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The present study, by using signaling perspective aims to investigate short-term valuation impact of rebranding announcements (with name change) on stock performance of 160 service firms listed on NSE NIFTY-500 over the period of 2000–2019.

An event study methodology is used to estimate the cumulative abnormal returns (CARs) and its statistical significance is tested with both parametric and non-parametric test-statistics. Separate analysis has been conducted for firms with “major vs minor” and “restructuring vs non-restructuring” name change.

Findings of the study suggest that rebranding decisions are negatively associated with abnormal returns around the announcement period indicating strong disapproval of name change event. In addition, investors formed strong adverse opinion for major name change firms as compared to minor name change firms. Further, restructured name change sample document larger negative drift than non-restructured sample.

Findings offer substantial repercussions for shareholders who can make informed judgments about name change as a signal of reinventing brand identity. Managers should announce detailed rationale behind name change decision to market for enhancing corporate reputation.

This study contributes to marketing-finance interface literature and is first to examine market reaction to name change of Indian service firms and moreover, made a distinction between major vs minor and restructured vs non-restructured name change events for these firms.

This paper aims to unravel the relationship between market-driven impacts of climate change and firms’ deployment of renewable energy (RE) innovation. The purpose is to understand how market-related forces, influenced by uncertainty, shape firms’ behaviour in response to climate change challenges.

Drawing on the behavioural theory of the firm (BTOF), the paper develops a conceptual model to decode the relationship between each category of market-driven impacts and the resulting RE innovation within firms. The model takes into account the role of uncertainty and differentiates between multinational enterprises (MNEs) and domestic firms.

The analysis reveals five key sources of market-driven impacts: investor sentiment, media coverage, competitors’ adoption of ISO 14001, customer satisfaction and shareholder activism. These forces influence the adoption of RE innovation differently across firms, depending on the level of uncertainty and the discrepancy between environmental performance and aspiration level.

This paper contributes to the literature in four ways. Firstly, it emphasises the importance of uncertainty associated with market-driven impacts, which stimulates different responses from firms. Secondly, it fills a research gap by focusing on the proactivity of firms in adopting RE innovation, rather than just operational strategies to curb emissions. Thirdly, the paper extends the BTOF by incorporating the concept of uncertainty in explaining firm behaviour. Finally, it provides insights into the green strategies of MNEs in the face of climate change, offering a comprehensive model that differentiates MNEs from domestic firms.

The purpose of this study is to investigate the significance and impact of strategic knowledge management (SKM) practices and organisational change capacity (OCC) in improving strategic thinking and strategic orientation in small and medium-sized enterprises (SMEs) and their contribution in overall improvement of entrepreneurial performance.

Quantitative research methodology using partial least square structural equation modelling with data of 296 sample from the target group as managers and owners from various SMEs in the UK has been used in the study.

The findings suggest that SMEs that invest in SKM and OCC are more proficient at adjusting to fluctuations in the business landscape and develop effective strategies that lead to improved entrepreneurial performance. The study provides evidence that SKM encompasses more than just the acquisition and use of information. It also involves the establishment of a learning and innovation culture that facilitates strategic thinking and direction. Similarly, OCC is not just about implementing change but also about developing the agility and flexibility to adapt to market changes, consumer demands and technology.

According to the research, SMEs may boost their entrepreneurial performance and keep a competitive advantage in the modern, dynamic business environment by investing in SKM and OCC. The capacity of SMEs to implement SKM and organisational change should be encouraged and supported by policymakers and practitioners, who should also offer the necessary tools and assistance to do so.

This study offers a valuable addition to the previously published works on SKM and OCC within SMEs. It offers empirical data that highlights the significance of SKM and OCC in fostering strategic thinking, strategic orientation and ultimately, boosting entrepreneurial performance. The study also highlights the challenges faced by SMEs in implementing SKM and OCC and provides recommendations for overcoming these challenges.

To answer the questions: what roles windows of opportunity act in the catchup process of latecomers, what strategies latecomer enterprises should adopt to size windows of opportunity to catch-up with incumbents even going beyond?

This paper studies the catch-up history of the Chinese mobile phone industry and proposes a sectoral innovation system under scenario of technology paradigm shifts. Then a history-friendly simulation model and counterfactual analysis are conducted to learn how different windows of opportunity and catch-up strategies influence the catch-up performance of latecomers.

Results show latecomers can catch up with technology ability by utilizing technology window and path-creating strategy. However, catching up with the market is not guaranteed. Demand window can help latecomers to catch up with market as it increases their survival rates, different sized windows benefit different strategies. However, it also enlarges incumbents' scale effect. Without technology window technology catch up is not guaranteed. Two windows have combination effects. Demand window affects the “degree” of change in survival rates, while the technology window affects the “speed” of change. Demand window provides security; technology window provides the possibility of a breakthrough for technology ability.

The findings of this paper provide theoretical guidance for latecomer enterprises to choose appropriate catch-up strategies to seize different opportunity windows.

