Expectations Of Future Growth Research Articles

Exploring the stimulating role of augmented reality features in E-commerce: A three-staged hybrid approach

The application of Augmented Reality (AR) in business applications has seen colossal growth in recent years with even healthier future growth expectations. To advance the understanding of the paramount role played by AR features in shaping consumers' perceptions and behaviors. Applying a mixed-method approach, this study endeavors to contextualize the Stimuli-Organism-Response (S–O-R) framework in a novel context of AR retailing. Specifically, this study aims to determine the key influential AR features in the context of e-commerce and explores their relevant effects on facilitating consumers' in-depth understanding of the products and producing a playful atmosphere for customers resulting in enhanced consumer experiences. A three-stage hybrid research design is adopted in this study. First, an in-depth qualitative interview is applied to produce a comprehensive list of context-dependent key AR features. The SEM analysis using survey data in stage two and the artificial neural network (ANN) analytical technique in stage three unveil how the AR features influence customers’ different reactions and rank the significance of AR features. Some cardinal theoretical and practical implications are also provided in the end.

Different, but same: A power law perspective on how rock star female entrepreneurs reconceptualize “gender equality”

Prior studies investigating new venture emergence and growth from a gender-based lens have consistently found that, on average, female-founded ventures underperform their male-founded counterparts. In this study, we draw from the power law perspective to suggest that these findings primarily originate from the way researchers treat the outliers, those observations far from the normal. We hypothesize that the best of the best (i.e., the Rock Star) founders and ventures of each gender will have equally stellar performance. Contrary to the majority of entrepreneurship studies that consider outliers as ‘‘problems’’ that must be removed or transformed, the power law perspective assumes that outliers are different, have differential effects by skewing distributions far to the right, and are likely the most interesting and influential cases in the population. We leverage semi-parametric methods on longitudinal data from a representative sample of nascent entrepreneurial ventures to demonstrate the gender effect on outlier vs. non-outlier categories. Our findings suggest that gender does, in fact, negatively affect non-outliers (i.e., “average” entrepreneurs), while having no impact on outliers. We show that compared to the majority of the population, those with outlier inputs—resource endowments, expectations for future growth, and engagement—have a greater likelihood of achieving outlier outcomes, regardless of their gender. Our study contributes to the domain's inclusive understanding of women entrepreneurs and female-led ventures, and to the growing theoretical interest in the emergence of star performers.

History of surgical training in Kalamazoo

This narrative reviews the history and evolution of surgical training in Southwest Michigan, particularly Kalamazoo, over the past 100 years. During this time, the de novo growth of medical treatment and the gradual and progressive establishment of medical and surgical training, paralleled with innovation, have shaped the clinical practices in Southwest Michigan. The surgical expertise that exists in Kalamazoo has made it one of the most important headquarters for surgical innovation, not only in the United States, but in the world. The surgical training program in Kalamazoo began in the 1960s, and this accredited general surgery residency program has graduated numerous successful surgeons. Currently this program is one of several training programs at Western Michigan University Homer Stryker M.D. School of Medicine (WMed), the only medical school in Southwest Michigan. Under the leadership of Dean Surgeon Dr. Paula Termuhlen and Chair Dr. Robert Sawyer, a bright future in surgical education, research, and innovation is highly anticipated. Expectations of future growth in this program will provide a significant pipeline for graduating physicians and surgeons for decades to come.

Global Management Accounting Principles: Relationship between Management Practices and the Performance of Brazilian Companies

Abstract Purpose: Economic changes related to organizational structures and new business models require a new positioning of management accounting. The Global Management Accounting Principles (GMAP), as a guide to good practice, play the role of assisting organizations in creating better frameworks to support their decisions. The objective of this research is to analyze the relationship between the GMAP and the performance of Brazilian companies, from both an operational and an economic perspective. Design/methodology/approach: The final sample comprised 342 companies listed on the B3 (Brasil, Bolsa, Balcao) exchange, from 2010 to 2016. The methodology used to answer the research problem consisted of constructing an index of compliance with the recommendations proposed by the GMAP and observing the impacts of good management accounting practices on organizational performance, which was estimated according to operational and economic aspects. Findings: It was observed that the adopted management practices positively affect market performance and future growth expectations. This is already presumed by the CGMA proposal and the management literature, since management practices are routines incorporated into the organizational identity of companies and are reflected in better long-term results. Research Practical & Social implications: Considering the results obtained, the study contributes to the proposal presented by the CGMA, by reinforcing the role that management accounting plays in companies’ decision making, and how it is a relevant element for the future performance of organizations. In addition, it contributes to the market by presenting a structure focused specifically on controlling and management decisions, to assist in choosing tools that have a positive impact on results.

