Establishing the internet channel : short-term pain but long-term gain ?.

The emergence of the Internet has pushed many established companies to explore this radically new distribution channel. Like all market discontinuities, the Internet creates opportunities as well as threats - it can be performance-enhancing as readily as it can be performance-destroying. One industry where this certainly holds is the newspaper industry, where several players have rushed to supplement their traditional channels with an Internet channel, in spite of a lingering fear of cannibalizing their existing business. Making use of event-study methodology, we assess the net impact of setting up an additional Internet channel on a firm's stock market return, a measure of the change in expected future cash flows. We find that, on average, Internet channel investments are positive net-present-value investments: the present value of the expected cash inflows is greater than the present value of the anticipated cash outflows. We then identify firm, introduction-strategy, and marketplace characteristics that influence the direction and magnitude of the stock-market reaction. More specifically, our results indicate that powerful firms with fewer direct channels achieve greater gains in financial performance than less powerful firms with a broader direct channel offering. In terms of introduction timing, early followers have a competitive advantage vis-à-vis both innovators and later followers. We also find that firms which provide additional advertising support to their Internet channel introduction achieve greater financial gains. Finally, in terms of marketplace characteristics, firms operating in fast-growing Internet environments benefit more than players operating in less munificent markets.Time series;

How Cannibalistic is the Internet Channel?

During the past decade, irrational exuberance has turned into a possibly equally irrational pessimism about what the Internet can accomplish. The fear of getting ruined through cannibalization losses has recently deterred many firms from deploying the Internet as a distribution channel. But do Internet channels really cannibalize firms' entrenched channels, or is this widely held assumption exaggerated? To answer this question, we apply recent structural-break time-series econometrics to quantify the impact of an Internet channel addition on the long-run performance evolution of a firm's established channels. Using a database of 85 Internet channel additions over the last ten years in the British and Dutch newspaper industries, we find that the often-cited cannibalization fears have been largely overstated. The Internet therefore need not be disruptive to established companies and channels. This does, however, not imply that firms enjoy free play in setting up Internet channels. In cases where the newly established Internet channel too closely mimics the entrenched channels, substantial cannibalization is more likely to take place.cannibalization;internet channel;structural-break time-series analysis

Predictie van functionele achteruitgang bij ambulante geriatrische patiënten op de spoedgevallendienst

Doel Het doel van deze studie is de predictieve validiteit te onderzoeken van vijf screeningsinstrumenten in het voorspellen van functionele achteruitgang bij ouderen die ambulant verzorgd werden op een spoedgevallendienst. Methode Bij 83 ouderen die ambulant op de spoedgevallendienst van UZ Leuven werden verzorgd, werden de Identification of Seniors at Risk (ISAR), Triage Risk Screening Tool (TRST), de vragenlijst van Runciman, de vragenlijst van Rowland en de Voorlopige Indicator voor Plaatsing (VIP) afgenomen. De functionele status 14 dagen voor opname, bij opname, en 14, 30 en 90 dagen na ontslag werd in kaart gebracht met behulp van de Katz schaal. Resultaten De screeningsinstrumenten met de beste verhouding tussen de sensitiviteit en negatief predictieve waarde 14 dagen na ontslag zijn de vragenlijst van Rowland en de ISAR. Dertig en negentig dagen na ontslag is dit de ISAR. Conclusie Uit dit onderzoek blijkt dat, in aanmerking genomen dat voor een screeningsinstrument de sensitiviteit en negatief predictieve waarde de belangrijkste parameters zijn, de ISAR het meest geschikte instrument is om functionele achteruitgang bij ouderen na een ambulante verzorging op de spoedgevallendienst te voorspellen. De ISAR is eenvoudig in het verpleegdossier te integreren en kan standaard bij elke patiënt op de spoedgevallendienst afgenomen worden

Visualisation of trust and quality information for geospatial dataset selection and use:Drawing trust presentation comparisons with B2C e-Commerce

The evaluation of geospatial data quality and trustworthiness presents a major challenge to geospatial data users when making a dataset selection decision. Part of the problem arises from the inconsistent and patchy nature of data quality information, which makes intercomparison very difficult. Over recent years, the production and availability of geospatial data has significantly increased, facilitated by the recent explosion of Web-based catalogues, portals, standards and services, and by initiatives such as INSPIRE and GEOSS. Despite this significant growth in availability of geospatial data and the fact that geospatial datasets can, in many respects, be considered commercial products that are available for purchase online, consumer trust has to date received relatively little attention in the GIS domain. In this paper, we discuss how concepts of trust, trust models, and trust indicators (largely derived from B2C e-Commerce) apply to the GIS domain and to geospatial data selection and use. Our research aim is to support data users in more efficient and effective geospatial dataset selection on the basis of quality, trustworthiness and fitness for purpose. To achieve this, we propose a GEO label – a decision support mechanism that visually summarises availability of key geospatial data informational aspects. We also present a Web service that was developed to support generation of dynamic GEO label representations for datasets by combining producer metadata (from standard catalogues or other published locations) with structured user feedback

