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The purpose of this paper is to examine the extent to which corporate board characteristics influence the level of dividend pay-out ratio using a sample of UK small- and medium-sized enterprises from 2010 to 2013 listed on the Alternative Investment Market.

The data are analysed by employing multivariate regression techniques, including estimating fixed effects, lagged effects and two-stage least squares regressions.

The results show that board size, the frequency of board meetings, board gender diversity and audit committee size have a significant relationship with the level of dividend pay-out. Audit committee size and board size have a positive association with the level of dividend pay-out, whilst the frequency of board meetings and board gender diversity have a significant negative relationship with the level of dividend pay-out. By contrast, the findings suggest that board independence and CEO role duality do not have any significant effect on the level of dividend pay-out.

This is one of the first attempts at examining the relationship between corporate governance and dividend policy in the UK’s Alternative Investment Market, with the analysis distinctively informed by agency theoretical insights drawn from the outcome and substitution hypotheses.

The objective of this paper is to study the impact of political connection and governance on credit rating and whether there is a substitution or complementary relationship between them.

In order to achieve the objective, a succession of eight ordered probit regressions has been carried out. Moderating variables between the political connection and governance characteristics were introduced. The whole population is taken as a sample, i.e., 27 Tunisian companies that are evaluated by FITSH NORTH AFRICA agencies over a period of 10 years (2009–2018).

The outcomes are mixed. They show that the political connection does not always influence credit rating; the size and board independence always improves credit rating; the duality between the functions affects credit rating; whereas the majorities’ proportion does not influence credit rating; and a substitution between the political connection and the governance characteristics is validated.

Like any other research, our results are factors of our measures and variable choice and depends heavily on the how these variables were conceived. Also, although our number of observations responds to the statistical result generalization requirements, our sample remains relatively narrow with 27 companies only.

In practice, the research will allow investors to have a better vision upon the future of their investments based on whether to develop their governance system or promote political networking. It will also prompt lenders to look beyond ratings and consider factors such as political connections to make a rational judgment on their future placements.

This study leads us to find various solutions: the establishment of credit agencies that take into consideration all the data of all the operators taken as a whole (bank, leasing company, and factoring). It encourages the reorganization of the Tunisian banking sector through mergers for example.

This study is a pioneer in the credit rating field in Tunisia, where the source of debt financing is the most used by all enterprises across all sectors. This study extends the literature of political connection effectiveness, independent directors, board size, in improving corporate performance and credit rating.

Prior research on political strategies has predominantly analyzed singular political activities or drivers for firms to become politically active and, overall, only scarcely obtained insights on performance consequences of political strategizing. To further develop the realm of political strategy, this study analyzes the effects of two “generic” political strategies on firms’ (1) stakeholder network development and (2) performance. Specifically, we provide theoretical and empirical evidence whether the two political strategies add to or substitute each other in their effect on the corresponding outcome variable. We find that an information strategy significantly affects the stakeholder network development, whereas no influence of a financial incentive strategy could be detected. Moreover, we find that the stakeholder network drives firm performance and, more importantly, that the two political strategies substitute each other in their effect on firm performance. Thus, we provide initial insights on the efficiency of political strategies when firms opt to execute an information strategy and financial incentive strategy simultaneously. The results of our study have important implications for research as they put a new light on the efficiency of political strategies.

The first alternative is to enrich shareholding by management. The basic theory of this research is the agency theory. This study aims to examine the institutional ownership, dividend policy, debt policy, and risk that are interconnected directly or indirectly. The research sample was a non-financial company from 2010 to 2014. Four variables will be tested using Two-stage Least Square (2SLS) in the SPSS application. The result of this study represents the overall interdependency relationship among institutional ownership, dividend policy, debt policy, and risk. The research outcome signifies an interdependency relation for endogenous variables, even if some exogenous variables have no significant relation. In addition, the effects of substitution between institutional ownership and dividend policy, debt policy and dividend policy, and institutional ownership and risk. Meanwhile, institutional ownership and dividend policy, risk and dividend policy, and risk and debt policy have no substitution effect.

This study applies asymmetric rather than conventional symmetric analysis to advance theory in occupational psychology. The study applies systematic case-based analyses to model complex relations among conditions (i.e., configurations of high and low scores for variables) in terms of set memberships of managers. The study uses Boolean algebra to identify configurations (i.e., recipes) reflecting complex conditions sufficient for the occurrence of outcomes of interest (e.g., high versus low financial job stress, job strain, and job satisfaction). The study applies complexity theory tenets to offer a nuanced perspective concerning the occurrence of contrarian cases – for example, in identifying different cases (e.g., managers) with high membership scores in a variable (e.g., core self-evaluation) who have low job satisfaction scores and when different cases with low membership scores in the same variable have high job satisfaction. In a large-scale empirical study of managers (n = 928) in four (contextual) segments of the farm industry in New Zealand, this study tests the fit and predictive validities of set membership configurations for simple and complex antecedent conditions that indicate high/low core self-evaluations, job stress, and high/low job satisfaction. The findings support the conclusion that complexity theory in combination with configural analysis offers useful insights for explaining nuances in the causes and outcomes to high stress as well as low stress among farm managers. Some findings support and some are contrary to symmetric relationship findings (i.e., highly significant correlations that support main effect hypotheses).

This research aims to examine how source of funds (paying with company’s funds versus personal funds) affects buyer’s judgments of price fairness and via these judgments, buyer’s response to prices.

A scenario-based experiment is used (N = 200). To test the hypotheses, the authors run moderated mediation regression analyses with the help of the PROCESS macro.

