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The authors show that there is a negative relationship between economic policy uncertainty (EPU) and firm overinvestment using Korean data from 2007 to 2016. Since Jensen (1986) shows that a firm's free cash flow is an important factor of overinvestment, the authors examine how free cash flow influences the sensitivity of overinvestment to EPU. The authors find that a high level of free cash flow attenuates the negative effect of EPU on overinvestment. The authors find that there is no significant difference in the effect of EPU on overinvestment between Chaebol (Korean family-run conglomerates) and non-Chaebol firms, which is consistent with the literature that the features of Chaebol are weakening.

This work aims to explore the effects of (equity and non-equity) strategic alliances between banks and FinTechs on FinTechs' online visibility.

For a sample of 124 Italian FinTechs, the authors measured online visibility through their website ranking (Google PageRank) and website traffic (Google Trends). Consistent to the historical depth of these measures, the authors separately investigated the effect of equity and non-equity (contractual) agreements on online visibility by means of ordinal logistic regressions and diff-in-diff analysis.

Strategic alliances with banks enhance FinTechs' online visibility. Although both equity and contractual agreements positively influence the popularity of FinTechs' website achieved through the activity of internal and external online content creators (websites ranking), only equity agreements are effective in attracting Internet users (website traffic).

When deciding to interact with banks, FinTechs' managers should consider that equity agreements may be a powerful strategic choice for enlarging the customer base and boosting visibility of FinTechs.

Fostering strategic alliances between banks and FinTechs contributes to FinTechs' growth, generating virtuous mechanisms of innovation, financial inclusion and better allocative efficiency of the financial system.

This work expands marketing knowledge and literature regarding online visibility determinants, by investigating the benefits of strategic alliances and cooperation in the market, while providing an empirical strategy replicable by future marketing studies.

Purpose: Urban centres have been argued to be crucial in the battle for sustainability. With more than half of the global population presently living in cities, the sustainability challenges of global warming, environmental degradation, social inequality, and economic recessions have continued to thrive. To this end, there have been efforts to revive and improve the existing physical and social structure of cities in a process known as urban regeneration. The aim of this paper is to explore the role of sustainability assessment frameworks in urban regeneration.

Approach: Aligning with the positivism philosophical position, and using document analysis as a data collection method, the study discusses the state of the art of urban regeneration and its application in recent times. The study also reviewed selected neighbourhood sustainability assessment frameworks as a tool for decision-making towards sustainability to know the extent in which they capture the goals of urban regeneration.

Findings: Findings showed that the uptake of the sustainability assessment frameworks could play a role in enhancing integration of local context, social wellbeing and economic prosperity, environmental quality, and stakeholder engagement at the neighbourhood level which are the main aspects of urban regeneration.

Theoretical and practical implications: In theory, this paper establishes the assumption that with some revisions, sustainability assessment frameworks could serve as a tool for decision-making in urban regeneration process. Practise-wise, urban regeneration at the neighbourhood level can now be measured against sustainability benchmarks and indicators.

This study aims to understand and explain how institutional change occurs at the level of value co-creation practices in service ecosystems. Despite the centrality of collective practices to the service ecosystems perspective, theoretically grounded explanations of how practices change and become institutionalized remain underdeveloped. Applying the theory of routine dynamics, this paper addresses two questions as follows: what does the institutional change mean at the level of value co-creation practices and what processes underlie these changes?

The study develops a conceptual framework that characterizes value co-creation practices as routines involving three aspects, namely, ostensive, performative and artifactual. As a key element in institutional change, the interplay between these informs an account of institutional change processes in service ecosystems.

The proposed conceptual framework specifies the conditions for institutional change in terms of value co-creation routines. First, any such change is seen to be grounded in alignment between changing institutional rules and the ostensive, performative and artifactual aspects of routines. Second, this alignment is seen to emerge through a dialectics of planned and practice-based activities during institutional change. An empirical research agenda is proposed for the analysis of institutional change processes in different service ecosystems.

This conceptual framework extends existing accounts of how service ecosystems change through the contributions of multiple actors at the level of value co-creation practices.

This study aims to investigate the moderating role of investor demand on the relationship between the investors' divergence of beliefs and the first-day initial public offering (IPO) return.

The study sample covers the period from 2010 to 2019 and consists of 117 IPOs that are priced using the fixed price and listed on the Malaysian stock exchange (Bursa Malaysia). This study employed both the ordinary least square (OLS) and the quantile regression (QR) methods.

Investor demand, proxied by the over-subscription ratio (OSR), plays a moderating role in increasing the effect of investors' divergence of beliefs on initial return, and the moderation effects vary across the quantile of initial return. Pure moderation effects are observed at the bottom and top quantiles, suggesting that investor demand is necessary for divergence of beliefs to influence IPO initial return. However, at the middle quantile of initial return, investor demand is a quasi-moderator. That is, the OSR not only moderates the relationship between the divergence of beliefs and initial return but also has a positive effect on the initial return.

Investors' excessive demand for an IPO issue exacerbates the IPO under-pricing issue induced by a divergence of beliefs amongst investors, thus rendering greater equity market inefficiency.

To the authors' knowledge, this study is amongst the first to empirically investigate the moderating role of investor demand on the investors' divergence of beliefs and IPO initial return relationship.

