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1 – 10 of 88Carlos Contreras and Julio Angulo
The purpose of this paper is to propose a Clarke-Groves Tax (CGT) type as a remedy to the criticism that the implementation of Eurobonds has raised regarding the risk of…
Abstract
Purpose
The purpose of this paper is to propose a Clarke-Groves Tax (CGT) type as a remedy to the criticism that the implementation of Eurobonds has raised regarding the risk of undermining fiscal discipline. In this model, a government minimizes its sovereign debt-to-GDP ratio in a given period and decides whether to join a common sovereign debt club. In doing so, it exposes itself to a positive or negative tax burden while benefiting from the liquidity premium involved in creating a secure asset. The authors found that the introduction of this tax may prevent free riding behaviours if Eurobonds were to be implemented. To illustrate this, the authors provide some numerical simulations for the Eurozone.
Design/methodology/approach
In the model presented, a government which optimizes a social utility function decides whether to join the common debt club.
Findings
The adoption of the proposed tax could prevent free-riding behaviours and, therefore, encourages participation by those countries with lower debt levels that would have not otherwise taken part in this common debt mechanism. Under certain circumstances, we can expect the utility of all members of this club to improve. The bias in the distribution of gains might be mitigated by regulating the tax rule determining the magnitude of payment/reward. The proportion of the liquidity premium, arising from the implementation of a sovereign safe asset, has a decisive impact on the degree of the governments’ utility enhancement.
Research limitations/implications
The adoption of a CGT would require Eurobonds club members to reach an agreement on “the” theoretical model for determining the sovereign debt yield. One of the limitations of this model is considering the debt-to-GDP ratio as the sole determinant of public debt yields. Moreover, the authors assumed the relationship between the debt-to-GDP ratio and funding costs to be identical for all countries. Any progress in the implementation of the proposed transfer scheme would require a more realistic and in-depth analysis.
Practical implications
A new fiscal rule based on compensating countries with lower public debt levels could be a way to mitigate free-riding problems if a Eurobond mechanism is to be established.
Originality/value
This fiscal rule has not been proposed or analysed before in a context such as that considered by this paper.
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Miguel Angel Moliner and Vicent Tortosa-Edo
The objective of this research is to analyze how omnichannel consumer journey design (OCJD) influences the online customer experience (OCE) and e-satisfaction in consumers'…
Abstract
Purpose
The objective of this research is to analyze how omnichannel consumer journey design (OCJD) influences the online customer experience (OCE) and e-satisfaction in consumers' multirooming behavior (searching for information in online and offline channels and purchasing the product online).
Design/methodology/approach
The problem-solving theory and experiential marketing perspective are the theoretical background that enables the establishment of five hypotheses. A survey is conducted on multiroomers who had purchased a product online, following an online and offline research journey.
Findings
The results showed that OCJD directly and indirectly (through online consumer experience) influences e-satisfaction. Females and younger individuals exhibited higher levels of e-satisfaction.
Originality/value
First, this research analyzes consumers' multichannel search strategies. Second, the consumer journey is incorporated into the study of multichannel retailing. Third, an emergent typology of cross-channel free-riding behavior is analyzed: multirooming.
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Ana Mosquera, Cristina Olarte-Pascual, Emma Juaneda Ayensa and Yolanda Sierra Murillo
The new omnichannel strategy aims to offer a holistic shopping experience through the integration of online and offline channels. The introduction of technology in the physical…
Abstract
Purpose
The new omnichannel strategy aims to offer a holistic shopping experience through the integration of online and offline channels. The introduction of technology in the physical store is an essential factor to this end. The purpose of this study is twofold: first, to analyze how the intention to use different interactive technologies in a clothing store affects purchase intention and second, to test the moderating effect of gender on this relationship.
Design/methodology/approach
An original model is developed and tested with 628 omnichannel customers. A multi-group analysis is performed to compare the results between two groups: men and women.
Findings
The results show that the incorporation of new technologies in the physical store positively affects purchase intention, but no significant differences were found between the two groups.
Originality/value
This study furthers the understanding of the importance of the new connected retail system and offers new insights for both the theoretical framework and businesses.
Objetivo
La nueva estrategia omnicanal busca ofrecer una experiencia de compra holística a través de la integración de los canales físico y online. Para ello, la introducción de nuevas tecnologías en el establecimiento es un factor esencial. Este estudio tiene un doble objetivo: primero, analizar como la intención de usar diferentes tecnologías interactivas en una tienda de moda afecta a la intención de compra; y segundo, comprobar el efecto moderador del género en esta relación.
