Competitive Setting Research Articles

Agency conflicts, product market competition and investment efficiency: new evidence from emerging market

PurposeThis study examines the influence of product market competition on investment inefficiency of Indian firms in context of agency problems. Additionally, this study also investigates whether intense competition is a substitute for or complementary to corporate governance in reducing investment inefficiency of firms.Design/methodology/approachUtilizing the residuals extracted from Biddle et al. (2009) investment model, investment inefficiency, overinvestment and underinvestment are measured for 506 non-financial Indian listed firms with 6,998 firm-year observations from 2009 to 2022. Product market competition is measured using various proxies such as the Herfindahl–Hirschman index, top-four firm concentration ratio, total number of firms in industry, industry market size, weighted average of entry costs and research and development (R&D) to sales ratio. Firms' internal governance is measured using a newly corporate governance index developed with 65 new governance stipulations. Several pooled ordinary least squares (OLS) panel regressions were estimated involving investment inefficiency of firms, product market competition, governance index and firm-specific variables. Endogeneity issues were addressed through two-stage least squares. Robustness checks were also conducted using a two-step system generalized method of moments (GMM).FindingsThe main finding of the study indicates that heightened product market competition reduces investment inefficiency, overinvestment and underinvestment among the selected Indian firms suggesting that firms facing intense competition are less prone to invest below or above optimal levels. This is primarily because in highly competitive industries, managers face greater liquidation risks, prompting more efficient capital investment decisions. The results also indicate that robust corporate governance significantly mitigates investment inefficiencies in non-competitive industries compared to competitive ones suggesting heightened competition reduces managerial slack, resulting in diminished benefits from good governance in competitive settings. Overall results indicate a substitution effect between corporate governance and competition in reducing investment inefficiency, with robustness across various empirical specifications, industry classifications and alternative competition and inefficiency measures.Practical implicationsThe evidence from this work emphasizes the pivotal roles of market competitiveness and corporate governance in shaping investment efficiency. Regulators must closely monitor monopolistic behaviors to safeguard stakeholder interests, enhance investment efficiency and foster value creation. Recognizing the positive impact of market competition, firms should prioritize initiatives to promote industrial openness and intensify competition while strengthening market mechanisms. Policymakers should consider implementing competition-centric governance policies, such as deregulation and antitrust laws, to stimulate market competition. These measures can mitigate governance-related costs and promote a competitive marketplace.Originality/valueThis study provides fresh evidence concerning the effects of product market competition on investment efficiency of Indian firms under new governance norms, an unexplored area in India as most of the existing work has primarily examined the association between competition and investment levels. To best of our knowledge, this is one of the earliest studies demonstrating the substitution effects of competitiveness and governance systems on lowering investment inefficiency suggesting a significant influence of corporate governance in non-competitive industries. Finally, this study contributes to the field of methodology by developing a new firm-specific governance index based on 65 governance indicators.

Asymmetric Naïveté: Beliefs About Self-Control

Do individuals anticipate time inconsistency in others? This paper jointly investigates beliefs about one’s own and others’ present bias. In an online laboratory experiment, participants engaged in a real-effort task display little awareness of their own present bias but anticipate present bias in others. Structurally, I estimate a present bias parameter [Formula: see text] of 0.82. Participants perceive others’ [Formula: see text] to be 0.87, indicating substantial sophistication, contrasted with 1.03 for themselves, indicating full naïveté. At the individual level, asymmetric naïveté correlates with overoptimism regarding one’s own versus others’ task enjoyment and time availability. The wedge in beliefs about present bias can inform equilibrium outcomes in a number of collaborative, competitive, and hierarchical settings, including teams in the workplace, management practices such as deadlines and tournament incentive schemes, and household consumption decisions. This paper was accepted by Yan Chen, behavioral economics and decision analysis. Funding: Financial support from the Laboratory for Economic Applications and Policy (Harvard University); Pershing Square Venture Fund for Research on the Foundations of Human Behavior (Harvard University); Harvard Business School (PhD Research Budget); and the Russell Sage Foundation (Small Research Grant) is gratefully acknowledged. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2021.01780 .

