Hooman Estelami and Mohammad G. Nejad
The purpose of this research is to determine how managers’ decisions to discontinue products may be affected by their cognitive and demographic characteristics. Research in…
Abstract
Purpose
The purpose of this research is to determine how managers’ decisions to discontinue products may be affected by their cognitive and demographic characteristics. Research in product management and entrepreneurship has primarily focused on the introduction of innovations and the marketing of emerging and existing products in the marketplace. Considerably less research has focused on product elimination and how marketing managers decide to remove poorly performing products from a given product portfolio. Nevertheless, product elimination decisions are critical to maintaining business health and protecting firm profits, and are a commonly encountered decision for entrepreneurs and managers of existing products. This study empirically explores the role of factors that may affect a manager's decisiveness in eliminating poorly performing products from a product portfolio.
Design/methodology/approach
Using a simulated business environment, this study empirically explores the role of factors that may affect a manager’s decisiveness in eliminating poorly performing products from a product portfolio. Product portfolio decisions are presented to a sample of emerging managers using a computer simulation, and the impact of manager characteristics, namely, cognitive style, gender, academic profile and entrepreneurial intentions on product elimination decisiveness is examined using regression analysis.
Findings
The findings indicate dominant effects for cognitive style and academic profile in driving the decisiveness of product elimination decisions.
Research limitations/implications
The findings highlight the importance of the academic profile and cognitive style of those entrusted with managing product portfolios, especially as is related to product elimination decisions.
Practical implications
The findings imply a need for determining the optimal fit of candidates for product portfolio management roles, based on factors such as cognitive style, academic performance and academic area of specialization.
Social implications
Given the role of entrepreneurial enterprises in enabling social equity, this research highlights the need for entrepreneurial education focusing not only on product introduction but also product omission.
Originality/value
This research expands prior research findings on innovation, promotion and elimination of products by asking what happens at the end of a product’s life when the prospects for a product are no longer strong. The research shows that some managers are less decisive and therefore may be challenged when handling product portfolios with sub-performing products. The findings indicate cognitive and academic influences on product elimination indecisiveness and open new avenues for further examining similar influences in managerial decision-making. This line of work therefore encourages inquiry into the drivers of the important decision of product elimination.
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Mohammad G. Nejad and Hossein Sabzian
Previous studies on consumer financial fraud (CFF) have primarily focused on micro-level relationships. This study seeks to provide a holistic macro-level perspective of CFF…
Abstract
Purpose
Previous studies on consumer financial fraud (CFF) have primarily focused on micro-level relationships. This study seeks to provide a holistic macro-level perspective of CFF patterns in the USA. We explore whether CFFs follow a geographical pattern in the USA and evaluate whether and how the patterns and strength of spatial interrelations between states have changed over time, particularly pre-, during and post-COVID-19 Pandemic.
Design/methodology/approach
This research investigates the spatial patterns inherent in four CFF variables – total reported frauds, percentage of frauds reporting a loss, total losses and median loss – across the contiguous USA from 2018 to 2022. An in-depth examination was conducted at the state level by applying Moran's I method on the consumer sentinel network data, a database administered by the Federal Trade Commission.
Findings
The findings provide robust and statistically significant spatial autocorrelation of four CFF variables across the contiguous USA that are persistent from 2018 to 2022, consistent across all discerned patterns. Moreover, upon aggregating average values over the entire study period, total losses emerge as the dimension displaying the most pronounced positive clustering. Finally, the strength of spatial autocorrelation patterns has increased post-COVID-19 Pandemic for total reported frauds, percentage of frauds reporting a loss and total losses, and it has reduced for the median loss.
Practical implications
The sustained spatial autocorrelation in total losses underscores an elevated interconnectedness in economic and social dynamics among neighboring states. This implies that states in close proximity are predisposed to exhibit analogous levels of total and median losses. This reveals a discernible pattern in the distribution of total losses across contiguous US states, even though the values of total reported frauds and total losses variables were adjusted based on the state population.
