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Open Access
Article
Publication date: 29 March 2022

Seyoung Park

In this paper, we view an individual's annuitization decision as an American style call option whose underlying asset is financial wealth, which controls the distance to…

Abstract

In this paper, we view an individual's annuitization decision as an American style call option whose underlying asset is financial wealth, which controls the distance to annuitization. We then derive a certain threshold of wealth over which the individual is optimal to annuitize all of her wealth. We particularly focus on the effects of liquidity constraints on the individual's optimal annuitization decision, concerning their effects on the optimal investment and consumption strategies. We show that the annuitization decision can be significantly affected by the extent to which individual borrowing is constrained. More specifically, the optimal decision is for the individual to annuitize earlier with the tighter liquidity constrains she is exposed to than initially planned. This is particularly relevant to today's pandemic situation especially with the growing concern about cutting credit limits.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 30 no. 2
Type: Research Article
ISSN: 1229-988X

Keywords

Open Access
Article
Publication date: 21 April 2023

Ehsan Shekarian, Anupama Prashar, Jukka Majava, Iqra Sadaf Khan, Sayed Mohammad Ayati and Ilkka Sillanpää

Recently, interest in sustainability has grown globally in the heavy vehicle and equipment industry (HVEI). However, this industry's complexity poses a challenge to the…

1999

Abstract

Purpose

Recently, interest in sustainability has grown globally in the heavy vehicle and equipment industry (HVEI). However, this industry's complexity poses a challenge to the implementation of generic sustainable supply chain management (SSCM) practices. This study aims to identify SSCM's barriers, practices and performance (BPP) indicators in the HVEI context.

Design/methodology/approach

The results are derived from case studies of four multinational manufacturers. Within-case and cross-case analyses were conducted to categorise the SSCM BPP indicators that are unique to HVEI supply chains.

Findings

This study's analysis revealed that supply chain cost implications and a deficient information flow between focal firms and supply chain partners are the key barriers to SSCM in the HVEI. This analysis also revealed a set of policies, programmes and procedures that manufacturers have adopted to address SSCM barriers. The most common SSCM performance indicators included eco-portfolio sales to assess economic performance, health and safety indicators for social sustainability and carbon- and energy-related measures for environmental sustainability.

Practical implications

The insights can help HVEI firms understand and overcome the typical SSCM barriers in their industry and develop, deploy and optimise their SSCM strategies and practices. Managers can use this knowledge to identify appropriate mechanisms with which to accelerate their transition into a sustainable business and effectively measure performance outcomes.

Originality/value

The extant SSCM literature has focused on the light vehicle industry, and it has lacked a concrete examination of HVEI supply chains' sustainability BPP. This study develops a framework that simultaneously analyses SSCM BPP in the HVEI.

Details

Benchmarking: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-5771

Keywords

Open Access
Article
Publication date: 10 August 2020

David Bogataj, Valerija Rogelj, Marija Bogataj and Eneja Drobež

The purpose of this study is to develop new type of reverse mortgage contract. How to provide adequate services and housing for an increasing number of people that are dependent…

1420

Abstract

Purpose

The purpose of this study is to develop new type of reverse mortgage contract. How to provide adequate services and housing for an increasing number of people that are dependent on the help of others is a crucial question in the European Union (EU). The housing stock in Europe is not fit to support a shift from institutional care to the home-based independent living. Some 90% of houses in the UK and 70%–80% in Germany are not adequately built, as they contain accessibility barriers for people with emerging functional impairments. The available reverse mortgage contracts do not allow for relocation to their own adapted facilities. How to finance the adaptation from housing equity is discussed.

Design/methodology/approach

The authors have extended the existing loan reverse mortgage model. Actuarial methods based on the equivalence of the actuarial present values and the multiple decrement approach are used to evaluate premiums for flexible longevity and lifetime long-term care (LTC) insurance for financing adequate facilities.

Findings

The adequate, age-friendly housing provision that is appropriate to support the independence and autonomy of seniors with declining functional capacities can lower the cost of health care and improve the well-being of older adults. For financing the development of this kind of facilities for seniors, the authors developed the reverse mortgage scheme with embedded longevity and LTC insurance as a possible financial instrument for better LTC services and housing with care in assisted-living facilities. This kind of facilities should be available for the rapid growth of older cohorts.

Research limitations/implications

The numerical example is based on rather crude numbers, because of lack of data, as the developed reverse mortgage product with LTC insurance is a novelty. Intensity of care and probabilities of care in certain category of care will change after the introduction of this product.

Practical implications

The model results indicate that it is possible to successfully tie an insurance product to the insured and not to the object.

Social implications

The introduction of this insurance option will allow many older adult with low pension benefits and a substantial home equity to safely opt for a reverse mortgage and benefit from better social care.