Multi-Agent Reinforcement Learning for Smart Community Energy Management

This paper investigates a Local Strategy-Driven Multi-Agent Deep Deterministic Policy Gradient (LSD-MADDPG) method for demand-side energy management systems (EMS) in smart communities. LSD-MADDPG modifies the conventional MADDPG framework by limiting data sharing during centralized training to only discretized strategic information. During execution, it relies solely on local information, eliminating post-training data exchange. This approach addresses critical challenges commonly faced by EMS solutions serving dynamic, increasing-scale communities, such as communication delays, single-point failures, scalability, and nonstationary environments. By leveraging and sharing only strategic information among agents, LSD-MADDPG optimizes decision-making while enhancing training efficiency and safeguarding data privacy—a critical concern in the community EMS. The proposed LSD-MADDPG has proven to be capable of reducing energy costs and flattening the community demand curve by coordinating indoor temperature control and electric vehicle charging schedules across multiple buildings. Comparative case studies reveal that LSD-MADDPG excels in both cooperative and competitive settings by ensuring fair alignment between individual buildings’ energy management actions and community-wide goals, highlighting its potential for advancing future smart community energy management.

How Gastronomic Image Shapes Tourism Competitiveness: An Approach with Sentiment Analysis

The competitiveness of tourist destinations is influenced by their relative attractiveness, which will play an essential role in their global success; gastronomy is one of the main motivations that lead tourists to visit a given destination. This research aims to investigate gastronomy’s role in the destination’s competitiveness and image through the analysis of online reputation, both in terms of ratings and sentiments provided by the experience, through the creation of an index of the online reputation of gastronomic image. Online restaurant reviews retrieved from TripAdvisor, from restaurants belonging to eight tourism destination regions, considered the competitive set to the Algarve, are analysed by applying sentiment analysis algorithms. With regard to the Algarve region, it was concluded that the Costa del Sol and the Tropical coast were the most competitive regions in terms of gastronomic image, where the inclusion of seafood products in meals was one of the strategic aspects used to increase the competitiveness of this region. These results can help restaurant managers and destination management organisations to better understand the different customer needs and how to increase their competitiveness.

The Economics of Geographical Indications: An Update

We discuss the economics of geographical indications (GIs), a form of collective branding of products based on their geographic origin. GIs serve as essential tools in addressing market failures stemming from information asymmetries and supporting the provision of high-quality products in competitive settings. They are increasingly used in wine and food markets. We briefly review the institutional development of GIs, discuss the basic economic theory arguments that rationalize the use of GIs, and characterize their key functions. We then examine the empirical evidence from studies that have probed various features of GIs. We find consensus on the potential for GIs to address a very real market failure and the positive role that policies and supporting institutions can play. We also uncover limitations and unresolved problems. GIs have both efficiency and distributional consequences, their international implications remain controversial, and tensions between tradition and innovation emerge while confronting new challenges such as climate change.

Choking under pressure in online and live esports competitions

This paper explores the phenomenon of choking under pressure within the context of esports, particularly focusing on the difference between online and live competitive settings and on high-pressure situations during overtime rounds. Employing a quasi-experimental design, the research leverages an extensive dataset covering professional CS:GO matches from 2012 to 2022 (match-level) and from 2015 to 2023 (round-level), including performance metrics such as players' ratings, headshot percentages, and teammate damage. The findings indicate a substantial decrease in the performance of esports players during overtime. This effect, however, is significantly mitigated in online competitions compared to live events. The study also reveals that while individual performance suffers under pressure, the impact on team coordination is less pronounced in online settings, suggesting that the virtual environment might offer a buffer against the negative effects of stress on team dynamics. This study enriches our understanding of performance psychology in digital settings but also opens up new avenues for research on stress, teamwork, and performance in professional and virtual environments.

Training Load And Cardiovascular Stress Differ In Practice And Competition Settings In Female Collegiate Basketball

Training Load And Cardiovascular Stress Differ In Practice And Competition Settings In Female Collegiate Basketball

Longitudinal relationships between emotional processes and perceived performances among athletes: The moderating effect of emotional intelligence

