Showing papers by "Copenhagen Business School published in 2012"
Imperial College London1, Copenhagen Business School2, University of Gothenburg3, Tilburg University4, Royal Institute of Technology5, Spanish National Research Council6, University of Bologna7, University of Turin8, University of Cambridge9, University of Kassel10, University of Strasbourg11, University of Bordeaux12, Bocconi University13, University of Bath14
TL;DR: In this paper, the authors present a systematic review of research on academic scientists' involvement in collaborative research, contract research, consulting and informal relationships for university-industry knowledge transfer, which they refer as academic engagement.
Abstract: A considerable body of work highlights the relevance of collaborative research, contract research, consulting and informal relationships for university-industry knowledge transfer. We present a systematic review of research on academic scientists’ involvement in these activities to which we refer as ‘academic engagement’. Apart from extracting findings that are generalisable across studies, we ask how academic engagement differs from commercialization, defined as intellectual property creation and academic entrepreneurship. We identify the individual, organizational and institutional antecedents and consequences of academic engagement, and then compare these findings with the antecedents and consequences of commercialization. Apart from being more widely practiced, academic engagement is distinct from commercialization in that it is closely aligned with traditional academic research activities, and pursued by academics to access resources supporting their research agendas. We conclude by identifying future research needs, opportunities for methodological improvement and policy interventions. (Published version available via open access)
1,589 citations
TL;DR: In this paper, a real-world comparison of ideas actually generated by a firm's professionals with those generated by users in the course of an idea generation contest is presented, which suggests that, at least under certain conditions, crowdsourcing might constitute a promising method to gather user ideas that can complement those of a firm' professionals at the idea generation stage in NPD.
881 citations
TL;DR: In this paper, the authors document significant time series momentum in equity index, currency, commodity, and bond futures for each of the 58 liquid instruments they consider, and find persistence in returns for one to 12 months that partially reverses over longer horizons, consistent with sentiment theories of initial under reaction and delayed over-reaction.
848 citations
TL;DR: In this article, the authors analyzed the liquidity components of corporate bond spreads during 2005-2009 using a new robust illiquidity measure and found that the spread contribution from illiquidities increases dramatically with the onset of the subprime crisis, and that flight-to-quality is confined to AAA-rated bonds.
491 citations
TL;DR: In this article, the authors focus on the knowledge producers who have shaped the field over time and the knowledge users who have employed the core works in entrepreneurship in order to develop our knowledge of the phenomenon of entrepreneurship.
388 citations
TL;DR: The application of neuroscience to marketing, and in particular to the consumer psychology of brands, has gained popularity over the past decade in the academic and the corporate world as mentioned in this paper, and the potential of research at the intersection of neuroscience and consumer psychology is discussed.
386 citations
TL;DR: In this paper, the authors provide empirical evidence of self-reported impacts of selected electronic and other information sources on international tourists' destination choices regarding a popular, mature and mainstream summer holiday location.
341 citations
TL;DR: It is argued that geographically localized social capital affects a firm's ability to innovate through various external channels and that being located in a region characterized by a high level of social capital leads to a higher propensity to innovate.
Abstract: To introduce new products, firms often use knowledge from other organizations. Drawing on social capital theory and the relational view of the firm, we argue that geographically localized social capital affects a firm's ability to innovate through various external channels. Combining data on social capital at the regional level, with a large-scale data set of the innovative activities of a representative sample of 2,413 Italian manufacturing firms from 21 regions, and controlling for a large set of firm and regional characteristics, we find that being located in a region characterized by a high level of social capital leads to a higher propensity to innovate. We find also that being located in an area characterized by a high degree of localized social capital is complementary to firms' investments in internal research and development (R&D) and that such a location positively moderates the effectiveness of externally acquired R&D on the propensity to innovate.
340 citations
TL;DR: The study reveals that there are different mechanisms underlying value cocreation within B2B alliances, and also points to several categories of contingency factors that influence these mechanisms.
