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This paper studies the universal point scheme with multiple retailers and a platform that implements the points within a channel. First, we analysed the equilibriums of the channel under the decentralised control and the mode of lateral cost-sharing among retailers. We found that retailers are willing to set the lowest point conversion ratios under the lateral cost-sharing mode compared with the decentralised and centralised control modes. The optimal conversion ratio of a retailer under the decentralised control is greater than the one under the centralised control when the cost spillover and double marginalisation are not significant. Next, we extended the model by considering the participation of new retailer. In this dynamic channel, the impact of the cost spillover phenomenon on the channel members' preferences is discussed. Third, we showed that the wholesale price contract for point management used in the real world has a limitation in terms of profit split. Following this, we proposed a buyback contract and showed the optimal contract parameters under which the channel's profit could be maximised and arbitrarily split. The managerial insights we obtained shed light on how to design a universal point scheme and select channel members to achieve an all-win scenario. [ABSTRACT FROM AUTHOR]

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We study endogenous intermediation activity, the implied transaction pattern—direct trade, indirect trade, or both—and implications for efficiency. Related papers have agents exchanging indivisible goods or assets, capturing only extensive margins (trade frequency). To capture intensive margins, we incorporate divisibility representing quantity or quality. We characterize equilibrium, show how it depends on bargaining powers and costs, and how intensive margins matter—for example, middlemen with high bargaining power may charge more but offer higher quantity/quality, thus improving welfare. A tax‐subsidy policy is designed to achieve efficiency. A monetary version lets us compare money and middlemen and further discuss policy. [ABSTRACT FROM AUTHOR]

Indonesian workers or commonly known as TKI are Indonesian citizens who are working or looking for work abroad with the intention of finding economic opportunities, to realize these jobs there must be communication with the distributor, namely PT Alfira Perdana Jaya. The purpose of this study is to understand how internal communication between migrant workers and the distributor of PT Alfira Perdana Jaya and the internal communication obstacles between migrant workers and the distributor of PT Alfira Perdana Jaya. The approach method used is qualitative through documentation and in-depth interviews with a number of migrant workers and distributors, so that in conducting interviews they carry out the purpose sampling technique method, namely in collecting data first studying and exploring several journals, books, and related documents. The results and conclusions of this study are that internal communication between TKI and TKI can be done through various ways, such as social media, messaging applications, or face-to-face meetings if they are in the same place, then Internal Communication of TKI (Indonesia Manpower) to Distributors, the distributor provides comprehensive communication for all TKI, the last is Internal Communication of Distributors to TKI (Indonesia Manpower), PT Alfira Perdana Jaya gave directions to migrant workers regarding the tasks they will perform in their new workplace. However, there are significant challenges or obstacles in internal communication between migrant workers and distributors, such as differences in language, culture, and understanding. [ABSTRACT FROM AUTHOR]

The power grid, manufacturing, and industrial automation are just a few Internet of Things (IoT) settings where publish/subscribe (p/s) systems are increasingly prevalent. These systems may handle a wide range of middleware and communication protocols, ensuring compatibility. The most well-liked publish/subscribe protocol is the Message Queue Telemetry Transport Protocol (MQTT), which uses an agent to transfer information between publishers and subscribers on certain subjects. MQTT can be quickly and simply deployed for IoT settings using a popular wireless MAC layer protocol like Long Range Wide Area Network (LoRaWAN), however, this has not been properly validated. MQTT can be readily set up in cloud environments to do research experiments. To provide an MQTT-based publication design that can handle the LoRaWAN proactive steps, the authors design and provide a simulation framework in NS-3 in this study. To do this, the authors make use of the LoRaWAN library from NS-3 and include connecting it with a middleman that links to numerous publications as well as clients. The authors support many topics at the broker while enabling unicast capabilities from the broker to LoRaWAN end devices. In other words, the proposed work activates the unicast capability from the middleman to LoRaWAN peripheral devices while handling multiple topics at the mediator. To illustrate the viability of our IoT architecture and evaluate its performance at scale, the authors performed several scenarios under it. [ABSTRACT FROM AUTHOR]