Diseño/metodología
Se ha desarrollado un modelo original que fue testado en 628 consumidores omnicanal. Asimismo, se desarrolló un análisis multigrupo para comparar los resultados en dos grupos: hombres y mujeres.
Resultados
Los resultados muestran que la incorporación de nuevas tecnologías en la tienda física afecta positivamente en la intención de compra, sin embargo, no se han encontrado diferencias significativas entre los dos grupos estudiados.
Originalidad/valor
Este estudio mejora la comprensión de la importancia del nuevo comercio conectado y ofrece nuevas perspectivas tanto a nivel teórico como para los negocios.
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Nuria Viejo-Fernández, María José Sanzo-Pérez and Rodolfo Vázquez-Casielles
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…
Abstract
Purpose
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.
Design/methodology/approach
The proposed theoretical framework was applied to a sample of 636 mobile phone users.
Findings
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.
Originality/value
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.
Objetivo
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.
Diseño/metodología
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.
Resultados
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.
Originalidad/valor
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.
Palabras clave
Research shopping, Webrooming, Showrooming, Emociones, Valor percibido, Satisfacción
Tipo de artículo
Trabajo de investigación
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Ilan Alon, Indri Dwi Apriliyanti and Massiel Carolina Henríquez Parodi
This paper aims to provide a bibliometric meta-analysis of the already substantial and growing literature on international franchising. Franchising is a model for businesses to…
Abstract
Purpose
This paper aims to provide a bibliometric meta-analysis of the already substantial and growing literature on international franchising. Franchising is a model for businesses to achieve scale with limited resources. International franchising is a mode of entry that allows firms to develop new markets with relatively little risk but also little control.
Design/methodology/approach
Using a systematic approach, the paper identifies all articles in the ISI Web of Science from 1970 to 2018 that includes the term international franchising (in the title, the abstract or keywords) and finds 131 articles. This paper used HistCite software to analyze the bibliometric data.
Findings
Four major research clusters in the international franchising literature are identified. In addition, this study shows a change in research patterns regarding topics, theories and methodologies from the 1970s through 2018. The paper presents the most influential articles, authors and journals.
Originality/value
From the analyzes, this study develops a conceptual framework of international franchising and suggest avenues for future research.
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Giada Salvietti, Cristina Ziliani, Christoph Teller, Marco Ieva and Silvia Ranfagni
The study aims to propose a comprehensive overview of the Omnichannel phenomenon by identifying its theoretical foundations as well as future research directions.
Abstract
Purpose
The study aims to propose a comprehensive overview of the Omnichannel phenomenon by identifying its theoretical foundations as well as future research directions.
Design/methodology/approach
In order to systematize Omnichannel-centered contributions and identify future research directions for post-Covid-19, this study adopted a mixed-method study, combining a systematic literature review, a bibliometric co-citation analysis and a panel discussion by field experts.
Findings
In Study 1, the authors traced extant literature on Omnichannel back to its theoretical foundations, which led to the identification of four research areas in which the concept of Omnichannel is rooted. Contributions pertaining to the aforesaid research areas were discussed and submitted to a panel of experts (Study 2) after the lockdown periods. The experts gave various insights into both the past and future of Omnichannel research. Finally, a framework synthesizing theoretical foundations of Omnichannel, literature gaps and opportunities for future research is provided.
Originality/value
To our knowledge, this is the first attempt to combine mixed methods study in Omnichannel research and to involve a panel of experts in order to discuss the findings of a literature review and evaluate future research directions. This choice allowed us to investigate both incumbent academic and managerial challenges raised by Omnichannel and to provide guidance for the post-pandemic recovery.
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Antonio D'Amato, Giuseppe Festa, Amandeep Dhir and Matteo Rossi
This study aims to investigate whether significant performance differences between cooperatives and investor-owned firms (IOFs) may exist.
Abstract
Purpose
This study aims to investigate whether significant performance differences between cooperatives and investor-owned firms (IOFs) may exist.
Design/methodology/approach
Based on data from a sample of Italian wine firms for the period from 2009 to 2018, an adjusted measure of performance called earnings before interests, taxes, depreciations and amortizations gross the raw materials cost was adopted to consider the different objectives of cooperatives relative to those of IOFs.
Findings
Empirical evidence shows that in the context under analysis, cooperatives have performed better than IOFs.
