scholarly journals Morph‐specific investment in testes mass in a trimorphic beetle, Proagoderus watanabei

2021 ◽  
Author(s):  
J. M. Parrett ◽  
E. M. Slade ◽  
R. J. Knell
Keyword(s):  
Specific Investment

Ronald Coase and the Difference between Markets and Firms

2018 ◽  
Author(s):  
Abraham A. Singer
Keyword(s):  
Transaction Cost ◽  
Economic Activity ◽  
Transaction Cost Economics ◽  
Theory Of The Firm ◽  
Tabular Form ◽  
Specific Investment ◽  
The Difference ◽  
Marginal Revolution ◽  
The Way

This chapter reviews the development of transaction cost economics and unpacks its theory of the firm. The chapter begins with the marginal revolution in economics and how it altered the way economists understood the corporation. It then reviews the work of Ronald Coase and Oliver Williamson, explaining how they provided a novel account of firms. Transaction cost economics emphasizes how firms use hierarchy and bureaucracy to overcome problems of opportunism and asset-specific investment to coordinate some types of economic activity more efficiently than markets can. The transaction cost account of the corporation’s productivity component is shown in tabular form in comparison with its historical forerunners reviewed in the previous chapter.

Heuristic biases in investment decision-making and perceived market efficiency

2018 ◽  
Vol 10 (1) ◽  
pp. 85-110 ◽  
Author(s):  
Syed Zulfiqar Ali Shah ◽  
Maqsood Ahmad ◽  
Faisal Mahmood
Keyword(s):  
Financial Markets ◽  
Market Efficiency ◽  
Negative Impact ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Investment Strategy ◽  
Individual Investors ◽  
Content Type ◽  
Specific Investment ◽  
The Relationship

Purpose This paper aims to clarify the mechanism by which heuristics influences the investment decisions of individual investors, actively trading on the Pakistan Stock Exchange (PSX), and the perceived efficiency of the market. Most studies focus on well-developed financial markets and very little is known about investors’ behaviour in less developed financial markets or emerging markets. The present study contributes to filling this gap in the literature. Design/methodology/approach Investors’ heuristic biases have been measured using a questionnaire, containing numerous items, including indicators of speculators, investment decisions and perceived market efficiency variables. The sample consists of 143 investors trading on the PSX. A convenient, purposively sampling technique was used for data collection. To examine the relationship between heuristic biases, investment decisions and perceived market efficiency, hypotheses were tested by using correlation and regression analysis. Findings The paper provides empirical insights into the relationship of heuristic biases, investment decisions and perceived market efficiency. The results suggest that heuristic biases (overconfidence, representativeness, availability and anchoring) have a markedly negative impact on investment decisions made by individual investors actively trading on the PSX and on perceived market efficiency. Research limitations/implications The primary limitation of the empirical review is the tiny size of the sample. A larger sample would have given more trustworthy results and could have empowered a more extensive scope of investigation. Practical implications The paper encourages investors to avoid relying on heuristics or their feelings when making investments. It provides awareness and understanding of heuristic biases in investment management, which could be very useful for decision makers and professionals in financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This paper helps investors to select better investment tools and avoid repeating expensive errors, which occur due to heuristic biases. They can improve their performance by recognizing their biases and errors of judgment, to which we are all prone, resulting in a more efficient market. So, it is necessary to focus on a specific investment strategy to control “mental mistakes” by investors, due to heuristic biases. Originality/value The current study is the first of its kind, focusing on the link between heuristics, individual investment decisions and perceived market efficiency within the specific context of Pakistan.

