Faculty Scholarship Celebration 2023

Food technologies often have an ambivalent effect on customer value perceptions toward innovative food products. While objective benefits may contribute positively to customer value perceptions, subjective negative evaluations may subtract value. In this paper we propose a model and provide empirical evidence on how customer value is constructed and its relationship with willingness to pay in the context of innovative food products. We test our model in a cross-sectional study across two international markets (the UK and China; N = 1004) and two innovative food products. Our results show that, in the context of innovative food products, customer value is constructed as a trade-off between perceived values that individuals assign to the product and perceived costs that consumers experience. Specifically, perceived values have a positive and dominant effect on customer value in both markets. We further show that the central role of customer value on willingness to pay is not universal and may vary across international markets, with the positive effect of values on willingness to pay being mediated by customer value only in China. Finally, from types of costs purchase costs are found to subtract customer value and only in the UK, thus highlighting their role as being context-specific.

In this chapter, the authors highlight the importance of personal and social responsibility to global learning. The development of a global mindset that encompasses traditional business knowledge, along with personal and social responsibility, can be achieved in varying ways. The authors feature one such approach to developing a global mindset through a global course connection (GCC) between Albion College, located in Michigan, in the USA, and Deree – The American College of Greece located in Athens, Greece. They provide details about the collaboration and offer insights into what they describe as a liberal arts approach to business education. Colby et al. outlined three core liberal arts modes of thinking: analytical thinking ; multiple framing ; and reflective exploration of meaning. To support their GCC, the authors relied on three primary connection practices: synchronous class sessions, asynchronous class sessions through a virtual team project, and shared course materials.

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This study focuses on the utilization of people analytics by companies operating in Greece. People analytics is the practice of collecting and processing data about people and businesses in order to achieve an organization's goals.

The following main conclusions emerge from a sample of 107 companies:

1. The three most important reasons for using people analytics are making better business decisions, strengthening the management model based on numerical data (data-driven management), and the need for better employee management.
2. The three main difficulties in the use of people analytics concern the complex computational procedures, the management of large volumes of data, and the lack of relevant resources.
3. The greatest use of people analytics is observed in compensation and benefits, performance management, and employee engagement issues, while more limited use is observed in diversity and inclusion issues.
4. The overall picture shows that companies engage in descriptive analyses and use basic HRM tools or information systems.
5. Taking a closer look, companies are classified into 4 maturity levels regarding the use of people analytics. A higher maturity level includes advanced types of analysis, as well as sophisticated tools and information systems. Therefore, core users (24% of companies), emerging users (39%), sophisticated users (23%), and a small percentage of pioneers (13%) were defined.
6. In companies with greater maturity in the use of people analytics, a higher organizational and financial performance is observed, as well as more effective HRM.
7. The support from upper management, the skills of HRM executives in the use of people analytics, and the data-driven culture constitute prerequisites for the adoption of people analytics. But what seems to differentiate the pioneers from the rest of the users is the investment in information technology infrastructure and the complete harmonization of the HRM strategy with the business strategy.

Food technologies often have an ambivalent effect on customer value perceptions toward innovative food products. While objective benefits may contribute positively to customer value perceptions, subjective negative evaluations may subtract value. In this paper we propose a model and provide empirical evidence on how customer value is constructed and its relationship with willingness to pay in the context of innovative food products. We test our model in a cross-sectional study across two international markets (the UK and China; N = 1004) and two innovative food products. Our results show that, in the context of innovative food products, customer value is constructed as a trade-off between perceived values that individuals assign to the product and perceived costs that consumers experience. Specifically, perceived values have a positive and dominant effect on customer value in both markets. We further show that the central role of customer value on willingness to pay is not universal and may vary across international markets, with the positive effect of values on willingness to pay being mediated by customer value only in China. Finally, from types of costs purchase costs are found to subtract customer value and only in the UK, thus highlighting their role as being context-specific.

