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In Chapter 1, we critically reviewed the foundations of the free enterprise capital system (FECS), which has been successful primarily because of its wealth and asset accumulation potentiality and actuality. In this chapter, we critically argue that this capacity has been grounded upon the profit maximization (PM) theories, models, and paradigms of FECS. The intent of this chapter is not anti-PM. The PM models of FECS have worked and performed well for more than 200 years of the economic history of the United States and other developed countries, and this phenomenon is celebrated and featured as “market performativity.” However, market performativity has not truly benefitted the poor and the marginalized; on the contrary, market performativity has wittingly or unwittingly created gaping inequalities of wealth, income, opportunity, and prosperity. Critical thinking does not combat PM but challenges it with alternative models of profit sharing that promote social wealth, social welfare, social progress, and opportunity for all, which we explore here. Economic development without social progress breeds economic inequality and social injustice. Economic development alone is not enough; we should create a new paradigm in which economic development is the servant of social progress, not vice versa. Such a paradigm shift involves integrating the creativity and innovativity of market performativity and the goals and drives of social performativity together with PM, that is, from market performativity to social performativity.

The purpose of this paper addresses the issue of inconsistent findings regarding the impact of consumers' need for touch (NFT) on webrooming behavior. It investigates the moderator of maximization by drawing on maximizing mindset theory.

Three studies were carried out to test the hypothesized relationships. The first study investigated the impact of autotelic NFT on webrooming intention. The second study examined the impact of instrumental NFT on webrooming intention. The third study tested all hypotheses by the structural equation modeling approach.

The results confirm moderation by consumers' maximizing mindset. The moderated mediation analyses show that the interaction effect of autotelic NFT and maximization influences webrooming intention indirectly via anticipated sensory pleasure. Likewise, the interaction effect of instrumental NFT and maximization influences webrooming intention indirectly via product fit uncertainty.

The study draws on maximizing mindset theory to show that consumers' autotelic NFT and instrumental NFT drive their webrooming intentions depending on the activation of their maximizing mindset. The nonsignificant relationship between autotelic NFT and webrooming intention in the context of satisficers explains the conflicting findings reported in the literature. Consumers' affective and cognitive responses were also studied to uncover the underlying mechanisms of their webrooming intention. This research contributes to the literature by enhancing the understanding of webrooming behavior.

Hazel Kyrk’s contribution is the most advanced formulation of the economics of consumption as a social phenomenon, an approach to the analysis of consumption that, originated from Veblen’s theory, was developed in the US in the early 20th century. This approach was part of a wider stream of empirical analyses of consumption expenditure that had begun more than a century earlier.

Along with elements that can be traced back to the neoclassical tradition, in Keynes’ analysis of consumption, we find original elements. The dependence of consumption expenditure on the level of income, which is essential for asserting the principle of effective demand, can also be found in a long tradition of empirical studies. In qualifying this relationship, Keynes uses theoretical elements echoing key insights of the economics of consumption as a social phenomenon. There is no documentary evidence that Kyrk or the economics of the social relevance of consumption came to Keynes’ attention. It is possible, however, to develop reasonable speculative considerations to argue a link between Keynes’ elaboration and both the empirical literature on the determinants of consumption and the economics of consumption as a social phenomenon.

The purpose of this article is to synthesize the topics, conceptualizations and measurements of value-based management (VBM) and to suggest a research agenda covering its next evolution as sustainable governance.

The authors conducted a systematic literature review of 80 seminal studies published between 1979 and 2022. The authors synthesized the studies by their conceptualizations of VBM in an inductively developed framework.

The authors find that scholars explore diverse topics related to VBM with a prevailing focus on shareholder primacy. There is a paucity of studies that focus on the integration of shareholder maximization and stakeholder management practices. The authors explain which studies will form a promising foundation for advanced research on sustainable governance that will reach beyond current VBM research.

The authors' research agenda addresses new future topics on conflicting goals within and between shareholder groups, offers specific suggestions for using new research methods and untapped data sources for VBM and paves the way to substantially extend the boundaries of the firm in VBM research to include stakeholders, strategic alignment and new sustainability measures.

Embeddedness has gained prominence in entrepreneurship studies. However, the notion that the embeddedness metaphor relates to “market” structures prevails in studies in the area. Entrepreneurship scholars still know little about whether entrepreneurs are eventually embedded in other structures whose relationships go beyond the restricted dimension of the interested actor’s assumption. This study aims to propose investigating the social structures in which a specific type of entrepreneurship, the religious one, is embedded.

The research was qualitative, using interviews as an evidence collection instrument. A total of 17 entrepreneur-pastors responsible for business churches in Brazil and eight parishioners took part in the study.

Religious entrepreneurs are embedded in market structures, corroborating a perspective that associates embeddedness with the utilitarian notion. At the same time, entrepreneurs are embedded in two other social structures: reciprocity and redistribution.

This article emphasizes the relevance of going beyond the predominant perspective associated with the utilitarian and rationalized understanding of embeddedness in relationship networks.

This study makes essential contributions. Initially, it attests to the utilitarian perspective of Granovetter’s embeddedness while suggesting incorporating two other dimensions into the metaphor. By highlighting this, this article stresses the need to reinterpret the metaphor of embeddedness and how entrepreneurship scholars use it. Further, by emphasizing the need to consider embeddedness in networks beyond its still utilitarian perspective, this paper highlights unexplored opportunities for entrepreneurship scholars.

