The structure of automotive nostalgia: a hedonic price analysis of classic car model value formation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
George Baltas ◽  
Christina Giakoumaki
Keyword(s):  
Empirical Studies ◽  
Critical Role ◽  
Research Literature ◽  
Hedonic Price ◽  
Public Attention ◽  
Content Type ◽  
Market Values ◽  
Hedonic Price Analysis ◽  
Car Model ◽  
And Performance

PurposeFor several years, the classic car market has been attracting considerable media and public attention, but the research literature is virtually nonexistent. The purpose of this paper is to address the factors that determine the values of classic car models and explain the remarkable price differences among them.Design/methodology/approachThe paper develops and tests a set of research hypotheses about the effects of model characteristics on market values in the context of a generalized hedonic price model that also accounts for heterogeneity among classic car brands.FindingsIt is demonstrated that classic car model values reside at several levels and are determined by observable characteristics pertaining to aesthetics, rarity, engineering and performance. In addition, we show that classic car marques play a critical role in the determination of model values and account for considerable variation in values, even after controlling for observable model attributesOriginality/valueThis is one of the first empirical studies to address classic car model value formation. The findings reveal how measurable, observable factors determine classic car model values and augment our understanding of a very interesting but understudied market.

The reflexive turn in key account management

2014 ◽  
Vol 48 (11/12) ◽  
pp. 2071-2104 ◽  
Author(s):  
Markus Vanharanta ◽  
Alan J.P. Gilchrist ◽  
Andrew D. Pressey ◽  
Peter Lenney
Keyword(s):  
Empirical Studies ◽  
Negative Relationship ◽  
Success Rates ◽  
Key Account Management ◽  
Content Type ◽  
Account Management ◽  
Long Run ◽  
Key Account ◽  
And Performance ◽  
The Uk

Purpose – This study aims to address how and why do formal key account management (KAM) programmes hinder effective KAM management, and how can the problems of formalization in KAM be overcome. Recent empirical studies have reported an unexpected negative relationship between KAM formalization and performance. Design/methodology/approach – An 18-month (340 days) ethnographic investigation was undertaken in the UK-based subsidiary of a major US sports goods manufacturer. This ethnographic evidence was triangulated with 113 in-depth interviews. Findings – This study identifies how and why managerial reflexivity allows a more effectively combining of formal and post-bureaucratic KAM practices. While formal KAM programmes provide a means to initiate, implement and control KAM, they have an unintended consequence of increasing organizational bureaucracy, which may in the long-run hinder the KAM effectiveness. Heightened reflexivity, including “wayfinding”, is identified as a means to overcome many of these challenges, allowing for reflexively combining formal with post-bureaucratic KAM practices. Research limitations/implications – The thesis of this paper starts a new line of reflexive KAM research, which draws theoretical influences from the post-bureaucratic turn in management studies. Practical implications – This study seeks to increase KAM implementation success rates and long-term effectiveness of KAM by conceptualizing the new possibilities offered by reflexive KAM. This study demonstrates how reflexive skills (conceptualized as “KAM wayfinding”) can be deployed during KAM implementation and for its continual improvement. Further, the study identifies how KAM programmes can be used to train organizational learning regarding KAM. Furthermore, this study identifies how and why post-bureaucratic KAM can offer additional benefits after an organization has learned key KAM capabilities. Originality/value – A new line of enquiry is identified: the reflexive-turn in KAM. This theoretical position allows us to identify existing weakness in the extant KAM literature, and to show a practical means to improve the effectiveness of KAM. This concerns, in particular, the importance of managerial reflexivity and KAM wayfinding as a means to balance the strengths and weaknesses of formal and post-bureaucratic KAM.

