino también implícitos. La ampliación del aparato metodológico para obtener comentarios implícitos presupone algún tipo de control de los datos recopilados mediante el cuestionario. El uso de herramientas biométricas puede representar una alternativa eficiente en términos de tiempo y dinero al uso de herramientas de neuroimagen en la selección/investigación de aromas para tiendas/departamentos específicos.

Debe tenerse en cuenta que la muestra utilizada es pequeña y no se pueden extrapolar conclusiones para toda la población. Basándonos en los resultados empíricos y con las limitaciones relacionadas con la pandemia, planeamos realizar una investigación similar con muestras de aroma reales y con una muestra aún más grande de encuestados, considerando el clima, la temporada, la sensibilidad olfativa (anosmia, hiposmia, normosmia) y la fatiga de los participantes (inicio y fin de semana).

Hoy en día, los profesionales del marketing se enfrentan al gran desafío de cómo atraer la atención de los consumidores. Cada individuo tiene una percepción diferente del entorno de compra basada en su propia experiencia, creencias y actitudes. Es por eso que las nuevas técnicas y enfoques de marketing se están volviendo cada vez más populares en el entorno del marketing.

本文旨在探讨FaceReader在比较斯洛伐克和西班牙两个国家的顾客嗅觉偏好方面的效用。我们以斯洛伐克和西班牙市场一家食品杂货店的面点部门顾客为研究对象, 考察其嗅觉偏好。

本研究的目标是探讨在斯洛伐克和西班牙市场选择适合面点部门的香气时潜在的/无意识的偏好。与传统的定性感官测试不同, 我们旨在通过选定香气的图像识别与选定销售部门相关的气味的联想, 并通过FaceReader 7软件在线收集隐性反馈。

我们观察到两组受访者在回答关于面点产品气味联想时的心境差异。西班牙受访者略带愉悦, 而斯洛伐克受访者略带不悦。西班牙受访者对面点产品的气味引起的记忆和情感更为丰富, 这可能是由更高愉悦心境所解释的。该研究的主要贡献在于提供了在营销研究中利用反馈的新机会, 该反馈不仅依赖于明确的数据, 还依赖于隐性数据。将方法学工具扩展到隐性反馈的前提是以某种形式对问卷收集的数据进行控制。在为特定商店/部门选择/研究香气方面, 相对于使用神经影像工具在时间和金钱方面的花费, 生物测定工具的使用可以作为高效替代。

由于本研究的样本量较小, 因此不能对整个人口做出充分的结论。基于经验发现和受到大流行病限制, 我们计划进行类似研究, 使用真实的香气样本, 并考虑更大规模的受试者样本, 同时考虑到天气、季节、嗅觉敏感度（嗅觉缺失、嗅觉减退、正常嗅觉）和参与者疲劳程度（周初和周末）对受试者的影响。

当今, 营销人员面临着吸引消费者注意的最大挑战。每个个体根据其自身经验、信仰和态度对购物环境有着不同的感知。因此, 在营销环境中, 新的营销技术和方法变得越来越受欢迎。

This study aims at exploring how small and medium enterprises (SMEs) can implement a more open and co-creational business model by actively collaborating with startups.

Because of the novelty of the SME–startup collaboration phenomenon and to the depth of the investigation required to grasp the mechanisms and logic of an open and co-creational business model, a single-case study has been performed related to investigating a collaboration between an SME and a startup.

The authors provide detailed empirical evidence on how SMEs may structure a “systematic” approach to design and execute an open business model enabled by startup collaboration. Moreover, this study suggests that the business model innovation process represents a necessary forerunner of an open business model. Finally, the authors contend that research on open business models should entail a broader perspective beyond the innovation process, to include business model validation through testing approaches like the lean startup.

This study takes as the locus of investigation the original perspective of the external partner of a focal firm willing to innovate. This study offers a unique contribution because, to date, few studies adopted such view within a relevant and under-remarked empirical setting linking SMEs and innovative startups.

This chapter presents the current research status of family constitutions from an economics perspective. It locates the family constitution as part of the family and business governance structure of a family firm and the owner family. The typical structure and content of a family constitution are introduced. The chapter focuses on the status of research about family constitutions and provides a structured map for future research. With regard to extant research, it must be stated that the stock of literature is small. The contributions to literature are categorized in surveys; conceptual contributions; survey data; small sample, qualitative, empirical studies; and big sample, quantitative, empirical studies. The latter group includes three studies with a separate family constitution variable. This small number symbolizes that the family constitution still is an under-researched area. Therefore, family constitution research is far away from being able to answer central questions of advice-seeking owner families like, for example, whether a family constitution affects family performance, firm performance, or both; or whether the development process of a family constitutions disposes of an effect on family or firm performance separately from the hypothesized effect of the family constitution document.

The study aims to understand how dynamic capabilities (DCs) contribute to business model innovation (BMI) in sustainable family farming. The agrifood sector has been seeking solutions for the development of agroecological markets. Thus, the authors have analyzed the challenges imposed to innovation and sustainability strategic management and the value proposition to sustain the business over the years.

Considering the complexity of organizations and through an exploratory multiple case study of initiatives identified in the Organic Fair of Curitiba’s Passeio Público, it was possible to analyze the evolution of the business models (BMs) and the fair itself. Furthermore, it was possible to identify the DCs within the influence of agroecosystem elements on the innovation development.

Analyzing each case individually, the authors understood the different dimensions of the evolution of BMs considering the organizational complexity. The authors conclude that the balance between organizational practices and changes in the environment, engagement and learning plays a significant role in the developing competitive advantage. The same applies to the patterns that precede the development of DCs and BMs.

The article investigates innovation in agroecological BMs from a dynamic capability perspective. The agroecological BM is a subject that is still little discussed in the literature. In addition, the authors chose a context that includes socioenvironmental aspects and a few specificities of family farming in Brazil.

While many studies in family business research focus on mono-causal impacts of succession, the purpose of this paper is to employ a systemic approach to analyze dynamic effects of intra-family succession on multiple business areas in family-run companies.

A system analysis using a participatory approach was conducted for a reference family-run company operating in the horticultural retail sector in Germany. The Vester Sensitivity Model, supplemented with principles from system thinking was used to identify key variables related to intra-family succession.

Expert input and analysis of variable co-occurrence revealed key variables associated with succession such as “strategic planning,” “productivity” and “financial flexibility.” Dynamic interactions among various business areas were identified by simulating interventions in succession trajectories. In particular, key variables such as “conflicts between family and work” and “organizational climate” turned out to be highly sensitive to changes during a succession process.

The concept and design of this system analysis tool will allow practitioners such as company managers and business consultants to better understand complex interrelations within companies and provide additional guidance with regard to critical events like business transfer.

The present study uses system thinking to analyze succession and its dynamic and time-lagged impacts on affected business areas in family-run companies for the first time. Repeated application of the systemic approach presented here to real-world business cases will gradually improve the tool and the quality of information it provides.