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The purpose of this paper is to make contributions toward new knowledge and understanding of how marketers can provide effective online customization experiences for customers. The practicality of online mass customization has received much attention as consumers perceive more value from customized products than from their standardized counterparts. Little research has been done to understand consumers’ behavioral intentions in response to these value additions. This study incorporates product information framing in developing and empirically testing a model of the relationship between online customization and price sensitivity, endowment addition and expected likelihood of product return.

The relationship among the constructs specified in the model was tested using multiple group structural equation modeling analysis.

The findings indicate that consumers perceived knowledge gain via customization process influences the utilitarian value, which directly impacts levels of likelihood of product return and price sensitivity. The process value, on the hedonic side, influences more on the endowment addition. Endowment addition is found to mediate the relationship between the hedonic benefits and the two utilitarian outcome variables: price sensitivity and likelihood of product return.

Understanding the consequences of customization is particularly crucial for marketers. This research is the first to expand and further our knowledge of customization, particularly in relation to its outcomes of customers’ behavioral intentions.

Many libraries, academic and public, are beginning to consider establishing endowment funds based on models successfully employed in hospitals, academic institutions, and major arts organizations throughout the United States. An endowment is a pool of assets held by an institution and invested for long‐term growth. The annual income (interest) from the endowment can be used by the institution or reinvested to expand the endowment. The principal of the endowment (the corpus) should not be “invaded” but, rather, permitted to grow and accrue more interest.

It is possible to employ either income or expenditure as the base for personal taxation. A considerable literature has developed that investigates the relative efficiency of these bases. The answer is usually in favor of the expenditure tax since it does not distort the choice between consumption and saving. In contrast, the literature is almost silent on the relative equity of the two bases. We investigate the redistributive consequences of the choice in models with two sources of heterogeneity: skill in employment and lump-sum endowment. The Gini coefficient is used to measure the degree of equity achieved by the tax bases in static and dynamic settings. Income taxes and expenditure taxes that generate equal welfare or equal revenue are compared. In the static economy the income tax leads to lower inequality except when skill and endowment are negatively correlated. Inequality is always lower with the income tax in the dynamic economy. These results support the choice of income as the base for personal taxation if reduction in inequality is a priority of policy.

Bond investing requires decision-making on multiple levels. Some criteria are qualitative, some are quantitative, and there may be conflicting objectives such as avoidance of credit risk versus need for income. Since managers of endowment funds must allocate their assets based on numerous dimensions, a multi-criteria decision model can help to evaluate competing criteria. We describe the Analytical Hierarchy Process (AHP), which allows investors to integrate multiple decision criteria, and apply the model to the sector allocation problem faced by managers of endowment portfolios. The AHP gives rise to a flexible model for bond investors for a range of economic scenarios, risk profiles, and time horizons.

The dominant paradigm of world trade patterns posits two principal features. Trade between North and South arises due to traditional comparative advantage. Trade within the North, largely intra-industry trade, is based on economies of scale and product differentiation. The paradigm specifically denies an important role for endowment differences in determining North–North trade. We demonstrate that trade in factor services among countries of the North is systematically related to endowment differences and large in economic magnitude. Intra-industry trade, rather than being a puzzle for a factor endowments theory, is instead the conduit for a great deal of this factor service trade.

This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.

Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.

This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.

This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.

The purpose of this article is to highlight the importance of waqf in financing higher education. Nowadays, higher education is costly and this has prevented students, especially those who are self-financed, from accessing such learning environments. This paper offer an alternative solution to relieve such a situation, namely, through the application of an endowment-based or waqf educational institution. The study suggests a way to establish an endowment university by concentrating the discussion on the concept and principles of its establishment, as well as sharing the experiences of the Malaysian waqf universities and the Turkish Foundation Universities/Vakif Üniversitesi in financing their universities using waqf, i.e. a pious endowment instrument.

The empirical data were mainly collected using in-depth interviews with the universities’ higher management authorities and some of the members of the board of trustees.

The findings show that the role of waqf or pious endowment is significant in providing financial assistance to their communities as well as strengthening their academic quality. In addition, tawhidic epistemology together with morality and ethics have influenced waqf donors or founders to donate their wealth and property to enrich and sustain universities and higher education.

