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This study aims to investigate the valuation accuracy of Malaysian initial public offerings (IPOs) by using price-multiple methods.

Cross-sectional data including 467 IPOs listed on the Malaysian stock exchange were used for the period of 2000–2017. This study used univariate ordinary least square (OLS) regression to analyse the relationship between IPOs’ price-multiples and comparable firms’ price-multiples. The test of valuation accuracy was conducted via computing valuation errors by segregating the sample into two groups: fixed-price IPOs and book-built IPOs. Furthermore, multiple OLS regression was used to examine the influence of IPO valuation on underpricing.

The findings of the results suggested that IPOs price-to-earnings (P/E), price-to-book (P/B) and price-to-sales (P/S) multiples were positively related to the median P/E, P/B and P/S multiples of five comparable firms matched by industry and revenues. The P/S multiple was shown to be the most significant valuation method, specifically in book-built IPOs. The findings indicated that those firms that had a lower valuation in comparison to the comparable firms were inclined to underprice their IPOs to allure investors to subscribe IPOs. In addition, book-built IPOs that had fair valuations were inclined to generate higher initial returns for investors.

The findings of this study observed implications for underwriters in avoiding the mis-valuation issue by considering the book-building mechanism.

This study attempted to explore the suitability of the valuation method to value IPOs in Malaysia.

The purpose of this paper is to introduce a new multiple imputation method that can effectively manage missing values in online review data, thereby allowing the online review analysis to yield valid results by using all available data.

This study develops a missing data method based on the multivariate imputation chained equation to generate imputed values for online reviews. Sentiment analysis is used to incorporate customers’ textual opinions as the auxiliary information in the imputation procedures. To check the validity of the proposed imputation method, the authors apply this method to missing values of sub-ratings on hotel attributes in both the simulated and real Honolulu hotel review data sets. The estimation results are compared to those of different missing data techniques, namely, listwise deletion and conventional multiple imputation which does not consider text reviews.

The findings from the simulation analysis show that the imputation method of the authors produces more efficient and less biased estimates compared to the other two missing data techniques when text reviews are possibly associated with the rating scores and response mechanism. When applying the imputation method to the real hotel review data, the findings show that the text sentiment-based propensity score can effectively explain the missingness of sub-ratings on hotel attributes, and the imputation method considering those propensity scores has better estimation results than the other techniques as in the simulation analysis.

This study extends multiple imputation to online data considering its spontaneous and unstructured nature. This new method helps make the fuller use of the observed online data while avoiding potential missing problems.

Understanding how firms manage multiple stakeholders is an academic and business call. This paper aims to describe a firm’s processes to implement a stakeholder value creation system, defined as the firm’s processes to create appropriate value with multiple stakeholders.

The authors based their investigation on a conceptual framework extracted from a previous literature review. From there, the authors conducted qualitative empirical research designed as a multiple-case study. In-depth interviews with 47 people from 11 different firms are the key source of this study.

This paper proposes a framework demonstrating how a firm can implement a stakeholder value creation system. Results pointed to three processes: value creation, distribution and capture. Value distribution mechanisms are drivers for both value creation and capture processes. The system is a set of multiple flow relationships between the firm and its stakeholders.

This research is limited to the Brazilian context.

The stakeholder value creation system is composed of seven elements: walk-the-talk organizational behavior, stakeholder business model, societal non-attended need, stakeholder preference matrix, stakeholder bargaining power, retention of rents and governance mechanism. Managers may design their firm’s unique processes using these elements as drivers.

The present investigation demonstrates that societal issues matter for firms to formulate strategies that positively impact their economic, social and environmental results.

The authors investigated competitive strategy concepts of value creation and appropriation from a combination of resource-based and stakeholder theories and a system perspective. The framework of this study consolidated both theories’ ideas from a complementary perspective. The authors suggest managers and academics should adopt the power of the “AND” position instead of the “OR” trade-off position.

