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Issues of diversity and inclusion increasingly influence the purchasing process and brand loyalty of new generations of customers. Additionally, scholars and policymakers are calling for a more inclusive society and advocating for the integration of people with disabilities. However, there is a lack of research investigating these issues from a marketing perspective. Using a strategy of inquiry regarding in-depth multiple case studies from different players of the toy industry, this paper highlights how to set marketing strategies that develop and communicate new offerings by promoting both Marketing and Social Value and fostering the social inclusion of children with a disability. The proposed model contributes to the emerging literature of Inclusive Marketing and will help marketers implement a socially inclusive approach. [ABSTRACT FROM AUTHOR]

We study the interplay between cyber failures and information technology (IT) capability reputation (ITCAPR). Cyber failures often reveal vulnerable information systems (IS) processes and IT assets at their root that point to firm IT capability weakness. For external stakeholders, firm IT capability is unobservable and therefore a matter of perception or reputation. We theorize about cyber failures' adverse impacts on firm market value and firm ITCAPR based on how external stakeholders reconcile their ex ante perception of firm IT capability strength, or established ITCAPR, and their perception of an ex post revelation of IT capability weakness by cyber failures. Our analysis of 264 cyber failures finds empirical support for our theory-based predictions. We find that ex post revelation of IT capability weakness leads external stakeholders to adjust downward their ex ante perceptions of firm IT capability proportional to the severity of IT capability weakness. Two ex post consequences are commensurate loss of firm market value and decline in firm ITCAPR. Based on our main finding, that external stakeholders perceive IT capability weakness as an endogenous contributory factor to cyber failures that leads to erosion of firm ITCAPR, we contribute to theory in significant ways. First, we theoretically complement a predominant research focus on IT capability strength as a value-relevant intangible asset by confirming that IT capability weakness is a value-relevant intangible liability as well as adding "vulnerability" or "weakness" as a distinctive process aspect absent from prior literature linking IS processes and IT capabilities. Second, we theoretically add to an almost exclusive focus of research on cyber failures' short-term adverse effect on firm market value by documenting for the first time a time-lagged eroding effect on firm ITCAPR. Last, we theoretically show IT controls and particularly ones embedded in IS processes as an essential aspect of IT capability strength as well as cybersecurity protection and prevention. [ABSTRACT FROM AUTHOR]

Patent strategies are an effective means of mitigating the negative effects of patent thickets on corporate market value. In reality, however, inappropriate patent strategies tend to exacerbate the negative effects of patent thickets. In this study, we used 2009–2019 panel data of 419 Chinese electronic equipment manufacturing companies, applied a panel threshold model, and analysed the influence mechanism. We empirically investigated the boundary dividing patent application, patent withdrawal, patent portfolio, and patent maintenance strategies from 'angel' to 'devil' and the influence mechanism of patent thickets on corporate market value. This study arrives at several conclusions. (i) Patent thickets exert a negative effect on corporate market value. (ii) Patent application and withdrawal strategies play a fully mediating role in the negative effect of patent thickets on corporate market value, while patent portfolio and maintenance strategies play a partially mediating role. (iii) Patent application, withdrawal, and maintenance strategies exhibit a double threshold effect, while patent portfolio plays a single threshold role. This study enriches the research on patent thickets. [ABSTRACT FROM AUTHOR]

By considering market demand information, the objective of this study is to measure the bullwhip effect in a two-stage supply chain with one supplier and multiple retailers. First, a model is detailed for measuring the bullwhip effect in which multiple retailers exhibit AR(1) demand processes and the order-up-to inventory level is calculated using market demand information. We find results that the bullwhip effect increases with the market share and lead time and decreases with the contemporaneous correlation and the number of retailers. Second, by comparing the bullwhip effect with or without market information, our model can better control and reduce the bullwhip effect. Third, we calculate the value of market information with the newsvendor model and discover that the value of market information increases with the number of retailers and the contemporaneous correlation and decreases with the market share. In addition, numerical analyses are given to verify the previous results. Moreover, some suggestions are presented to help managers make decisions on the bullwhip effect. [ABSTRACT FROM AUTHOR]

Large multinational IT companies are always trying to produce competitive innovation at a faster pace. Even giant IT corporations, however, are unable to produce sustainable technological innovation alone. Literature offers many alternatives to obtain external technologies, but there are few studies about acquisition strategy to obtain technology innovation. A case study was carried out in a multinational IT company, EMC, which has applied mainly the acquisition strategy to develop innovations and increase its competitive position. The company has acquired many technology-based IT companies in the U.S. and abroad, and this strategy showed effectiveness in value creation, leading them to increase their income, value and market capitalisation during this period. An important finding here is that, by combining acquisitions with increasing investments in R&D, EMC was able to leverage innovations and strengthen its competitiveness and global market presence. The EMC experience has also allowed proposing a graphical tool, showing which are the key management processes that might be considered to get successful in using the acquisition strategy to create values for the business through innovation. Associated with this tool, this study also presents a step-by-step procedure to guide practitioners on how to manage the strategy of acquisition to access innovation. [ABSTRACT FROM AUTHOR]

