Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior…
Abstract
Smart card-based E-payment systems are receiving increasing attention as the number of implementations is witnessed on the rise globally. Understanding of user adoption behavior of E-payment systems that employ smart card technology becomes a research area that is of particular value and interest to both IS researchers and professionals. However, research interest focuses mostly on why a smart card-based E-payment system results in a failure or how the system could have grown into a success. This signals the fact that researchers have not had much opportunity to critically review a smart card-based E-payment system that has gained wide support and overcome the hurdle of critical mass adoption. The Octopus in Hong Kong has provided a rare opportunity for investigating smart card-based E-payment system because of its unprecedented success. This research seeks to thoroughly analyze the Octopus from technology adoption behavior perspectives.
Cultural impacts on adoption behavior are one of the key areas that this research posits to investigate. Since the present research is conducted in Hong Kong where a majority of population is Chinese ethnicity and yet is westernized in a number of aspects, assuming that users in Hong Kong are characterized by eastern or western culture is less useful. Explicit cultural characteristics at individual level are tapped into here instead of applying generalization of cultural beliefs to users to more accurately reflect cultural bias. In this vein, the technology acceptance model (TAM) is adapted, extended, and tested for its applicability cross-culturally in Hong Kong on the Octopus. Four cultural dimensions developed by Hofstede are included in this study, namely uncertainty avoidance, masculinity, individualism, and Confucian Dynamism (long-term orientation), to explore their influence on usage behavior through the mediation of perceived usefulness.
TAM is also integrated with the innovation diffusion theory (IDT) to borrow two constructs in relation to innovative characteristics, namely relative advantage and compatibility, in order to enhance the explanatory power of the proposed research model. Besides, the normative accountability of the research model is strengthened by embracing two social influences, namely subjective norm and image. As the last antecedent to perceived usefulness, prior experience serves to bring in the time variation factor to allow level of prior experience to exert both direct and moderating effects on perceived usefulness.
The resulting research model is analyzed by partial least squares (PLS)-based Structural Equation Modeling (SEM) approach. The research findings reveal that all cultural dimensions demonstrate direct effect on perceived usefulness though the influence of uncertainty avoidance is found marginally significant. Other constructs on innovative characteristics and social influences are validated to be significant as hypothesized. Prior experience does indeed significantly moderate the two influences that perceived usefulness receives from relative advantage and compatibility, respectively. The research model has demonstrated convincing explanatory power and so may be employed for further studies in other contexts. In particular, cultural effects play a key role in contributing to the uniqueness of the model, enabling it to be an effective tool to help critically understand increasingly internationalized IS system development and implementation efforts. This research also suggests several practical implications in view of the findings that could better inform managerial decisions for designing, implementing, or promoting smart card-based E-payment system.
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Kam C. Chan, Hung‐Gay Fung and Wai K. Leung
We examine the citations from four international business (IB) journals over 2000‐2004 to show the areas, the journals, and the institutions that impact IB research. The leading…
Abstract
We examine the citations from four international business (IB) journals over 2000‐2004 to show the areas, the journals, and the institutions that impact IB research. The leading works that influence IB research are primarily management journals, scholarly books, and IB journals. IB research is published in non‐IB journals, as well and this has influenced the recent research in IB journals. U.S. and non‐U.S. academic institutions and non‐academic organizations are among the top 100 institutions that impact IB research, indicating that this research is a truly global endeavor. Finally, recent IB research is influenced more by recent published research than by past research. Scholarly books have become less influential, while the economics, finance, and marketing journals show no change in the influence on IB research over time.
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Ernest N. Biktimirov and Yuanbin Xu
The purpose of this paper is to examine changes in stock returns, liquidity, institutional ownership, analyst following and investor awareness for companies added to and deleted…
Abstract
Purpose
The purpose of this paper is to examine changes in stock returns, liquidity, institutional ownership, analyst following and investor awareness for companies added to and deleted from the Dow Jones Industrial Average (DJIA) index. Previous studies report conflicting evidence regarding the market reactions to changes in the DJIA index membership.
Design/methodology/approach
This study uses the event-study methodology to calculate abnormal returns and trading volume around the announcement and effective days of DJIA index changes from 1929 to 2015. It also tests for significant changes in liquidity, institutional ownership, analyst following and investor awareness in the 1990–2015 period. Multivariate regressions are used to perform a simultaneous analysis of competing hypotheses.