This article provides the experiences of the Malaysian Waqf Universities and the Turkish Foundation Universities/Vakif Üniversitesi in financing their universities using waqf. It also contains some good examples from the experience of several earlier Islamic civilizations, in particular those of the Ottoman Empire and the Mamluk Sultanate of Egypt. In addition, examples of the implementation of waqf and endowment-based universities in the UK and USA as well as the Al-Azhar University of Egypt is also included.

The purpose of this paper is to develop an integrated model assessing the frequency and timing between reports on the Association for the Advancement of Sustainability in Higher Education (AASHE) Sustainability Tracking, Assessment and Rating System (STARS) reporting the framework by higher education institutions (HEIs) and the relationship between the STARS score and reputation (enrollment), finances (endowment) and performance (emissions).

The development of the theoretical model is based on learning, signaling and legitimacy theories. This study collects data from the AASHE STARS to indicate the rating level of 202 HEIs, control variables, enrollment, endowments and emissions. The hypotheses were tested using generalized linear models.

Findings suggest that as HEIs report on their sustainability activity, they learn to report better but that there is also an “un-learning” aspect if the HEI skips reporting in a period. The results support the main hypothesis that there is a relationship between reporting and engagement with the HEIs in the form of enrollment and endowments. Finally, the findings provide evidence that the HEIs’ reporting is associated with a reduction in emissions.

The findings suggest that HEIs should develop a reporting strategy on a standardized framework such as AASHE STARs and they ought to codify the approach to learn from prior reporting. Students and alumni are increasingly seeking to engage the HEI in the sustainability process and the report is a mechanism for signaling activities.

The findings suggest that AASHE STARS scores may be used by HEIs as a signaling mechanism to stakeholders of their commitment to sustainability. The signal is a mechanism to reduce information asymmetry between the HEI and stakeholders who may want more information on the institution’s attempts toward sustainability but lack access to information. Further, HEI partners have a mechanism to assess the overall level of commitment of the HEI toward sustainability and can, therefore, engage accordingly.

There has been significant work on signaling theory and sustainability. However, the relationship between STARs reporting as a signal that legitimates the HEI, learning how to report well and HEI performance has received less attention. The current study demonstrates that the STARS framework as a reporting mechanism signals the HEIs’ level of commitment to sustainability thereby legitimating it resulting in improved performance.

The purpose of this paper is to integrate knowledge inheritance theory with the social capital perspective to explain the initial endowments of spinoffs.

The authors maintain that social capital plays a crucial part, both as a mechanism supporting the generation of intellectual capital prior to a spinoff’s foundation, and as an endowment that complements this capital once the spinoff is founded. Knowledge inheritance remains a fundamental mechanism for the formation of a spinoff’s intellectual capital. Its other endowment, social capital, derives from three types of relationship that future entrepreneurs develop within, through and outside their parent firm, all three of which are crucial to the formation of a spinoff’s intellectual capital.

The first result of the theoretical research is an integrative framework of a spinoff’s endowments. Moreover, the authors apply this framework to address two key research questions in the spinoff literature, i.e. whether spinoffs can differ from their parents in terms of intellectual capital; and why spinoffs tend to co-locate near their parents, in geographical clusters. The integrative approach helps to tackle these questions.

This conceptual paper offers a more comprehensive explanation of the emergence of spinoffs in terms of their initial endowments than the knowledge inheritance theory.

This study aims to focus on the effects of economic globalisation programme on the problems of criminal activities and on the degree of skilled–unskilled wage inequality.

A competitive general equilibrium model of a small open economy is developed. Unskilled labour moves from the production sector to the criminal sector. Those who join the criminal sector snatch a part of capitalists’ income and skilled workers’ income to finance their consumption and face positive probability of being caught and punished. The size of the criminal sector and the rental rate on capital are simultaneously determined in the short-run equilibrium of this model where factor endowments are exogenously given at a particular point of time.

An increase in the capital endowment resulting from an exogenous foreign capital inflow raises demand for labour and wage rates in both the sectors. So, it lowers the rental rate on capital and thus aggravates the problem of skilled–unskilled wage inequality because the skilled labour using sector is more capital intensive than the other production sector. However, it may lower the size of the criminal sector and thus may raise the level of the gross domestic product.

There exists substantial theoretical works on the problem of skilled–unskilled wage inequality, but none of these works focuses on the general equilibrium allocation of unskilled labour to the criminal sector. On the other hand, existing models specialised to analyse theoretical implications of crime and punishment do not focus on the interaction between crime and wage inequality.