Innovation in the face of disruption

The current economic and financial crisis has had a profound impact on the Italian economy, and has put Italian companies into great difficulty; however statistical data shows that businesses owned by women seem to have resisted the economic crisis more effectively than those owned by men. This paper seeks to describe the ways in which Italian businesses have responded to the economic crisis and adopted strategies to deal with it. The study also compares the attitudes and behaviours of male and female entrepreneurs, in order to gain insight into their respective ways of dealing with the recession. The literature review shows that firms have faced the economic crisis by adopting either an offensive or defensive approach, and by externally -- or internally -- directed action. Four main types of strategy were identified: restructuring, resizing, reorganization and innovation/development. Drawing from a questionnaire survey given to a sample of 300 (150 male and 150 female) owners of micro-enterprises located in the Marche region of Central Italy, the findings suggest that firms adopted mainly a defensive approach characterized by both restructuring and resizing strategies aimed to improve efficiency and refocus the core business. An offensive approach -- involving innovation, development or reorganization strategies -- was less common. A comparison between men and women shows that female entrepreneurs showed a lower propensity towards investment, innovation, development and growth. Consequently, they were significantly less oriented toward innovation/development strategies than men. Results suggest that under the same external conditions, gender may influence the strategies adopted by entrepreneurs in responding to the economic crisis. The defensive approach adopted by women entrepreneurs may be considered positive in the short-term, as it aims at guaranteeing the survival of the business. However, in the long-term it could undermine the ability of a business to seize new opportunities and to innovate, and consequently weaken competitiveness.

The leadership of the Society recognizes the potential of new trends toward open access (OA) publishing and the value of having the papers published in ESA journals freely accessible to the widest possible audience. However, because fully OA journals do not charge for subscriptions, applying such a model to the ESA journals would require major changes in the financial basis and the operations both of the ESA journals and of the Society’s activities more broadly. For most of our history, library subscriptions have paid for copyediting, typesetting, archiving, distribution, and other publication services, allowing us to keep charges to authors at a relatively low level. Subscription fees have also partially defrayed the costs of outreach, education, and scientific meetings, providing stable core funding to complement membership fees, the annual meeting, donations, and grants.

This study aims to determine the comparative analysis of bankruptcy predictive ability between the Altman z-score and Zmijewski x-score analyses of financial services companies listed on the Indonesia Stock Exchange for the 2017-2021 period. This study uses secondary data in the form of financial statements of each financial service company, where the sample used in this study is 41 financial service companies listed on the Indonesia Stock Exchange. The data analysis method used is the Altman z-score and Zmijewski x-score models with the help of Microsoft Excel 2019 software. The results of the study reveal that (1) from the results of the Altman Z-Score, it is obtained that as many as 19 companies are predicted to experience bankruptcy within five years of the study period, while 6 financial services companies are predicted not to go bankrupt during the five years of the study period. (2) Zmijewski's analysis shows that 3 financial service companies are predicted to go bankrupt during the five-year study period, and 29 financial service companies are predicted not to go bankrupt during the five-year study period. (3) The results of calculating the level of accuracy found that the Altman Z-Score model is the best in predicting the bankruptcy of financial services companies with an accuracy rate of 68.78%, while the Zmijewski model only obtains an accuracy rate of 16.09%.

Purpose – The study investigates the effect of audit quality on tax aggressiveness among financial service companies listed in Nigeria from 2014 to 2023. Design/methodology/approach – Data garnered from selected financial service companies’ annual reports were analyzed with correlation analysis and variance inflation factor test to detect multicollinearity while panel data analysis was employed for significant examination. Findings – The findings indicate that audit tenure was found to have a significant positive effect on CASHETR and BTD. Audit fees showed a significant negative effect on CASHETR but positive effect on BTD while audit committee demonstrated a significant positive effect on CASHETR but negative on BTD. It is concluded that there is significant impact of audit quality on tax aggressiveness in listed financial service companies in Nigeria. Research limitations/implications – It is recommended that financial service companies should prioritize engaging high-quality audit firms, maintaining longer audit tenures, and strengthening their audit committees with diverse expertise which will be associated with improved alignment between financial and tax reporting as well as more conservative tax practices. Regulatory bodies should develop comprehensive frameworks that will integrate assessments of audit quality, book-tax differences, and effective tax rates for better identifying potential areas of concern, and guide companies in balancing tax efficiency with compliance and reporting quality. Keywords: Audit Committee, Audit Fees, Audit Tenure, Audit Quality, Book-Tax Differences, Cash Effective Tax Rate, Tax Aggressiveness

