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This paper aims to examine the convergence and divergence of business and production practices in the global wine industry, particularly focusing on Pinot Noir producers in Burgundy, New Zealand and South Africa (SA). This study explores the interplay between firm-specific factors and regional contexts to identify competitive advantage drivers among Pinot Noir producers.

This research uses a comparative analysis approach, using data from a comprehensive winery level survey. This study applies methodologies akin to value chain analysis to unravel the configuration of productive and technology/knowledge creation activities within wineries across three regions.

This analysis reveals both convergence and divergence in business and production practices among Pinot Noir producers in Burgundy, New Zealand and South Africa. Although there is a degree of convergence in marketing, distribution and competition strategies, differences exist in production practices and firms’ capabilities. Burgundy emphasizes tradition and terroir expression, contrasting with the modernization and innovation focus observed in New Zealand and South Africa. However, all regions share a commitment to quality as a competitive advantage.

This study acknowledges limitations such as the focus on a specific grape variety and regions, the absence of performance impact analysis and the need for additional variables like environmental, institutional and cultural factors and consumer preferences to provide a comprehensive understanding of industry dynamics.

The insights from this study offer practical implications for winemakers, industry stakeholders and policymakers. Producers can optimize production and marketing strategies based on regional contexts and market segments, whereas stakeholders can identify emerging trends and opportunities in the global wine market. Policymakers can develop targeted policies supporting innovation, sustainability and competitiveness.

This paper provides a unique contribution by conducting a comparative firm-level analysis across distinct wine-producing regions, shedding light on the nuanced interplay of factors shaping competitive advantage among Pinot Noir producers. This study’s comprehensive data set and methodological approach enhance understanding and offer valuable insights for industry stakeholders and policymakers.

This paper aims to explore the development of investment decision tools by understanding the rationality behind the disposition effect. We suspect that not all disposition decisions are irrational. The decisions should be evaluated based on the bounded rationality of the individuals’ target and tolerance level, which is not covered in previous literature. Adding the context of individual preference (target and tolerance) in their decision could improve the classic measurement of disposition effect.

The laboratory web experiment is prepared to collect the responses in holding and selling the stocks within 14 days. Two groups of Gen Z investors are observed. The control group makes a decision based on their judgment without any system recommendation. In contrast, the second group gets help inputting their target and tolerance. Furthermore, the framing effect is also applied as a reminder of their target and tolerance to induce more holding decisions on gain but selling on loss.

The framing effect is adequate to mitigate the disposition effect but only at the early day of observation. Bounded rationality explains the rationality of liquidating the gain because the participants have reached their goal. The framing effect is not moderated by days to affect the disposition effect; over time, the disposition effect tends to be higher. A new measurement of the disposition effect in the context of bounded rationality is better than the original disposition effect coefficient.

Gen Z investors need a system aid to help their investment decisions set their target and tolerance to mitigate the disposition effect. Investment firms can make a premium feature based on real-time market data for investors to manage their assets rationally in the long run. Bounded rationality theory offers more flexibility in understanding the gap between profit maximization and irrational decisions in behavioral finance. The government can use this finding to develop a suitable policy and ecosystem to help beginner investors understand investment risk and manage their assets based on subjective risk tolerance.

The classic Proportion Gain Realized (PGR) and Proportion Loss Realized (PLR) measurements cannot accommodate several contexts of users’ targets and tolerance in their choices, which we argue need to be re-evaluated with bounded rationality. Therefore, this article proposed new measurements that account for the users’ target and tolerance level to evaluate the rationality of their decision.

This study aims to understand the lapse behavior of life insurance policyholders. Despite being accessible for nearly two centuries, only a small fraction of individuals purchase such policies and many of those who do let them lapse. The belief hypothesis model (BHM) is introduced to elucidate the correlation between policyholders' beliefs and their decisions regarding life insurance lapses.

BHM establishes a comprehensive linkage between core beliefs, external data and the lapse behavior exhibited by policyholders. To derive policyholders’ core beliefs about life insurance lapses, the authors conducted a semistructured, in-depth interview with 42 policyholders and 11 insurance advisors, using a grounded theory approach with zero-order, first-order and second-order coding.

