Entrepreneurial orientation (EO) - overall strategic posture toward entrepreneurship - is emerging as a predominant concept in management science. As knowledge in the area of EO has expanded, researchers have become interested in issues related to the evolution, potential contributions, and future trajectory of EO research. The purpose of this essay is to take stock of where EO scholarship has come so far, identify interesting gaps for the future, and encourage extending the knowledge frontier in this area. In order to do so, we acknowledge key developmental milestones in EO studies, attempt to make sense of the extant EO literature and highlight possible avenues for further work, and offer specific suggestions for exploring areas where EO research has not gone before. We hope our essay will show that EO research has made considerable strides over its life course as well as point to productive directions for the EO concept going forward.

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The Concept of Entrepreneurial Orientation

Technological innovations, especially smart fitness wearables, are playing a critical role in the future of fitness and overall well-being. Extant research has examined the adoption of smart fitnes...

Social comparison and continuance intention of smart fitness wearables: an extended expectation confirmation theory perspective

The clothing industry is one of the earmarked industries in many countries following the rising demand and consumption of clothing products among millennials. Malaysia and Thailand are known to be promising markets for this industry in the South East Asia region. The purpose of this study is to investigate the influence of psychological and marketing factors on clothing interest among Generation Y consumers, as well as the interrelationships between self-confidence, product attitude and purchase intention. The impact of nationality was also examined as a moderator on the investigated relationships.,The data was collected among Generation Y consumers using a survey questionnaire, which had successfully gathered a total of 388 usable cases from the capital cities of Malaysia (Kuala Lumpur) and Thailand (Bangkok). These cities were selected for being the largest cities in its country which contain the highest number of shopping malls, offices and Generation Y population. Data analysis was then performed using both the SPSS and AMOS software.,Findings obtained acknowledged the importance of both psychological (i.e. fashion innovativeness, self-concept, fashion consciousness and need for uniqueness) and marketing (i.e. social media marketing and fashion advertisement) factors towards the clothing interest among Generation Y consumers. Consequently, clothing interest would influence their product attitude, self-confidence and purchase intention, with product attitude and self-confidence as the mediators between clothing interest and purchase intention. Multigroup analysis confirmed that there are differences between Generation Y consumers in both Malaysia and Thailand, where Thai consumers hold a stricter emphasis concerning the influence of social media marketing on clothing interest and self-confidence on purchase intention.,This study is one of the very few studies that explored the minimally investigated territory on the consequential importance of clothing interest within the clothing industry, specifically, through extending the literature on the influence of psychological and marketing factors towards the individuals’ clothing interest. Moreover, this study also successfully highlighted the mediation role of product attitude and self-confidence in the relationship between clothing interest and purchase intention.

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Cruising down millennials’ fashion runway: a cross-functional study beyond Pacific borders

Conventionally, consumers perceive luxury products as a means of displaying their wealth and prosperity. Consumption of luxury products has usually been considered the prerogative of the Western world. Although there are a number of studies capturing the pre-purchase and purchase behaviour of consumers, there is a dearth of quality studies that have been conducted in this field to understand the post-purchase behaviour of consumers towards luxury brands, especially in the context of young shoppers in an emerging market context. Studying the post-purchase behaviour of shoppers is important to understand their experience with the brand. A negative experience could lead to a post-purchase dissonance, which in turn could lead to an unbalanced or distorted attitude towards the brand and other marketing stimuli. Keeping this in consideration, the purpose of this study is to explore the experiences and attitudes of young shoppers in India towards luxury consumption.,The study captured responses from young shoppers of Chandigarh and its satellite cities located in the relatively prosperous northwest region of India. The data were collected from 200 participants through a structured questionnaire that was based on an adapted “Attitude towards the concept of luxury” scale by Dubois and Laurent (1994) and “Brand Experience” Scale by Brakus et al. (2009). The structural equation modeling technique was applied to test the proposed model.,The empirical results indicate that sensory, intellectual, behavioural and affective experience play a significant role in building the attitude of consumers towards luxury brands.,The study selected university students from Chandigarh (India) Tricity region as target respondents, which may limit the generalisability of the results to other target respondents in different regions of India or other countries.,The study is useful for researchers, academicians, marketers and retailers of luxury brands, as it gives fresh insights into understanding the consumer behaviour of a young segment towards the consumption of luxury brands in the post-purchase scenario, especially in the context of an emerging market.,The uniqueness of the study lies in the fact that it examines the post-purchase behaviour of a segment consisting of young, educated and aspirational individuals in one of the world’s fastest-growing major economies.