Originality/value

While currently available reverse mortgage contracts lapse when the homeowner moves to assisted-living facilities in any EU Member State, in the paper a new method is developed where multiple adjustments of housing to the functional capacities with relocation is possible, under the same insurance and reverse mortgage contract. The case of Slovenia is presented as a numerical example. These insurance products, as a novelty, are portable, so the homeowner can move in own specialised housing unit in assisted-living facilities and keep the existing reverse mortgage contract with no additional costs, which is not possible in the current insurance products. With some small modifications, the method is useful for any EU Member State.

Details

Facilities, vol. 38 no. 9/10
Type: Research Article
ISSN: 0263-2772

Keywords

Open Access
Article
Publication date: 19 October 2023

Markus Vanharanta and Phoebe Wong

This study aims to contribute to the field of customer portfolio management by proposing a novel approach rooted in dialectic critical realism (DCR). DCR, as an ontological…

Abstract

Purpose

This study aims to contribute to the field of customer portfolio management by proposing a novel approach rooted in dialectic critical realism (DCR). DCR, as an ontological theory, enables a fundamental reimagining of customer portfolio management as a dialectic process. The conceptualized dialectic portfolio management is motivated by the concept of “absence”, akin to Hegelian “antithesis”, which highlights limitations, problems and tensions in portfolio management. In essence, “absence” serves as a diagnostic tool that directs portfolio actions towards resolving problems by pursuing a more comprehensive “totality”, similar to the Hegelian notion of “synthesis”.

Design/methodology/approach

This conceptual paper theorizes DCR in business marketing and customer portfolio management.

Findings

DCR conceptualizes customer portfolios as relational structures characterized by omissions and tensions. These issues are addressed through a dialectic synthesis aimed at achieving a more comprehensive “totality”. Consequently, DCR guides portfolio management to continually re-think the connections and distinctions that define a portfolio within its network context. This dialectic process is facilitated by a novel vocabulary that enhances the understanding of network and portfolio relations, incorporating concepts such as “intrapermeations”, “existential constitutions”, “intra-connections” and “intensive” and “extensive” portfolio practices.

Originality/value

This study aims to foster a fresh and process-oriented perspective on portfolio management, drawing inspiration from the growing demand for enriched dialectic theorizing within the realm of business marketing. The adoption of a dialectic process orientation based on DCR revolutionizes the comprehension of portfolio management by fundamentally reimagining the underlying ontological assumptions that underpin the existing body of literature on customer portfolios. Moreover, DCR asserts that ethical considerations are inextricably linked to human experiences and associated practices, emphasizing ethics as an integral component of customer portfolio management.

Details

Journal of Business & Industrial Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0885-8624

Keywords

Open Access
Article
Publication date: 18 May 2022

Salman Ashkanani and Robert Franzoi

There is a large amount of published literature on project management. However, there exists a gap between the existing literature and current…

4903

Abstract

Purpose

There is a large amount of published literature on project management. However, there exists a gap between the existing literature and current practices in the industry for the development and execution of megaprojects. Existing literature generally focuses on individual elements applicable to project management in general. This article aims to provide an overview of the project management system components used in industrial megaprojects and identify the gaps between theory and practice, which can be used as input for further research on the topic.

Design/methodology/approach

The topic of megaproject management is reviewed based on available literature sources on megaproject management systems to identify the main gaps in the literature between theory and practice. Based on the findings, an analysis is provided to discuss the improvements required in distinct project management areas and phases.

Findings

There are multiple gaps associated with issues, failures, successes and challenges in industrial megaprojects. Improvements are needed in distinct management areas and over the entire project lifetime. Further guidelines are required for achieving improved megaproject management systems. Such concepts could benefit researchers and practitioners in streamlining their research toward the most relevant and critical areas of improvement of megaproject management systems.

Originality/value

This study addresses the literature gaps between theory and practices on megaproject management systems with an overview that provides helpful guidance for industrial applications and future research. A holistic analysis identifies gaps and critical drives in the body of knowledge, revealing avenues for future research focused on quality as the central pillar that affects the entire megaproject management system.

Details

Management Matters, vol. 19 no. 2
Type: Research Article
ISSN: 2752-8359

Keywords

Open Access
Article
Publication date: 5 May 2020

Nosheen Rasool and Safi Ullah

Financial literacy is a crucial element of financial decision-making, exerting significant influence on the behaviour of individual investors, while making budgetary, house…

13505

Abstract

Purpose

Financial literacy is a crucial element of financial decision-making, exerting significant influence on the behaviour of individual investors, while making budgetary, house financing, stock investing and retirement planning decisions. So, the purpose of this research is to determine the relationship between financial literacy and behavioural biases of individual investors in Pakistan.