Off-site investment relations among enterprises often bring the flow of capital, logistics, talent, information, and technology across cities, representing a new avenue for studying the urban network. Therefore, an increasing number of studies are investigating urban networks from the perspective of firm relations. Most of these studies mainly use data from intra-firm branches or mega firms' investment to quantify the linkages among cities. However, these studies have neglected the linkages among small-sized enterprises that are often located in small and medium-sized cities, resulting in the lack of authenticity in establishing urban networks. Recently, a small amount of research has begun to use wholesale enterprises' off-site investment data to construct urban networks. However, such research has neglected the indirect linkages and transit effects on enterprise investment routes. Therefore, this study uses investment data of all-industry enterprises from the Industrial and Commercial Enterprise Registration Database to propose a new method for establishing a directed weighted urban network by identifying off-site investment routes among enterprises, which could fill the gap in constructing urban networks from the perspective of micro capital flow. To verify the evolutionary characteristics of urban network structure before and after the implementation of major policies, this study considers the Yangtze River Delta as the empirical study area. Wholesale enterprise investment data from 2006 to 2020 in the Yangtze River Delta are used to construct three urban networks in three time stages. The main conclusions are as follows: (1) The growth model of the urban network scale shows that the growth of off-site investment routes drives the growth of off-site investment scale. The scale of enterprise nodes linked by off-site investment relations significantly increased from 2011 to 2015. However, after 2016, the proportion of off-site investment in the total investment of the Yangtze River Delta increased accordingly. (2) From the perspective of spatial patterns, the urban network of the study area has shifted from a polygonal network structure of interconnected core cities to a V-shaped structure centered around Shanghai, and then to a Z-shaped structure centered around Shanghai and Hangzhou. (3) In terms of network centrality, the cities exhibit a clear hierarchical structure. Although the network is evolving, the hierarchical structure has not changed significantly. However, the linkages between cities show a trend of clustering from low- to high-level cities. (4) In terms of network betweenness, the betweenness of most cities matches their centrality. Notably, the betweenness of Hefei and Wuhu is significantly stronger than their centrality. At different stages of the urban network evolution, cities with high betweenness, such as Shanghai, Hangzhou, and Hefei, play different intermediary roles in the network. This study constructs urban networks from a micro scale perspective of capital flow, thereby filling the gap in existing research. Additionally, unlike previous studies on urban networks that focus on static network structures, this study analyzes the structural evolution of urban networks based on long-term comprehensive data and verifies the characteristics of changes in the network structure, which has certain theoretical value and practical significance. [ABSTRACT FROM AUTHOR]

The research was conducted in Banyumas Regency, with the objectives of studying 1) beef marketing channels, 2) beef marketing margins, and 3) beef marketing efficiency. To achieve this goal, a survey research method was used, with the research targets being beef cattle wholesellers, beef marketing institutions, and beef consumers. Slaughterhouses (RPH) were selected using a purposive sampling method; they were RPH Purwokerto and RPH Ajibarang. From each RPH, eight beef cattle whole sellers were selected as respondents, from which five retailers were selected. By using the accidental sampling method, two buyers were selected from each retailer. Therefore, there were 96 respondents from each RPH, or 192 in total. The data analysis used included descriptive analysis and marketing analysis, including costs, profits, and marketing margins. The results obtained were that there were two marketing channels, namely: (1) RPH/butcher → wholesalers → stall traders? consumers; (2) RPH/butcher → wholesalers → consumers. The marketing margins were IDR 34,346 and IDR 26,845, and the marketing efficiency was 4.04% and 2.86% in marketing channel 1 and marketing channel 2, respectively. It can be concluded that the beef marketing channel is simple, with quite high marketing efficiency. [ABSTRACT FROM AUTHOR]

This study delves into the impact of the 2008 Global Crisis on the competition between the wholesalers and unregistered firms in Eastern European and Central Asian countries. The survey data from the European Bank for Reconstruction and Development, and the Business Environment and Enterprise Performance (BEEPSII and BEEPSIV) conducted by the World Bank in 2008 (crisis) and 2013 (post-crisis) were utilized. The survey covers 29 countries in the region. The results of the nonparametric tests show that significantly more wholesalers experienced competition against unregistered firms in 2008 when compared to 2013. While approximately half of the wholesalers experienced informal sector competition in 2008, in 2013, only around one-third of wholesalers experienced informal sector competition. This post-crisis decline is seen for both the five Central Asian economies (Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, and Uzbekistan) that are examined and the other transition economies. When wholesalers are classified into different categories based on size, independence from a larger firm, type of firm (partnership, sole proprietorship, etc.), gender of the owner, gender of the top manager, experience of the top manager, and having an internationally recognized quality certification, it is observed that competition against unregistered firms declined in 2013 for all types of wholesalers except for partnerships and larger firms. The results show that, on a scale of 0 to 4 (0 being no informal sector competition and 4 being very severe informal sector competition), the mean severity of competition against unregistered firms was 1.52 in 2008 and 1.18 in 2013. However, this decline in the severity of informal sector competition post-crisis is not seen for the five Central Asian economies that are examined. Also, when different firm types are examined, limited partnerships and firms that are part of a larger firm did not experience a decline in informal sector competition. To find the determinants of competition between the wholesalers and unregistered or informal firms, binary logistic regressions were used. The results show that smaller firms without an internationally recognized certification are more susceptible to informal sector competition in the Central Asian economies, whereas larger, shareholding firms are more prone to informal sector competition in the other transition economies. [ABSTRACT FROM AUTHOR]

