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The aim of this paper is to examine the role of liquidity in asset pricing in a tiny market, such as the Portuguese. The unique setting of the Lisbon Stock Exchange with regards to changes in classification from an emerging to a developed stock market, allows an original answer to whether changes in the development of the market affect the role of liquidity in asset pricing.

The authors propose and compare two alternative implications of liquidity in asset pricing: as a desirable characteristic of stocks and as a source of systematic risk. In contrast to prior research for major stock markets, they use the proportion of zero returns which is an appropriated measure of liquidity in tiny markets and propose the separated effects of illiquidity in a capital asset pricing model framework over the whole sample period as well as in two sub-samples, depending on the change in classification of the Portuguese market, from an emerging to a developed one.

The overall results of the study show that individual illiquidity affects Portuguese stock returns. However, in contrast to previous evidence from other markets, they show that the most traded stocks (hence the most liquid stocks) exhibit larger returns. In addition, they show that the illiquidity effects on stock returns were higher and more significant in the period from January 1988 to November 1997, during which the Portuguese stock market was still an emerging market.

These findings are relevant for investors when they make their investment decisions and for market regulators because they reflect the need of improving the competitiveness of the Portuguese stock market. Additionally, these findings are a challenge for academics because they exhibit the need for providing alternative theories for tiny markets such as the Portuguese one.

The results have important implications for individual and institutional investors who can take into account the peculiar effect of liquidity in stock returns to make proper investment decision.

The Portuguese market provides a natural experimental area to analyse the role of liquidity in asset pricing, because it is a tiny market and during the period studied it changed from an emerging to a developed stock market. Moreover, the authors have to highlight that previous evidence almost exclusively focuses on the US and major European stock markets, whereas studies for the Portuguese one are scarce. In this context, the study provides an alternative methodological approach with results that differ from those theoretically expected. Thus, these findings are a challenge for academics and open a theoretical and a practical debate.

This study aimed to examine the impact of learning organization (LO) on job satisfaction and individual performance in Vietnamese enterprises. The study further explores the mediating effect of job satisfaction on the relationship between learning organization and employee performance.

Data were collected from 653 employees from various types of organizations in Vietnam. Structural equation modeling was implemented to test the hypotheses.

The results revealed that the proposed research model was supported. Results indicated that LOs positively influenced employees’ job satisfaction and the broader range of their individual performance. In addition, employees’ job satisfaction motivated them to achieve higher performance levels. The study also found a mediating effect of job satisfaction on the relationship between LO and employee performance. The results underscore the importance of implementing an LO culture for individual outcomes such as job satisfaction and employee performance in the Vietnamese cultural context, which is based on socialism and Confucianism.

To the best of the authors’ knowledge, this is the first study to examine the relationships among LO, job satisfaction and individual employee performance in the Vietnamese context. The results offer a deeper understanding of the LO concept in the Vietnamese cultural context and highlight the cultural impact on the LO concept and its effects. The results suggest how the LO concept is applied in the Vietnamese context.

The authors analyzed the relationship between learning orientation (LO) and performance in micro, small and medium-sized enterprises (MSMEs) by investigating the moderating role of environmental dynamism to answer the need for systematic research of models between LO and firm performance (FP).

The authors investigated the (in)direct relationship between LO and FP. The authors collected data from 182 MSMEs operating in technology parks (TPs) in Poland. The authors used two methods in the quantitative empirical research. The authors used linear regression models to test the hypotheses, which allowed for a global assessment of relationships among all analyzed variables. Dynamic capabilities (DCs) framework guided the study.

The study results show that FP benefits from LO-related behaviors. LO is an important stimulant of FP. Meanwhile, the authors did not classify market dynamism (MD) as a moderator of the LO-FP relationship.

By design, the authors surveyed only MSMEs open to participate in the survey, which potentially limits generalizability. Furthermore, future researchers may consider other types of strategic orientations (SOs) to further explain the impact of multiple SOs on FP in specific industries.

This article presents arguments that allow for recognizing LO as a strategic organizational factor shaping FP.

The purpose of this paper is to explore the extent to which the concept of learning organization can support the embedding of responsible innovation (RI) in organizations.

