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Valuation is the process of estimating price. The methods used to determine value attempt to model the thought processes of the market and thus estimate price by reference to observed historic data. This information is utilised in the discounted cash flow (DCF) valuation model to determine the single point valuation figure. However, the valuation will be affected by uncertainties: uncertainty in the comparable data available; uncertainty in the current and future market conditions and uncertainty in the specific inputs for the subject property. These input uncertainties will translate into an uncertainty with the output figure, the estimate of price. This paper discusses ways in which uncertainty can be incorporated into the DCF model.

This paper looks at the way in which uncertainty can be incorporated into the explicit DCF model. This is done by recognising that the input variables are uncertain and will have a probability distribution pertaining to each of them. Thus by utilising a probability‐based valuation model (using Crystal Ball) it is possible to incorporate uncertainty into the analysis and address the shortcomings of the current model.

The outcome of introducing uncertainty in the inputs is to produce a range of different answers. The central tendency of this distribution is very close to the single point estimate of the static model, yet the user of the technique now benefits from an understanding of the upside and downside risk pertaining to this single point estimate.

This study contributes significantly to the practical application of probability‐based models to valuation. In particular, the findings from the study will be useful for clients to understand better the context in which a valuation figure is provided to them.

The paper seeks to examine cross‐cultural differences in how consumers evaluate “scratch and save” (SAS) promotions (which are characterized by uncertainty of savings outcomes) between Canada and Korea, where the promotion tool is widely used but the countries have different cultural values.

An experiment was conducted to examine cross‐cultural differences in SAS promotion evaluations between Canada (n=77) and Korea (n=78).

SAS promotions effectively stimulate favorable shopping intentions in Canada, a country with a low uncertainty avoidance culture, more so than in Korea, a country with a high uncertainty avoidance culture. However, subjects in Korea show consistently higher savings expectations from SAS promotions than subjects in Canada. Thus, the results report that consumers with the highest savings expectations do not necessarily have the highest intention to shop. In addition, in Korea, a SAS promotion with guaranteed minimum savings is found to be very effective due to reduced ambiguity about its outcome.

The study suggests cross‐cultural differences in the applicability of the disjunction effect.

The findings suggest that when SAS promotions are presented in a country with high uncertainty avoidance, retailers should explicitly indicate the value of the guaranteed minimum savings. By promising guaranteed savings, retailers can reduce consumers' relatively high concerns about unknown SAS outcomes, which results in a greater advantage in building favorable perceptions.

Very little work has been undertaken into SAS promotions and no known empirical research has been undertaken into cross‐cultural differences. This paper fills some of the gaps.

The wave of revolutions referred to as the Arab Spring has significantly impacted organizations and contributed to market turbulence. Focusing on spiritual leadership and employee religious values as key determinants of organizational survival in Muslim-majority markets, this paper aims to provide a conceptual framework that can offset consequences of turbulence by leveraging employees’ spiritual foundations to provide a sense of optimism and collective thinking that is vital in times of uncertainty.

The paper reviews the state of turbulence post the Arab Spring and its impact on organizations. It discusses the literature on uncertainty and spiritual leadership, and draws from Islamic human resource literature to identify specific religious values engrained in the local culture.

A multi-staged conceptual model is presented that draws from Islamic principles of Sabr (perseverance), Tawakkul (reliance on God), Ihsan (excelling in work), Reda (acceptance of outcomes) and Al-Amal Al-Jemae’e (teamwork). The multi-staged model can help firms react effectively to turbulence while building their connection to their employee base in Muslim-majority markets.

The paper also advances theoretical work on organizational responses to turbulence, focusing on markets that have received significantly less scholarly attention. Drawing from local spiritual values in a part of the world where religious teachings influence both social and economic aspects of life is an untapped opportunity. It highlights an innovative and important application of religious values in a post-conflict context, and explores a conceptual model that is embedded in the local context rather than borrowing from Western-based models.

In spite of the common label, uncertainty avoidance (UA) across Hofstede and GLOBE models has been found to be negatively correlated and capture distinct concepts. Nevertheless, the empirical research focusing on the impact of UA on a variety of constructs has strongly neglected this conceptual difference, assuming them equivalent constructs and using one as an alternative for the other, or merely applying one for reasons other than conceptual relevance. Challenging this taken-for-granted assumption, the purpose of this paper is to show that their conceptual difference matters by showing that their causal impact on a given construct is not consistent given their conceptual difference.

Hypotheses are tested using hierarchical linear modeling analyses on firms from Compustat Global Database across 44 countries within the time span of 1990–2017.

The findings show that the causal effects of Hofstede UA index (UAI) and GLOBE UA society practices on the risk-taking behavior of firms are not consistent. Unlike Hofstede UAI, GLOBE UA (society practices) does not reduce the risk-taking behavior of firms.

This study is valuable in that it raises awareness on the conceptual differences between UA dimensions across Hofstede vs GLOBE and challenges one of the taken-for-granted assumptions in the empirical literature that the two are equivalent by empirically showing that their impacts on a given construct (i.e. the risk-taking behavior of firms) are not consistent.

The purpose of this paper is to examine factors influencing the audience demand for televised post-season games of the Korean professional baseball league.

The data were collected from a total of 129 games – the entire post-season games from 2008 to 2016. Two dependent variables representing audience demand for televised baseball matches, obtained from the third-party television audit company AGB Nielsen, were regressed on a series of match-related and unrelated antecedent factors associated with each match. Pooled OLS regression with wild bootstrap standard errors with 100,000 replications was applied in the analysis.

