scholarly journals From Hot Cakes to Cold Feet: A Contingent Perspective on the Relationship between Market Uncertainty and Status Homophily in the Formation of Alliances

2013 ◽  
Vol 51 (3) ◽  
pp. 406-432 ◽  
Author(s):  
Francois Collet ◽  
Déborah Philippe
Keyword(s):  
Market Uncertainty ◽  
The Relationship ◽  
Status Homophily

Risk Attitude and Corporate Investment under Output Market Uncertainty: Evidence from The Mekong River Delta, Vietnam

2016 ◽  
pp. 59-70
Author(s):  
Ninh Le Khuong ◽  
Nghiem Le Tan ◽  
Tho Huynh Huu
Keyword(s):  
Negative Relationship ◽  
Risk Attitude ◽  
Business Strategies ◽  
Risk Averse ◽  
Market Uncertainty ◽  
Firm Investment ◽  
Output Market ◽  
The Impact ◽  
The Relationship

This paper aims to detect the impact of firm managers’ risk attitude on the relationship between the degree of output market uncertainty and firm investment. The findings show that there is a negative relationship between these two aspects for risk-averse managers while there is a positive relationship for risk-loving ones, since they have different utility functions. Based on the findings, this paper proposes recommendations for firm managers to take into account when making investment decisions and long-term business strategies as well.

scholarly journals Sugar Prices vs. Financial Market Uncertainty in the Time of Crisis: Does COVID-19 Induce Structural Changes in the Relationship?

Agriculture ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 93
Author(s):  
Pavel Kotyza ◽  
Katarzyna Czech ◽  
Michał Wielechowski ◽  
Luboš Smutka ◽  
Petr Procházka
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Market ◽  
Structural Breaks ◽  
Structural Changes ◽  
Global Financial Crisis ◽  
Market Uncertainty ◽  
Volatility Index ◽  
The Global Financial Crisis ◽  
The Relationship

Securitization of the agricultural commodity market has accelerated since the beginning of the 21st century, particularly in the times of financial market uncertainty and crisis. Sugar belongs to the group of important agricultural commodities. The global financial crisis and the COVID-19 pandemic has caused a substantial increase in the stock market volatility. Moreover, the novel coronavirus hit both the sugar market’s supply and demand side, resulting in sugar stock changes. The paper aims to assess potential structural changes in the relationship between sugar prices and the financial market uncertainty in a crisis time. In more detail, using sequential Bai–Perron tests for structural breaks, we check whether the global financial crisis and the COVID-19 pandemic have induced structural breaks in that relationship. Sugar prices are represented by the S&P GSCI Sugar Index, while the S&P 500 option-implied volatility index (VIX) is used to show stock market uncertainty. To investigate the changes in the relationship between sugar prices and stock market uncertainty, a regression model with a sequential Bai–Perron test for structural breaks is applied for the daily data from 2000–2020. We reveal the existence of two structural breaks in the analysed relationship. The first breakpoint was linked to the global financial crisis outbreak, and the second occurred in December 2011. Surprisingly, the COVID-19 pandemic has not induced the statistically significant structural change. Based on the regression model with Bai–Perron structural changes, we show that from 2000 until the beginning of the global financial crisis, the relationship between the sugar prices and the financial market uncertainty was insignificant. The global financial crisis led to a structural change in the relationship. Since August 2008, we observe a significant and negative relationship between the S&P GSCI Sugar Index and the S&P 500 option-implied volatility index (VIX). Sensitivity analysis conducted for the different financial market uncertainty measures, i.e., the S&P 500 Realized Volatility Index confirms our findings.

scholarly journals Managerial Overconfidence And Going-Concern Modified Audit Opinion Decisions

2015 ◽  
Vol 31 (6) ◽  
pp. 2123
Author(s):  
Gayoung Ji ◽  
Jong Eun Lee
Keyword(s):  
Positive Association ◽  
Market Uncertainty ◽  
Factors Affecting ◽  
Audit Opinion ◽  
Going Concern ◽  
Distressed Firms ◽  
Financially Distressed ◽  
Managerial Overconfidence ◽  
First Time ◽  
The Relationship

We examine how auditors perceive managerial overconfidence during audit reporting by testing the relationship between managerial overconfidence and the likelihood of issuing a first-time going-concern modified audit opinion to financially distressed firms. After controlling for the factors affecting auditor’s going-concern modified audit opinion decision, we find that the likelihood of issuing a first-time going-concern modified audit opinion is positively associated with managerial overconfidence, suggesting that auditors adversely value overconfident management in financially distressed firms and thus tend to issue a first-time going-concern modified audit opinion to them. We also find that the positive association above is reinforced with capital market uncertainty.