Previous studies in the context of livestreaming commerce have largely overlooked the role of the distinctive characteristic of real-time interactivity in fostering cognitive/affective reactions and subsequently impulsive buying. Drawing on the stimulus–organism–response paradigm, this study contributes by investigating the link between real-time interactivity (responsiveness and personalization) as stimulus and impulsive buying as response with causal association between inspiration (inspired-by and inspired-to) and delight as organism under the moderating effect of idea shopping motivation in the context of livestreaming commerce. A conditional model linking interactivity and urge to buy impulsively is proposed and tested using the partial least squares structural equation model (PLS-SEM) technique with SmartPLS software on a sample of 376 livestreaming commerce viewers. The findings indicate that inspiration experience and delight are causally associated as the bridge connecting real-time interactivity and urge to buy impulsively, and idea shopping enhances the link between real-time interactivity (responsiveness and personalization) and inspiration (inspired-by). Based on the findings, some important theoretical and practical implications are proposed. [ABSTRACT FROM AUTHOR]

This article examines contract negotiations in ancient China and then addresses how they have changed in modern China. First, the broad societal contexts of these two eras are examined and compared, as well as their legal systems. This is followed by a discussion of the court system and how middlemen can be leveraged as a "golden bridge" in forming agreements. The analysis contends that despite a comprehensive legal system, the best approach to negotiate with Chinese counterparts nowadays is to leverage its tradition of using middlemen to insert personal relationships that connect private agreements to public adherence. The role of the middlemen has neglected benefits that warrant reconceptualization as Chinese negotiation practices seep into modern international systems. [ABSTRACT FROM AUTHOR]

This article illustrates how a social knowledge management (SKM) platform can be conceptualized, developed and implemented that can provide users with multi‐community connectivity, making it quicker and easier for members to connect, communicate, collaborate, and learn. By conducting case studies on rural craft producers in West Bengal, India, we have demonstrated how this platform fosters meaningful collaboration among rural artisans and various stakeholders within the craft production system, ultimately resulting in the formation of vibrant virtual communities. The platform promotes purposeful knowledge exchanges among variety of agents, which helps to reduce the knowledge divide and the market isolation that rural artisans experience. The platform enhances inter and intra‐group communication that supports rural artisans to establish their independent credibility in their trade without the assistance of intermediaries or middlemen. [ABSTRACT FROM AUTHOR]

Despite widespread interest in John Ruskin and the theatre in recent years, little consideration has been given to his presence in the works of one major playwright, Henry Arthur Jones (1851–1929). Although Ruskin's influence on Jones has been examined in broad terms by commentators such as Kate Newey and Peter Yeandle, a detailed textual analysis of Jones's plays has not been forthcoming. In this essay, I discuss three plays by Jones – The Silver King (1882), Wealth (1889) and The Middleman (1889) – and demonstrate how they dramatise key elements of Ruskin's well-known works 'Of Queens' Gardens' (1864) and Unto This Last (1862). I argue that with these commercially successful and critically admired plays, Jones was at the forefront of communicating and popularising Ruskinian thinking for theatre audiences in the West End and across the world. [ABSTRACT FROM AUTHOR]

Given the increasing significance of reverse channels in business-to-business markets, there is a need to establish a comprehensive understanding of issues related to reverse channel. The authors conduct a literature review to address the following questions: To what extent has theoretical development progressed in reverse channel research? What potential directions exist for future research in this domain? How can we enhance our understanding of research on reverse channels? The authors use Leavitt's diamond theory to discuss the research focus in reverse channel studies, specifically addressing channel strategies, actors, relationships, and technologies. Based on a literature review of reverse channel in academic journals across various disciplines, the authors summarize these studies on four topics: (1) Reverse channel strategies: This category primarily explores channel selection strategies and channel governance strategies. (2) Reverse channel actors: Research in this area differentiates between traditional, specialized, and complementary actors. (3) Reverse channel relationships: Studies on relationships delve into the various forms and outcomes, with an emphasis on incentives, positive interactions, joint actions, and trust. (4) Reverse channel technologies: Research in this domain focuses on relevant technologies in reverse channels, with an emphasis on information sharing and the transformative impact of Industry 4.0. The authors provide the first comprehensive literature review on reverse channels, summarizing critical research issues, and identifying potential topics for future research. Additionally, the paper offers important managerial implications on the design, setup, and operation in reverse channels. [ABSTRACT FROM AUTHOR]

Originally a domestic product used by West African rural population, shea nut has become an international commodity exported all over the world. However, local periodic markets remain a central site of exchange and nut trading for many women shea nut collectors in Burkina Faso. Using survey data from Burkina Faso, this paper explores the ways in which shea nut collectors navigate shea nut trading. Many collectors engage in early nut trading during the farming season to cover their household subsistence needs, despite the lower shea nut price at that time of the year. The results show that this early market consists mostly of better off shea nut collectors buying nuts from worse off collectors, as the lead firms and wholesalers tend to enter the market later in the season. While the exchanged volumes remain small, this highlights social differentiation among women shea nut collectors, as the better-off collectors are able to invest their shea income in other sources of income, while the other collectors rely on shea for their reproduction needs. Furthermore, this social differentiation is also reflected in different household dynamics and bargaining strategies between spouses, as better-off collectors tend to collaborate to a larger extent with their partners than the other collectors. [ABSTRACT FROM AUTHOR]