Luxury is a dynamic global industry, as well as a domain of study increasingly attracting academic interest due to its unconventional marketing and the unique characteristics of luxury brands. Marketing communication is crucial for luxury brands to signal intangible benefits and build emotional bonds, as their luxury status depends on consumer perceptions and imagery. Yet, luxury marketing communication is an uncharted research area, despite numerous calls for further studies. To aid the advancement of future research, this paper discusses a review of published research on marketing communication of luxury brands structured in line with the TCCM (Theory – Context - Characteristics – Methodology) framework. We analyze 150 empirical research articles published from 2000 to 2021 to map the characteristics of existing literature and provide a roadmap for future research. Our findings indicate that literature is diverse and fragmented in terms of its characteristics. The number of publications is rapidly rising, spurred by recent interest in social media marketing. Articles are far from uniform regarding theory use and constructs examined. Quantitative research dominates and studies reflect a focus on the luxury fashion industry and some geographical concentration. An agenda with several suggestions for future research is put forward.

Aim and Research questions

The aim of this study was to explore how participation in different types of running events among different types of runners (more or less involved) changes their perceptions of social capital levels. More specifically, the research questions of the study were: How does frequency of past participation influence social capital levels and intentions to participate in future running events? How does race type influence social capital levels and intentions to participate in future running events? Finally, does social capital influence intentions to participate in future running events?

Conclusion, Contribution and Implications

The results of this study underline the importance of social capital as an antecedent of behavioral intentions when combined with an experienced runner group (higher frequency participants). Theoretically, the importance of social capital in enabling behavioral intentions seems to be intensified among people who may have similar experience levels with an event. This suggest social capital may become more influential within similar group affiliations underlining the importance of bonding social capital (versus bridging) (Lee et al., 2021).

The current study explores direct spending profiles of sport event tourists in a very small rural destination as an alternative to the multiplier effect economic impact studies. Sport event tourism has been used as an economic engine tool by a variety of destination sizes but has been neglected for small rural destinations, where people arrive from various distance radiuses to participate in this central activity for the place. Data were collected from participants at a small-scale recurring mountain running event. An online survey instrument was sent to the participants after the event. Participants reported on their daily and total expenditures regarding accommodation, meals and other tourist spending. The results revealed that the participants who responded to the survey spent on average about EUR 163 for accommodation, EUR 205 for meals and about EUR 38 for other tourist spending, such as souvenirs. Respondents from closer radius, spent less on average, approximately EUR 156, EUR 383 and EUR 26 for the respective spending categories. Rural destinations counting on hosting sport events for economic boosts in poorly economic areas witness considerable financial gains for the regions via the estimation of the more feasible direct spending calculations.

Opt-in, opt-out, and forced choice are the three policies most frequently used to engage consumers’ willingness to receive e-mail communication. This research examines the effectiveness and the persistence of these policies in engaging consumer consent to receive e-mail communication, while the effects of consumer mood and personality traits are embedded in the research framework. Three experiments served as the vehicle for data collection. Interaction effects between the default policies and consumer mood and personality traits are examined using logit and multiple regression models. Results show that opt-out is more effective than opt-in and forced choice in engaging consumer consent to receive e-mail communication. Interestingly, opt-in is the most effective policy in engaging a more permanent consumer consent. Although negative mood results in a higher consumer consent rate for e-mail notifications, positive mood results in a higher consent rate for future engagement. Higher levels of neuroticism lead to higher willingness to receive e-mail notifications, but higher extraversion leads to higher future engagement. The article contributes to the literature on defaults, mood, and personality traits. The findings advance the theory and have important managerial implications.

Purpose

This study aims to explore the relationship between social commerce purchase intention and consumer psychological factors (i.e. resilience, vulnerability and personality traits) during the COVID-19 pandemic.

Design/methodology/approach

Drawing on social cognitive theory (SCT), an econometrical behavioral model was developed to explore the key determinants of online purchase behavior of 303 students in Greece. The research data were collected with a two-wave online survey (pre- and during the pandemic) which was distributed randomly to students in Generation Z.

Findings

A series of regression analyses revealed a positive effect of openness and a negative impact of extraversion and neuroticism on internet, Instagram and Facebook purchases during the pandemic. Findings suggest that loneliness serves as a moderator, while resilience and vulnerability have a positive effect on social media purchase behavior.

Practical implications

This study provides insights and implications for social commerce marketers and sheds light on the determinants of online purchase intentions of young consumers during the COVID-19 pandemic.

