bluuebunny/crossref_metadata_2025_split huggingface dataset:
Stock returns and volatility dynamics in China
Authors: McMillan David G , Evans Pornsawan 
Published: May 2015

Purpose– The purpose of this paper is to examine the nature of equity ownership of state-owned enterprises (SOEs) for over 2,000 listed firms in China. The paper examines both the pattern of state ownership and the dynamics of stock returns and volatility. Firms under the control of SOEs dominate the Chinese stock markets and currently account for over three-quarters of total market capitalisation. Central SOEs are focused in strategic industries, while Local SOEs concentrate on pillar industries relating to consumer goods and services.Design/methodology/approach– The authors obtain firm-level data from the Shanghai and Shenzhen stock markets and using panel estimation techniques examine the dynamics of returns, volatility and their relationship.Findings– The authors report an increase in state control among listed firms compared to earlier reported figures. This is contradictory to the expectation of a lower state influence following China joining of the World Trade Organisation in 2001. In examining the behaviour of stock returns the authors find evidence of daily and monthly autocorrelations that are larger and of a different sign to that reported for western markets. The authors also report evidence of volatility persistence but little evidence of volatility asymmetry, again in contrast to that often reported for other markets. Finally, the authors find evidence of either no or a negative relationship between returns and volatility (risk) that differs from our usual view of risk aversion.Originality/value– It is hoped, knowledge of these dynamics will increase the understanding of the Chinese equity market, which in turn is important for those engaged in international portfolio management and micro-structure modelling.
Managing social innovation in for-profit organizations: the case of Intesa Sanpaolo
Authors: Altuna Naiara , Contri Anna Maria , Dell'Era Claudio , Frattini Federico , Maccarrone Paolo 
Published: May 2015

Purpose– Social innovations are defined as innovative products or services motivated by the goal of meeting a social need, with the opportunity to create new social relationships or collaborations. Although developing social innovations has been the primary concern of non-profit organizations so far, there are signs of an increasing involvement in this type of innovations of for-profit firms, in an attempt to accomplish their corporate social responsibility strategies. This notwithstanding, there is very limited knowledge on how for-profit organizations can develop a capability to manage social innovation projects. The purpose of this paper is to provide exploratory evidence to fill this gap.Design/methodology/approach– The paper presents and discusses a case study of a firm that has been involved in social innovation for years. It is Intesa Sanpaolo, a for-profit organization that leads the Italian banking sector.Findings– The case study points to the existence of three managerial antecedents of a superior ability in social innovation: integrating CSR in its business strategy with a strong commitment from the top management; separating the activities concerned with the development of social innovations from the rest of the organization, following to the structural ambidexterity model; applying the principles of open innovation to the development of social innovations, by involving in particular non-profit organizations as a source of ideas for new social innovation projects and leveraging them to enable adoption of the new products and services.Originality/value– So far there is very limited knowledge on how for-profit organizations can develop a capability to manage social innovation projects. This paper provides exploratory evidence to fill this gap.
Does patenting influence SME sales performance? A quantity and quality analysis of patents in Northern Italy
Authors: Agostini Lara , Caviggioli Federico , Filippini Roberto , Nosella Anna 
Published: May 2015

Purpose
– In today’s economy, intangibles have become more important than physical assets for firm success. In particular, small and medium enterprises (SMEs) registered an increasing trend in patenting, exceeding large firms in the number of patent registrations. In this context, the purpose of this paper is to investigate the association between patents and SME sales performance, taking into consideration also patent quality.

Design/methodology/approach
– The approach uses panel regression model to investigate the relationship between patenting and sales, controlling for firm size and firm age. The authors adopt a purposive sampling technique focusing on a sample of Italian SMEs in the mechanical industry.

Findings
– The results show that the count of patents do not have any effect on sales performance, while the number of jurisdictions where the protection is extended produces a positive and significant result.

Practical implications
– The main implication for SME entrepreneurs and managers is that relying on a large number of patents does not automatically lead to higher performance; instead, filing those patents which protect particularly valuable innovations could be more productive in terms of SME sales performance Moreover, the results suggest that a longer time lag between patent filing and SME sales performance might be possible.

