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The purpose of this paper is to investigate how digital transformation changes highly traditional business processes and how it impacts value co-creation and co-destruction. More specifically, the aim is to examine, using the resource interaction approach, how the friction between non-digital and digital resources affects the co-creation and co-destruction of value in a network during digital transformation. Based on this, the authors provide managerial implications on how to handle simultaneous digital and traditional business processes to co-create value during digital transformation.

A case study is conducted of a digital platform provider and of three traditional confectioneries. In this analysis, the authors looked at the business processes of highly traditional confectioneries that have introduced online services through a digital platform and are undergoing digital transformation.

In some industries, it is neither possible nor advisable to fully digitalise all business processes, and companies have to partially retain their traditional, analogue character to create value. The process of value co-creation during digital transformation is affected by friction between the digital and non-digital resources and is mitigated by specific lubricants (e.g. mutual reliance, smooth personal communication, willingness to help, attitude towards change). This results in the improvement of processes and capabilities in terms of digital development and traditional production. Friction may also lead to value co-destruction, for example, as the result of transformation from face-to-face to digital interactions.

The authors contribute to research on the digital transformation of highly traditional companies that need to introduce new, digital technologies and resources while continuing their traditional processes. The authors develop the concept of lubricants that mitigate the friction between resources and, therefore, facilitate value co-creation in a business network. Additionally, the authors provide managerial implications for how to handle simultaneous digital and traditional business processes during digital transformation.

This paper aims to use doctrinal legal investigative methods combined with economic analysis to investigate the efficacy of the Law.

The purpose of this paper is to explain the inherent absurdity in the modern law of town and village greens (TVGs). The author wishes to show that the public understanding of what constitutes a green worth protecting is incomparable with how the Law currently operates, instead providing a crude vehicle to prevent development.

Applying an efficiency maximisation framework to the law of TVGs the Law fails to protect land worth protecting, as well as prevents allocatively efficient bargaining from taking place.

This research has not presented empirical evidence to suggest the extent of the damage identified. This is a separate question to the marginal impacts of the damage.

A Law and Economics analysis of TVG Law in England and Wales has not been attempted before.

Factor investment is booming in global asset management, especially environmental, social, and governance (ESG), dividend yield, and volatility factors. In this chapter, we use data from the US securities market from 2003 to 2019 to predict dividends and volatility factors through machine learning and historical data–based methods. After that, we utilize particle swarm optimization to construct the Markowitz portfolio with limits on the number of assets and weight restrictions. The empirical results show that that the prediction ability using XGBoost is superior to the historical factor investment method. Moreover, the investment performance of our portfolio with ESG, high-yield, and low-volatility factors outperforms baseline methods, especially the S&P 500 ETF.

Christmas is the most consumed event of the year, always full of traditions, namely family ones, which are very significant. In this way, it is intended to find out the importance of traditions at Christmas time and analyze their implications for family businesses.

The study is quantitative in nature, based on a questionnaire survey carried out with 551 Portuguese individuals, over 18 years of age, where different issues related to Christmas traditions and family are addressed.

The results demonstrate that the Christmas traditions scale is made up of four factors: family traditions on Christmas Eve, aspects related to the Christmas spirit, changes in Christmas traditions with the COVID-19 pandemic and traditions of participating in events with family at Christmas. Cod and octopus dishes are the most popular dishes on Christmas Eve. In relation to sweets/desserts, king cake, rabanadas, vermicelli, children's bread and sponge cake are the most common on Christmas Eve.

The study helps to understand Portuguese Christmas traditions, providing knowledge that allows defining strategies for family businesses, improving the experience and relationship with consumers at a special time of year. It is hoped that the trends in Christmas traditions in this study will contribute to unveiling the Christmas spirit, also serve as a marketing image and create curiosity and motivation on the part of other cultures to visit Portugal during this festive season, in order to experience Christmas traditions.

The purpose of the study is to examine opportunities for gastronomic tourism development and smart solutions in the regions of Latvia.

The methodology is based on a qualitative approach applied to examine the theoretical and legal frameworks for gastronomic tourism, as well as on a case study based on mapping and a typology of gastronomic tourism.

An analysis of priorities for the Kurzeme planning region (including Talsi municipality) in tourism development revealed that digitalization, the introduction of smart solutions important for travellers and the integration of the digital environment and innovative solutions into tourism services are specified in policy documents. An examination of a mapping of tourist services supplied in the Talsi municipality and the role of gastronomic tourism therein showed that such a mapping can serve as a basis for developing targeted smart and digital tourism products for Talsi municipality, which involves both the target audience and the typology of food tourist behaviour.

The examination of smart solutions for the regions of Latvia represented an in-depth case study of one municipality – Talsi. Talsi municipality was selected as a typical gastronomic destination, which offers a wide range of gastronomic tourism opportunities, and this kind of tourism is also referred to in the tourism development strategy of the municipality (region).

This study's contribution is determined by the constantly changing dynamic environment that fosters the differentiation of supply of tourism products, as well as the integration of smart solutions into tourism products. Gastronomic tourism in Latvia and the Baltic states plays a steady role in contributing to the recognition of the cultural environment and regional traditions; therefore, the supply of smart solutions is essential and significant from the regional perspective. The originality of the research is also determined by an examination of smart solutions for gastronomic tourism in the tourism products supplied in the region.

Putting relationships at the heart of what we do.

The purpose of this paper is to build upon reward-learning theory and examine the role of indulgent food consumption and habitual eating behaviors as a means of emotional coping.

