Mei Mei Lau, Peggy Mei Lan Ng, Elaine Ah Heung Chan and Cherry Tin Yan Cheung
This study aims to study the attitude toward purchasing luxury fashion of young consumers based on an extended model that integrates the constructs of the theory of reasoned…
Abstract
Purpose
This study aims to study the attitude toward purchasing luxury fashion of young consumers based on an extended model that integrates the constructs of the theory of reasoned action (TRA), identity theory, social identity theory, affect–behavior–cognition (ABC) model of attitude and brand attractiveness.
Design/methodology/approach
A purposive sampling approach was used to collect data from 237 young luxury fashion consumers in Hong Kong. Results were analyzed using partial least square.
Findings
The findings revealed that self-identity predicts affect-based attitudes (i.e. passive engagement and active engagement), and social identity predicts cognition-based attitude (i.e. attitude toward celebrity endorsement). Moreover, both affect- and cognition-based attitudes were found to be antecedents that enhanced brand attractiveness, which in turn positively affected purchase intention.
Research limitations/implications
This study collected data from Generation Z. Although this generation is the world’s most influential consumer group and is highly engaged in social media, the findings may not be representative of the entire population in Hong Kong. Therefore, the findings should be used cautiously in the whole luxury fashion industry.
Originality/value
This study extends the understanding of luxury fashion purchase intention from TRA to the connection among identity, social identity theories and ABC model of attitude and brand attractiveness. The findings of this study also contribute to practical insights on developing suitable marketing strategies for the Asian luxury fashion market.
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Karen Ka-Leung Moon, Fung-Yi Tam, Mei-Mei Lau and Jimmy M.T. Chang
Given the intense international competition brought on by globalisation, an organization's profit is largely determined by how it leverages its internal and external resources…
Abstract
Given the intense international competition brought on by globalisation, an organization's profit is largely determined by how it leverages its internal and external resources. This paper studies the production sourcing strategies adopted by the small and medium-sized enterprises (SMEs) in the clothing industry together with their motivations for outsourcing, adoption of buyer-seller relationships, and satisfaction with their production sourcing performance. A conceptual framework was developed from the literature and tested using a questionnaire survey. Quantitative analysis showed that motivational factors (MFs) can affect an SME's satisfaction with its operational achievement; while host-country and location MFs can affect its strategic achievement. In addition, firms adopting a pure transaction approach seemed to be negatively motivated by the total-cost factor; and those adopting a more diverse sourcing strategy were more likely to be motivated by the corporate factor so as to develop appropriate buyer-seller relationships with vendors, and to be satisfied with their operational performance. This paper contributes to a deeper understanding of business networking from the perspectives of SMEs in regard to their pursuit of production sourcing; and demonstrates how clothing SMEs adopt production sourcing strategies to improve their production sourcing performance.
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Mei‐mei Lau and Karen Ka‐leung Moon
Recent management literature demonstrates a growing interest in strategic networking. The aim of this paper is to explore the adoption of strategic networks using Hong Kong…
Abstract
Purpose
Recent management literature demonstrates a growing interest in strategic networking. The aim of this paper is to explore the adoption of strategic networks using Hong Kong clothing industry as the context because the influence of Asian cultures is under‐researched.
Design/methodology/approach
Three key research questions about asset specificity, years of relationship, and size of the supplier base were developed from the literature. Qualitative data were collected from in‐depth interviews with senior executives at five large clothing companies in Hong Kong.
Findings
The qualitative findings confirm that the specific asset investment, reciprocal or one‐way, has a positive impact on the development of strategic networking; that enterprises strive hard to maintain longer relationships with key supplier members; and that a small supplier base is widely adopted by the sample firms.
Practical implications
The implications for managerial practice are that strong strategic networking is needed as transaction‐specific assets can safeguard the network relationship; that a long‐term relationship enables effective transactions; and that managing a small number of suppliers helps to stabilize network relationships.
Originality/value
This paper represents an initial attempt to include Asian cultures in the study of strategic network concepts within one globalized industry – the Hong Kong clothing industry. The paper also demonstrates to practicing managers how strategic networks made up of manufacturers and their suppliers are adopted and maintained, and in turn, guides practicing managers on how to allocate resources appropriately to develop a strategic network.
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Tobias Burggraf, Toan Luu Duc Huynh, Markus Rudolf and Mei Wang
This study examines the prediction power of investor sentiment on Bitcoin return.
Abstract
Purpose
This study examines the prediction power of investor sentiment on Bitcoin return.
Design/methodology/approach
We construct a Financial and Economic Attitudes Revealed by Search (FEARS) index using search volume from Google's search engine to reveal household-level (“bankruptcy”, “unemployment”, “job search”, etc.) and market-level sentiment (“bankruptcy”, “unemployment”, “job search”, etc.).
Findings
Using a variety of quantitative methodologies such as the transfer entropy model as well as threshold regression and OLS, GLS and 2SLS estimations, we find that (1) investor sentiment has strong predictive power on Bitcoin, (2) household-level sentiment has larger effects than market-level sentiment and (3) the impact of sentiment is greater in low sentiment regimes than in high sentiment regimes. Based on these information, we build a hypothetical trading strategy that outperforms a simple buy-and-hold strategy both on an absolute and risk-adjusted basis. The results are consistent across cryptocurrencies and regions.
Research limitations/implications
The findings contribute to the ongoing debate in the literature on the efficiency of cryptocurrency markets. The results reveal that the Bitcoin market is not efficient in the sense of the efficient market hypothesis – asset prices do not fully reflect all available information and we were able to “beat the market”. In addition, it sheds further light on the debate whether Bitcoin can be considered a medium of exchange, i.e. a currency or an investment product. Because investors are reallocating their Bitcoin holdings during times of increased market sentiment due to liquidity needs, they obviously consider bitcoin an investment product rather than a currency.
Originality/value
This study is the first to examine the impact of investor sentiment measured by FEARS on Bitcoin return.