Originality/value

Elaborating on SCT, this study provides novel insights into young consumers’ internet use and online purchase behavior during the COVID-19 pandemic (i.e. longitudinal approach), by focusing on consumer vulnerability and resilience while also embedding personality traits and mental health aspects (i.e. loneliness levels during the pandemic).

Purpose

Capital controls restrict cash withdrawals and international transfers, among other restrictions. The purpose of the study is to explore how capital controls have influenced m-banking usage and disclose the underlying factors that explain m-banking usage intentions.

Design/methodology/approach

Grounded on the Technology Acceptance Model (TAM), this study assumes that usage behavior may be different from intentions to adopt. In-depth interviews (study 1) were employed with both consumers and bank employees to explore the factors of m-banking adoption under capital controls, followed by an online survey (study 2) pertaining to examine the relationships between underlying factors.

Findings

Study 1 reveals that the growth of m-banking usage is strongly associated with capital controls that perceived ease of use, usefulness, risk, technology anxiety and decision comfort are significant attributes in influencing usage intention. Study 2 verifies that most underlying factors are important predictors of m-banking usage intention, except technology anxiety does not impact m-banking usage.

Research limitations/implications

The respective effects on usage intentions may be different in the absence of capital controls. A similar study could examine the importance of the respective constructs in conditions of no forced use. The case of forcing consumers to adopt a technological innovation could be further explored.

Practical implications

Retail banking consumers have changed their banking and financing behaviors because of capital controls. Forced usage may cause customers to cultivate positive attitudes towards the technology and consider it for continuous usage.

Originality/value

Capital controls were found to impact positively customer behavior towards m-banking. It is revealed that capital controls have forced bank customers to adopt and use m-banking for their financial needs.

Food technologies often have an ambivalent effect on customer value perceptions toward innovative food products. While objective benefits may contribute positively to customer value perceptions, subjective negative evaluations may subtract value. In this paper we propose a model and provide empirical evidence on how customer value is constructed and its relationship with willingness to pay in the context of innovative food products. We test our model in a cross-sectional study across two international markets (the UK and China; N = 1004) and two innovative food products. Our results show that, in the context of innovative food products, customer value is constructed as a trade-off between perceived values that individuals assign to the product and perceived costs that consumers experience. Specifically, perceived values have a positive and dominant effect on customer value in both markets. We further show that the central role of customer value on willingness to pay is not universal and may vary across international markets, with the positive effect of values on willingness to pay being mediated by customer value only in China. Finally, from types of costs purchase costs are found to subtract customer value and only in the UK, thus highlighting their role as being context-specific.

The effectiveness of the IMO's sulfur cap regulation in January 2020 disrupted the established business paradigm in some maritime shipping sectors. In the absence of a protection scheme by policymakers, the business paradigm in dry bulk shipping sector shifted, because the additional cost associated with the more expensive IMO sulfur compliant fuel had been passed to ship-owners, instead of charterers. The purpose of this paper is to demonstrate the business paradigm disruption that was caused by the IMO 2020, by examining the covariance between the freight rates and their Time Charter Equivalent (TCE) rates around the IMO 2020 effectiveness date, as well as to quantify the financial impact of the IMO 2020 regulation to ship-owners, by modeling TCE, maximizing TCE function, and running TCE sensitivity analyses under various scenarios of price spread between the high sulfur and IMO compliant fuel oils before and after the introduction of the IMO 2020. The results of this study indicate that increased price of IMO compliant fuel oils and charterers’ bargaining power, had curtailed ship-owners’ gross profit margins. Although not a silver bullet, slow steaming can alleviate shrunken profit margins. These findings provide valuable insights for policymakers in calibrating future emission-related regulations to be equitable for all stakeholders engaged in seaborne transportation.

The purpose of this paper is to explore the impact of the first wave of COVID-19 lockdowns on retail stock trading patterns, at a transnational level. Cross-sectional empirical research was utilized with five samples of public companies from the US, Europe, Asia, and blended equity capital markets globally. The impact of the first wave of COVID-19 lockdowns on stock trading patterns was investigated using median tests and the factors that influence retail stock trading were explored with regression analyses. Contrary to the conventional proposition that stock trading activity is reduced during times of crisis, the results of this study indicate that retail stock trading increased during the first wave of COVID-19 lockdowns. In addition, the findings raise awareness of the risks to novice retail investors associated with the increased stock trading due to herd behavior.