Social implications
The findings furnish valuable insights for policymakers, consumer protection agencies, federal and local government agencies and law enforcement agencies, offering a nuanced understanding and targeted interventions to address the spatial dimensions of CFF effectively. The increase in the strength of the spatial dependencies following COVID-19 shows the increased importance of considering spatial dependencies when designing policies and activities to combat CFF activities. The sustained spatial autocorrelation in total losses underscores an elevated interconnectedness in economic and social dynamics among neighboring states. States in close proximity are predisposed to exhibit analogous levels of total and median losses. This finding reveals a discernible pattern in the distribution of total losses across contiguous US states. To account for state size, the total number of reported frauds and total monetary losses variables were adjusted based on the state's population.
Originality/value
The study provides empirical evidence for spatial autocorrelation for CFF patterns across the states within the contiguous USA. The work shows that adopting a spatial approach to studying CFF offers a promising area for future research.
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This paper provides an overview of agent-based modeling and simulation (ABMS) and evaluates the questions that have been raised regarding the “assumptions and mechanisms used” by…
Abstract
Purpose
This paper provides an overview of agent-based modeling and simulation (ABMS) and evaluates the questions that have been raised regarding the “assumptions and mechanisms used” by a well-cited paper that has used this methodology.
Design/methodology/approach
This work provides a review of agent-based simulation modeling and its capabilities to advance and test theory. The commentary then evaluates and addresses the raised questions and reservations.
Findings
Agent-based modeling offers unique capabilities that can be used to explore complex phenomena in business and marketing. Some of the raised reservations may be considered as directions for future research. However, the criticisms are for most part unsupported by existing research and do not undermine the contributions of the paper that is being discussed.
Practical implications
Given its relative novelty, reservations regarding agent-based simulation modeling are quite natural. Discussions like this one would bring together different points of view and lead to a better understanding of how using ABMS can benefit academia and industry.
Originality/value
This commentary is part of an intellectual dialogue that seeks to provide different points of view about agent-based simulation modeling using a specific paper as an example.
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The financial industry offers a unique setting to study innovations. Financial innovations have fueled the growth of economies, markets and societies. The financial industry has…
Abstract
Purpose
The financial industry offers a unique setting to study innovations. Financial innovations have fueled the growth of economies, markets and societies. The financial industry has successfully become the breeding ground for innovative services, processes, business models and technologies. This study seeks to provide a holistic view of the literature on financial innovations, synthesize the research findings and offer future directions for research in light of three market developments that are disrupting the industry and opening up a new era for the financial services industry. Disruptions from within and outside the industry offer new generations of radically innovative services. Moreover, new generations of consumers differ from previous generations in their needs and wants and look for innovative ways to handle their financial needs. Finally, significant developments related to financial innovations have emerged in Asia and developing countries.
Design/methodology/approach
This study systematically reviews the academic research literature on financial innovations in two phases. The first phase provides a quantitative review of 546 journal articles published between 1990 and 2018. In the second phase, the study synthesizes the extant research on financial innovations and maps them in five research areas: firms' introduction and adoption of FIs, financial innovation development, the outcomes of financial innovations, regulations and intellectual property, and consumers.
Findings
The analysis found that disciplines differ with regard to the employed research methodologies, the units of analysis, sources of data and the innovations they examined. A positive trend in the number of published articles during this period is observed. However, studies have primarily focused on the USA and Europe and less so on other parts of the world. The literature synthesis further identifies research gaps in the available research that highlight future research opportunities in light of the three market disruptions. The financial services industry is on the brink of a new era due to disruptions from within and outside the industry and the entrance of new generations of consumers. Moreover, the financial industry has successfully become the breeding ground for innovative services, processes and business models. Therefore, financial innovations offer promising opportunities for bridging the gap between research on product and service innovations.