Based on literature in the fields of corporate social responsibility, learning organizations and quadruple helix collaborations, the authors constructed the responsible learning organization (RLO) framework for RI. With the framework, the authors want to show that the RLO can enable RI within organizations.

Based on this framework, the distinction is made between, on the one hand, the learning processes inside the organization, which resemble reflexivity, and, on the other hand, the learning processes that take place with stakeholders outside the organization, which resemble the other three core processes of RI: anticipation, inclusion and responsiveness. Based on these insights, the authors argue that if an organization wants to do good on innovation, which is seen as the core of RI, organization’s core values should guide that.

Organizational core values should be developed by means of learning inside the organization. Therefore, the process of reflexivity should be stressed more, and employees should be empowered to take part in developing these values, which in return can guide the organization as a compass through all the uncertainty it will encounter during the learning outside the organization when interacting with stakeholders.

The RLO framework for RI shows what learning processes organizations should facilitate first and what content should be at stake during these learning processes to embed RI. Furthermore, the framework puts emphasis on reflexivity as a condition for responsiveness, inclusion and anticipation.

The purpose of this study is to analyze the influence of the emotional experience (EE) and the image of the tourist destination on the satisfaction of the domestic tourist and his behavioral intentions, represented through the word of mouth (WOM) and his revisit intention.

The information obtained through a personal survey to 382 local tourists was refined and subjected to structural equation analysis. Analyses conducted with SPSS 20.0 and AMOS 20 software confirmed the existence of interesting significant relationships.

The results show that positive destination image and different experiences are considered to be the main elements that promote positive emotions and satisfaction for tourists, leading to a higher eagerness to spread WOM recommendations and to revisit a destination. The results also verify that interactions with the difficult-replacement services and with residents create strong positive EEs for female visitors, so that they are more willing to revisit a destination than males.

Eco-destination managers should provide more difficult-replacement services and create an enjoyable and unique experience for tourists to enhance their satisfaction and positive behavioral intentions.

The results provide some important implications and insights about the marketing theory groundwork of EE and satisfaction, such as how they are to be conceptualized and established and how interactive relationships are formed among them in the ecotourism context.

El propósito del estudio es analizar la influencia de la experiencia emocional y la imagen del destino turístico sobre la satisfacción del turista nacional y sus intenciones de comportamiento, representadas a través del WOM y su intención de reinterpretación.

La información obtenida a través de una encuesta personal a 382 turistas locales fue refinada y sometida a análisis de ecuaciones estructurales. Los análisis realizados con el software SPSS 20.0 y AMOS 20 confirmaron la existencia de interesantes relaciones significativas.

Los resultados exponen que la imagen positiva de los destinos y las experiencias varias se consideraron como los elementos principales que les promocionan las emociones y satisfaciones positivas a los turistas, lo que llevan a un gran deseo de difundir boca a boca y de volver a visitar. Además, verifican los resultados que las interacciones de turistas con los servicios de reemplazo diferente y con los residentos locales les han creado las experiencias de emoción fuerte a los visitantes femeninas, entonces desean que vuelven a visitar los destinos que los masculinos.

Los directores de eco-destino deben proveer más servicios disponibles de reemplazo diferente a los turistas lo que les generan maravillosa diversa experiencia a ellos, así empodean la satisfaction y intenciones de conducta.

Los resultados proveen algunas implicaciones importantes y visiones del fundamento de la teoría del marketing de la experiencia emocional y la satisfacción como en cuál manera que se establecen o conceptualizan y como las relacciones interactivas son formada en el contexto de eco-turismo.

本研究旨在分析情感体验和旅游目的地形象对国内游客满意度及其行为意向的影响, 行为意向通过口碑推荐和目的地重游意向来表示。

通过调研382名当地游客, 对获取得信息进行提炼, 进行了结构方程分析。使用SPSS 20.0和AMOS 20软件进行分析, 证实了存在着有趣的显著关系。

结果显示, 积极的目的地形象和不同的体验被认为是促进游客积极情绪和满意度的主要因素, 从而使游客更热衷于传播口碑、推荐和重游目的地。结果还表明, 与困难置换服务机构的互动, 以及与居民的互动会为女性游客带来强烈的正向情感体验, 使得女性游客相比于男性更愿意重游目的地。