Effects of suppliers’ trust and commitment on customer involvement

2015 ◽  
Vol 115 (6) ◽  
pp. 1041-1066 ◽  
Author(s):  
Yi Li ◽  
Gang Li ◽  
Taiwen Feng
Keyword(s):  
Social Exchange ◽  
Structural Equation ◽  
Social Exchange Theory ◽  
Exchange Theory ◽  
Governance Mechanism ◽  
Relational Governance ◽  
Content Type ◽  
Customer Involvement ◽  
Specific Investment ◽  
The Relationship

Purpose – The purpose of this paper is to investigate the relationships among suppliers’ trust and commitment, transaction-specific investment, switching cost, and customer involvement within the context of relational governance mechanism and the social exchange theory. Design/methodology/approach – The authors use survey data from 214 Chinese manufacturing firms and employ the structural equation model to verify the conceptual model. Findings – Relational governance benefits customer involvement. Transaction-specific investment mediates the relationship between trust and commitment of suppliers. Switching costs negatively moderate the relationship between suppliers’ trust and customer involvement, but positively moderate the relationship between suppliers’ commitment and customer involvement. Research limitations/implications – The authors focus on two key elements of relationship, namely, trust and commitment of suppliers, but neglect other relational factors, such as relational norms and interdependence. Originality/value – These findings broaden the understanding and present new directions for the implementation of customer involvement from the perspective of relational governance and social exchange theory.

Relationship-Specific Investment, Guanxi Behavior, and Salesperson-Owned Customer Loyalty Transfer

2014 ◽  
Vol 42 (7) ◽  
pp. 1147-1166
Author(s):  
Guocai Wang ◽  
ShanLiang Li ◽  
Xifeng Wang ◽  
Chunyu Lu ◽  
Chen Lv
Keyword(s):  
Transfer Process ◽  
Customer Loyalty ◽  
Moderating Effect ◽  
Dyadic Data ◽  
Brand Building ◽  
Specific Investment ◽  
Building Behavior

Customer loyalty has been gaining attention as firms face increasing competition. However, customer loyalty consists of a mixture of loyalty to the firm, as well as to the specific salesperson. By using dyadic data from both buyers and sellers, we investigated the influence of salespersons' and selling firms' behaviors on these 2 types of customer loyalty, and the moderating effect of employees' brand-building behavior in the loyalty transfer process. Our results showed that both salesperson's and selling firm's behaviors can promote the 2 kinds of loyalty, and that salesperson-owned loyalty is positively related to loyalty to the selling firm. Contrary to our prediction, employees' brand-building behavior exerted a significant, negative moderating effect on salesperson-owned loyalty transfer.

A seller perspective on economic and non-economic satisfaction as precursors to formalisation, specific investments and dependence in business relationships

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nils M. Høgevold ◽  
Gøran Svensson ◽  
Mercy Mpinganjira
Keyword(s):  
Structural Equation ◽  
Positive Influence ◽  
Point Of View ◽  
Exchange Relationships ◽  
Content Type ◽  
Specific Investment ◽  
Specific Investments ◽  
Economic Satisfaction ◽  
Business Exchange ◽  
Business To Business

PurposeSeen from the seller's point of view, this study examines economic and non-economic satisfaction as distinct conceptual variables, and tests how the constructs relate to each other and to the business transactional cost variables of formalisation, specific investments and dependence.Design/methodology/approachData was collected from 213 key informants from Norwegian companies involved in business-to-business marketing. Structural equation modelling was used to test the posited hypotheses.FindingsThe findings show that sellers' economic satisfaction exerts a positive influence on non-economic satisfaction and on formalisation, while its posited influence on specific investments was not found to be significant. Formalisation was, however, not significantly influenced by seller non-economic satisfaction. Specific investment was positively influenced by seller non-economic satisfaction. The influence of formalisation on specific investments and dependence was significant. Specific investments were also found to be positively influenced by dependence.Research limitations/implicationsThe study reveals the importance of assessing both economic and non-economic satisfaction in trying to understand sellers' behaviour in business-to-business markets.Practical implicationsThe findings show the need for managers to ensure economic satisfaction, as its affects non-economic satisfaction.Originality/valueThis study contributes to a better understanding of satisfaction in business-to-business exchange relationships and its relationship with transactional cost constructs based on a seller's perspective.

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