Search results

Behavioral solutions to our cognitive biases have long been studied in the literature. However, there is still ample evidence of behavioral biases in decision-making, with only limited improvement in the medium/long term even when debiasing methods are applied. The purpose of this paper is to describe how financial investors could benefit from a proactive management of emotions combined with a set of learning and decision-making heuristics to make more efficient investments in the long run.

First, the authors offer a classification of the appropriate quantitative and qualitative methodologies to use in different ecological environments. Then, the authors offer a list of detailed heuristics to be implemented as behavioral principles intended to induce more long-lasting changes than the original rules offered by the adaptive toolbox literature. Finally, the authors provide guidelines on how to embed artificial intelligence and cognitive diversity within the investment decision architecture.

Improvements in decision skills involve changes that rarely succeed through a single event but through a succession of steps that must be habitualized. This paper argues that implementing a more conscious set of personal and group principles is necessary for long-lasting changes and provides guidelines on how to minimize systematic errors with adaptive heuristics. To maximize their positive effects, the principles outlined in this paper should be embedded in an architecture that fosters cognitively diverse teams. Moreover, when using artificial intelligence, the authors advise to maximize the interpretability/accuracy ratio in building decision support systems.

The paper proposes a theoretical reflection on the field of behavioral research and decision-making in finance, where the chief goal is to offer practical advices to investors. The literature on debiasing cognitive biases is limited to the detection and correction of immediate effects. The authors go beyond the traditional three building blocks developed by the behavioral finance literature (search rules, stopping rules and decision rules) and aim at helping investors who are interested in finding long-term solutions to their cognitive biases.

In this paper, the authors examine the role of idiocentric and allocentric cultural orientations in employees’ preference for relationship help and for emotional help from third parties in two cross-cultural samples. The purpose of this paper is to clarify the psychological dynamics of cultural dimensions in relation to cross-cultural conflict intervention.

The authors tested the theoretical assumptions by using questionnaire survey in two cross-cultural samples. Study 1 is a cross-cultural comparison within a country, including 83 Dutch employees and 106 Turkish immigrants in the Netherlands. Study 2 is a comparison between countries, including 123 Germany-based German employees and 101 Pakistan-based Pakistani employees.

The results show that employees’ allocentric orientation, but not idiocentric orientation, explains the differences in preference for relationship help in both the within-country comparison (Study 1: individualistic Dutch culture vs collectivistic Turkish culture) and the between-country comparison (Study 2: individualistic German culture vs collectivistic Pakistani culture). However, only in the between-country comparison (Study 2), the findings reveal that the difference in preference for emotional help between individualistic German culture and collectivistic Pakistani culture is mediated by idiocentric orientation (not by allocentric orientation).

The study confirms that the extent to which disputants’ preference for third-party help regarding social and personal aspects does differ across national cultures, and supports that the argument that social relationship is one of the paramount concerns in conflict handling in the collectivistic cultures. In addition, the study signals an alternative way of conducting two culture comparisons and expands our view on the cultural dimension of individualism-collectivism.

The findings have practical implications both for third-party intervention and for managing cultural diversity in the workplace.

In general, this study contributes to our understanding on how culture influences conflict handling and provides suggestions for third parties to be culturally adaptive.

The research demonstrates that culture plays an important role in determining the extent to which disputants favour relationship help and emotional help from third parties. The research is also valuable in terms of reliability. The authors tested the hypotheses in two cross-cultural samples both within a country and between countries.

This paper describes the personal history and intellectual development of Morris B. Holbrook (MBH), a participant in the field of marketing academics in general and consumer research in particular.

The paper pursues an approach characterized by historical autoethnographic subjective personal introspection or HASPI.

The paper reports the personal history of MBH and – via HASPI – interprets various aspects of key participants and major themes that emerged over the course of his career.

The main implication is that every scholar in the field of marketing pursues a different light, follows a unique path, plays by idiosyncratic rules, and deserves individual attention, consideration, and respect … like a cat that carries its own leash.

In the case of MBH, like (say) a jazz musician, whatever value he might have depends on his originality.

This article supports managers in their attempts to organize effective export strategies. Exporting is not just an initial low-commitment internationalization strategy that leads naturally into higher commitment entry modes such as FDI or acquisitions. For many firms, location advantages do not justify foreign direct investments and they therefore decide to service foreign markets from their domestic markets. But despite the relevance of this internationalization mode, there does not seem to be much consolidated knowledge about the organization of successful export strategies. As a result, firms are not just confronted with the choice between export or FDI but with numerous distinct strategic exporting alternatives. The article unfolds as follows: after a brief introduction on the relevance of international trade and the characteristics of export strategies, we describe four distinct export archetypes: (1) export manager, (2) centralistic export developer, (3) export skimmer, (4) integrated export developer. This article concludes with a discussion on the impact different export models have on firm performance.