Competitiveness and Opportunity of Power Line Communication in Broadband Access Service in Taiwan

This study aims to thoroughly investigate the changes in customer purchasing behavior across digital marketplaces amid the exceptional emergency caused by the COVID-19 pandemic, which has unparalleled influence on e-commerce. This research adopts a quantitative approach, leveraging survey questionnaires to collect data on customer purchasing behavior across digital marketplaces. Analysis of the collected data is conducted utilizing the Statistical Package for the Social Sciences (SPSS) software, enabling comprehensive statistical analysis to discern trends and patterns in customer behavior during the COVID-19 pandemic. It provides vital insights into the complex dynamics of customer behavior during times of crisis. The key findings emphasize the importance of comprehending customer preferences and behaviors in emergency scenarios for businesses in the e-commerce industry. The study demonstrates that, despite the obstacles presented by the pandemic, internet transactions not only remained viable but also acquired considerable significance for customers in Bangladesh. The Bangladeshi e-commerce sector demonstrated the crucial need for adaptability and resilience by effectively adapting to the changing market conditions caused by the pandemic. This study significantly contributes to understanding the Bangladeshi e-commerce landscape by addressing relevant research topics and objectives. It reveals a direct correlation between customer behavior and the success of e-commerce during pandemic-like events. It offers vital insights to organizations on how to modify their advertising, marketing, and promotional methods to effectively address customers' evolving requirements and priorities during times of crisis. In essence, this thorough examination acts as a vital manual for e-commerce enterprises in Bangladesh and other regions, helping them navigate the obstacles and possibilities presented by the COVID-19 era. It highlights the crucial significance of customer behavior in influencing the future of e-commerce, both in Bangladesh and worldwide.

The study objective is to examine the shifts in consumer behavior during corona pandemic in tourism and hospitality sector in Bangladesh. Convenience type non-probability sampling is used in this research paper and sample size is 150 which are collected from students, teachers and service holders in Dhaka, and Cumilla district area. Descriptive statistics, five rating likert scale and paired sample t-test applied in this research paper to collect data and a focus group including 12 respondents is also created for gathering respondent’s opinions about the effect of corona pandemic on restaurants, transportations, hotels and motels. In light of research analysis this research finds that there is a shift in consumer behavior in tourism and hospitality sector due to corona pandemic. Home quarantine, lockdown, physical stress, government rules and regulations have immense impact on consumer’s income, consumption, visiting tourist spot due to COVID-19. The study also discloses that consumers are using mask in public places and they are not preferring to purchase foods from restaurant. The findings of this paper may help tourism and hospitality industry to overcome any current and also future pandemic situation. The study also discloses practical guidelines for the tourist, passengers, travelers, restaurants customers and owners and travel agencies to formulate progress of tactical decisions in any pandemic situations. This research might illustrates a frontier study, analytically investigate the potential impacts of COVID-19 on shifts in consumer behavior in tourism and hospitality sector in Bangladesh and how the tourism and hospitality sector may respond to such shifts in the future

Prevailing During the Periods of Economical Crisis and Recession through Business Model Innovation

Controlling represent company’s bloodstream and in time of crisis, it comes to the fore since management strives for quality information’s to make the right decisions under uncertain conditions. Those quality decisions come from joint cooperation between well-educated controllers who can develop the right solutions and managers who are goal-oriented and need those solutions promptly. This need is more emphasized in times of corona crisis since nothing similar has ever happened before. The authors of the paper examine the respondents’ perception about the contribution of controlling in enabling companies’ survival in time of corona crisis through the increase of business process efficiency, as well as through business operations reorientation and strategy adjustment which enabled maintenance and stabilization in the first days of the corona crisis and during partial lockdown in Croatia. In order to test the set hypotheses after the usual descriptive statistics the Kruskal- Wallis H test was used on a sample of 180 companies in Croatia. A statistically significant correlation was confirmed between the role of controlling; i) in increasing the efficiency of business processes; ii) in adjusting the business reorientation; iii) in adjustment of business strategy. All employees from different hierarchical levels are aware the contribution and effectiveness of controlling in the corona crisis. This research is the basis for further research on role of controlling in times of crises.

