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11 – 20 of over 103000Stefania Kollia and Athanasios A. Pallis
Container liner shipping companies started expanding their business by investing in container port terminals in the late 1990s. This market entry results in an extensive presence…
Abstract
Purpose
Container liner shipping companies started expanding their business by investing in container port terminals in the late 1990s. This market entry results in an extensive presence of vertically integrated liners and terminals. This study aims to explore the competition effects of this vertical integration trend based on a regional (European) analysis. In particular, it extracts lessons from the European Commission (EC) cases on the competition effects of vertical integration. The critical analysis of the cases examined at the institutional level intends to reach conclusions on whether liner–terminal vertical integration harmed or advanced competition in the relevant markets and/or the extent that there is a need to revise the current policy practices.
Design/methodology/approach
This study critically assesses the EC’s decisional practices in port container terminal vertical mergers in the last 25 years (1997–2021). Based on a literature review comparing maritime and competition economists' perspectives, it reviews the types of mergers examined, the methodology followed for relevant market definition and calculation of market shares and the estimated competition effects. The Hamburg–Le Havre area is the port range used as a case study for comparing the decisional practice with actual market developments. These container ports serve the greatest consuming market of final and intermediate goods in Europe and are gateways to Central and Eastern Europe.
Findings
The assessment identifies a need for expanding the investigation as a precondition for reaching conclusions on both the anti- and pro-competitive effects. First, only a limited number of transactions have been notified to the EC. Second, the empirical research identified a gap in this process, as there were no decisions (phase I) on vertical mergers between 2008 and 2016. Third, the exante assessment has not applied a phase II in-depth analysis to any case due to the absence of competition concerns. Finally, due to the absence of complaints, there is a lack of any ex post assessment of the effects of vertical integration.
Research limitations/implications
This assessment is important for understanding the current and emerging features of intra-port and inter-port competition and the potential effects that the continuation and expansion of liner companies' vertical integration strategies will have along maritime supply chains. It also contributes to the broader discussion on liner companies' strategies, such as the research and policy-making efforts around the globe to understand the impact of both vertical and horizontal integration.
Practical implications
These discussions are critical for a diversity of businesses that use liner shipping services or provide facilities and services to container shipping lines or ports. They are important for the interests of customers and consumers as they could inform any needed re-visiting of competition policy to protect from the dominance of any market developments that would lead to conditions limiting competition. Expanding analysis on the competition effects of non-notified mergers would help a better understanding of market changes.
Social implications
Enhancing competition and limiting monopolies is valuable from a consumer's perspective. This is more so in the case of maritime trade that serves the needs of societies. The study contributes by generating a better understanding of how decision-makers have worked towards that direction and what realignments are worthy.
Originality/value
There are no previous comprehensive reviews and analyses of the ways that policy-makers at the regional level have addressed the competition effects of vertical integration strategies of liner shipping companies when enhancing competition is valuable from a consumer perspective. Comparing maritime economists and competition, the study, via its literature review, also offers a comparison of maritime and competition perspectives on these competition effects, allowing positioning of how effective decisional-making practices have been.
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Syed Zulfiqar Ali Shah and Fangyi Wan
This study examines whether country-level financial integration affects firms' accounting choices and the quality of financial information.
Abstract
Purpose
This study examines whether country-level financial integration affects firms' accounting choices and the quality of financial information.
Design/methodology/approach
This study employs Propensity Score Matching (PSM), and panel regressions of a large sample of data from 20 emerging markets over the period 1987–2018.
Findings
This study finds evidence that increased level of financial integration is significantly positively associated with firms' accruals earnings management (AEM) and real earnings management (REM).
Research limitations/implications
Findings in the study have implications for standard-setting bodies that aim to enhance the usefulness of financial reporting quality. The study also has implications for various initiatives by governments in emerging markets aimed at raising investor confidence and fostering stock market development through greater financial integration.