Abstract: Contemporary business organizations are increasingly turning their attention to jointly creating value with a variety of stakeholders, such as individual customers and other business organizations. However, a review of the literature reveals that very few studies have systematically examined value cocreation within business-tobusiness (B2B) contexts. Using a revelatory case study of the relationship between an ERP vendor with a global reputation and its partners, and informed by the resource-based view of the firm and related theoretical perspectives, we develop an understanding of value cocreation in B2B alliances associated with selling, extending, and implementing packaged software, specifically ERP systems. Our study reveals that there are different mechanisms underlying value cocreation within B2B alliances, and also points to several categories of contingency factors that influence these mechanisms. In addition to providing insights about the phenomenon of cocreation itself, the study contributes to the stream of packaged software literature, where the implications of value cocreation in alliances between packaged software vendors and their partners for the client organizations have not been sufficiently explored.
339 citations
TL;DR: In this article, a new dynamic asymmetric copula model is proposed to capture long-run and short-run dependence, multivariate nonnormality, and asymmetries in large cross-sections.
Abstract: International equity markets are characterized by nonlinear dependence and asymmetries. We propose a new dynamic asymmetric copula model to capture long-run and short-run dependence, multivariate nonnormality, and asymmetries in large cross-sections. We find that correlations have increased markedly in both developed markets (DMs) and emerging markets (EMs), but they are much lower in EMs than in DMs. Tail dependence has also increased, but its level is still relatively low in EMs. We propose new measures of dynamic diversification benefits that take into account higher-order moments and nonlinear dependence. The benefits from international diversification have reduced over time, drastically so for DMs. EMs still offer significant diversification benefits, especially during large market downturns. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.
315 citations
Book•
01 Mar 2012TL;DR: The authors proposed and developed an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management, and described entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.
Abstract: Entrepreneurship, long neglected by economists and management scholars, has made a dramatic comeback in the last two decades, not only among academic economists and management scholars, but also among policymakers, educators and practitioners. Likewise, the economic theory of the firm, building on Ronald Coase's (1937) seminal analysis, has become an increasingly important field in economics and management. Despite this resurgence, there is still little connection between the entrepreneurship literature and the literature on the firm, both in academia and in management practice. This book fills this gap by proposing and developing an entrepreneurial theory of the firm that focuses on the connections between entrepreneurship and management. Drawing on insights from Austrian economics, it describes entrepreneurship as judgmental decision made under uncertainty, showing how judgment is the driving force of the market economy and the key to understanding firm performance and organization.
TL;DR: In this article, the advantages and disadvantages of local and non-local search, discusses organizational responses, and identifies potential exogenous triggers for different kinds of search, concluding that the initial focus on local search was a consequence, in part, of the attention in evolutionary economics to path-dependent behavior, but that as localized behavior was increasingly accepted as the standard mode, studies began to question whether locally search was the best solution in all cases.
Abstract: This article critically reviews and synthesizes the contributions found in theoretical and empirical studies of firm-level innovation search processes. It explores the advantages and disadvantages of local and non-local search, discusses organizational responses, and identifies potential exogenous triggers for different kinds of search. It argues that the initial focus on local search was a consequence, in part, of the attention in evolutionary economics to path-dependent behavior, but that as localized behavior was increasingly accepted as the standard mode, studies began to question whether local search was the best solution in all cases. More recently, the literature has focused on the trade-offs being created, by firms having to balance local and non-local search. We account also for the apparent “variety paradox” in the stylized fact that organizations within the same industry tend to follow different search strategies, but end up with very similar technological profiles in fast-growing technologies. The article concludes by highlighting what we have learnt from the literature and suggesting some new avenues for research.
TL;DR: In this article, the authors compare the knowledge bases of an industry-leading AMNE and a fast-follower EMNE using patent data, buttressed by qualitative information, and show that the AMNE's knowledge base is deeper and composed of more distinct technology groups than that of the EMNE.