Purpose: This study uses the antecedents, decisions and outcomes (ADO) framework to identify how perceived risks and benefits relate to the omnichannel strategy and influence consumer behavior. Design/methodology/approach: A systematic review was conducted on 111 articles (2014–2023) on Scopus using NVivo® software for content analysis. Findings: The literature on omnichannel is fragmented between journals and lines of research, making it difficult to identify influential journals in the area and preventing effective convergence. When the perception of risk is greater than the perception of benefits, companies must understand how to mitigate the risk, so that the adoption of an omnichannel strategy is not canceled. Research limitations/implications: The review is limited to one database and does not consider specific products/services or consumer profiles. Originality/value: This review broadens understanding of omnichannel from a perspective neglected by researchers, namely risks and benefits and their impacts on organizational results. The model will clarify how the literature on omnichannel has evolved and instigate new research. [ABSTRACT FROM AUTHOR]

Agarbatti (incense stick) is the fragrance ambassador of India and has been a staple across various cultures for thousands of years. The present study was conducted in six districts of the Konkan region of Maharashtra state to investigate the production and marketing pattern of incense sticks. Results of the study revealed that over 50 per cent of the respondents applied fragrance to raw Agarbatti. The average production cost per kg of Agarbatti in the Konkan region was found to be Rs 140.28, with an average daily production of 66.12 kg and average selling price of Rs 290.28. The survey revealed that 40.32 per cent of respondents sold Agarbatti to wholesalers, 38.71 per cent to retailers and 20.97 per cent directly to the consumers. There were three marketing channels viz producer to wholesaler to retailer to consumer, producer to retailer to consumer and producer to consumer. Respondents preferred channel I for selling Agarbatti, while Channel III was found to be more effective due to the 100 per cent gross market margin earned by producers. It was observed that the bamboo incense stick-making business provided a source of income to rural people and contributed to India's economic growth. [ABSTRACT FROM AUTHOR]

Purpose: The authors assess the development potential of cowpea beyond grain in local markets in Mali by: (1) identifying trader types and types of cowpea products sold; (2) examining trader roles; (3) estimating gross margins and their determinants; and (4) discussing policy opportunities to further develop the value chain. Design/methodology/approach: The authors analyze data collected through observation and semi-structured questionnaires from 487 sellers in 26 markets, including market, seller, and product characteristics. The authors also calculate gross margins and conduct a regression analysis to identify influential factors. Findings: The authors identify several types of cowpea sellers in local markets, including processor-retailers, retailers of fresh leaves and fodder, and grain retailers, collectors and wholesalers. Women dominate the marketing of processed products and fresh leaves. The marketing of boiled cowpeas offers retailers higher margin rates compared to fritters and pancakes. Grain sellers, who are mostly men, have lower margins but sell larger quantities. Processor-retailers bring more value to the cowpea value chain. Specialization of the seller in cowpea, regional location of the market and day of the market fair all influence gross margins. Research limitations/implications: Future work should explore consumer preferences for different types of cowpea products. Originality/value: This study of the cowpea value chain in Mali has revealed the multidimensional character of the cowpea plant, which goes far beyond its grain and highlight the important roles played by women. [ABSTRACT FROM AUTHOR]

Paul Samuelson and others suggested that Ricardo ('the richest economist in history') made a life-changing coup on the Stock Exchange after the Battle of Waterloo (1815), but archives reveal that Ricardo amassed his fortune more gradually, often by small profit rates upon large investments, as a jobber on the Stock Exchange and a contractor for seven British Loans. The 1815 Loan generated exceptional profits for Ricardo, but not the million sterling mentioned in unreliable legends about Ricardo or Rothschild. Such legends neglected the stock price statistics, the suboptimal timing of Ricardo's transactions in 1815 and the dominant role of the Baring-Angerstein consortium, which took a much larger part of the Loans than Ricardo's consortium. Insufficient attention was also paid to the special year 1813, when Britain exceptionally launched not one, but two very profitable Loans. After his large 1813 profits, Ricardo started contemplating his retirement and bought Gatcombe Park in 1814. Samuelson neglected this and overestimated the influence of 1815 events. Moreover, Samuelson claimed that today Ricardo might be prosecuted for using unscrupulous market manipulation and inside information. Archives and statistics show that Samuelson's allegations lack historical evidence. [ABSTRACT FROM AUTHOR]