Experience and attitude towards luxury brands consumption in an emerging market

Luxury brands tend to be hesitant in adopting social media. This matter has created an imminent need to understand the different types of online luxury followers so as to help luxury brands communicate effectively with their consumers, while maintaining the “luxe” image and experience. Accordingly, the purpose of this paper is to provide luxury brands with a deeper understanding of their online audience and the strategies needed to engage with them through the different social media platforms.,A qualitative approach was utilized in which 24 in-depth interviews were conducted with Lebanese followers of an online luxury brand’s social media pages.,The study identifies the presence of six main categories of online luxury followers: pragmatists, bystanders, trend hunters, image seekers, passionate owners, and prime consumers. Each group has a specific engagement and propensity to buy levels.,Understanding the different segments of luxury brand followers provides a framework for marketing managers that allows them to correctly target their marketing and communication strategies in order to maximize consumer engagement and purchasing behaviors.,A significant gap exists in the extant literature which offers no understanding of the different luxury brand followers and their different characteristics. This study is the first to offer an exploratory typology of the various luxury brand followers on social media platforms.

Typology of social media followers: the case of luxury brands

The buying pattern among Indian consumers has witnessed dramatic change over the past decade. Higher income has enhanced consumer buying power. As a result, consumers are readily adopting global luxury brands at a much faster pace. Indian consumers are attracted towards acquiring luxury brands and purchasing these brands has become a prestige symbol. Luxury brands are helpful in communicating one's uniqueness, fashion style and individuality in social circles. This study analyzes the impact of dimensions of consumers’ need for uniqueness and fashion consciousness on the attitude towards luxury brands. A structured questionnaire was used to collect the data. To test the hypotheses, correlation and regression analyses were employed. The findings suggest that the dimensions of consumers’ need for uniqueness and fashion consciousness positively influence their attitude towards luxury brands. The paper concludes with a discussion on the future directions of study.

Consumer Attitude Towards Luxury Brands: An Empirical Study

IntroductionIndian consumers are adopting the global luxury brands and global lifestyles more conveniently and at much faster pace than anticipated. Internet has further enabled the companies to reach the Indian consumers in distant areas. It is estimated that Indian luxury market will touch $30 bn mark by 2015 and the country may become the world's fifth largest consumer market by 2025. Laxman Narasimhan, Director, McKinsey rightly pointed that, "Between China and India you are looking at a quarter of the global luxury market in 2015. The growth in India between 2015 and 2020 will become even larger as more people come into the consumption curve. Nine million households will be targets for luxury or near luxury consumption. Nearly 42% of India's wealthy households are in Delhi and Mumbai. Indian consumers really care about brands. Almost 22% of Indian consumers try foreign products and brands."1 In India, as the income levels of middle class have gone up and they can afford the luxury products, the scope and opportunity for luxury brands is flourishing (Hauck and Stanforth, 2007).Rising prices of products had not deterred the consumers from symbolic consumption. The rise of Indian middle class has led to a shift in the way consumers consume. Sheth (1999) argued that the idea of upward mobility is universal and it is political power, wealth and modern lifestyle which motivate the people to go for upward mobility. The phenomenon is applicable to all Indian castes. Osella and Osella (2000) indicated that there are substantial changes in consumption pattern, behaviors and aspirations amongst all social groups. Husic and Cicic (2009) opined that luxury products are consumed by individuals from all social and income classes and these products give them pleasure and confidence.For understanding the luxury brand consumption, researches in the fields of materialism, interpersonal influences and media influences are of prime importance. Studies in the field of social influences, media habits and ostentation have offered rich understanding of the attitudes of consumers towards luxury brand consumption. There have been several studies in the Asian context. In Singaporean context, Chia (2010) proposed a framework and explained how media influences and social influences interplay and produce joint effects on adolescents' materialistic values. La Ferle and Chan (2008) reported that media celebrities and peer influence are predictors of materialistic consumption. Riquelme et al. (2011) studied the impact of self-monitoring and ostentation on status consumption and concluded that individuals consume status products to satisfy their ego. They also suggested that status consumption helps in signaling others the sense of belonging to a certain group of reference. Studies have also suggested a link between social comparisons and ideals in fashion magazines. Similar studies on media influences and social influences on luxury brand consumption in other geographies have contributed to a greater understanding of the domain (Park et al., 2008; Hung et al., 2011; and Wang et al., 2011). Further, only a few studies in marketing have considered social comparison as a predictor for luxury brand consumption (Zhang and Kim, 2013). However, social comparison has been discussed in length in social psychology (Festinger, 1954; Taylor and Lobel, 1989; and Suls and Wheeler, 2000).Despite these studies, relevance of these studies is debatable. Prior findings need to be validated in different cultural settings. There is scarcity of research on luxury brand consumption in the Indian context. Earlier research on social comparison has studied the impact of peer influence on social comparison. There has been limited research to understand the influence of media habits and ostentation on social comparison factors with special reference to India. As an extension to the existing research on social comparison, this research considers the ostentation and media habits of consumers as influencing factors of luxury brand consumption. …