The feed index is a weighted sum of the number of reactions (i.e. reading, comments, retweets, likes and dislikes, and so on.) that the content engine actively recommends and distributes to the users. It provides valuable information from big data on the Internet and high marketing value to Destination Marketing Organization as the content can be customized. A large-scale empirical study on the impact of the feed index on tourist arrival forecasting accuracy has been conducted, with a new approach proposed to incorporate the feed index into the tourist arrival forecasting model with higher forecasting accuracy. Firstly, the empirical results suggest that the feed index for different keywords reflects varying tourist preferences and has different impacts on tourist arrival movements, with variant lead-lag relationships. Secondly, the study shows that keywords need to be carefully selected based on theoretical analysis plus new methods such as entropy analysis. Therefore, it is proposed that entropy is employed to select the keywords and time lags, thus helping improve forecasting accuracy. [ABSTRACT FROM AUTHOR]

Following provincial quality awards announcements, this study explores whether winners' financial performance is significantly impacted by the quality award, using OLS and PSM-DID techniques. A placebo parallel trend model is adopted to re-estimate dynamic firms financial performance and test the robustness of the findings. The results show that the quality award significantly impacts manufacturing firms' financial performance. The regional quality award has significant positive benefits for first-time winners and winning firms located in the Delta region of China. There is a significant positive relationship between the firms' financial performance and the achievement of quality awards in the long run. The findings expand the research to the relationship between quality awards and firm market value in various institutional contexts. The positive association between a quality award and financial performance confirms the implication for policymakers and the government that a reasonable quality award reduces the quality problem, increases firm value, and supports the awards mechanism in China. [ABSTRACT FROM AUTHOR]

Medicinal plants of Fritillaria are widely distributed in numerous countries around the world and possess excellent antitussive and expectorant effects. In particular, Fritillariae Bulbus (FB) as a precious traditional medicine has thousands of years of medical history in China. Herbs of Fritillaria have a high market value and demand while limited by harsh growing circumstances and scarce wild resources. As a consequence, fraudulent behaviors are regularly engaged by the unscrupulous merchants in an attempt to reap greater profits. It is of an urgent need to evaluate the quality of Fritillaria herbs and their products using various analytical instruments and techniques. This review has scrutinized approximately 160 articles from 1995 to 2022 published on the investigation of Fritillaria herbs and related herbal products. The botanical classification of genus Fritillaria, types of counterfeits, technologies applied for differentiating Fritillaria species were comprehensively summarized and discussed in the current review. Molecular and chromatographic identification were the dominant technologies in the authentication of Fritillaria herbs. Additionally, we brought some potential and promising technologies and analytical strategies into attention, which are worthy attempting in the future researches. This review could conduce to excellent reference value for further investigations of the authenticity assessment of Fritillaria species. [ABSTRACT FROM AUTHOR]

In this study, we examine the short-term stock price reactions of Japanese gaming companies to events related to the coronavirus disease 2019 (COVID-19) pandemic. Using the event study method, we first estimate stock price reactions to the outbreak of the pandemic and the declaration of a state of emergency. We then perform multivariate regressions to investigate the factors affecting market responses. Our results demonstrate that the stock prices of Japanese gaming companies reacted negatively to the outbreak of the COVID-19 pandemic, and the initial negative effects were greater for mobile gaming companies and for companies with small sizes or low Tobin's Q. By contrast, the market has reacted positively to the declaration of the state of emergency, which perhaps drove more people to play games at home. [ABSTRACT FROM AUTHOR]

Tackling the issue of healthy aging in society is complex. It requires an interdisciplinary perspective and different forms of innovation. This article provides a commentary on the role of innovation policy in addressing healthy aging, particularly in the UK context. We argue that the wide range of economic activities related to healthy aging is part of a hybrid domain rather than a single sector. This represents a new generation of innovation policy for healthy aging which prioritizes understanding how different actors can be connected to support a spectrum of types of innovation which will contribute to providing better goods, services, and practices for older people. We explore social innovation as it relates to hybrid domains such as healthy aging and discuss the role of place in creating policy which generates both societal and market value. We recommend that policymakers use these concepts to build a better understanding of the economies that are evolving around healthy aging and where opportunities exist to better conceptualize, connect, and support actors, initiatives, and places to optimize economic potential and social outcomes. [ABSTRACT FROM AUTHOR]

AbstractThis study explores the underexplored application of benchmarking in Corporate Social Responsibility (CSR) among Chinese A-listed companies from 2010 to 2020. The results reveal a positive relationship between CSR performance and local best practices, indicating benchmarking’s influence on CSR activities. Notably, benefits like increased market value, robust revenue, and heightened analyst attention signify positive market signals, motivating companies to enhance their CSR performance. The impacts on CSR performance varies significantly based on leader companies’ CSR scores, ages, and follower companies’ ownership properties, sizes, and locations. Our findings offer valuable insights into CSR motivations and the performance effects of best practices. [ABSTRACT FROM AUTHOR]

The aim of this paper is to determine whether football clubs are valued according to financial parameters, as in other profit-seeking investments, or depending on the subjective preference of the buyers, in situations where buyers seek emotional rewards or a status symbol. This work analyses a unique data set of the prices of actual transactions of shares from clubs in the big European leagues from 2001 until 2019. A theoretical model is presented introducing financial, sporting, and localisation variables to study their influence in market value. We have found that the valuation of football clubs in acquisitions is influenced by financial parameters, as in other profit-seeking investments, and does not depend on the subjective preference of the buyers. Our findings show the end of the alignment of interests between new football owners and fans or current organisers of competitions, due to the preferences of the new investor profit-seekers of an American model of sport. The ownership of football clubs in the big leagues has changed dramatically in the last years. For the first time, to the best of our knowledge, the present paper demonstrates the opportunity of analysing the valuations of the football industry with actual data from the transactions. [ABSTRACT FROM AUTHOR]