Exploring the nonlinear effect of size on profitability: evidence from an insurance brokerage industry in an emerging market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Richard Angelous Kotey ◽  
Richard Akomatey ◽  
Baah Aye Kusi
Keyword(s):  
Nonlinear Effect ◽  
Emerging Market ◽  
Empirical Studies ◽  
Random Effect ◽  
Generalized Method Of Moments ◽  
Ordinary Least Squares ◽  
Growth Strategies ◽  
Content Type ◽  
And Performance ◽  
Brokerage Firms

PurposeThis study examines the possible nonlinear effect of size on stakeholder and shareholder profitability in the Ghanaian insurance brokerage industry.Design/methodology/approachThis study employs a panel dataset of 64 Ghanaian insurance brokerage firms spanning 2011–2015. Static [ordinary least squares (OLS), fixed effect and random effect and dynamic (two-step generalized method of moments (GMM))] estimation techniques are employed to analyze the data.FindingsThe study finds the existence of both economies and diseconomies of scale and scope theories in the Ghanaian insurance brokerage industry confirming the existence of nonlinear nexus between size and performance. This finding is consistent for both stakeholder and shareholder profit performance. Thus, the results show that size improves profitability of insurance brokerage firms, but beyond a certain threshold, the relationship turns negative as size negatively affects profitability.Practical implicationsThe research findings have implications for both policy and research; the study recommends that Ghanaian brokerage managers should understand that not all growth is good and exercise a duty of care when applying growth strategies by monitoring size effect on performance so as not to go beyond the inflection point. Further research can be done to examine this effect in other contexts, timeframes and jurisdictions.Originality/valueThis research is unique in that it employs a panel dataset consisting of 96% of insurance brokerage firms in Ghana whilst employing both static and nonstatic regression models to examine the effect of size. The research analysis adopted is robust, and the findings are significant. Also, the lack of empirical studies on the operations and dealings of auxiliary institutions such as the insurance brokerage firms adds value to this research.

Intellectual capital and performance

2018 ◽  
Vol 19 (2) ◽  
pp. 407-452 ◽  
Author(s):  
Eugénia Pedro ◽  
João Leitão ◽  
Helena Alves
Keyword(s):  
Intellectual Capital ◽  
Research Question ◽  
Empirical Studies ◽  
Content Type ◽  
Wide Range ◽  
Depth Study ◽  
Global Vision ◽  
Customer Capital ◽  
And Performance ◽  
The Relationship

Purpose The purpose of this paper is to determine the predominant classification of intellectual capital (IC), in terms of components, using the literature of reference on the relationship between IC and performance and considering multi-dimensional analysis axes (MAAs): organisational, regional and national. Design/methodology/approach A systematic literature review (SLR) is presented focussing on empirical studies on IC published in the period 1960-2016. A protocol for action is defined and a research question is raised, gathering data from the databases of: Web of Science, Scopus and Google Scholar. A social network analysis is also provided to determine the type of networks embracing groups, IC individual components and performance type. Findings Of the 777 papers included in the SLR, 189 deal with the relationship between IC and performance. The paper highlights the greater development of empirical studies starting from 2004; the organisational MAA is the most studied. The most frequently used groups of components in studies dealing with IC’s influence on performance corresponds to a triad of human capital; structural (organisational or process) capital; and relational (social or customer) capital, which determine positively the performance of organisations/regions/countries, but their influence is not linear and depends on various factors associated with the context and surrounding environment. Practical implications This study has wide-ranging implications for politicians/governments, managers and academics, providing empirical evidence about the relationships between the components of IC and performance, by MAAs, and a global vision and better understanding of how those IC components have developed and how they are related to performance. Originality/value Due to the high number of references covering a wide range of disciplines and the various dimensions (e.g. organisational, regional and national) that form IC, it becomes fundamental to carry out an SRL and systematise its MAAs to deepen knowledge about what has been discovered/developed in this domain, in terms of empirical studies, in order to situate the topic in a wider theoretical-practical context. The paper is exceptionally wide-ranging, covering the period 1960-2016. It is one of the first clarifying studies on systemisation of the literature on IC, by MAA, and an in-depth study of IC’s impact on the performance of organisations/regions and countries which may serve as a guideline for future studies using the taxonomy proposed.

