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This study aims to introduce a compelling customer value score method (CVSM), which is applicable for different product categories, and elaborates customer values in three components (direct economic value, depth of direct economic value and breadth of the indirect economic value) throughout three stages of customer journey.

This study collected data from the Internet-shopping platforms, namely Taobao and T-Mall from 2019 to 2020 with particular focus on three product categories: lipstick (fast-moving consumer goods), mobile phones (durable goods) and alcohol (a hybrid of the other two product types) from 37 selected firms. The CVSM employs an entropy-based multiple criteria analysis, of which the weight of each indictor is not fixed artificially, but computed by the entropy-based method that calculates informative differences among the indicators (profit, revenue, positive reviews, search index and likes and favorites).

The result shows that product categories and market status have a moderation effect on three components in customer values. The findings suggested marketing strategies for different consumer goods, where the fast-moving consumer goods like lipstick should focus on the pre-purchase stage while the durable goods should emphasize post-purchase stage when the market is rapidly changing.

The study brings new insights to Kumar’s customer value theory by integrating product categories and the market status, revealing that three components of customer values differ in their contributions to the whole customer values. This paper further contributed managerial suggestions for marketers with regards to three stages of customer journey.

The purpose of this study is to provide a nuanced understanding of the marketing placebo effect (MPE) of products with reduced sugar labeling and how it forms certain perceptual underpins (perceived healthiness (PH) and perceived tastiness (PT)), with the potential effect of product category and social class in consideration.

The proposed model is tested using a sample of 822 participants by employing partial least squares structural equation modeling (PLS-SEM). Hypothetical relationships among MPE, PH, PT, purchase intention (PI) and social class are examined for both hedonic and utilitarian products.

The results highlight the positive role of MPE in leveraging consumer PI through the parallel mediation of PH and PT. The positive effect of MPE on PH and PT was more pronounced for the utilitarian product. In addition, social class negatively moderated the relationship between PH and PI only in the case of the utilitarian product.

This paper contributed to the MPE literature in the food industry by challenging the conventional intuition of “Unhealthy = Tasty” and highlighting the potential of perceived food healthiness to positively influence perceived food tastiness under the effect of MPE. An upper social class would attenuate the positive effect of perceived food healthiness on PI.

This study initiated an investigation of how the Macau–Zhuhai tourism cooperated and discussed how Macau and Zhuhai could join hands to develop tourism in the region. The study demonstrated an approach for destination marketing organizations to explore online tourist-generated content and to understand tourists' perceptions of the destination image (DI).

A total of 1,291,057 reviews (535,317 for Macau and 755,740 for Zhuhai) were collected, analyzed and examined to determine how the DI s of Macau and Zhuhai changed during the period of 2015–2019 based on tourist-generated content on travel websites (TripAdvisor, Ctrip.com and Qyer.com) through a text-mining approach.

The result revealed that Macau and Zhuhai were in a hybrid of competition and collaboration on tourism DI s. First, Macau and Zhuhai competed in hotel and catering industry. Macau was appealing to international tourists and provided high-end and prestigious offerings; while Zhuhai was impressed by cost-effective accommodation and food. Second, Macau diversified industrial structure with diverse “Tourism, Leisure and Recreation” and “Culture, History and Art” more than Zhuhai did. Meanwhile, Macau should balance the different demands of international and Chinese tourists. Third, complementary potentials were found in natural resources, urbanization technology and tourism innovation and related projects.

The research provides valuable insights for policymakers and industrial managers on their endeavors to develop DIs. Policymakers should be able to develop supportive mechanisms and tourism facilitators to promote industrial collaboration and mutual DIs. Managers could refer to the components in the changing DIs and identify the developmental gaps and cooperation potentials in their targeted areas.

