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1 – 10 of over 5000Yan He, Ruixiang Jiang, Yanchu Wang and Hongquan Zhu
We form portfolios based on return and liquidity and examine the effects of liquidity and other risk factors on asset pricing in the Chinese stock market. Our results show that…
Abstract
We form portfolios based on return and liquidity and examine the effects of liquidity and other risk factors on asset pricing in the Chinese stock market. Our results show that the past loser-and-illiquid stock portfolios tend to outperform the past winner-and-liquid stock portfolios in the 1–12 months holding period. The excess return is significantly associated with the market-wide liquidity factor even when we control the three Fama-French and momentum factors. Cross-sectionally, the liquidity beta significantly affects the excess return even with control of other risk betas and other traditional liquidity proxies.
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Alexandre Luis Prim, Kenyth Alves de Freitas, Ely Paiva and Maneesh Kumar
This paper investigates the relationship between past performance and the development of operational capabilities in manufacturing firms, focusing on the role of intra- and…
Abstract
Purpose
This paper investigates the relationship between past performance and the development of operational capabilities in manufacturing firms, focusing on the role of intra- and inter-organisational learning mechanisms.
Design/methodology/approach
This study is based on a survey database collected in 208 manufacturing plants in 15 countries from three industries: electronics, machinery and transport components. The authors developed a model and tested the study hypotheses using the structural equation modelling technique with two-stage analytical procedures.
Findings
In the analysis of the overall sample, the study findings support prior literature by suggesting that firms with successful experiences may become complacent and less motivated to engage in learning, leading to a decline in performance. However, high-performance firms overcome the “success trap” by engaging supply chain partners. In contrast, low-performance firms exhibit limited learning from past poor performance, leading to organisational inertia and further declines in their current performance.
Practical implications
This research provides practical guidance for managers in developing operational capabilities, highlighting collaboration with suppliers as an essential element for high-performance firms.
Originality/value
This study focuses on the little-researched topic of how past performance influences the development of operational capabilities in manufacturing firms. The authors highlight the path for developing capabilities in high- and low-performance firms based on intra- and inter-organisational learning mechanisms.
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Lingfeng Dong, Jinghui (Jove) Hou, Liqiang Huang, Yuan Liu and Jie Zhang
This paper aims to explore the effects of normative and hedonic motivations on continuous knowledge contribution, and how past contribution experience moderates the effects of the…
Abstract
Purpose
This paper aims to explore the effects of normative and hedonic motivations on continuous knowledge contribution, and how past contribution experience moderates the effects of the motivations on continuous knowledge contribution.
Design/methodology/approach
Based on goal-framing theory, the present study proposes a comprehensive theoretical model by integrating normative and hedonic motivations, past contribution experience and continuous knowledge contribution. The data for virtual community members' activities were collected using the Python Scrapy crawler. Logit regression was used to validate the integrative model.
Findings
The results show that both normative motivation (reflected by generalized reciprocity and social learning) and hedonic motivation (reflected by peer recognition and online attractiveness) are positively associated with continuous knowledge contribution. Moreover, these effects are found to be significantly influenced by members' past knowledge contribution experience. Specifically, the results suggest that past knowledge contribution experience undermines the influence of generalized reciprocity on continuous knowledge contribution but strengthens the effect of peer recognition and online attractiveness.
Originality/value
Although the emerging literature on continuous knowledge contribution mainly focuses on motivations as antecedents that promote continuous knowledge contribution, most of these studies assume that the relationship between motivating mechanisms and continuous knowledge contribution does not change over time. The study is one of the initial studies to examine whether and how the influence of multiple motivations evolves relative to levels of past contribution experience.
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Gayathri Gunatilake, Beverley Lord and Keith Dixon
This paper illustrates the socio-political nature of accountings, referring to the partial privatisation of the monopoly telecommunications organisation in a lower-middle-income…
Abstract
Purpose
This paper illustrates the socio-political nature of accountings, referring to the partial privatisation of the monopoly telecommunications organisation in a lower-middle-income country.
Design/methodology/approach
Actor-network theory and an ANTi-history approach are used to trace circumstances and occurrences. Empirical materials include official documents, print media and retrospective interviews with organisation employees ten years on from the privatisation.
Findings
Proponents of privatisation used retrospectively constructed historical accounts to problematise the natural monopoly of telecommunications and the government organisation administering it. A restructuring programme followed. Proponents addressed controversies pertaining to the programme thus garnering widespread support for complex and controversial changes. Proponents produced and reproduced accounting artefacts as evidence in these processes of history reconstruction, consequent changes and restoring stability to telecommunications in its reconfigured commercial domain. The proponents used selective, controversial accounting evidence to problematise the government organisation's existence, then to mobilise various actors to reduce and close the controversies previously aroused and reinstate stability in a partially privatised telecommunications company. Although no longer having a monopoly this company still dominates. Dissenters did the same but with little success.