Findings
This study resolves the mixed results of previous DJIA index papers by documenting different stock price and trading volume reactions over the 1929–2015 period. Focusing on the most recent period, 1990–2015, the study finds that stocks added to (deleted from) the index experience a significant permanent stock price gain (loss). The observed stock price reaction seems to be associated with changes in liquidity proxies thus lending support for the liquidity hypothesis.
Research limitations/implications
Limited data availability for the periods prior to 1990 prevents this study from identifying the exact reasons for different stock price and trading volume reactions across subperiods of the 1929–2015 period.
Originality/value
This study provides the most comprehensive examination of market reactions to changes in the DJIA index and resolves the mixed results of previous studies. A better understanding of market reactions around the DJIA index changes can help both individual and institutional investors with developing effective trading strategies and index managing companies with designing optimal announcement policies.
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P.R. CHANDY and WALLACE N. DAVIDSON
Determinants of Electric Utility Betas. One important aspect of utility regulation is the estimation of cost of equity capital of the firm. Several techniques have been used to…
Abstract
Determinants of Electric Utility Betas. One important aspect of utility regulation is the estimation of cost of equity capital of the firm. Several techniques have been used to estimate the cost of equity, including the discounted cash flow model and the capital asset pricing model (CAPM). CAPM has its foundations in modern portfolio theory and its application has generated a lot of controversy — both from academia and the professional world. Much of the problem in using CAPM in utility rate cases has centered on the issue of estimating the beta coefficient. Myers (1972) points out that problems exist in the following areas: measurement of beta; stability of beta; and incomplete description of risk and return by CAPM. There is evidence to believe that CAPM is still widely used be expert witnesses to explain risk‐return relationships in utility rate cases (Cooley, 1980).
Donna J. Wood and Raymond E. Jones
This paper uses a stakeholder framework to review the empirical literature on corporate social performance (CSP), focusing particularly on studies attempting to correlate social…
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This paper uses a stakeholder framework to review the empirical literature on corporate social performance (CSP), focusing particularly on studies attempting to correlate social with financial performance. Results show first that most studies correlate measures of business performance that as yet have no theoretical relationship (for example, the level of corporate charitable giving with return on investment). To make sense of this body of research, CSP studies must be integrated with stakeholder theory. Multiple stakeholders (a) set expectations for corporate performance, (b) experience the effects of corporate behavior, and (c) evaluate the outcomes of corporate behavior. However, we find that the empirical CSP literature mismatches variables in terms of which stakeholders are relevant to which kind of measure. Second, only the studies using market‐based variables and theory show a consistent relationship between social and financial performance, particularly those showing a negative abnormal return to the stock price of companies experiencing product recalls. Although this paper shows that the CSP construct is not yet well‐specified enough to produce stronger results, recent research suggests that much progress is being made both empirically and theoretically in developing valid and reliable measures of corporate social performance.
John M. Trussel and Patricia A. Patrick
This paper uses survival analysis to investigate fiscal distress in special district governments. We hypothesize that fiscal distress is positively correlated with revenue…
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This paper uses survival analysis to investigate fiscal distress in special district governments. We hypothesize that fiscal distress is positively correlated with revenue concentration and debt usage, and negatively correlated with organizational slack and entity resources. Our model addresses differences in district functions, financing and legislation. Our regression model predicts the likelihood of fiscal distress and correctly classifies 93.4 percent of the districts as fiscally distressed or not. The results show that the most important indicator of fiscal distress is a low level of capital expenditures relative to total revenues and bond proceeds. The information needed to predict fiscal distress is publicly available, making our model useful in the prevention, detection, and mitigation of fiscal distress in U.S. districts.
Patricia A. Ryan and Sriram V. Villupuram
The purpose of this study is to explain the mixed results to changes in the DJIA index documented in the literature. The authors show that economic cycles, especially recessionary…
Abstract
Purpose
The purpose of this study is to explain the mixed results to changes in the DJIA index documented in the literature. The authors show that economic cycles, especially recessionary periods, explain the difference in findings.
Design/methodology/approach
The authors examine changes in the Dow Jones Industrial Average (DJIA) from 1929 to 2019 to evaluate immediate and long-term market reactions after a component change. Using multiple event-study methodologies, the authors examine the full era, the pre- and post-exchange traded fund (ETF) windows and economic cycles using both pre and post-estimation windows.
Findings
In aggregate, DJIA additions do not present an increase in wealth; however, wealth effects are positive during expansions and negative during recessions. Deletions have a negative wealth effect. The authors find weak evidence of an indexing effect. Additions are positive post-1998, and deletions remain negative regardless of era. In the long run, firms added to the DJIA have positive abnormal returns in the second year after inclusion. Deletions in recessionary times have negative returns three years after removal, a signal of longer-term wealth decline for these firms.
