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ispartof: INFORMATION & MANAGEMENT vol:60 issue:4 status: accepted

Producción Científica, Literature has recently increased its attention on brand management in family firms. Blurring boundaries between family and business, divergent interests of family and non-family members, or a peculiar strategic decision-making framework in which the family’s socioemotional wealth (SEW) may be prioritized make brand management particularly complex. We contribute to the literature through a pioneering study of the benefits of brand orientation for family firm performance, and by examining how the different SEW dimensions drive the adoption of a brand-oriented culture in this kind of firm. Empirical findings from a representative sample of 120 Chilean family firms reveal the positive impact on brand orientation of binding social ties, renewal of family bonds, and identification with the family firm, and confirm that brand orientation enhances performance. Brand orientation thus emerges as a key, yet hitherto neglected, mediating factor to reconcile SEW preservation with economic performance, which entails relevant theoretical and managerial implications., Junta de Castilla y León - FEDER [VA219P20], Ministerio de Economía, Industria y Competitividad [PID2021-123004NB-I00]

We examine whether and when star scientist collaborations produce indirect peer effects. We theorize that a star’s social status causes a collaboration to act as a prism; it reduces quality uncertainty, leading to increased recognition of coauthors’ ideas. We identify two moderators of prisms, other scientists’ quality uncertainty and awareness of the collaboration, and link prisms to “sleeping beauties”, articles that are initially overlooked and then rediscovered later. Empirically, we examine the effect on citations of collaborating with a star who either won, or – serving as the control group – who was nominated for but did not win, the Nobel Prize in Physics. We find that articles by the winners’ coauthors (and which were published prior to the focal coauthor’s first collaboration with the winner) receive a citation boost after the Nobel Prize is awarded, relative to articles by the coauthors of nominees, and that awareness and quality uncertainty moderate this effect. We further find that this difference in citations causes sleeping beauties written by the coauthors of Nobel Prize winners to be rediscovered faster. Our results clarify how star scientists’ indirect peer effects impact their coauthors and, through sleeping beauties, how prisms matter for science more broadly.

This paper examines mentorship as a mechanism for individuals to acquire and develop creativity. More specifically, we study the effect of mentor creativity on protégé creativity and how this effect is moderated by the mentoring styles of autonomy and exploration. Our empirical analysis focuses on formal PhD supervision and training, drawing on survey and bibliometric data for 143 life-science professors (mentors) and their 685 PhD students (protégés). We find that the effect of mentor creativity on protégé creativity is insignificant during protégés’ PhD studies but becomes significantly positive after protégés hold faculty positions, suggesting that the mentorship effect takes time to manifest but is enduring. Furthermore, the effect of mentor creativity on protégé creativity is significant only when protégés have high levels of autonomy and exploration during PhD studies. This suggests the importance of autonomy and exploration in the effective transfer of creativity from mentors to protégés.

Mediterranean territories have co-evolved and been shaped by fire throughout history. However, global environmental change conditions are increasing the size, intensity and severity of wildfires, which have gone from a regular natural disturbance to a serious threat for civil protection, surpassing firefighting capacities. Therefore, building resilience in fire-prone territories is an increasingly relevant policy and management objective. However, the notion of resilience has been criticized for paying insufficient attention to key social issues such as socio-political dynamics, power imbalances and societal change. At the same time, social science contributions to wildfire research are still rather limited. In this paper, we bridge social innovation theory to resilience theory in order to create a territorially embedded and socially sensitive framework for assessing socio-ecological resilience. From this perspective, we then examine how Forest Defence Groups (ADFs, by their Catalan acronym) have evolved from grassroots, bottom-up initiatives to well-established bottom-linked institutions and we evaluate their contributions to socio-ecological resilience in the territories where they operate. Our results show that ADFs contribute in several aspects to socio-ecological resilience and that the pave the way for opening up spaces of dialogue and collaboration through which local communities can engage with the issues that directly affect them, such as wildfires. This research received funding from the SIMRA project, funded by European Union’s Horizon 2020 research and innovation programme under grant agreement No 677622. During the writing phase it also received funding from the Pyrolife project, funded by the European Union’s Horizon 2020 research and innovation programme MSCA-ITN2019 – Innovative Training Networks, under grant agreement No 860787.

