This paper investigates the effect of energy consumption and output on carbon emissions in the United States. Earlier research focused on testing the existence and/or shape of an environmental ...Kuznets curve without taking energy consumption into account. We investigate the Granger causality relationship between income, energy consumption, and carbon emissions, including labor and gross fixed capital formation in the model. We find that income does not Granger cause carbon emissions in the US in the long run, but energy use does. Hence, income growth by itself may not become a solution to environmental problems.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK
This paper employs univariate and bivariate GARCH models to examine the volatility of oil prices and US stock market prices incorporating structural breaks using daily data from July 1, 1996 to June ...30, 2013. We endogenously detect structural breaks using an iterated algorithm and incorporate this information in GARCH models to correctly estimate the volatility dynamics. We find no volatility spillover between oil prices and US stock market when structural breaks in variance are ignored in the model. However, after accounting for structural breaks in the model, we find strong volatility spillover between the two markets. We compute optimal portfolio weights and dynamic risk minimizing hedge ratios to highlight the significance of our empirical results which underscores the serious consequences of ignoring these structural breaks. Our findings are consistent with the notion of cross-market hedging and sharing of common information by financial market participants in these markets.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK, ZRSKP
This paper employs univariate and bivariate GARCH models to examine the volatility of gold and oil futures incorporating structural breaks using daily returns from July 1, 1993 to June 30, 2010. We ...find strong evidence of significant transmission of volatility between gold and oil returns when structural breaks in variance are accounted for in the model. We compute optimal portfolio weights and dynamic risk minimizing hedge ratios to highlight the significance of our empirical results. Our findings support the idea of cross-market hedging and sharing of common information by financial market participants.
► Paper employs univariate and bivariate GARCH models with breaks on recent data. ► Paper finds strong evidence of transmission of volatility between gold and oil returns. ► Optimal portfolio weights and dynamic risk minimizing hedge ratios are computed. ► Findings support the idea of cross-market hedging and sharing of common information.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK
We re-examine the relationship between disaggregate energy consumption and industrial output, as well as employment, in the United States using the autoregressive distributed lag (ARDL) approach ...developed by Pesaran and Pesaran Pesaran, M.H., Pesaran, B., 1997. Working with Microfit 4.0. Camfit Data Ltd, Cambridge and Pesaran, Shin and Smith Pesaran, M.H., Shin, Y., Smith, R.J., 2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16; 289–326 In particular, we focus attention on the following energy consumption variables: coal, fossil fuels, conventional hydroelectric power, solar energy, wind energy, natural gas, wood, and waste. The sample period covers 2001:1–2005:6. Our results imply that real output and employment are long run forcing variables for nearly all measures of disaggregate energy consumption.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK
Despite the evidence that brand management is core to the success of franchising businesses, limited empirical work has focused on branding in such business-to-business (B2B) exchanges. Integrating ...social exchange theory and the identity-based brand management framework, this study proposes that brand relationship quality is crucial in promoting franchisee brand citizenship behavior that can enhance brand equity attributable to franchisees, thereby advancing a model of ‘franchisee-based brand equity’ (FBBE). Survey results from 352 franchisees in franchised B2B exchanges suggest that brand relationship quality promotes brand citizenship behavior, thereby enhancing FBBE. Additionally, moderated mediation analysis indicates that the indirect effect of brand relationship quality on FBBE via brand citizenship behavior is stronger when franchisor competence is high. However, franchisor–franchisee relationship duration has no moderating effects on these relationships. The findings of this study have implications for franchising practitioners that are interested in understanding the role of brand relationship management in promoting franchisee brand citizenship behavior and FBBE.
•We develop and empirically test a new model of franchisee-based brand equity (FBBE).•Brand relationship quality enhances FBBE via brand citizenship behavior.•Results show that the factors affecting FBBE vary with franchisor competence but not with relationship duration.•This is the first study to empirically test the concept of brand relationship management in B2B markets.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK, ZRSKP
Purpose
This study aims to present an extended service-profit chain (SPC) framework for assessing service performance. This framework is then used to investigate non-linear and asymmetric links ...between service delivery investments and customer satisfaction, as well as time lags in organisational performance outcomes.
Design/methodology/approach
The study draws on panel data with repeated measures from a sample of automotive after sales service departments. Data collected comprises both objective and survey-based data, including operational inputs, productivity, service quality, service experience, behavioural intentions, customer retention and organisational performance.
Findings
Non-linear and asymmetric effects are identified, suggesting that customers’ evaluations of service performance are more sensitive to negative performance (dissatisfaction) than positive performance (satisfaction). Accordingly, focusing on attributes for which customers are experiencing negative performance first, and then allocating resources to attributes for which customers are experiencing positive performance, can be far more consequential for improving customer satisfaction.