ObjectivesBased on emotional intelligence (EI) theory and cognitive motivational relational theory of emotions, this study aimed to explore longitudinal relationships between the core constructs of the emotional process (appraisals, coping and emotions) and perceived performances during competition and to examine the moderating role of EI on these relationships. MethodsA total of 453 athletes (Mage= 20.6; 117 females and 336 males) from different sports and different competitive levels participated in the study. Appraisals, coping, emotions, and perceived performances were assessed after five competitions across the season and EI was assessed at the beginning of the competitive season. Hierarchical linear modelling analyses were conducted to: (a) Evaluate the mediational role of coping strategies on the appraisals – emotions relationships and on the appraisals – perceived performances relationships; (b) explore the mediational role of emotions on the appraisals – perceived performances relationships; and (c) test the moderating role of EI on these relationships. ResultsThe results showed that: (a) coping played a mediational role on the appraisals-emotions relationships; (b) emotions mediated the appraisals-perceived performances relationships; and (c) EI moderated the aforementioned relationships between the core constructs of emotional process and perceived performances. ConclusionsAs a whole, this study furthered knowledge about the ways the core emotional constructs are interrelated and impact perceived performances within competitive settings. Through coping strategies and cognitive appraisals, EI was associated with higher intensity of pleasant emotions and perceived performances. As an applied implication, we encourage sport psychologists and coaches to provide training programs aimed at enhancing EI.

Optimal Sin Taxation and Market Power

We study how market power impacts the efficiency and redistributive properties of sin taxation, with an empirical application to sugar-sweetened beverage taxation. We estimate an equilibrium model of the UK drinks market, which we embed in a tax design framework to solve for optimal sugar-sweetened beverage tax policy. Positive price-cost margins for drinks create inefficiencies that lower the optimal rate compared with a perfectly competitive setting. Since profits mainly accrue to the rich, this is partially mitigated under social preferences for equity. Overall, ignoring market power when setting tax policy leads to welfare gains 40 percent below those at the optimum. (JEL D62, H21, H23, H25, L13, L25, L66)

Effects of 4 weeks of device-induced normobaric intermittent hypoxia/hyperoxia training on the performance of elite cyclists: A pilot study

Introduction & Purpose Classic altitude training and other forms of hypoxia are regularly used in endurance training (Mujika et al., 2019). Due to corona exit restrictions in 2019-2020, device-induced normobaric hypoxia/hyperoxia was suggested as an alternative to classic altitude training. Intermittent hypoxia/hyperoxia training (IHHT) has been studied and used in various forms since the 1940s (Serebrovskaya, 2002) with the advantage to be used at the athlete’s training site (Burtscher, 2005). The aim of this pilot study was to test the effects of a IHHT intervention on aerobic performance, hematological parameters and hypoxia-induced factor-1α (HIF-1α). Method A total of 11 athletes (2 women) from the U23 and elite national squads of the Austrian Cycling Federation completed 16 IHHT units in addition to their normal training program over a period of 4 weeks as part of a randomized cross over intervention study (control – IHHT, IHHT – control). The IHHT units were carried out on a Cellgym CellAir® Gecko Plus device at rest without exercise following a predetermined protocol (Sessions 1-8: 5 min of hypoxia (12.0% oxygen) followed by 3 min of hyperoxia (34.0% oxygen) repeated five times. Sessions 9-16): 6 min of hypoxia (11.0% oxygen) followed by 3 min of hyperoxia (34.0% oxygen). During the 4 weeks of control period, participants should maintain their training schedule. Aerobic performance was determined before and after the intervention by spiroergometry. As secondary outcomes, changes in hematological parameters and protein levels of HIF-1α were determined from venous blood which was processed immediately after collection. Serum was stored at -80 °C until HIF-1 α determination by ELISA technique. Results Eleven out of 13 athletes took part in the pre – post IHHT measurements, but only three of them managed to participate in the measurements planned for the control period, making it impossible to compare the two conditions. Replacement was not possible due to the availability of candidates and the ongoing preparation for the season. After 4 weeks of intervention with 16 IHHT training sessions, no significant changes were observed in performance parameters such as VO2peak, relative VO2max, maximum power (watts) or threshold values (p > 0.05). There were also no significant changes in blood enzymes, lipid and iron metabolism (p > 0.05). However, a tendency towards increased values of haemoglobin (z = 1.738; p = 0.082) and a significant increase of erythrocyte counts (z = 2.193; p = 0.028) were detected. Other haematological parameters and HIF-1α did not change significantly (p > 0.05). Discussion & Conclusion In summary, four weeks of device-induced normobaric IHHT had a modest effect on haematological parameters, but with no detectable transfer to maximal or submaximal endurance performance in highly trained athletes. Although various studies have shown that the difference between normobaric and hypobaric hypoxia exposure is not limited to the partial pressure of oxygen, but Mounier and Brugniaux state that the physiological responses are in fact equivalent (Mounier & Brugniaux, 2012). However, due to the limitations of the competitive setting and the low sample size, the final interpretation of the study remains difficult. References Burtscher, M. (2005). Intermittierende Hypoxie: Höhenvorbereitung, Training, Therapie [Intermittent hypoxia: altitude preparation, training, therapy]. Schweizerische Zeitschrift für Sportmedizin und Sporttraumatologie, 53(2), 61-67. Serebrovskaya, T. V. (2002). Intermittent hypoxia research in the former Soviet Union and the commonwealth of independent states: History and review of the concept and selected applications. High Altitude Medicine & Biology, 3(2), 205-221. https://doi.org/10.1089/15270290260131939 Mounier, R., & Brugniaux, J. V. (2012). Counterpoint: Hypobaric hypoxia does not induce different responses from normobaric hypoxia. Journal of Applied Physiology, 112(10), 1784-1786. https://doi.org/10.1152/japplphysiol.00067.2012a Mujika, I., Sharma, A. P., & Stellingwerff, T. (2019). Contemporary periodization of altitude training for elite endurance athletes: A narrative review. Sports Medicine, 49, 1651-1669. https://doi.org/10.1007/s40279-019-01165-y

