The relationship between CRM, RM, and business performance: A study of the hotel industry in Taiwan

Abstract
This study aims to investigate the implementation of customer relationship management (CRM) and its effect on relationship marketing (RM) and business performance, through an analysis of the hotel industry in Taiwan. A survey on hotels, including general and tourist hotels, and bed and breakfasts (B&Bs) was conducted, and a total of 560 questionnaires were returned. The results showed that implementing CRM has a significant and positive influence on the RM effect, positively affecting business performance for both hotels and B&Bs. However, a comparison of the influential paths of relationship models between hotels and B&Bs showed that, for hotels, the Internet service and customer support functions of the CRM strategy are the main sources of influence on the RM effect and business performance, whereas for B&Bs, the marketing support function of the CRM strategy alone influences the RM effect and business performance. To achieve higher performance, the different types of hotel enterprises should understand their main advantage before implementing key CRM strategies.

Examining the role of advertising and sales promotions in brand equity creation

Abstract
This study explores the relationships between two central elements of marketing communication programs — advertising and sales promotions — and their impact on brand equity creation. In particular, the research focuses on advertising spend and individuals' attitudes toward the advertisements. The study also investigates the effects of two kinds of sales promotions, monetary and non-monetary promotions. Based on a survey of 302 UK consumers, findings show that the individuals' attitudes toward the advertisements play a key role influencing brand equity dimensions, whereas advertising spend for the brands under investigation improves brand awareness but is insufficient to positively influence brand associations and perceived quality. The paper also finds distinctive effects of monetary and non-monetary promotions on brand equity. In addition, the results show that companies can optimize the brand equity management process by considering the relationships existing between the different dimensions of brand equity.

Knowledge sharing, innovation and firm performance

Abstract

This study investigates the quantitative relationship between knowledge sharing, innovation and performance. Based on the literature review, we develop a research model positing that knowledge sharing not only have positive relationship with performance directly but also influence innovation which in turn contributes to firm performance. This model is empirically tested using data collected from 89 high technology firms in Jiangsu Province of China. It is found that both explicit and tacit knowledge sharing practices facilitate innovation and performance. Explicit knowledge sharing has more significant effects on innovation speed and financial performance while tacit knowledge sharing has more significant effects on innovation quality and operational performance.

Effects of innovation types on firm performance

Abstract
Innovation is broadly seen as an essential component of competitiveness, embedded in the organizational structures, processes, products and services within a firm. The objective of this paper is to explore the effects of the organizational, process, product and marketing innovations on the different aspects of firm performance, including innovative, production, market and financial performances, based on an empirical study covering 184 manufacturing firms in Turkey. A theoretical framework is empirically tested identifying the relationships amid innovations and firm performance through an integrated innovation-performance analysis. The results reveal the positive effects of innovations on firm performance in manufacturing industries.

Governance, product market competition and cash management in IPO firms

Abstract
This study evaluates the link between CEO governance heterogeneity, power structure of the firm, and product market competition on various facets of post-IPO cash policy. Our results suggest that post-IPO cash holdings as well as marginal value of cash reserves are higher under a founder CEO governance regime relative to non-founder CEOs. Concentrating board power in the hands of founder CEOs however, reduces their ability to maintain higher post-IPO cash reserves. Our results also suggest that product market competition influences both the level and marginal value of cash reserves in the hands of founder CEOs. Further, we find that stronger internal governance reduces the tendency of IPO firms to deploy excess cash reserves to fund internal investments in excess of industry rivals. Finally, our results suggest that excess cash reserves in competitive industry environments lead to superior post-IPO operating performance.

Cash flow management and manufacturing firm financial performance: A longitudinal perspective

Abstract

A firm's cash flow policies, which manage working capital in the form of cash receivables from customers, inventory holdings, and cash payments to suppliers, are inexorably linked to the firm's operations. Building on earlier research, this study: (i) extends prior studies by examining the relationships between changes in cash flow measures and changes in firm financial performance using a longitudinal sample of firm data; and (ii) investigates the direction of the relationship between quarterly changes in cash flow positions and firm financial performance. This study is conducted using the Generalized Estimating Equations (GEE) methodology to analyze a longitudinal sample of eight quarters of cash flow and financial performance data from 1233 manufacturing firms. The analyses find that changes in the widely used Cash Conversion Cycle (CCC) metric do not relate to changes in firm performance; however, changes in the less used Operating Cash Cycle (OCC) metric are found to be significantly associated with changes in Tobin's q. This examination of how changes in specific cash flow measures relate to changes in Tobin's q shows that both reductions in Accounts Receivables (measured as Days of Sales Outstanding [DSO]) and reductions in Inventory (measured as Days of Inventory Outstanding [DIO]) relate to firm financial performance improvements that persist for several quarters. Endogeneity tests of whether a firm's cash flow management strategy leads to changes in firm performance or if the cash flow strategy is a byproduct of firm performance suggest that reductions in DSO lead to improved firm financial performance.