Social Comparison of Luxury Fashion Brands: Impact of Ostentation and Media Habits

IntroductionThe word 'luxury' is derived from the Latin word 'luxus' which means opulence, exuberance and sumptuousness. The concept of luxury has been present in various forms and at various levels since the beginning of civilization. Luxury is not new to India. During the 1930s, 20% of Rolls Royce's global sales were from India.A dazzling array of luxury brands is now wooing Indian consumers. According to India Luxury Review 2011, published by the Confederation of India Industry (CII) and A T Kearney, luxury consumption is growing at 20% per annum, and is not confined only to the big cities. The report also revealed that despite the high tariffs, the prices in India are on a par with those of Singapore, thus making domestic luxury purchases more practical. India's luxury market was expected to reach $14.73 bn by 2015 from an estimated $8.21 bn in 2011, with about 30% of the customers coming from smaller cities. The portfolio of spending categories for the average Indian more than doubled during the period from 1991 to 2007. In 1991, the average Indian spent on eight product categories, whereas in 2007 the number of categories increased to 17, and included mobile handsets, gifts and durables, among others.Consumption patterns are different for people belonging to different sections of the society. On the one hand, for poor people, goods of basic necessities are of priority. On the other hand, for the middle class, besides spending on goods of basic necessities, they also spend on education of their children and lifestyle goods. The rich class spends more on lifestyle and luxury goods. Brands are a priority for them. As people acquire wealth, they tend to spend more on luxury goods.Interestingly, demand for some goods is not affected by their prices. Luxury brands are expensive and thus are not only consumed for the product-related attributes, but are also consumed due to non-product attributes.Several studies have identified uniqueness traits and fashion consciousness as important variables in luxury brand consumption (Dee and Eun Young, 2007; Bian and Forsythe, 2012; and Chen and Kim, 2013). However, there is a dearth of research from the Indian perspective. This research tries to examine the impact of consumer's uniqueness dimensions and fashion consciousness on their attitude towards luxury brands. Since India is one of the emerging markets for luxury marketers, the current study is apt, as it will help luxury retailers and marketers to understand the psyche of Indian consumers.Literature ReviewConcept of Luxury BrandsPhau and Prendergast (2000) defined luxury product as "perceived to be the extreme end of the prestige-brand category." They identified the following characteristics of luxury brands:* They are exclusive.* They have a well-known brand identity.* Perceived quality is high and there exists increased brand awareness.* Sales level and customer loyalty are retained.Chadha and Husband (2006) defined luxury fashion products as "fashionable and high quality consumer goods made by reputed luxury brands". This definition is useful since it encompasses a wide range of products including apparels and accessories, as these goods are universally available and are recognized as luxury products (Ahmed et al., 2002).Veblen (1899) was the first to discuss luxury consumption patterns by the 'leisure class' and concluded that consumers use luxury products to signal wealth and status, when consumed conspicuously. These goods are used as a hallmark for being recognized as belonging to the upper class of the society.Consumers' Need for UniquenessSnyder and Fromkin (1980) worked on the uniqueness theory and concluded that individuals try to maintain moderate level of self-distinctiveness, since they perceive that extreme similarity or dissimilarity to the group is unpleasant. Snyder and Fromkin (1977) suggested that in similar situations, different individuals exhibit varying levels of need for uniqueness, which influences their purchase decisions. …