Prior literature has shown that, for exogenously prescribed sequence of quantity decisions, supplier encroachment into a retailer's market can mitigate double marginalization and thereby benefit both the supplier and the retailer. This study extends existing understanding of supplier encroachment to the contexts in which the Stackelberg leadership/followership preferences of the two firms are endogenous under exogenous and endogenous wholesale prices. In our model, the two firms can engage in one of the three quantity competition games: simultaneous game; sequential game with the retailer being the Stackelberg leader; and sequential game with the retailer being the Stackelberg follower. Accordingly, this study reexamines the effects of encroachment in tandem with the Stackelberg leadership/followership decisions of the two firms. Under exogenous wholesale price, either firm may choose the Stackelberg leader or follower role contingent on their relative operational costs. Under endogenous wholesale price, the supplier strategically relies less on wholesale price concessions to induce the retailer-as-leader sequential game as an equilibrium. In either scenario, encroachment always benefits consumers, but it cannot secure Pareto gains. Encroachment leads to either a "win-lose" or a "lose-lose" outcome for the supplier and retailer because endogenizing the Stackelberg leadership/followership preferences radically influences the interplay between the wholesale price effect and competition effect of encroachment. We find that the ineluctable need to cultivate the reselling channel is likely to cause the encroaching supplier to write a contingent contract characterized by per-unit wholesale markups and lump-sum slotting allowances (i.e., fixed transfer from the supplier to the retailer). [ABSTRACT FROM AUTHOR]

Timed-release encryption (TRE) is a cryptographic primitive that can control the decryption time and has significant application value in time-sensitive scenarios. To solve the reliability issue of nodes in existing TRE anonymous interaction schemes, we propose a blockchain-based TRE protocol for anonymous query time trapdoors. In our protocol, the recipient divides the encrypted trapdoor request information into n ciphertext fragments using secret sharing technology near the decryption time, and employs the idea of onion routing to perform layer-by-layer encryption, creating onion-type data transmitted through middlemen selected from the smart contract. After receiving the ciphertext fragments, the time server integrates them to obtain the trapdoor request information and returns the corresponding time trapdoor to the recipient. This allows the recipient to query any time trapdoor anonymously. Our protocol provides a normative design for the smart contract and specific constraints on the participants' behavior. Compared with the related anonymous query trapdoor schemes, our protocol improves the probability of successful queries. Security analysis shows that our protocol can resist release-ahead attack, interruption attack, eavesdropping attack, and replacement attack. Performance analysis shows that our protocol outperforms related protocols regarding anonymity, efficiency, and flexibility, achieving highly efficient anonymous interactions. Finally, we conducted an experiment in the Ethereum Rinkeby test network. For the settings of ciphertext fragment number n = 3 and ciphertext fragment threshold t = 2 , the gas consumption for a user to execute the contract was $5.66, which was higher than the contract cost of related schemes, but the contract execution cost was within an acceptable range. [ABSTRACT FROM AUTHOR]

Commercial use of wildlife is booming. However, knowledge of trade, price structure and benefit distribution mechanisms remain limited for many endemic, threatened and economically valuable species, impeding efforts to develop conservation intervention schemes in line with sustainable objectives. We illustrate the nature of commercialization of the caterpillar fungus Ophiocordyceps sinensis , collected in a high-altitude Tibetan region. Using the value-chain approach, we document how caterpillar fungus is collected in a remote mountainous region and traded across a wide range of middlemen until it finally reaches high-end markets in urban centres. Mapping the caterpillar fungus value chain helps identify the actors involved and the social institutions (i.e. the rules, norms and arrangements that shape people's behaviours) facilitating access to markets and influencing profit distribution and price structure. We present the complex dynamics of this commercialization process, providing a holistic value-chain analysis that encompasses actors, profits and institutions. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to explore how the personal traits of the informal entrepreneurs influence their formalization decisions. Design/methodology/approach: This study adopted a qualitative approach using a multicase design in which 28 informal entrepreneurs situated in Kampala district, Uganda, were engaged. An interview guide, recorders and note books were used in data collection. Findings: The results indicate that the traits of informal and semiformal entrepreneurs are distinct. Informal entrepreneurs have been noted to be more courageous and resilient, while their semiformal counterparts have greater passion for their businesses. It is thus observed that the formalization prospects are higher for the semiformal entrepreneurs than for their informal counterparts. Entrepreneurs that would be willing to formalize their businesses are discouraged by distance, technology and the cost of involving middlemen. Whereas the resilient entrepreneurs are noted to work through these challenges, the passive ones in both the informal and semiformal categories will not formalize their businesses by giving such excuses. Originality/value: This study contributes to the extant literature on informal entrepreneurship by providing initial empirical evidence on how the personal traits of the entrepreneurs influence their formalization decisions specifically. [ABSTRACT FROM AUTHOR]

