Department of Commerce

Abstract We investigate the relation between founding‐family ownership and firm performance. We find that family ownership is both prevalent and substantial; families are present in one‐third of the S&P 500 and account for 18 percent of outstanding equity. Contrary to our conjecture, we find family firms perform better than nonfamily firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is better than with outside CEOs. Overall, our results are inconsistent with the hypothesis that minority shareholders are adversely affected by family ownership, suggesting that family ownership is an effective organizational structure.

Research on how store environment cues influence consumers' store choice decision criteria, such as perceived merchandise value and shopping experience costs, is sparse. Especially absent is research on the simultaneous impact of multiple store environment cues. The authors propose a comprehensive store choice model that includes (1) three types of store environment cues (social, design, and ambient) as exogenous constructs, (2) various store choice criteria (including shopping experience costs that heretofore have not been included in store choice models) as mediating constructs, and (3) store patronage intentions as the endogenous construct. They then empirically examine the extent to which environmental cues influence consumers' assessments of a store on various store choice criteria and how those assessments, in turn, influence patronage intentions. The results of two different studies provide support for the model. The authors conclude by discussing the results to develop an agenda for additional research and explore managerial implications.

, and performing transactions on the Web are increasing at a phenomenal pace. Shoppers and sellers alike dispatch them into the digital bazaar to autonomously represent their best interests. order paper supplies could enlist agents to monitor the quantity and usage patterns of paper within the company, launching buying agents when supplies are low. Buying agents automatically collect information on vendors and products that may fit the needs of the company, evaluate the various offerings, make a decision on which merchants and products to investigate, negotiate the terms of transactions with these merchants, and finally place orders and make automated payments. As Mediators in E-commerce It is useful to use a common framework as a context for exploring the roles of agents as mediators in ecommerce. The model we use here stems from consumer buying behavior (CBB) research and includes the actions and decisions involved in buying and using goods and

Personalized information technology services have become a ubiquitous phenomenon. Companies worldwide are using the web to provide personalized offerings and unique experiences to their customers. While there is a lot of hype about delivering personalized services over the web, little is known about the effectiveness of web personalization and the link between the IT artifact (the personalization agent) and the effects it exerts on a user’s information processing and decision making. To address the impact of personalized content, this article theoretically develops and empirically tests a model of web personalization. The model is grounded on social cognition and consumer research theories adapted to the peculiar features of web personalization. The influence of a personalization agent is mediated by two variables: content relevance and self reference. Hypotheses generated from the model are empirically tested in a laboratory experiment and a field study. The findings indicate that content relevance, self reference, and goal specificity affect the attention, cognitive processes, and decisions of web users in various ways. Also, users are found to be receptive to personalized content and find it useful as a decision aid. Theoretical and practical implications of the findings are discussed.

Purpose This paper intends to open up the debate on the influence of language on the way multinational companies manage their subsidiary operations. Design/methodology/approach The authors explain the importance of the field and expose a dearth of prior research. Subsequently, they define the “language barrier” and elaborate on the causes underlying this barrier, drawing on social identity theory. Findings The authors we propose an integrative model that consists of two coupled vicious cycles: the communications cycle – composed of the eight aspects of the language barrier – and the management cycle. Research limitations/implications This contribution to an otherwise ignored field of business study should be considered only a first step in opening up a new research agenda. Specialists in each of the fields touched upon are invited to make a contribution to the debate. Practical implications The management cycle suggests implications of the language barrier for various aspects of the HQ‐subsidiary relationship: strategic decision‐making, organization and personnel selection, global integration strategies, and autonomy and control procedures. Originality/value This paper uses socio‐linguistic theory to define and elaborate on the construct of the language barrier, a construct which is believed will be helpful in furthering research on the impact of language‐difference on multinational management.