Herding behaviour and sentiment: Evidence in a small European market 

Abstract

This work studies herding behaviour in a small European market, by analysing the stocks that constitutedthe Portuguese stock PSI-20 index, for the period between 2003 and 2011. The two different approachesused to measure herding intensity led to different results, suggesting that measurements of the herdingphenomenon are sensitive to the method used. Consequently, there is a need for further research into themethodology used to test this phenomenon. Additionally, the study analyses the relationship betweenherd behaviour and investor sentiment, an area that has been little explored. In applying causality teststo the impact of sentiment on herd behaviour, only weak evidence is found that sentiment influencesherding.

Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets

Abstract 

Controlling for country-level governance, we investigate how firms' corporate governance influences financing constraints. Using firm-level corporate governance rankings across 14 emerging markets, we find that better corporate governance lowers the dependence of emerging market firms on internally generated cash flows, and reduces financing constraints that would otherwise distort efficient allocation of investment and destroy firm value. Additionally and more importantly, firm-level corporate governancematters more significantly in countries with weaker country-level governance. This suggests substitutability between firm-specific and country-level governance in determining a firm's investment sensitivity to internal cash flows.

The relationship between revenue diversification and bank performance

A B S T R A C T
This paper contributes to the existing literature by investigating the impact of revenue diversification on bank performance through a broad array of financial reforms, including credit controls, interest rate controls, entry barriers, banking supervision, privatization, and financial account restrictions. This analysis is the first to investigate whether financial structures (bank- or market-based systems) change the effect of diversification on individual bank performance. We use a panel dataset sample from 29 Asia- Pacific countries covering the period between 1995 and 2009, for a total of 2372 banks. Unlike the results of previous studies based on data from the U.S. and Europe, this study confirms the hypothesis of the portfolio diversification effect for the Asia-Pacific banking industry. For bank-based groups, bank performance can be improved through diversification, supporting the ‘‘bank-based view’’ hypothesis. 

چكیده
امواج رادیویی، تلویزیونی، بیسیم، ماهواره و سایر امواج مشابه بر سلول‌های بدن بخصوص سلول‌های عصبی و سلول‌های در حال رشد اثرات سوء و قابل توجهی دارد. البته اثرات ناشناخته این امواج برروی سلول‌های در حال تقسیم همچون سلول‌های جنسی هنوز به روشنی مشخص نیست. میزان اثرگذاری سوء این امواج بر روی سلول‌های عصبی بستگی به شدت آن دارد كه با نزدیك بودن منبع ارسال امواج ارتباط مستقیم دارد. مطالعه بر روی حیوانات آزمایشگاهی نشان داده كه عوارضی همچون كاهش رشد، كاهش قدرت تولید مثل، تولد جنین‌های ناقص الخلقه و نیز تاثیر مستقیم بر روی سلول‌های عصبی از عوارض نزدیك بودن به منبع ارسال این امواج است. یكی از منابع اصلی تولید امواج الكترو مغناطیسی آنتن‌های مركزی ارسال امواج رادیویی و تلویزیونی و پارازیت‌های ماهواره‌ای است كه در برخی از نقاط شهری وجود دارند. متخصصان معتقدند كه خارج بودن این آنتن‌های مركزی از بافت شهری و شهروندان میتواند در كاهش عوارض این امواج بر روی سلول‌های بدن نقش موثری داشته باشد. برخی از آنتن‌های مركزی ارسال‌كننده پارازیت‌های موجی میتواند سبب بروز اختلال در برخی از گیرنده‌های تلویزیونی نیز بشود كه نشان دهنده نزدیك بودن منابع ارسال این امواج است. با توجه به اهمیت سلامت شهروندان بخصوص در شهرهای پر تراكم باید وجود چنین آنتن‌های مركزی با علائم هشداردهنده برای مردم مشخص شود و تا حدامكان این آنتن‌ها از بخش‌های پرتراكم دور باشد.