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The paper discusses the rationale for a widespread reliance on Codes of Conduct (CoC) in European crowdfunding through the lenses of economic theories of self-regulation. By analysing the institutional design of CoCs in crowdfunding, the paper illustrates the differences in their regulatory context, inclusiveness, monitoring and enforcement. It offers the first systematic overview of substantial rules of CoCs in crowdfunding.

A comparative case study of nine CoCs in Europe is used to illustrate differences in their institutional design and discern the economic purpose of the CoC.

The institutional design of different CoCs in Europe mainly supports voluntary theories of self-regulation. In particular, the theory of reputation commons has the most explanatory power. The substantial rules of CoC in different markets show the potential sources of market failure through the perspectives of platforms.

CoCs appear in various regulatory, cultural, and industry contexts of different countries. Some of the institutional design features of CoC might be a result of these characteristics.

Crowdfunding associations wishing to develop their own CoC may learn from a comparative overview of key provisions.

For governments in Europe, contemplating creating or revising bespoke crowdfunding regimes, the paper identifies areas where crowdfunding platforms perceive market failure.

This paper is the first systematic study of self-regulatory institutions in European crowdfunding. The paper employs a theoretical framework for the analysis of self-regulation in crowdfunding and provides a comparison of a regulatory context, inclusiveness, monitoring and enforcement of different CoCs in Europe.

This paper aims to investigate delegation decisions in supply chains, exploring the metaphor that consumers who make environmentally and socially responsible choices are equivalent to voters in an election.

This theoretical paper relies on the principles of agency theory to shed light on fundamental challenges that shape our ability to transform supply chains.

This paper unravels two puzzles linked to delegation decisions within sustainable supply chains. It shows that as firms adopt sustainable production systems, their ability to convey relevant information that convinces consumers to enter in a delegation relationship diminishes, ceteris paribus; and once a delegation relationship is established, complementarity within the dimensions of the contract is necessary to guarantee the delivery of sustainability attributes.

The findings of this paper offer insights that can inspire empirical research on sustainable supply chain management.

Policymakers and entrepreneurs willing to incentivize the transformation of supply chains must think about the nature of the relationship between firms and consumers. This paper provides a metaphor that can help practitioners to reinterpret their role as providers or consumers of products and services with sustainability attributes.

This paper provides insights that may enhance the understanding of how individual consumption decisions may contribute to transforming supply chains.

This paper expands the repertoire of theoretical tools that can be applied to study the emergence and resilience of sustainable supply chains.

This study aims to reveal the implications that trust, as a key driver of consumer behaviour, might have on consumer acceptance of front-of-pack labels (FOPLs) and policy effectiveness. By conducting three studies on 1956 European consumers with different levels of exposure to FOPLs, this study offers additional theoretical and experimental support through a deep investigation of the central role of trust in consumers’ decision-making towards healthier and more informed food choices.

Study 1 used structural equation modelling to assess whether trust is a relevant mediator of the relationship between attitude and behavioural intention (BI), thus upgrading the front-of-pack acceptance model (FOPAM); Study 2 tested the model by comparing two labels at the extremes of the current European scheme (NutrInform Battery [NiB], Nutri-Score [NS]); Study 3 assessed the effect in cases where the connection between trust and algorithms is made transparent and evaluated trust dimensions, focusing on the perception of an algorithm presence behind FOPLs information.

Study 1 strengthens the FOPAM model with the mediating role of trust in FOPLs, demonstrating a positive effect of attitude on trust and, in turn, on BI, and resulting in a higher model fit with all the significant relationships; Study 2 revealed that the relative performance of the different labels on the FOPAM can be explained by the trust dimension; Study 3, investigating the dynamics of trust in the FOPAM, revealed that the NS is less effective than the NiB on attitude, BI and trust.

The sample was limited to Italian, French and English respondents, and two labels at the extreme of the spectrum were examined. Furthermore, the research has relevance to the issue of trust. Other moderators used in previous studies on technology acceptance model, such as actual use versus perceptual use, user experience level or type of users and type of use might be investigated.

The investigation of trust, with the upgrade of FOPAM, enhances understanding of consumers’ decision-making processes when aided by food labels and makes a new contribution to the European Union “Inception Impact Assessment” in preparation for the finalization of the “From-Farm-to-Fork Strategy”, providing new insights into the role of trust by assessing the relative performance of FOPLs in consumers’ acceptance of food-related information. Furthermore, this study revealed that consumers’ perception of FOPLs worsens when they realize that they are the result of an algorithmic calculation. Finally, the new FOPAM represents a reliable theoretical model for future research on FOPL.

This study increases the knowledge about the performance of different FOPLs on several dimensions of food decision-making, positions the upgraded FOPAM as a valid alternative to existing theoretical models to assess the relative performance of labels, also extending the literature in the context of algorithm-based FOPL, and could be used as a valid support to policymakers and industry experts in their decision towards a unified label at European level.

This paper aims to contribute to the understanding of the mechanisms that evolve during reputational scandals and lead to changes in industry regulation. It explores the processes by which a demand for external industry regulation evolves, also addressing the consequences of firms’ competitive behaviors which lead to substantial misbehavior and the destruction of reputational capital. The authors are interested in whether and how regulatory activities – in the case analyzed here, changes in insurance regulation regarding sales commissions for insurance brokers – are used as a costly, external behavioral control mechanism (third-loop learning) to terminate a reputational scandal that cannot be stopped by internal controls at a firm level (first-loop and second-loop learning) anymore.

The paper explores a real-life case in the German insurance industry that peaked in 2012 and has been well documented by broad media coverage, complemented by interviews with leading industry representatives. Using causal process tracing as a methodology, the authors study the factors in the case that led to an industry scandal. The authors further analyze why the insurance firms involved were not able to limit the scandal’s impact by internally controlling their behaviors, but had to call for external regulation, thus imposing costly restrictions on sales and contract processes. To identify the mechanisms underlying this result, theories from the fields of economics (game theory) and sociology (vicious cycle of bureaucracies), as well as organizational learning theory, are used.

The authors find that individual rationality does not suffice to prevent insurance firms from scandalous business practices, e.g. via implementing appropriate internal behavioral control measures within their organizations. If, as a result, misbehavior leads to reputational scandals, and the destruction of reputational capital spills over to the whole industry, a vicious cycle is set in motion which can be terminated by regulation as an externally enforced control mechanism.

This study is limited to the analysis of a single case study, combining published materials, e.g. broad media coverage, with interviews from representatives of the insurance industry. Nevertheless, the underlying mechanisms that have been identified can be used in other case studies as well.

The paper shows that if firms want to avoid increasing regulation, they must implement strong reputational risk management (RRM) to counteract short-term profit pressure and to avoid restrictive regulation imposed on the industry as a whole. Furthermore, it sheds light on the relevance of spillover effects for RRM, as not only employee behavior within an organization might lead to the destruction of reputational capital but also that from other firms, e.g. from elsewhere within an industry.

The paper contributes by emphasizing a direct causal link between corporate scandals, loss of reputation and regulatory change within the insurance industry. Furthermore, the paper contributes by combining economic theories with organizational theories to understand real-life phenomena.

Consumers often face a dilemma regarding the purchase decisions of traditional handloom apparel because of the non-availability of information cues that would enable them to assess the quality of the product. The spread of counterfeit products in the market adds to information asymmetry. The study aims to examine factors influencing purchase intention of traditional handloom apparel that have Geographical Indication (GI) certification, which follows the certification procedure specified by the World Intellectual Property Organisation (WIPO).

A survey was conducted among 202 traditional handloom apparel consumers in India and the data was analysed using structural equation modelling. The purchase intention of GI certified handloom apparels was examined as the dependent variable, whereas quality consciousness, product diagnosticity, perceived information asymmetry were placed as independent variables. The mediating role of perceived quality and product trust in the relation between perceived information asymmetry and purchase intention was also looked into.

Results reveal that quality consciousness positively influences product diagnosticity (facilitated by the GI label certification) which in turn reduces perceived information asymmetry. Further, a reduction in perceived information asymmetry was found to increase the purchase intention of traditional handloom apparel, fully mediated by the perceived quality and product trust.

The customers who are facing a dearth of information while making purchase of traditional handlooms will be benefitted from the GI certification label which provides authenticity regarding product attributes confirming quality. Further, the study adds to the theory by establishing the relation between quality consciousness and perceived information asymmetry.

The findings imply that GI handloom apparel sellers should design marketing strategies that would project GI certification labels for traditional handloom apparel to effectively communicate product quality attributes, thus enhance product diagnosticity reducing information asymmetry. While organic certification for agricultural products is done at the individual producer’s level, GI certification is done under the producer’s collective label. Further, studies may be extended to agricultural products (Darjeeling tea, Alphonso mangoes, etc.), food items (rasgulla, Thirupathi laddoo, etc.) and handicrafts (Aranmula Mirror, Payyannur pavithra ring) that have acquired GI label in India. GI certification is adopted worldwide and studies may be extended to such products also [example Parma ham (Italy), Hessian wine (Germany)].