Product Market Competition, Mergers and Acquisitions, and Covenant Redesign

Abstract Industry competition shocks are major drivers of mergers and acquisitions (M&A). We document strong positive effects of competition shocks on M&A-related covenant redesign. Acquiring firms in high-competition environments are significantly more likely to undertake tender offer bond repurchases and reduce restrictions on mergers, investments, payouts, and financing, but increase change-in-control covenants. This effect is stronger for larger, more profitable firms. Moreover, announcement returns from M&A transactions of redesigning firms in more competitive settings are significantly higher, while acquisition deal premiums are lower. Our study shows the significant effect of industry competition shocks on debt recontracting in M&A. (JEL G32, G34)

Delivering project SCORE in competitive youth sport settings.

This study evaluates the effectiveness of the Project SCORE intervention in fostering Positive Youth Development (PYD) within competitive youth sport settings in Portugal. Project SCORE is an online PYD-focused tool developed to assist coaches in promoting the 4Cs-competence, confidence, connection, and character-within their coaching. The research involved 13 coaches and 70 youth athletes from football and rowing teams. Methodologically, this study analyzed the pre- and post- Project SCORE intervention data, assessing the perceptions of coaches and athletes towards the development of the 4Cs. Results indicated significant improvements in athletes' perceptions of 4Cs post-intervention, and among coaches' perceptions, there was a significant improvement in the practice and transfer of life skills. Particularly, coaches showed enhanced abilities in fostering life skills and facilitating the transfer of these skills to competitive environments, although some dimensions like sport climate did not sustain positive changes. The findings highlight the benefits of customized PYD-based programs in competitive youth sports and suggest the need for further research to enhance their widespread and consistent implementation.

Organizational Culture Relation With Innovation; Comment on "Employee-Driven Innovation in Health Organizations: Insights From a Scoping Review"

This commentary article is important and relevant, as organizational culture and innovation are essential to health organization's performance and viability in a dynamic and competitive setting. Organizational culture is the unquenchable drive that propels an organization's growth and serves as its soul. However, effective internal innovation management is one way that managers and organizations may foster innovation. Health organizations that prioritize service and technological innovation while simultaneously cultivating an appropriate innovation culture to establish a sustainable internal consensus that stimulates innovation are the most inventive. Individuals as well as groups have a deeply ingrained culture that influences how they think and behave, causing health organizations to operate in a way that is rational and consistent.

Trait-Fitness Associations via Fecundity and Competition in a Two-Million-Year-Long Fossil Record.