Retail strategies for rosé wines in Italy: a hedonic price analysis

2019 ◽  
Vol 31 (3) ◽  
pp. 282-302 ◽  
Author(s):  
Luca Rossetto ◽  
Luigi Galletto
Keyword(s):  
Model Performance ◽  
Hedonic Model ◽  
Hedonic Price ◽  
Hedonic Analysis ◽  
Grape Variety ◽  
Content Type ◽  
Hedonic Price Analysis ◽  
The Usa ◽  
Data Survey ◽  
Rosé Wine

Purpose The purpose of this paper is to analyze the market of rosé wines in Italy, to outline retail strategies and to investigate to what extent the price is affected by branding these wines. Design/methodology/approach A survey has been carried out on retailers by collecting data about wines as intrinsic attributes (grape variety, blending, origin, alcohol content, etc.) and extrinsic attributes (brand, price, packaging, etc.) and about outlet and retail environment. The hedonic analysis required a rearrangement of data survey, while a Box-Cox transformation allowed to control the strong heteroskedasticity detected of the data. Findings Results provide strategies for still, semi-sparkling and sparkling rosé market segments. Still rosé wines are strongly differentiated, while the price is affected by the appellation, grape variety, blending, brand and outlet features. Two main strategies are suggested: the first focuses on appellations endorsing consumer’s brand loyalty; the second is driven by retailers while involving weaker brands. Different pictures emerged for semi-sparkling and sparkling wines, as producers and retailers tend to follow consumer’s preferences for fresh and easy drinking wines as well as to extend the product assortment. Research limitations/implications Results for sparkling rosé wines cannot be generalized. The high fragmentation hinders the hedonic model performance in capturing the price effects of brands, appellations, grape variety and wine blend. Practical implications The hedonic analysis provides suggestions for rosé wine producers that should reinforce their brand through associations among intrinsic attributes, such as appellation, and extrinsic ones, such as price, while satisfying retailer requirements. Originality/value The paper contributes to the knowledge base about the Italian rosé wine market, which is mostly export-oriented. Model results help to understand why the domestic consumption is stagnant with respect to other countries such as France or the USA.

Revisiting the strategy-performance linkage

2015 ◽  
Vol 53 (5) ◽  
pp. 1083-1106 ◽  
Author(s):  
Mikko Antero Luoma
Keyword(s):  
Strategic Management ◽  
Research Design ◽  
Empirical Studies ◽  
Future Research ◽  
Content Type ◽  
Strategy Performance ◽  
And Performance ◽  
And Cluster Analysis ◽  
Generic Strategies ◽  
Made In

Purpose – The linkage between strategy and performance is central to strategic management. Empirical studies have nevertheless produced mixed results on the nature of this relationship, and in recent decades, very little advancement has been made in research aimed at elucidating this relationship. Accordingly, the purpose of this paper is to identify the approaches to the strategy-performance linkage in previous studies and defines five principles that should characterize future research on this relationship. The paper develops a novel research design that follows these principles and tests the usefulness of this research design in practice. Design/methodology/approach – This paper is exploratory in nature and its empirical methods include content analysis, multidimensional scaling, and cluster analysis. The primary difference between this paper and studies in the mainstream literature on the linkage between strategy and performance relates to the application of an endogenous strategy typology instead of predefined strategy categories. Findings – The analysis shows that the adopted research design based on five principles is applicable to research on the linkage between strategy and performance and that such a research design produces meaningful results. The results support the findings of earlier studies regarding the potential of “hybrid” strategies for achieving superior firm performance. Research limitations/implications – This paper challenges the dominance of generic strategies in research on the strategy-performance linkage and provides statistical data that lay the foundation for more detailed investigation on this relationship. The paper argues for a contextually bound view of strategic management. Originality/value – This paper invigorates the discussion on the linkage between strategy and performance, which has long been diminishing as a research topic in the literature because of contradictory results and the lack of fresh research opportunities. This paper further introduces a methodology that has been underutilized in the study of strategic management.

Do ETFs outperform CEFs in fixed income investing?