Practical implications
Findings in the study have implications for standard-setting bodies that aim to enhance the usefulness and quality of financial reporting. The findings can be of interest to analysts, auditors and other monitoring institutions who play a crucial role in detecting earnings management and reducing information asymmetry. Finally, the study has implications for various initiatives by governments in emerging markets aimed at raising investor confidence and fostering stock market development through greater financial integration.
Originality/value
Findings in the study reveal how country-level financial integration affects accruals and real earnings management in a sample of firms from 20 emerging markets. Further, the study adds to the growing body of literature on emerging markets where capital markets mechanisms, regulatory environment and firm's corporate governance are distinct to developed markets.
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This paper takes an exploratory approach towards understanding the applicability of established theoretical frameworks for cross-functional integration in different global…
Abstract
Purpose
This paper takes an exploratory approach towards understanding the applicability of established theoretical frameworks for cross-functional integration in different global environments. In particular, the role of culture is considered as its impact on organizations may affect the ability to create a global generic model for cross-functional integration in product development. In order to achieve this aim, the paper will explore two cases from different cultural environments, namely that of Slovenia and the UK.
Design/methodology/approach
The authors compare two different companies, based on their case profile and cultural background. Both are heavy engineering companies involved in product development, one originating in the developing economy of Slovenia, the other from the developed UK economy. The authors have employed a mix methodology, including literature and documentation analysis, questionnaire surveys and interviews.
Findings
Combining organizational climate and consequently informal cooperation with formal organizational schemes, when allowing moderate levels of authority, can be beneficial for NPD success and R&D-marketing integration. These findings confirm the theoretical principles of Gupta et al., but are to some extent actually directly connected to NPD success, rather than to the R&D-marketing interface. The framework might be valid when exploring a large sample of companies at national levels, but needs further specifications and expansion when employed in a single case company. Furthermore, the two studied cases show that special care needs to be placed on taking account of cultural differences, when employing NPD in different locations/international business units.
Originality/value
The paper presents a case comparison of cross-functional integration in two different cultural contexts. From this exploratory research, the main contribution highlights the key role of cultural context in developing effective cross-functional interfaces in product development.
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The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global financial…
Abstract
Purpose
The purpose of this paper is to examine the degree of integration of emerging markets with the world market and amongst them. Further, the impact of the 2008 global financial crisis (GFC) on and structural breaks in the degree of integration are explored. The paper, additionally, analyses the behaviour of the level and the rate of change of the degree of integration around the period of the GFC.
Design/methodology/approach
The paper relies on the R2 from a single factor world and the incremental R2 from a two-factor world and emerging market models as proxies for the global and emerging markets degree of integration, respectively. Relying on the Quandt test for unknown structural breakdates, the paper examines structural breaks in the degree of integration.
Findings
The degree of global integration of emerging markets exceeds their degree of integration with themselves, particularly in the recent period. Additionally, the GFC is a significant driver of the recent increase in world market integration. We observe significant structural shifts in both the degree of the world and emerging markets integration measures. The breaks in the world market integration largely coincide with the GFC, whereas that of the emerging market integration is dispersed. Also, the level of the world market degree of integration has reversed recently, although, the degree of world market integration remains above pre-crisis point.
Practical implications
There exist high country-specific components in emerging market returns that are not accounted for by the world and emerging market factors despite the recent increase in global integration. Thusly, portfolios that diversify across emerging markets appear to have a high diversification potential. Additionally, substantial diversification gains may be realised with the inclusion of emerging market assets in global portfolios.
Originality/value
The paper shows that the emerging markets respond similarly to common global, although, diversely to emerging markets events. Additionally, evidence of the impacts of the GFC on the degree of global integration of emerging markets is presented.