Regarding match-related factors, higher television ratings and the greater numbers of television viewers were associated with matches with greater significance, outcome uncertainty and score sum. In terms of the match-unrelated factors, the broadcast platform appeared to be the most powerful predictor of both television ratings and the numbers of viewers. Other than the broadcast platform, night matches, matches with full stadium occupancy and team values showed positive impacts on both the television ratings and the numbers of viewers.

The sales of media rights and sponsorships are the major sources of revenues for professional sports leagues, and the size of these two streams of revenues is in proportion to the size of the audience demand for television and other media. This study provides valuable insights to the sports marketers of professional sports clubs and leagues by establishing proper understanding of the determinants of the audience demand for televised sports.

The characteristics specific to each professional league and country play unique roles in determining the antecedent factors of audience demand for televised sports; this study is one of the few attempts to examine Koran professional baseball league.

It is commonly observed in trainings that all trainees do not get satisfied with the performance of the trainer. The usual way to increase the satisfaction of trainees is a stress on improving task communication of the trainer. It is based on the assumption that effective task communication essentially fosters training effectiveness. This study aims to provide preliminary evidence that effective task communication can also obstruct training effectiveness besides promoting it. To achieve this objective, the authors hypothesized a dual-process model of training effectiveness based on uncertainty reduction theory.

This was a field study in which the authors collected time-lagged data from seven trainings. The trainings were designed to impart technical knowledge of multilevel analyses to professional social science researchers. Confirmatory factor analysis for ordinal indicators was used to test the measurement properties of the model and scales. Structural equation modeling for ordinal indicators was used to test hypotheses.

This study provided evidence of an overall positive effect of the trainer’s task communication on the trainee’s communication satisfaction. A complex mediation analysis also revealed the existence of two opposite psychological processes. While the first process transmitted the positive effect of task communication to communication satisfaction, the other process diminished this positive effect. Implications for the theory and practice of training are discussed.

Training scholars and practitioners universally believe that an effective task communication of trainers essentially promotes training effectiveness. This study has provided empirical evidence that this assumption is an incomplete picture of a complex reality that requires further investigation.

This paper seeks to investigate the effects of different influential factors on consumer perceptions of uncertainty for online shopping.

In this research, consumer perceptions of uncertainty have been divided into perceived commodity uncertainty and perceived seller's behavior uncertainty, and the influential factors concerned are experienced commodity attributes, online communication, buyer's comments, and the warrants of the consumer to consumer (C2C) operator. Based on the theoretical framework, this paper takes a structural evaluation model to analyze the research hypotheses.

Taking TAOBAO.com as an example, the empirical research results indicate that perceived commodity uncertainty can be reduced by all the influential factors directly, and the perceived seller's behavior uncertainty can be reduced by online communication. In addition, the results also show that the perceived seller's behavior uncertainty can significantly affect the buyers' will, and perceived commodity uncertainty can indirectly affect the buyers will through the perceived seller's behavior uncertainty.

Based on the empirical results, the paper argues that in order to effectively reduce the seller's behavior uncertainty and eliminate information asymmetry, the main issues C2C are faced with currently is to establish a more comprehensive protection mechanism and to develop more equitable trade rules.

Compared with previous research on risk and uncertainty, this paper provides experimental analysis of the consumer perceptions of uncertainty for online buyers. It reveals the effects of different influential factors on the perceived uncertainty of consumers, which would help to explain the online consumer's behavior. Furthermore, the results from this research can enrich the understanding of the theory of risk.

The social influence processes of leadership were investigated within the substantive context of turbulent change in selected local government authorities. The grounded theory method was used to analyze qualitative data. It was found that the basic social process of “enhancing adaptability” emerged from the analysis. This basic social process integrated a range of lower level concepts and explained variation between those concepts. The subsidiary social process of resolving uncertainty also emerged from the analysis. The theory of enhancing adaptability is posited to explain the phenomenon of leadership within the substantive context of change in local government. A number of leadership strategies are presented.

This study aims to identify factors that facilitate or inhibit middle managers' experience of uncertainty management during organizational change.

The approach is qualitative and involved interviews with 40 middle managers from a range of organizations.

Analysis revealed that at the pre‐implementation stage, uncertainty focused on the strategic concept of the change, whereas at implementation, uncertainty related to the appropriate procedures to implement. Middle managers’ uncertainty management was found to be important in assisting their employees in the change transition. The factors identified as being either facilitators or barriers to uncertainty management focused on themes related to the design of change, communication with both senior management and their own staff, support from senior management, role conflict, and peer interaction. A model was created to link facilitators and barriers with uncertainty to guide future research.

Implications for organizational change research along with practical implications are discussed.

This study provides insight into the positive contributions middle managers can make during change, along with suggesting what factors are facilitators or barriers to this positive role.

Recent changes in the economy have altered both the internal and external operations of organizations. In response to the economic downturn, organizations have been forced to dramatically change their work practices and processes. Such practices inevitably create concern for employees as resources become more scarce, rewards and processes become more uncertain, and the marketplace becomes more competitive. To avoid these stressful situations and survive within their organizations, workers have to become more flexible and responsive. However, the specific ways in which the economic downturn will affect worker well-being has yet to be determined. In this chapter, we propose an integrative model of the politics– stress relationship and demonstrate the key role played by economic conditions.