This paper emphasizes the abrupt change of industrial innovation system caused by technology paradigm shifts, which makes up for the shortcomings of previous researches on industrial innovation system which either studied the influence of static factors or based on the influence of continuous changes.

This empirical paper investigates how entrepreneurial firms change their business models in the context of internationalization by identifying different forms of business model innovation (BMI) and exploring the interrelationship between BMI and internationalization.

Based on the dynamic states approach of entrepreneurship (Levie and Lichtenstein, 2010), this paper analyses primary and secondary data from nine European firms following a multiple case study approach.

This paper presents four patterns of radical change and eight types of incremental adaption with-in business models in the context of internationalization. We describe these BMI patterns and types, and we also show how they contribute to increasing involvement in international business activities and the internationalization-related triggers that might cause them.

This paper contributes to a better understanding of the BMI process in the course of internationalization. It also highlights the complex interrelationship between BMI and internationalization by building on a progressive theoretical approach.

Might the impact of the financial stress on exchange markets be asymmetric and exposed to regime changes? Departing from the existing literature, highlighting that the domestic and foreign financial stress in terms of money market have substantial effects on exchange market, this paper aims to investigate the impacts of the bond yield spreads of three emerging countries (Mexico, Russia, and South Korea) on their exchange market pressure indices using monthly observations for the period 2010:01–2019:12. Additionally, the paper analyses the impact of bond yield spread of the US on the exchange market pressure indices of the three mentioned emerging countries. The authors hypothesized whether the negative and positive changes in the bond yield spreads have varying effects on exchange market pressure indices.

To address the research question, we measure the bond yield spread of the selected countries by using the interest rate spread between 10-year and 3-month treasury bills. At the same time, the exchange market pressure index is proxied by the index introduced by Desai et al. (2017). We base the empirical analysis on nonlinear vector autoregression (VAR) models and an asymmetric quantile-based approach.

The results of the impulse response functions indicate that increases/decreases in the bond yield spreads of Mexico, Russia and South Korea raise/lower their exchange market pressure, and the effects of shocks in the bond yield spreads of the US also lead to depreciation/appreciation pressures in the local currencies of the emerging countries. The quantile connectedness analysis, which allows for the role of regimes, reveals that the weights of the domestic and foreign bond yield spread in explaining variations of exchange market pressure indices are higher when exchange market pressure indices are not in a normal regime, indicating the role of extreme development conditions in the exchange market. The quantile regression model underlines that an increase in the domestic bond yield spread leads to a rise in its exchange market pressure index during all exchange market pressure periods in Mexico, and the relevant effects are valid during periods of high exchange market pressure in Russia. Our results also show that Russia differs from Mexico and South Korea in terms of the factors influencing the demand for domestic currency, and we have demonstrated the role of domestic macroeconomic and financial conditions in surpassing the effects of US financial stress. More specifically, the impacts of the domestic and foreign financial stress vary across regimes and are asymmetric.

This study enriches the literature on factors affecting the exchange market pressure of emerging countries. The results have significant economic implications for policymakers, indicating that the exchange market pressure index may trigger a financial crisis and economic recession.

An alliance portfolio can help latecomer firms to acquire the necessary knowledge and resources to catch up with market leaders. However, how latecomer firms construct an alliance portfolio in terms of the nature of windows of opportunity has not been fully analyzed. This paper aims to explore how latecomer firms can build appropriate coalitions according to the nature of the window of opportunity to achieve technological catch-up in different catch-up phases.

Based on a longitudinal case study from 1984 to 2018 of Sunny Group, now a leading manufacturer of integrated optical components and products, this paper explores the process of technological catch-up of latecomer firms building different types of alliance portfolio in different windows of opportunity.

This paper finds that there is a sequence when latecomers build an alliance portfolio in the process of catch-up. When the uncertainty of opportunity increases, the governance mechanism of the alliance portfolio will change from contractual to equity-based. Also, latecomer firms build market-dominated and technology-dominated alliance portfolios to overcome their market and technology disadvantages, respectively.

These conclusions not only enrich the theory of latecomer catch-up from the perspective of windows of opportunity but also expand research on alliance portfolio processes from a temporal perspective.

The study examines the changes in audit market concentration, auditor choice and audit quality in Russia following International Financial Reporting Standards (IFRS) adoption. Scholars have called for further examination of the effects of IFRS adoption on auditors, with an emphasis on the importance of analyzing emerging markets that are characterized by enforcement challenges and lack of proper infrastructure. It focuses on a unique feature of Russian companies – dual audits under Russian Accounting Standards (RAS) and IFRS – and investigates changes in audit concentration and audit quality for the two audit markets.

The authors rely on the audited financial statements of Russian public companies and perform pre-/post-IFRS adoption estimation using a logit regression to ascertain whether public firms change auditors from local firms with limited IFRS expertise to those with global reputation, namely Big 4 audit firms. Further, they examine whether the change in audit market concentration post-2012 affects audit quality as proxied by companies' propensity to receive a modified audit opinion and discretionary accruals. Auditor attributes were hand-collected from audited financial statements and matched with financial variables from Datastream.