The research fulfills the gap in regional tourism studies on Macau, in which the evaluation on synergetic influence and neighbor effect from Zhuhai has been underexplored. Facilitated by up-to-date data mining techniques, the study contributes to both DI and coopetition literature in tourism marketing; and this should inspire further studies on the antecedences of DI changes, resolutions to the competing interests and DIs of different stakeholders in different forms of strategic cooperation in regional tourism. The employment of DIs is an explicit demonstration of tourists' immersion and values attached to the destination, providing effective cues on the status of coopetition.

Despite increased research attention to management innovation, the literature offers conflicting explanations of how it affects firm performance. The rational perspective emphasises the role of management innovation for organisational routine updating. The fashion perspective views management innovation as a symbolic activity to foster legitimacy. The purpose of this study is to integrate the two perspectives and explore both the mediating effects of organisational efficiency and business legitimacy and the moderating effect of CEO shareholding.

Based on empirical data from 238 Chinese firms, this study conducts stepwise regression to test the hypotheses.

This study finds that management innovation positively affects both organisational efficiency and business legitimacy and then firm performance. However, the promotion effect of organisational efficiency is stronger than that of business legitimacy on firm performance. The results further indicate that CEO shareholding strengthens the effect of management innovation on organisational efficiency but weakens it for business legitimacy.

This study presents a complete explanation of the effect of management innovation on firm performance by exploring the mediating effect of both organisational efficiency and business legitimacy. Further, it compares the effects of organisational efficiency and business legitimacy on firm performance. Finally, it resolves the conflict between the rational and fashion perspectives by involving the moderating effect of CEO shareholding.

The purpose of this study is to enhance the understanding of the marketing placebo effect (MPE) by proposing and empirically testing a model of antecedents and consequences of MPE for reduced-sugar labeled products in the food industry.

An online survey was conducted on a sample of 409 consumers to collect data on their health consciousness, sugar-induced anxiety, self-congruity, fresh start mindset and MPE of reduced front-of-pack sugar labeling in food products. Structural equation modeling (SEM) was used to analyze the data and test the hypotheses.

The results highlight the sugar-induced anxiety as the most pronounced determinant for the proposed placebo effect. Health consciousness was observed to indirectly influence the MPE via mediators (sugar-induced anxiety and self-congruity). Furthermore, the supporting role of the fresh start mindset moderates the relationships between health consciousness, sugar-induced anxiety, self-congruity and the MPE.

This study is one of the few to investigate the moderating effects of having a fresh start mindset on the MPE of reduced-sugar labeled products. Moreover, the study contributes to the growing body of research on the indirect effects of health consciousness on consumer behavior, highlighting the important role of emotional (anxiety) and self-congruity factors in shaping the MPE toward reduced-sugar labeled products.

By understanding the complex interplay between the variables of the antecedents and consequences of MPE for reduced-sugar labeled products, which engenders consumer attitude and belief about sugar intake, marketers and policymakers can develop more effective campaign strategies to promote such products and, consequently, a healthy diet and lifestyle.

This study is one of the few to investigate the moderating effects of the fresh start mindset on the MPE of reduced-sugar labeled products. Moreover, the study contributes to the growing body of research on the indirect effects of health consciousness on consumer behavior, highlighting the critical role emotional (i.e. anxiety) and cognitive (i.e. self-congruity) factors play in shaping the outcome of the MPE of reduced-sugar labeling in products.

With the increasing use of crowdfunding platforms in raising funds, it has become an important and oft-researched topic to analyze the critical factors associated with successful or failed crowdfunding. However, as a major subject of crowdfunding, medical crowdfunding has received much less scholarly attention. The purpose of this paper is to explore how contingency factors combine and casually connect in determining the success or failure of medical crowdfunding projects based on signal theory.

The paper adopts the crisp-set qualitative comparative analysis to analyze the causal configurations of 200 projects posted on a leading medical crowdfunding platform in China “Tencent Donation.” Five anecdotal conditions that could have an impact on the outcome of medical crowdfunding campions were identified. Three relate to the project (funding duration, number of images and number of updates) and two relate to the funding participants (type of suffer and type of fund-raiser).