Research limitations/implications
The DJIA changes periodically to better represent industries relevant to the blue-chip market, and the findings have implications for fund managers and active investors.
Practical implications
The DJIA changes periodically to better represent industries relevant to the blue-chip market, and the findings have implications for fund managers and active investors.
Originality/value
Prior literature presents limited time series of data points and mixed results and implications. The authors find that the economic cycle is a driving factor that supports predicted signs and amounts of wealth change. Furthermore, the authors see limited ETF impact on DJIA changes and some impact of the choice of estimation period.
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Timo Dietrich, Erin Hurley, Julia Carins, Jay Kassirer, Sharyn Rundle-Thiele, Robert W. Palmatier, Rowena Merritt, Scott K. Weaven and Nancy Lee
The purpose of this paper is synthesise social marketing literature over the past fifty years and deliver a set of guiding tenets to propel social marketing’s agenda forward.
Abstract
Purpose
The purpose of this paper is synthesise social marketing literature over the past fifty years and deliver a set of guiding tenets to propel social marketing’s agenda forward.
Design/methodology/approach
Across three strands, this paper amalgamates theoretical and practitioner evidence from social marketing. This synthesis commences with a review, summary and critical discussion of five decades of social marketing research. Across Strands 2 and 3, the authors review 412 social marketing interventions reported across 10 evidence reviews and 238 case studies.
Findings
This paper demonstrates social marketing’s use of fundamental marketing principles and capability to achieve behaviour change outcomes. Social marketers have built frameworks and processes that non-profit organisations, government agencies and policymakers seeking to enact change can use. This paper delivers five tenets that summarise the findings of the three strands and delivers research priorities for the next 50 years of social marketing research to drive the field forward.
Research limitations/implications
Drawing on five decades of learning, this paper proposes research priorities that can be applied to refine, recalibrate and future-proof social marketing’s success in making the world a better place.
Practical implications
This paper demonstrates the value of social marketing science and helps bridge gaps between theory and practice, and further strengthens social marketing’s value proposition. This paper provides confidence that money invested in social marketing programs is well spent.
Originality/value
This paper delivers a forward-looking perspective and provides social marketing academics and practitioners with confidence that it can assist in overcoming society’s most pressing issues. The paper encompasses key social marketing literature since it was founded 50 years ago. Five tenets will guide social marketing forward: evidencing marketing principles, operationalisation of processes, principles and activities, implementing systems thinking, creating and testing marketing theory and guiding a new social marketing era.
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Lori L. Moore and Ashley Stewart
Since 2002, the Journal of Leadership Education (JOLE) has served as a primary source for the dissemination of new knowledge in the field of leadership education. The purpose of…
Abstract
Since 2002, the Journal of Leadership Education (JOLE) has served as a primary source for the dissemination of new knowledge in the field of leadership education. The purpose of this study was to empirically analyze sources cited in research features included in the JOLE from Volume 1, Issue 1 through Volume 12, Issue 1. A total of 125 research features were analyzed, resulting in 3,497 citations, and yielding an average of 28 citations per research feature. A thorough examination indicated research features of the JOLE cite journals and books most frequently, accounting for 86.7% of all citations. The JOLE was found to be the most cited journal in research features. Nine books and five journal articles were found to be the most often cited references within the research features in this study. Future research should be conducted to understand the relative contribution of various document types to the overall composition of research features to better understand the relevance of each in today’s knowledge base.
The eclectic paradigm is one of the most enduring frameworks in international business today. It is difficult to find a major area of international business thinking and research…
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The eclectic paradigm is one of the most enduring frameworks in international business today. It is difficult to find a major area of international business thinking and research that has been unaffected, either directly or indirectly, by Dunning’s articulation of the nature of multinational enterprise (MNE) production and the factors affecting the distribution of MNE activity. His structuring of the factors underlying the choice of production location and internalization of intermediate product transactions laid the foundation for much of the research conducted over the last three decades on the distribution and character of the global operations of multinational corporations. More indirectly, the deeper questions raised by Dunning’s work, as well as the criticisms leveled at it, have spawned an ever widening array of research thought. The continuing importance of this work can be seen in the fact that, today still, even the earliest work on the eclectic paradigm continues to be cited by scholars at a fairly steady rate (see Chandy & Williams, 1994; Phene & Guisinger, 1998).1