How is moral legitimacy established in pluralist contexts where multiple moral frameworks co-exist and compete? Situations of moral multiplexity complicate not only whether an organization or practice is legitimate but also which criteria should be used to establish moral legitimacy. We argue that moral legitimacy can be thought of as the property of a dynamic dialogical process in which relations between moral schemes are constantly (re-)negotiated through dynamic exchange with audiences. Drawing on Boltanski and Thévenot’s ‘orders of worth’ framework, we propose a process model of how three types of truces may be negotiated: transcendence, compromise, antagonism. While each can create moral legitimacy in pluralistic contexts, legitimacy is not a binary variable but varying in degrees of scope and certainty.

The aim of this chapter is to: (1) model culture as a configuration of multiple values, (2) identify different culture archetypes across the globe, and (3) empirically demonstrate heterogeneity in culture archetypes within and across 52 countries. We use Schwartz values from the World Values Survey (WVS) and the archetypal analysis (AA) method to identify diverse culture archetypes within and across countries. We find significant heterogeneity in culture values archetypes within countries and homogeneity across countries, calling into question the assumption of uniform national culture values in economics and other fields. We show how the heterogeneity in culture values across the globe can be represented with a small number of distinctive archetypes. The study could be extended to include a larger set of countries, and/or cover a broader range of theoretically grounded values than those available in the Schwartz values model in the WVS. Research and practice often assume cultural homogeneity within nations and cultural diversity across nations. Our finding of different culture archetypes within countries and similar archetypes across countries demonstrates the important role of culture sharing and exchange as a source of reducing cultural conflicts between nations and enhancing creativity and innovation through interaction and integration in novel ways. We examine culture as a configuration of multiple values, and use a novel AA method to capture heterogeneity in culture values within and across countries.

The chapter offers complete details of the latest SGL version particularly suitable for dealing with large security systems and emerging crisis situations. It describes main types of constants representing information, physical matter or both and five very different and specific types of variables operating in fully distributed spaces and even being mobile themselves when serving spreading algorithms. Also given full repertoire of the language operations, called rules, which can be arbitrarily nested and carry different navigation, creation, processing, assignment, control, verification, context, exchange, transference, echoing, timing and other loads. The rules equally operate with local and remote values, process both, matter and distributed networked knowledge, and can express active graph-based patterns navigating, matching, conquering and changing distributed environments. Elementary programming examples in SGL are also provided.

The purpose of this paper is to examine the structural and computational potentials of a powerful class of neural networks (NNs), called multiple-valued logic neural networks (MVLNN), for predicting the behavior of phenomenological systems with highly nonlinear dynamics. MVLNNs are constructed based on the integration of a number of neurons working based on the principle of multiple-valued logics. MVLNNs possess some particular features, namely complex-valued weights, input, and outputs coded by kth roots of unity, and a continuous activation as a mean for transferring numbers from complex spaces to trigonometric spaces, which distinguish them from most of the existing NNs.

The presented study can be categorized into three sections. At the first part, the authors attempt at providing the mathematical formulations required for the implementation of ARX-based MVLNN (AMVLNN). In this context, it is indicated that how the concept of ARX can be used to revise the structure of MVLNN for online applications. Besides, the stepwise formulation for the simulation of Chua’s oscillatory map and multiple-valued logic-based BP are given. Through an analysis, some interesting characteristics of the Chua’s map, including a number of possible attractors of the state and sequences generated as a function of time, are given.

Based on a throughout simulation as well as a comprehensive numerical comparative study, some important features of AMVLNN are demonstrated. The simulation results indicate that AMVLNN can be employed as a tool for the online identification of highly nonlinear dynamic systems. Furthermore, the results show the compatibility of the Chua’s oscillatory system with BP for an effective tuning of the synaptic weights. The results also unveil the potentials of AMVLNN as a fast, robust, and efficient control-oriented model at the heart of NMPC control schemes.

This study presents two innovative propositions. First, the structure of MVLNN is modified based on the concept of ARX system identification programming to suit the base structure for coping with chaotic and highly nonlinear systems. Second, the authors share the findings about the learning characteristics of MVLNNs. Through an exhaustive comparative study and considering different rival methodologies, a novel and efficient double-stage learning strategy is proposed which remarkably improves the performance of MVLNNs. Finally, the authors describe the outline of a novel formulation which prepares the proposed AMVLNN for applications in NMPC controllers for dynamic systems.