Practical implications
From a practical perspective, the findings deepen current understanding of the relationships between service performance metrics. They also provide guidance for managers seeking to better deploy service resources to enhance service quality, customer satisfaction and customer retention to improve profitability over time.
Originality/value
Drawing on a unique and rich data set, this study provides a significant improvement on previous SPC frameworks by adding new dimensions identified in recent meta-analyses and addresses calls for more research into non-linear, asymmetric and longitudinal effects within the SPC.
Viral marketing is a form of peer-to-peer communication in which individuals are encouraged to pass on promotional messages within their social networks. Conventional wisdom holds that the viral ...marketing process is both random and unmanageable. In this paper, we deconstruct the process and investigate the formation of the activated digital network as distinct from the underlying social network. We then consider the impact of the social structure of digital networks (random, scale free, and small world) and of the transmission behavior of individuals on campaign performance. Specifically, we identify alternative social network models to understand the mediating effects of the social structures of these models on viral marketing campaigns. Next, we analyse an actual viral marketing campaign and use the empirical data to develop and validate a computer simulation model for viral marketing. Finally, we conduct a number of simulation experiments to predict the spread of a viral message within different types of social network structures under different assumptions and scenarios. Our findings confirm that the social structure of digital networks play a critical role in the spread of a viral message. Managers seeking to optimize campaign performance should give consideration to these findings before designing and implementing viral marketing campaigns. We also demonstrate how a simulation model is used to quantify the impact of campaign management inputs and how these learnings can support managerial decision making.
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BFBNIB, CEKLJ, IZUM, KILJ, NMLJ, NUK, PILJ, PNG, SAZU, UL, UM, UPUK
This paper employs bivariate GARCH models to simultaneously estimate the mean and conditional variance between five different US sector indexes and oil prices. Since many different financial assets ...are traded based on these market sector returns, it is important for financial market participants to understand the volatility transmission mechanism over time and across these series in order to make optimal portfolio allocation decisions. We examine weekly returns from January 1, 1992 to April 30, 2008 and find evidence of significant transmission of shocks and volatility between oil prices and some of the examined market sectors. The findings support the idea of cross-market hedging and sharing of common information by investors.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK
Background
Regular physical activity is important for arthritis self-management and could be promoted through tailoring community leisure and fitness centers’ customer-relationship management (CRM) ...strategies.
Objectives
This study investigates the influence of two CRM strategies on individuals with arthritis reaching or maintaining two moderate-to-vigorous physical activity (MVPA) thresholds (≥150 and ≥45 minutes/week) from baseline-to-12 months and 12-to-24 months as well as mean changes in total minutes/week of MVPA. It also explores time-dependent variations in the influence of socio-cognitive variables on MVPA outcomes.
Methods
Survey data from 374 participants with arthritis in a two-year randomized controlled trial (control versus two CRM strategies: Incentive
Only
and Incentive
+Support
) were used. Participants reported measures of physical activity participation, socio-cognitive decision-making, mental and physical wellbeing, friendship, community connectedness, sense of trust in others, and demographics.
Findings/discussion
Receiving the Incentive
+Support
CRM strategy (versus control) increased participants’ likelihood of reaching/maintaining both physical activity thresholds from 12-to-24 months (≥150 MVPA minutes/week, p < .001; ≥45 MVPA minutes/week, p < .032) but not from baseline-to-12 months. However, receiving the Incentive
Only
CRM strategy (versus control) did not predict reaching/maintaining these thresholds. Importantly, socio-cognitive decision-making variables’ influence on reaching/maintaining these MVPA thresholds varied over time, suggesting CRM strategies may require further tailoring based on time-specific profiles. Perhaps because of new facility induced excitement, the mean change in total MVPA minutes/week for the control group significantly increased (26.8 minute/week, p = .014, 95% CI 5.5, 48.0) from baseline-to-12 months, but subsequently declined by 11.4 minute/week from 12-to-24 months (p = .296, 95% CI -32.7, 9.9). Mean changes in total MVPA minutes/week were non-significant for those receiving Incentive
Only
content but significant for those receiving Incentive
+Support
content: baseline-to-12 months (38.2 minute/week increase, p = .023, 95% CI 4.9, 71.4) and baseline-to-24-months (45.9 minute/week increase, p = .007, 95% CI 12.7, 79.1).
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DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
This paper investigates the effect of disaggregate energy consumption on industrial output in the United States. Most of the related research utilizes aggregate data which may not indicate the ...relative strength or explanatory power of various energy inputs on output. We use monthly data and employ the generalized variance decomposition approach to assess the relative impacts of energy and employment on real output. Our results suggest that unexpected shocks to coal, natural gas and fossil fuel energy sources have the highest impacts on the variation of output, while several renewable sources exhibit considerable explanatory power as well. However, none of the energy sources explain more of the forecast error variance of industrial output than employment.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPUK
