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This paper aims to analyze the benefits of the blockchain to the circular economy (CE), which is composed of both closed-loop supply chain (CLSC) systems and reverse omnichannel solutions. By ensuring transparency, traceability, visibility and security, the blockchain allows firms to acquire operational capabilities through a CLSC and service capabilities through a reverse omnichannel, which can boost business performance considerably. The related network of relationships can be reinforced by establishing incentives, which entail both smart contracts in the blockchain and active return approaches in CE.

After identifying the boundaries of the theoretical framework, several research hypotheses are developed according to the literature review and emerging gaps. These gaps link to the impact of the blockchain on CE systems (CLSC and reverse omnichannel), as well as the influence on business performance. The hypotheses are then tested using structural equation modeling and adopting a partial least squares-path modeling technique on a dataset composed of 157 firms. Finally, multigroup analysis is used to test the impact of incentives on the research hypotheses.

The blockchain facilitates a more efficient CE system, although reverse omnichannel solutions seldom bring any benefits to performance. The shift from a passive to an active return approach must be carefully evaluated. The CLSC network can benefit from an active return approach by developing appealing incentives for collectors and enhancing the positive effects of the blockchain. In contrast, consumer incentives can have detrimental effects on the blockchain. Various combinations of incentives can only bring a few business performance increases, while collector incentives are vital to reinforce the CE system's operational and service capabilities.

This paper takes a new approach toward the study of CE, which considers a dual circular system composed of a CLSC and a reverse omnichannel. The research explores whether the adoption of blockchain technology enables better return processes by improving the operations in CLSC and services in reverse omnichannel. Finally, this is the first empirical work to evaluate the benefits emerging from incentives, which can activate smart contracts in the blockchain and enable active return approaches in CE.

The purpose of this study is to understand the profit implications of analytics-driven centralized discriminatory pricing at the headquarter level compared with sales force price delegation in the purchase of an aftermarket good through an indirect retail channel with symmetric information.

Using individual-level loan application and approval data from a North American financial institution and segment-level customer risk as the price discrimination criterion for the firm, the authors develop a three-stage model that accounts for the salesperson’s price decision within the limits of the latitude provided by the firm; the firm’s decision to approve or not approve a sales application; and the customer’s decision to accept or reject a sales offer conditional on the firm’s approval. Next, the authors compare the profitability of this sales force price delegation model to that of a segment-level centralized pricing model where agent incentives and consumer prices are simultaneously optimized using a quasi-Newton nonlinear optimization algorithm (i.e. Broyden–Fletcher–Goldfarb–Shanno algorithm).

The results suggest that implementation of analytics-driven centralized discriminatory pricing and optimal sales force incentives leads to double-digit lifts in firm profits. Moreover, the authors find that the high-risk customer segment is less price-sensitive and firms, upon leveraging this segment’s willingness to pay, not only improve their bottom-line but also allow these marginalized customers with traditionally low approval rates access to loans. This points out the important customer welfare implications of the findings.

Substantively, to the best of the authors’ knowledge, this paper is the first to empirically investigate the profitability of analytics-driven segment-level (i.e. discriminatory) centralized pricing compared with sales force price delegation in indirect retail channels (i.e. where agents are external to the firm and have access to competitor products), taking into account the decisions of the three key stakeholders of the process, namely, the consumer, the salesperson and the firm and simultaneously optimizing sales commission and centralized consumer price.

This paper aims to examine empirically the impact of gender diversity on corporate performance by both comparing different positions occupied by female directors on the boards and their personal-specific characteristics.

The paper examines a sample of Italian listed companies during 2006–2015. To deal with endogeneity issues, the authors use a generalized method of moments as an empirical methodology.

The empirical findings show that the positive effect of both independent and executive women directors on firm performance is moderated by the specific characteristics of female directors. Specifically, the analyses show that foreign and busy females negatively impact on performance. Conversely, graduate female directors strengthen the positive link between executive women and firm performance.

The paper sheds light on the consequences of appointing different types of female directors (i.e. independent, executive, graduate, foreign and busy) on firm performance. Our empirical research that investigates the association between gender diversity and performance in the Italian context based on a longitudinal study, which involves a period of ten years, allowing consideration both of the years before and after the introduction of the gender quota law (Golfo–Mosca law).

This study examines how institutional quality influences variability in financial development among economies in Sub-Saharan Africa (SSA).

Empirical estimations verifying various relationships are performed using the limited information maximum likelihood (LIML) estimation technique.

The results suggest that institutional quality enhances the pace of financial development among economies in the sub-region all things being equal. In a further micro-level analysis where components of institutional quality index are examined separately, the study’s results suggest that effective governance, regulatory quality, rule of law and accountability tend to have a significant positive impact on financial sector development.

Findings of the study suggest that policies geared towards improving governance and regulatory institutions can augment development of the financial sector among economies in SSA; governments and policymakers are therefore encouraged to resource noted institutions to play effective roles for the development of the financial sector.

Compared to related studies, this study reorients existing paradigm, which emphasizes the role of governance and institutional variables in the economic growth discourse. The authors’ empirical inquiry rather focuses on how governance and institutional structures influence regional financial development dynamics. Specifically, this study differs from most macro-level studies found in literature because it examines the impact of hitherto unexamined governance and institutional variables on financial development among economies in SSA.

This paper aims to develop an original model in the context of food-based experiences considering new experiential variables, such as to experience quality, memorability and quality of life (QOL), and their impact on marketing outcomes, namely, satisfaction and loyalty, approached from an experience perspective.

An empirical approach has been adopted. Data have been collected through an online and a paper-and-pencil method, using an original questionnaire addressed to tourists who had a food-based experience during their recent holidays. Partial least squares-structural equation modelling is the technique used for data analysis.

The results confirm that local food, enjoyed through quality experiences, is a determining factor in designing memorable products, achieving tourist satisfaction, improving their QOL and encouraging loyalty to experiential food-based practices.

Results should be interpreted within the context of this research because of the use of a sample conveniently selected.

Gastronomic experiences represent a successful strategic resource for tourist destinations and professionals who want to adapt their business/destination to the new requirements of the experiential context.

To the best of authors’ knowledge, this study is first to relate the impact of memorable and quality culinary experiences on the QOL of tourists, chasing, as a final result, loyal intentions towards a specific kind of experience (culinary) rather than towards the destination.

Este trabajo propone un modelo original en el contexto de las experiencias gastronómica que relaciona nuevas variables experienciales – Calidad de la Experiencia (EXPQ), Memorabilidad (MEM) y Calidad de vida (QOL) – con variables de resultado tradicionales del marketing turístico: satisfacción y lealtad, consideradas desde un nuevo enfoque experiencial.

Se ha optado por un enfoque empírico. Los datos han sido obtenidos por medio de una encuesta online y en papel, con un cuestionario original dirigido a turistas que han vivido una experiencia gastronómica en sus recientes vacaciones. Los datos han sido tratados con PLS-SEM.

Los resultados alcanzados confirman que las experiencias gastronómicas de calidad son un factor determinante para diseñar productos turísticos memorables, lograr la satisfacción de los turistas, mejorar su calidad de vida e incentivar la lealtad hacía prácticas experienciales vinculadas a la gastronomía.

Debido al uso de una muestra no-probabilística de conveniencia los resultados de este estudio sufren limitaciones en cuanto a su generalización.

Las experiencias gastronómicas representan un recurso estratégico para los destinos turísticos y los profesionales del sector que quieran adaptar su negocio/destino a las nuevas exigencias del entorno experiencial.

Este trabajo relaciona por primera vez el impacto de las experiencias gastronómicas memorables y de calidad en la calidad de vida de los turistas, planteando como resultado final la lealtad al tipo de experiencia, más que la intención de volver a visitar el destino.

The purpose of this study is to provide a review of the emergent literature to advance the current understanding of the business model (BM) concept in a context in which more than one actor is actively involved in the development and delivery of a joint offer based on information and communication technologies.

The paper uses a systematic literature review approach. The review is based on 25 systematically selected publications published from 2000 to 2018 and retrieved from bibliographic databases and through a process of snowballing.

The authors found several alternative conceptualizations of a BM at a network level, which highlighted different elements as core components. Based on this, authors’ findings suggest the literature has a fragmented view of what the BM concept entails at a network level, and of which actors are relevant. Conversely, there is a consensus that a single-firm view is inadequate for describing and studying joint value architectures because of its inability to consider all involved actors and their activities and resources. Therefore, a network-oriented view, as a relational aggregator, is seen as a possible way forward.

The study contributes to the current understanding of a BM concept at a network level and suggests three viewpoints from which to interpret value architectures at different levels of analysis: single-firm view, dyadic-level view and network-oriented view. Furthermore, the authors highlight several gaps to be studied and provide avenues for future research opportunities for scholars.

The purpose of this study is to determine what the history of research in marketing implies for the reaction of the field to recent developments in technology due to the internet and associated developments.

This paper examines the introduction of new research topics over 10-year intervals from 1960 to the present. These provide the basic body of knowledge that drives the field at the present time.

While researchers have always borrowed techniques, they have refined them to make them applicable to marketing problems. Moreover, the field has always responded to new developments in technology, such as more powerful computers, scanners and scanner data, and the internet with a flurry of research that applies the technologies.

Marketing will adapt to changes brought on by the internet, increased computer power and big data. While the field faces competition for other disciplines, its established body of knowledge about solving marketing problems gives it a unique advantage.

This paper traces the history of academic marketing from 1960 to the present to show how major changes in the field responded to changes in computer power and technology. It also derives implications for the future from this analysis.

El objetivo de este estudio es examinar qué implica la historia de la investigación académica en marketing en la reacción del campo de conocimiento a los recientes desarrollos tecnológicos como consecuencia de la irrupción de Internet.

Esta investigación analiza la introducción de nuevos temas de investigación en intervalos de diez años desde 1960 hasta la actualidad. Estos periodos proporcionan el cuerpo de conocimiento básico que conduce al ámbito del marketing hasta el presente.