AbstractThe evolution of phenotypic traits is usually studied on generational timescales or across species on million-year timescales. We bridge this conceptual gap by using high-density sampling of a species lineage, Microporella agonistes (Bryozoa, Cheilostomatida), over 2 million years of its evolutionary history, to ask whether trait-fitness associations are consistent with evolutionary trait models often applied to phenotypic time series. We use average fecundity and competitive outcome as two different fitness components, where competitive outcome is a proxy for partial survival. Examining three quantitative traits in multivariate analyses, we present evidence that some traits experienced substantial selective pressures, in part controlled by past environments. A complex interplay of resource competition with an altering set of competitors and past temperatures has contributed to the changing patterns of phenotypes within the focal species. A comparison with congeneric species living in the same regional community suggests that size traits are more temporally variable and less constrained than shape traits. Our analyses also show that while controls on phenotypes are complex and varied in time, ecological and evolutionary processes that unfold on shorter timescales are not inconsistent with macroevolutionary patterns observed on longer timescales.

User segmentation in human–robot interactions: insights from sports betting patrons using diffusion of innovation theory

ABSTRACT Previous research has assumed uniformity in user response to service robots regardless of user profile. This study sought to understand the nature of human–robot interactions in a competitive setting by applying the diffusion of innovation theory. Through a survey of 447 sports betting patrons, we used unsupervised learning to cluster the patrons based on human/robot interaction, relational and psychological variables, usage intention, and socioeconomic information. Four clusters were identified: Tech laggards, Optimists, Skeptics, and Enthusiasts. Trust was a key determining factor of cluster membership, especially among frequent betters. Further, the study examined each cluster through the lens of psychological theories and ethical perspectives, identified associated risks, and offered mitigation strategies. Practical implications are discussed.

Autocrine glutamate signaling drives cell competition in Drosophila.

Cell competition is an evolutionarily conserved quality control process that eliminates suboptimal or potentially dangerous cells. Although differential metabolic states act as direct drivers of competition, how these are measured across tissues is not understood. Here, we demonstrate that vesicular glutamate transporter (VGlut) and autocrine glutamate signaling are required for cell competition and Myc-driven super-competition in the Drosophila epithelia. We find that the loss of glutamate-stimulated VGlut>NMDAR>CaMKII>CrebB signaling triggers loser status and cell death under competitive settings via the autocrine induction of TNF. This in turn drives TNFR>JNK activation, triggering loser cell elimination and PDK/LDH-dependent metabolic reprogramming. Inhibiting caspases or preventing loser cells from transferring lactate to their neighbors nullifies cell competition. Further, in a Drosophila model for premalignancy, Myc-overexpressing clones co-opt this signaling circuit to acquire super-competitor status. Targeting glutamate signaling converts Myc "super-competitor" clones into "losers," highlighting new therapeutic opportunities to restrict the evolution of fitter clones.

Accounting Information Systems for Strategic Management: The Role of Intellectual Capital in Mediating the Relationship between Customer, Company, and Performance

This research aims to investigate the role of Intellectual Capital (IC), Managing Accounting Information Structures (MAIS), Internal Task Productivity (ITP), and Customer Performance (CP) in moderating the link between strategies and Financial Productivity (FP). The population for this study consisted of medium and enormous manufacturing enterprise business units located in Java. In this study, the enterprise unit is the specific part of the firm accountable for producing and marketing a product or group of items. It is organized based on the type of item that it deals with and operates independently from other companies or divisions within the parent organization. The company unit has a distinct set of competitors, separate from those of different units. It is overseen by an executive liable for establishing and carrying out strategies to meet the specified profit goal. An approach to invention, including product invention, task creativity, and technology, significantly influences firm performance if there is a robust ITP, dependable market analysis, intelligence systems, and effective competitive positioning. The ITP enhances the alignment between the approach and the FP by including operational management activities, customer management chores, Invention Tasks (IT), and regulatory and social tasks. This research found no impact of IC on CP and ITP; similarly, MAIS did not influence FP. Information systems affect financial performance by ITP infrastructure and corporate processes. The contributions of this study include the novel application of the continuous invention approach, integrating product invention and task and information technological devices, which past studies have not explored; the utilization of IC, MAISs, ITP, and CP as mediating factors; the adoption of a holistic method by incorporating aspects of IC, MAIS, and non-FP as contextual factors, about contingency methods, which have not been investigated in the previous study; the development of novel ideas in conjunction with the balanced scoring framework; and the examination of both single and numerous mediating effects on the impact of sustainable approaches to the invention on FP.

