Publications with Fulltext
Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/6
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Publication Open Access United we stand: the impact of buying groups on retailer productivity(American Marketing Association (AMA), 2015) Geyskens, Inge; Gielens, Katrijn; Department of Business Administration; Wuyts, Stefan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsIn diverse industries, from grocery retailing to health care, retailers join buying groups to achieve better terms with suppliers. The authors track the buying group membership of Europe's largest grocery retailers over a 15-year period and evaluate why some buying groups are better than others in increasing retailer performance and why different members belonging to the same group do not always benefit equally from their membership. They find that, on average, buying groups indeed generate scale advantages for their members: group scale increases group members' productivity and sales and decreases their cost of goods sold. Still, bigger is not always better. Retailers benefit less from buying group scale when the group is more heterogeneous in terms of member size and when it extends its scope across too many markets. Moreover, the smaller a member is within the group and the more it overlaps with fellow members, the less it benefits.Publication Open Access The case against active pension funds: evidence from the Turkish Private Pension System(Elsevier, 2015) Yalçın, Atakan; Department of Business Administration; Gökçen, Umut; Department of Business Administration; College of EngineeringUsing data on private Turkish pension funds we show that most active managers are not able to provide performance beyond what could be achieved by passive indexing. The average fund beats its benchmark by only 26 basis points, before fees. We also observe herding behavior among managers' asset allocation decisions which can potentially explain their lack of overperformance. Our results strongly support the need for low-cost index funds in emerging market countries that are reforming their pension schemes. We further recommend regulatory oversight on the "activeness" of funds and introduction of default plans with more balanced asset allocations.Publication Open Access The long-term stock market valuation of customer satisfaction(American Marketing Association (AMA), 2008) Cooil B., Groening C., Keiningham T. L.; Yalçın, Atakan; Department of Business Administration; Aksoy, Lerzan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsFirm valuation has been an important domain of interest for finance. However, most financial models do not include customer-related metrics in this process. Studies in marketing have found that one particular customer metric, customer satisfaction, improves the ability to predict future cash flows, long-term financial measures, stock performance, and shareholder value. However, most of these studies predominantly employ models that are not directly used in finance practice. This article extends existing literature by examining the impact of customer satisfaction on firm valuation by employing multiples and risk-adjusted abnormal return models borrowed directly from the practice of finance. Data include 3600 firm-quarter observations from the American Customer Satisfaction Index, COMPUSTAT, and Center for Research in Securities Prices databases from 1996 to 2006. The results indicate that a portfolio of stocks consisting of firms with high levels and positive changes in customer satisfaction will outperform the other three possible portfolio combinations (low levels and negative changes, low levels and positive changes, and high levels and negative changes in customer satisfaction) along with Standard & Poor's 500. Initially, the stock market undervalues positive satisfaction information, but the market adjusts in the long run.Publication Open Access A transaction utility approach for bidding in second-price auctions(Elsevier, 2020) Akçay, Yalçın; Department of Business Administration; Sayman, Serdar; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 112222In both the Vickrey and eBay auctions, bidding the reservation price is the optimal strategy within the conventional utility framework. However, in practice, buyers tend to bid less than their reservation prices, and bid multiple times, thus increase their bids, in the course of an auction. In this paper, we show that both underbidding and multiple bidding behaviors can be consistent with utility maximization, if buyer's utility incorporates a transaction utility (reference price dependent) component. Transaction utility is based on the difference between the buyer's reference price and actual price paid; it captures the perceived value of the deal. More specifically, we show that the optimal bid is lower than the reservation price, but higher than the reference price. Furthermore, buyer may re-bid (above the prior optimal level) if the reference price is revised upon observing a higher current price.Publication Open Access A longitudinal analysis of customer satisfaction and share of wallet: investigating the moderating effect of customer characteristics(American Marketing Association (AMA), 2007) Cooil, B.; Keiningham, T. L.; Hsu, M.; Department of Business Administration; Aksoy, Lerzan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsCustomer loyalty is an important strategic objective for all managers. Research has investigated the relationship between custom̀er satisfaction and loyalty in various contexts. However, these predominantly cross-sectional studies have focused on customer retention as the primary measure of loyalty. There has been little investigation into the impact on share of wallet. Using data from the Canadian banking industry, this research aims to (1) provide the first longitudinal examination of the impact of changes in customer satisfaction on changes in share of wallet and (2) determine the moderating effects of customer age, income, education, expertise, and length of relationship. Data from 4319 households using 12,249 observations over a five-year period indicate a positive relationship between changes in satisfaction and share of wallet. In particular, the initial satisfaction level and the conditional percentile of change in satisfaction significantly correspond to changes in share of wallet. Two variables, income and length of the relationship, negatively moderate this relationship. Other demographic and situational characteristics have no impact.Publication Open Access Optimal sales and production rollover strategies under capacity constraints(Elsevier, 2021) Schwarz, Justus Arne; Department of Business Administration; Tan, Barış; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 28600Firms regularly replace their old product generation by a newer generation to sustain and increase their market share and profit. The product rollover problem of deciding on the number of old products to be pre-produced