Opportunistic Behavior Research Articles

Small pelagic fish in the shallow Wadden Sea show opportunistic feeding with a strong benthic link

Abstract Small pelagic fish (SPF) are crucial in marine food webs, transferring energy from plankton to higher trophic levels. This study focuses on herring (Clupea harengus) and sprat (Sprattus sprattus), addressing knowledge gaps in their feeding ecology in a nursery area, the Dutch Wadden Sea. We conducted a year-long, monthly survey, and used DNA metabarcoding to analyse zooplankton samples and stomach contents of two size classes of herring and sprat. Intra-, interspecific, and seasonal variations in fish condition, stomach fullness, and diet composition, along with selective feeding, were studied. Our study showed that condition and diet composition of herring and sprat, along with zooplankton density, exhibited a clear seasonal pattern. Juvenile herring and sprat displayed opportunistic feeding behaviour, rather than showing distinct prey selection. Besides copepods, we regularly observed (larvae of) benthic invertebrates in their diet. This emphasizes the crucial role of SPF as energy transfer agents, not solely between trophic levels, but also from benthic to pelagic habitats. Furthermore, fish post-larvae were part of the diet of larger herring (10–15 cm). Because of its unprecedented temporal and taxonomical detail, this study advances the understanding of seasonal dynamics of dominant components at the base of the Wadden Sea food web.

How bibliometric evaluation makes the academia an ‘Iron Cage’: Evidence from Chinese academics

Abstract In response to the escalating reliance on bibliometrics for research evaluation within Chinese universities, this study delves into the far-reaching impact of this trend. Through comprehensive interviews with 15 academics from research-intensive universities encompassing diverse demographics, including gender, age, academic rank, and knowledge domains, the research sheds light on the consequences of bibliometric evaluation at individual and organizational levels. The findings expose how bibliometric evaluation practices can disrupt scholarly autonomy, undermine self-efficacy, erode motivation for innovative research, and trigger opportunistic behaviors among university academics. These outcomes, akin to the ‘Tragedy of the Commons,’ not only hinder institutional progress but also corrode the fabric of collegiality, and result in the performance paradox. The dominance of administrative logic over academic logic has transformed individual researchers and universities into participants in a system of administrative conformity, altering the essence of academic pursuit. Despite China’s earnest efforts to reform university research evaluation, the Chinese bibliometric evaluation sustains a cycle of self-reinforcement that impedes reform progress, particularly in terms of peer review. It is suggested that adopting a nurturing, nuanced approach to bibliometric evaluation is imperative for maintaining a harmonious academic ecosystem and fostering genuine societal advancement.

Antibiotic Resistance of Bacteria Isolated from Clinical Samples and Organs of Rescued Loggerhead Sea Turtles (Caretta caretta) in Southern Italy.

Antimicrobial resistance affects all environments, endangering the health of numerous species, including wildlife. Increasing anthropic pressure promotes the acquisition and dissemination of antibiotic resistance by wild animals. Sea turtles, being particularly exposed, are considered sentinels and carriers of potential zoonotic pathogens and resistant strains. Therefore, this study examined the antibiotic resistance profiles of bacteria isolated from loggerhead sea turtles hospitalised in a rescue centre of Southern Italy over a 9-year period. Resistance to ceftazidime, doxycycline, enrofloxacin, flumequine, gentamicin, oxytetracycline and sulfamethoxazole-trimethoprim was evaluated for 138 strains isolated from the clinical samples or organs of 60 animals. Gram-negative families were the most isolated: Vibrionaceae were predominant, followed by Shewanellaceae, Pseudomonadaceae, Enterobacteriaceae and Morganellaceae. These last three families exhibited the highest proportion of resistance and multidrug-resistant strains. Among the three Gram-positive families isolated, Enterococcaceae were the most represented and resistant. The opportunistic behaviour of all the isolated species is particularly concerning for diseased sea turtles, especially considering their resistance to commonly utilised antibiotics. Actually, the multiple antibiotic resistance was higher when the sea turtles were previously treated. Taken together, these findings highlight the need to improve antimicrobial stewardship and monitor antibiotic resistance in wildlife, to preserve the health of endangered species, along with public and environmental health.