Authority and power permeate political, social, and economic life, but empirical knowledge about the motivational origins and consequences of authority is limited. We study the motivation and incentive effects of authority experimentally in an authority-delegation game. Individuals often retain authority even when its delegation is in their material interest—suggesting that authority has nonpecuniary consequences for utility. Authority also leads to overprovision of effort by the controlling parties, while a large percentage of subordinates underprovide effort despite pecuniary incentives to the contrary. Authority thus has important motivational consequences that exacerbate the inefficiencies arising from suboptimal delegation choices. (JEL C92, D23, D82)

Given the resources needed to launch a retail store on the Internet or change an existing online storefront design, it is important to allocate product development resources to interface features that actually improve store traffic and sales. We identified features that impact store traffic and sales using regression models of 1996 store traffic and dollar sales as dependent variables and interface design features such as number of links into the store, hours of promotional ads, number of products, and store navigation features as the independent variables. Product list navigation features that reduce the time to purchase products online account for 61% of the variance in monthly sales. Other factors explaining the variance in monthly sales include: number of hyperlinks into the store (10%), hours of promotion (4%) and customer service feedback (1%). These findings demonstrate that the user interface is an essential link between the customer and the retail store in Web-based shopping environments.

The extremely short life cycle and the rapid decay in revenues after opening coupled with the rapid and frequent introduction of new competitive products makes the timing of new product introductions in the motion picture industry critical, particularly during the high-revenue Christmas and summer seasons. Each studio wants to capture as much of the season as possible by opening early in the season. At the same time, each wants to avoid head-to-head competition. The authors model competition between two motion pictures in a share attraction framework and conduct an equilibrium analysis of the product introduction timing game in a finite season. The following three different equilibrium configurations emerge: (1) a single equilibrium with both movies opening simultaneously at the beginning of the season, (2) a single equilibrium with one movie opening at the beginning of the season and one delaying, and (3) dual equilibria, with either movie delaying opening. A key factor is the product life cycle, which can be captured well with a two-parameter exponential decline. The authors relate the life-cycle parameters to these possibilities with the general result that the weaker movie may be forced to delay opening. These results are related to case studies of the opening of recently released movies. A statistical analysis of the 1990 summer season in North America provides support for the conclusions and suggests that current release timing decisions can be improved. The authors discuss the rationale of “avoiding the competition” in the general context of product introduction timing.

Purpose The purpose of this paper is to examine the role of low quality performance appraisals (PA) on three human resource management outcomes (job satisfaction, organisational commitment and intention to quit). Design/methodology/approach Using data from 2,336 public sector employees clusters of PA experiences (low, mixed and high) were identified. Regression analysis was then employed to examine the relationship between low quality PA experiences and job satisfaction, organisational commitment and intention to quit. Findings Employees with low quality PA experiences (relative to those with mixed and high quality PA experiences) were more likely to be dissatisfied with their job, be less committed to the organisation and more likely to be contemplating leaving the organisation. Research limitations/implications The data were collected in a large public sector research organisation where the results of the appraisal were linked to pay increments. Further research is needed to determine the applicability of the results to private sector employees. Practical implications The quality of the PA experience varies and a low quality experience results in lower job satisfaction and organisational commitment and higher quit intentions. The challenge for human resource (HR) practitioners is to decide whether the allocation of additional resources to ensure that all employees have a uniformly high quality PA experience is a worthwhile investment. Originality/value Research has tended to focus on the relationship between a single feature of a PA process and HR outcomes. Organisations need to acknowledge the importance of the overall PA experience when evaluating its consequences for HRM outcomes.

Manufacturers and online retailers are readily availing themselves of new technologies to present their merchandise using a variety of formats, including static (still image) and dynamic (video) portrayal. Building on vividness theory, the authors propose and demonstrate that presenting products and services using a dynamic visual format enhances consumer preference for hedonic options and willingness to pay for those options. The dynamic presentation format increases involvement with the product/service experience in a manner presumably similar to that of the actual product experience. The result is an increased preference for and valuation of hedonic options. This holds true for experiential and search products in single and joint evaluations and carries over to subsequent choices. Across all studies, the results demonstrate that a dynamic (relative to static) presentation format enhances choice of the hedonically superior (vs. utilitarian-superior) option by more than 79%.

