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This paper aims to address the question: What is the distribution of value (in pounds) created in a sample of domestic takeovers in the United Kingdom from 2013 to 2020 among acquirer and target stockholders?

The author employs a traditional event study methodology to calculate the percentage excess returns of companies on the announcement date. These returns are then converted into pound-denominated excess returns using the companies' market capitalizations. This allows the author to estimate the synergies of the mergers and acquisitions (M&As) and how they are allocated between acquirers and targets. This innovative transformation from percentage to pound excess returns establishes a new ratio methodology for addressing the paper's objective.

This paper reveals that in UK takeovers, 40 percent of the synergies in pounds are allocated to the stockholders of acquiring companies, while 60 percent go to the stockholders of target companies. In other words, acquirers retain a significant portion—more than half—of the synergies generated in these domestic deals. This original finding is statistically significant at the one percent level and strongly contradicts the hypothesis that acquirers, at best, merely break even.

The evidence that UK takeovers distribute value gains nearly equally between domestic deal parties challenges the enduring conventional insight in the M&A literature. This conventional wisdom suggests that the value created by business combinations is entirely distributed to target company stockholders. Consequently, this reexamination may have broader implications, offering an alternative perspective on the motives behind business combinations. This perspective differs from the “managerial hubris hypothesis,” which aligns with the prevailing conventional insight but receives limited support in the original finding reported here.

This study aims to understand how integration efforts at both communication and channel levels can foster customer engagement behavior in the retail sector from the perspective of employees.

Data were collected through 231 face-to-face questionnaires completed by frontline employees in shopping centers. A structural equation modeling approach was applied to test the proposed hypotheses.

The results highlight the importance of integration efforts as external stimuli for enhancing employees’ perceptions about customer engagement behavior. Findings extend the stimulus-organism-response model by predicting responses that go beyond employees’ behavior to predict customer engagement behavior. Results also confirm the mediating role of attitudes toward marketing communications and synergy realization in the proposed model.

Retailers should integrate their multiple channels and operate consistently and in coordination through them to develop employees’ perceptions about customer engagement behavior. Managers should regularly collect information from their employees as they represent an important touchpoint in omnichannel retailing.

There is a gap in the omnichannel retailing literature regarding how integration efforts at a communication level may complement integration efforts at a channel level for developing customer engagement. This study addresses this gap by adopting a novel perspective using frontline employees as a source of information for assessing customer engagement behavior. It extends knowledge about how customer engagement behavior may be developed and strengthened from the employees’ point of view.

Este estudio analiza, desde la perspectiva del empleado, cómo la integración de la comunicación y la coordinación de los canales de distribución fomenta el engagement de los clientes en el sector minorista.

Los datos fueron recogidos a través de 231 cuestionarios personales realizados a empleados de centros comerciales. Las hipótesis se contrastaron mediante un modelo de ecuaciones estructurales.

Los resultados destacan la importancia de la integración para fomentar la percepción de los empleados acerca del engagement del cliente. Estos resultados extienden la aplicación del Modelo de Estimulo-Organismo-Respuesta para predecir no sólo el comportamiento de los empleados si no el engagement del cliente. Los resultados también corroboran el rol mediador de la actitud hacia las comunicaciones de marketing y la obtención de sinergias.

Los distribuidores deben integrar todos los canales y actuar de forma coordinada y consistente para mejorar la percepción de los empleados acerca del engagement del cliente. Se debe recabar información periódica sobre las percepciones de los empleados ya que constituyen un importante punto de contacto en la gestión omnicanal de los establecimientos comerciales.

Este estudio aborda un gap existente en la literatura acerca de cómo los esfuerzos de integración a nivel de comunicación complementan los esfuerzos a nivel de canal para fomentar el engagement del cliente. La novedad de este estudio reside en estudiar estos aspectos desde la perspectiva de los empleados.

