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This study enables one to critique the importance of adapting and innovating during challenging times to sustain and grow a business and also emphasizes the need for businesses to be flexible, resilient and willing to make necessary changes to stay relevant and thrive in dynamic and unpredictable environments.

In the competitive world of India’s quick-service restaurants industry, Shilpa Bhatt Bahuguna, the young entrepreneur behind “Pizza Italia,” aimed to secure the top spot in Uttarakhand. Despite facing setbacks by closing six out of the eight outlets during the COVID-19 pandemic, Bahuguna’s focus on product quality and localization had garnered word-of-mouth publicity for her brand. Now, with a limited budget for promotions, Bahuguna sought below-the-line strategies to ensure profitability and success for new outlets. Her determination to establish Pizza Italia as an indigenous brand and her plans for global expansion through franchising reflected her vision for growth and impact in the market. With her entrepreneurial spirit, Bahuguna remained poised to achieve even greater success in the future. Bahuguna aimed to leverage her product quality and word-of-mouth promotion to capture the market. She planned to expand her brand globally and open new outlets in Uttarakhand and London. However, Bahuguna was challenged to promote her brand on a limited budget, favoring “below-the-line” strategies.

This case study is appropriate for an undergraduate- or graduate-level program in marketing management.

Teaching notes are available for educators only.

CSS 11: Strategy

This study aims to examine whether the newly available auditor tenure information is associated with non-GAAP earnings, as the recent requirement to disclose the initial year of auditor-client relationship in audit reports may give the impression that longer auditor tenure may be related to lower audit quality.

Using a sample of firm-quarters from 2017 to 2020, the authors conduct both univariate and regression analyses. We use hand-collected data for auditor tenure, SEC comment letters, and non-GAAP variables.

First, the authors find that the likelihood of disclosing non-GAAP earnings monotonically increases with auditor tenure on a univariate basis. Second, auditor tenure is negatively associated with aggressive non-GAAP reporting. Third, the authors document evidence of aggressive reporting in general; that is, items excluded in calculating non-GAAP earnings are associated with future performance. However, the association declines with longer auditor tenure. Finally, the authors report evidence that the likelihood of receiving an SEC comment letter that contains non-GAAP comments decreases with longer auditor tenure.

The results show that regulators need to consider both GAAP and non-GAAP disclosures’ costs and benefits when enacting auditor tenure regulation. Investors can benefit from the findings in evaluating the quality of non-GAAP earnings. The findings are also relevant to the SEC when allocating limited resources in monitoring non-GAAP reporting.

To the best of the authors’ knowledge, this is the first study showing that auditor tenure is associated with the quality of non-GAAP earnings. Given that financial reporting quality should be understood as a comprehensive system comprising both mandatory and voluntary disclosures, this study complements the literature that examines the effect of auditor tenure on financial reporting quality using GAAP reporting.

The purpose of our study is to study the impact of chief executive officer (CEO) optimism and narcissism on the company's capital structure.

(1) The authors opt for regression, machine learning and text analysis to explore the impact of narcissism and optimism on the capital structure. (2) We analyze CEO interviews and employ three methods to evaluate narcissism: the dictionary proposed by Anglin, which enabled us to assess the following components: authority, superiority, vanity and exhibitionism; count of first-person singular and plural pronouns and count of CEO photos displayed. Following this approach, we were able to make a more thorough assessment of corporate narcissism. (3) Latent Dirichlet allocation (LDA) technique helped to find the differences in the corporate rhetoric of narcissistic and non-narcissistic CEOs and to find differences between the topics of interviews and letters provided by narcissistic and non-narcissistic CEOs.

Our research demonstrates that narcissism has a slight and nonlinear impact on capital structure. However, our findings suggest that there is an impact of pessimism and uncertainty under pandemic conditions when managers predicted doom and completely changed their strategies. We applied various approaches to estimate the gender distribution of CEOs and found that the median values of optimism and narcissism do not depend on sex. Using LDA, we examined the content and key topics of CEO interviews, defined as positive and negative. There are some differences in the topics: narcissistic CEOs are more likely to speak about long-term goals, projects and problems; they often talk about their brand and business processes.