Novel species of fungi described in this study include those from various countries as follows: Australia , Chaetomella pseudocircinoseta and Coniella pseudodiospyri on Eucalyptus microcorys leaves, Cladophialophora eucalypti , Teratosphaeria dunnii and Vermiculariopsiella dunnii on Eucalyptus dunnii leaves, Cylindrium grande and Hypsotheca eucalyptorum on Eucalyptus grandis leaves, Elsinoe salignae on Eucalyptus saligna leaves, Marasmius lebeliae on litter of regenerating subtropical rainforest, Phialoseptomonium eucalypti (incl. Phialoseptomonium gen. nov.) on Eucalyptus grandis × camaldulensis leaves, Phlogicylindrium pawpawense on Eucalyptus tereticornis leaves, Phyllosticta longicauda as an endophyte from healthy Eustrephus latifolius leaves, Pseudosydowia eucalyptorum on Eucalyptus sp. leaves, Saitozyma wallum on Banksia aemula leaves, Teratosphaeria henryi on Corymbia henryi leaves. Brazil , Aspergillus bezerrae , Backusella azygospora , Mariannaea terricola and Talaromyces pernambucoensis from soil, Calonectria matogrossensis on Eucalyptus urophylla leaves, Calvatia brasiliensis on soil, Carcinomyces nordestinensis on Bromelia antiacantha leaves, Dendryphiella stromaticola on small branches of an unidentified plant, Nigrospora brasiliensis on Nopalea cochenillifera leaves, Penicillium alagoense as a leaf endophyte on a Miconia sp., Podosordaria nigrobrunnea on dung, Spegazzinia bromeliacearum as a leaf endophyte on Tilandsia catimbauensis , Xylobolus brasiliensis on decaying wood. Bulgaria , Kazachstania molopis from the gut of the beetle Molops piceus . Croatia , Mollisia endocrystallina from a fallen decorticated Picea abies tree trunk. Ecuador , Hygrocybe rodomaculata on soil. Hungary , Alfoldia vorosii (incl. Alfoldia gen. nov.) from Juniperus communis roots, Kiskunsagia ubrizsyi (incl. Kiskunsagia gen. nov.) from Fumana procumbens roots. India , Aureobasidium tremulum as laboratory contaminant, Leucosporidium himalayensis and Naganishia indica from windblown dust on glaciers. Italy , Neodevriesia cycadicola on Cycas sp. leaves, Pseudocercospora pseudomyrticola on Myrtus communis leaves, Ramularia pistaciae on Pistacia lentiscus leaves, Neognomoniopsis quercina (incl. Neognomoniopsis gen. nov.) on Quercus ilex leaves. Japan , Diaporthe fructicola on Passiflora edulis × P . edulis f. flavicarpa fruit, Entoloma nipponicum on leaf litter in a mixed Cryptomeria japonica and Acer spp. forest. Macedonia , Astraeus macedonicus on soil. Malaysia , Fusicladium eucalyptigenum on Eucalyptus sp. twigs, Neoacrodontiella eucalypti (incl. Neoacrodontiella gen. nov.) on Eucalyptus urophylla leaves. Mozambique , Meliola gorongosensis on dead Philenoptera violacea leaflets. Nepal , Coniochaeta dendrobiicola from Dendriobium lognicornu roots. New Zealand , Neodevriesia sexualis and Thozetella neonivea on Archontophoenix cunninghamiana leaves. Norway , Calophoma sandfjordenica from a piece of board on a rocky shoreline, Clavaria parvispora on soil, Didymella finnmarkica from a piece of Pinus sylvestris driftwood. Poland , Sugiyamaella trypani from soil. Portugal , Colletotrichum feijoicola from Acca sellowiana. Russia , Crepidotus tobolensis on Populus tremula debris, Entoloma ekaterinae , Entoloma erhardii and Suillus gastroflavus on soil, Nakazawaea ambrosiae from the galleries of Ips typographus under the bark of Picea abies. Slovenia , Pluteus ludwigii on twigs of broadleaved trees. South Africa , Anungitiomyces stellenboschiensis (incl. Anungitiomyces gen. nov.) and Niesslia stellenboschiana on Eucalyptus sp. leaves, Beltraniella pseudoportoricensis on Podocarpus falcatus leaf litter, Corynespora encephalarti on Encephalartos sp. leaves, Cytospora pavettae on Pavetta revoluta leaves, Helminthosporium erythrinicola on Erythrina humeana leaves, Helminthosporium syzygii on a Syzygium sp. barkcanker, Libertasomyces aloeticus on Aloe sp. leaves, Penicillium lunae from Musa sp. fruit, Phyllosticta lauridiae on Lauridia tetragona leaves, Pseudotruncatella bolusanthi (incl. Pseudotruncatellaceae fam. nov.) and Dactylella bolusanthi on Bolusanthus speciosus leaves. Spain , Apenidiella foetida on submerged plant debris, Inocybe grammatoides on Quercus ilex subsp. ilex forest humus, Ossicaulis salomii on soil, Phialemonium guarroi from soil. Thailand , Pantospora chromolaenae on Chromolaena odorata leaves. Ukraine , Cadophora helianthi from Helianthus annuus stems. USA , Boletus pseudopinophilus on soil under slash pine, Botryotrichum foricae , Penicillium americanum and Penicillium minnesotense from air. Vietnam , Lycoperdon vietnamense on soil. Morphological and culture characteristics are supported by DNA barcodes.

