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In uncertain environments, top managers may be inadvertently affected by the anchor information and make sticky decisions. The purpose of this paper is to examine how anchoring influences international merger and acquisition (M&A) equity decisions.

Based on the data of Chinese international M&A deals from 2007 to 2018, this paper uses the Tobit regression method to examine the anchoring effects on international M&A equity decisions.

The study shows that the acquiring firm's previous international M&A equity level as a self-generated anchor has a positive impact on the focal international M&A equity level. The local market's previous international M&A equity level as an externally provided anchor has a positive impact on the focal international M&A equity level. When there are self-generated anchors and externally provided anchors, the self-generated anchoring effect is stronger than the externally provided anchoring effect. The anchoring effect is stronger when the acquiring firm enters less stable host countries.

The acquirers in a single-country context may limit the generalizability of the results, and this study does not explicitly determine whether managers' decisions are unintentional or deliberate.

The study contributes to the discussion of equity-based foreign entry mode decisions by exploring anchoring behavior in strategic decisions. It provides an empirical investigation of the different anchoring effects and draws attention to the boundary conditions surrounding anchoring.

The purpose of this paper is to examine drivers’ willingness-to-pay (WTP) tolls using data from a survey of drivers in the Hampton Roads region of Southeastern Virginia. The theory of planned behavior is applied to understand the different factors contributing to WTP tolls. The study measures different dimensions of WTP, offers a two-stage approach that aligns correlates of WTP tolls in logical sequence, and assesses the role of price information (toll rates) as an anchor heuristic in WTP.

Three WTP measures are elicited via contingent valuation method using three survey questions that incorporate different price information. The study tests the role of price information as an anchor heuristic. WTP is analyzed using a two-stage decision process. Drivers first decide whether, in-principle, to support tolls, followed by the amount they are willing to pay (maximum and peak amounts). Three regression models are run to test the impact of ability to pay on amount WTP, impact of in-principle WTP on maximum WTP, and impact of maximum WTP on peak WTP given an anchor toll rate.

Attitudes supportive of tolls and the ability to pay are predictors of in-principle WTP, while in-principle WTP predicts amount (maximum and peak) WTP. Price information, as an anchor heuristic, reduces variability in amount WTP and conditions the amounts WTP.

The value and originality of this study lie in the application of the theory of planned behavior to study WTP tolls, the use of contingent valuation, and the effect of anchor heuristics.

The purpose of this paper is to analyse consumer buying behaviour in the Japanese rice wine, also known as sake market.

The study applies a novel qualitative and quantitative analytical methodology to an off-license channel in Japan. The methodology involves the use of anchoring-and-adjustment theory and simulation to a large set of point of sale data. The selection of the brands used for the study are more than 230 brands and more than 150 sake breweries.

Age and gender are important factors determining recurrent patterns of purchasing behaviour. Small size packaging, e.g. one cup, has the highest volume in sales, for example, convenience shopping, but it depends on exogenous factors, e.g. summer season or festive events.

Limitations are related with the lack of specific personal data from consumers that impedes to test behavioural attitudes driving loyalty to brands. Anchoring-and-adjustment theory can be a valid approach to evaluate large longitudinal data sets of purchasing behaviour.

Results indicate that fragmented markets tend to over-expand the assortment affecting volume stability. However, this dynamics is difficult to avoid when all participants are engaged in this behaviour and the market is strongly segmented by age and gender.

The paper contributes to the body of knowledge of buyer behaviour in relation to purchasing and consumption for other types of wine. It is the first application in alcoholic beverages of anchor-and-adjustment theory.

The objective of this paper is to explore how anchoring affects the dynamics of investor decision-making with regard to mutual funds and how this bias differs amongst gender and level of financial knowledge.

An experimental research design was adopted to uncover the relationship between the variables under study; this involved the use of a questionnaire with an embedded experiment. Data obtained from the study were analysed using Pearson's chi-square test and two-way analysis of variance.