Abstract: Emerging economy multinationals (EMNEs) are catching up with advanced economy MNEs (AMNEs) even in emerging, high technology industries, where their knowledge-based disadvantages are most severe We explain this phenomenon by distinguishing between output and innovation capabilities Successful EMNEs' focus on output capabilities need not facilitate innovation catch-up We compare the knowledge bases of an industry-leading AMNE and a fast-follower EMNE using patent data, buttressed by qualitative information The AMNE's knowledge base is deeper and composed of more distinct technology groups than that of the EMNE The EMNE has caught up in terms of output capabilities, but still lags in terms of innovation capabilities Our in-depth comparative case analysis contributes to the literature on knowledge strategies and their impact on firm capabilities
TL;DR: Findings show that the field has a high level of dynamism, as foci on eParticipation activities, contextual factors, and effects have shifted in time, sometimes in counterintuitive directions.
TL;DR: In this paper, an integrative framework of indigenous research on Chinese management has been proposed, which is consistent with, but extends beyond, the repeated calls for contextualizing management and organization research.
Abstract: It has long been recognized that indigenous research should be helpful, if not essential, for an adequate understanding of local phenomena. The indigenous approach is consistent with, but extends beyond, the repeated calls for contextualizing management and organization research. However, the challenges of indigenous research are enormous. The purpose of this article is to shed light on these challenges by providing an integrative framework of indigenous research. In particular, I seek to explicate the existing conceptual confusions and flesh out the appropriate methodological procedures for indigenous research on Chinese management. To illustrate the framework, I show the value of yin-yang thinking by developing a cognitive frame, Yin-Yang Balance, to illustrate the unique and novel features of local perspective, including its application to case study method.
TL;DR: This work engages with recent applications of the Marxist “labor theory of value” to online prosumer practices, and offers an alternative framework for theorizing value creation in such practices as based primarily on the capacity to initiate and sustain webs of affective relations and value realization as linked to a reputation based financial economy.
Abstract: We engage with recent applications of the Marxist “labor theory of value” to online prosumer practices, and offer an alternative framework for theorizing value creation in such practices. We argue that the labor theory of value is difficult to apply to online prosumer practices for two reasons. One, value creation in such practices is poorly related to time. Two, the realization of the value accumulated by social media companies generally occurs in financial markets, rather than in direct commodity exchange. In an alternative framework, we offer an understanding of value creation as based primarily on the capacity to initiate and sustain webs of affective relations, and value realization as linked to a reputation based financial economy. We argue that this model describes the process of value creation and appropriation in the context of online prosumer platforms better than an approach based on the Marxist labor theory of value. We also suggest that our approach can cast new light on value creation within informational capitalism in general.
TL;DR: This paper addresses recent calls to narrow the micro–macro gap in management research by incorporating a macro-level context variable (country) in exploring micro-level determinants of board effectiveness.
Abstract: This paper addresses recent calls to narrow the micro–macro gap in management research (Bamberger, 2008), by incorporating a macro-level context variable (country) in exploring micro-level determinants of board effectiveness. Following the integrated model proposed by Forbes and Milliken (1999), we identify three board processes as micro-level determinants of board effectiveness. Specifically, we focus on effort norms, cognitive conflicts and the use of knowledge and skills as determinants of board control and advisory task performance. Further, we consider how two different institutional settings influence board tasks, and how the context moderates the relationship between processes and tasks. Our hypotheses are tested on a survey-based dataset of 535 medium-sized and large industrial firms in Italy and Norway, which are considered to substantially differ along legal and cultural dimensions. The findings show that: (i) Board processes have a larger potential than demographic variables to explain board task performance; (ii) board task performance differs significantly between boards operating in different contexts; and (iii) national context moderates the relationships between board processes and board task performance. Copyright © 2010 John Wiley & Sons, Ltd.
TL;DR: The authors studied the psychological and neurophysiological mechanisms of how consumers relate to their beloved brands and found that emotional arousal decreases over the brand relationship span, while inclusion of the brand into the self increases over time.
TL;DR: In this paper, a large-scale survey of Italian researchers found that the decision to collaborate with industry is influenced by the perception of the potential threat to the researcher's freedom of research.