Aunque los investigadores tradicionalmente han tomado prestadas ciertas técnicas, las han ido refinando para aplicarlas a los problemas de marketing. Además, el ámbito del marketing siempre ha respondido a los nuevos desarrollos tecnológicos, más poder de computación, datos de escáner o el desarrollo de Internet, con un amplio número de investigaciones aplicando tales tecnologías.

El marketing se adaptará a los cambios provocados por Internet, aumentando el poder de computación y el big data. Aunque el marketing se enfrenta a la competencia de otras disciplinas, su sólido cuerpo de conocimiento orientado a la resolución de problemas le otorga una ventaja diferencial única.

Describe la historia académica del marketing desde 1960 hasta la actualidad, para mostrar cómo los principales cambios en este campo respondieron a los cambios tecnológicos. Se derivan interesantes implicaciones para el futuro.

Historia, Revisión, Cambio, Tecnología, Conocimiento, Internet, Datos, Métodos

Revisión general

This paper analyzes the importance given by venture capital (VC) firms to the different characteristics of the patent portfolio of a young innovative company (YIC). In an attempt to go beyond previous studies, the authors argue that not only is the size of a technological portfolio significant but also its nature. It is also examined whether the correlation between patents and VC financing varies across different industrial sectors and over different rounds of VC investments.

The empirical analysis has focused on a sample of 1,096 European YICs between the years 2010 and 2014. Target companies were identified in the monthly bulletins of Go4Venture, which reported the largest European deals and gathered information on the amount of VC financing. Additional data was derived from FinSMEs and crunchbase. Industrial sectors were differentiated according to their ability to appropriate the returns of innovation by relying on patent protection mechanisms. A multivariate regression framework at the patent family level was adopted to investigate empirical associations between the amount of VC financing and the characteristics of a YIC's patent portfolio.

The results confirm the positive value of patents. Both the size and the characteristics of a YIC patent portfolio have been found to be positively associated with the total amount of VC financing. Additionally, the correlation between a YIC patent portfolio and VC investment varies across industries and over rounds of funding. Although the number of patents is positively correlated with VC investments in sectors with strong Intellectual Property (IP) regimes, the same does not apply to sectors characterized by lower patent intensity, where qualitative metrics seem to have a stronger correlation. Significant differences have also been found for the different rounds of VC investments.

The limitations of this paper are related to data availability. Empirical associations have been investigated, but causal effects cannot be ascertained in this framework. The authors focused on a sample of firms that received VC funding. Several transactions were excluded, due to a lack of specifications pertaining to the round series. Furthermore, a number of potential drivers of the financed amounts, such as variables related to the founder or the management team, have not been considered in this study.

For firms operating in sectors with weak IP regimes, patents are positively associated with attracting equity capital, if they are the output of R&D collaborations and have higher technical merit. In industries where patent intensity is higher, patent portfolio size matters more than quality. This suggests that VC investors award innovation quality to cases in which patenting is less frequent. Since the results indicate that positive associations between patenting and VC financing are more significant in later stages, managers should plan their patenting strategy in advance to reap the related benefits, and then collect the premium at later VC stages.

In this paper, the importance given by VC firms to different characteristics of a YIC patent portfolio has been analyzed in terms of size, quality, and complexity. While previous empirical analyses mainly focused on a single sector, the authors have examined whether the relevance of patents for VC financing decisions varies across industries and over different rounds of investment. The geographical coverage of the sample is another novelty of the paper. Previous works focused on a limited number of countries, whereas this research has considered firms operating in several European countries.

Port competition attracted much scholarly attention in Northwest Europe during the 1980s. Following the rise of powerful economies in East Asia, particularly during the 1980s and 1990s, port competition has become an important phenomenon with the top five container ports in the world being located in the region. This paper aims to overview major port competition issues and outlines and analyzes the main alternative methodologies that researchers have employed to address them, referring to 70 items, mostly papers but including a few books and reports

In spite of the merits of artificial intelligence (AI) in marketing and social media, harm to consumers has prompted calls for AI auditing/certification. Understanding consumers’ approval of AI certification entities is vital for its effectiveness and companies’ choice of certification. This study aims to generate important insights into the consumer perspective of AI certifications and stimulate future research.

A literature and status-quo-driven search of the AI certification landscape identifies entities and related concepts. This study empirically explores consumer approval of the most discussed entities in four AI decision domains using an online experiment and outline a research agenda for AI certification in marketing/social media.

Trust in AI certification is complex. The empirical findings show that consumers seem to approve more of non-profit entities than for-profit entities, with the government approving the most.

The introduction of AI certification to marketing/social media contributes to work on consumer trust and AI acceptance and structures AI certification research from outside marketing to facilitate future research on AI certification for marketing/social media scholars.

For businesses, the authors provide a first insight into consumer preferences for AI-certifying entities, guiding the choice of which entity to use. For policymakers, this work guides their ongoing discussion on “who should certify AI” from a consumer perspective.

To the best of the authors’ knowledge, this work is the first to introduce the topic of AI certification to the marketing/social media literature, provide a novel guideline to scholars and offer the first set of empirical studies examining consumer approval of AI certifications.