The use of heuristics is common within the valuation profession in Kenya, mainly because of the country's valuation environment characterised by limited information. Although heuristics can be useful when assessing market value in imperfect markets, their inappropriate use can contribute to valuation inaccuracies. There is limited research on the effects of heuristics on the valuation industry in developing countries, with no comprehensive study in Kenya. The study's main objective is to establish the positive and negative effects of anchoring and adjustment heuristic on the valuation profession in Kenya while identifying the significant types of heuristics within the industry. The study used a quantitative research design involving a survey of registered and practicing valuers in Kenya. Findings indicate the presence of anchoring and adjustment heuristic and that valuers adopt this type of heuristic to solve information problems while improving valuation accuracy. Further, the study found that inappropriate use of anchoring and adjustment heuristic contributes to valuation inaccuracies; it is the second most prevalent after positivity heuristic. The study contributes to knowledge as it builds on the existing literature by providing additional empirical support on the effects of heuristics on the valuation profession while recommending appropriate measures to improve the profession. [ABSTRACT FROM AUTHOR]

The article explores the art work "Colored Disposables," by artist Les Levine. Topics discussed include the undervalue of the work as referred to by auction house Sotheby's, the auction house's attempt to gain recognition of the historical and market value of Levine's work, and Levine's use of plastics technology in his works.

Youth work's informal and youth-centred nature raises challenges for evaluation, challenges that are intensified by the growing dominance of measurement, market values and surveillance in the context of the neoliberal restructuring of youth services. This article builds on Griffiths' (2012, Why Joy in Education Is an Issue for Socially Just Policies. Journal of Education Policy 27 (5): 655–670) philosophical argument for valuing the intrinsic contribution of education, thus conceptualising evaluation as encompassing more than measuring outcomes. It reports the findings of a three-year qualitative study in eight open youth work settings in England that investigated the perspectives of 143 young people, youth workers and policy makers on evaluation in youth work. While young people and youth workers had often participated in evaluations they found meaningful, some approaches to impact measurement were experienced as too formal, intrusive, insensitive and burdensome. The article argues that evaluation and accountability processes must be practice-informed, youth-centred, and anti-oppressive. It recommends the participatory and collaborative development of diverse methods and approaches to evaluation that 'capture the magic' of youth work while enabling further reflection and development of practice. [ABSTRACT FROM AUTHOR]

This study investigates how the value propositions in interdependent digital and analogue markets differ from each other. For this purpose, we conducted a content analysis and comparative case-study of four Dutch journalistic platforms that operate in markets for print and online advertising and paying audiences (subscriptions or memberships). First, we find that in digital (online) markets the value propositions on both market sides are more fused than in analogue markets. Second, we find that this is the reason for online platforms that serve the paying audiences, to offer advertising-free content. This suggests that there is not always a mutual dependency of the two market-sides as platform scholars assume, but that there may be a tension arising from interdependency, where some users may actually be attracted to the absence of the other market-side (advertising) and indirect network effect exploitation. [ABSTRACT FROM AUTHOR]

Burbot (Lota lota) are the only true freshwater members of the order Gadiformes and are ideal candidates for intensive cool or coldwater aquaculture. This species has a low temperature requirement, a rapid growth rate until onset of sexual maturation, and a high potential market value. Burbot are acclaimed for their thick-flake white flesh fillets, and provide value added products as its roe and liver are both considered delicacies and the skin can be used as a leather product. Burbot perform well on commercial diets, reproduction can be controlled independent of natural season, and sterility can be induced to minimize escapement risks of this species. Additionally, burbot are tolerant of relatively low dissolved oxygen levels, grow well within the same water quality parameters that support rainbow trout (Oncorhynchus mykiss) grow-out, and have been shown to be refractory to many salmonid pathogens. All life stages of burbot can be cultured in captivity and conditions to induce spawning, support larval development, and ensure relatively rapid growth are understood. Trout production facilities in the United States could easily diversify production and increase value to an operation by incorporating burbot into ponds, tanks, or last-use raceways. Although commercial aquaculture of burbot is in its infancy and key economic information is lacking, high consumer and producer interest along with key research advances provide a foundation for successful production of this freshwater cod for the market. [ABSTRACT FROM AUTHOR]

This study measures college quality by the amount by which the college adds to the salary of its students above what the median market value would be for the same majors and student quality. Commonly used national rankings of colleges such as U.S. News and World Report or Forbes are heavily biased by a college's average salaries and the quality of the students it enrolls, and not by the actual value-added by the colleges. Once student quality and mix of majors are controlled, salary differences between elite and nonelite schools largely disappear. [ABSTRACT FROM AUTHOR]

Microwave drying (MWD) is an efficient dielectric drying method in food, with advantages such as volumetric heating, fast drying, safety, and good product quality. As a key indicator of a dryer's market value, energy efficiency is of concern to sellers and dryer manufacturers. This paper systematically reviewed the quantification methods and influencing factors of energy efficiency of microwave drying in food application from different perspectives. Mechanisms and possible improvements of these factors are highlighted. Future trends in improving the energy efficiency of MWD are proposed. Energy consumption of MWD depends on a variety of factors such as equipment structure, drying conditions (microwave power, frequency, temperature, and air velocity), material properties, and combined/hybrid drying technologies. The drying system can be effectively improved if these parameters are adjusted appropriately and taking the processing cost into consideration. Although a good product can be obtained by pretreatment or combined/hybrid drying method, it may consume more energy. Future research should develop artificial intelligence, renewable energy, and computational fluid dynamics technology to pave the way for large-scale application of MWD and reduce energy consumption. [ABSTRACT FROM AUTHOR]