The findings show that, overall, investors were prone to be significantly influenced by the anchoring bias. The study finds a strong, albeit not significant, association between participants' susceptibility to anchor and both gender and the level of financial knowledge of participants. Females were observed to be more likely to anchor than their male counterparts. Also, a higher level of financial knowledge did not help to reduce the possibility of anchoring; it rather increased it.

The findings of the study cannot be interpreted as suggesting causality as the study only tests for association between variables and not causality. Additionally, external validity cannot be fully established as a result of the quasi-experiment approach used.

The study adds to the body of knowledge on the influences of behavioural biases in the sub-region to make investors aware of their biases in order to minimise the influence of these biases on their investment decisions.

This study differs from earlier studies in that it analyses the presence of anchoring as influenced by a completely different set of variables (expertise and gender) and also does it within the context of an African country where there remains a paucity of research on behavioural finance.

Valuers are often aware of previous valuation figures or have knowledge of transaction prices when carrying out valuation instructions. This most frequently occurs in two important types of valuation instructions: loan security valuations and investment asset valuations. Earlier research has suggested that valuers may be biased by this knowledge. This paper examines experimentally whether valuers have a greater tendency to adjust a valuation upwards when they have knowledge of a previous low valuation than they are to adjust a valuation downwards when they have knowledge of a previous high valuation. The paper is a preliminary study utilising student valuers as the study group. The findings of the experiment suggest that the hypothesis is correct. Further research is suggested.

This paper aims to draw on values theory, associative network theory and schema congruity theory to examine how consumers attribute human-like values to product categories and products, and how these attributions affect product evaluations.

Study 1 randomly assigned 925 respondents to one of three product categories (cars, mobile phones and vacations). They were asked about their values and to attribute values to an assigned product category. Study 2 randomly assigned 919 respondents to one of the four value-expressive car conditions. They were asked to attribute values to the car, and then about their attitudes and purchase intentions.

Respondents attributed human-like values to product categories and products that were distinct and reflected the motivational compatibilities and conflicts inherent in the circular structure of human values. Moreover, multifaceted value congruity effects were found to positively influence attitudes and intentions to purchase a car, including congruity with product category values-schema, consumers’ personal values-schema and the structure of human values.

The authors demonstrate how a cognitive memory-based view can be used to better understand the complexities of the attribution of human-like values to products and product categories. Moving beyond the attribution of brand personality, this study shows the importance of not only understanding the attributions of values to a product but also considering how these attributions interact with the more abstract product category values to influence evaluations.

The purpose of this paper is to develop a framework for an enlightened management and governance praxis against a backdrop of cognitive and motivational biases promoting a reflected international capital budgeting decision process. Furthermore, societally relevant questions are raised whether these biases might have an effect on various stakeholders in public–private partnerships. Recurring failures of international business investments motivate reflective, cognitive and socio-constructivist perspectives on the international capital budgeting process.

Based on an interdisciplinary literature review and substantiated by empirical studies, the cognitive biases and flaws of the international capital budgeting process are discussed making use of a five-stage process scheme. The article applies the interpretative paradigm and regards the international capital budgeting process stages as a socio-political process of reality construction and critically assesses the motives of its actors. Consequently, the authors develop and discuss three principle-based behavioural rationalisation factors.

International capital budgeting is not a process of rational choice but of social construction of reality. Reflective prudence, critical communication and independence are three rationalisation factors which could, if applied along the five stages of the international capital budgeting process, systematically lead to de-biasing and thus enhance the performative praxis of international investment decisions.

The international capital budgeting process deals with the construction of future scenarios under uncertainty and assessment of potential success and failure of future projects. The defined (or any other) rationalisation factors are subject to cultural biases and can naturally not guarantee successful investment projects. Although the success of the application of various de-biasing tactics was empirically confirmed, the aggregated rationalisation factors of the paper have not been tested.

The paper is aimed at enhancing the reflective understanding and the performative praxis of the international capital budgeting process. The practical recommendations aggregated in the rationalisation factors are explicitly elaborated for international business practitioners.