Retail inventory shrinkage, sensing weak security breach signals, and organizational structure

AbstractRetail inventory shrinkage, resulting primarily from employee theft and shoplifting, costs retailers nearly $70 billion annually. With brick‐and‐mortar retailers today confronting increased competition and low future growth expectations, reducing inventory shrinkage is becoming even more critical to becoming profitable. This paper analyzes a unique dataset that combines both primary survey and objective archival data from a Fortune 500 retailer to test a theoretical model associating retail inventory shrinkage, the capacity of a retail store to sense weak security breach signals, centralization of decision making, and formalization of security breach management. The analysis builds on insights from high reliability organization theory and the literature on organizational structure. Results reveal that as a retail store increases its capacity to sense weak security breach signals, it observes decreases in store‐level inventory shrinkage, with this negative association amplified (dampened) when the retail store has formalized procedures and protocols for managing security breaches (has centralized decision making within the retail store). Moreover, while the establishment of formalized procedures and protocols for managing security breaches bolsters the capacity of a retail store to sense weak security breach signals, centralizing decision making has the opposite effect. Our findings contribute to the retail operations literature by introducing a new store‐level organizational capability to guard against theft‐based retail inventory shrinkage and by offering novel insights into how and why organizational structure at the level of a retail store deters or facilitates the capacity to sense weak security breach signals. From a practical perspective, these findings advise retailers to develop the capability to become aware of and to mitigate security breaches. Further, to support this capacity, retailers are urged to decentralize decision making to retail store personnel and to invest in formalizing procedures and protocols for managing security breaches in order to deter retail thefts that shrink retail store inventory.

“Buying on time”

Consumer credit has been central to the history of small loans since the late 19^th century. Debates over credit buying (or “buying on time”) reveal fundamental assumptions about imagined futures and pasts in modern economies. Credit buying often built on expectations of future growth and improved living standards. Still, debates over credit highlight social anxieties also invoked an imagined past of supposedly more frugal household financing. Taking the German debate as a vantage point, the article deconstructs both the myth of a prewar past built on cash buying and contemporary fears of an “Americanized” future of debt-based spending. It explores transatlantic differences in the temporal perception of consumer credit. The final section examines shifts in consumer lending since the 1970s.

Tone Concavity around Expected Earnings

ABSTRACTWe examine whether the relationship between managerial tone and earnings performance depends on the performance of the firm relative to earnings expectations. Using both annual changes in earnings and the difference between realized earnings and analyst consensus forecasts, we find evidence of “tone concavity” around earnings expectations. Specifically, the covariance between managerial tone and earnings performance is positive when earnings are below expectations, but negative when earnings meet or exceed expectations. We interpret our results to suggest that managers downplay positive changes in earnings to attenuate future growth expectations. We also find that tone concavity is significantly attenuated by managers' career concerns and accounting conservatism, but unrelated to litigation risk. Our results indicate that the effect of earnings performance on disclosure tone is complex and reflects managers' incentives to manage expectations.

Tone Conservatism

We examine whether the relationship between managerial tone and earnings performance depends on the performance of the firm relative to earnings expectations. Using both annual changes in earnings and the difference between realized earnings and analyst consensus forecasts, we find evidence of “tone concavity” around earnings expectations. Specifically, the covariance between managerial tone and earnings performance is positive when earnings are below expectations, but negative when earnings meet or exceed expectations. We interpret our results to suggest that managers downplay positive changes in earnings to attenuate future growth expectations. We also find that tone concavity is significantly attenuated by managers’ career concerns and accounting conservatism, but unrelated to litigation risk. Our results indicate that the effect of earnings performance on disclosure tone is complex and reflects managers’ incentives to manage expectations.