Dietary flexibility of insectivorous bats, Eptesicus fuscus and Myotis lucifugus, during Magicicada spp. Brood X emergence

Emergence of periodical cicadas, Magicicada spp. Davis, 1925, presents an ideal opportunity to study dietary flexibility and selective feeding behavior of bats. It is known that a wide array of taxa prey upon Magicicada spp., but few bat species have been documented to consume them. When larger than typical prey items, such as periodical cicadas, become abundant for a short time frame, insectivorous bats may exhibit alteration in dietary selection that provides insight into capacity and conditions for feeding. Evidence of Magicicada spp. consumption was detected in guano via polymerase chain reaction (PCR) and physical detection in both Eptesicus fuscus (Palisot de Beauvois, 1796) and Myotis lucifugus (Le Conte, 1831), two bat species of different sizes and with different dietary profiles. The consumption of these larger prey items, when they are locally abundant, supports a display of opportunistic behavior and diet flexibility in these two bat species.

Differences in the influence of the board of directors and the board of commissioners on real earnings management: empirical evidence from Indonesia

Purpose – This research investigates the influence of the Board of Directors (BOD) and the Board of Commissioners (BOC) on real earnings management (REM) practices in Indonesian manufacturing companies. Real earnings management involves genuine alterations to operational decisions that affect financial reporting.Design/methodology/approach – The research uses a sample of manufacturing firm listed on Indonesia Stock Exchange (BEI) from 2016 to 2022 and uses panel data regression techniques, including the Pooled Least Square (PLS) and Fixed Effect Model (FEM), to examine the effects of BOD and BOC characteristics on REM. The empirical analysis considers multiple proxies for BOD and BOC attributes, such as board size, independence, meeting frequency, and expertise. Additionally, control variables including leverage, firm size, and growth indicators are incorporated into the analysis.Findings – The findings reveal a significant positive relationship between the presence of BOD and REM activities. In contrast, the presence of BOC demonstrates a non-significant but negatively associated impact on REM. Furthermore, the research identifies the moderating role of BOC in strengthening the relationship between BOD and REM.Research limitations/implications – The research contributes to the existing literature by providing empirical insights into the roles of BOD and BOC in shaping REM practices within the Indonesian manufacturing context. These findings highlight the importance of board characteristics in influencing financial reporting decisions and emphasize the need for effective corporate governance mechanisms to mitigate opportunistic behaviors related to earnings management.Practical implications – Enhancing corporate governance practices, provide an input for more effective board composition, increase the investor confidence and transparency, enhance policy implications and provide advice for company’s long-term performance focus.Originality/value – This research addresses a gap in the literature by focusing on the Indonesian context. Use the BOC to moderate the relationship between BOD and REM may be less common in the context of Indonesia and even in regional focus.

The Impact of Audit Committees and Chief Executive Officer Characteristics on Real Earnings Management

Earnings management is an opportunistic behavior influenced by many factors. However, previous studies have not extensively investigated the impact of audit committee mechanisms and Chief Executive Officer (CEO) characteristics on real earnings management. This study aims to analyze the impact of audit committee mechanisms and CEO characteristics on real earnings management. The study utilizes secondary data from manufacturing companies listed on the Indonesia Stock Exchange from 2020 to 2022. The audit committee mechanism is proxied by using two measurements i.e. the number of audit committee meetings and the educational background of the audit committee, Meanwhile, CEO characteristics are proxied by the gender and the CEO's tenure. By applying multiple regression, this study finds that the number of audit committee meetings and CEO’s tenure have significant negative effects on real earnings management. Meanwhile, the background of the audit committee does not affect real earnings management. Interestingly, this study finds that male CEOs decrease real earnings management. Therefore, this research provides evidence that the number of audit committee meetings and CEO’s tenure play significant roles in reducing opportunistic behavior in a company.