This short commentary introduces some key threads of feminist critique to the economy and market-centrism that foreground processes of care, intimacy and interdependency that are currently largely invisible and undervalued. In so doing, we propose that there are some common themes underpinning more radically progressive feminist understandings of the economy that can unsettle some of our discipline's taken-for-granted assumptions about the role and nature of markets and consumption. First, they do so by resisting the subordination of our human economic activity to market activity, second, by foregrounding vulnerability and interdependence rather than individual (consumer) agency and sovereignty, and third, by questioning the reduction of our values to market value. [ABSTRACT FROM AUTHOR]

While the recent COVID-19 pandemic has accelerated environmental, social, and governance (ESG) investing, there remains a growing sense of uncertainty in this sector. This study investigates the impacts of ESG-related information disclosures on firm value and tests the relationship between ESG scores and firm value. Using a Chinese dataset, we run a fixed-effects panel regression model to assess the impact of ESG performance on firm value in terms of enterprise multiples while controlling for corporate attributes. Our results reveal that disclosing ESG-related information significantly increases firm value, and this relationship has intensified after the pandemic. However, the influence of ESG scores on firm value only seems significant after the pandemic. Environmental score significantly affects firm values whereas social and governance category scores do not. [ABSTRACT FROM AUTHOR]

In this article, we study the contextual dynamic pricing problem where the market value of a product is linear in its observed features plus some market noise. Products are sold one at a time, and only a binary response indicating success or failure of a sale is observed. Our model setting is similar to the work by? except that we expand the demand curve to a semiparametric model and learn dynamically both parametric and nonparametric components. We propose a dynamic statistical learning and decision making policy that minimizes regret (maximizes revenue) by combining semiparametric estimation for a generalized linear model with unknown link and online decision making. Under mild conditions, for a market noise cdf F (·) with mth order derivative ( m ≥ 2 ), our policy achieves a regret upper bound of O ˜ d (T 2 m + 1 4 m − 1 ) , where T is the time horizon and O ˜ d is the order hiding logarithmic terms and the feature dimension d. The upper bound is further reduced to O ˜ d (T) if F is super smooth. These upper bounds are close to Ω (T) , the lower bound where F belongs to a parametric class. We further generalize these results to the case with dynamic dependent product features under the strong mixing condition. for this article are available online. [ABSTRACT FROM AUTHOR]

In this paper, we develop a theoretical framework that explains how digital technologies can help small businesses generate competitive advantages for scaling. To gain and sustain competitive advantages, small businesses traditionally had to choose between cost leadership and differentiation strategies. Digital technologies enable small businesses to reduce their costs and at the same time enhance the value of their market offerings through differentiation. The aim of this paper is to explain the role of digital technologies in such hybrid strategies for small businesses. We first identify automation, individualization and interdisciplinarity as the three dimensions of digital technologies that together enable technology-driven firms to gain and sustain competitive advantages and to scale rapidly. Second, we integrate these three dimensions into a theoretical framework. Third, we test and confirm the theoretical framework in an explanatory case study and discuss the results. [ABSTRACT FROM AUTHOR]

Since 2016, the Bureau of Safety and Environmental Enforcement (BSEE) has collected decommissioning expenditure data from operators in the deepwater US Gulf of Mexico, defined as water depth greater than 122 m, to estimate the decommissioning liability of leases. BSEE uses both statistical tools and work decomposition methods to estimate the decommissioning cost of all active wells, structures, and pipelines on deepwater leases. The purpose of this paper is to evaluate BSEE cost estimates in the deepwater US Gulf of Mexico across four decommissioning stages and to infer unit cost statistics and cost functions in the region. Fixed platforms in 250–500 m water depth are expected to cost between $10 and $80 million to decommission, spars about $55 million, ship-shape floaters around $30 million, and tension leg platforms and their smaller (mini) versions between $18 and $25 million. The deepwater decommissioning market value is estimated at $24.3 billion circa 2022. [ABSTRACT FROM AUTHOR]

Burglary has declined markedly in the U.S.A. We investigate whether increased imports from China (the China Trade Shock), by reducing the market value of theft-worthy goods, reduced the incentive to commit this and other property crimes. Panel data models reveal lower property crime rates in association with increased Chinese imports and comparable effects in relation to other prominent trade partners, indicating minimal property crime displacement effects. Some import effects do link to increased violent crime rates, but none in relation to imports from China. The results illustrate how expanded trade provides social benefits in addition to its well-established economic benefits. [ABSTRACT FROM AUTHOR]

Based on the quasi-experimental method of Difference in Difference with Propensity Score Matching (PSM-DID), this paper analyzed the relationship between overseas investment, host country characteristics, and corporate social responsibility (CSR) with the sample of Chinese A-share listed companies. We find that: (1) overseas investment strategies can improve the CSR performance. (2) the effect of corporate overseas investment on CSR is more pronounced for the host country located in Asia, or with more complete legal and economic systems and closer cultural backgrounds. (3) overseas investment can reduce the negative impact of the disadvantages of outsiders on the enterprise value by better fulfilling their employees and social responsibilities, thus helping enterprises to enhance the market value. The findings suggest that overseas investment enterprises implement differentiated CSR strategies to unleash development vitality and create market value. [ABSTRACT FROM AUTHOR]