Market Returns to Digital Innovations: A Group Based Trajectory Approach

In this paper, we examine how stock market valuations and investor expectations shape the response of incumbent firms to technological innovation. We situate our study in the context of the significant and pervasive shift across diverse industries towards digitally biased innovations, and seek to understand which incumbent firms have been able to adopt new digital technologies as well as extract value from them. In doing so, our analyses address the endogenous relationship between technology adoption and performance that often renders it difficult to discern the impact of technological innovation. We use group-based trajectory (GBT) models to first identify data-derived market performance types that are difficult to theoretically predict ex ante. We then examine these types to descriptively derive the underlying strategic position that conditions their response to technological change. Finally, we use propensity score matching to assess the propensity for digital innovations and the subsequent returns to digital innovation by comparing the ex post performance of digital innovators (treatment) with a matched sample of digital laggards (control) for each performance type. Using data at the intersection of COMPUSTAT, CRSP and the Google patent assignment database spanning the years 1981-2010, we find that firms with greater market expectations of future growth versus current period profits are more likely to adopt digital innovation and obtain higher ex post market valuations. Our results advance the rich body of work that highlights the strategic significance of external stakeholders in the face of technological change.

Market Returns to Digital Innovations: A Group Based Trajectory Approach

In this paper, we examine how stock market valuation and market expectations of future growth versus current period performance determine incumbent investments in technological innovation. To this end, we examine how incumbent firms respond to the pervasive shift towards digitally biased innovations. Given that expectation of performance might also condition adoption, we use group- based trajectory (GBT) models to empirically identify heterogeneous incumbent types that are unobserved and difficult to theoretically predict ex ante and descriptively derive the underlying strategic position that conditions their response to technological change. Finally, we use the GBT models in conjunction with propensity score matching to identify returns to technological innovation, contingent on the prior performance of the firms. Our analyses, therefore, address the endogenous relationship between technological innovation and performance that makes it hard to discern the impact of technology adoption. Using data at the intersection of COMPUSTAT, CRSP and the Google patent assignment database spanning the years 1981-2010, we find that firms with greater market expectations of future growth versus current period profitability are more likely to adopt digital innovation and obtain higher ex post market valuations. We discuss the scholarly and managerial implications of these results.

Impact of the Financial Crisis on Long-Term Growth

This study examines the potential impact of the 2008-2009 financial crisis on economic growth. Expectations of future growth are critical to evaluating of the sustainability of overall budget trends and the financial condition of the Old-Age Survivors and Disability Insurance (OASDI) and Medicare trust funds. The paper includes an assessment of the experience of other industrial economies with similar situations in earlier decades. The Nordic countries achieved a relatively complete recovery within a period of 5-10 years, but the slump in economic growth in Japan has continued for over a quarter century. The analysis of the current experience in the United States focuses on recent changes in the supply of labor and capital and changes in the growth of total factor productivity (TFP). The large decline in the labor force participation rate is largely the result of demographic changes and not the recession. Similarly, the growth of TFP has slowed in recent years, but most studies perceive it as predating the onset of the recession.The paper finds that:-- Even though they may not be directly due to the financial crisis, expectations have been cut back in a wide range of analyses of future growth prospects.-- The recent decline in labor force participation is dominated by demographic changes that will continue in future decades. Only a small portion appears to be related to cyclical factors.-- The growth in TFP has also slowed, but the change predates the financial crisis and is also likely to continue in future years. The policy implications of the findings are:-- The economic assumptions that underlie current projections of government expenditure programs are likely to be overly optimistic, particularly because the changed expectations are not cyclical or temporary in nature.

The effects of economic growth on income inequality in the US

The paper analyzes the relation between growth and income inequality in the US during the post-war years (1953–2008). We show that the income of the top income groups is more sensitive to growth, defined broadly as current growth and changes in expectations of future growth, compared to the income of the lower income groups. We provide evidence that this increased sensitivity arises for two reasons: (a) the top income groups receive a large portion of their income from wealth, which is more sensitive to growth than labor income and (b) the top income groups receive a large portion of their labor income in the form of pay-for-performance (equity compensation), which is also sensitive to growth. Consequently, we conclude that growth and income inequality are positively associated.