Both qualitative and quantitative methods were enlisted to explore emotional eating and indulgent tendencies. In Phase 1 of this research, participants responded to open-ended questions regarding the drivers of emotional eating. In Phase 2, a theoretically driven model was developed from Phase 1 findings and quantitative data was collected to test it.

Phase 1 findings indicate that negative terms such as “stressed” and “distract” were more prevalent in the high emotional coping group as opposed to the low emotional coping group. Building from Phase 1, findings from Phase 2 demonstrate a link between emotional eating and indulgent food consumption, underscoring the impact of habitual behaviors. Specifically, emotional coping frequency fully explains the relationship between emotional eating habits and indulgent eating frequency, while intentions to eat indulgent foods partially mediates the relationship between attitude toward indulgent foods and indulgent food consumption frequency. In addition, intentions to eat indulgent foods partially mediates the relationship between emotional coping frequency and indulgent food consumption frequency.

Social marketing efforts can be enlisted to de-market fatty foods to individuals prone to engaging in emotional eating. Individuals might also be encouraged to use emotion regulation techniques to help manage negative emotions.

This research contributes to the existing marketing and consumer well-being literature by exploring the role of habit formation in the development of emotional eating and indulgent food consumption.

Decision-making biases play decisive roles not only in entrepreneurs’ decisions but also in the fate of entrepreneurial businesses. While the extant literature in this regard is relatively rich, it has predominantly focused on certain biases like overconfidence and overoptimism at the expense of other possibly influential biases, which could influence entrepreneurial decisions. Thus, to address this serious research gap, this paper aims to explore four of the less-researched biases of escalation of commitment, the illusion of control, confirmation and the belief in the law of small numbers in entrepreneurial decisions.

By taking a qualitative approach, the data for this study were collected through face-to-face interviews with 19 Iranian habitual (experienced) entrepreneurs running small businesses and analyzed by a qualitative thematic analysis.

According to the results, the environmental uncertainty, the reluctance to lose face and the experiences of previous failures contributed to the escalation of commitment, while disregard for external factors beyond one’s control caused the illusion of control, factors like prior successful businesses in the same sector, looking for resorts to manage uncertainty, along with the decision to exploit opportunities resulted in the confirmation bias, while the expenses of conducting sweeping pilot tests in the market and the reluctance to reveal a business secret to the competitors were the main contributors of the belief in the law of small numbers.

This study is a pioneer in scrutinizing four less-researched but important biases in entrepreneurs and, thus extending the line of research in this regard.

The main goal of the study is to investigate how same-brand slogans simultaneously in use in two emerging markets, namely Turkey and Russia, differ semantically. The study further examines in what ways the industrial competition structure impacts the semantic slogan design within these two contexts.

The study uses the method of semantic explication that is based on a 19-device taxonomy. This method is applied to 56 slogan pairs in the Turkish and Russian languages launched for the same brands/products across 6 industries.

Results indicate that same-brand slogans differ semantically between Turkey and Russia. Moreover, firms tend to conform to a shared semantic pattern within a given industry, largely depending on the industrial competition structure. While strong local competition (as in the electronics and cleaning products industries in Turkey and in the personal care and beverages industries in Russia) leads firms to use self-reference, international competition (as in the automotive, personal care and beverages industries in Turkey and in the electronics and cleaning products industries in Russia) promotes them to use hyperbole in their slogan design.

Adopting a common semantic pattern within an industry may carry the risk of restricting brand differentiation and consumers' sense of novelty. Furthermore, the inclusion of brand names in slogans may make slogans sound assertive and lead consumers to overreact to the brand.

Unlike many studies exploring different-brand slogans through a syntactic or grammatical lens, this study investigates the semantic features of same-brand slogans launched in two emerging market contexts. It adopts a B2B perspective, unlike many extant studies that often focus on a B2C one.

The learning outcomes of this case study are to develop an understanding of informal business practices (IBP) from an economic and a behavioural perspective, identify the pros and cons of IBP and how they can hinder the realization of entrepreneurial aspirations, use the effectuation perspective to understand the entrepreneurial journey of the protagonist and apply the strengths, weaknesses, opportunities and threats (SWOT) analysis and effectuation theory to understand the need for transition from informal to formal business practices.

KSN Iyengar Catering Services (KSNICS) had gained popularity for cooking and serving traditional “Iyengar” cuisine during festivals, ceremonies and other auspicious occasions. With the passage of time, KSNICS slowly diversified into offering food carrier services, corporate catering and preparation of sweets/savouries during the Diwali festival. The enterprise managed to sustain itself without additional investments from external sources. KSNICS was managed in an informal manner by the protagonist, Krishna Kumar. After almost 30 years of KSNICS’s existence, in 2021, Kumar felt that they should diversify into the restaurant business by establishing an authentic “Iyengar” restaurant. In spite of the unpredictable market and the challenging times due to the COVID-19 pandemic, he had somehow managed to sustain his catering business. However, given the informal methods through which he operated his catering services and in the post-COVID-19 pandemic scenario, would it be prudent on his part to establish a restaurant?

This case study is suitable for post-graduate- and executive-level instruction in courses such as managerial skills, entrepreneurship and human resource management. In managerial skills course, it can be used for applying SWOT analysis from a particular perspective for effective decision-making. In entrepreneurship-related courses, it can be used to introduce aspects such as entrepreneurship orientation, effectuation and decision-making. In organizational behaviour and HR-related courses, it can be used to highlight how employees can be trained and motivated and how businesses can be sustained within the scale, especially during challenging times. Irrespective of the course, the IBP discussion would remain a constant point of reference because that was the context under which the current business was operating.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.