The Influence of Company Fundamentals and Director Characteristic towards Fair Value Measurement in the Indonesian Banking Industry

Fair value is part of the International Financial Reporting Standards (IFRS) which attract attention of researchers due to its controversial issues. Studies investigating factors influencing opportunistic behaviour through fair value figures in developing countries are limited. This study aims to investigate the effect of company fundamental factors on fair value. This research applies multiple regression of banking companies listed on the Indonesia Stock Exchange from 2018 to 2022. The fundamental factors, as independent variables are return on equity (ROE), ratio of operating expense on operating income (OEOI), capital adequacy ratio (CAR) and the proportion of female directors. Meanwhile, the dependent variable is fair value through modelling calculation i.e. fair value level 3 inputs. This study found that only OEOI significant influence fair value level 3 inputs. Meanwhile, ROE, CAR, and the proportion of females in the board of directors does not significant influence on fair value level 3 inputs. The study implications Indonesian banking industries should prioritize fair value disclosure, especially at level 3, as it provides crucial information about a company's performance and condition, potentially enabling investors to evaluate its performance.

Faktor yang Mempengaruhi Konsistensi Perencanaan dan Penganggaran pada Pemerintah Kota Kupang dengan Komitmen Organisasi sebagai Variabel Mediasi

The objective of this study is to comprehend the Kupang City Government's overall budget participation, planning and budgeting rules, opportunistic behaviour, consistency of planning and budgeting, and organisational commitment. Additionally, the study intends to assess the impact of budget participation, planning and budgeting regulations, opportunistic behaviour, and organisational commitment on organisational commitment. Finally, it seeks to ascertain whether these factors significantly affect the consistency of planning and budgeting in the Kupang City Government. This study also seeks to ascertain if organisational commitment acts as a mediating factor in the relationship between the consistency of planning and budgeting and budget participation, planning and budgeting laws, and opportunistic behaviour.The Kupang City Government's State Civil Apparatus (ASN) constitutes the study's population. Specifically, 114 ASN are actively involved in planning, budgeting, and reporting activities across all regional apparatuses. The SmartPLS programme is used for data analysis.The variables of budget participation, planning and budgeting regulations, opportunistic behaviour, and consistency of planning and budgeting in the Kupang City Government fall into the good category, according to the results of the descriptive statistical analysis, while organisational commitment is in the quite good range. Path analysis shows that organisational commitment, opportunistic behaviour, and budget involvement all significantly affect how consistently planning and budgeting occur. Regulating planning and budgeting, however, does not much affect how consistently planning and budgeting are done.While opportunistic behaviour does not significantly affect organisational commitment, budget participation and planning and budgeting requirements are proven to have a considerable impact. Additionally, the impact of budget participation and planning and budgeting regulations on the consistency of planning and budgeting is significantly mitigated by organisational commitment; however, the impact of opportunistic behaviour on the same is not significantly mitigated.

Do successive performance matter for tone management? Evidence from China

ABSTRACT This paper investigates whether managers deliberately adjust the tone of their non-financial disclosure depending on their firm performance over multiple periods. Using 13,995 firm-year MD&As (Management Discussion and Analysis) in annual reports of companies listed on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2019, we first observe a bias towards good news disclosure by managers in their MD&A section. More importantly, we find that this asymmetric tone management is more pronounced when a firm’s performance declines consecutively. In cross-sectional tests, we provide evidence that the relationship between asymmetric tone management and successive performance is weaker for firms with state ownership and those with a high marketability index. We suggest that in non-U.S. markets, such as China, asymmetric tone management is more likely to reflect the opportunistic behaviour of managers. Overall, our study sheds new light on tone management in emerging markets and highlights the importance of a multi-period relation in understanding managers’ tone management behaviour.