Empirical research on determinants of consumer purchase intentions of GI certified traditional handloom apparel is a novel attempt done in the context of a developing country such as India. The study brings out the importance of the GI certification label envisaged by the WIPO, which can serve as a tool for reducing uncertainties faced by consumer in framing purchasing intentions. This can be extended to any product type such as agricultural, food products and handicrafts that has acquired GI certifications in different countries. The study revealed that product diagnosticity (through GI certification) could reduce perceived information asymmetry that leads the consumer to the perception of quality and product trust which results in the purchase intention of traditional handloom apparel. The outcomes of the study can be instrumental in designing marketing strategies for capturing market share.

This paper aims to analyse the valuation of cultural products and explores what this process means for organizations involved in their production and marketing.

The authors develop the arguments using a number of mini-cases and industry examples.

The main thesis is that the meaningfulness and value ambiguity of cultural products shift the focus of valuation away from the products themselves towards how certain agents in the socio-cultural environment identify and certify these products. This paper discuss how valuation takes place via selection systems and how the nature of cultural products drives the dominance of one selection system over others.

Theories on value creation needs to take consideration of the critical role played by the selection system instead of just the firms that produce these products.

Organizations engaged in producing highly symbolic products need to manage selection systems and related industry dynamics to establish an enduring competitive advantage.

Value creation is a collective social efforts. Every member of the society can play a central role in this process. Better engaging various member of the society to enable them actively participate in the value creation process is what organizations today need to consider, instead of just treating individuals in the society as a “customer” who only passively consume. This research calls for the true empowerment of every member of the society to facilitate collective creativity and participation in the value creation endeavour that benefits the entire society as a whole.

It is the first paper that has created a conceptual link between the type of selection system and product categories. In other words, it takes existing literature on value creation and selection system one step further by creating the alignment or match between types of selection system and types of product categories. Therefore, it offers academics and practitioners a much detailed understanding on how value creation is conducted across different product categories.

Environmental concern is getting increasing importance in consumer shopping decisions. Nevertheless, to date, sustainable packaged foods are not always the first option when consumers go shopping. This paper analyses how environmental concern moderates the role played by external factors – preference towards sustainable retailers and trust in sustainable producers – in determining consumer purchase intentions for sustainable packaged foods. Consumer involvement in eco-friendly labels, increasingly present in food packages, is investigated as indirectly impacting pro-environmental purchase intentions.

An online survey administered to a sample of Italian food shoppers is used for the empirical analysis. A total of 278 structured questionnaires were modelled using a structural equation modelling approach.

Findings show that producers and retailers' policies in favour of sustainability are key in determining consumers' sustainable purchase intentions. Further, coherent uses of labels and logos in light of sustainability can support consumer purchase decisions. Relevant is the influence played by the environmental concern in both supporting pro-environmental purchase intentions and in amplifying the trust in sustainable producers-purchase intentions path.

This study contributes to the literature on sustainability showing how producers and retailers may together influence consumers' pro-environmental purchase intentions. Findings extend the retail literature on the impact of producers and retailers' policies on consumers' sustainable purchases. Further, environmental concern is investigated in its moderating role on the impact of external factors on consumers' pro-environmental purchase intentions.

The customers are demanding the products which are not only healthy but also clean and environment friendly i.e. call for sustainable consumption products. Therefore, this study aims to identify the important drivers of organic food purchase intention.

A cross-sectional research design involving the collection of primary data from 234 respondents was adopted in this study. Responses were gathered from the consumers of organic food representative of the Indian population. Structural equation modelling was applied to analyze data and validate the research model.

The findings of the study would help practitioners understand the factors leading to the purchase intention of organic food products in a growing consumer market. This knowledge would help them devise marketing and communication strategies to increase the consumption of organic food products.

The present study advances existing literature on organic food consumption by extending the theory of planned behaviour with factors, namely, environmental concern, convenience and trust, and establishing their role in developing the purchase intention for organic food products.

Los consumidores demandan productos no sólo saludables, sino también limpios y respetuosos con el medio ambiente, es decir, productos de consumo sostenible. Por lo tanto, este estudio pretende identificar los principales factores que influyen en la intención de compra de alimentos ecológicos.

En este estudio se adoptó un diseño de investigación transversal que incluía la recogida de datos primarios de 234 encuestados. Las respuestas procedían de consumidores de alimentos ecológicos representativos de la población india. Se aplicó un modelo de ecuaciones estructurales para analizar los datos y validar el modelo de investigación.

Las conclusiones del estudio ayudarán a los profesionales a comprender los factores que conducen a la intención de compra de productos alimentarios ecológicos en un mercado de consumidores en crecimiento. Este conocimiento les ayudaría a diseñar estrategias de marketing y comunicación para aumentar el consumo de alimentos ecológicos.