Research limitations/implications
The work provides a holistic and systematic overview of extant research on financial innovations and highlights future research opportunities in light of the three disruptive market developments. It helps researchers take advantage of the opportunities in studying financial innovations while maintaining industry relevance.
Originality/value
The study is the first to review and synthesize the academic research literature on financial innovations across marketing, finance and innovation disciplines. In addition, the study highlights three primary disruptive forces in the financial industry and identifies future research directions in light of these disruptive forces.
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The purpose of this paper is to present a systematic overview of the current state of research on innovations in financial services and identifies the areas that have received…
Abstract
Purpose
The purpose of this paper is to present a systematic overview of the current state of research on innovations in financial services and identifies the areas that have received less attention, and hence offer opportunities for future research.
Design/methodology/approach
An extensive search identified 121 research papers that have studied innovations in financial services from January 1990 to March 2015. A thorough content analysis objectively organized and coded the studies based on various aspects including publication year, focus of study, methodology, unit of analysis, sample, data analysis method, and geographical region. Analysis of the resulting data presents an overview of the research and identifies areas for future research.
Findings
The findings indicate that research on innovations in financial services is diverse and has explored various topics. The findings summarize the research papers with regards to each of the aforementioned aspects and offer researchers directions for future research.
Research limitations/implications
The sample size of 121 articles is an adequate sample size for the purpose of the study and it is in line with similar studies on innovations in other areas. However, future research can expand the study to include more academic journals in addition to reviewing and synthesizing the qualitative aspects of studies and meta-analysis of the identified relationships.
Originality/value
The study is the first to present a holistic overview of the current state of research on innovations in financial services. The findings offer clear directions to researchers for future research and hence can be used to promote research in these areas.
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Mohammad G. Nejad and Katayon Javid
The purpose of this paper is to explore the relationship between consumers’ subjective and objective financial literacy (OFL) – the necessary knowledge and skills to make…
Abstract
Purpose
The purpose of this paper is to explore the relationship between consumers’ subjective and objective financial literacy (OFL) – the necessary knowledge and skills to make effective personal financial decisions – and their effects on opinion leadership and the use of retail financial services.
Design/methodology/approach
In total, 486 US participants were surveyed. The demographical profile of the sample roughly resembled that of the USA population.
Findings
On average, consumers with moderate levels of OFL report lower subjective financial literacy (SFL) compared to those with low or high levels of OFL. Moreover, while SFL and opinion leadership are positively correlated, consumers with moderate levels of OFL reported lower opinion leadership compared to those with high or low levels of OFL. The paper introduces financial literacy miscalibration as the discrepancy between consumers’ objective and SFL. Financially illiterate respondents who perceived themselves as financially knowledgeable reported high opinion leadership. Finally, a greater percentage of financially – literate consumers reported owning checking and savings accounts, using online and mobile banking for diverse purposes, and making fewer phone calls to customer services, compared to others.
Research limitations/implications
The paper integrates literature from financial literacy, consumer knowledge, and opinion leadership to explain these findings and to further enhance our theoretical and empirical understanding of objective vs SFL.
Practical implications
The discrepancies between objective and SFL may significantly influence consumers’ financial decisions and the degree to which they expose themselves to the pertinent risks. The paper discusses implications for public policy makers as well as marketing managers and researchers.
Originality/value
The study is the first to empirically explore the research questions following the conceptual development.
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Hooman Estelami and Mohammad G. Nejad
While existing research has established various methods for pricing, the impact of a manager’s individual psychological profile on his/her price setting behavior is relatively…
Abstract
Purpose
While existing research has established various methods for pricing, the impact of a manager’s individual psychological profile on his/her price setting behavior is relatively unexamined. This is especially critical in the context of pricing decisions implemented in response to competitive forces. This paper aims to explore how a manager’s price responses to price cuts by a competitor are affected by his/her cognitive style, gender and entrepreneurial attitudes.