The impact of climate change upon intestinal parasites in central Europe during the 4th millennium BCE

The Neolithic period in Europe was subject to marked climatic variations during the fourth millennium BCE in the Alpine arc, marking the transition between the recent Atlantic and the Subboreal. This phase is characterized by falling temperatures and rising humidity in the Northern Hemisphere. Within this phase, between 3700 and 3250 BCE, a more intense phase takes place, known as Rootmoos 2 or Piora 2. This phase is characterized by a significant drop in lake water levels. This climatic change had repercussions on lakeside dwellers, notably through the modification and adaptation of their diet and subsistence modes. Intestinal parasites (helminths), found by human and animals via parasitic markers, seem to respond over time to these climatic variations. At first sight, low lake level phases are characterized by significant proportions of Trichuris at the expense of Diphyllobothrium, as well as an increase in Fasciola. These phases therefore seem to favour parasites indicative of agropastoral activities. During periods of high lake levels, Diphyllobothrium increase in number, pointing to a higher frequency of fishing practices. In sum, during periods of cooler/wetter climate, Neolithic lakeside populations seem to focus more on fishing produce, which may be a response to a destabilization of previously established agropastoral systems, marking a return to more opportunistic behaviour with the exploitation of products from the direct environment. This pilot study tends to evaluate if the evolution of parasitic communities in the 4th millennium BCE could therefore be used to complete our understanding of the effects of climatic variations on societies, both as a direct consequence of environmental destabilization (effect on the hosts) and the result of the behavioural adaptation of the inhabitants, even if it is still difficult to determine the importance of the influence of each factor on these variations. Despite some remaining challenges in the current study, the integration of paleoparasitic data into broader paleoenvironmental models appears promising. Future research can continue to develop along this path.

Evolutionary game theory in patent alliance dynamics: strategy and policy implications

ABSTRACT This study investigates the dynamics of patent alliances, underscoring their strategic relevance for firms pursuing technological innovation and market leadership. We address the issue of opportunistic behaviour stemming from the contractual gaps in these alliances, proposing strategic measures to curtail such conduct and bolster alliance robustness. Utilising Evolutionary Game Theory (EGT), we conduct numerical simulations to analyze the motives for alliance formation, the efficacy of anti-opportunism strategies, and their influence on alliance durability. The study highlights how regulatory policies increase repercussions, fostering cooperative alliances. Our simulations, predicated on defined parameters such as the likelihood of detecting and sanctioning opportunistic actions, showcase how these factors shape the strategic decisions of alliance members. This study enriches the theoretical discourse on patent alliance management by integrating the EGT approach, shedding light on effective deterrents against opportunistic behaviour and mechanisms fostering alliance solidarity. We advocate for a synchronised approach that aligns stringent regulatory practices with corporate strategies to ensure the resilience and success of patent alliances, crucial for navigating the complexities of competitive technology markets and maintaining long-term alliance efficacy. This comprehensive strategy is essential for managing the intricacies of patent alliances and securing their long-term viability and productivity.

Why do managers announce the intention to sell large assets?

AbstractNearly one‐third of asset sale announcements are preceded by a public statement of the intent to sell. These voluntary disclosures generate significant average returns of 1.1%. Pre‐announcements bias returns around the actual asset sales toward zero. Due to opportunistic managerial behavior, pre‐announcements occur after poor stock performance and CEO turnover. Managers also opportunistically exercise options around the pre‐announcements and receive potential benefits from the uptick in stock prices. Although we find no effect of pre‐announcements on long‐term operational performance, we do observe a negative effect on stock returns using three and four‐factor models.

Insights into the invasion of the moth catcher vine, Araujia sericifera (Apocynaceae), in South Africa

The moth catcher vine, Araujia sericifera Brotero (Apocynaceae), is a prevalent invader in many countries worldwide, where it has been reported to be a significant threat to biodiversity and agriculture. However, limited knowledge exists surrounding the ecology, invasion and impacts of A. sericifera in South Africa, challenging the implementation of management efforts. Therefore, this study sought to understand the vine's invasion within a South African context. To determine the density of A. sericifera in response to ecological and socio-economic predictors, its abundance along roads in 42 Johannesburg suburbs was measured. Additionally, A. sericifera abundance was recorded on foot within two nature reserves in Johannesburg, where density estimates were found to be 29 times higher than those obtained via roadside surveys. At a local scale, there was no evidence to indicate that vegetation, urban cover, and median household income influence A. sericifera density, suggesting that the vine establishes indiscriminately across Johannesburg. To determine whether this opportunistic behaviour was reflected in the vine's recruitment, its emergence rates in response to shaded and full-sun conditions were investigated. Seedling emergence was higher under shaded conditions (47.8%) than under full-sun (11%). Using MaxEnt models, environmental variables affecting the plant's distribution in South Africa were identified. Human disturbance had a permutation importance of 85.6%, indicating that A. sericifera's establishment is largely driven by disturbance. While A. sericifera appears to be in its lag phase of invasion and is unlikely to invade natural ecosystems in the short term, its abundance in the two nature reserves suggests that management should be prioritised during this lag phase, prior to its potential expansion into less-disturbed areas.