Design/methodology/approach

In this research paper, a sample of 300 observations was obtained through questionnaires from individual investors residing in Lahore and invested in Pakistan Stock Exchange. The data obtained, was passed through Cronbach’s Alpha and Exploratory Factor Analysis (EFA). The hypothesis developed for the research was tested by Pearson’s Chi-square and Ordinal Regression Analysis.

Findings

The hypothesis testing of the research concluded that there is a negative association between financial literacy and behavioural biases of individual investors. So, it means; with an increase in level of financial literacy, the likelihood of investor facing behavioural biases reduces. It also appeared that male respondents have more financial literacy than female respondents

Originality/value

Previous studies in the field of finance, identified different factors causing the financial behaviour of individual investor of Pakistan, and also focused on level of financial literacy in Pakistan, but these studies have not emphasized the crucial relationship between financial literacy and behavioural biases of individual investors. Thus, the unique empirical analysis developed in this paper has accentuated the financial literacy as a factor that mitigates behavioural biases of individual investor.

Details

Journal of Economics, Finance and Administrative Science, vol. 25 no. 50
Type: Research Article
ISSN: 2077-1886

Keywords

Content available
Book part
Publication date: 27 September 2021

Abstract

Details

Marketing Accountability for Marketing and Non-marketing Outcomes
Type: Book
ISBN: 978-1-83867-563-9

Open Access
Article
Publication date: 16 April 2019

Jordana Marques Kneipp, Clandia Maffini Gomes, Roberto Schoproni Bichueti, Kamila Frizzo and Ana Paula Perlin

Conditioning factors of the globalized world have created new requirements and opportunities in developing management models for organizations that englobe sustainability aspects…

27375

Abstract

Purpose

Conditioning factors of the globalized world have created new requirements and opportunities in developing management models for organizations that englobe sustainability aspects, which presume substantial investments in innovation. Therefore, the purpose of this paper is to analyze the relation between sustainable innovation practices and the performance of industrial companies.

Design/methodology/approach

This was a quantitative study and carried out by applying a research survey in Brazilian industrial companies.

Findings

The results showed that there are significantly positive associations between several variables related to sustainable innovation practices and company performance, being, therefore, possible to confirm the original proposed hypothesis.

Research limitations/implications

The main limiting factors were theoretical choices, comprehension of the phenomenon through the perception of the respondents, and the number of companies in the sample, as little representation was found in the researched population. In this manner, the results cannot be applied to the universe of considered research, being restricted solely to the group of companies in the sample.

Practical implications

From the main contributions, it is possible to highlight, at a theoretical level, the joint approach to issues of sustainable innovation and performance, since there are few studies covering the impact of adopting innovation practices on company performance. At a practical level, understanding of how the behavior of Brazilian industrial companies contributes to the wide distribution of practices that may contribute to better business performance and generate competitive advantages.

Social implications

At a social level, understanding of the benefits in adopting sustainable innovations practices favors the minimization of negative socio-environmental impacts.

Originality/value

By analyzing the themes of sustainable innovation and industrial performance, the present study may contribute to adopting business behavior that strategically and systemically integrates the objectives of sustainable innovation.

Details

Revista de Gestão, vol. 26 no. 2
Type: Research Article
ISSN: 2177-8736

Keywords

Open Access
Article
Publication date: 6 November 2023

Mushtaq Ahmad Darzi, Sheikh Basharul Islam, Suhail Ahmad Bhat and Syed Owais Khursheed

The current study is aimed at identifying the prominent influencers that affect the response behaviour of patients in a hospital environment.

Abstract

Purpose

The current study is aimed at identifying the prominent influencers that affect the response behaviour of patients in a hospital environment.

Design/methodology/approach

The research is based on the data collected through the participant observation method while interviewing patients about the quality of healthcare services in nine community health centres of the Kashmir division. Thematic analysis was performed on the information collected from patients admitted to various hospital sections.

Findings

The analysis of the qualitative data revealed that the presence of hospital staff near respondents, perceived risk of maltreatment, social desirability, the sensitivity of the topic, risk of information sharing and attitude towards surveys are the most frequently observed factors that modulate the patient's tendency to truthfully report critical facts about the problem understudy.

Originality/value

These results can help researchers to exercise caution while communicating with respondents and collecting data related to serious issues in a natural setting.

Details

Rajagiri Management Journal, vol. 18 no. 2
Type: Research Article
ISSN: 0972-9968

Keywords

Content available
Article
Publication date: 1 November 2004

Shichun Xu

1033

Abstract

Details

European Journal of Marketing, vol. 38 no. 11/12
Type: Research Article
ISSN: 0309-0566

Keywords

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