The study aims to reveal regularities of collective decision in groups of varying cooperativity and to investigate the influence of individualism–collectivism cultural dimension on the emergence of collective behavioral entities.

An agent-based model of group behavior is used to simulate the logic of collective binary decisions defined by reaching a consensus threshold. The key parameter of the model is the cooperativity of interaction between individuals which locates the group in individualism–collectivism cultural dimension. The probabilities of collective decisions are measured as a function of individual preferences and the strength of cooperation between agents.

Strong, weak and middle point cooperativities of inter-individual interaction define three distinct regimes of collective decision logic, namely, individualism, conformism and criticality. The critical organization allows the group to generate coherent non-predetermined collective behavior in statistical agreement with individual preferences.

Emergent collective behavior with coherent and nondeterministic decision-making can be modeled in an agent-based approach with local interaction between individuals tuned to a critical point. Variation of a single cooperativity parameter accounts for a continuous transition between organizations of the group inherent to inert matter and living systems.

A new organization of social systems distinguished by internally relaxed relations and large-scale freedom is found beyond the traditional individualism–collectivism contraposition. This state is reached by tuning behavioral logic of individuals to a critical balance of individual and collective values.

Individualist, conformist and critical regimes of collective organization distinct in terms of integrity, complexity and determinism are recognized as universal organizational classes of nature spanning both inert and living systems. In particular, individualist and conformist regimes produce simple deterministic behavior typical for gases and solid bodies, whereas the critical organization generates complex nondeterministic behavior inherent to living organisms.

The purpose of this paper is to explore patterns as well as determinants of regional specialisation in China's biopharmaceutical industry. It identifies and characterizes different types of enterprises engaged in the biopharmaceutical sector in terms of their business organisation and regional set up.

Based on data compilations not yet employed in academic analysis as well as personal interviews in China, structural determinants and driving forces of development are analysed against the background of the innovation systems literature.

The geography of innovation in China's biopharmaceutical industry is determined by both, government policy and the strategic location decisions of entrepreneurs. While local‐government support of firm clustering has contributed to a dispersion of industrial activity throughout China, the firms” networks are spanning clusters. Effectively, domestic firms are turning into multi‐regional companies locating activities such as R&D and manufacturing at different clusters.

The paper adds to the literature in so far as it throws light on an until now under‐researched field of China's innovation system. It identifies the concept of multi‐regionalism among domestic non‐state enterprises as an important parameter for understanding success and regional distribution of the industry.

The purpose of this paper is to analyze the dynamics of China's health biotech clusters from an interregional perspective. By treating clustering as the result of firms' localization choices, the paper examines whether and why different types of firms agglomerate in the various locations.

The paper employs a demographic approach that is inspired by the 2006 work of Romanelli and Feldman on cluster development in the USA. It categorizes China's clusters based on differences in the degree of policy support and the nature of the science base. Then, it draws a sample of 75 of China's most visible firms and analyses them in terms of entrepreneurial origin, their location and, if applicable, the location of their subsidiaries. By matching types of firms with types of clusters, the paper highlights some characteristics of China's regional development.

Studies on China's high‐tech agglomerations unanimously complain about a lack of “creative buzz” compared to the vibrant clusters of for example, the Bay Area in the USA. The analysis indicates that the lack of a creative culture is associated with the anatomy of cluster development. China's clusters grow to a significant extent by attracting enterprise subsidiaries to their sites. The authors argue that these particular cluster anatomies are founded on China's capital market. As the capital market is not prepared to provide pre‐revenue firms with sufficient funds, firms have to earn revenue quickly in order to ensure their viability. Therefore, they concentrate on building up manufacturing capacity and exploiting given technologies. The main point is that local governments as major providers of financial support are instrumental in this process. The establishment of manufacturing subsidiaries in various locations rests on the rationale of collecting funds. This leads to the conclusion that national capital markets either reinforce or inhibit clustering depending on how much it allows the mobility of financial capital. Local government funds do not travel far. This has an impact on the firms' localization decisions and their business strategies, which, in turn, affects the “culture” inside the clusters.

This argument is based on a limited number of interviews conducted by the authors or other researchers. In order to corroborate the link between the capital market and local development trajectories, more evidence needs to be collected via interview surveys and other means to extract financial information.

Unlike other research on Chinese clusters, this paper offers an interregional perspective based on a demographic approach. The argument is original in linking regional cluster dynamics with the national institutional set‐up.