First, we examine the COVID-19 pandemic period and evaluate how CEO optimism and pessimism affect their financial decisions under specific external conditions. The pandemic forced companies to shift the way they worked: either to switch to the remote work model or to interrupt operations; to lose or, on the contrary, attract clients. In addition, during this period, corporate management can have a different outlook on their company’s financial performance and goals. The LDA technique helped to find the differences in the corporate rhetoric of narcissistic and non-narcissistic CEOs. Second, we use three methods to evaluate narcissism. Third, the research is based on a set of advanced methods: machine learning techniques (random forest to reveal a nonlinear impact of CEO optimism and narcissism on capital structure).

Aligning corporate communications through different information sources is a great challenge for marketers, especially those operating in the tourism sector, which has been harshly affected by the recent COVID-19 pandemic. This paper provides a deep analysis of the implementation of seven basic principles of the integrated marketing communications (IMC) paradigm in a crisis situation.

In-depth interviews with tourism and hospitality service providers were conducted in the fourth quarter of 2021 in Croatia, a destination that showed remarkable results in terms of the number of international tourist arrivals during the pandemic.

Most firms successfully transitioned from tactical to strategic IMC implementation. Some problems were reported in the coordination of communication tools and channels. Whereas the use of digital technology was enhanced, database management did not receive sufficient attention. Message clarity represented the greatest challenge, while consumer-centric communication was the most neglected principle. Relationship building was pursued mainly through B2B rather than B2C communication, whereas brand equity development pursued through communication mix mostly focused on increases in awareness, perceived quality and attitudinal loyalty.

This research is qualitative in nature and provides opinions on IMC adoption from the managerial perspective only.

This paper provides guidelines for the successful integration of marketing communications (marcom) in an extremely ambiguous and uncertain environment.

The contribution of this work lies in the proposal of a new refined and expanded theoretical framework of IMC principles and numerous marcom strategies for operating during the COVID-19 pandemic, thus providing relevant implications for academia and industry.

This study aims to explore spectators' awareness of and attitudes toward sponsoring firms as well as to propose a model predicting their purchase and word-of-mouth (WOM) intentions toward the sponsors of a major sporting event during a pandemic crisis.

A quantitative method was used to collect the data, with 1,259 questionnaires being effectively collected and analyzed using SPSS and AMOS. Exploratory factor analysis (EFA), confirmatory factor analysis (CFA), path analysis and structural equation modeling (SEM) were used to analyze the data.

Factors such as sports involvement, sincerity, social media use, beliefs about sponsorship, sponsor's image, Covid-19 beliefs and emotions, awareness of and attitude toward sponsors were found to significantly predict spectators' purchase and WOM intentions.

The results support the structural equation model, providing a multidisciplinary conceptual framework that highlights the significance of comprehending the role of significant factors in sponsorship efficiency during the Covid-19 crisis. The proposed framework adds to the knowledge corpus of this field.

The purpose of this paper is to present investigations on the significant influence of the tube material and fin density on fluid elastic instability and vortex shedding in a parallel triangular finned tube array subjected to water cross flow.

The experiment was conducted on finned tube arrays with a fin height of 6 mm and fin density of 3 fins per inch (fpi) and 9 fpi. A dedicated setup has been developed to examine fluid elastic instability and vortex shedding. Nine parallel triangular tube arrays with a pitch to tube diameter ratio of 1.78 were considered. The plain tube arrays, coarse finned tube arrays and fine finned tube arrays each of steel, copper and aluminium materials were tested. Plain tube arrays were tested to compare the results of the finned tube arrays having an effective tube diameter same as that of the plain tube.

A significant effect of fin density and tube material with a variable mass damping parameter was observed on the instability threshold. In the parallel triangular finned tube array subjected to water cross flow, a delay in the instability threshold was observed with an increase in fin density. For steel and aluminium tube arrays, the natural frequency is 9.77 Hz and 10.38 Hz, which is close to each other, whereas natural frequency of the copper tubes is 7.40 Hz. The Connors’ stability constant K for steel and aluminium tube arrays is 4.78 and 4.87, respectively, whereas it is 5.76 for copper tube arrays, which increases considerably compared to aluminum and steel tube arrays. The existence of vortex shedding is confirmed by comparing experimental results with Owen’s hypothesis and the Strouhal number and Reynolds number relationship.

This paper’s results contribute to understand the effect of tube materials and fin density on fluid elastic instability threshold of finned tube arrays subjected to water cross flow.