El presente estudio avanza la literatura existente sobre el consumo de alimentos orgánicos mediante la ampliación de la TPB con factores, a saber, la preocupación por el medio ambiente, la conveniencia y la confianza, y el establecimiento de su papel en el desarrollo de la intención de compra de productos alimenticios orgánicos.

顾客要求的产品不仅是健康的, 而且是清洁和环保的, 即呼吁可持续消费产品。因此, 本研究旨在确定有机食品购买意向的重要驱动因素。

本研究采用横断面研究设计, 从234名受访者中收集原始数据。受访者的回答来自于代表印度人口的有机食品消费者。采用结构方程模型来分析数据并验证研究模型。

本研究的结果将有助于从业者了解在不断增长的消费市场中导致有机食品购买意向的因素。这些知识将帮助他们制定营销和沟通策略, 以增加有机食品的消费。

本研究通过扩展TPB的因素, 即环境关注、便利性和信任, 并确定它们在发展有机食品购买意向中的作用, 从而推进了现有的关于有机食品消费的文献。

Customer journey is more omnichannel than ever. Currently, one of the most influential omnichannel behaviors is research shopping in its two predominant forms: webrooming and showrooming. The purpose of this study is to determine the possible moderating effect of each of these behaviors from a cognitive-affective perspective.

The proposed theoretical framework was applied to a sample of 636 mobile phone users.

The results indicated that research shopping moderated the intensity of the relationship between emotions and perceived value and between emotions and satisfaction. The analysis of the moderating effect of each concrete type of research shopping behavior indicated that negative emotions had a more intense negative effect on perceived value and satisfaction in the case of webrooming than in the case of showrooming.

This study focused on determining the possible moderating effect of research shopping vs one-stop shopping and webrooming vs showrooming on the intensity of the relationship between emotions, perceived value and satisfaction, considering determining factors of customer engagement to retailers (Han and Jeong, 2013). To achieve this objective, the authors performed a quantitative research in the Spanish market, choosing mobile phones as a reference product. The results will contribute to the current state of omnichannel retailing research by the analysis – through a cognitive-affective approach – of the consequences that research shopping and each of its two basic types (webrooming and showrooming) have on retailers.

El proceso de compra de los clientes es más omnicanal que nunca. En la actualidad, uno de los comportamientos de compra omnicanal más influyentes es el denominado research shopping en sus dos formas predominantes: el webrooming y el showrooming. El objetivo principal de este estudio es determinar el posible efecto moderador de cada uno de estos comportamientos desde una perspectiva cognitivo-afectiva.

El marco teórico propuesto se aplicó a una muestra de 636 usuarios de teléfonos móviles. Asimismo, se realizó un análisis multigrupo para comparar si existen diferencias entre los consumidores que realizan research shopping y los compradores unicanal, así como entre los webroomers frente a los showroomers.

Los resultados muestran que la conducta research shopping modera la intensidad de la relación entre las emociones y el valor percibido, y entre las emociones y la satisfacción. El análisis del efecto moderador de cada tipología concreta de research shopping evidencia que, en el caso del webrooming, las emociones negativas tienen un efecto negativo sobre el valor percibido y sobre la satisfacción más intenso que en el caso del showrooming.

Este estudio contribuye al estado actual de la investigación sobre la estrategia omnicanal mediante el análisis −a través de un enfoque cognitivo-afectivo− de las consecuencias que el research shopping y cada una de sus dos tipologías básicas (webrooming y showrooming) tienen para los minoristas.

Research shopping, Webrooming, Showrooming, Emociones, Valor percibido, Satisfacción

Trabajo de investigación

The research on corporate social responsibility (CSR) and firm performance (FP) has seen a surge over the years. However, the role of corporate reputation (CR), advertising strategy and market competition is still unclear. The purpose of this study is to consider this gap and test an integrative model of CSR-FP, in the context of India.

The data for CSR expenditure were collected from the annual reports of the selected companies. CR was captured using the ranks of Fortune India 500, Business Standard 1,000 and Economic Times 500. The financial data were collected from CMIE (Prowess) database.

Results of structural equation modeling (SEM) revealed a significant relationship between CSR expenditure of the firm and its reputation; but no relationship between CR and performance. When CR increases, the performance of a firm may not improve. Competitive intensity (CI) had no statistically significant role in the CR-FP relationship for performance. Results suggest that reputed firms perform well despite high competition within an industry. High reputation is effective in improving performance irrespective of competition. CI has a positive impact in the reputation–performance linkage. Advertising intensity (AI) played a significant moderating role in the CSR intensity and CR relationship.

This research represents an added value for the literature on CSR by highlighting the importance of CR, advertising strategy and market competition in the relationship between CSR and FP. The findings have several implications for theory and practice, which have been discussed in the study.