In highly competitive markets, organizations need to engage in the disruptive type of innovation to create superior value for customers. Drawing on the dynamic capabilities view; this paper explores value innovation as a dynamic capability for reconfiguring the resource-base of the organization in pursuit of competitive advantage. This paper first investigates the mediating role of operational marketing capabilities, namely pricing, product development, channel management, and marketing implementation, in the relationship between value innovation and organizational outcomes. Secondly, it explores the moderating effects of environmental dynamism in terms of market turbulence and technological turbulence in the relationship between value innovation and marketing capabilities. The study, employing structural equation modelling, is based on data from 414 senior managers. The findings indicate that value innovation positively affects these operational marketing capabilities, which in turn leads to enhanced organizational outcomes. Further, in more turbulent environments, the relationship between value innovation and operational marketing capabilities is stronger. [ABSTRACT FROM AUTHOR]

The expansion of iBuyer's use of PropTech to major housing markets raises a series of questions for both buyers and sellers when making instant, all-cash offers. This study uses a sequence of experiments to identify the proper implementation of existing behavioral real estate concepts to improve the iBuying process, a burgeoning area of residential real estate. We find strong evidence of anchoring for all-cash offers in that sellers are nearly twice as likely to transact when they are first presented with the net proceeds offer price (market value minus costs) rather than starting with the higher gross market value offer price. After the sale, seller regret aversion becomes strong when the seller's house is subsequently sold for 10% or more than the all-cash buyer paid, but regret aversion is mitigated with communication of the improvements made to enhance the selling price. We further find that sellers do not know which all-cash buyer's Automated Valuation Model (AVM) is the most accurate and are therefore much more influenced by brand awareness than model sophistication. Finally, while the extant literature has examined offer price strategies for home sellers, this is the first investigation of buyer offer price strategies. In stark contrast to selling strategies, pricing strategies do not matter when making an offer to buy. [ABSTRACT FROM AUTHOR]

Responding to student concerns about the market value of an undergraduate degree in Political Science, many departments offer students the opportunity to earn credits toward their degree by completing relevant internships. This raises two important questions: what sort of internship experiences should qualify as a Political Science internship and how can faculty ensure that internships contribute to students' professional and academic development? I contend that the criteria for granting Political Science credits for an internship experience should emphasize the likelihood that the internship experience will help the student achieve some of the specific learning objectives that Political Science departments typically set forth for their students rather than focusing on the nature of the organization where they complete their internship. I also argue that designing complementary academic assignments that require students to utilize the research, analytic, and communication skills we expect our students to develop during their undergraduate career is the best way we can ensure that a Political Science internship not only enhances our students' marketability but also contributes to students' achievement of discipline-specific learning objectives. [ABSTRACT FROM AUTHOR]

Service excellence is viewed as firms providing high levels of service quality that in turn generate high customer satisfaction. Studies have empirically linked service excellence and firm performance. We add to the understanding of this link by examining the association between delivering service excellence and shareholder value. Delivering service excellence is proxied by announcements of winning service awards and shareholder value is assessed by the stock market reaction to such announcements. Our empirical analyses are based on a sample of 316 announcements by firms winning service awards between 2001 and 2016. We find that the average market reaction to winning service awards is 0.42%. The market reaction depends both on prior performance and firm size. Growth prospects of firms is not a significant factor in determining the market reaction. Interestingly, we find that firms operating in less competitive industries have a higher market reaction compared to firms operating in more competitive industries. We also find that winning a service award is associated with subsequent improvements in operating performance measured as return on assets (ROA), return on sales (ROS) and total cost over sales (TCOS). [ABSTRACT FROM AUTHOR]

The main aim of the study was to assess the recent evolution of cattle breeding in Alpine areas based on the number, quality and price of calves sold at local auctions in the South Tyrol region over the last decade, as case study. In addition, the effect of grazing during dam's late gestation on calves' auction quality was investigated to assess whether the inclusion of pasture in Alpine production system has an impact on auction parameters of calves beside its well-known positive effects on cattle welfare and the environment. Similarly, to other geographical areas, the study revealed that the numbers of crossbred calves (especially from specialised dairy breeds) has increased over the last years also in the Alpine area, because of more targeted breeding plans with an intensive use of beef bulls' semen. Further, purebred calves from dual-purpose breeds (Simmental, Alpine Grey, Pinzgauer) received a higher remuneration in terms of price and market value at auction than purebred calves from specialised Holstein Friesian and Brown Swiss cows. A part of these animals could be available to support an innovative alpine meat supply chain which, if grass-fed, could further strengthen the current landscape maintenance service provided by the mountain livestock husbandry. Dams grazing during the last 90 days of gestation had a limited negative effect on calves' liveweight and quality traits at auctions. All these results provide useful technical insights to support the switch from dairy to suckler herd system as future productive alternative for some small-scale mountain cattle farms whose viability is essential for the provision of several ecosystem services in the fragile Alpine environment. The present study offers an overview about the evolution of cattle farming in the Alps over the last decade. Overall, the small-scale holdings operating in the case study area of South Tyrol maintain their dairy orientation, but there is a growing trend to implement crossbreeding schemes to increase the economic value of the offspring not kept for replacement. The local fattening of a part of these calves could support an innovative Alpine beef supply chain. As no relevant effect of the use of pasture by the pregnant dams on calves auction price and market value was observed, such chain, especially if grass-fed based, could further strengthen the landscape maintenance service provided by the mountain livestock husbandry. An increase of crossbred calves over the years is recognisable in Alpine area Dual-purpose and crossbred calves are heavier than dairy ones and leading to higher selling prices at auctions Calves market value at auctions remained stable over the last decade The percentage of grazing dams was higher in dual-purpose breeds Dams grazing over the last part of the gestation had a limited effect on auction parameters of calves [ABSTRACT FROM AUTHOR]