2015 ◽  
Vol 30 (4) ◽  
pp. 231-246 ◽  
Author(s):  
C. Edward Chang ◽  
Thomas M. Krueger ◽  
H. Doug Witte
Keyword(s):  
Performance Measures ◽  
Tracking Error ◽  
Exchange Traded Funds ◽  
Fixed Income ◽  
Turnover Rates ◽  
Operating Characteristics ◽  
Content Type ◽  
Market Values ◽  
Significant Difference ◽  
And Performance

Purpose – For a number of reasons ranging from their more recent introduction to their perceived lesser excitement relative to stock-based peers, there have been few studies of fixed income (mainly bond) exchange-traded funds (ETFs). The purpose of this paper is to fill the void by comparing performance measures of fixed income ETFs to fixed income closed-end funds (CEFs). Design/methodology/approach – This paper examines operating characteristics as well as risk and performance measures of all available fixed income ETFs and CEFs in the USA over the last five and ten years ending on December 31, 2014. Operating characteristics include expense ratios, annual turnover rates, tax cost ratios, and tracking error ratios. Performance measures include average annual returns, risks (measured by standard deviations), and risk-adjusted returns (measured by Sharpe ratios and Sortino ratios). Findings – This study finds material and significant difference in a variety of expenses, return measures, and risk measures. Sharpe and Sortino ratio significance is highly dependent on whether net asset values or market values serve as the dependent variable. ETFs would be the preferred choice of fixed income investors who are presumed to be focussing on market-based return measures. Originality/value – This paper empirically compares operating characteristics as well as risk and performance measures of US fixed income ETFs and fixed income CEFs in the same Morningstar categories over the last five and ten years.

Consistency at different levels

2020 ◽  
Vol 11 (4) ◽  
pp. 537-567 ◽  
Author(s):  
Tao Scofield Su ◽  
Chunhua Chen ◽  
Xiaoyu Cui ◽  
Chunsheng Yang ◽  
Weimo Ma
Keyword(s):  
Organizational Performance ◽  
Empirical Studies ◽  
Task Type ◽  
Measurement Tool ◽  
Regional Culture ◽  
Content Type ◽  
Positive Correlation ◽  
Vertical Distance ◽  
And Performance ◽  
Different Levels

Purpose This paper aims to answer following three important but not well-answered or unanswered questions in the extant trust literatures: What is the true magnitude that trust impacts on performance? Is there any consistency among the effects of trust on performance at different levels? How does vertical distance affect the trust-performance relationship? Design/methodology/approach It captures the law between trust and performance at different levels by conducting a meta-analytic examination consisting of 238 independent empirical studies, 586 effect sizes and 110,576 independent samples. Findings It makes a periodic conclusion that trust significantly promotes performance. Specifically, trust not only has stronger positive correlation with team performance than individual and organizational performance inside organization, but also strongly facilitates organizational performance between organizations. Moreover, consistency exits in the effects of trust on performance at different levels. On one hand, trust has stronger positive correlation with performance of contextual type than performance of innovative type than performance of task type at different levels. On the other hand, promotion effect of trust on performance strengthens when the vertical distance between trustors and trustees diminishes. Additionally, three potential moderators including publication status, measurement tool and common method variance moderate the focused relation, but moderating effect is not thorough for regional culture. Moderating directions of the above four potential moderators are highly consistent. Originality/value This paper answers the three important but not well-answered or unanswered questions.

A competency framework for contractual workers of manufacturing sector

2019 ◽  
Vol 51 (3) ◽  
pp. 152-164 ◽  
Author(s):  
Musarrat Shaheen ◽  
MD Sikandar Azam ◽  
Mahesh Kumar Soma ◽  
T. Jagan Mohan Kumar
Keyword(s):  
Performance Management ◽  
Human Resource ◽  
Manufacturing Sector ◽  
Empirical Studies ◽  
Training And Development ◽  
Content Type ◽  
Competency Based ◽  
And Performance ◽  
Recruitment And Selection ◽  
Depth Interviews

PurposeThe purpose of this paper is to develop a competency dictionary and model for contractual workers of the steel manufacturing sector of India.Design/methodology/approachIn-depth interviews with 30 supervisors and behavioral events interviews (BEIs) with 40 contractual workers were conducted to identify and validate the competencies of the contractual workers.FindingsThe competencies identified are arranged according to the similarity and dissimilarity between it under three broad categories of competencies, i.e., knowledge, skills and attitudes. These categories are used to develop a competency dictionary which has behavioral indicators, and a framework that can be used to map and evaluate the competencies.Practical implicationsThe competency dictionary and the framework developed in the present study will assist human resource practitioners in implementing competency-based human resource processes such as recruitment and selection, training and development and performance management for the contractual workers in the manufacturing sector.Originality/valueThe present study is among the few empirical studies that provide a competency dictionary and a framework of contractual workers in the manufacturing sector of India.