Although the concept and the sources of competitive advantage have been extensively researched, literature still offers limited answers to the questions why, in some cases, there is overperformance despite the absence of competitive advantage and underperformance despite the presence of competitive advantage. By employing four case studies in dry bulk and container shipping, as its research method, this paper provides real-world evidence on the specific reasons underpinning the relationship patterns of competitive advantage without superior financial performance and superior financial performance without competitive advantage. The findings indicate that rapidly growing markets within an industry enable companies without competitive advantage to enjoy above industry average financial performance. Moreover, principal-principal conflicts and excessive capital expenditure in idiosyncratic firm resources result to underperformance even for companies with competitive advantage. These findings have important managerial and academic implications that are discussed herein.

Turkey had been economically thriving after the end of the economic crisis of 2001. Nonetheless, the recent depreciation of the Turkish lira proved the eventual fragility of the Turkish economy. This research attempts to examine whether the financial markets behavior had forecast this economic collapse. The results support that negative dynamics take place between the nominal exchange rate of Turkish lira and the Turkish stock market index in the long-run. Simultaneously, it is estimated that the uncovered equity parity had been in effect during the last decade but its impact highly deteriorated after March 2018. The Turkish policy makers will sooner or later have to either abandon the low interest rate policy or apply for financial assistance from the IMF.

The aim of this research is to trace Human Resources Management issues in the startup ecosystem of Greece. The survey is the first part of the Human Resources in the Technology and Innovation Ecosystem research initiative, which attempts, for the first time, to contribute to the systematic recording of the trends, challenges and opportunities in Human Resources Management faced by startups within the ecosystem.

The first part focuses on the startups of the National Startup Registry, Elevate Greece, in which approximately 700 startups have been registered to date. These meet specific conditions and quality eligibility criteria determined by the Ministry of Development and Investments upon recommendation of the National Council for Research, Technology and Innovation.

In order to capture the Human Resources Management practices in the companies that make up the Elevate Greece ecosystem, this research carries out a comparative analysis between the startups-members of Elevate Greece and businesses of corresponding size and sectors of the country’s wider technology and innovation ecosystem, based on the estimates and opinions of their founders and senior management.

A synopsis of the research is briefly presented below. It should be noted that the final sample of Elevate Greece startups represents 24% of its total registered members (until September 2022).

This study focuses on the utilization of people analytics by companies operating in Greece. People analytics is the practice of collecting and processing data about people and businesses in order to achieve an organization's goals.

The following main conclusions emerge from a sample of 107 companies:

1. The three most important reasons for using people analytics are making better business decisions, strengthening the management model based on numerical data (data-driven management), and the need for better employee management.
2. The three main difficulties in the use of people analytics concern the complex computational procedures, the management of large volumes of data, and the lack of relevant resources.
3. The greatest use of people analytics is observed in compensation and benefits, performance management, and employee engagement issues, while more limited use is observed in diversity and inclusion issues.
4. The overall picture shows that companies engage in descriptive analyses and use basic HRM tools or information systems.
5. Taking a closer look, companies are classified into 4 maturity levels regarding the use of people analytics. A higher maturity level includes advanced types of analysis, as well as sophisticated tools and information systems. Therefore, core users (24% of companies), emerging users (39%), sophisticated users (23%), and a small percentage of pioneers (13%) were defined.
6. In companies with greater maturity in the use of people analytics, a higher organizational and financial performance is observed, as well as more effective HRM.
7. The support from upper management, the skills of HRM executives in the use of people analytics, and the data-driven culture constitute prerequisites for the adoption of people analytics. But what seems to differentiate the pioneers from the rest of the users is the investment in information technology infrastructure and the complete harmonization of the HRM strategy with the business strategy.

Aim and Research questions

The aim of this study was to explore how participation in different types of running events among different types of runners (more or less involved) changes their perceptions of social capital levels. More specifically, the research questions of the study were: How does frequency of past participation influence social capital levels and intentions to participate in future running events? How does race type influence social capital levels and intentions to participate in future running events? Finally, does social capital influence intentions to participate in future running events?

