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Financial literacy is crucial in explaining a broader set of investment behaviors. This paper investigates what financial literacy, wine knowledge, risk propensity and wine purchase behavior have in common.

The analysis is on a questionnaire distributed online to an equal number of young adults from a traditional wine-producing and consuming country (France) and a country less linked to wine by tradition (the UK).

The analysis shows how financial literacy, financial education and financial risk attitudes impact the attitudes toward wine purchase decisions. Results indicate that participants prefer to drink wine for pleasure rather than for potential financial gain. Significant relationships exist between financial literacy, wine consumption frequency and willingness to store and pay for wine.

These results allow for a better understanding of wine purchasing behavior in light of willingness to pay, invest and store.

• (1)

  Financial literacy has a positive role in influencing wine storage and investments.

• (2)

  Culture shapes the impact of financial literacy, habits and risk on wine investments.

• (3)

  Gender and age have a role in influencing wine investments.

Financial literacy has a positive role in influencing wine storage and investments.

Culture shapes the impact of financial literacy, habits and risk on wine investments.

Gender and age have a role in influencing wine investments.

This study examines specific budget execution items (as proxies of vulnerability and sustainability) along with political factors to identify earnings management (EM) practices in Greek municipalities.

The study employs a sample of 1,831 financial and budget execution statements for the period 2011–2019. EM is proxied by unsigned discretionary accruals that are assessed through the performance-matched modified-Jones model and the modified-Jones model.

The findings provide evidence that the municipality’s dependence on subsidies (or its self-sufficiency) affects EM, especially during the pre-election year. Municipalities that maintain their financial autonomy engage less in EM in pre-election years. Lastly, it is proven that electoral cycles, weak opposition and other variables exert an effect on the size of EM. Sensitivity analysis confirms the results.

This paper contributes to the literature on EM by analyzing for the first time budget execution items (as proxies of vulnerability and sustainability) and their impact on the size of unsigned discretionary accruals.

Refugee entrepreneurship is increasingly viewed as a “silver bullet” being able to promote host countries’ economic performance and enable the successful integration of refugees. This study aims to identify the main determinants of entrepreneurial intentions of refugees in Portugal based on the underdog theory.

In this study, the authors scrutinize the entrepreneurial intentions of refugees living in Portugal, an overlooked context, using a purpose-built inquiry responded to by 41 refugees and resorting to fuzzy-set qualitative comparative analysis, complemented with partial least squares path modeling.

Some important results are worth highlighting: the entrepreneurial intentions of the respondent sample of refugees living in Portugal are high; the theoretical arguments underlying the underdog or challenge-based entrepreneurship theory are validated in the context of the respondent sample; and psychological related factors associated with the more standard explanations of entrepreneurial intentions constitute necessary conditions for high refugee entrepreneurial intentions.

Entrepreneurial intentions to launch a business have been discussed in the entrepreneurship literature vastly, but it has not yet received much attention when focusing on refugees, often identified as underdogs (potential) entrepreneurs. This study contributes to the literature by testing the challenge-based entrepreneurship theory to identify the primary factors influencing refugee entrepreneurial intentions.

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop a decision-oriented approach for the valuation of football players that could theoretically help clubs determine the subjective value of investing in a player to assess its potential economic advantage.

We build on a semi-investment-theoretical risk-value model and elaborate an approach that can be applied in imperfect markets under uncertainty. Furthermore, we illustrate the valuation process with a numerical example based on fictitious data. Due to this explicitly intended decision support, our approach differs fundamentally from a large part of the literature, which is empirically based and attempts to explain observable figures through various influencing factors.

We propose a semi-investment-theoretical valuation approach that is based on a two-step model, namely, a first valuation at the club level and a final calculation to determine the decision value for an individual player. In contrast to the previous literature, we do not rely on an econometric framework that attempts to explain observable past variables but rather present a general, forward-looking decision model that can support managers in their investment decisions.

This approach is the first to show managers how to make an economically rational investment decision by determining the maximum payable price. Nevertheless, there is no normative requirement for the decision-maker. The club will obviously have to supplement the calculus with nonfinancial objectives. Overall, our paper can constitute a first step toward decision-oriented player valuation and for theoretical comparison with practical investment decisions in football clubs, which obviously take into account other specific sports team decisions.