scholarly journals Understanding the Impact of the Brand Experience on Brand Reputation by the Moderating Role of Technology Turbulence

2016 ◽  
Vol 8 (1) ◽  
pp. 161 ◽  
Author(s):  
Yagmur Ozyer
Keyword(s):  
Environmental Responsibility ◽  
Brand Experience ◽  
Market Uncertainty ◽  
Market Change ◽  
Emotional Appeal ◽  
Brand Reputation ◽  
The Impact ◽  
The Relationship ◽  
Moderating Role

<p>Brand experience is the conceptualization of the brand’s design, identity, packaging and connection that will remind the brand’s perceptual, cognitive, emotional and behavioral reflections. In brand studies, mostly brand behavior, attitudes and feelings are analyzed. The brand experience arises not only under a general constraint or emotion situation but also in a more customized and detailed combination of feelings, perceptions, emotions and behaviors. This combination points out that brand consumers evaluate the brands and companies not only with the general sense or general behavior but also with more complex combinations. Brand’s organizational reputation arises not only from brand’s reputation of being a reliable brand, but also from emotional appeal, products and services, vision and leadership, workplace environment, which are also associated with factors such as social and environmental responsibility and financial performance. Brand experience influences the formation of this multifactorial brand reputation. The consumers in contact with the brand perceive the reputation of the brand they consume according to their experience in an environment where technology and market change constantly. This research examines the role of technological and market uncertainty which is a dimension of environmental uncertainty on the relationship between brand reputation and brand experience, which has emotional, behavioral and intellectual dimensions.</p>

Does guanxi influence product performance and customer loyalty?

2018 ◽  
Vol 12 (3) ◽  
pp. 233-252 ◽  
Author(s):  
Man Zhang ◽  
Janet Hartley
Keyword(s):  
Supply Chain ◽  
Social Network ◽  
Customer Loyalty ◽  
Positive Impact ◽  
New Product ◽  
Product Performance ◽  
Market Uncertainty ◽  
Content Type ◽  
New Product Performance ◽  
The Relationship

Purpose This paper aims to propose and test a model examining the relationship of guanxi with new product performance and customer loyalty in the context of internationalizing small- and medium-sized enterprises (SMEs) in China. Social network theory and information processing theory provide the theoretical lenses for this research. Design/methodology/approach Guanxi with suppliers, distributors and customers is measured as a second-order construct consisting of ganqing, renqing, and xinren/xinyong. Research hypotheses are tested using survey data (n = 212) gathered in Anhui and Shandong Provinces. The data are analyzed using smart partial least squares technique. Findings The findings reinforce existing studies, which show that a locally based social network can be extended to the success of early-internationalizing SMEs. Results also suggest that the relationship between guanxi and customer loyalty is stronger when technical uncertainty is low and when market uncertainty is low rather than high. Research limitations/implications The data were gathered from the point of view of the SMEs and may not accurately reflect the perspective of the foreign customer. The findings may not generalize beyond the regions surveyed. The study does not differentiate among the type of supply chain member, and the location of the supply chain member was not measured. Practical implications Although guanxi is typically viewed as being localized within a country, guanxi with suppliers, distributors and customers can provide information and resources needed for successful export products. Second, internationalizing SMEs must understand that even though guanxi has positive impact on new product performance which directly leads to customer loyalty only when uncertainty is low. Originality/value Although guanxi has been studied, there are a limited number of empirical studies of guanxi in a supply chain context and most focus on buyers’ guanxi with suppliers. The research on guanxi with customers and distributors is also limited. This research addresses this gap by focusing on guanxi with suppliers, distributors and customers.

scholarly journals From funding liquidity to market liquidity: Evidence from the index options market

2020 ◽  
Author(s):  
Cheng Zhang ◽  
Chunbo Liu ◽  
Zhiping Zhou
Keyword(s):  
Positive Relationship ◽  
Equity Market ◽  
Market Liquidity ◽  
Options Market ◽  
Market Uncertainty ◽  
Short Term ◽  
Index Options ◽  
Funding Liquidity ◽  
Daily Data ◽  
The Relationship