Originality/value
– This paper is one of first attempts to shed light on the issue regarding SMEs patent quality. It is notable that the quality of patents in terms of geographical scope is positively associated to SME sales performance.
Open innovation actions and innovation performance
Authors: Greco Marco , Grimaldi Michele , Cricelli Livio 
Published: May 2015

Purpose– The purpose of this paper is to identify the recurrences in the empirical evidences that link open innovation (OI) actions and innovation performance in European countries. It provides managers with useful strategic suggestions, emphasizes the limitations of the state of the art, and recommends future directions of research.Design/methodology/approach– The authors systematically reviewed empirical articles linking OI actions and innovation performance in European countries, published on peer reviewed journals from January 2003 until May 2013. The authors organized the evidences according to a novel taxonomy grounded in the literature.Findings– The paper shows an increasing interest in the research of empirical evidence regarding OI and innovation performance. Nonetheless, evidence of the role played by outbound OI activities are extremely rare. The authors found that process innovations are more likely to benefit from coupled OI activities rather than inbound activities. Moreover, the effect of coupled depth actions on both product and process innovation performance was always positive in the reviewed articles. The authors also discuss how scholars measure innovation performance, pointing out the criticalities.Research limitations/implications– The paper allows analysing the empirical evidences found in the literature, emphasizing the limitations of the state of the art and recommending future directions of research.Practical implications– The systematization of the empirical evidences found in the European literature provides managers with useful strategic suggestions to improve their organizations’ innovation performances.Originality/value– The paper contains a complete and extensive analysis of empirical OI literature with respect to European countries. The articles and their findings are organized according to a novel taxonomy useful to identify evidences and recurrences in a synoptic manner.
Investor sentiment, customer satisfaction and stock returns
Authors: Peng Chi-Lu , Lai Kuan-Ling , Chen Maio-Ling , Wei An-Pin 
Published: May 2015

Purpose– This study aims to investigate whether and how different sentiments affect the stock market’s reaction to the American Customer Satisfaction Index (ACSI) information.Design/methodology/approach– The portfolio approach, with time-varying risk factor loadings and the asset-pricing models, is borrowed from the finance literature to investigate the ACSI-performance relationship. A direct sentiment index is used to examine how investors’ optimistic, neutral and pessimistic sentiments affect the aforementioned relation.Findings– This paper finds that customer satisfaction is a valuable intangible asset that generates positive abnormal returns. On average, investing in the Strong-ACSI Portfolio is superior to investing in the market index. Even when the stock market holds pessimistic beliefs, investors can beat the market by investing in firms that score well on customer satisfaction. The out-performance of our zero-cost, long–short ACSI strategy also confirms the mispricing of ACSI information in pessimistic periods.Research limitations/implications– Findings are limited to firms covered by the ACSI data.Practical implications– Finance research has further documented evidence of the stock market under-reacting to intangible information. For example, firms with higher research and development expenditures, advertising, patent citations and employee satisfaction all earn superior returns. Literature also proves that investors efficiently react to tangible information, whereas they undervalue intangible information. In summary, combining our results and those reported in the literature, customer satisfaction is value-relevant for both investors and firm management, particularly in pessimistic periods.Originality/value– This study is the first to investigate how sentiment affects the positive ACSI-performance relationship, while considering the time-varying property of risk factors. This study is also the first to show that ACSI plays a more important role during pessimistic periods. This study contributes to the growing literature on the marketing–finance interface by providing better understanding of how investor emotional states affect their perceptions and valuations of customer satisfaction.
Impact of product differentiation, marketing investments and brand equity on pricing strategies
Authors: Davcik Nebojsa S. , Sharma Piyush 
Published: May 2015

Purpose– This paper aims to show the effect of brand equity, marketing investment and product differentiation on price in small and medium enterprises (SMEs), multinational companies (MNCs) and retailers (private labels). Academics have been researching brand equity, return on investment and effects of product differentiation for many years, but there has been little work that has taken a holistic view.Design/methodology/approach– The author studied an aggregate data set for 735 fast-moving consumer goods (FMCG) brands, taken from Nielsen (10,282 households). Regression analysis was used in the first step, a cluster analysis in the second step of modeling procedure.Findings– The study suggests that brand equity, marketing investment and product differentiation are closely associated with price. Using a cluster analysis, the authors found that the premium price is significantly associated with product differentiation based on innovation and company type.Practical implications– The managerial implications of the models estimated by regression analysis are discussed as well as the results of the cluster analysis and possible research enhancements.Originality/value– The role of the value in brand performance output has not been investigated in the financial context, only in consumer or marketing mix context. Little is known about how price strategy depends on brand equity, product innovation activities or marketing investments intended to improve brand performance, neither how this strategy improves brand performance among different players in the market (retailers, SMEs and MNCs).
Price promotions and brand loyalty
Authors: Empen Janine , Loy Jens-Peter , Weiss Christoph 
Published: May 2015

Purpose
– This article aims to estimate the relationship between brand loyalty and price promotions on the German yoghurt market. It considers consumer loyalty to various corporate brands and their respective sub-brands to analyze promotional strategies between and within certain corporate brands with a larger loyal consumer segment and a moderate strength of consumer loyalty are well suited for effective price promotions following the idea of loss leader by Lal and Matutes (1994).