The results show that diversified configurations of the aforementioned conditions are found (six configurations for successful medical crowdfunding projects and four configurations for failed ones).

Despite the fact that there are a considerably large number of medical crowdfunding projects, relatively few researches have been conducted to investigate configurational paths to medical crowdfunding success and failure. It is found that there are certain combinations of conditions that are clearly superior to other configurations in explaining the observed outcomes.

With the presence of pricing errors, the authors consider statistical inference on the variance risk premium (VRP) and the associated implied variance, constructed from the option prices and the historic returns.

The authors propose a nonparametric kernel smoothing approach that removes the adverse effects of pricing errors and leads to consistent estimation for both the implied variance and the VRP. The asymptotic distributions of the proposed VRP estimator are developed under three asymptotic regimes regarding the relative sample sizes between the option data and historic return data.

This study reveals that existing methods for estimating the implied variance are adversely affected by pricing errors in the option prices, which causes the estimators for VRP statistically inconsistent. By analyzing the S&P 500 option and return data, it demonstrates that, compared with other implied variance and VRP estimators, the proposed implied variance and VRP estimators are more significant variables in explaining variations in the excess S&P 500 returns, and the proposed VRP estimates have the smallest out-of-sample forecasting root mean squared error.

This study contributes to the estimation of the implied variance and the VRP and helps in the predictions of future realized variance and equity premium.

This study is the first to propose consistent estimations for the implied variance and the VRP with the presence of option pricing errors.

This paper aims to examine the relationship between audit characteristics (ACs) and audit fees on classification shifting (CS) among German-listed non-financial firms.

Using a sample of 130 German-listed (Deutscher Aktienindex, Mid Cap dax and Small caps Index) firms from 2010 until 2019, this study investigated the impact of audit committee size, audit committee meetings, audit committee financial expertise and audit fees on CS.

This study found the evidence of CS, meaning that managers misclassify recurring expenses in the income statement into non-recurring expenses to inflate core earnings. This study also found that the audit fee ratio, audit committee financial expertise and frequency of audit meetings are negatively associated with CS among German-listed firms. However, the audit committee size does not influence CS.

This study will help the board improve its internal auditing practices and provide essential information to investors to assess how ACs affect the quality of financial reporting.

This study focused on a bank-oriented economy, i.e. Germany, with lower investor protection and low transparency. This paper documents new evidence on how ACs and audit fees impact CS among German firms, as most of the previous studies on CS mainly focused on market-oriented economies such as the UK and the USA.

The purpose of this study is to enhance the comprehensive understanding of the roles of resource investments, explicit contracts and three components of guanxi (i.e. renqing, ganqing and mianzi) in asymmetric research and development (R&D) partnerships. Treating dependence asymmetry as a multidimensional construct, this study examines the moderating effects of these elements on the relationships between resources and information asymmetry and opportunism.

The study was executed by issuing questionnaires to R&D managers participating in R&D projects and collaborations in the Shanghai and Jiangsu provinces via e-mail and face to face surveys. A multiple regression analysis was used to test the hypotheses.

The empirical test generally supported the conceptual model and produced the following findings: first, resources and information asymmetry significantly and positively affect opportunism. Second, the partner’s resource investments can weaken the effect of resources and information asymmetry on the partner’s opportunism. Third, explicit contracts can reduce the impact of information asymmetry on the partner’s opportunism. Fourth, renqing and ganqing but not mianzi can weaken the influence of information asymmetry on the partner’s opportunism.

This study provides a comprehensive and clear understanding of how opportunism can be curbed by jointly considering resource investments, explicit contracts and guanxi in asymmetric R&D cooperative relationships. Moreover, dependence asymmetry and guanxi are measured as a multidimensional construct and reveal their underlying structure, which expands previous understandings of risk management in R&D collaborations.