The study's findings reveal that policy lapsation is influenced by various factors such as policyholders' beliefs about life insurance, process-related attitudes, trust in insurers and advisors and personal financial viewpoints. Policyholders who consider life insurance unnecessary or misunderstand its purpose are likelier to lapse their policies. Cumbersome documentation processes and technical issues also contribute to policy lapsation, emphasizing the significance of simplified procedures. Trust in insurers and advisors, personal financial literacy and payment preferences influence policy lapsation.

The findings of this research can be practically applied by companies to improve customer retention and by regulatory bodies to encourage policyholders to honor their insurance commitments.

Distinguishing itself from conventional hypotheses-driven and factor-centric models, BHM integrates consumer beliefs, thus enriching comprehension and decision-making insights.

The purpose of this study is to develop an integrated conceptual framework to better understand the psychological pathways connecting consumer perceptions to purchasing intentions for premium sustainable products.

The study develops a conceptual model that theorizes relationships between consumer perceptions of a firm’s innovation, competitive advantage, sustainable practices and stakeholder orientation. It proposes that stakeholder orientation mediates the effects of these perceptions on consumers’ willingness to purchase premium sustainable products. Additionally, lifestyle is hypothesized as a moderator. The model advances knowledge through eight testable propositions.

The conceptual framework specifies indirect, mediated and moderated relationships that have not been fully captured by past literature. It theorizes that perceptions of a firm’s innovation, competitive advantage from sustainable practices and stakeholder orientation indirectly influence purchase willingness through the mediating role of stakeholder orientation. Lifestyle is proposed to moderate these relationships.

This conceptual model offers insights for cultivating consumer perceptions that strengthen a firm’s stakeholder image and endorsement of premium sustainable products. Its validated theoretical lens and propositions can provide strategic guidance for addressing the challenges of higher price points for sustainable products through capturing psychological drivers of values-based decision-making. Future empirical assessment is recommended to validate the specified relationships in the model.

This study examines the importance of exchange rate and credit growth fluctuations when designing monetary policy in Thailand. To this end, the authors construct a small open economy New Keynesian dynamic stochastic general equilibrium (DSGE) model. The model encompasses several essential characteristics, including incomplete financial markets, incomplete exchange rate pass-through, deviations from the law of one price and a banking sector. The authors consider generalized Taylor rules, in which policymakers adjust policy rates in response to output, inflation, credit growth and exchange rate fluctuations. The marginal likelihoods are then employed to investigate whether the central bank responds to fluctuations in the exchange rate and credit growth.

This study constructs a small open economy DSGE model and then estimates the model using Bayesian methods.

The authors demonstrate that the monetary authority does target exchange rates, whereas there is no evidence in favor of incorporating credit growth into the policy rules. These findings survive various robustness checks. Furthermore, the authors demonstrate that domestic shocks contribute significantly to domestic business cycles. Although the terms of trade shock plays a minor role in business cycles, it explains the most significant proportion of exchange rate fluctuations, followed by the country risk premium shock.

This study is the first attempt at exploring the relevance of exchange rate and credit growth fluctuations when designing monetary policy in Thailand.

Hedonic shopping is a growing phenomenon designed to enhance gamers’ virtual content shopping experience with increasing economic significance, yet limited attention has been dedicated to this area. Our study explores key hedonic motivations of virtual content shopping and how hedonic shopping value builds trust (trust in virtual content and trust in virtual retailers) that enhances the intention to pay for premium.

This research adopts a mixed-methods approach. Study 1 is qualitative; 19 semi-structured interviews were conducted with virtual game retail platform users. Study 2, based on the literature review and qualitative inquiry findings (obtained from Study 1), proposes a research model empirically validated by analyzing survey data administered to 437 online gamers from gaming zones, cybercafés and e-sports centers.

The results show that in-game shopping-related adventure-, gratification-, role- and idea-seeking motivations significantly influence gamers' perceived hedonic shopping value. In turn, perceived shopping value has a significant indirect effect through trust on gamers’ intention to pay for premium.