Design/methodology/approach
– The paper’s approach follows Allender and Richards’ (2012) and extends to explicitly considering the product line management of every manufacturer in the market. In the first step, a random coefficient logit specification is estimated to compute measures of brand loyalty for each brand. In the second step, the relationship between brand loyalty measures and the frequency and depth of price promotions is analysed.

Findings
– The results suggest that weaker corporate brands are promoted more aggressively supporting the model hypotheses by Koças and Bohlmann (2008). Within the manufacturer’s product line, sub-brands with a larger loyal consumer segment and a moderate strength of consumer loyalty are more often used for effective price promotions which reflects the idea of loss leading first introduced by Lal and Matutes (1994).

Research limitations/implications
– The results are limited to a static relationship between brand loyalty and price promotions. Analyzing the dynamics of the relationship between brand loyalty and price promotions should prove fruitful in enhancing the understanding of retailer strategies and provides additional implications for managerial decisions in retailing.

Practical implications
– Managers need to be more aware of the linkages between product line management and promotional strategies. Changes in the product line management may require a redirection of the promotional measures and strategies.

Social implications
– Consumer behavior with respect to brand loyalty to some extent determines price promotional strategies of retailers. The promotional strategies provide opportunities to save expenditures, especially for non-loyal and low income households.

Originality/value
– Matching and analyzing two detailed (consumer, retail) scanner data sets to investigate the relationship between the measures of brand loyalty and the retailers’ price promotional strategies. Novel is the modeling of two different dimensions of brand loyalty (size and strength) and the consideration of sub-brands. The results clearly show that promotional strategies vary not only between corporate brands but also between sub-brands of the same corporate brand.
“Change in schools it’s more like sort of turning an oil tanker”
Authors: Gardner Belinda , Ollis Debbie 
Published: May 2015

Purpose– The purpose of this paper is to add to the evidence of best practice in the implementation of the Health Promoting Schools (HPS) framework by examining the process of creating readiness for change in a large international school in South-East Asia. Using a settings-based approach and guided by readiness for change theory the data collected reflects which factors were most influential in the decision of the leadership team (LT) to adopt a comprehensive HPS model. It follows the process of creating readiness in the early stages of adopting a HPS approach and captures the critical factors effecting leader’s beliefs and support for the program.Design/methodology/approach– This research is a case study of a large pre-K-12 international school in South-East Asia with over 1,800 students. A mixed methods qualitative approach is used including semi-structured interviews and document analysis. The participants are the 12 members of the LT.Findings– Readiness for change was established in the LT who adopted a HPS approach. That is, they adopted a comprehensive model to address health-related priorities in the school and changed the school’s mission and accountability processes to specifically include health. Uncovering the reasons why the LT supported this change was the primary focus of this research. Building the motivation to change involved establishing a number of key beliefs three of which were influential in bringing about readiness for change in this case study. These included the belief that leadership support existed for the proposed change, a belief that there was a need for change with a clear discrepancy in the present and preferred operations in relation to addressing the health issues of the school and the belief that HPS was the appropriate solution to address this discrepancy.Research limitations/implications– Adopting a HPS approach is the first phase of implementation. Long-term research may show if the integrity of the chosen model is maintained as implementation continues. The belief construct of valence, that is, the belief that the change will benefit the change recipient, was not reliably assessed in this research. Further research needs to be conducted to understand how this construct is interpreted in the school setting. The belief construct of valence was not reliably assessed in this research. Further research needs to be done to understand how this construct fits in the school setting.Practical implications– This paper provides a promising example of how health can be integrated into the school’s Mission and Strategic Learning Plan. The example presented here may provide strategies for others working in the field of HPS.Originality/value– Creating readiness is an often over-looked stage of building sustainable change. International schools cater to more than three million students are a rarely researched in regards to health education. It is predicted that the numbers of students in international schools will grow to more than six million in the next ten years.
Are altruistic leaders worthy? The role of organizational learning capability
Authors: Mallén Fermín , Chiva Ricardo , Alegre Joaquín , Guinot Jacob 
Published: May 2015