scholarly journals The country of origin effect: a hedonic price analysis of the Chinese wine market

2018 ◽  
Vol 120 (6) ◽  
pp. 1264-1279 ◽  
Author(s):  
Lala Hu ◽  
Andrea Baldin
Keyword(s):  
Country Of Origin ◽  
Hedonic Pricing ◽  
Policy Implications ◽  
Reduced Form ◽  
Future Research ◽  
Primary Role ◽  
Hedonic Price ◽  
Content Type ◽  
Hedonic Price Analysis ◽  
Price Analysis

PurposeThe purpose of this paper is to analyse the country of origin (COO) effect on wine purchase in China by considering a sample from an e-commerce website. The paper contribute to the literature on hedonic pricing by applying this model to the Chinese market and including COO as product attribute.Design/methodology/approachA hedonic price model is adopted to measure the effect of search attributes on wine sales in China. A reduced form of the classical hedonic analysis is used as in Nerlove (1995), given the assumption that prices and attributes are taken as exogenous to consumers.FindingsResults show that the COO represents the attribute that most influences wine sales in China. Protected indicators of origin, which denote wine with recognised certificates, are also significant, reinforcing the importance of the production area. Vintage attribute does not impact sales, suggesting a low level of consumer experience with wine.Research limitations/implicationsThe study suffers from the limitations of results’ generalisability, given the size and characteristics of the sample. In the future research, the model should be tested on a larger sample. Moreover, it can be applied on other products, in which COO represents an information and quality cue.Practical implicationsFirms operating in sectors where COO implies specific characteristics of quality should enhance this attribute in their marketing strategies to increase their competitive advantage. Also policy implications with respect to the governmental actions to support wine producers are discussed.Originality/valueHedonic price analysis represents a well-established model; however, to the best of the authors’ knowledge it has never been used in China before. This study also highlights the primary role of COO as search attribute in wine purchase.

What does hunting market price reflect? The role of species, landscape and management

2015 ◽  
Vol 42 (3) ◽  
pp. 280 ◽  
Author(s):  
M. Martinez-Jauregui ◽  
A. C. Herruzo ◽  
P. Campos
Keyword(s):  
Market Price ◽  
Hedonic Price ◽  
Age Classes ◽  
Mixed Effect ◽  
Small Game ◽  
Market Values ◽  
Hedonic Price Analysis ◽  
Hunting Bag ◽  
Game Hunting ◽  
Joint Consideration

Context Hunting transactions can be considered a composite good that includes various attributes or characteristics. Obtaining information regarding the utility derived from the different characteristics of the hunter’s bag might help elucidate the purchasing behaviour of hunters. This behaviour is, in turn, an important aspect to be considered by land managers in adaptive hunting management. Aims The present study attempts to identify the values given by hunters to species, landscape and management in the pricing of the hunter’s bag. Our analysis is focused on the hunting bag characteristics and adds to previous research the joint consideration of the amount and quality (sex, age classes and trophy) of various species in the hunter’s bag. Methods We use a dataset of 740 forest hunting estates at Andalucía (1 162 405 ha in the south of Spain) with an important mixed-species bag composition and where 225 game-hunting marketed transactions were declared by the hunting managers, including 13 541 hunting journeys. Hedonic-price analysis and mixed-effect models are used. Key results Our results showed that the composition of the harvested species (quantity and trophy of different species, sex and age classes), the activities related to harvesting and organisation of hunting events and landscape in hunting areas are relevant attributes in big-game market transactions. In small-game market transactions, species and landscape are the primary significant variables found. The latter variable plays a more important role in small game than in big game. Conclusions These findings indicated that hunting market values include, in addition to hunters’ recreational experience, ecological and management aspects with a broader social scope. Implications A further discussion regarding the possible conflict among hunter preferences, long-term game-management decisions and ecological goals is also provided.

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