Services are a large part of total marketing transactions each year, yet have had little attention in marketing literature. A remedy for this condition is proposed in the form of a redefinition of services and division of all service activities into a threefold grid: Rented Goods Services, Owned Goods Services, and Non-Goods Services.

This paper demonstrates the synthesis of SnO 2 nanoparticles using a simple hydrothermal route in the presence of the surfactant hydrazine at 100 °C for 12 h. X-ray diffraction (XRD), field emission scanning electron microscopy, and transmission electron microscopy (TEM) were employed to characterize the as-prepared product, and optical property was studied by UV-visible diffuse reflectance spectroscopy (DRS). The XRD pattern of the as-prepared sample is indexed to the tetragonal structure of SnO 2 , and the calculated particle size is 22.4 nm, which is further confirmed by TEM. The selected area electron diffraction patterns showed continuous ring patterns without any additional diffraction spots and rings of secondary phases, revealing their crystalline structure. Analysis of the DRS spectrum showed the bandgap of the synthesized SnO 2 to be 3.6 eV. The anionic surfactant hydrazine plays a key role in the formation of the SnO 2 nanostructures. A probable reaction for the formation of SnO 2 nanoparticles is proposed.

Cyberbullying on social networking sites (SNS bullying) is an emerging societal challenge related to the deviant use of technologies. To address the research gaps identified in the literature, we draw on crime opportunity theory and the affordance perspective to propose a meta-framework that guides our investigation into SNS bullying. The meta-framework explains how SNS affordances give rise to the evaluation of favorable SNS environmental conditions for SNS bullying, which, in turn, promote SNS bullying. The research model was empirically tested using a longitudinal online survey of 223 SNS users. The results suggest that the evaluation of SNS environmental conditions predict SNS bullying, and SNS affordances influence the evaluation of these environmental conditions. This work offers a new theoretical perspective to study SNS bullying, highlighting the critical impacts of environmental conditions in shaping such behavior. It also provides actionable insights into measures that combat SNS bullying.

Abstract Data management for decision support has moved through three generations, with the latest being real-time data warehousing. This latest generation is significant because of its potential for affecting tactical decision making and business processes. Continental Airlines is a leader in real-time business intelligence, and much can be learned from how they have implemented it.

OBJECTIVE: To provide an understanding of the targeting strategies of cigarette marketing, and the functions and importance of the advertising images chosen. METHODS: Analysis of historical corporate documents produced by affiliates of British American Tobacco (BAT) and RJ Reynolds (RJR) in Canadian litigation challenging tobacco advertising regulation, the Tobacco Products Control Act (1987): Imperial Tobacco Limitee & RJR-Macdonald Inc c. Le Procurer General du Canada. RESULTS: Careful and extensive research has been employed in all stages of the process of conceiving, developing, refining, and deploying cigarette advertising. Two segments commanding much management attention are "starters" and "concerned smokers". To recruit starters, brand images communicate independence, freedom and (sometimes) peer acceptance. These advertising images portray smokers as attractive and autonomous, accepted and admired, athletic and at home in nature. For "lighter" brands reassuring health concerned smokers, lest they quit, advertisements provide imagery conveying a sense of well being, harmony with nature, and a consumer's self image as intelligent. CONCLUSIONS: The industry's steadfast assertions that its advertising influences only brand loyalty and switching in both its intent and effect is directly contradicted by their internal documents and proven false. So too is the justification of cigarette advertising as a medium creating better informed consumers, since visual imagery, not information, is the means of advertising influence.