Obesity prevention and personal responsibility: the case of front-of-pack food labelling in Australia

<p>Abstract</p> <p>Background</p> <p>In Australia, the food industry and public health groups are locked in serious struggle for regulatory influence over the terms of front-of-pack food labelling. Clear, unambiguous labelling of the nutritional content of pre-packaged foods and of standardized food items sold in chain restaurants is consistent with the prevailing philosophy of 'personal responsibility'. An interpretive, front-of-pack labelling scheme has the capacity to encourage healthier patterns of eating, and to be a catalyst for improvements in the nutritional quality of food products through re-formulation. On the other hand, the strength of opposition of the Australian Food and Grocery Council to 'Traffic Light Labelling', and its efforts to promote a non-interpretive, voluntary scheme, invite the interpretation that the food industry is resistant to any reforms that could destabilise current (unhealthy) purchasing patterns and the revenues they represent.</p> <p>Discussion</p> <p>This article argues that although policies that aim to educate consumers about the nutritional content of food are welcome, they are only one part of a broader basket of policies that are needed to make progress on obesity prevention and public health nutrition. However, to the extent that food labelling has the capacity to inform and empower consumers to make healthier choices - and to be a catalyst for improving the nutritional quality of commercial recipes - it has an important role to play. Furthermore, given the dietary impact of meals eaten in fast food and franchise restaurants, interpretive labelling requirements should not be restricted to pre-packaged foods.</p> <p>Summary</p> <p>Food industry resistance to an interpretive food labelling scheme is an important test for government, and a case study of how self-interest prompts industry to promote weaker, voluntary schemes that pre-empt and undermine progressive public health regulation.</p

Corporate boards and the performance of Asian firms: A meta-analysis

The prevalence of ownership concentration in Asian firms presents a challenge to the influential agency theory-based understanding of the role of corporate boards. In this paper we develop and test hypotheses about board attributes and firm performance that reflect Asian institutional conditions. We present the first meta-analysis of the relationship between board attributes and performance of Asian firms using a varied set of meta-analytical techniques on a database of 86 studies covering nine Asian countries. First, we find that board structure and composition preferences are influenced by the identity of the concentrated owner. Second, consistent with US data, we find very limited evidence of a direct relationship between board attributes and firm financial performance in the Asian context. Third, we find that the relationship between board structure and composition and firm performance is mediated by the revealed strategic preferences of Asian firms specifically by the level of R&D investment

Assessing managerial power theory: A meta-analytic approach to understanding the determinants of CEO compensation

Although studies about the determinants of CEO compensation are ubiquitous, the balance of evidence for one of the more controversial theoretical approaches, managerial power theory, remains inconclusive. The authors provide a meta-analysis of 219 U.S.-based studies, focusing on the relationships between indicators of managerial power and levels of CEO compensation and CEO pay-performance sensitivities. The results indicate that managerial power theory is well equipped for predicting core compensation variables such as total cash and total compensation but less so for predicting the sensitivity of pay to performance. In most situations where CEOs are expected to have power over the pay setting process, they receive significantly higher levels of total cash and total compensation. In contrast, where boards are expected to have more power, CEOs receive lower total cash and total compensation. In addition, powerful directors also appear to be able to establish tighter links between CEO compensation and firm performance and can accomplish this even in the face of powerful CEOs. The authors discuss the implications for theory and research regarding the determinants of executive compensation

Sorry, Your Order Has a Substitution : The Effects of Substitution Policy in Online Grocery Retailing

Post-purchase out-of-stock (OOS) often happens in an online store context, where products appear to be available at the time a consumer makes an order and checks out, but then become OOS when the order is to be dispatched. To mitigate negative responses from consumers, online grocery retailers often provide consumers a substitution alternative to the OOS item. This paper investigates the effects of two substitution policies where we focus on different matching strategies of the substitution with the OOS item. In policy one, we measure the effect of matching on the dominant attribute (brand vs. flavour). In policy two, we test the effect of matching with a product from the consumers’ past purchase portfolio. We investigate these two substitution policies and their interaction in two categories that differ on the level of differentiation (i.e., the degree to which distinctions are objectively measurable – vertical differentiation/VD vs. not easy to evaluate – horizontal differentiation/HD). Our dependent variable is the probability to accept the substitute. The study employs a computer-simulated purchase experiment, using two product categories: margarine (VD) and cereals (HD). 2,113 UK consumers representative of general UK shopper profile participated. Findings show that in the margarine category where brand is the dominant attribute, the same brand substitution is more likely to be accepted than the same flavour substitution. In contrast, in the cereal category where flavour is more likely to be the dominant attribute, same flavour substitution is more likely to be accepted than same brand substitution. The results also show that, in both categories, matching the substitution product with a product from consumers’ past purchase portfolio is more likely to be accepted than offering a substitute that consumers have not bought before. We also found a significant interaction between the two policy types but for cereals only. The effects of two substitution policies are mediated by perceived fairness of the substitution. The paper discusses contributions and implication for future research