Purpose: In today's world, retailers must embrace technological devices to provide fluid, convenient and complete customer experiences. Therefore, combining the offline and online spaces into a single strategy becomes essential, representing a significant opportunity for retailers to improve customer experience. Therefore, this study aims to explore and compare the importance of digital elements in an omnichannel experience by companies in the luxury and non-luxury segments. Design/methodology/approach: The research offers a model to explore and compare the omnichannel strategies that brands use, considering six dimensions that cover recent technological advances, thus offering a complete experience to their customers. A multiple case study was selected based on a sample of six international companies from two different price segments (luxury and non-luxury). Findings: The data collected allowed the authors to verify the presence of some dimensions, even though some had little evidence. Nevertheless, the dimensions connectivity, innovativeness and flexibility (only in luxury segment companies) were not present. Overall, and even though they present just little evidence, the results showed that retailers for the luxury segment invest more in delivering digital experiences within omnichannel strategies than the non-luxury ones. Originality/value: This study improves the existing knowledge of omnichannel retailing. By analysing and comparing the omnichannel experiences, companies can identify areas for improvement and enhance the overall customer journey. Additionally, the model allows managers to compare and re-evaluate their omnichannel strategies with other competitors to gain competitiveness in an ever-evolving market. [ABSTRACT FROM AUTHOR]

The liquidity-coverage ratio (LCR) requires banks to hold enough liquidity to withstand a 30-day run. We study the effects of the LCR on broker-dealers, the financial intermediaries at the epicenter of the 2007–2009 crisis. The LCR brings some financial-stability benefits, including a significant maturity extension of triparty repos backed by lower-quality collateral, as well as the accumulation of larger liquidity pools. However, it also leads to less liquidity transformation by broker-dealers. We also discuss the liquidity risks not addressed by the LCR. Finally, we show that a major source of fire-sale risk was self-corrected before the introduction of postcrisis regulations. [ABSTRACT FROM AUTHOR]

This article discusses a study that examines the determinants of mobile accounting app acceptance among Saudi wholesalers. The study uses the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model and integrates the construct of trust. Factors such as performance expectancy, effort expectancy, hedonic motivation, and trust are found to influence users' attitudes towards mobile accounting apps. The study provides insights for mobile app providers and the Saudi wholesaling sector to enhance user experience and build trust. The article also includes a list of references related to mobile accounting app adoption, technology acceptance, customer behavior, and marketing from various countries and industries. [Extracted from the article]

The paradigm shift towards omnichannel approaches represents an ongoing fundamental change and a key metamorphic process taking place within the fields of retail marketing and management today. The intertwining of commerce and content across channels and touchpoints requires retailers to reconfigure their strategies and manifests new challenges for grasping concepts like customer experience and customer journeys. In response to these developments, we conduct a thematic review of 64 academic papers addressing customer experiences in omnichannel retail environments, integrating central concepts and approaches and thereby contributing to the body of literature exploring new and alternative approaches and theories to customer experiences along omnichannel customer journeys. We identify 8 overlapping streams of literature in this regard, highlightig that research on the subject tends to be focused on the seamlessness of channel integration and efficiency and thus might benefit from more consumer-centric, interdisciplinary work taking the co-creational aspect of these experiences into account. We contribute to retail – and omnichannel literature as well as retail branding theory and practice. [ABSTRACT FROM AUTHOR]

The European Court of Justice has issued a judgment in a case involving Apotheke B., a pharmacy in Austria, and the Federal Office for Safety in Healthcare. The case revolves around the revocation of Apotheke B.'s authorization to engage in activity as a wholesaler of medicinal products. The court ruled that a wholesaler cannot obtain medicinal products from individuals or entities who are not authorized or exempted to supply such products, even if the quantity is minimal. The court also clarified the requirements for personnel and the withdrawal of authorization in case of non-compliance with regulations. [Extracted from the article]