Societally relevant questions are raised whether systematic biases have an effect on various stakeholders in international public–private partnerships. Especially in large investment projects, where capturing private value might be boosted by actively exploiting biases of the public decision makers, active stakeholder engagement could enhance the social and ecological value of investments.

The article provides a rare interdisciplinary literature review on cognitive biases in the international capital budgeting process. It critically reflects the social construction of it various stages and its social repercussions and develops practical rationalisation factors for an enhancement of the international capital budgeting process as a performative praxis.

The purpose of this paper is to specify user‐defined relevance criteria by which people select hyperlinks and pages in web searching.

A quantitative and qualitative analysis was undertaken of talking aloud data from nine web searches conducted about self‐generated topics.

Altogether 18 different criteria for selecting hyperlinks and web pages were found. The selection is constituted, by two, intertwined processes: the relevance judgment of hyperlinks, and web pages by user‐defined criteria, and decision‐making concerning the acceptance or rejection of hyperlinks and web pages. The study focuses on the former process. Of the individual criteria, specificity, topicality, familiarity, and variety were used most frequently in relevance judgments. The study shows that despite the high number of individual criteria used in the judgments, a few criteria such as specificity and topicality tend to dominate. Searchers were less critical in the judgment of hyperlinks than deciding whether the activated web pages should be consulted in more detail.

The study is exploratory, drawing on a relatively low number of case searches.

The paper gives a detailed picture of the criteria used in the relevance judgments of hyperlinks and web pages. The study also discusses the specific nature of criteria used in web searching, as compared to those used in traditional online searching environments.

Online innovation communities are central for many organizations seeking to advance their innovation portfolio. While these communities rely on consumers to collaborate in the innovation process, it remains unclear what drives these consumers to perform value co-creation activities and what value dimensions they derive as a result. This paper aims to advance the understanding of value co-creation in the online collaborative innovation context. Specifically, it aims to examine social and individual factors driving such activities, and the value derived from the perspective of the member.

A self-administered online questionnaire was used to collect data from collaborative innovation community members yielding 309 complete responses. Structural equation modelling was used to analyse the data, using variance-based structural equation modelling with partial least squares path modelling in SmartPLS.

Results confirm that distinct social and individual factors facilitate individual value co-creation activities, including the provision of feedback, helping, rapport building and information sharing. Furthermore, the research confirms the mediating role of learning on these relationships.

This study contributes to the micro-foundation movement in marketing by undertaking an independent examination of value co-creation activities and their nomological network.

A shift in the mindset of managing for collaborative innovation is required, from a focus on collaborative product development to the management of an online community where members derive value from their co-creation activities.

This research is the first to offer insight into important individual and social pre-conditions and subsequent value outcomes of four common value co-creation activities. It informs practice about how to facilitate value co-creation activities and contribute to the co-creation of value for online innovation community members.

Considering the perceived significance of librarians and information experts as professional information seekers and information seeking educators and of the institutional setting of information work, very little is known about the information practices of librarians and information professionals, their contexts and implications for libraries and their users. The aim of this study is to explore the information interactions of library professionals within and in relation to the context of the setting of the library.

The analysis is based on a qualitative case study of a large North European city library. Material was collected using information seeking diaries, interviews and ethnographic observation in the library space.

The information practices of librarians are contextual to the setting of the library within which the meeting of the assumptions of library users, of the use of that particular system plays a significant role. The systemic interplay of librarians, library users and other parts of the system constrains the breadth of the available information at libraries, but at the same time, keeping to a particular set of shared norms and practices of library use also facilitates the use of the system.

The generalisability of the findings is limited by the fact that they are based on an individual case study.

The systemic nature of library and its reproduction in a process of structuration underlines the need to develop information services in libraries from a holistic perspective that takes into account the practical implications of the shared norms and assumptions of how a library should work.

There is little earlier research on the information practices of library and information professionals, particularly with specific reference to its implications for libraries and their users.