The COVID-19 pandemic has forced tourism practitioners to create efficient strategies to attract travelers. Using three theoretical frameworks, such as tourist trust (political, destination, and interactional trust), travel constraint (intrapersonal, interpersonal, and “social distancing” structural constraint), and extended theory of planned behavior (travel attitude, perceived behavioral control, subjective norm, perceived health risk, past travel experience), we develop a comprehensive framework to explain the impact of travel promoting, restricting, and attitudinal factors on travel decision during and after the pandemic. Data was obtained through an extensive survey conducted on 1451 Korean travelers and was analyzed using probabilistic choice models and count models. The results show the specific factors that determine travel decisions during the pandemic (whether to travel and frequency) and travel intention after the pandemic. This study provides important theoretical and practical insights into how to develop successful COVID-19 recovery strategies in the tourism industry. Published version

The persistence of COVID-19 exerts an unprecedented impact on the tourism and hospitality industry and the Black-owned businesses had been hit disproportionately harder than any other racial group. Many platforms (e.g., Airbnb and Yelp) have run a series of campaigns to support Black-owned businesses. Determining whether these campaigns are effective in attracting supports from consumers or just merely promotional is key. Based on the theoretical framework of Hennig-Thurau et al. (2004) and Aldous et al. (2019) and data collected from Yelp, this study reveals that higher levels of engagement produce persistent reactions. Specifically, the rating support lasts for one month and then vanishes; the review support increases for three months and then gets reversed; and the verbal support lasts for three months but does not get reversed. The findings of this study contribute to theories of online engagement and provide direct implications for platforms involving social campaigns in business practice. Accepted version

This research aims to test the potential spillover effect among room rentals using the context of room-sharing platforms. The spillover effect refers to the influence of related units' outcomes on a unit's outcome. On this basis, we hypothesize that the number of bookings of targeted neighboring rooms influences the number of bookings of a recommended room. Given our sample of nearly 20,000 observations, the empirical application results show that with the increase in the bookings of targeted neighboring rooms, the bookings of a recommended room rise in line with the hypothesized spillover effect. Moreover, the similarity between the recommended room and its neighboring rooms targeted at the room search stage and the quality of the recommended room further strengthen the spillover effect. This research contributes to the literature by providing novel perspectives to the boundary conditions of spillover effects and presents managerial implications for hosts and operators of room-sharing platforms. Accepted version

Supplemental material file: online appendix We show that negative interest rate policy (NIRP) has expansionary effects on credit supply through a portfolio rebalancing channel. By shifting down and flattening the yield curve, NIRP differs from rate cuts just above the zero-lower-bound and has effects similar to QE. For identification, we exploit ECB’s NIRP and the Italian credit register and, for external validity, European and U.S. datasets. NIRP affects more banks with higher ex-ante liquid assets, including net interbank positions. More exposed banks reduce liquid assets, expand credit supply, especially to financially-constrained firms, and cut loan rates, inducing firms to increase investment and the wage bill. This project received funding from the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (grant agreement No 648398). Peydró also acknowledges financial support from the ECO2015-68182-P (MINECO/FEDER, UE) grant and the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563).

In this paper we carry out a cross-country analysis of the correlation risk premium. We examine the statistical properties of the implied and realized correlation in European equity markets and relate the resulting premium to US equity market correlation risk and a global correlation risk premium. We find evidence of strong co-movement of correlation risk premiums in European and US equity markets. Our results support the existence of a strong empirical relationship between the global correlation risk premium and international equity market option returns. We document the dependence of the correlation risk premium on macroeconomic uncertainty and related variables.