A critical situation pushes human behaviour towards different directions with some aspects of behaviour being irrevocable. COVID-19 pandemic is not a normal crisis, and to control the spread of disease various measures were taken including complete and then partial lockdown. Since all elements of the economy are intricately interrelated with public health measures and lockdown, this resulted in economic instabilities of the nations hinting towards change in market dynamics. In every market, consumers are the drivers of the market competitiveness, growth and economic integration. With economic instability, consumers are also experiencing a transformation in behaviour, though how much of transformation experienced during the crisis will sustain is a question. This article looks at the consumer behaviour during COVID-19 crisis and in the subsequent lockdown period when the world stood still for more than a quarter of a year. Further, the article attempts to weave through the maze of literature available about consumer behaviour in normal times and in crisis times, strengthens it with the rapid assessment reports culled out by the different consulting organisations during lockdown phase, substantiates the same with first-hand telling and retelling of experiences by consumers and professionals with marketing background to bring up a hypothesis of the pandemic affecting a paradigm shift from consumer materialism to consumer spiritualism. The proposition offers further testable hypotheses for future research to understand consumer sentiments or requirement in buying ‘what is enough’ within the marketing context and how it can be reinforced post-COVID crisis for ensuring sustainability of business models. It would also be interesting to explore the correlates of this forced consumer behaviour with other variables such as learning from crisis, changing needs, personality, nationality, culture, new market segment and age to develop new models of consumer behaviour.

The pandemic “COVID-19” the acronym for coronavirus disease of 2019 brought about severe repercussions to human health and economic activity globally. It posed threat to life, people’s jobs and livelihood. The social distancing measure and complete lockdown of economic activities, necessary to combat COVID-19 caused dramatic changes in businesses environment and major shifts in behavioral pattern of human being. It is important for marketing leaders to understand the impact of business interruption due to COVID and shift in consumer behavior during COVID crisis. In this paper the behavioral pattern of consumer during the COVID-19 pandemic and impact of pandemic on marketing environment is studied. Here attempt is made to analyze how the marketers manage 4Ps – product, price, place and promotion strategically to ensure sustainability and survival during and post COVID-19 crisis.

This book is a response to the loss of learning experienced by children and young people during the Covid-19 crisis. It examines the measures which were taken to fix the disruption of education and their limitations particularly in reaching marginalised groups. Drawing on data and experiences from around the world, the book examines education systems as ecosystems with interdependencies between many different components which need to be considered when change is contemplated. Chapters explore the challenges involved ensuring continuity of education for all learners in times of crisis and disruption and set out practical solutions that are relevant when preparing for natural disasters and disasters caused by humans as well as for climate change challenges and future pandemics. The focus throughout is on building the sustainability of learners’ education into education systems to ensure educational continuity for all learners in times of disruption and crisis. Including tools for planning, prompts for reflection, and future possibilities to consider, Education for All in Times of Crisis will be valuable reading for school leaders, educators and policy makers.

The study used an ex-post facto research design to determine the effect of corporate governance traits on the corporate risk reporting of Nigerian publicly traded financial services firms. The population of research was comprised of all fifty-two (52) publicly traded financial services companies in Nigeria as at October 2021. To sample thirty-nine (39) publicly traded financial services companies, a judgmental sampling approach was used. Secondary data was taken from annual reports and financial statements of selected Nigerian publicly traded financial services companies for five (5) fiscal years covering 2015–2019 and analyzed using multiple regression analysis. The findings demonstrate a favorable association between the size of the board of directors and corporate risk reporting by Nigerian financial businesses. While independent directors and board gender have no effect on the corporate risk reporting of Nigerian financial services companies. Board activity and profitability have an inverse relationship with corporate risk reporting of Nigerian financial firms. Finally, the research establishes a positive correlation between business size and financial services companies' corporate risk reporting in Nigeria. It is recommended that the regulatory bodies formulate laws relating to risk governance that will enhance corporate risk reporting in Nigeria. Also, the number of independent and female directors should be increased so as to have more influence on decisions that can increase risk reporting transparency.