Four‐party evolutionary game analysis of geographical indication product quality control issues with network media‐assisted supervision

AbstractThis study focuses on addressing quality supervision issues related to opportunistic behavior within the geographical indication product supply chain. It constructs an evolutionary game model comprising suppliers, distributors, government, and network media. Through analysis, it examines the influence of key factors on the decision‐making dynamics of game participants and presents management suggestions accordingly. The findings are as follows: firstly, the dual supervision model with the assistance of network media can compensate for the regulatory gaps of the government's single supervision model. Secondly, the credibility of network media plays a pivotal role in determining the efficacy of public opinion supervision. With high credibility, measures such as increasing the synergy coefficient, imposing higher fines or compensation amounts, and enhancing the impact of reputational factors can all restrain the misconduct of operating entities. Conversely, when credibility is low, not only does the supervisory function of network media falter, but it also leads to reputational damage for both the operating entities and the government. Thirdly, differentiated management should be adopted for entities in different nodes of the supply chain; higher constraint intensity should be imposed on distributors compared to suppliers. The outcomes of this study provide some analytical paths for supply chain quality supervision and corporate behavior management and underscore the significance of collaborative regulation for sustainable industry practices.

How should restaurants operate in the omnichannel era? A queueing game approach

Omnichannel service delivery, which combines online and offline sales channels, is transforming many traditional service businesses with the advancement of IT technologies and the impact of the pandemic. This paper examines whether a service provider such as a restaurant should operate through dine-in only, delivery only, or omnichannel (i.e., using both channels simultaneously). For the omnichannel mode, we further compare a pooling system, where a single server handles both dine-in and delivery orders, and a dedicated system, where the restaurant uses separate servers to handle offline and online orders respectively. We focus on the restaurants that do not have their own online ordering systems and must rely on a third-party platform to receive and process online orders. The platform charges a commission fee to the restaurant for each online order. We model the interactions among the three parties: platforms, restaurants, and customers, as a Stackelberg game. To find the equilibrium, we first analyze the customer choice between online and offline channels, then study the restaurant’s decision on the channel choice and, if omnichannel is chosen, whether to adopt a pooling or dedicated system, and finally study the platform’s decision on the commission rate. We show that the pooling system yields a higher profit and throughput for the restaurant, while the dedicated system only generates a larger social welfare than the pooling system when the commission rate is relatively high. Interestingly, we reveal that under the dedicated system, the platform has an incentive to increase the commission rate to extract more profits from the delivery channel, while the pooling system can mitigate this platform’s opportunistic behavior.

Corporate Governance Factors and Financial Reporting Timeliness: A Systematic Review and Future Research

One of the crucial elements influencing the level of financial reporting is timeliness, which is also a characteristic of good governance; thus, this study reviews and synthesises existing literature on corporate governance factors that influence financial reporting timeliness. This systematic review is based on twenty articles published in the Scopus, Emerald, and Web of Science databases. By examining publications that employ measurements of financial reporting timeliness, five corporate governance factors can influence financial reporting timeliness. The systematic review findings show that specific characteristics of the audit committee, board of directors, size of audit firm, chief executive officer and chief financial officer influence the timeliness of financial reporting. The study also discovered the need to appoint an audit committee chairperson with accounting expertise and public accounting experience, which can improve financial reporting timeliness. Due to search constraints, this study may have excluded relevant publications. This study contributes to the academic discourse on agency theory in corporate governance, enhancing understanding and reducing management's opportunistic behaviour to achieve the company's goals and reduce agency costs. Furthermore, it can significantly assist legislators in resolving the highly debated issue of financial reporting timeliness by developing and improving guidelines and regulations for public companies.