We investigate patterns in platform ecosystem emergence. We find that the processes of ecosystem emergence—value discovery (designing and establishing an ecosystem value proposition and individual value offerings), collective governance (regulation of participation), platform resourcing (resource acquisition for set-up and scale-up), and contextual embedding (legitimation of the ecosystem in the wider societal and competitive context)—exhibit characteristic patterns as an ecosystem establishes itself. We also find that collective governance patterns vary considerably across cases and argue that early governance decisions significantly influence subsequent evolution of an ecosystem. Furthermore, we show that although there are similarities in ecosystem emergence at the macro level (during launch, expansion, and establishment), at the micro level these processes coevolve giving rise to idiosyncratic patterns of coevolution.

This work studies a Robust Multi-product Newsvendor Model with Substitution (R-MNMS), where the demand and the substitution rates are stochastic and are subject to cardinality-constrained uncertainty sets. The goal of this work is to determine the optimal order quantities of multiple products to maximize the worst-case total profit. To achieve this, we first show that for given order quantities, computing the worst-case total profit, in general, is NP-hard. Therefore, we derive the closed-form optimal solutions for the following three special cases: (1) if there are only two products, (2) if there is no substitution among different products, and (3) if the budget of demand uncertainty is equal to the number of products. For a general R-MNMS, we formulate it as a mixed-integer linear program with an exponential number of constraints and develop a branch and cut algorithm to solve it. For large-scale problem instances, we further propose a conservative approximation of R-MNMS and prove that under some certain conditions, this conservative approximation yields an exact optimal solution to R-MNMS. The numerical study demonstrates the effectiveness of the proposed approaches and the robustness of our model. Accepted version

During the novel coronavirus (COVID-19) pandemic, some hotels have engaged in corporate social responsibility (CSR) activities to help overcome the crisis. Given that most existing research examines the impact of hotel CSR on a single stakeholder, how hotel CSR activities in a crisis are perceived by multiple stakeholders is unknown. Drawing on the concept of strategic philanthropy, this study examines the impact of hotel CSR activities during the pandemic, such as providing accommodations to healthcare workers, on hotel firms' market value and prospective hotel customers’ booking behavior. Adopting mixed-methods approach, this study finds negative impacts of hotel CSR for strategic philanthropy on firm market value and customer booking behavior. The study result indicates that the value of hotel CSR depends on the nature and environmental contexts of CSR. Specific theoretical and practical implications are provided. Published version

The complex multi-criteria optimisation problems arising in Kidney Exchange Programmes have received considerable attention both in practice and in the scientific literature. Whereas theoretical advancements are well reviewed and synthesised, this is not the case for practice. We present a synthesis of models and methods applied in present European Kidney Exchange Programmes, which is based on detailed descriptions we created for this purpose. Most descriptions address national programmes, yet we also present findings on emerging cross-national programmes. The synthesis provides a systematic and detailed description of the models and methods the programmes use, revealing important commonalities as well as considerable variation among them. Rather than distilling a single best practice from these results, we find that the variation in models and methods arises because of variation in country characteristics, policies, and ethics. The synthesised state of the art may benefit future national and cross-national initiatives and direct future theoretical contributions within and across the boundaries of the Operations Research discipline.

Over recent years stricter EU capital requirements have resulted in constraining bank lending to SMEs. Alternative finance is expected to ease such constraints, but what would it be its impact on bank fragility? This paper examines whether alternative finance for Small and Medium Enterprises (SMEs) in the euro area would moderate bank fragility. We employ a bank profit model from which we derive a novel measure of bank fragility that is based on micro-foundations and is estimated in a single stage with Bayesian techniques. Controlling for many bank and firm specific variables, including bank capital adequacy ratios and volatility, we find that alternative finance overall strengthens bank stability, but that there is some variability in this impact over time and across countries. Interestingly, while higher bank capital adequacy ratios at times may even increase fragility, their interactions with alternative finance could help reduce it.