Financial Dependence, Macroeconomic Stability, and Firm Growth: What Policy lmplications for Indonesia?

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Associations of psychological thriving with coping efficacy, expectations for future growth, and depressive symptoms over time in people with arthritis

ObjectivePsychological thriving reflects a trajectory of growth over time as opposed to scaling back expectations. Whether thriving is a product, precursor, or process of coping with arthritis-related limitations is unclear. We examined associations between thriving, coping efficacy, and expectations for future growth in individuals with arthritis, and the relations of thriving to depressive symptoms and retrospective perceptions of personal growth over a six-month period. MethodsA sample of 423 people with arthritis completed measures of thriving, coping efficacy, depressive symptoms, and expectations for future growth; 168 individuals completed a six-month follow-up survey. Structural equation modeling analyses compared three possible models of psychological thriving, controlling for disease-related variables. Hierarchical regression analyses of the cross-lagged associations of thriving with retrospective perceptions of positive personal change and depressive symptoms were also conducted. ResultsStructural equation analyses suggest that the process model in which thriving and coping efficacy jointly predicted expectations for future growth best fit the data. Baseline thriving was also associated with retrospective perceptions of personal growth at follow-up and fewer depressive symptoms at baseline and follow-up, after controlling for disease-related variables. ConclusionOverall, these findings suggest that psychological thriving is synergistically related to coping efficacy, and to expectations for future growth and less depression, in people with arthritis. Importantly, our findings support the notion that psychological thriving is more than scaling back expectations, and that thriving may be an important quality to cultivate to address the burden of depression in people with arthritis.

Government Spending on Low Value Projects Increases Current U.S. 'Policy Value Gap'

Despite a historically unparalleled increase in federal spending since the 2008 financial crisis, the U.S. economy remains subdued, as evidenced by the 1.5% growth rate in the second quarter and dismal employment figures. Continued weakness will undoubtedly have a deleterious impact on the U.S.’ credit profile, which will exacerbate the concerns regarding the government’s ability to service the debt along-side its social commitments. This piece argues that an analytical framework based on standard financial concepts, such as return-on-investment and opportunity cost, provides a superior understanding of the true impact that government fiscal policies have on economic growth. Such a framework clearly illustrates that the stimulus policies enacted since 2008 are playing a role in suppressing economic growth and more importantly, the expectations for future growth, by mis-allocating society’s resources. The authors also introduce the concept of a “Policy Value Gap,” which is the cost to society (defined as the deviation between the trend economic growth rate and the actual lower rate) from misguided government policies, which include fiscal policies.

Emerging Scalability and Extreme Outcomes in New Ventures: Power-Law Analyses of Three Studies

Recent studies in entrepreneurship and management suggest that most performance-based outcomes are not distributed according to Gaussian assumptions within the normal, bell-shaped curve. Instead, Paretian (i.e., power-law) distributions are the new norm, where extreme outliers occur far more frequently and, more importantly, have a disproportionate influence on the larger system than normal statistics would lead us to believe. The unique statistical properties of power-law distributions require a scale-free theory, where a single explanation at one level applies to multiple units at the preceding level. As such, we develop hypotheses to suggest that a founder’s future growth expectations in the nascent organizing stage can influence a venture’s potential ability to scale up into an extreme outcome at later stages. We use MATLAB to construct semi-parametric bootstrap methods, estimating maximum likelihood fit with a power-law model on representative sample datasets from three states of privately owned venture emergence: nascent, active start-up, and hyper growth. We find substantial support for our power-law hypotheses at multiple units and levels of analysis. We use our results to suggest various implications for theory and practice.