The objective of this paper is to provide empirical evidence on the influence of corporate governance characteristics and corporate ownership concentrations on the financial performance of Chinese companies. This is based on analysis of a panel data set covering the years 2001 to 2005. The characteristics considered are the ratios of independent directors and professional supervisors on the companies' two boards, and the level of concentration in and type of ownership of the companies. Our chosen performance metric is Tobin's Q. We find that ownership concentration in general is a significant factor in determining firm performance. The degree of board independence is significant, but it only appears to have a positive impact on performance in larger companies. The expertise of the supervisory board is not a significant determinant of corporate financial performance in China. Our findings support a continued focus on making improvements to the operation and effectiveness of China's institutions of corporate governance.

Purpose This paper aims to empirically verify whether the development of improved relationships between higher education institutions (HEIs) and their stakeholders based on the principles of stakeholder theory creates more value. Design/methodology/approach The methods involve a quantitative approach, with the data collection being carried out through a survey of 88 heads of HEIs in Brazil. The paper uses the Spearman’s correlation coefficient to analyze the data and test the hypotheses. Findings The findings reinforce the arguments found in the stakeholder theory literature, in which relationships are based on the following principles: knowledge and information sharing, mutual trust, involvement in the decision-makin g process and alignment of stakeholders’ interests in the strategic planning process, all of which create more value for organizations. Practical implications This study seeks to improve the knowledge of stakeholder theory in relation to HEIs. It identifies the stakeholder relationships that create the most value and have the potential to generate a sustainable competitive advantage. The results can help managers to improve their relationships with stakeholders and may encourage the implementation of practices and policies that consider stakeholders’ influence on the strategic direction of HEIs. Social implications The studies present a social contribution by evidencing the importance of the development of best practices, processes and strategies in the management of educational institutions, which are important actors in the development of society. Originality/value The originality of this paper is that it empirically tests the principles of stakeholder theory and their relationships with value creation for organizations in the higher education context. Whilst stakeholder theory has been explored in multiples contexts, there is a lack of studies addressing stakeholder management in HEIs.

Given their sessile nature, plants continuously face unfavorable conditions throughout their life cycle, including water scarcity, extreme temperatures and soil pollution. Among all, metal(loid)s are one of the main classes of contaminants worldwide, posing a serious threat to plant growth and development. When in excess, metals which include both essential and non-essential elements, quickly become phytotoxic, inducing the occurrence of oxidative stress. In this way, in order to ensure food production and safety, attempts to enhance plant tolerance to metal(loid)s are urgently needed. Nitric oxide (NO) is recognized as a signaling molecule, highly involved in multiple physiological events, like the response of plants to abiotic stress. Thus, substantial efforts have been made to assess NO potential in alleviating metal-induced oxidative stress in plants. In this review, an updated overview of NO-mediated protection against metal toxicity is provided. After carefully reviewing NO biosynthetic pathways, focus was given to the interaction between NO and the redox homeostasis followed by photosynthetic performance of plants under metal excess.

A major difference in returns from large-capitalization stocks, small-capitalization stocks, various bond indexes, and cash followed elections won by Democratic and Republican presidents from 1928 to 1993. Small-cap stocks had significantly higher returns during Democratic administrations than during Republican administrations, primarily reflecting a lack of losses in the April–December period. This phenomenon was not a manifestation of the January small-firm effect. Indeed, the results indicate a significant small-cap effect outside January during Democratic presidencies. Large-cap stocks had statistically identical returns under both administrations. For both Democratic and Republican administrations, small- and large-cap stock returns were significantly higher during the last two years of the presidential term than during the first two years. Corporate, long-term government, and intermediate government bonds and cash had significantly higher returns during Republican administrations. From 1937 to 1993, the simple investment strategies of investing in small-cap stocks during Democratic administrations and either intermediate-term government bonds or large-cap stocks during Republican administrations produced higher mean returns—with higher standard deviations—than did investing in large-cap stocks throughout the period. The cumulative wealth from these “politically correct” investment strategies greatly exceeded that from other strategies—small- and large-cap stocks, all types of bonds, cash, and a 60/40 stock/bond mix.