Abstract: Collaborating with industry constitutes discretionary behaviour for academics: this decision is shaped by the institutional environment and individual perceptions of potential costs and benefits. Drawing from a large-scale survey of Italian researchers, we find that the decision to collaborate with industry is influenced by the perception of the potential threat to the researcher’s freedom of research. In contract, secrecy-related concerns do not appear significant, while the desire of acquiring additional resources is relevant when the researchers choose the intensity of collaboration. We explore the implications of these findings for university-industry collaboration.
TL;DR: In this article, the travel portion of the tourism experience through airlines' use of social media on two social media platforms for a 6-month time period was studied and analyzed and categorized according to the promotional marketing mix.
Abstract: Over the years, online marketing has grown in importance in the tourism industry. This media space offers companies throughout the tourism value system numerous marketing tools, one of the most recent being social media. Social media allows companies to interact directly with customers via various Internet platforms and monitor and interact with customer opinions and evaluations of services. This exploratory article studies the travel portion of the tourism experience through airlines’ use of social media on two social media platforms for a 6-month time period. The social media content posted by airlines is analyzed and categorized according to the promotional marketing mix. In addition, the authors propose four categories to describe the overall communicative behavior. Among the results, it is shown that there is a lack of strategic perspective among airlines’ utilization of social media as it is being used with limited uniformity. These findings may aid marketing departments in their marketing and socia...
TL;DR: In this article, the authors argue that knowledge search has to reflect the heterogeneity of various knowledge sources with regard to the knowledge they can provide and how these sources can be activated, and explore the effect of these types of knowledge search within different sectoral patterns of innovation.
TL;DR: In this article, the authors identify and rank the determinants of tourism performance and their relative importance, and identify the key obstacles to improving the tourism industry performance and the key determinants that can affect tourism performance.
Abstract: After a prolonged period of growth, driven, in part, by an increasing number of affluent consumers, the international tourism industry is now suffering the effects of a weaker world economy. These tougher market conditions have, in turn, led to increasing competition. As a result, countries, their tourism industries, and tourism businesses seek to improve the performance of the tourism industry and its constituents by vigorously promoting themselves to international tourists, cutting costs, and identifying synergies in their tourism endeavors. In seeking to improve the tourism industry, the determinants that affect tourism performance are of key interest to the stakeholders. A key obstacle toward improving performance is the multitude of determinants that can affect tourism performance. The literature has yet to provide concrete insights into the determinants of tourism performance and their relative importance. The present study addresses this important gap. We identify and rank the determinants of touri...
TL;DR: In this article, the authors propose the notion of integrated fragmentation to conceptualize the coexistence of the contradicting forces for further enterprise autonomy and continued central control that characterizes the evolving relationship between business groups and the Party-state.
Abstract: As a result of economic reform and administrative restructuring in China, a number of powerful state-owned business groups (“national champions”) have emerged within sectors of strategic importance. They are headed by a new corporate elite which enjoys unprecedentedly high levels of remuneration and managerial independence from government agencies and which derives legitimacy from symbolizing China's economic rise. However, through the nomenklatura system, the Party controls the appointment of the CEOs and presidents of the most important of these enterprises and manages a cadre transfer system which makes it possible to transfer/rotate business leaders to take up positions in state and Party agencies. In order to conceptualize the coexistence of the contradicting forces for further enterprise autonomy and continued central control that characterizes the evolving relationship between business groups and the Party-state, this paper proposes the notion of integrated fragmentation.
TL;DR: In this article, the authors examined a theoretical model of generic social media strategies for destination management and applied qualitative methods to analyze the social media initiatives of DMOs of Denmark, Norway, Finland, Sweden and the Scandinavian Tourist Board Asia/Pacific in the Nordic European Region.
Abstract: This study provides insights into social media practices and strategic considerations used by destination management organizations (DMOs). It examines a theoretical model of generic social media strategies for destination management and applies qualitative methods to analyze the social media initiatives of DMOs of Denmark, Norway, Finland, Sweden and the Scandinavian Tourist Board Asia/Pacific in the Nordic European Region. The study provides empirical evidence of emerging social media strategies among DMOs and confirms the growing importance of these new media. The findings point to the conflicting relationship between corporate culture and social media culture, the challenges innovative communication tools present for traditional management structures, poor levels of formalization and the lack of a knowledge base which results in ad-hoc decision making. Overall, the paper discusses the challenges faced by DMOs in their adoption of new technological cultures.