This study investigates the optimal execution strategy of market-making for market and limit order arrival dynamics under a novel framework that includes a synchronised factor between buy and sell order arrivals. Using statistical tests, we empirically confirm that a synchrony propensity appears in the market, where a buy order arrival tends to follow the sell order’s long-term mean level and vice versa. This is presumably closely related to the drastic increase in the influence of high-frequency trading activities in markets. To solve the high-dimensional Hamilton–Jacobi–Bellman equation, we propose a deep neural network approximation and theoretically verify the existence of a network structure that guarantees a sufficiently small loss function. Finally, we implement the terminal profit and loss profile of market-making using the estimated optimal strategy and compare its performance distribution with that of other feasible strategies. We find that our estimation of the optimal market-making placement allows significantly stable and steady profit accumulation over time through the implementation of strict inventory management.

Culture is an integral part of a city's quality of life, a driver of urban change, and a genuine economic sector. To support benchmarking of urban culture and facilitate peer learning amongst policymakers, the European Commission has recently created the ‘Cultural and Creative Cities Index’. While this index builds on a standardised method to aggregate 29 indicators for the 155 selected cities, it is explicitly acknowledged that a ‘gold standard’ for a ‘Cultural and Creative City’ does not exist. Instead, different approaches should be allowed for in capturing cities’ cultural and creative vitality. This is the point of departure for this paper, which employs a Benefit-of-the-Doubt (BoD) modelling approach to allow cities to combine such respect for performance diversity with peer learning and benchmarking. Expert-based weights are used to provide expert-consistent bounds for the shares of key dimensions in a city's final BoD index value. We identify three city clusters, amongst which there are large performance differences. Accordingly, we focus on the within-group identification of peer cities and target values, which we illustrate in more detail for Bilbao, Krakόw and Umeå, towards the formulation of fit-for-purpose policy measures that can support culture-led development. ispartof: European Journal Of Operational Research vol:288 issue:2 pages:584-597 status: Published online

This paper studies the effects of the bank capital requirements imposed by the European authorities in October 2011 on loan collateral and personal guarantees usage to enhance capital ratios. We use detailed information on the loan contracts granted by a representative Spanish bank and several subsidiaries to nonfinancial corporations around that date. We document that personal guarantees usage increases more than that of collateral, especially at subsidiaries with lower capital ratios. However, although the former type of guarantees demonstrably disciplined firms in their risk-taking before 2011, their subsequent overuse may have blunted their impact and may have even undermined firm performance and investment.

This paper analyzes the trade-offs associated with the deployment of contact tracing applications to support policy responses in a pandemic. In many jurisdictions, the government cannot force individuals to adopt such applications. We therefore analyze a simple model that highlights the importance of individuals’ incentives to voluntarily adopt a reporting application and reveal their infection status to the government who can then undertake contact monitoring. We discuss the consequences of various policy options, such as security, communication and anonymization policies, in terms of the size and representativeness of the sample of infection data that contract tracing applications generate.

Access to affordable, reliable, good quality transport is necessary for accessing socio-economic opportunities and resources. Transportation inequities have serious implications for public health, and thus transport policy becomes an important social determinant of health. This research studies how needs of vulnerable populations are constructed and addressed in transportation policies in India at the national and sub-national (Delhi) level. Thirty-four National and Delhi level policies were analysed using an intersectional lens to understand how policies identify and address mobility inequities faced by vulnerable groups. Intersectionality states that an understanding of individual experiences based on a single aspect of identity (such as class, gender, ability, age, etc.) is unrepresentative of individual needs. Adopting an intersectional lens for analysing policies allows for a deeper understanding of the impact of multi-level interacting social locations and structures of domination that shape human experience. Thus, helping in creating more effective policies to make transportation accessible to vulnerable groups. The research found that policies focussed on a unitary understanding of population groups and therefore did not capture the complexities of transportation inequities experienced by vulnerable groups. While equity was a stated concern, policies fell short of addressing structural factors and interlocking systems of power and oppression which give rise to inequities. Policy documents were also found to stigmatise groups based on disability and gender. The policy making process was found to be exclusionary and ‘expert’ driven. Voices of vulnerable groups and civil society were left out of the policy making process. In terms of evidence, policies did not detail what evidence was relied upon. All the above has negative implications for the operationalisation of equity and social justice. In order to advance a social justice agenda, an intersectional evidence-based understanding of transportation inequities is required to inform policies. The process of policy making needs to be re-imagined and made more inclusive and democratic, and less bureaucratic and expert driven.