Research limitations/implications
The findings demonstrate the importance of tracing the socio-political process of arriving at the dominant outcome about the past. This assists in making sense of present circumstances and re-imagining the future.
Originality/value
The study demonstrates that, during controversial circumstances, taken-for-granted history, as well as what is thought to have not existed in the past, support the dominant network in gaining advantage over their opponents and black-boxing their perspectives of how things should be.
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Shaghayegh Abolmakarem, Farshid Abdi, Kaveh Khalili-Damghani and Hosein Didehkhani
This paper aims to propose an improved version of portfolio optimization model through the prediction of the future behavior of stock returns using a combined wavelet-based long…
Abstract
Purpose
This paper aims to propose an improved version of portfolio optimization model through the prediction of the future behavior of stock returns using a combined wavelet-based long short-term memory (LSTM).
Design/methodology/approach
First, data are gathered and divided into two parts, namely, “past data” and “real data.” In the second stage, the wavelet transform is proposed to decompose the stock closing price time series into a set of coefficients. The derived coefficients are taken as an input to the LSTM model to predict the stock closing price time series and the “future data” is created. In the third stage, the mean-variance portfolio optimization problem (MVPOP) has iteratively been run using the “past,” “future” and “real” data sets. The epsilon-constraint method is adapted to generate the Pareto front for all three runes of MVPOP.
Findings
The real daily stock closing price time series of six stocks from the FTSE 100 between January 1, 2000, and December 30, 2020, is used to check the applicability and efficacy of the proposed approach. The comparisons of “future,” “past” and “real” Pareto fronts showed that the “future” Pareto front is closer to the “real” Pareto front. This demonstrates the efficacy and applicability of proposed approach.
Originality/value
Most of the classic Markowitz-based portfolio optimization models used past information to estimate the associated parameters of the stocks. This study revealed that the prediction of the future behavior of stock returns using a combined wavelet-based LSTM improved the performance of the portfolio.
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This article analyzes the relationships between different conceptions of time, socioeconomic development and cultural values.
Abstract
Purpose
This article analyzes the relationships between different conceptions of time, socioeconomic development and cultural values.
Design/methodology/approach
We focus on three major aspects of time, namely, 1) duration, 2) orientation and 3) tempo. Furthermore, we draw on modernization theory to distinguish between agrarian/traditional and industrial/modern societies and their respective cultural values.
Findings
Analyses indicate that agrarian/traditional societies with cultural values such as collectivism, survival, religiosity and hierarchical structures are marked by subjective/cyclical/inaccurate, past-oriented and slow-paced conceptions of time. In contrast, industrial/modern societies with cultural values such as individualism, self-expression, secularism and egalitarianism are marked by objective/linear/accurate, future-oriented and accelerated conceptions of time.
Originality/value
This paper introduces an original conceptualization of the three dimensions of time – duration, orientation and tempo – previously overlooked in the literature. Additionally, it provides an in-depth and comprehensive analysis of the relationships between time, culture and socioeconomic development.
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Chloe Preece and Alexandros Skandalis
While the spatial dimensions of augmented reality (AR) have received significant attention in the marketing literature, to date, there has been less consideration of its temporal…
Abstract
Purpose
While the spatial dimensions of augmented reality (AR) have received significant attention in the marketing literature, to date, there has been less consideration of its temporal dimensions. This paper aims to theorise digital timework through AR to understand a new form of consumption experience that offers short-lived, immersive forms of mundane, marketer-led escape from everyday life.
Design/methodology/approach
The authors draw upon Casey’s phenomenological work to explore the emergence of new dynamics of temporalisation through digitised play. An illustrative case study using AR shows how consumers use this temporalisation to find stability and comfort through projecting backwards (remembering) and forwards (imagining) in their lives.
Findings
The proliferation of novel digital technologies and platforms has radically transformed consumption experiences as the boundaries between the physical and the virtual, fantasy and reality and play and work have become increasingly blurred. The findings show how temporary escape is carved out within digital space and time, where controlled imaginings provide consumers with an illusion of control over their lives as they re-establish cohesion in a ruptured sense of time.
Research limitations/implications
The authors consider the more critical implications of the offloading capacity of AR, which they show does not prevent cognitive processes such as imagination and remembering but rather puts limits on them. The authors show that these more short-lived, everyday types of digitised escape do not allow for an escape from the structures of everyday life within the market, as much of the previous literature suggests.
