Research Outputs
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Publication Metadata only A global brand management roadmap(Elsevier, 2012) Batra, Rajeev; Chattopadhyay, Amitava; ter Hofstede, Frenkel; Department of Business Administration; Tunalı, Ayşegül Özsomer; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 108158N/APublication 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 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 Metadata only A review of consumer embarrassment as a public and private emotion(John Wiley and Sons Ltd, 2019) Krishna, Aradhna; Herd, Kelly B.; Department of Business Administration; Aydınoğlu, Nilüfer Zümrüt; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 114037Whether the result of mispronouncing a fancy brand name, miscalculating a tip, purchasing a sensitive product, or stumbling into a product display, embarrassment is an important part of the consumer landscape. Embarrassment has traditionally been considered a social emotion, one that can only be experienced in public. In this paper, we offer a comprehensive review of consumer embarrassment and consider situations in which embarrassment can affect consumer behavior in both public and private contexts. We define embarrassment using this broader conceptualization and outline the transgressions that might trigger embarrassment in consumption contexts. We also discuss the diverse implications of embarrassment for consumer behavior, and review the strategies that both consumers and practitioners can use to mitigate embarrassment and its negative consequences. We hope this framework will stimulate new research on consumer embarrassment in both public and private contexts.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 Metadata only Aggregate earnings, firm-level earnings, and expected stock returns(Cambridge Univ Press, 2008) Tehranian, Hassan; Demirtaş Özgür; Department of Economics; Bali, Turan; Other; Department of Economics; College of Administrative Sciences and Economics; N/AThis paper provides an analysis of the predictability of stock returns using market-, industry-, and firm-level earnings. Contrary to Lamont (1998), we find that neither dividend payout ratio nor the level of aggregate earnings can forecast the excess market return. We show that these variables do not have robust predictive power across different stock portfolios and sample periods. In contrast to the aggregate-level findings, earnings yield has significant explanatory power for the time-series and cross-sectional variation in firm-level stock returns and the 48 industry portfolio returns. The mean reversion of stock prices as well as the earnings' correlation with expected stock returns are responsible for the forecasting power of earnings yield. These results are robust after controlling for book-to-market, size, price momentum, and post-earnings announcement drift. At the aggregate level, the information content of firm-level earnings about future cash flows is diversified away and higher aggregate earnings do not forecast higher returns.Publication Open Access Being observed in the digital era: conceptualization and scale development of the perception of being observed(Wiley, 2022) Lefkeli, Deniz; Tulan, Dilan; Department of Business Administration; Canlı, Zeynep Gürhan; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 16135This research details the development of the perception of being observed scale. Consumers may think that their actions are being observed (i.e., seen, watched, recorded, tracked) by other parties (i.e., companies, governments, people) regardless of the actual knowledge about the existence of it. We develop a 10-item, uni-dimensional perception of being observed scale. Following the assessments of the scale, we conduct a series of studies to test the scale's convergent, discriminant, nomological, and predictive validity. We show that technology anxiety, self-consciousness and privacy concerns predict the perception of being observed. Further, people who experience the perception of being observed are more conservative in information disclosure.Publication Metadata only Benefiting from alliance portfolio diversity: the role of past internal knowledge creation strategy(2014) Dutta, Shantanu; Department of Business Administration; Wuyts, Stefan; Faculty Member; Department of Business Administration; Graduate School of Business; N/AThe perspective in alliance research has shifted from the individual dyad to alliance portfolios; a key descriptor of a firm’s alliance portfolio is diversity. Focusing on firms that are confronted with emerging technological fields, the authors examine the consequences of their alliance portfolio’s technological diversity on superior product innovation. The literature has not been conclusive about the consequences of portfolio diversity. The authors examine the nature of the effect of portfolio diversity on superior product innovation and follow up on the call for a contingency perspective—as not all firms benefit equally from portfolio diversity. The contingency perspective is based on the assertion that a firm’s past strategies in internal knowledge creation are a source of experiences that increase the firm’s capability to leverage extramural knowledge. Theoretically, the study thus contributes to the absorptive capacity literature that has recently acknowledged the importance of such higher-order internal capabilities. By identifying concrete dimensions of internal knowledge creation that enable firms to benefit from portfolio diversity, actionable recommendations are derived on how to align internal knowledge creation with external knowledge sourcing. The empirical support in the biopharmaceutical industry corroborates the developed theory and serves as a warning signal for firms that are ill prepared to leverage a diverse alliance portfolio.Publication Metadata only Bondholder governance, takeover likelihood, and division of gains(Elsevier, 2023) Akdogu, Evrim; Paukowits, Aysun Alp; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 47082We investigate the effect of creditor rights on the probability of becoming a takeover target by constructing firm-level bond covenant indices. Our primary result is that the more restrictive covenants a firm has, the more likely it is to become the target of an acquisition. This finding is robust to the exclusion of merger-related event-risk covenants which have the opposite impact and appear to reduce takeover likelihood. Furthermore, this effect is not driven by financially distressed firms and rather contained in small, profitable, financially healthy firms with high growth opportunities and low cash holdings. We also find that a higher target covenant index leads to a significant decrease (increase) in target (acquirer) abnormal returns around acquisition announcements and tilts merger gains towards the acquirer, suggesting the presence of a 'cove-nant discount' for potential target firms. Overall, our results are consistent with covenants creating key frictions, and in turn, making firms viable targets for acquirers with possibly deep pockets.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.