Using the institutional grammar to understand collective resource management in a heterogenous cooperative facing external shocks

AbstractWorker cooperatives in the gig economy can involve large and heterogeneous memberships, which makes them vulnerable to member opportunism depleting collective resources. External shocks may present another challenge for collective resource management. This raises the question of how heterogeneous cooperatives design rules to mitigate opportunistic behavior and whether these rules evolve in the face of external shocks. We study the case of Smart Belgium between 2017 and 2022, thereby covering the COVID‐19 pandemic and new cooperative legislation as external shocks. Building on the institutional grammar methodology, we analyze 412 rules of Smart. The findings indicate that external shocks with sudden resource scarcity do not necessarily motivate rule changes (COVID‐19) while external shocks without an effect on collective resources can motivate rule changes (national policy change). The study also shows what kind of rules heterogeneous cooperatives may design to mitigate opportunism.

Compulsory environmental pollution liability insurance and corporate risk taking: a difference-in-difference approach

PurposeMany developing countries have encountered frequent pollution accidents during their rapid development, while the previously weak environmental insurance systems could seriously undermine the progress of sustainable development. Some developing countries like China has initiated and strengthened environmental pollution liability insurance, so how effective this system would be in resolving enterprises environmental risks need to be further revealed.Design/methodology/approachThis research identifies the possible consequence that compulsory environmental pollution liability insurance pilot (CEPLIP) policy would bring to the risk-taking capacity of heavy-polluting corporations of China by the Differences-in-Differences (DID) approach.FindingsThe result supports the implementation of CEPLIP policy in increasing corporate risk-taking capacity. Furthermore, the CEPLIP policy can promote the corporate’s risk-taking capacity by reducing financial distress constraints and enhancing trade credit, supporting its dual role of “fallback effect” as well as “external supervision effect” of environmental insurance. As a result of heterogeneity test, the policy is more pronounced in enterprise samples with mature life cycle stage or lower industrial concentration degree. Similarly, it is more significant in enterprise samples owned better environmental management capabilities or greater strategic deviance.Originality/valueThis paper verifies the effectiveness of the CEPLIP policy by strengthening its supervision mechanism and restraining opportunistic behavior tendency and provides implications for alleviating increasing environmental risk pressure and building more sustainable environmental protection management systems.

Place-based policies, agglomeration economics, and environmental impacts: evidence from China’s Xinjiang targeted pairing aid program

Concerns about opportunistic behaviors by governments and their failure to recognize local needs are significant issues with place-based policies. In China’s aid program targeted at Xinjiang, rather than solely relying on fiscal transfers and centralized decision-making, there was encouragement for the involvement of state-owned enterprises and direct cooperation between aid providers and recipients. While these arrangements have helped the program succeed in addressing concerns related to place-based policies and have contributed to economic growth in recipient areas, there are potential negative impacts on the local environment, leading to what is termed as a pollution heaven scenario. Analyzing of data from 72 ethnic cities in China using a difference-in-differences approach, we demonstrate that the program resulted in notable increases in local GDP and PM2.5 concentrations, accompanied by expansion of polluting industries. This study is pertinent to ongoing discussions in place-based policy research and offers policy insights both domestically and internationally.

The role of firm complexity in the relationship between integrated reporting and earnings management

PurposeThis study aims to evaluate the relationship between integrated reporting and management’s opportunistic behavior (i.e., accrual and real earnings management) and the moderating role of firm complexity.Design/methodology/approachData of firms at the Johannesburg Stock Exchange were collected and analyzed. The Johannesburg Stock Exchange is currently the primary exchange that mandates the practice of integrated reporting. Regression estimation models and robustness tests were applied to the analysis.FindingsThis study concludes that integrated reporting quality reduces firms’ accrual and real earnings management practices. It further concludes that the significant negative effect of integrated reporting quality on firms’ earnings management practices is impeded by higher firm complexity.Originality/valueThis study enhances the literature on the behavioral effect of a combined financial and sustainability disclosure practice on both accrual and real earnings management, specifically targeting South Africa’s listed companies – the primary market currently mandates integrated reporting practice.