Conclusion, Contribution and Implications

The results of this study underline the importance of social capital as an antecedent of behavioral intentions when combined with an experienced runner group (higher frequency participants). Theoretically, the importance of social capital in enabling behavioral intentions seems to be intensified among people who may have similar experience levels with an event. This suggest social capital may become more influential within similar group affiliations underlining the importance of bonding social capital (versus bridging) (Lee et al., 2021).

The current study explores direct spending profiles of sport event tourists in a very small rural destination as an alternative to the multiplier effect economic impact studies. Sport event tourism has been used as an economic engine tool by a variety of destination sizes but has been neglected for small rural destinations, where people arrive from various distance radiuses to participate in this central activity for the place. Data were collected from participants at a small-scale recurring mountain running event. An online survey instrument was sent to the participants after the event. Participants reported on their daily and total expenditures regarding accommodation, meals and other tourist spending. The results revealed that the participants who responded to the survey spent on average about EUR 163 for accommodation, EUR 205 for meals and about EUR 38 for other tourist spending, such as souvenirs. Respondents from closer radius, spent less on average, approximately EUR 156, EUR 383 and EUR 26 for the respective spending categories. Rural destinations counting on hosting sport events for economic boosts in poorly economic areas witness considerable financial gains for the regions via the estimation of the more feasible direct spending calculations.

Research on sport celebrity brands is popular among sport marketing scholars; however, the topic of the sports celebrity consumer-based brand equity (CBBE) is largely underexplored (Osorio, Centeno & Cambra-Fierro, 2020). To date, academic research regarding sports celebrities has focused on conceptualizing (Zarkada & Tzoumaka, 2020) and measuring the brand image using (i) Keller’s (1993) brand associations (Arai, Ko, & Kaplanidou, 2013; Carlson & Donavan, 2013) or (ii) Aaker’s (1997) brand personality frameworks (Kunkel, Biscaia, Arai, & Agyemang, 2019; Lunardo, Gergaud, & Livat, 2015). Nevertheless, a holistic approach for measuring the sports celebrity CBBE is still missing.

Keller’s (1993) CCBE approach, is one of the most cited, utilized and accepted models, also applicable to human brands (Osorio et al., 2020; Arai et al. 2013), and therefore legitimately used as the theoretical basis for the present study. More specifically, the operationalization of the sports teams’ CBBE (Bauer, Sauer & Schmitt, 2005) that comprises four dimensions: brand familiarity, product-related brand attributes, non-product related brand attributes and brand benefits, was extrapolated to the sports celebrities’ context.

The present study proposes that similarly to the sports teams' CBBE, the conceptual model of the sports celebrity CBBE will comprise the 4 above-mentioned dimensions:

1. The brand familiarity → the knowledge of the celebrity soccer player as a (i) person and a (ii) professional.
2. The product-related brand attributes the player’s perceived → (i) performance, and the (ii) skills.
3. The non-product related brand attributes → the player’s perceived (i) sportsmanship, (iii) the work ethic and the (ii) appearance.
4. The brand benefits → (i) the identification with the soccer player and (ii) the team identification.

Luxury is a dynamic global industry, as well as a domain of study increasingly attracting academic interest due to its unconventional marketing and the unique characteristics of luxury brands. Marketing communication is crucial for luxury brands to signal intangible benefits and build emotional bonds, as their luxury status depends on consumer perceptions and imagery. Yet, luxury marketing communication is an uncharted research area, despite numerous calls for further studies. To aid the advancement of future research, this paper discusses a review of published research on marketing communication of luxury brands structured in line with the TCCM (Theory – Context - Characteristics – Methodology) framework. We analyze 150 empirical research articles published from 2000 to 2021 to map the characteristics of existing literature and provide a roadmap for future research. Our findings indicate that literature is diverse and fragmented in terms of its characteristics. The number of publications is rapidly rising, spurred by recent interest in social media marketing. Articles are far from uniform regarding theory use and constructs examined. Quantitative research dominates and studies reflect a focus on the luxury fashion industry and some geographical concentration. An agenda with several suggestions for future research is put forward.