生态旅游目的地管理者应提供更多的困难置换服务, 并为游客创造愉快、独特的体验, 以提高游客的满意度和积极的行为意向。

研究结果为情感体验和满意度的营销理论基础工作提供了一些重要的启示, 例如, 在生态旅游背景下, 如何对它们进行概念化和建立, 以及它们之间如何形成互动关系。

Based on a sample of 308 enterprises, this paper studies the determinants of export organic supply chain performance. The results indicate seven positive determinants that influence positively the supply chain performance, including: (i) need-satisfying ability (NSA), (ii) relationship management, (iii) information management, (iv) quality management, (v) coordination and cooperation mechanisms, (vi) operation management, and (vii) marketing strategy of the export organic supply chain. In contrast, the differentiated segmentation strategy and cost strategy have no impact on the export organic supply chain performance.

This study’s goal was to identify how several markets have developed over time and what determinants have influenced this process, based on adaptive markets hypothesis (AMH). In this regard, the authors consider that agents are driven by the seeking for abnormal returns to stay “alive” and their environment could somehow modify their decision-making processes, as well as influence the degree of efficiency of the market.

The authors collected the daily closing-of-the-market index from 50 countries, between 1990 and 2022. The sample includes emerging countries, developed countries and frontier markets. Then, the authors ran multilevel modeling using Hurst exponent as an informational efficiency metric estimated by two different moving windows: 500 and 1,250 observations (approximately 2 and 5 years).

The results indicate that the efficiency of the markets is not constant over time. The authors also have identified that markets follow a cyclical pattern of efficiency/inefficiency, and they are currently in a period of convergence to efficiency, possibly explained by the increase in computational capacity and speed of the available information to agents. In addition, this study identified that country characteristics are associated with market efficiency, considering institutional factors.

Studies of this nature contribute to the literature, considering the importance of better comprehension of market efficiency dynamics and their determinants, specially observing other theories on the relationship between information and markets (like AMH), which work with other investor assumptions than those used by efficient market hypothesis.

Shipping is a major source of air pollution, causing severe impacts on the environment and human health, greatly contributing to the creation of greenhouse gases and influencing climate change. The research was investigated to provide a better insight into the emission inventories in the Red River in Hanoi (Vietnam) that is often heavily occupied as the primary route for inner-city waterway traffic.

The total emissions of seven different pollutants (PM₁₀, PM_2.5, SO_x, CO, CO₂, NO_x and HC) were estimated using the SPD-GIZ emission calculation model.

The results show that CO₂ has the most significant contribution to the gas volume emitted: 103.21 tons/day. Remarkably, bulk carriers are the largest emission vehicle, accounting for more than 97% of total emissions, due to their superior number and large capacity.

The result to have a roadmap for making efforts to fulfil its commitment so that it could achieve its net-zero climate target by 2050 in Vietnam as committed at COP26.

In this research, the number of vehicles and types of vessels travelling on the Red River flowing within Hanoi territory and other activity data are reported. The tally data will be used to estimate emissions of seven different pollutants (PM₁₀, PM_2.5, SO_x, CO, CO₂, NO_x and HC) using a method combining both top-down and bottom-up approaches.

The purpose of this paper is threefold. First, it aims to clarify the moderating role of self-esteem (SE) and susceptibility to normative influence (SNI) in the relationship between brand love and brand loyalty. Second, the study proposes modeling the mediation role of brand love and outlining how SE and SNI affect the consumer-brand relationship. Finally, the study explores the impact of brand love on brand loyalty: the moderating role of self-esteem and social influences, as the literature regarding this is still lacking.

Data were collected via an online survey, which yielded 218 responses. Structural equation modeling was used to predict the research model.

The findings indicate that both SE and SNI mediate the relationship between brand love and brand loyalty. Additionally, consumers love the focal brands positively relates to SE and SNI. In return, SE and SNI lead to brand loyalty. The tight relationship of SE and SNI affects the connection between brand love and brand loyalty.

The data has been collected in Vietnam, which creates a limitation regarding the study’s cross-cultural nature and the economic context. Thus, the study should be conducted in different cultures and economies (both developing and developed countries) to enhance the generalizability in consumer-brand relationships.