Consumer Attitude towards Luxury Brands: An Empirical Study

Much of contemporary research in cross-national setting uses culture as a key explanatory variable (Chiles et al., 2007). Following Hofstede (1980), a vast majority of research considers culture as comprised of four core values--individualism, masculinity, uncertainty avoidance and power distance--which reflect "patterns of thinking and feeling and potential acting" (Hofstede, 1991: 4). Despite some resmwations (e.g., Minkov and Hofstede, 2011), these four values have often been used to describe the cultural orientation of individuals around the world. Valid comparisons of cultural value scores of individuals across countries require establishing measurement invariance, succinctly defined as equivalent assessment in two or more groups (Meredith, 1993). However, few studies actually examine invariance in cultural values across multiple countries (Spini, 2003), and almost nothing has been published in this area using all four Hofstede (1980) cultural dimensions. The present study addresses this gap in the literature by examining measurement invariance of the four core cuhural values using data obtained from individuals in four countries. Measurement invariance is an important issue whenever researchers seek to compare perceptions, attitudes, and beliefs held by people belonging to different groups (Chen, 2008). In international research, issues related to invariance of measures across countries are critical as they directly influence the validity and reliability of the scholarly enterprise (Scandura et al., 2001). Measurement invariance is present to the extent that the relations between the obsmwed variables and the latent constructs they measure are similar across countries (Zhou et al., 2001). Researchers can make valid comparisons across countries only when measurement invariance is achieved, but absence of invariance confounds cross-national comparisons, potentially undermining scholarly confidence in findings derived from data collected internationally (Zhou et al., 2001). The present study examines cross-national measurement equivalence in cultural value orientation. Data is obtained from individuals in four countries--U.S., Turkey, India, and Hong Kong--which represent four distinct country clusters with fundamental religious and institutional differences (Gupta et al., 2002). A multi-step protocol is used to assess measurement invariance through a series of two-country multi-group confirmatory factor analyses (MGCFA), comparing the U.S. sample with the other three countries in the sample. Theoretical Background Culture refers to a "rich complex" of beliefs, meanings, norms, and practices that describe and prescribe appropriate actions and behaviors (Schwartz, 2006: 138). It is a multi-faceted construct with hundreds of "distinct definitions" and "has been studied in many disciplines under different names" (Taras et al., 2009: 358). Although attempts to understand culture can be traced back hundreds of years, it was not until the publication of Hofstede's seminal work (1980) that the idea of conceiving culture along specific measurable dimensions became popular (Taras et al., 2009). Hofstede (1980) deconstructed culture into four basic values: power distance which refers to the extent to which unequal distribution of power is accepted; uncertainty avoidance defined as lack of tolerance for ambiguity and absence of structure; individualism which refers to the degree to which individual interests are considered subordinate to the interest of the group (e.g., family); and masculinity defined as preference for "tough" concerns such as competition and achievement. These four dimensions, Hofstede (1991: 35) argued, represent "core dements" of culture worldwide (Hofstede, 2002). The four-dimensional culture framework is widely considered "a reasonable way" to view culture (Ralston et al., 2007: 2) and has gained popularity in psychological and organizational research (Hofstede, 2006). …

Cultural value orientation: Measurement invariance in a multi-country sample

The fundamental base of corporate governance is the agency theory which states that there is separation between ownership and control. This separation creates divergence in the interests of various parties involved including management and stakeholders, generating agency problem. In particular, better disclosures are considered to be the better way to reduce the agency problem. Corporate governance appends transparency and disclosure of corporate structure to ensure accountability of management towards shareholders. This paper sets out to examine the disclosure practices adopted by the Indian banking sector. A composite disclosure checklist consisting of more than 104 items is developed including both mandatory and non-mandatory items. Disclosure checklist is formulated on the basis of existing literature, various corporate governance index formulated by previous researchers, norms of Clause 49 of Listing Agreement. The recommendations of Clause 49 were incorporate by Kumar Manglam Birla Committee laid down by SEBI. The findings of the study indicates that Indian banking sector is compliant with the mandatory disclosure practices but not enough to hit the highest point. Also, banks are on the path to the adoption of and making disclosures regarding voluntary recommendations. This paper is an attempt to contribute to the academic literature by illustrating that a strict check by regulatory authorities brings the prospective for high compliance regarding disclosure and transparency.

Ashish Pareek

Papers

Consumer Attitude Towards Luxury Brands: An Empirical Study

Social Comparison of Luxury Fashion Brands: Impact of Ostentation and Media Habits

Consumer Attitude towards Luxury Brands: An Empirical Study

Cultural value orientation: Measurement invariance in a multi-country sample

Corporate Governance: An Indian Perspective on Disclosure and Transparency Issues