Drawing on fairness heuristics theory, the authors hypothesize and find that relative to when paying with personal funds, when paying with company’s funds, the perceived price difference plays a less significant role, whereas the perceived social acceptability of the pricing practice underlying the price difference plays a more important role in shaping price fairness judgments and, via these judgments, buyer’s response to prices.

The findings generate advice for companies that serve both the business and personal segments (e.g. airlines and hotels). Buyers in the personal segment typically pay with their own money. To persuade these buyers that a price is fair, it is crucial to show that the price represents a good deal for them. Buyers in the business segment often pay with company’s fund. Companies have more flexibility in charging different prices, but they should make sure that the reasons for the price difference are socially acceptable.

This research shows how the relative role of price difference versus social acceptability in price fairness judgments varies as a function of source of funds and how an inconsistency between price difference and its economic impact affects price fairness judgments.

Some marketers have challenged psychologists’ contention that human beings can only learn by using conscious effort. They argue that advertising can be effective at low levels of (or even no) attention. Also, despite the absence of (or low levels of) consciousness, these subconscious responses can be linked to brands. The purpose of this study is to investigate the impact of implicit learning in the context of logo substitution – an image that may not look like the original logo, and may not even be consciously associated with the original brand or its logo.

Data were collected by means of two quasi-experimental studies.

The results suggest that, thanks to implicit learning, logo substitution can be effective.

One limitation was that data were collected from two relatively small convenience samples.

Logo substitution can be of value when a company faces a situation when advertising is banned or restricted, when the target market is saturated with marketing stimuli (clutter) and when there is a risk that aggressive advertising can lead to psychological reactance. The purpose of logo substitution would then be to unobtrusively activate mental representations closely related to the original logo.

The central contribution of this study is that it demonstrates how the principles of implicit social cognition, implicit learning and logo substitution can be used by marketers to overcome the undesirable and even adverse advertising circumstances they sometimes face.

This study examines whether dividend payout, an internal corporate governance mechanism, is a substitute for or an outcome of product market competition, an external corporate governance mechanism. The sample includes firms in six of the world’s most prominent economies. We find that firms in more competitive industries pay less in the way of dividends to their shareholders, which is consistent with the notion that dividends and competition are substitutes. We also determine that the above negative relationship is weaker in countries with stronger regulation protecting minority shareholders against corporate self-dealing. Furthermore, the relationship has attenuated following the passage of the Sarbanes-Oxley Act that increased regulation and enhanced governance standards. Collectively, our findings provide consistent evidence across countries that the two corporate governance mechanisms examined in the study are substitutes, and greater regulation weakens the substitution effect. Our empirical findings are robust to alternative measures of dividend payout, industry definition, and shareholder protection.

Recent service studies suggest focusing on the service triad consisting of technology-customer-frontline employee (FLE). This study empirically investigates the role of service robots in this service triad, with the aim to understand the augmentation or substitution role of service robots in driving utilitarian and hedonic value and ultimately customer repatronage.

In study 1, field data are collected from customers (n = 108) who interacted with a service robot and FLE in a fast casual dining restaurant. Structural equation modeling (SEM) is used to test hypotheses about the impact of service robots' anthropomorphism, social presence, value perceptions and augmentation opportunities in the service triad. In study 2, empirical data from a scenario-based experimental design (n = 361) complement the field study by further scrutinizing the interplay between the service robot and FLEs within the service triad.

The study provides three important contributions. First, the authors provide empirical evidence for the interplay between different actors in the “customer-FLE-technology” service triad resulting in customer repatronage. Second, the empirical findings advance the service management literature by unraveling the relationship between anthropomorphism and social presence and their effect on perceived value in the service triad. And third, the study identifies utilitarian value of service robots as a driver of customer repatronage in fast casual dining restaurants.

The results help service managers, service robot engineers and designers, and policy makers to better understand the implications of anthropomorphism, and how the utilitarian value of service robots can offer the potential for augmentation or substitution roles in the service triad.

Building on existing conceptual and laboratory studies on service robots, this is one of the first field studies on the service triad consisting of service robots – customers – frontline employees. The empirical study on service triads provides evidence for the potential of FLEs to augment service robots that exhibit lower levels of functional performance to achieve customer repatronage. FLEs can do this by demonstrating a high willingness to help and having excellent interactions with customers. This finding advocates the joint service delivery by FLE – service robot teams in situations where service robot technology is not fully optimized.

This article explores whether six broad categories of activities undertaken by Canadian business scholars’ academics: publications record, citations record, teaching load, administrative load, consulting activities, and knowledge spillovers transfer, are complementary, substitute, or independent, as well as the conditions under which complementarities, substitution and independence among these activities are likely to occur.

A multivariate probit model is estimated to take into account that business scholars have to consider simultaneously whether or not to undertake many different academic activities. Metrics from Google Scholar of scholars from 35 Canadian business schools, augmented by a survey data on factors explaining the productivity and impact performances of these faculty members, are used to explain the heterogeneities between the determinants of these activities.

Overall, the results reveal that there are complementarities between publications and citations, publications and knowledge spillovers transfer, citations and consulting, and between consulting and knowledge spillovers transfer. The results also suggest that there are substitution effects between publications and teaching, publications and administrative load, citations and teaching load, and teaching load and administrative load. Moreover, results show that public and private funding, business schools’ reputation, scholar’s relational resources, and business school size are among the most influential variables on the scholar’s portfolio of activities.

This study considers simultaneously the scholar’s whole portfolio of activities. Moreover, the determinants considered in this study to explain scholars’ engagement in different activities reconcile two conflicting perspectives: (1) the traditional self-managed approach of academics, and (2) the outcomes-focused approach of university management.