Brand managers should conduct more advertising in brand communities to enhance the influence of SNI and emphasize unique features of the brands, to attract consumers through the overlap of SE.

The findings can contribute to enhancing unique brand identity and self-motivation will increase consumer loyalty, increasing the revenue of a specific brand. Moreover, as acceptable peers contribute to making purchase decisions, boosting the brand community will maintain current consumers and attract additional potential consumers from the current consumer relationships.

This study contributes to consumer psychology by indicating both SNI and SE as the mediators in the relationship between brand love and brand loyalty and how the consumer-brand relationship can be enabled.

El propósito de este trabajo es triple. En primer lugar, pretende aclarar el papel moderador de la autoestima (SE) y la susceptibilidad a la influencia normativa (SNI) en la relación entre el amor y la lealtad a la marca. En segundo lugar, el estudio propone modelar el papel mediador del amor a la marca y esbozar cómo la autoestima y la SNI afectan a la relación consumidor-marca. Por último, el estudio explora los factores que afectan a la relación entre el amor a la marca y la lealtad a la misma, ya que aún no existe literatura al respecto.

Los datos se recogieron mediante una encuesta en línea, que arrojó 218 respuestas. Se utilizó el modelo de ecuaciones estructurales (SEM) para predecir el modelo de investigación.

Los hallazgos indican que tanto la autoestima como la SNI median la relación entre el amor y la lealtad a la marca. Además, el amor de los consumidores por las marcas focales se relaciona positivamente con la autoestima y la SNI. En cambio, la autoestima y la SNI conducen a la lealtad a la marca. La estrecha relación de la autoestima y la SNI afecta la conexión entre el amor a la marca y la lealtad a la misma.

Los datos se han recogido en Vietnam, lo que crea una limitación en cuanto a la naturaleza transcultural del estudio y el contexto económico. Así pues, el estudio debería realizarse en diferentes culturas y economías (tanto de países en desarrollo como desarrollados) para aumentar la posibilidad de generalización en las relaciones entre consumidores y marcas.

Los gerentes de marca deberían hacer más publicidad en las comunidades de marcas para aumentar la influencia de la SNI y hacer hincapié en las características singulares de las marcas, a fin de atraer a los consumidores mediante la superposición de la autoestima.

Las conclusiones pueden contribuir a mejorar la identidad de una marca única, y la automotivación aumentará la lealtad de los consumidores, incrementando los ingresos de una marca específica. Además, como los pares aceptables contribuyen a la toma de decisiones de compra, el impulso de la comunidad de marcas mantendrá a los consumidores actuales y atraerá a otros consumidores potenciales de las relaciones de consumo actuales.

Este estudio contribuye a la psicología del consumidor al indicar que tanto la SNI como la autoestima son los mediadores en la relación entre el amor y la lealtad a la marca y la forma en que se puede habilitar la relación consumidor-marca.

摘要

本文有三方面的研究目的。第一，明确自尊（SE）和易受规范影响（SNI）在品牌喜爱与品牌忠诚关系中的调节作用。第二，建立品牌喜爱的中介作用模型，并概述SE和SNI如何影响消费者与品牌的关系。最后，探讨品牌喜爱对品牌忠诚度的影响：自尊和社会影响因素的调节作用，目前有关这方面的文献还比较缺乏。

通过在线调查收集数据，共收到218份答复。采用结构方程模型进行预测研究模型。

研究结果表明，自尊和易受规范影响都对品牌喜爱和品牌忠诚度之间的关系起到了调节作用。此外，消费者对焦点品牌的喜爱与自尊和易受规范影响具有正相关关系。反过来，自尊和易受规范影响又会导致品牌忠诚。自尊和易受规范影响的紧密关系影响了品牌喜爱和品牌忠诚之间的联系。

由于本次研究数据是在越南收集的，造成了研究的跨文化性质和经济背景的局限性。因此，未来的研究可以在不同的文化和经济体（包括发展中国家和发达国家）进行，以提高关于消费者与品牌关系结论的普遍性。

品牌管理者可以在品牌社区中增强广告宣传，提高易受规范影响的影响力，同时强调品牌的独特性，与自尊因素相结合来吸引消费者。

本文研究结果有助于增强独特的品牌识别和自我激励，提高消费者的忠诚度，增加特定品牌的收入。此外，由于合适的同伴有助于消费者做出购买决策，提升品牌社区可以维持现有消费者，并通过现有消费者关系吸引更多的潜在消费者。