The purpose of this paper is to explore the impact of critical, journalistic documentaries on viewers. More precisely, it investigates the effects of responsibility attribution and surprise on stakeholder attitude, trust and identification.

In a quasi-experimental pre-post setting, 127 participants viewed a documentary about Austrian beverage and marketing company Red Bull. The film inquired into the deaths of six extreme athletes sponsored by the company. As a critical, investigative piece, the documentary was designed to give viewers the impression that Red Bull was, at least partially, responsible for the athletes’ deaths.

Results show that responsibility attribution, the feeling of being surprised and being in a state of negative affect, had a significant impact on viewers’ attitude and trust toward, and identification with Red Bull.

The study adds insights on surprise as a factor in viewers’ assessment of responsibility. The study is original in terms of methodology by using real-time rating to ascertain which sequences trigger changes in responsibility attribution among viewers. Furthermore, implications of the study’s findings with regard to inoculation theory are discussed.

The paper aims to analyze the contribution of young academics to the field of public relations (PR) and shows which authors exert most influence on them. The study thereby contributes to the assessment of the state of the art of theory building in the field. The authors analyzed the study data against the background of two approaches on progress in the field: Nothhaft et al.’s (2018) idea of strategic communication as an elusive concept and Winkler et al.’s (2021) narrative approach.

The study comprises two parts. First, the authors conducted a survey among participants of the EUPRERA PhD-workshops between 2007 and 2019, asking respondents about their perception of the state of the field. Second, the authors performed a bibliometric (co-)citation analysis of the young scholars’ most important works.

Results indicate that though the field has progressed in terms of quantity and diversified with regard to established paradigms, it has not matured in a sense that it has settled on a generally accepted theoretical underpinning. However, the data show how the dominant paradigms in the field map onto the co-citation networks that emerged out of the works of young scholars. The authors’ findings imply that this new generation might signal their allegiance to a paradigm by citing the works of its emblematic authors.

Unlike most bibliometric studies, this one uses an author-centered approach, thus studying works that matter most to young academics themselves. Not only do the authors thereby contribute to the analysis of the state of theory building in PR research, but also expand the scope in looking at research as a social system, in which young researchers need to position themselves.

The purpose of this paper is to investigate the role of distinct types of heating technology and their price impact in German residential real estate markets, considering a wide range of other housing market determinants. The authors aim to test and to verify specifically, whether the obsolescence of heating technology leads to a significant price discount and whether higher technological standards (and environmental friendliness) come with a price premium on the market.

The authors create housing market models for rental and sales segments by constructing generalized additive models with explicit multi-layered spatial components. To elaborate a profound and contemporary answer using these models, the authors perform large-sample regression analyses based on more than 400,000 observations covering German residential properties in 2015.

First and foremost, the heating system indeed shows significant explanatory importance for measuring housing rents and purchasing price. Second, the authors find that it makes a difference whether clean “green” technologies are implemented or whether “brown” systems with obsolete technology or fossil energy sources is on hand. Ultimately, the authors conclude that while low energy consumption indeed comes with a price premium, this needs to be interpreted together with the property’s heating type, as housing markets seem to outweigh the “green premium” by “brown discounts” if low energy consumption figures are powered by a certain type of heating technology system.

Aside of a possible omitted variable bias, the main research limitation is constituted by the integration of asking prices in the analysis, as actual transaction prices are not systematically transparent on national level in Germany. Limitations are discussed at the end of the paper.

This work supports investors who face the challenge of making environmental- and energy-related decisions as well as appraisers who deliver financial fundamentals for such. Third, the paper supports both asset managers as well as investment strategists in argumentation pro-environmental investments beyond all ecological necessity.

This paper contributes to the current discussion on climate change and the eclectic role of real estate in this context. The authors deliver evidence on pricing effects as a measure of socioeconomic acceptance of progressive heating technology and environmental friendliness as an imperative of twenty-first century societies.

This is the first study on “green premiums” or “brown discounts” that includes heating technology as a potential and distinct driver of value and rents. It is a contemporary contribution and delivers original information on the quantitative impact of contemporary and anachronistic technology in heating to researchers as well as investors and appraisers.

Many organisations monitor statistics on the background of job applicants to inform diversity management, a practice known as equality monitoring (EM). The study examines perceptions of EM and employers that use it. Additionally, it aims to assess potentially salient group differences in attitudes towards EM, focussing on perceived history of employment discrimination, ethnicity, sex, and a comparison between the UK and Sweden – two countries which differ extensively in EM prevalence.

A cross-sectional self-report survey assessed attitudes toward EM, attraction to employers using it, pro-equality and diversity attitudes, perceived history of employment discrimination and background characteristics (e.g. ethnicity and sex), and compared a UK and Sweden sample (N = 925).

The results reveal positive perceptions of EM overall. Although no differences were observed between UK ethnic majority and minority respondents, White British men rate employers using EM as less attractive with increasing levels of perceived past discrimination. Women have more positive perceptions than men. Finally, the UK sample rated EM more positively than the Sweden sample.

Despite EM being widespread, the study is the first to investigate detailed perceptions of it, making group and country comparisons. Results support the use of EM in HRM but highlight the need for clear communication to avoid confusion with positive discrimination, which is perceived negatively in some majority group members, and to allay fears of data misuse. Recommendations are made for future implementation.