This study investigated the effect of on-farm practices on milk production, chemical and microbiological quality and on Somatic Cell Count (SCC) as well as the evolution of milk quality along the camel dairy value chain in southern Tunisia. A survey of 12 periurban dairy camel farms showed that the use of machine milking is limited (16.7%). The milking hygiene practices need to be improved with only 25% of farmers practiced teat dipping and washed the material with hot water and detergents. In addition, 75% of farmers milked their animals in bedding area. Conservation and marketing conditions for raw camel milk were mediocre. Analysis of on-farm milk quality showed that use of machine milking was related to increased milk production but also caused an increase in the microbial load. Quality assessment at different stages of the production chain showed that the chemical composition of milk was conserved, whereas the physical and microbiological quality was altered. At production, the load in Mesophilic Total Aerobic Flores (MTAF) was low with 17.4 × 104 cfu/mL, compared to bulk and point of sale milk, which had a significantly higher load (21.2 × 105 cfu/mL and 61.2 × 105 cfu/mL, respectively). The acceptability threshold of Acidity, MTAF, Total Coliforms and S. aureus prevalence were exceeded in all samples purchased from points of sale. Therefore, improvements in milking hygiene, milk storage, and transport conditions are essential in order to guarantee the quality of camel's milk to meet the needs of the consumer. The use of machine milking for dromedary camels in Southern Tunisia is limited and most she camels are milked by hand with suckling of the calf. Milking routine affect significantly the bacterial load of camel milk. Sanitation problems and keeping the cold chain are the biggest challenge in the dairy camel sector. [ABSTRACT FROM AUTHOR]

This study investigates the economic consequences of the departure of a tax director. In addition, we examine whether the market reactions to such a departure are associated with the director's gender. Using a sample of 471 U.S. firms, we find positive market reactions to the announcement of tax director departures. Our results further show lower cumulative abnormal returns for female tax directors than for male tax directors. Our findings suggest that the market values tax directors' departure and gender. Our study has implications for practitioners in terms of the selection of tax directors. [ABSTRACT FROM AUTHOR]

Influencer marketing appears to be an effective and cost-efficient marketing tool, as it is often not perceived by consumers as advertising and guarantees a wide reach to very engaged audiences. Many businesses harness social media influencers to promote their brands to target audiences. However, influencer marketing has mainly been adopted through a process of trial and error without in-depth insight into how social media influencers should be used strategically as a distinct tool in the marketing mix. In recent years, academic research on influencer marketing has been growing rapidly and offers a deeper insight into how influencer marketing affects customers. The current article deploys bibliometric and thematic content analyses to provide an overview of the current influencer marketing research and identifies the leading journals, authors, publications, and main research themes in this domain. The article concludes with recommendations for future research and businesses when employing influencer marketing. [ABSTRACT FROM AUTHOR]

We study sourcing and purchasing strategies of a monopolistic retailer in a market with a reliable but expensive supplier and an unreliable but cheap supplier with random yield. The retailer can solely source from either supplier or adopt dual sourcing in the forward market while engaging in spot trade. Our study shows that the retailer's relative reliance on forward sourcing is lessened in the presence of a reliable supplier with higher cost, an unreliable supplier with more variable yield, and a more sensitive spot market. Moreover, highly variable forward supply enhances the value of a spot market when compared with high forward cost. Regarding the forward sourcing decision, we find that dual sourcing always benefits the retailer as well as the whole society, whereas upstream competition is not definitely harmful to suppliers. Dual sourcing might benefit the reliable supplier when its cost is sufficiently low or the unreliable supplier when its yield variability is sufficiently small. Besides, dual sourcing could degrade into unreliable sole sourcing when the reliable supplier is relatively expensive. Moreover, in spite of the competition between suppliers in the forward market, dual sourcing does not definitely increase the retailer's reliance on forward sourcing relative to spot trade. [ABSTRACT FROM AUTHOR]

Market disruptions are commonly seen nowadays which directly affect demand. However, in logistics service supply chains, service capacity suppliers and service providers usually have to prepare logistics-service-capacity before demand is known. In this paper, we explore a logistics service supply chain with which the logistics-service provider (LP) has to decide the quantity of capacity to reserve to satisfy future demand in the upcoming season, which depends on whether market disruption occurs or not. The optimal capacity planning policy is determined and the impacts brought by the chance of market disruption are uncovered. Then, we consider the scenario with 'elastic logistics' in which capacity can be adjusted after the market state is known. We analytically establish the corresponding optimal dynamic policy and prove that it helps to stop the ripple effect from appearing. We explore the value of elastic logistics and propose conditions and measures to achieve Pareto improvement in the supply chain upon the adoption of elastic logistics. We extend the analysis to the case with the risk-averse LP and uncover that our qualitative findings remain robust, irrespective of the LP's risk attitude. [ABSTRACT FROM AUTHOR]

The dynamics of market value in the hospitality industry have different aspects as the firms have specific conditions. The study aims to determine the dynamics of the market-to-book value of companies operating in developed and emerging markets. Empirical findings reveal that there is a statistically significant relationship between market-to-book and firm size. The effect of hotel size on the market-to-book ratio is not a linear one. A significant relationship was found between the current value of the market-book ratio and the lag values. When the profitability and dividend payout increase, the market-to-book value increases. It was determined that some factors affecting the firm's market-to-book value differ according to whether the firm is large-scale or small-scale. [ABSTRACT FROM AUTHOR]