Design/methodology/approach
In the first study, a simulation-based pricing environment is used in a lab setting to capture the dynamics of pricing decisions made in response to competitive price cuts. Participants’ price responses are captured in the form of the magnitude of price change implemented in a simulated environment in response to a competitor’s price reduction. The second study extends the scope of inquiry by using a national sample of business professionals and replicates and reinforces the findings of the first study by capturing participants’ attitudinal response on the decision to reduce prices in reaction to competitive price reductions.
Findings
The results of both studies indicate significant effects for cognitive style, gender and entrepreneurial attitudes. Individuals with stronger entrepreneurial attitudes and analytical cognitive styles, and females are less likely to engage in reactive price reductions.
Research limitations/implications
The findings of this study indicate that managers’ propensity to engage in price changes in reaction to competitors can be linked to their psychological profile and gender.
Practical implications
Given the existence of the relationship between price reactions of managers and their cognitive style and entrepreneurial attitudes, the training and development of pricing professionals may need to take these individual-level factors into account.
Originality/value
This is the first study that has linked managers’ propensity to engage in price changes in reaction to competitors to their gender and psychological profile.
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Mohammad Masoud Nakhostin, Fariborz Jolai, Esmaeil Hadavandi and Mohammad Chavosh Nejad
The primary goal of this research is to introduce a data-driven Problem-Solving Approach for Performance Improvement in Healthcare Systems (DPAPIH). This approach combines process…
Abstract
Purpose
The primary goal of this research is to introduce a data-driven Problem-Solving Approach for Performance Improvement in Healthcare Systems (DPAPIH). This approach combines process mining and data mining techniques to enhance operational efficiency by identifying bottlenecks in Coronary Artery Bypass Grafting (CABG) procedures, particularly focusing on variability in Length of Stay (LOS) in the Intensive Care Unit (ICU). The study, implemented at Tehran Heart Center, aims to optimize patient flow, reduce ICU congestion and improve hospital efficiency by predicting and managing the occurrence of postoperative Atrial Fibrillation (AF), a significant cause of prolonged ICU stays.
Design/methodology/approach
The study introduces a data-driven problem-solving approach that integrates process mining and data mining techniques to improve performance in healthcare systems. Focusing on coronary artery bypass grafting (CABG) at Tehran Heart Center, the approach identifies bottlenecks, particularly variability in ICU length of stay (LOS) and predicts postoperative atrial fibrillation (AF). A mixed-methods approach is employed, combining quantitative process mining analyses with qualitative insights from expert consultations. The CHAID decision tree algorithm, alongside other models, is used to predict AF, enabling preemptive interventions, improving patient flow and optimizing resource allocation to reduce hospital congestion and costs.
Findings
The study reveals that postoperative Atrial Fibrillation (AF) significantly increases the length of stay (LOS) in the Intensive Care Unit (ICU), creating bottlenecks that delay subsequent surgeries and elevate hospital costs. A predictive model developed using CHAID decision tree algorithms achieved a prediction accuracy of 71.4%, allowing healthcare providers to anticipate AF occurrences. This capability enables proactive measures to reduce ICU congestion, improve patient flow and optimize resource allocation. The findings emphasize the importance of AF management in enhancing operational efficiency and improving patient outcomes in Coronary Artery Bypass Grafting (CABG) procedures.
Originality/value
This study presents an innovative integration of fuzzy process mining and data mining algorithms to address performance bottlenecks in healthcare systems, specifically within the coronary artery bypass surgery process. By identifying atrial fibrillation as a key factor in length of stay fluctuations and developing a robust predictive model, the research offers a novel, data-driven approach to performance improvement. The implementation at Tehran Heart Center validates the model’s practical applicability, demonstrating significant potential for enhancing patient outcomes, optimizing resource allocation and informing decision-making in healthcare management.