The IFRS audit market was dominated by the Big 4 audit firms prior to 2012, and there is strong evidence that audit market share (concentration) increases for IFRS reports but not for RAS reports. In addition, companies are more likely to choose a Big 4 audit firm for an RAS audit, conditional upon a Big 4 firm conducting the IFRS audit. The authors do not find evidence of decrease in the probability of audit firms issuing a modified audit opinion under either RAS or IFRS, indicating that, in the Russian setting, increased auditor concentration post-IFRS adoption does not lead to enhanced risk or decline in audit quality. Moreover, they find that discretionary accruals decline post-2012. Overall, the findings indicate that the concern of global regulators regarding audit market concentration is not justified.

The Russian reporting environment is unique and generally characterized by significant agency problems, and the study’s estimation sample is not large, compared to prior studies conducted predominantly in Western jurisdictions. Nevertheless, the authors shed light on the audit concentration phenomenon within emerging markets, for which empirical evidence is scarce. Future research could explore the impact of other capital market events and exogenous shocks, not limited to IFRS adoption, on the characteristics of Russia's audit market.

The IFRS reporting regime is commonly associated with enhanced reporting quality and improved information transparency among public companies. Yet, impairment of audit quality as a result of IFRS-driven increase in audit market share of Big 4 can potentially negate these capital market effects. This study shows that the concerns of global regulators are not valid and that audit quality does not change with increased share of Big 4 post-IFRS adoption.

Dual audits, whereby companies must prepare two sets of financial statements per the IFRS mandate, are not unique to Russia, and the evidence of IFRS reporting on the structural changes in the audit market and implications for audit quality under a dual regime is scarce. Accordingly, the study's findings are important and timely and are expected to aid regulators of countries that have announced or are contemplating the adoption of IFRS for public reporting purposes.

The purpose of this paper is to have a deeper understanding of the nonlinear relationship between the impact of climate change on tourism development. Current studies on the effects of climate change on tourism development primarily rely on linear correlation assumptions.

Based on the New Institutional Economics theory, the institutional setting inherently motivates and ensures the growth of the tourism industry. For a precise evaluation of the nonlinear consequences of climate change on tourism, this paper concentrates on Chinese cities between 2011 and 2021, methodically analyzing the influence of climate change on tourism.

The study findings suggest that there is an “inverse U”-shaped nonlinear relationship between climate change and tourism development, initially strengthening and subsequently weakening. Based on these findings, the research further delves into how institutional contexts shape the nonlinear association between climate change and tourism growth. It was found that in a higher institutional backdrop, the “inverse U” curve tends to flatten and surpass the curve adjusted for a lesser institutional context. Upon deeper mechanism analysis, it was observed that cities with more advanced marketization, improved industrial restructuring and enhanced educational growth exhibit a more evident “inverse U”-shaped nonlinear connection between climate change and tourism evolution.

First, previous studies on climate change and tourism development largely rely on questionnaire data (Hu et al., 2022). In contrast to these studies, this paper uses dynamic panel data, which to some extent overcomes the subjectivity and difficulty of causality identification in questionnaire data, making our research conclusions more accurate and reliable. Second, this study breaks through the linear relationship hypothesis of previous literature regarding climate change and tourism development. By evaluating the nonlinear relationship of climate change to tourism development from the institutional pressure perspective, it more intricately delineates their interplay mechanism, expanding and supplementing the research literature on the relationship mechanism between climate change and tourism development. Thirdly, the conclusions of this study are beneficial for policymakers to better understand and assess the scope of climate change impacts. It also aids relevant departments in clarifying the direction of institutional environment optimization to elevate the level of tourism development when faced with adverse impacts brought about by climate change.

Despite the increasing numbers of research studies about social media business, the concept of social media agility is still an emerging topic that has been understudied. Therefore, the purpose of this study was to investigate the effect of social media agility on business performance by using a sample of small- and medium-sized enterprises (SMEs) in Thailand. Moreover, this study explored whether the effect of social media agility on business performance could be moderated by the characteristic of firm in terms of size, as well as the characteristic of market environment in terms of environmental dynamism.

The sample of 337 firms was obtained from the business directory using the simple random sampling method, and the model assessment was performed by using partial least squares structural equation modeling.

The data analysis indicated that social media agility positively affected the business performance of SMEs. Moreover, the moderating effect analysis showed that smaller firms tended to gain higher business performance from social media agility than larger firms. In addition, social media agility positively affected business performance to a greater extent when firms operated under low environmental dynamism than when they operated under high environmental dynamism.

Because SMEs are the key driving of economic development and economic growth, the recommendations from this study could be helpful for the government sector responsible for the competency development of SMEs to offer a development program that might enable entrepreneurial firms to develop social media marketing competencies and enhance their potential to be successful in the digital transformation.

The authors found new evidence showing that the degree to which social media agility affected business performance depended significantly on the firm characteristics in terms of firm size, as well as the environmental factor in terms of environmental dynamism. These findings provide valuable contributions to the existing literature that still lacks evidence about the moderating conditions that could increase or reduce the benefits that firms obtain from social media agility.