In the ever-expanding digital era, online financial services have emerged as a significant component of the global financial ecosystem. Digital transformation has altered the operations and consumer interactions of financial services companies. By implementing Enterprise Architecture design, financial services companies can adapt, flourish, and compete in an increasingly competitive environment. This article examines the essential function of Enterprise Architecture in the evolution of online financial services. We explore how Enterprise Architecture provides a strategic framework for driving change and innovation in financial organizations. We examine the primary elements of an Enterprise Architecture, such as the business model, technology infrastructure, and data. Then, we investigate how Enterprise Architecture improves operational efficiency and decreases risk in digital financial services. In addition, the significance of security and conformance in Enterprise Architecture for online financial services is examined. Enterprise Architecture is crucial in integrating security solutions and ensuring regulatory compliance in light of rising cybersecurity threats, strict regulatory compliance, and consumer demands for data privacy. We discuss how Enterprise Architecture facilitates improved consumer experiences in online financial services. By designing solutions with the consumer in mind, businesses can meet customer expectations, increase customer retention, and build a sustainable market share. Enterprise Architecture has become an indispensable instrument for successfully transforming online financial services. Through strategic planning, technology integration, data management, and a focus on security and customer experience, financial institutions can meet the challenges and seize the opportunities presented by the digital era.

Learning outcomes After reading the case study, the students will be able to analyze the impact of post-pandemic “new normal” customer behavioral change on a start-up aggregator operating virtually. Recognize the need for the service marketing strategy to prepare a service provider/aggregator to sustain a dynamic and volatile consumer environment. Understand the importance of competitors’ analysis as a primary step of service marketing strategy in influencing “new normal” consumer behavior. Examine the utility of customer engagement through website blogs, social media posts, videos and continuously updated information on the mobile application in influencing the “new normal” customer behavior, from skinner operant conditioning behavior and Rusbolt’s investment model perspectives. Case overview/synopsis Rafeeg is a mobile application-based home maintenance service providing company, conceived and founded in 2017 by Khamis Alsheryani – who, as an Emirati entrepreneur, has a prior record of accomplishing successful mobile applications and business ventures since 2004. The unique selling proposition of Rafeeg in the Abu Dhabi market is its functioning as the home maintenance services aggregator bringing its suppliers and consumers under-one-roof alongside maintaining ensuring high quality, punctuality and security at competitive prices. Rafeeg has collaborated with approximately 1,000 licensed suppliers using nearly 5,000 technicians and maintenance workers with a customer base of about 70,000 households. Although it is formally situated in Al Salam St, Abu Dhabi, United Arab Emirates (UAE), the company communicates with its consumers virtually. However, with the outbreak of the COVID-19 pandemic in the UAE in March 2020, Rafeeg witnessed a considerable decrease in service requests. Consumers’ psychological fear of the pandemics spread into their houses through the technicians and maintenance workers and the degree of hygienic practices the latter follows before their service provision acted as the major reason behind the fall in requests. Despite Alsheryani’s assurance on the provision of only those suppliers who are verified of their hygienic practices, negative COVID-19 test reports and their availability to the consumers as proof and regular temperature checks of the technicians, the consumer apprehensions remained stagnant and the loss of new service requests, as well as revenue, continued. The pandemic’s spread and consequent lockdown of services in the UAE affected Rafeeg’s business operations gravely, as projected by its sudden drop-in service requests – from 53,638 average monthly customer requests in January and February to approximately 10,000 in March and April. The sudden drop of 81% in new requests drove Alsheryani to develop a service marketing strategy in May to boost consumer behavior, encouraging them to resume their requests without further apprehensions. However, with the continuous rise in the pandemic and vaccines still under trial and research, Alsheryani contemplates the viability of the new marketing strategy. Alsheryani took measures in supplier training programs, excommunicating with suppliers who fail to comply with his strict safety regulations, developing the app with clearly stated, uniform, safety procedures and bearing the additional safety-related costs small suppliers provide quality work as part of the strategy. Despite so, will there be an increase in new requests? Will the bearing of additional costs on the suppliers’ behalf jeopardize its competitive advantage in UAE? Should he consider an alternate business model to adapt to the new normal environment? Complexity academic level This case is written for undergraduate students majoring in consumer behavior, consumer engagement approaches, digital marketing approaches using websites, mobile applications, social media communities and service marketing strategies. Students, through this case, can relate the importance of virtual space in engaging consumers and the importance of the latter in addressing the dynamicity of consumer behavior, especially affected by sudden environmental change, such as the COVID-19 pandemic. The case study also subtly highlights the importance of collaboration with suppliers in an aggregator business model to capture the essence of changing consumer behavior. This case study is appropriate for students having previous knowledge of Rusbolt’s investment model and skinner’s operant behavioral model of consumer behavior and their application in service marketing. Besides, students must be aware of the online business model and aggregator businesses in the service industry of the UAE. The case study purports to motivate critical analytical thinking among students and build their understanding of the importance of consumer behavior for business sustenance. Supplementary materials Teaching notes are available for educators only. Subject code CCS 8: Marketing.