This research contributes to gaming literature by offering a comprehensive model that elucidates the role of hedonic shopping in increasing gamers’ trust, which explains purchase behavior in the virtual game retail context. The findings deepen the understanding of the game retailing landscape and offer strategies to build gamers’ trust, increase premium usage and retain existing spenders.

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

The purpose of this paper is to study the effects of sports sponsorship on brand equity using two managerially related outcomes: price premium and market share.

This study uses a best–worst discrete choice experiment (BWDCE) and compares the outcome with that of the purchase intention scale, an established probabilistic measure of purchase intention. The total sample consists of 409 fans of three soccer teams sponsored by three different competing brands: Nike, Adidas and Puma.

With sports sponsorship, fans were willing to pay more for the sponsor’s product, with the sponsoring brand obtaining the highest market share. Prominent brands generally performed better than less prominent brands. The best–worst scaling method was also 35% more accurate in predicting brand choice than a purchase intention scale.

Future research could use the same method to study other types of sponsors, such as title sponsors or other product categories.

Sponsorship managers can use this methodology to assess the return on investment in sponsorship engagement.

Prior sponsorship studies on brand equity tend to ignore market share or fans’ willingness to pay a price premium for a sponsor’s goods and services. However, these two measures are crucial in assessing the effectiveness of sponsorship. This study demonstrates how to conduct such an assessment using the BWDCE method. It provides a clearer picture of sponsorship in terms of its economic value, which is more managerially useful.

The current literature on energy certificates shows that Energy Performance Certificate labels have an important effect on real estate prices. However, interestingly, the limited studies that address the rental market find significantly lower price premiums than the sales market. The purpose of this paper is to add to this literature, by doing a comparative analysis of price premiums in the sales and rental market in Flanders (Belgium).

This study uses a hedonic regression model to analyze 177,670 real estate listings between 2016 and 2021. The data is provided by Immoweb – the largest online real estate platform in Belgium. The data set was divided in sold and rented properties: the authors evaluated 126,217 sales listings and 51,453 rent listings.

The results confirm that energy efficient properties generate a price premium, but that this premium is significantly larger in the sales market than in the rental market. In addition, the findings indicate that both investors and landlords could benefit strongly from renovating dwellings – especially when renovating from an F label to an A label.

Previous research focuses strongly on the sales market, although in many countries the rental market is similar in size and responsible from much energy consumption. Interestingly, the few studies that are addressing the rental market, find singificantly smaller price premiums than in the sales market. The findings add to this literature tradition and offer a comparative analysis of price premiums in the sales and rental market in Flanders. This allows us to not only show the similarities between both markets but also highlight the differences – creating valuable insights for academia, governments and real estate professionals.

The purpose of this study is to examine the moderating effect of an exogenous corporate governance shock that curbs Chief Executive Officers’ (CEOs) power on the relationship between CEO narcissism and earnings management practices.

The authors performed a quasi-experiment using a differences-in-differences approach to examine Brazil’s duality split regulatory change on 101 Brazilian public firms during the period 2010–2022.

The main findings indicate that the introduction of duality split curtails the positive influence of CEO narcissism on earnings management, suggesting that this corporate governance regulation may act as a complementary corporate governance mechanism in mitigating the negative consequences of powerful narcissistic CEOs. Further robustness checks indicate that the results remain consistent after using entropy balancing and alternative measures of CEO narcissism.

In emerging markets, where governance systems are frequently perceived as less than optimal, policymakers and regulatory authorities can draw insights from this enforcement to shape governance systems, reducing CEO power and, consequently, improving the quality of financial reporting.

To the best of the authors’ knowledge, this is the first study to examine whether a duality split mitigates the influence of CEO narcissism on earnings management. Thus, this study contributes to the corporate governance literature that calls for research on the effectiveness of external corporate governance mechanisms in emerging markets as well as the CEO narcissism literature that calls for research on moderating factors that could curtail negative consequences of narcissistic CEO behavior.