The debate on corporate social responsibility (CSR) as shared value creation is trapped between management scholars and business ethics scholars, focusing merely on the distribution of values from an outcome-oriented perspective. The result is a juxtaposition of shared value from either a corporate or a societal perspective, providing only little attention to the actual communication processes supporting the creation of shared value. The purpose of this paper is to re-conceptualize shared value creation from a communicative approach as an alternative to the current situation caught between the management and societal perspectives.

Building upon recent constitutive models of CSR communication, this conceptual paper explores the potentials and implications of re-conceptualizing shared value creation as an alternative approach that recognizes the tensional interaction processes related to shared value creation.

The paper suggests a new conceptualization of shared value creation, which is sensitive to and able to advance the understanding of the tensional and conflictual interaction processes in which the continuous negotiation of corporate and stakeholder interests, values and agendas may facilitate a new understanding of shared value creation.

In order to succeed with the shared purpose of creating shared value (CSV), the company and the multiple stakeholders should neither disregard nor idealize the interaction processes related to shared value creation; rather, they should acknowledge that processes filled with tensions and conflicts are prerequisites for CSV.

A re-conceptualization of shared value creation that provides an alternative approach that is sensitive toward the tensions and conflicts occurring between corporate voice and multiple stakeholder voices.

This paper aims to present the seven organizational principles for developing value-dominant logic (VDL) thinking and advancing it toward making a business purposeful and open to a lifestyle of value for humanity at large.

VDL considers value as rooted on axiology, actor-network theory, the hygge concept and is deployed through seven organizational principles deriving from the original eight VDL principles (Mahajan, 2017).

It is necessary to consider value in its polysemous meanings as an emergent element and a result of people’s interpretation based on norms and beliefs. At the same time, managers conceptualize businesses to create stimuli for the markets and society and favoring the emergence of a positive and sustainable value. This study explains how organizations and managers can be driven by norms and beliefs and a purpose to make decisions and assume postures and behaviors capable of stimulating the emergence of positive and sustainable value, creating opportunities for humanity at large; this managerial behavior creates conditions for value creation, and it is framed in VDL.

A research agenda is provided that can spawn fruitful research in VDL.

This study develops the theoretical roots for a management approach that will support organizations and managers in interpreting their role as stimulators of value.

The study focuses on the well-being and happiness of all the stakeholders.

The study developed organizational principles deeply rooted in the VDL.

Studies on cross-culture marketing often focus on either localization or globalization strategies. Based on data from pre-communist China (1912–1949), product hybridization – defined as a process or strategy that generates symbols, designs, behaviors and cultural identities that blend local and global elements – emerges as a popular intermediate strategy worthy of further inquiry. After examining the mechanisms and processes underlying this strategy, a schema for classifying product hybridization strategies is developed and illustrated. The paper aims to discuss these issues.

Critical historical research method is applied to historical data and historical “traces” from pre-communist China’s corporate documents, memoirs, posters, advertisements, newspapers and secondhand sources.

Strategic interactions between domestic and foreign companies in pre-communist China fostered products and a city (Shanghai) containing Chinese and non-Chinese elements. Informed by historical traces and data from pre-communist China (1912-1949), a 2 × 2 classification schema relating company type (i.e. foreign or domestic) to values spectrum endpoint (i.e. domestic vs foreign) was formulated. This schema reflects the value of communication, negotiation and cultural (inter)penetration that accompanies cross-culture product flows.

Cross-culture marketing strategies meant to help companies satisfy diverse marketplace interests can induce a mélange of product design elements. Because product hybridization reflects reciprocity between domestic and foreign companies that embodies multiple interests and contrasting interpretations of product meanings, researchers should examine globalization and localization synergistically.

Strategies adopted by domestic and foreign companies in pre-communist China (1912–1949) can help contemporary companies design effective cross-culture marketing strategies in a global marketplace infused with competing meanings and interests.

Examining historical strategies adopted in pre-communist China (1912–1949) can inform contemporary marketers’ intuitions. Understanding product hybridization in global marketplaces can improve marketing efficiency.