本研究旨在从员工的角度了解沟通和渠道层面的整合工作如何促进零售部门的顾客参与行为。

数据收集于购物中心一线员工所填写的231份面对面问卷。应用结构方程建模方法来检验所提出的假设。

本文结果强调了整合工作作为外部激励对于提高员工对顾客参与行为的认知的重要性。研究结果通过预测超越员工行为的反应来预测客户参与行为, 从而扩展了刺激-机体-反应模型。结果还证实了对营销传播和协同实现的态度在所提出的模型中的中介作用。

零售商应该整合其多种渠道, 并通过这些渠道持续协调地运作, 以培养员工对顾客参与行为的认知。管理者应该定期从员工那里收集信息, 因为他们是全渠道零售的一个重要接触点。

在全渠道零售业的文献中, 关于沟通层面的整合工作如何补充渠道层面的整合工作以发展顾客参与的问题, 存在研究差距。本研究通过采用新颖的视角, 将一线员工作为评估顾客参与行为的信息来源来解决这一差距。它扩展了关于如何从员工的角度发展和加强顾客参与行为的知识。

Improving productivity and efficiency has always been crucial for industrial companies to remain competitive. In recent years, the topic of environmental impact has become increasingly important. Published research indicates that environmental and economic goals can enforce or rival each other. However, few papers have been published that address the interaction and integration of these two goals.

In this paper, we identify both, synergies and trade-offs based on a systematic review incorporating 66 publications issued between 1992 and 2021. We analyze, quantify and cluster examples of conjunctions of ecological and economic measures and thereby develop a framework for the combined improvement of performance and environmental compatibility.

Our findings indicate an increased significance of a combined consideration of these two dimensions of sustainability. We found that cases where enforcing synergies between economic and ecological effects were identified are by far more frequent than reports on trade-offs. For the individual categories, cost savings are uniformly considered as the most important economic aspect while, energy savings appear to be marginally more relevant than waste reduction in terms of environmental aspects.

No previous literature review provides a comparable graphical treatment of synergies and trade-offs between cost savings and ecological effects. For the first time, identified measures were classified in a 3 × 3 table considering type and principle.

The purpose of this paper is to investigate whether organizational support for innovation and informational extrinsic rewards moderate the relationship between intrinsic motivation and innovative work behavior.

Multiple and hierarchical regression analyses based on data from 150 knowledge workers tested the hypotheses for a South African sample.

The results confirmed a positive relationship between intrinsic motivation and innovative work behavior, and found positive relationships between both organizational support for innovation and informational extrinsic rewards and innovative work behavior. While organizational support positively moderated the relationship between intrinsic motivation and innovative work behavior, acting in synergy with intrinsic motivation, informational extrinsic rewards had a negative moderating effect.

When organizations want to encourage knowledge workers to generate, promote and realize innovative ideas, they should create an environment that encourages autonomy, competence and relatedness, with support for creativity and differences of ideas.

The study provides new indications of the interactions of synergistic extrinsic rewards and intrinsic motivation to affect innovative work behavior.

This study aims to investigate the synergies between the economic environment and the smart living dimension embedded in the current smart city initiatives, focusing on the localization of female entrepreneurship in contemporary cities. This interaction is under-investigated and controversial as it includes cities' practices enabling users and citizens to develop their potential and build their own lives, affecting entrepreneurial and economic outcomes. Building upon the perspective of the innovation ecosystems, this study focuses on the impact of smart living dimensions and R&D investments on the localization of female entrepreneurial activities.

The study uses a Generalized Method of Moments (GMM) and a panel dataset that considers 30 Italian smart city projects for 12 years to demonstrate the relationship between smart living practices in cities and the localization of female entrepreneurship. The complementary effect of public R&D investment is also included as a driver in the “smart” city transition.

The study found that the advancement of smart living practices in cities drives the localization of female entrepreneurship. The study highlights the empirical results, the interaction over the years and a current overview through choropleth maps. The public R&D investment also affects this relationship.

This study advances the theoretical discussion on (1) female entrepreneurial intentions, (2) smart city advancement (as a context) and (3) smart living dimension (as a driver) and offers valuable insight for governance and policymakers.

This study offers empirical contributions to the preliminary academic debate on enterprise development and smart city trajectories at the intersection between human-based practices and female entrepreneurship.