Originality/value
Despite the theoretical literature suggesting that the cooperative form of organizations suffers from many weaknesses, these results highlight that cooperatives operating in the wine sector are at least as economically efficient as other organizations, and more specifically, they perform better than for-profit firms. Consequent implications for theory and practice are discussed.
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This paper aims to verify whether the integration of sustainability in executive compensation positively affects firms’ non-financial performance and whether corporate governance…
Abstract
Purpose
This paper aims to verify whether the integration of sustainability in executive compensation positively affects firms’ non-financial performance and whether corporate governance characteristics enhance the relationship between sustainability compensation and firms’ non-financial performance and to expand the domain of the impact of sustainability on non-financial performance.
Design/methodology/approach
This analysis is based on a sample of companies listed on the Milan Italian Stock Exchange from the Financial Times Milan Stock Exchange Index over the 2016–2020 period. Regression analysis was used by using data retrieved from the Refinitiv Eikon database and the sample firms’ remuneration reports.
Findings
The findings of this paper show that embedding sustainability in executive compensation positively affects firms’ non-financial performance. The results of this paper also reveal that specific corporate governance features can improve the impact of sustainability on non-financial performance.
Research limitations/implications
This analysis is limited to Italian firms included in the Financial Times Milan Stock Exchange Index; however, the findings are highly significant.
Practical implications
The findings provide regulators with useful insights for considering the integration of sustainability goals into executive remuneration. Another implication is that policymakers should require – at least – listed firms to fulfil specific corporate governance structural requirements. Finally, the findings can provide investors and financial analysts with a greater awareness of the role played by executive remuneration in the long-term value-creation process.
Originality/value
This paper contributes to addressing the relationship among sustainability, remuneration and non-financial disclosure, drawing on the stakeholder–agency theoretical framework and focusing on Italian firms. This issue has received limited attention with controversial results in the literature.
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Sara De Masi, Agnieszka Słomka-Gołębiowska and Andrea Paci
This paper examines the relationship between women on boards and board monitoring tasks depending on group categories identified in the Kanter's theory.
Abstract
Purpose
This paper examines the relationship between women on boards and board monitoring tasks depending on group categories identified in the Kanter's theory.
Design/methodology/approach
Using a sample of the largest listed companies in Spain, Italy and France during the period 2007–2017, this study tests the effect of women's presence based on the following board categories: (1) skewed boards with a percentage of women that is less than 20%; (2) tilted boards with a percentage of women that ranges from 20% to 33%; (3) tilted boards with a percentage of women that is more than 33%; and (4) balanced boards with an equal or quasi-equal gender distribution. The authors use the case of the gender board quota regulation in different European Union countries.
Findings
The results suggest that tilted boards engage in stronger firm monitoring and that the effect of women on board monitoring tasks is positive and statistically significant when the percentage of female directors reaches the threshold of 33%.
Practical implications
The outcomes of this study help policymakers identify the minimum threshold that quota regulations should mandate in order for boards to be effective.
Originality/value
This paper moves forward the ongoing debate about the effect of women on corporate boards, shifting the focus from the ratio or presence of female directors to the size of the group they form within the board. To the best of authors’ knowledge, this is the first study to test Kanter's theory by investigating the relationship between women on boards and board monitoring.
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The rate of urbanisation in China has accelerated community heterogeneity, and yet it has also led to challenges and problems in community governance. This trend has been…
Abstract
Purpose
The rate of urbanisation in China has accelerated community heterogeneity, and yet it has also led to challenges and problems in community governance. This trend has been accompanied by the rapid expansion of information and communication technology (ICT) and online activities. Based on the example of Jiangqiao Township in Shanghai, this paper aims to probe the link between online participation using the internet and its impacts on social capital formation and community development.
Design/methodology/approach
A literature review was conducted, and a case study method based on quantitative data was applied to test the theoretical framework in the interactions of users’ online participation and perceptions of community governance.
Findings
Participation in an online community through the internet was found to foster new social capital. Distributed social capital had a positive impact on perceptions of governance at the community level, which was due to the resulting network density and social trust of the locality.
Originality/value
This study offers an expanded perspective on the impact of the internet on the behaviour of netizens in China in the context of community governance in new settlements and townships. During the COVID-19 pandemic, it is interesting to investigate how the use of mass communication channels, such as the internet and other digital platforms, affects social behaviour and generates new social norms. This study offers quantitative evidence from China to support the theory of Putnam (1993; 1995a). It thus extends beyond the field of sociology to the fields of public administration and urban development.
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