Purpose– The purpose of this paper is to investigate the relationship between altruistic leader behaviors, organizational learning capability and organizational performance.Design/methodology/approach– The sampling frame consists of several databases or listings of business that consider people as a key element of the organization and are considered by their employees to be good firms to work for or organizational environments where human resources management has high priority (n=251). The authors use structural equation modeling to test if the relationship between altruistic leader behaviors and organizational performance is mediated by organizational learning capability.Findings– Results suggest that organizational learning capability fully mediates between altruistic leader behaviors and organizational performance. Thus, organizational learning capability plays a key role in explaining how altruistic leader behaviors affect organizational performance, essentially because it facilitates the creation of a creative, participatory and dialogue-based environment that promotes organizational learning.Research limitations/implications– The database used in the study is very heterogeneous. Future research might delimit the database by organization size or sector. Qualitative studies may also improve our understanding of the relationships studied and enable other concepts to be included.Practical implications– This study provides evidence of the positive relationship between altruistic leaders and performance. However, recruiting and fomenting altruistic leaders is not sufficient on its own to improve performance, and should be accompanied by implementing other facilitating factors of organizational learning such as dialogue or experimentation.Originality/value– In recent years some studies have linked leadership with organizational learning. However, this is one of the first studies to concentrate on altruistic leader behaviors as such, a concept that has received scant mention in the literature despite its importance in a number of leadership styles, and its relevance today as an alternative to the egotistic leader. The authors offer empirical evidence of the role of altruistic leader behavior as an antecedent of organizational learning capability and subjective measures of performance.
The acceptance of newly introduced HR practices
Authors: Stirpe Luigi , Bonache Jaime , Trullen Jordi 
Published: May 2015

Purpose– HR practices are only effective if they are well accepted by employees. The purpose of this paper is to explore the effect of two forms of support on the acceptance of newly introduced HR practices (NHRPs): that of top managers and of supervisors. In addition, the authors analyze how these two forms of support work in conjunction with one another. The authors argue that a lack of consistency between the two impairs NHRP acceptance. The authors also explore variations in acceptance under different organizational climates.Design/methodology/approach– The analysis is based on an original sample of 307 employees from nine multinational companies operating in Spain. Multilevel regression analysis is used to test the hypotheses.Findings– The authors found that top management support, supervisor support, and innovation climate are all predictors of NHRP acceptance. The authors also found that low supervisor support reduces the effect of top management support. Finally, the authors found that innovation climate is not a substitute for management and supervisor support.Practical implications– The findings suggest that top management and supervisor behavior is critical to gaining employee acceptance of NHRPs, no matter how well designed such practices are or how well they address the needs of the organization and its employees. The findings also indicate that top managers and supervisors should coordinate the introduction of NHRPs, since employees perceive support signals from these two agents not only individually but also in conjunction.Originality/value– Recognizing that employee acceptance is an important determinant of the effectiveness of HR practices, the authors make a unique contribution to the literature by investigating some critical contextual enablers of acceptance.
Unpaid overtime in the Netherlands: forward- or backward-looking incentives?
Authors: van der Meer Peter H. , Wielers Rudi 
Published: May 2015

Purpose– The purpose of this paper is to test forward-looking incentives against backward-looking incentives.Design/methodology/approach– Wage growth model to estimate forward-looking effects of unpaid overtime and a probit model of participation in unpaid overtime controlling for excessive pay to estimate backward-looking effects. The authors use data form the OSA labour supply panel (years 1994, 1996 and 1998).Findings– The importance of backward-looking incentives is demonstrated in an empirical analysis of participation in unpaid overtime. The authors show that employees who have relatively good wages now or who have had relatively good wages in the recent past participate more often in unpaid overtime. The authors also show that participation in unpaid overtime does not lead to extra wage growth.Research limitations/implications– These results imply that involvement in unpaid overtime is to be explained from backward-looking incentives, not from forward-looking incentives. The paper concludes that backward-looking incentives deserve more attention in the economic literature, especially as they are well-accepted as work motivation devices by employees. Limitations are the length of the panel study (four years) and the fact that the data are restricted to one country (the Netherlands).Social implications– Personnel policies should focus more on the intrinsic motivation of personnel rather than on extrinsic motivation.Originality/value– This is the first paper to test both forward- and backward-looking incentives simultaneously.