Tantamount with the increasing application of blockchain technologies around the world, the use of blockchain-based smart contracts has rapidly risen. In a “smart contract,” computer protocols automatically facilitate, verify, and enforce arrangements made between parties on a blockchain. Such smart contracts offer a variety of commercial benefits, notably immutability and increased efficiency facilitated by removing the need for a trusted intermediary. However, as discussed in recent legal scholarship, it is difficult for smart contracts to uphold certain fundamental principles of contract law. Translating concepts of individual intention and responsibility into the decentralized space of blockchain is problematic. Aggregating such individual intention into the combined will and intention of the blockchain entity is at best challenging, and at worst unfeasible. Further, while traditional contracts accommodate change and allow for the amendment of terms in response to evolving circumstances, blockchain smart contracts do not. As the difficulties of blockchain smart contracts become apparent, attention is turning to hybrid smart contracts. “Hybrid” smart contracts are commonly described in legal discourse as arrangements that consist of both a traditional contract (natural language) and a blockchain-based smart contract (formal computer code) component. In comparison, computer science scholarship provides a more complex and nuanced articulation, framing hybrid smart contracts as arrangements that combine code running inside the blockchain (on-chain) with data and computations from outside the blockchain (off-chain). The link between these on-chain and off-chain operations is created through a decentralized oracle network. Such hybrid contracts maintain the immutability of blockchain, and the trustless contracting this facilitates, with the flexibility that comes from connecting to real-world, real-time data sources. In such a context, the objective of this Essay is to examine the nature and operation of hybrid smart contracts, integrating both legal and computer science discourse, and to critically analyze whether such arrangements have the potential to mitigate some of the legal challenges that have been identified with respect to fully on-chain smart contracts. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the role that artificial intelligence (AI) systems could play in configuring and enhancing the omnichannel customer experience (OCE).This paper aims to pave the way to better understand the intersection between these two novel topics through perspectives and associated interpretations from managers', consultants' and consumers' beliefs, experiences and thoughts. Design/methodology/approach: The study adopts an explorative inductive design. Data from 41 in-depth interviews with high-level retail managers (12), AI consultants (3) and omnichannel consumers (26) was analyzed using grounded theory methodology. Findings: The study's results revealed that, when AI systems are implemented in the omnichannel experience, some dimensions of the OCE change in relevance. The findings show that some OCE dimensions are easier to relate with experiential elements of the omnichannel experience, such as personalization, consistency and flexibility. In contrast, integration and connectivity are perceived as internal retailer capabilities that enable the omnichannel strategy. Consumers' data also show differences in the omnichannel customer journeys for the product categories of clothes, electronics and furniture. Originality/value: This study presents insights on the impact of AI on OCE from top-retail managers', consultants' and consumers' perspectives. This choice allowed researchers to explore and uncover interesting intersecting points and examine issues related to omnichannel experience and AI systems implementation, providing guidance for future research. [ABSTRACT FROM AUTHOR]

This article is a guest editorial from the International Journal of Retail & Distribution Management. It highlights a special issue that features papers presented at the 7th Colloquium on European Research in Retailing (CERR). The colloquium focused on the challenges of digitalization in retailing, covering topics such as marketing, distribution channels, operations, and consumer behavior. The special issue includes 15 papers that explore the transformation of retail channels in the digital era, covering topics such as shopper behavior, digitalization in retailing, online shopping experience, and sustainable retail operations. The goal of the special issue is to contribute to the scientific standing of both CERR and the International Journal of Retail and Distribution Management. [Extracted from the article]

Farmers distribute curcuma through several marketing agencies to the sringanis plantation processing industry. It impacts farmers' income, so the research aims to determine the pattern of Curcuma marketing channels as a raw material for the medicinal plant processing industry, the value of efficiency indicators, and the level of efficiency of each marketing channel--methods of data collection using purposive sampling and snowball sampling. Respondents are farmers, middlemen, and managers of the sringanis plantation processing industry. The analytical approach uses quantitative analysis, namely analysis of marketing channels, marketing margins, farmer share, and marketing efficiency. The results showed that there were two patterns of Curcuma marketing channels, namely marketing Channel I, which included farmers and the sringanis plantation processing industry, and marketing Channel II which had farmers, intermediaries, wholesalers, and the sringanis processing industry. The marketing functions performed by all marketing agencies are exchange functions, physical functions, and facility functions. Farmer share obtained by marketing Channel I is more significant than Channel II, so marketing Channel I is more efficient than Channel II. The implication that farmers and the sringanis garden industry can apply is to enter into a cooperation contract where every profit and risk obtained has been adjusted by mutual agreement. Distance constraints for farmers who use marketing Channel II can be overcome by selling a portion of Curcuma produce to intermediaries with a proportion of 60%, and the remaining 30% is sold directly to the sringanis plantation processing industry. [ABSTRACT FROM AUTHOR]

In the wake of the 2008 global financial crisis, the Fintech industry and Islamic banking were striving to fill the existing void through innovation and different business approaches. Losing trust in conventional banking, advancement of technology and internet globally, and customers craving for trustworthy and reliable financial systems are the main incentives of expansion and growth of Fintech and Islamic Finance. In view of this growth, the current study tests the adoption of the novel mechanism Fintech Value Chain Financing (FVCF) using Unified Theory of Acceptance and Use of Technology (UTAUT) model among potential users, Aarti (middlemen) in the agriculture sector. A cross-sectional self-administered questionnaire survey was conducted; 500 questionnaires were distributed following purposive sampling to collect data for analysis. Findings revealed that perceived benefits expectancy, perceived efforts expectancy, perceived credibility, anxiety, and consumer innovativeness are strong predictors of adoption of FVCF. This study is pioneer in its kind. The study's contribution to the literature is a newly operationalized instrument for the constructs along with other variables that extend the UTAUT model and the findings provide new insights to consider the UTAUT model to segregate organization based variables. This study is beneficial for the practitioners in Islamic Financial Institutions (IFIs) to update the financial system by using the FVCF. [ABSTRACT FROM AUTHOR]