Does CSR reflect the "self-interest tool" of management or the "value tool" of shareholders? This paper seeks to examine the impact of CSR on corporate cash holdings in China's stock markets. This paper presents evidence that CSR significantly increases corporate cash holdings, and our findings remain consistent after a series of robustness tests. Mechanism analysis shows that CSR mainly affects cash holding by optimizing corporate governance, which is reflected in that CSR improves the efficiency of investment and increases dividend and R&D investment. Furthermore, CSR has a spillover effect and value enhancement effect that can improve cash holdings at the industry level and also enhance corporate market value. [ABSTRACT FROM AUTHOR]

This article studies the effects of IFRS 11 on the value relevance of accounting numbers (VRAN) in France. In 2014, IFRS 11 made the equity method (EM) mandatory to account for joint ventures (JVs) and disallowed proportionate consolidation, the method previously preferred by French groups. Panel method regressions are used to examine the evolution of value relevance in listed groups' financial statements over a long period (2007–2020). Generalization of the EM reallocates the VRAN, and post-IFRS 11 EM-related numbers are significantly and negatively linked to market value, raising questions about their faithfulness. These results concern all groups using the EM, whatever method they previously used for JVs. This study also looks at the standard-setters' proposed integral/non-integral classification of net income from JVs and associates, which is found to be non-value relevant. These results have implications at standard-setting level for improving the quality of financial reporting, and for investors. [ABSTRACT FROM AUTHOR]

This customer lifetime value (CLV) study developed and refined an instrument to measure CLV from a retailer's perspective using both financial and nonfinancial constructs. The authors created scale items to measure the financial (monetary value and marketing costs) and nonfinancial constructs (trust, loyalty, purchase frequency, recency, and churn rate). They assessed composite reliability as well as discriminant and convergent validity. A varimax rotation indicated strong items for trust and recency under the nonfinancial factors as well as monetary value and marketing costs under the financial factors. Additionally, the measurement model indicated a strong model fit. The findings reinforce the notion of using financial factors to determine CLV. However, nonfinancial factors are also relevant for explaining CLV. These findings fundamentally shift the argument about the determinants of CLV as well as open the door for further research about the nonfinancial factors of CLV. This is the first study to create scale items for measuring the financial and nonfinancial constructs of CLV. The research provides useful theoretical and managerial insights regarding the consideration of nonfinancial factors for refocusing marketing and retailing efforts toward consumers. The study findings reinforce the notion that all customers are not equally valuable. [ABSTRACT FROM AUTHOR]

In real estate pictures, home staging, which is the temporary display of high-end furniture, is meant to positively impact the sales process for the involved parties: the broker, the seller and also the buyer. In this article we focus on the impact of home staging on the price aspect in this process. In our experimental design to isolate the effect of furniture on valuation, we show pictures with furniture to one group and those without furniture to the other group. The main task for both groups of students is to estimate the market value of an empty apartment. Additionally, they must state their preferences for furniture in an apartment. On aggregate, we do not find significant differences in market value estimates between the two conditions, which is in line with the recent literature. At subsets based on individually indicated preferences for furniture, we find two main differences: those in the group with lower indicated preferences for furniture do not adjust their value estimates in a second estimation task, where the presence of furniture is changed, while those in the second group adjust their value estimates in the second estimate, where the adjustments are significant with a magnitude of approximately 11% based on their preferred condition. We conclude that if a client indicates a high preference for furniture, then the presented furniture affects his or her perception of the property. Additionally, we monitor the dwell time, which is significantly longer for the furnished condition and is an indication of information reception. [ABSTRACT FROM AUTHOR]

This study unravels the consumer value components of science-based cooking and examines how science-based cooked foods should be marketed in line with this value constructivism. A qualitative study approach was adopted based on the data from 22 semi-structured interviews with executive chefs in Turkey. Five interrelated consumer value components of science-based cooking were identified, namely functional, emotional, social, artistic, and epistemic. By highlighting the consumer value components of science-based cooking in the marketing context, the study contributes to the food-marketing literature and provides various suggestions for restaurant marketers. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of marketing innovation on firms' participation in global value chains (GVCs) marketing activities. We test the moderating effect of international experience and technological turbulence on the relationship between firms' participation in GVCs marketing activities and firm performance, using data from 503 Chinese firms. The results highlight that firms' GVC marketing activity participation relies on marketing innovation to improve performance. Moreover, international experience strengthens the positive relationship between participation in GVCs marketing activities and firm performance. Surprisingly, the positive moderating effect is different under different levels of technological turbulence. [ABSTRACT FROM AUTHOR]

Using the hedonic pricing method, we study more than 400 hotel transactions in the United Kingdom between 2000 and 2015 to determine the impact of brands on hotel market values. We initially find that hotel brands are negatively associated with hotel values in our sample. However, after controlling for endogeneity, we find that brand affiliation produces no significant impact on hotel transaction values. These results suggest that it is the characteristics of branded hotels, rather than the fact of being branded, that determine the transaction values. To the best of our knowledge, this is one of the first studies to examine the impact of brands on hotel values, and the first to account for the role of endogeneity when comparing the transaction value of branded and unbranded hotels. [ABSTRACT FROM AUTHOR]