本研究提出了自尊和易受规范影响是品牌喜爱和品牌忠诚关系的调节变量，并且进一步阐释了它们如何促成消费者与品牌的关系，从而为消费者心理学做出了贡献。

This study aims to consolidate the fragmented knowledge on brand experience within marketing literature, evaluating its historical development, current state and prospective future. It seeks to offer a comprehensive understanding of the construct’s academic and practical contributions over the years, identify key topics and propose a research agenda for the field.

Adopting a bibliometric analysis, the authors conduct a detailed examination of the literature on brand experience. Performance analysis and science mapping techniques are used to evaluate 774 articles related to brand experience published from 1981 to 2023 and indexed in the Scopus database.

The bibliometric analysis reveals a significant expansion in the body of knowledge surrounding brand experience, highlighting its evolution over the past four decades. Key thematic areas and the intellectual structure of brand experience research are identified, evidencing both the growth and the diversification of the field. The study synthesizes these insights into a coherent research agenda, pinpointing emerging areas ripe for future investigation.

By systematically synthesizing longitudinal contributions to brand experience and using a bibliometric approach for analysis, this study provides a novel perspective on the topic. It not only maps the historical trajectory and current landscape of brand experience research but also sets the direction for future scholarly endeavors, marking a unique contribution to both academic research and practical application in marketing.

Este estudio tiene como objetivo consolidar el conocimiento fragmentado sobre la experiencia de marca dentro de la literatura de marketing, evaluando su desarrollo histórico, estado actual y futuro prospectivo. Busca ofrecer una comprensión integral de las contribuciones académicas y prácticas del constructo a lo largo de los años, identificar temas clave y proponer una agenda de investigación para el campo.

Adoptando un análisis bibliométrico, los autores realizan un examen detallado de la literatura sobre Experiencia de Marca. Se emplean técnicas de análisis de rendimiento y mapeo científico para evaluar 774 artículos relacionados con la experiencia de marca publicados desde 1981 hasta 2023 e indexados en la base de datos de Scopus.

El análisis bibliométrico revela una expansión significativa en el cuerpo de conocimiento sobre la experiencia de marca, destacando su evolución en las últimas cuatro décadas. Se identifican las áreas temáticas clave y la estructura intelectual de la investigación sobre la experiencia de marca, evidenciando tanto el crecimiento como la diversificación del campo. El estudio sintetiza estos conocimientos en una agenda de investigación coherente, señalando áreas emergentes con potencial para investigaciones futuras.

Al sintetizar sistemáticamente las contribuciones longitudinales a la experiencia de marca y emplear un enfoque bibliométrico para el análisis, este estudio proporciona una perspectiva novedosa sobre el tema. No solo traza la trayectoria histórica y el panorama actual de la investigación sobre la experiencia de marca, sino que también establece la dirección para futuros esfuerzos académicos, marcando una contribución única tanto a la investigación académica como a la aplicación práctica en marketing.

本研究旨在整合营销文献中有关品牌体验的零散知识, 评估其历史发展、当前状况及未来前景。研究试图提供对该构念的学术与实践贡献的全面理解, 识别关键主题, 并为该领域提出研究议程。

本研究采用文献计量分析法, 对品牌体验相关文献进行了详细审查。通过绩效分析和科学知识图谱方法, 研究者分析了Scopus数据库中收录的1981年至2023年间发表的774篇品牌体验相关文献。

文献计量分析揭示了品牌体验研究领域知识体系的显著扩展, 展示了该领域在过去四十年的发展演变。研究确定了品牌体验的核心主题领域和知识结构, 反映了该领域的增长与多元化。基于这些洞察, 研究提出了一个清晰的研究议程, 指出未来有待探索的新兴领域。

本研究通过系统整合品牌体验的纵向研究成果, 并运用文献计量方法进行分析, 为该主题提供了新颖的视角。研究不仅描绘了品牌体验研究的历史轨迹和当前概貌, 还为未来的学术探索指明了方向, 对学术研究和营销实践均作出独特贡献。