This Article is the first to elaborate a theory of decentralized intellectual property (De-IP) to explain the phenomenon of NFTs. This theory of De-IP provides a compelling new understanding of NFTs. Like the current movement to adopt decentralized finance (“DeFi”), De-IP utilizes blockchain technology to provide an alternative, decentralized way to engage in activities traditionally governed by a highly centralized regulatory system, typically involving the U.S. government and dominant industry intermediaries who operate as de facto gatekeepers. The primary vehicle for De-IP is a new technology called the non-fungible token (“NFT”), which consists of a computer program called a smart-contract that authenticates a unique virtual token on blockchain and identifies some other subject matter, such as a copyrighted artwork, whose use is governed by a license setting forth the rights the NFT owner receives. Through a combination of virtual tokens (which are new intellectual property in their own right), code, licenses, practices, and norms, NFTs are providing a viable, decentralized alternative to the copyright system—an alternative that does not eliminate the copyright system, but instead, makes it more responsive to what artists and people want. Although critics may object that De-IP does not adequately consider the public interest in how the copyright system should be reformed, both republican theory of deliberation and the ongoing public debate about copyright on social media and in decentralized autonomous organizations (“DAOs”) allay such concerns. Indeed, the current decentralized debate about NFTs and copyright law may be not only better for democratic deliberation but also more responsive to the needs of individual authors and the public. Everyone can participate. [ABSTRACT FROM AUTHOR]

Customer reviews are a new type of third-party evaluation that has transformed how power operates over evaluated producers, and in so doing has attracted scholarly attention. However, this literature rarely addresses the power relationships operating between platforms collecting and aggregating these reviews. We address this blind spot by relying on Pierre Bourdieu's theory of fields, which we use to highlight that the reaction of producers to traditional third-party evaluations depend on, and reproduce, the domination of an evaluation intermediary over its competitors. Our qualitative study of the field of jobbing platforms in France reveals that producers react to customer reviews only on platforms accumulating relatively better stocks of reviews, in a self-reinforcing manner. Managers of platforms with smaller stocks of reviews resist by sheltering jobbers from reviews. Our study re-introduces field-level power dynamics between platforms to research exploring the forms of power that operate on producers subjected to reviews. It adds to studies of evaluation intermediaries by specifying that the accumulation of reviews underpins the power relationships between intermediaries in the customer review era and by identifying sheltering as a new form of resistance. Finally, it updates Bourdieu's theory for the digital age by explaining that individuals' accumulation of capital online relates to inter-organisational power dynamics. [ABSTRACT FROM AUTHOR]

Many time-sensitive scenarios need to decrypt data at a specified time. The timed-release encryption (TRE) primitive can meet this requirement. However, in the single-time server TRE model, there is a single point of failure problem. Therefore, we propose a tamper-resistant timed secure data transmission protocol based on smart contracts. Firstly, by decomposing the ciphertext into ciphertext fragments, the amount of deposit that a single middleman needs to submit is reduced. Secondly, it provides the system with security redundancy that changes with the decomposition mode. Thirdly, the sender is required to submit the hash value of each ciphertext fragment to the blockchain network at the same time as sending data, so that the receiver can quickly verify the authenticity of the ciphertext to resist substitution attack. Security analysis shows that the proposed protocol model can resist interruption attacks, release-ahead attacks and replacement attacks. Finally, we conduct a monetary cost test on the Ethereum's Rinkeby test network. The results show that our running cost is almost double compared with the existing similar scheme, but it is still very low and almost negligible compared with the value of the content and the expected profits it brings. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the effects of a multifaceted negative Russian export shock of 2014 on the exports Estonian firms that exported non-embargoed goods to Russia. Design/methodology/approach: The dataset covers all the Estonian exporters that exported non-embargoed goods to Russia in 2013 and the empirical analysis uses a difference-in-difference method in combination with the coarsened exact matching method to account for heterogeneities between the treatment and control groups. Findings: The empirical findings show that wholesalers affected were generally able to show better export performance after the negative shock than direct exporters were. The trade performance after the shock was lower for both wholesalers and direct exporters that had lower initial productivity levels. Originality/value: As a novelty, this study simultaneously addresses several firm heterogeneities to illustrate how the trade effects of a negative export shock differ between firms with different key characteristics, including between wholesalers and direct exporters. [ABSTRACT FROM AUTHOR]

Studying collective action in the platform economy against the backdrop of the informal economy in India, I make two arguments that show how work organization in the platform economy enables collective action and distinguishes it from the informal sector. First, I argue that platform work organization through algorithmic work allocation, high employer visibility and algorithmic rather than direct managerial control makes collective action possible. In the informal economy, layers of middlemen often obscure the employment relationship by denying workers a clear contender and the opportunity to develop relationships of solidarity. Second, platform workers address their demands to two targets: the platform company and the state. Informal worker unions have no single, identifiable employer and traditionally confine their demands to the state. [ABSTRACT FROM AUTHOR]