TL;DR: In this paper, the authors build a new class of discrete-time models that are relatively easy to estimate using returns and/or options and find that the distribution of returns is driven by two factors: dynamic volatility and dynamic jump intensity.
TL;DR: In this paper, the authors investigate whether mutual funds' flows reflect the incentives of brokers intermediating them and find significant effects of these payments to brokers on funds' inflows, particularly when the brokers are not affiliated.
Abstract: We ask whether mutual funds’ flows reflect the incentives of the brokers intermediating them. The incentives we address are those revealed in statutory filings: the brokers’ shares of sales loads and other revenue, and their affiliation with the fund family. We find significant effects of these payments to brokers on funds’ inflows, particularly when the brokers are not affiliated. Tracking these investments forward, we find load sharing, but not revenue sharing, to predict poor performance, consistent with the different incentives these payments impart. We identify one benefit of captive brokerage, which is the recapture of redemptions elsewhere in the family.
TL;DR: In this paper, the authors used network approaches to subsidiary theory to investigate the performance impacts of interactions among the factors of autonomy, intra-organizational network relationships, and inter-organ organizational network relationships.
TL;DR: In this article, a matched dataset of licensees and non-licensees was used to investigate the effect of grant-back clauses on the patent-inference process and found that licensees are faster at inventing if the license includes a grantback clause, shifting incentives from licensee to licensee.
Abstract: Drawing on contractual economics and innovation management, licensing-in is hypothesized to accelerate licensees' invention process. Studying a matched dataset of licensees and non-licensees, licensees are shown to be faster at inventing, but the effect is negated if the license includes a grant-back clause, shifting incentives from licensee to licensor. Also, the effect is significantly reduced if the licensee is unfamiliar with the licensed technology. The effect of the grant-back clause is offset if the licensee is unfamiliar with the licensed technology, suggesting that the licensee retains the incentives to invent under these circumstances. Copyright © 2012 John Wiley & Sons, Ltd.
TL;DR: In this article, the authors employ path creation as a lens to follow the emergence of the Danish wind turbine cluster and conclude that public policy to catalyse clusters cannot be based on an assumption that linear learning dynamics will unfold.
Abstract: This paper employs path creation as a lens to follow the emergence of the Danish wind turbine cluster. Supplier competencies, regulations, user preferences and a market for wind power did not pre-exist; all had to emerge in a tranformative manner involving multiple actors and artefacts. Competencies emerged through processes and mechanisms such as co-creation that implicated multiple learning processes. The process was not an orderly linear one as emergent contingencies influenced the learning processes. An implication is that public policy to catalyse clusters cannot be based on an assumption that linear learning dynamics will unfold.
TL;DR: In this paper, individual-level perceptions of organizational commitment to knowledge sharing, and extrinsic motivation, directly influence the extent to which employees engage in firm-internal knowledge exchange and intrinsic motivation and engagement in social interaction significantly mediate the relationship between perceived organizational commitment and knowledge exchange.
Abstract: In response to recent calls for more research on micro-foundations, we seek to link human resource management (HRM) and knowledge transfer through individual-level mechanisms, arguing that individual-level conditions of action influence the extent to which employees engage in knowledge exchange. We examine four such conditions empirically using data from 811 employees in three Danish multinational corporations (MNCs). Our findings suggest that individual-level perceptions of organizational commitment to knowledge sharing, and extrinsic motivation, directly influence the extent to which employees engage in firm-internal knowledge exchange. We also find that intrinsic motivation and engagement in social interaction significantly mediate the relationship between perceived organizational commitment and knowledge exchange. Given that HRM can influence such conditions through an overall signaling effect and various practices, an understanding of these micro-foundations will shed light on how organizations can effectively enhance knowledge transfer through HRM. © 2012 Wiley Periodicals, Inc.