An approach to brand planning under high competitor set variation

We present a novel approach to enable parsimonious local brand planning in situations where a brand’s competitive set varies substantially across points of sale. We conceptualize the entire assortment of products from all the rivals at a point of sale as a unique, holistic unit of competition that vies with the focal brand for a share of the local market. We then apply a mixture-type model to consumer transactions data to explicate clusters of assortments within which a brand has similar levels of sensitivity to assortment composition and local marketing mix activities. Our results reveal substantial variation in these assortment clusters across brands within a product category. Additionally, we find large variation in the sensitivity of a brand’s share to local marketing instruments, and asymmetry in the effectiveness of these instruments in offensive versus defensive modes. We use these findings to provide guidance for parsimonious local marketing planning in situations where competitive assortments vary across points of sale.

The Influence of Asset Structure and Capital Structure on Return on Assets

In a competitive business environment, PT. AirAsia Indonesia Tbk. faces challenges in enhancing financial performance through efficient asset structure management and capital structure. This study examines the impact of asset structure and capital structure on operational efficiency and profit performance of PT. AirAsia Indonesia Tbk. within a highly competitive business setting. The primary objective of this study is to understand the dynamics between financial structure, debt management, and operational efficiency in relation to the company's financial performance. Utilizing financial data from the years 2015 to 2023, this research applies path analysis to evaluate the influence of asset structure and capital structure on efficiency ratios and their subsequent impact on the company's profit performance. This study concludes that although there is a significant relationship between asset structure and capital structure with operational efficiency ratios, this relationship does not significantly affect the company's profit performance. These findings provide important insights for the management of PT. AirAsia Indonesia Tbk. in optimizing asset structure and capital structure to improve operational efficiency without a significant impact on enhancing profit performance.

Association of early menarche with breast tumor molecular features and recurrence

BackgroundEarly menarche is an established risk factor for breast cancer but its molecular contribution to tumor biology and prognosis remains unclear.MethodsWe profiled transcriptome-wide gene expression in breast tumors (N = 846) and tumor-adjacent normal tissues (N = 666) from women in the Nurses’ Health Studies (NHS) to investigate whether early menarche (age < 12) is associated with tumor molecular and prognostic features in women with breast cancer. Multivariable linear regression and pathway analyses using competitive gene set enrichment analysis were conducted in both tumor and adjacent-normal tissue and externally validated in TCGA (N = 116). Subgroup analyses stratified on ER-status based on the tumor were also performed. PAM50 signatures were used for tumor molecular subtyping and to generate proliferation and risk of recurrence scores. We created a gene expression score using LASSO regression to capture early menarche based on 28 genes from FDR-significant pathways in breast tumor tissue in NHS and tested its association with 10-year disease-free survival in both NHS (N = 836) and METABRIC (N = 952).ResultsEarly menarche was significantly associated with 369 individual genes in adjacent-normal tissues implicated in extracellular matrix, cell adhesion, and invasion (FDR ≤ 0.1). Early menarche was associated with upregulation of cancer hallmark pathways (18 significant pathways in tumor, 23 in tumor-adjacent normal, FDR ≤ 0.1) related to proliferation (e.g. Myc, PI3K/AKT/mTOR, cell cycle), oxidative stress (e.g. oxidative phosphorylation, unfolded protein response), and inflammation (e.g. pro-inflammatory cytokines IFNα\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$\\alpha$$\\end{document} and IFNγ\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$\\gamma$$\\end{document}). Replication in TCGA confirmed these trends. Early menarche was associated with significantly higher PAM50 proliferation scores (β = 0.082 [0.02–0.14]), odds of aggressive molecular tumor subtypes (basal-like, OR = 1.84 [1.18–2.85] and HER2-enriched, OR = 2.32 [1.46–3.69]), and PAM50 risk of recurrence score (β = 4.81 [1.71–7.92]). Our NHS-derived early menarche gene expression signature was significantly associated with worse 10-year disease-free survival in METABRIC (N = 952, HR = 1.58 [1.10–2.25]).ConclusionsEarly menarche is associated with more aggressive molecular tumor characteristics and its gene expression signature within tumors is associated with worse 10-year disease-free survival among women with breast cancer. As the age of onset of menarche continues to decline, understanding its relationship to breast tumor characteristics and prognosis may lead to novel secondary prevention strategies.