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Trine Susanne Johansen and Sophie Esmann Andersen
Integration is a key component within marketing‐ and corporate communication. Benefits include synergetic representations, increased credibility and transparency. However…
Abstract
Purpose
Integration is a key component within marketing‐ and corporate communication. Benefits include synergetic representations, increased credibility and transparency. However, integration may be problematic. With the purpose of re‐conceptualizing integration, this paper aims to discuss how organizational self‐understanding and self‐presentation are challenged by consumer resistance as integrative communication practices prevent organizations from fully engaging in meaningful stakeholder dialogue.
Design/methodology/approach
Framed by a cross‐disciplinary review of integration as a concept, Arla Foods' “ONE” is analyzed by way of a qualitative content analysis as an exemplary case of integrated communication. Subsequently, the case is approached from a critical consumer perspective, drawing on empirical studies of consumer responses to and conversations with Arla Foods.
Findings
An alternative approach to integration is presented replacing the notion of “one voice, one sound, one story” with an emersion of the organization into consumer narratives and market cultures. Integration is re‐conceptualized as moving from an intra‐organizational perspective towards a co‐creative perspective.
Research limitations/implications
There is a need for further re‐conceptualization of integrated communication in order to develop a theoretical framework and definition that articulates a co‐creative view on integration.
Practical implications
Re‐articulating integration based on co‐creation carries different potential consequences for communication management, e.g. listening to consumer voices, self‐reflection and co‐development.
Originality/value
The original contribution lies in re‐conceptualizing integration as moving from an intra‐organizational perspective towards a co‐creative perspective with both practical and research implications.
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Abdullah Promise Opute and Nnamdi O. Madichie
This paper aims to evaluate the working relationship between accounting and marketing, exploring the nature and antecedents of their integration and consequences on firm…
Abstract
Purpose
This paper aims to evaluate the working relationship between accounting and marketing, exploring the nature and antecedents of their integration and consequences on firm performance.
Design/methodology/approach
The methodological approach in this study is twofold. First, a review of literature is used to identify core antecedents in the body of literature. Subsequently, four exploratory case studies were used in examining the antecedents of accounting–marketing integration from a frontier market perspective.
Findings
This study identifies information sharing and involvement as core elements of accounting–marketing integration; cultural diversity and management mechanisms (policy, structural and procedural justice) as antecedents of accounting–marketing integration; and country of origin as a mediating factor on the extent of association of some variables on their integration. Finally, this study establishes that there is a positive association between accounting–marketing integration and organisational performance.
Research limitations/implications
This study has two major limitations. First, it is qualitative and based on a review of literature and evidence from four case studies. Second, it explored only the less developed country context. Future research should, therefore, aim to address these gaps.
Practical implications
This study draws attention to the fact that accounting and marketing are culturally diverse, and strategic managerial mechanisms must be used to maintain a relevant and effective level of information sharing and involvement towards enhancing organisational performance.
Originality/value
Using exploratory case studies to support the development of a framework, the authors contend that organisations would optimise organisational performance if due attention is given to both information sharing and involvement dimensions of integration, as well as appropriate managerial mechanisms adopted in managing their relationship.
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Islamic capital markets, i.e. ICMs, featured as socially responsible investments, less levered and more reflective of the real sector, are a recent development in financial markets…
Abstract
Purpose
Islamic capital markets, i.e. ICMs, featured as socially responsible investments, less levered and more reflective of the real sector, are a recent development in financial markets showing an impressive growth and offering the potential for portfolio diversification benefits. The purpose of this study is to understand the long-run integration of ICMs in the Asia/Pacific region.
Design/methodology/approach
This sample includes ICMs of Asia/Pacific region (such as Pakistan, India, China, Japan, Thailand, Malaysia and Indonesia) for 280 weeks between 2011 and 2016. Selected indexes are FTSE Islamic except for Pakistan and Indonesia. Evidence was obtained through the application of correlation, unit root, Johansen cointegration and Granger causality tests.