This study offers empirical contributions to the preliminary academic debate on enterprise development and smart city trajectories at the intersection between human-based practices and female entrepreneurship. The findings provide valuable insights into the localization of female entrepreneurship in the context of smart cities.

This study examines the relevance of information and communication technologies in the effect of gender economic inclusion on environmental sustainability.

The focus is on a panel of 42 sub-Saharan African countries over the period 2005–2020. The empirical evidence is based on generalized method of moments. The environmental sustainability indicator used is CO2 emissions per capita. Three indicators of women’s economic inclusion are considered: female labour force participation, female employment and female unemployment. The chosen ICT indicators are mobile phone penetration, Internet penetration and fixed broadband subscriptions.

The results show that: (1) fixed broadband subscriptions represent the most relevant ICT moderator of gender economic inclusion for an effect on CO2 emissions; (2) negative net effects are apparent for the most part with fixed broadband subscriptions (3) both positive ICT thresholds (i.e., critical levels for complementary policies) and negative ICT thresholds (i.e., minimum ICT levels for negative net effects) are provided; (4) ICT synergy effects are apparent for female unemployment, but not for female employment. In general, the joint effect of ICTs or their synergies and economic inclusion should be a concern for policymakers in order to better ensure sustainable development. Moreover, the relevant ICT policy thresholds and mobile phone threshold for complementary policy are essential in promoting a green economy.

The study complements the extant literature by assessing linkages between information technology, gender economic inclusion and environmental sustainability.

This paper aims to introduce a model using a digital twin concept in a cold heading manufacturing and develop a digital visual management (VM) system using Lean overall equipment effectiveness (OEE) tool to enhance the process performance and establish Fourth Industrial Revolution (I4.0) platform in small and medium enterprises (SMEs).

This work utilised plan, do, check, act Lean methodology to create a digital twin of each machine in a smart manufacturing facility by taking the Lean tool OEE and digitally transforming it in the context of I4.0. To demonstrate the effectiveness of process digitisation, a case study was carried out at a manufacturing department to provide the data to the model and later validate synergy between Lean and I4.0 platform.

The OEE parameter can be increased by 10% using a proposed digital twin model with the introduction of a Level 0 into VM platform to clearly define the purpose of each data point gathered further replicate in projects across the value stream.

The findings suggest that researchers should look beyond conversion of stored data into visualisations and predictive analytics to improve the model connectivity. The development of strong big data analytics capabilities in SMEs can be achieved by shortening the time between data gathering and impact on the model performance.

The novelty of this study is the application of OEE Lean tool in the smart manufacturing sector to allow SME organisations to introduce digitalisation on the back of structured and streamlined principles with well-defined end goals to reach the optimal OEE.

Innovation ecosystems (IEs) have attracted the attention of policymakers and researchers because of their potential to positively affect territories, creating shared value. However, due to the fragmentation of IEs, how this happens in different IEs has been explored only partially. This research aims to bridge this gap, aiming to support policymakers in understanding how to foster shared value in diverse IEs.

The paper identifies, based on the literature, two “drivers of aggregation” of IE's actors as key dimensions characterizing shared value in IEs, namely physical proximity and dominant issue. If these are combined, three archetypes emerge: Hub- and Chain-Driven, Place-Driven, Competence- and Issue-Driven IEs.Then, elements useful for understanding shared value creation in these archetypes are framed and studied in real cases.

Results reveal that aggregation drivers affect shared value creation, which differ among archetypes: in Competence- and Issue-Driven IEs alignment is challenged by the low physical proximity, which in Place-Driven IEs is high, but not enough to grant shared value; in Hub- and Chain-Driven IEs, the hub is the orchestrator, representing both a driver and a risk.

Differences in shared value creation processes relate to the set-up of the IE, which has relevant implications for policy definition. In Competence- and Issue-Driven IEs, policies at diverse levels align in funding and promoting the IE; in Place-Driven IEs, policies support anchors' development on-site; in Hub- and Chain-Driven IEs, policies, sometimes absent, should foster partnerships for projects for the territory, IE's enlargement and resilience.