Investments in new marketing offerings are notoriously risky, as they require firms to make judgments about an uncertain future. The authors develop an option-thinking framework for valuing and selecting new marketing offerings that combines real-options theory with virtual markets. They apply the framework and demonstrate its power empirically in the context of experiential content, where valuing marketing offerings constitutes a particularly challenging issue. Specifically, they test the proposed option-thinking framework in two experiential settings (movies and professional team sports) and compare it to current managerial practice. Each experiential setting deals with a common managerial marketing challenge. Study 1 examines extending a brand into a new category, and Study 2 investigates ingredient branding. The proposed framework provides managers with an empirical approach that enables them to consider the "value of waiting" when making investment decisions that involve uncertainty regarding future market developments. [ABSTRACT FROM AUTHOR]

Athletes born late in the selection year are disadvantaged compared to the relatively older in youth age groups. This leads to an overrepresentation of the early-born in professional teams, which is called the relative age effect (RAE). Previous studies examine the RAE on wage or market value with contradictory results. This paper aims to estimate the partial RAE on the market value of top-level European football players with a new methodology. We analysed a data set of players from the biggest five European football leagues over ten seasons (2008-2017). We argue that the conventional estimation of RAE fails to yield a partial effect, due to a sample selection bias. For various regression models, we use a stratified sampling method to balance the birth date distribution and eliminate the bias. Unlike prior studies, we found an extremely strong straight RAE in elite European football, especially for younger players. Using our methodology, we interpret RAE as a partial effect, which indicates that an earlier birth date within the calendar year results in a higher market value. This paper contributes to the literature by proposing a new methodology to measure the partial RAE on labour market outcomes. Our results imply discrimination based on birth date in several countries, which needs to be reduced by better regulation of youth competitions. Our findings have implications for coaches and managers on how to account for relative age when training, transferring, and selecting players. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate whether Alibaba in China can integrate itself into the local market and create value with a global acquisition under its e-commerce business model. In doing so, we discuss Alibaba's acquisition of Lazada, which is the largest e-commerce platform in Southeast Asia. We utilize the event study framework and the principal component analysis model to probe into the value creation, and the outcomes show that Alibaba successfully integrates with Lazada, which creates value in both the short and long term. Our research sheds fresh light on the literature on cross-border mergers and acquisitions as well as the global strategy research of e-commerce behemoths. [ABSTRACT FROM AUTHOR]

In recent years, numerous scandals concerning working conditions in Asia have threatened the reputation of large companies like Wal-Mart and Inditex. Since such scandals call attention to activities harmful to sustainable development, it is very important to study the relationships between concerns for sustainable supply chain management (SSCM), sustainability, and organisations' market value. The added value of our study is, first, to explore SSCM controversies as drivers of or pressures for adopting and applying sustainability practices; and, second, to contribute to the recent but growing literature that analyses the channels through which SSCM and sustainability practices influence the firm's value. We introduce sustainability environmental, social, and governance (ESG) practices as a mediator between SSCM controversies and market value to examine whether SSCM controversies with firms' stakeholders lead to improvements in the ESG dimensions of organisational sustainability. We also examine the relationships between the ESG dimensions and market value, measured as Tobin's Q ratio. The results confirm both the positive relationships of SSCM controversies to the ESG dimensions two years later and a positive relationship of the dimension of governance to Tobin's Q. We also confirm a negative and significant relationship of the social dimension to Tobin's Q, and a non-significant relationship of the environmental dimension to Tobin's Q. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of intelligent logistics policies briefings (ILPBs), which are a kind of special press conference, on the shareholder value of the 149 listed logistics companies in China. For macro factors, we find that ILPBs will result in a positive stock market reaction, and the mean abnormal return on the event day is 0.728%. For micro factors, an ILPB has a more positive impact on the market value of larger enterprises. The business types do not affect the degree of market reaction. For the characteristics of policy briefings, the market reaction will be more positive as the proportion of the intelligent logistics content in the conference increases. Policy briefings with two different topics will result in more positive stock market reactions than those with one. Finally, we compare the market reactions of ILPBs with those of official policies. [ABSTRACT FROM AUTHOR]

2,3-Butanediol (BD) and acetoin (AC) are products of the non-oxidative metabolism of microorganisms, presenting industrial importance due to their wide range of applications and high market value. Their optical isomers have particular applications, justifying the efforts on the selective bioproduction. Each microorganism produces different isomer mixtures, as a consequence of having different butanediol dehydrogenase (BDH) enzymes. However, the whole scene of the isomer bioproduction, considering the several enzymes and conditions, has not been completely elucidated. Here we show the BDH classification as R, S or meso by bioinformatics analysis uncovering the details of the isomers production. The BDH was compared to diacetyl reductases (DAR) and the new enoyl reductases (ER). We observed that R-BDH is the most singular BDH, while meso and S-BDHs are similar and may be better distinguished through their stereo-selective triad. DAR and ER showed distinct stereo-triads from those described for BDHs, agreeing with kinetic data from the literature and our phylogenetic analysis. The ER family probably has meso-BDH like activity as already demonstrated for a single sequence from this group. These results are of great relevance, as they organize BD producing enzymes, to our known, never shown before in the literature. This review also brings attention to nontraditional enzymes/pathways that can be involved with BD/AC synthesis, as well as oxygen conditions that may lead to the differential production of their isomers. Together, this information can provide helpful orientation for future studies in the field of BD/AC biological production, thus contributing to achieve their production on an industrial scale. [ABSTRACT FROM AUTHOR]