Findings
This study documents the results of the integration of ICMs based on developmental stage, geographic location, economic cooperation and shared religious beliefs/civilization. Partial support was observed for all hypotheses: integration of markets based on economic grouping, location, economic treaties and shared civilization. The Japanese market was the most integrated, while the Indian and Malaysian markets are the least. Evidence supports the shift of leadership role from advanced markets to emerging markets.
Practical implications
Selected diversification opportunities are available for global Islamic as well as conventional investors. This study recommends closer cooperation among Muslim majority countries of the region, as well as the effective use of economic cooperation treaties for joint economic growth and prosperity.
Originality/value
This study contributes to the literature by providing evidence on the integration of ICMs in an economically important region (Asia/Pacific) that is witnessing an increasing role in the global gross domestic product and international trade.
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Arun Kumar Misra and Jitendra Mahakud
Financial sector reform measures, which were initiated in 1991, have provided some degree of maturity and integration of different segments of India's financial markets. The…
Abstract
Purpose
Financial sector reform measures, which were initiated in 1991, have provided some degree of maturity and integration of different segments of India's financial markets. The purpose of this paper is to articulate the impact of financial sector reform measures on integration of various segments of financial markets in India.
Design/methodology/approach
The paper surveys various methodologies for measurement of financial integration and uses the recently developed technique of co‐integration in a VAR framework to assess the extent of integration of various segments of India's financial markets.
Findings
The paper concludes that the financial market integration is inconclusive in India. Only a few segments of money market, Gilt market and foreign exchange market are integrated. Interest rate parity does not hold in India's case, which indicates poor evidence in support of international integration of domestic financial markets. Similarly, the analysis of the relationship between domestic saving and domestic investment does not support international integration. The study of co‐integration of Nasdaq and Bombay sensitive index (BSE), also revealed absence of international integration.
Research limitations/implications
Owing to non‐availability of time series data, the paper could not consider the mutual fund market, pension market and various derivatives markets in the overall process of assessment of financial integration. However, the impact on the findings is minimal, as these markets are not so far developed in India.
Practical implications
The findings have significant practical implications particularly in the formulation of policies on management and interventions in the money market, foreign exchange and equity markets and in the overall formulation of monetary policy for the economy.
Originality/value
This paper presents a quite comprehensive research study on financial integration in India and is original, particularly in the area of application of the co‐integration technique for assessment of financial integration.
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This paper is to explore how cross-functional integration (CFI) of production-marketing can impact the firm's build-to-order (BTO) competitiveness, marketing performance (MP) and…
Abstract
Purpose
This paper is to explore how cross-functional integration (CFI) of production-marketing can impact the firm's build-to-order (BTO) competitiveness, marketing performance (MP) and financial performance (FP).
Design/methodology/approach
Empirical study with the structural equation modeling approach is applied. Six hypotheses are constructed and tested based on survey data collected from Chinese manufacturing firms.
Findings
The survey data supports that production-marketing integration (PMI) improves BTO competitiveness (BTOC) and MP and that BTOC also positively affects marketing outcome which, in turn, impacts a firm's FP. The results reveal that CFI of production-marketing is an effective approach for achieving the BTO manufacturing strategy and can improve organizational performance.
Originality/value
The paper uncovers the role of CFI of production-marketing in BTO manufacturing strategy and its impacts on a firm's MP and FP and provides important managerial implications for practitioners to improve organizational time-based competitiveness and performance in today's time-based competition era.
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Aims to examine the performance affects of strategic integration in retail banking services.
Abstract
Purpose
Aims to examine the performance affects of strategic integration in retail banking services.
Design/methodology/approach
Using a survey of retail banking executives, it is examined as to how the role of operations and marketing areas can assist retail banks to shape their competitive strategies.
Findings
It is found that proactiveness and competitive strategy substantially affect a retail bank's performance based on the strength of integration of operations and marketing areas.
Research limitations/implications
Research is limited to retail banking services.
Originality/value
The research broadens the scope of the strategic fit concept towards the analysis of performance effects due to functional integration in retail banks.
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