This study examines the relationship between funding liquidity and market liquidity using daily data on the S&P 500 index options. We find that options market liquidity is positively correlated with funding liquidity after controlling for market uncertainty. Further analysis reveals that the positive relationship between funding liquidity and market liquidity in the options market is mainly driven by short‐term and deep out‐of‐the‐money options. Our results remain robust after controlling for the confounding effects of the equity market and different data frequencies.

scholarly journals Exploring market orientation, product innovation and competitive advantage to enhance the performance of SMEs under uncertain evens

2022 ◽  
Vol 10 (1) ◽  
pp. 161-168 ◽  
Author(s):  
Siti Fatonah ◽  
Aris Tri Haryanto
Keyword(s):  
Competitive Advantage ◽  
Market Orientation ◽  
Significant Influence ◽  
Product Innovation ◽  
Sampling Method ◽  
Market Performance ◽  
Research Model ◽  
Market Uncertainty ◽  
The Relationship

The purpose of this study is to build an empirical research model and prove the influence of market orientation on product innovation and competitive advantage. The study also proves the intervening role of product innovation and competitive advantage on increasing market performance. In addition, market uncertainty is also tested in moderation in strengthening the relationship between product innovation and competitive advantage in market performance. The study tests 178 samples of Batik SME players in Surakarta. A purposive sampling was used as this research’s sampling method. The result of this study proves empirically that market orientation positively, significantly influences product innovation and competitive advantage. The test of mediation role between product innovation and competitive advantage in market performance also shows positive and significant results. The result of the test on moderation role between Market uncertainty in the relationship between product innovation and competitive advantage on market performance also shows positive and significant influence on market performance.

scholarly journals From funding liquidity to market liquidity: Evidence from the index options market

2020 ◽  
Author(s):  
Cheng Zhang ◽  
Chunbo Liu ◽  
Zhiping Zhou
Keyword(s):  
Positive Relationship ◽  
Equity Market ◽  
Market Liquidity ◽  
Options Market ◽  
Market Uncertainty ◽  
Short Term ◽  
Index Options ◽  
Funding Liquidity ◽  
Daily Data ◽  
The Relationship

This study examines the relationship between funding liquidity and market liquidity using daily data on the S&P 500 index options. We find that options market liquidity is positively correlated with funding liquidity after controlling for market uncertainty. Further analysis reveals that the positive relationship between funding liquidity and market liquidity in the options market is mainly driven by short‐term and deep out‐of‐the‐money options. Our results remain robust after controlling for the confounding effects of the equity market and different data frequencies.

scholarly journals Research of the system of relationship with contractors as an element of evaluation of the efficiency of the activity of the enterprise

2019 ◽  
Keyword(s):  
Management System ◽  
Oil And Gas ◽  
Customer Relationships ◽  
Enterprise Management ◽  
Universal Method ◽  
Market Uncertainty ◽  
Integral Calculus ◽  
High Level ◽  
The Relationship ◽  
Oil And Gas Enterprises

In the conditions of high level of instability and market uncertainty, it is necessary to continuously develop and improve mechanisms for increasing the stability, effective management of enterprises, and the formation of new ties. The increase of possible variants of interaction in the modern socio-economic environment requires the expansion of the methodological apparatus and tools for studying the relationship between contractors. The subject of research in the article is the applied aspects of evaluating the relationship management system with contractors of oil and gas enterprises. The purpose of the study is to summarize the theoretical and methodological principles, the development of methodological and practical recommendations for evaluating the system of interaction with contractors of oil and gas enterprises. The task: to describe the methodical approach to the formation of a system for managing relationships with counterparties of the enterprise. General scientific methods of modeling modeling, variation, integral calculus and economic analysis are used to study the system of relationships with counterparties of oil and gas enterprises; system approach and structural-logical analysis - to present the results. The following results were obtained: a universal method for assessing the satisfaction of counterparties and the system of interaction with them was developed, in which, unlike the existing ones, the modified 10-point Staple scale and the model of “discontinuities” were used as analysis tools. the level of their actual satisfaction establish the correspondence of the ratio between the indicators of "satisfaction", "expectation", determine the rating of the importance of indicators for consumers oil, and on its basis to set indicators to focus attention units of oil and gas enterprises in the total enterprise management system to achieve a common goal - to strengthen customer relationships and a corresponding increase in profits as a result of economic agreements with them. Conclusions: as a result of analyzing the gaps between the counterparties' expectations and the level of their actual satisfaction, it was found that the indicators for which satisfaction was rated highly have a high rating of importance for consumers, as well as certain indicators for which significance exceeds satisfaction and, therefore, needs improvement.

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