Institutional analysis of strategic choice of micro, small, and medium enterprises : development of a conceptual framework

This paper presents a conceptual framework showing formal and informal institutions and their relationship with the strategic choice of micro, small, and medium enterprises (MSMEs) in a developing country setting. It emphasises how institutions at sub-national level (such as a region or city) influence the strategic orientations of MSMEs as many developing countries in Asia are undergoing decentralisation whereby sub-national government authorities are given more political, economic, fiscal, and administrative powers. Furthermore, it sheds more insights on the environmental (institutional) determinism-organisational (strategic) choice nexus. It offers propositions, questions as well as issues worth pursuing in empirical investigations in the future.

Can the choice of interpolation method explain the difference between swap prices and futures prices?

The standard model linking the swap rate to the rates in a contemporaneous strip of futures interest rate contracts typically produces biased estimates of the swap rate. Institutional differences usually require some form of interpolation to be employed and may in principle explain this empirical result. Using Australian data, we find evidence consistent with this explanation and show that model performance is greatly improved if an alternative interpolation method is used. In doing so, we also provide the first published Australian evidence on the accuracy of the futures-based approach to pricing interest rate swaps.

Self-service technology complaint channel choice : exploring consumers' motives

Purpose – This study aims to explore consumers' motives for their choice of complaint channel in the context of self-service technology (SST) failure. Traditional and evolving communication channels are considered.

Design/methodology/approach – Qualitative self-report data from consumers who had recently experienced dissatisfaction with SSTs were collected via an open-ended survey question. Three independent coders used a deductive and inductive iterative process to code the data.

Findings – The findings suggest that both consumer complaint behaviour (CCB) theory and media richness theory (MRT) help to explain consumers' motivation for channel choice. However, consumers' choice appears to be motivated to a greater degree by convenience rather than task-medium fit.

Research limitations/implications – This study was set solely in the SST context and explored consumers' hypothetical complaint channel choice, not actual channel use. Future research could examine the actual performance of complaint channels as perceived by consumers. Consumers' motivation to choose other emerging electronic complaint channels, such as complaint blogs and forums, could also be explored.

Practical implications – Understanding consumers' complaint channel choice is important for organisations to enable them to provide effective and efficient ways for consumers to complain. As complaint channels proliferate, it is difficult for organisations to know which channels to offer.

Originality/value – Choosing an appropriate channel for resolving a complaint is an important consumer decision, which the study of CCB needs to be broadened to include. The current study addresses this gap by, for the first time, integrating CCB theory and MRT. This is valuable because it is common for consumers not to voice their complaints to organisations. To facilitate voiced complaints, organisations need to determine which complaint channels will be most effective and efficient and in which situations.

Who chose this restaurant anyway? The effect of responsibility for choice, guarantees and failure stability on customer complaining

Customers often behave in the context of a group, with different behavior occurring in this context to that which transpires in an individual context. However, customer complaining behavior (CCB), including voice, negative word of mouth, in addition to that transmitted electronically, and exit, in a group setting has not been studied previously. A service failure during a group celebration at a restaurant and the pattern of CCB that ensues is examined. This is based on customers’ level of responsibility in restaurant selection on behalf of the group, the presence of an unconditional service guarantee, and the perceived stability of the failure. Findings suggest that customers are more inclined to exit when they have participated to a greater degree in choice and that the presence of an unconditional guarantee interacts with participation to influence negative word of mouth intentions. Perceived failure stability had the greatest influence on CCB.

Does the choice of estimator matter when forecasting returns?

While the literature concerned with the predictability of stock returns is huge, surprisingly little is known when it comes to role of the choice of estimator of the predictive regression. Ideally, the choice of estimator should be rooted in the salient features of the data. In case of predictive regressions of returns there are at least three such features; (i) returns are heteroskedastic, (ii) predictors are persistent, and (iii) regression errors are correlated with predictor innovations. In this paper we examine if the accounting of these features in the estimation process has any bearing on our ability to forecast future returns. The results suggest that it does.

Can a targeted psychological intervention be effective for young people following a first manic episode? Results from an 18-month pilot study

Aim: There is a scarce literature describing psychological interventions for a young, first-episode cohort who have experienced psychotic mania. This study aimed to assess whether a manualized psychological intervention could be effective in reducing symptomatology and relapse, and improve functional outcome in this population.

Methods: The study was an open-label design, drawn from a larger pharmacotherapy trial. All participants in the pharmacotherapy trial were offered a manualized psychological intervention in addition to case management. Inclusion in the psychotherapy group was based on participant's choice, and on completion of four or more of the eight modules offered. All clinical files were audited to ensure accuracy of group allocation. Forty young people aged 15 to 25 years old who had experienced a manic episode with psychotic features were recruited into the study, with 20 people in the combined treatment as usual plus psychotherapy group (P+TAU), and an equal number of matched control participants who received treatment as usual (TAU) within the same service. All participants were prescribed antipsychotic and mood-stabilizing medication. Symptomatic, functional and relapse measures were taken both at baseline and at 18-month follow-up.

Results: Manic symptoms improved significantly for both groups, with no differences between groups. Depression scores and overall symptom severity were significantly lower in the P + TAU group. No differences were evident between groups with regard to numbers or type of relapse. The P + TAU group had significantly better social and occupational functioning after 18 months.

Conclusion: This study suggests that a manualized psychological intervention targeted to a first-episode population can be effective in reducing depression and overall symptom severity, and can improve functional outcome following a first episode of psychotic mania.