Wealth and Compensation Inequality in the US: Why Economic Growth is Likely to Lead to Further Income Inequality

The paper analyzes the relation between growth and income inequality in the US during the post-war years (1953–2008). We show that the income of the top income groups is more sensitive to growth, defined broadly as current growth and changes in expectations of future growth, compared to the income of the lower income groups. This increased sensitivity arises for two reasons: the top income groups receive a large portion of their income from wealth, which is more sensitive to growth than labor income, and the top income groups receive a large portion of their labor income in the form of skill-based performance pay, which is also sensitive to growth. Consequently, we conclude that growth and income inequality are positively associated.

PERSPECTIVAS DE CRESCIMENTO DO MERCADO RESSEGURADOR BRASILEIRO <br><strong>DOI:10.7444/fsrj.v3i1.71</strong>

Em 2008, a resolução 168 do Conselho Nacional de Seguros Privados (CNSP) permitiu aos resseguradores internacionais solicitarem à Superintendência de Seguros Privados (SUSEP) autorização para operar no Brasil. Isso acarretou mudanças no setor de seguros e resseguros. Pode-se observar uma carência de estudos que avaliem efetivamente o crescimento do mercado ressegurador, desde sua abertura efetiva, levando em consideração os fatores macroeconômicos e reserva de mercado. Este estudo tem como função avaliar o tamanho do mercado ressegurador, analisando: principais ramos de negócio que cedem resseguro, concentração do mercado, participação no PIB e expectativas de crescimento futuro. O principal objetivo desse trabalho é fornecer subsídios para empresas atuantes no segmento de ressegurador à possibilidade de identificar as potencialidades do mercado, entender sua complexidade, seus principais competidores e possíveis nichos de atuação. Além de fornecer aos atuais e novos resseguradores um panorama das dificuldades existentes no mercado e de posicionamento estratégico que a empresa precisa adotar de forma atuar com mais eficiência no setor de resseguros. Para atingir tais objetivos é analisado o mercado de resseguradores, com suas especificidades, além de propor métodos, como passos para definir o posicionamento estratégico do mercado e um gráfico “Matrizes Importância Vs. Desempenho”. Existe uma potencialidade de negócios disponível para o mercado securitário que ainda não é atendido pelo mercado. Apesar das dificuldades iniciais para as empresas que atuam no setor, o mercado vem demonstrando o seu potencial de crescimento futuro desde a abertura efetiva, o que acaba por atrair resseguradores, tornando o mercado altamente competitivo.Palavras-chave: Resseguros. Seguros. Perspectiva de Crescimento

Perspectivas de crescimento do mercado ressegurador brasileiro

In 2008, resolution 168 of the National Council of Private Insurance (CNSP) allowed international reinsurers to request authorization to operate in Brazil from the Superintendence of Private Insurance (SUSEP). This led to changes in the insurance and reinsurance markets. There is a lack of in-depth studies to evaluate the growth of the reinsurance market since its effective opening, taking into account macroeconomic factors and market reserve. This study aims to evaluate the size of the reinsurance market by examining: the main sectors of business that yield reinsurance, market concentration, share of GDP, and expectations for future growth. The main objective of this paper is to provide companies in the reinsurance segment with assistance in identifying the potential market, understanding its complexity: their main competitors, and possible operational niches. In addition, it provides new and existing reinsurers with an overview of difficulties in the market and the strategic positioning that the company must adopt in order to act more effectively within the industry. To achieve these goals, it analyzes the reinsurance market in detail, proposes methods or steps to take to define strategic positioning in the market, and offers a graphic "Performance vs. Importance Matrix." There is potential demand available to the insurance market which remains unmet. Despite the initial difficulties for companies operating in the sector, the market has demonstrated its potential for continued growth since its effective opening, which will ultimately attract reinsurers, making the market highly competitive.Key words: Reinsurance. Insurance. Growth Perspective.

AFTER THE GREAT RECESSION: THE FUTURE OF CASINO GAMING IN AMERICA AND EUROPE

The economic recession of 2007–09 had dramatic effects on spending on gambling and, therefore, on a number of major gaming companies, resulting in situations where cash flows were increasingly inadequate to service debt obligations. The recession thus interrupted growth trends in various segments of casino industries in America and Europe, which undermined future growth expectations and potential. This analysis examines economic events and other factors that have affected the casino industry in the last few years, and examines their implications for the future of casino and gaming markets in America and Europe.