before the introduction of the new generation, and then deciding on the prices, sales volumes, and production volumes of the old and the new generation during the introduction under capacity constraint is considered. Production capacity limitations are common during the introduction period of a new product. We provide the first study that examines how a production capacity constraint affects the optimal decisions. The optimal decisions for a deterministic period-based model are provided in closed-form. A single sales/production rollover strategy implies that the sales/production of the old generation is discontinued before introducing the new generation. With a dual sales/production rollover strategy, the old and the new generation are sold/produced simultaneously. Depending on the capacity shortage, there are two types of mitigation actions: (i) increasing the prices, (ii) changing the sales and/or production rollover strategies with pre-production while adjusting the prices accordingly. If the capacity is unlimited, aligned sales and production rollover strategies are always optimal. We establish the conditions under which limited capacity leads to a combination of a single production rollover with a dual sales rollover strategy. We show that the selection of optimal rollover strategies is non-monotone in the available capacity. This implies that a change in the rollover strategy in response to limiting capacity has to be revoked for more severe capacity shortages.Publication Open Access Experience and views of nurses on nursing services and personal protective equipment in Covid-19 pandemic the case of Turkey: a cross-sectional study(Wiley, 2022) Özbaş, Azize Atlı; Kovancı, Mustafa Sabri; Savaş, Hafize; Çelik, Yusuf; Çelik, Sevilay Şenol; Faculty Member; School of Nursing; 5676Background: during the COVID-19 pandemic, there were difficulties in planning the nursing workforce and personal protective equipment. Aim: the purpose of this study was to identify the experiences and views of nurses on personal protective equipment use and nursing workforce planning in Turkey. Methods: this descriptive and cross-sectional study was conducted between 23 December 2020 and 3 May 2021, among 362 nurses who agreed to participate in this study voluntarily. Results: the findings showed that the satisfaction scores were significantly higher for those nurses who worked in 8-h shifts, were not assigned to different clinics, were notified by an official letter and 1 week or month in advance before assignment compared with nurses in other categories. Conclusions: the problems that have arisen in the COVID-19 pandemic process have made it clear that there is a need for a nursing services management model in the event of an epidemic. Implications for nursing management: this study reveals the need for the ‘Nursing Services Management Model in the Event of an Epidemic’ by discussing the problems of nurse workforce planning and protective personal equipment management from the perspective of nurses who experienced these problems at first hand.Publication Open Access Brand concepts as representations of human values: do cultural congruity and compatibility between values matter?(American Marketing Association (AMA), 2012) Torelli, Carlos J.; Carvalho, Sergio W.; Keh, Hean Tat; Maehle, Natalia; Department of Business Administration; Tunalı, Ayşegül Özsomer; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 108158Global brands are faced with the challenge of conveying concepts that not only are consistent across borders but also resonate with consumers of different cultures. Building on prior research indicating that abstract brand concepts induce more favorable consumer responses than functional attributes, the authors introduce a generalizable and robust structure of abstract brand concepts as representations of human values. Using three empirical studies conducted with respondents from eight countries, they demonstrate that this proposed structure is particularly useful for predicting (1) brand meanings that are compatible (vs. incompatible) with each other and, consequently, more (less) favorably accepted by consumers when added to an already established brand concept; (2) brand concepts that are more likely to resonate with consumers with differing cultural orientations; and (3) consumers' responses to attempts to imbue an established brand concept with new, (in)compatible abstract meanings as a function of their own cultural orientations.Publication Open Access A longitudinal examination of net promoter and firm revenue growth(American Marketing Association (AMA), 2007) Keiningham, Timothy L.; Cooil, Bruce; Andreassen, Tor Wallin; Department of Business Administration; Aksoy, Lerzan; Faculty Member; Department of Business Administration; College of Administrative Sciences and EconomicsManagers have widely embraced and adopted the Net Promoter metric, which noted loyalty consultant Frederick Reichheld advocates as the single most reliable indicator of firm growth compared with other loyalty metrics, such as customer satisfaction and retention. Recently, however, there has been considerable debate about whether this metric is truly superior. This article (1) employs longitudinal data from 21 firms and 15,500-plus interviews from the Norwegian Customer Satisfaction Barometer to replicate the analyses used in Net Promoter research and (2) compares Reichheld and colleagues' findings with the American Customer Satisfaction Index. Using industries Reichheld cites as exemplars of Net Promoter, the research fails to replicate his assertions regarding the "clear superiority" of Net Promoter compared with other measures in those industries.Publication Open Access There's an app for that! understanding the drivers of mobile application downloads(Elsevier, 2021) Gökgöz, Zeynep Aydın; van Bruggen, Gerrit H; Department of Business Administration; Ataman, Mehmet Berk; Teaching Faculty; Department of Business Administration; College of Administrative Sciences and Economics; 110948Since its emergence, mobile applications market has been attracting the attention of all kinds of businesses due to the lucrative opportunities apps offer and the market's low barriers to entry. Yet, in this crowded space, only a small portion of apps can survive. Using a unique data set of 979 newly released applications, acquired from a leading mobile analytics company and enriched with publicly available data, the authors shed light on the factors associated with app downloads during an app's first year of existence. Results from time-varying-parameter models estimated separately for free and paid apps reveal that gaining traction with users shortly after release seems critical and that app platform owners can be very influential in these early days. However, as apps mature, affecting the number of downloads becomes increasingly more difficult. The findings add new insights to the growing literature on apps and provide practical implications for their developers.