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Allard C.R. Van Riel, Jie J. Zhang, Lee Phillip McGinnis, Mohammad G. Nejad, Milos Bujisic and Paul A. Phillips
While innovative service systems may create substantial value for certain stakeholders, they often destroy value for others. This value paradox frequently leads to unsustainable…
Abstract
Purpose
While innovative service systems may create substantial value for certain stakeholders, they often destroy value for others. This value paradox frequently leads to unsustainable service systems. The purpose of this paper is to explore the use of multiple theories to pinpoint and explain these value paradoxes, build a framework allowing potentially more sustainable value configuration of service systems and develop an agenda for future research. The framework is illustrated with examples from the hospitality industry.
Design/methodology/approach
The paper draws on prevalent theories and approaches, including service-dominant logic, business modeling, transaction cost economics, stakeholder theory, configuration theory and set theory, to develop a value configuration framework.
Findings
In a service system, the configuration of resources and relationships between these resources (i.e. the set of value propositions for various stakeholders of the system) determines which stakeholders will gain and which will lose and to what extent. For that reason, insight into the range of possible service configurations – or business models – will help decision makers consider the effects on various stakeholders, and, where possible, set their priorities right and make their businesses more sustainable. The research produces a rich research agenda.
Research limitations/implications
Examples from hospitality allow an in-depth examination of a range of dynamic configurational and technological innovations, but some idiosyncratic characteristics of the context may impede the wider applicability of the conceptual framework. Future research could complement this work by studying other service sectors.
Practical implications
The paper aims to provide decision makers in the service industry with a conceptual tool to explore, diagnose and, if needed, adjust the value configuration of their service operations. In practice, this tool may help explicate the service system configuration, thus helping managers determine their organizations’ desired positioning in terms of value creation and destruction, and to choose strategic directions by adapting configurations.
Social implications
Legislation and regulations are being adapted to various new service configurations. This paper attempts to – at least conceptually – distinguish different service configurations, allowing policy makers to identify the value trade-offs between stakeholders, including society at large.
Originality/value
Previous research focused primarily on value creation by innovative services and business models. Value creation for one stakeholder, however, could lead to value destruction for another. Taking this paradox into consideration may result in more open service ecosystems that explicitly consider sustainability and value implications in multiple dimensions and for a broader group of stakeholders.
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Sajad Pirsa and Fardin Mohammad Nejad
The purpose of this paper is to construct an array of sensors using polypyrrole–zinc oxide (PPy–ZnO) and PPy–vanadium (V; chemical formula: V2O5) fibers. To test responses of…
Abstract
Purpose
The purpose of this paper is to construct an array of sensors using polypyrrole–zinc oxide (PPy–ZnO) and PPy–vanadium (V; chemical formula: V2O5) fibers. To test responses of sensors, a central composite design (CCD) has been used. The results of the CCD technique revealed that the developed sensors are orthogonally sensitive to diacetyl, lactic acid and acetic acid. In total, 20 different mixtures of diacetyl, lactic acid and acetic acid were prepared, and the responses of the array sensors were recorded for each mixture.
Design/methodology/approach
A response surface regression analysis has been used for correlating the responses of the sensors to diacetyl, lactic acid and acetic acid concentrations during the gas phase in food samples. The developed multivariate model was used for simultaneous determination of diacetyl, lactic acid and acetic acid concentrations. Some food samples with unknown concentrations of diacetyl, lactic acid and acetic acid were provided, and the responses of array sensors to each were recorded.
Findings
The responses of each sensor were considered as target response in a response optimizer, and by an overall composite desirability, the concentration of each analyte was predicted. The present work suggests the applicability of the response surface regression analysis as a modeling technique for correlating the responses of sensor arrays to concentration profiles of diacetyl, lactic acid and acetic acid in food samples.
Originality/value
The PPy–ZnO and PPy–V2O5 nanocomposite fibers were synthesized by chemical polymerization. The provided conducting fibers, PPy–ZnO and PPy–V2O5, were used in an array gas sensor system for the analysis of volatile compounds (diacetyl, lactic acid and acetic acid) added to yogurt and milk samples.