Practical implications
The authors argue that corporations need to reflect upon the potential threats of immersive technologies such as AR in harming consumer escapism and take these into serious consideration as part of their strategic experiential design strategies to avoid leading to detrimental effects upon consumer well-being. More nuanced conceptualisations are required to unpack the antecedents of limiting people’s imagination and potentially limiting the fully fledged escape that consumers might desire.
Originality/value
Prior work has conceptualised AR as offloading the need for imagination by making the absent present. The authors critically unpack the implications of this for a more fluid understanding of the temporal logics and limits of consumer escapism.
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Yan Shi, Bo Zou, Chunlan Wang and Ou Li
How to promote innovation remains a challenge. In practice, some enterprises try to initiate an organizational crisis intentionally to spur innovation. This study approaches this…
Abstract
Purpose
How to promote innovation remains a challenge. In practice, some enterprises try to initiate an organizational crisis intentionally to spur innovation. This study approaches this practice and aims to explore the role of intentional organizational crisis in innovation.
Design/methodology/approach
This study conducted an empirical study. Data was collected from 297 companies in China by a questionnaire survey.
Findings
Results show the role of intentional organizational crisis in innovation. There is a U-shaped relationship between intentional organizational crisis and product innovation capability. Past performance and resources allocation capability moderate this relationship by weakening the impact of intentional organizational crisis on product innovation capability.
Originality/value
This study highlights the light and dark sides of intentional organizational crisis and explores its impact on innovation capability, providing some implications for practitioners to use crises as shocks to spur innovation and enriching the research of organizational crisis and innovation capability.
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You-De Dai, Fei-Hsin Huang, Kuan-Yang Chen, Wei-Jen Chen and Tzung-Cheng Huan
Recreational scuba diving is one of the fastest growing tourism industries around the world and has become a popular activity in Taiwan. Few studies focus on enduring involvement…
Abstract
Purpose
Recreational scuba diving is one of the fastest growing tourism industries around the world and has become a popular activity in Taiwan. Few studies focus on enduring involvement with a high risk or difficult activity specialization, so this study aims to explore the causal relationship between enduring involvement and specialization and seeks to explain sustained involvement in scuba diving activity as a recreation specialization.
Design/methodology/approach
This research selects four diving sites in Taiwan as survey locations, specifically Yeliou, Longdong, Kenting and Green Island. The questionnaire consists of three sections, including demographic information, enduring involvement and specialization. By analyzing the data collected from 810 scuba divers in Taiwan, structural equation modeling is used to examine the causal relationships among the variables.
Findings
The primary findings of this study are as follows: attraction positively affects divers’ commitment and lifestyle through joy, relaxation and sharing diving experiences; the results indicate that self-expression is associated with past experience of participating in scuba diving activity; and centrality indicates that participants’ daily life and recreation are related to each other and become central to their life. Results show that most theoretical hypotheses are supported, but there is no significant evidence of attraction impacting past experience or self-expression influencing commitment and lifestyle.
Originality/value
To the best of the authors’ knowledge, this study is the first to examine the causal influence of enduring involvement and specialization in the scuba diving context. The findings provide a solid theoretical basis for the study of sustained involvement motivation and behavior on specialization. Implications and recommendations for future research are discussed.
水肺潜水作为一种特殊的旅游方式:台湾经验
目的
休闲水肺潜水是全球发展最快的旅游业之一, 已成为台湾的热门活动。很少有研究关注持续涉入高风险或困难活动的专门化, 因此本研究探讨持续涉入和专门化之间的因果关系, 并试图解释持续参与水肺潜水活动作为休闲专门化。
设计/方法/步骤
这项研究选择了台湾的四个潜水地点作为调查地点, 特别是野柳, 龙洞, 垦丁和绿岛。问卷分为三个部分, 包括人口统计信息, 持续参与和专门化。通过分析从台湾810名潜水员那里收集的数据, 使用结构方程模型检查变量之间的因果关系。
研究结果
这项研究的主要发现是:(1)吸引力通过愉悦, 放松和分享潜水经历积极影响潜水员的承诺和生活方式; (2)结果表明自我表达与过去参加水肺潜水活动的经历有关(3)中心性表示参与者的日常生活和娱乐彼此相关, 并成为他们生活的中心。结果表明, 大多数理论假设均得到支持, 但没有显着证据表明吸引力会影响过去的经历或自我表达影响承诺和生活方式。
独创性/价值
据我们所知, 本研究是第一个研究在潜水环境中持续涉入和专门化的因果关系影响的研究。研究结果为专门化持续参与动机和行为的研究提供了坚实的理论基础。 讨论了对未来研究的影响和建议。
Objetivo
El buceo recreativo es una de las industrias turísticas de más rápido crecimiento en todo el mundo y se ha convertido en una actividad popular en Taiwán. Pocos estudios se centran en la participación duradera con una especialización de actividad difícil o de alto riesgo, por lo que este estudio explora la relación causal entre la participación duradera y la especialización y busca explicar la participación sostenida en la actividad de buceo como una especialización recreativa.