This study tried to improve the understanding of the impact of context variables on the risk of financial difficulties from an European companies experience. To this end, a multilevel logistic model is developed to exploit the benefits of transnational analysis and to examine the effects of contextual factors in countries and the individual impacts of companies within each country. The resulting estimates and the post-estimation analysis based on non-parametric techniques demonstrated that country effects vary randomly but that significant variance exists in the level of financial distress within and between countries. The results also corroborate that companies' financial variables provide extremely important information. However, the macroeconomic and regulatory factors of the environments in which these companies operate help to explain, to a large extent, the existing heterogeneity among countries. info:eu-repo/semantics/publishedVersion

Similarity between a firm and a potential peer firm with respect to important economic characteristics is a first-order criterion to select peer firms. As economic characteristics are often captured through information disclosed in publicly available financial reports, financial reporting quality (FRQ) of a potential peer firm could influence peer group selection. We hypothesize that potential peer firms with higher FRQ are more likely to be included in the peer group of another firm because the reduced information asymmetry and lower reputation costs connected to higher FRQ of potential peer firms can influence the board of directors’ evaluation of similarity between the firm and a potential peer firm. Analyzing the peer groups used by S&P 900 firms for benchmarking executive compensation packages, we find support for our hypothesis and the channels we specify in our theory. Our results are robust across several measures for FRQ, albeit they are somewhat weaker when FRQ is measured by means of internal control deficiencies, fraud, and AAERs. Using alternative specifications to define the potential peer group and controlling for corporate governance strength does not change our inferences and our results also hold when we control for the presence of the potential peer firm in the peer group of the previous year. This study contributes to previous research on peer groups by examining the accounting information environment around peer group composition.

Many ecological economists advocate the need to evolve beyond capitalism if we want to flourish as a society as well as respect the safe boundaries of our planet. While becoming clearer of the shape and underlying value-structure of such a new system, we also need to think about how we can motivate people to take part in such a major social transition. This paper tackles this question by critically evaluating the underlying hedonistic-normative assumptions of current mainstream models for pro-environmental behaviours (PEB). In a self-determination theory perspective on human motivation and well-being, the paper proposes a 2-pathway model of PEB that integrates a relational pathway for environmental motivation. Based on insights from neurobiology and psychology, this paper advances current PEB theories and lays the groundwork for a new category of environmental interventions: experiential strategies. Thus, the 2-pathway model provides important theoretical insights into the link between mindfulness and sustainable lifestyles, as well as the interface between environmental behaviours and well-being. By recognising and investing in the relational capacities of individuals, we might be able to promote a society that prioritises self-actualisation over self-interest.

In this paper, we study the effects of government spending with a behavioral macroeconomic model in which agents have limited cognitive capabilities and use simple heuristics to form their expectations. However, thanks to a learning mechanism, agents can revise their forecasting rule according to its performance. This feature produces endogenous and self-fulfilling waves of optimistic and pessimistic beliefs (animal spirits). This framework allows us to show that the short-run spending multiplier is state dependent. The multiplier is stronger under either extreme optimism or pessimism and reduces in periods of tranquility. Furthermore, the more the central bank focuses on output gap stabilization, the smaller the multiplier. We also show that periods of increasing public debt are characterized by intense pessimism, while intense optimism occurs in periods of decreasing debt. This allows us to show that governments face a trade-off between the stabilization of the animal spirits and the stabilization of public debt. Then, we show that the existence of this trade-off has implications also for the stabilization of the output gap.