The purpose of this study is to examine whether financial markets value a firm’s specific corporate environmental performance (CEP), i.e. its energy efficiency. This study also investigates the mechanism through which energy efficiency is associated with firm value.

For the empirical study, a sample of 324 US-listed non-financial firms during the period 2006–2019 was accessed from Thomson Reuters Refinitiv. Using baseline ordinary least squares regression models, this study first estimates the association between energy efficiency and firm value. It then tests the role of analyst coverage (the number of sell-side financial analysts following the firm) in ascertaining the value relevance of energy efficiency. To ensure the robustness of the results, alternative estimations including endogeneity and sample bias correctness tests were performed.

The study shows that energy efficiency is associated with firm value, and the role of analyst coverage as an external corporate governance mechanism is positive and significant on the value relevance of energy efficiency. Furthermore, this study documents that the relationship is shaped by sustainability-related internal and external risks, indicating that financial analysts’ role becomes more imperative when firms are subject to high scrutiny.

This study contributes to the literature by examining the intersections of energy efficiency, analyst coverage and firm value. It attempts to demonstrate how and why CEP and financial performance are linked. In the context of growing environmental concerns, the pressure of climate change and achievement of net-zero carbon emissions, this study provides valuable insights into the financial market wherein firms’ environmentally responsible behaviours are value-enhancing, and governance mechanisms are impactful. This study suggests that financial analysts can serve as an effective external corporate governance mechanism.

This empirical study’s primary goal is to examine the connection between accounting information and share price for financial companies listed on Jordan’s expanding Amman Stock Exchange (ASE) between 2014 and 2018.

The correlation between accounting data and share price was investigated using multiple regression analysis. In this vein, “pooled ordinary least squares (OLS), fixed effect and random effect” static panel data estimators were used. The OLS model was chosen as the best model after a series of diagnostic tests.

The multiple proxies of accounting information value relevance have a positive and considerable impact on the market value per share, according to panel data research. Comparatively, the authors find proof that among the other accounting data – earnings, dividends and cash flow from operations – book value is statistically the most value-relevant.

This empirical investigation was only conducted in Jordan. Because it is very likely to obtain different results in other nations, the findings cannot be applied to other business environments.

The findings of this paper may highlight the amazing relationship between accounting information and share price for policymakers, regulators and other stakeholders in developing nations, notably in Jordan. This could pave the way for effective accounting disclosures.

Seldom does empirical research on the relationship between accounting data and share prices from publicly traded companies on ASE exist. So, by demonstrating empirical findings from Jordanian companies, this study fills the gap in the existing literature and knowledge.

Predatory trading is a stock market trading technique in which certain market participants exploit information about other market participants' need to trade. Predatory trading often harms others. Hence, this paper examines the determinants and effects of financial practitioners' and lay people's judgments of predatory trading. Specifically, it investigates how the public availability and reliability of the exploited information affect their ethics and legality judgments and how the latter influence their behavioral intentions and regulation support.

The authors conducted two scenario judgment studies. In the first study, participants were financial practitioners, and in the second – lay people.

Practitioners often judge predatory trading to be ethical. Practitioners and lay people incorporate in their ethics and legality judgments the public availability of the exploited information but tend to discount the legal reliability criterion. Lay people justify their ethics judgments using harm, legal or profit maximization principles. Practitioners' intentions to engage in predatory trading and lay people's intentions to let predatory fund managers invest their money depend on their judgments, which influence their regulation support.

This paper is the first to explore people's judgments of predatory trading. It highlights that despite the harm that predatory trading involves, practitioners often judge it to be ethical. Although law tends to lag behind financial innovation, people base their judgments and hence also behavioral intentions on their interpretation of the regulation. Hence, it reveals a dark aspect of the relationship between ethics and legality judgments.

This article explores the value creation process from player sales in football to understand if the related capital gains correspond to significant increases in the stock value of selling companies. In addition, it aims to detect any potential drivers for higher (or slower) abnormal stock returns.

The authors analyze all the capital gains of the Italian and Portuguese listed football companies (the only ones for which, based on their annual reports, it was possible to trace the net book value for each player sold and, consequently, if any, the related capital gain) from 2012 to 2020 and use event study analysis to calculate the abnormal returns of the football companies' stocks. Moreover, the authors use a multiple linear regression model to identify the factors affecting investors' reactions and value creation process intensity.

The results show that, on average, the capital gains from player transfers in football are positive income components and produce statistically significant higher abnormal returns. In addition, the authors identified some relevant drivers related to their intensity which could guide the choices of corporate executives regarding future disposals of the multi-year performance rights of players in the roster.

This study considers only Italian and Portuguese football listed companies. It would be helpful to consider some of the companies from other countries which are also outstanding from the sports perspective, but, in practice, it was not possible due to the impossibility to trace the net book value of the single footballers sold in those clubs' public financial disclosure.

The value relevance of the capital gains from player trading activities should increase their importance, creating cascade effects on several activities generating value for football clubs (youth sector management, player scouting, technical improvement of the players). In addition, financial data show that the capital gains from player transfers are a basic income of European football clubs nowadays. Their executives consider these operations recurrent and continually search for more valuable transfers. Hence, it is reasonable to think that they (will) choose the players to sell considering both sports and financial aspects.

To the best of the authors' knowledge, this is the first study exploring the effects of capital gains from player trading activities on professional football clubs' stock value. The results obtained are even more relevant if one considers the importance these income components have in the profit formula of professional football clubs nowadays, also because of the negative repercussions caused by the recent COVID-19 pandemic.