Diseño/Metodología/Enfoque
Esta investigación selecciona cuatro sitios de buceo en Taiwán como lugares de estudio, específicamente Yeliou, Longdong, Kenting y Green Island. El cuestionario consta de tres secciones, que incluyen información demográfica, participación duradera y especialización. Al analizar los datos recopilados de 810 buzos en Taiwán, se utiliza un modelo de ecuaciones estructurales para examinar las relaciones causales entre las variables.
Resultados
Los hallazgos principales de este estudio son: (1) la atracción afecta positivamente el compromiso y el estilo de vida de los buceadores a través de la alegría, la relajación y el intercambio de experiencias de buceo, (2) los resultados indican que la autoexpresión está asociada con la experiencia pasada de participar en actividades de buceo., y (3) la centralidad indica que la vida diaria y la recreación de los participantes están relacionadas entre sí y se vuelven centrales en su vida. Los resultados muestran que la mayoría de las hipótesis teóricas están respaldadas, pero no hay evidencia significativa de que la atracción afecte la experiencia pasada o la autoexpresión que influya en el compromiso y el estilo de vida.
Originalidad/Valor
Hasta donde sabemos, este estudio es el primero en examinar la influencia causal de la participación y la especialización duraderas en el contexto del buceo. Los hallazgos proporcionan una base teórica sólida para el estudio de la motivación y el comportamiento de participación sostenida en la especialización. Se discuten las implicaciones y recomendaciones para futuras investigaciones.
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Juan A. Sanchis Llopis, Juan A. Mañez and Andrés Mauricio Gómez-Sánchez
This paper aims to examine the interrelation between two innovating strategies (product and process) on total factor productivity (TFP) growth and the dynamic linkages between…
Abstract
Purpose
This paper aims to examine the interrelation between two innovating strategies (product and process) on total factor productivity (TFP) growth and the dynamic linkages between these strategies, for Colombia. The authors first explore whether ex ante more productive firms are those that introduce innovations (the self-selection hypothesis) and if the introduction of innovations boosts TFP growth (the returns-to-innovation hypothesis). Second, the authors study the firm’s joint dynamic decision to implement process and/or product innovations. The authors use Colombian manufacturing data from the Annual Manufacturing and the Technological Development and Innovation Surveys.
Design/methodology/approach
This study uses a four-stage procedure. First, the authors estimate TFP using a modified version of Olley and Pakes (1996) and Levinsohn and Petrin (2003), proposed by De Loecker (2010), that implements an endogenous Markov process where past firm innovations are endogenized. This TFP would be estimated by GMM, Wooldridge (2009). Second, the authors use multivariate discrete choice models to test the self-selection hypothesis. Third, the authors explore, using multi-value treatment evaluation techniques, the life span of the impact of innovations on productivity growth (returns to innovation hypothesis). Fourth, the authors analyse the joint likelihood of implementing process and product innovations using dynamic panel data bivariate probit models.
Findings
The investigation reveals that the self-selection effect is notably more pronounced in the adoption of process innovations only, as opposed to the adoption of product innovations only or the simultaneous adoption of both process and product innovations. Moreover, our results uncover distinct temporal patterns concerning innovation returns. Specifically, process innovations yield immediate benefits, whereas implementing both product innovations only and jointly process and product innovations exhibit significant, albeit delayed, advantages. Finally, the analysis confirms the existence of dynamic interconnections between the adoption of process and product innovations.
Originality/value
The contribution of this work to the literature is manifold. First, the authors thoroughly investigate the relationship between the implementation of process and product innovations and productivity for Colombian manufacturing explicitly recognising that firms’ decisions of adopting product and process innovations are very likely interrelated. Therefore, the authors start exploring the self-selection and the returns to innovation hypotheses accounting for the fact that firms might implement process innovations only, product innovations only and both process and product innovations. In the analysis of the returns of innovation, the fact that firms may choose among a menu of three innovation strategies implies the use of evaluation methods for multi-value treatments. Second, the authors study the dynamic inter-linkages between the decisions to implement process and/or product innovations, that remains under studied, at least for emerging economies. Third, the estimation of TFP is performed using an endogenous Markov process, where past firms’ innovations are endogenized.
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