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09/07/2023


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Are you a journalist, researcher or simply interested in academic articles on business and society?
Sign up for this newsletter to receive a monthly update on the latest research publications at CBS.

The following is a rough list. If you need more information, please contact the researcher.

The academic articles have been peer-reviewed, which means they have been judged by other researchers within the same area.

THE FOLLOWING IS A LIST OF THIS MONTH’S PEER-REVIEWED RESEARCH – ENJOY YOUR READING:
Find the abstracts under each heading.

EU-US Data Privacy Framework: The New Framework for Transatlantic Data Transfers

Abstract: 
This article discusses the proposed new transatlantic data transfer arrangement which is meant to replace the Privacy Shield recently annulled by the Court of Justice of the European Union. The paper begins with the basic reasons for the Schrems II judgment and its consequences. It then looks at the US presidential order forming the basis for the agreement and the proposed EU Adequacy Decision. The proposed mechanism for transfer and the safeguards are analysed. It is concluded that the concession the American side had given are important albeit inadequate and that further challenges are likely in the future.

Journal: Journal of European Consumer and Market Law
Published: Published - 2023
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Contact CBS Researcher: Andrej Savin

Coorporate Social Responsibility in the Global Value Chain: A Bargaining Perspective

Abstract: 
Breaches of corporate social responsibility (CSR) in global value chains (GVCs) pose a managerial challenge for multinational enterprises (MNEs) and threaten both their reputations and global sustainability. While an MNE-centric perspective on these issues has dominated existing international business research, we show that a dynamic view of bargaining among actors in the GVC can yield novel insights. We draw on coalitional game theory and develop a model where an MNE collaborates, monitors, and negotiates prices with a supplier whose CSR breaches may be revealed by the MNE, external agents, or remain hidden. Our model illustrates how MNEs may face a hold-up problem when irresponsible actions by suppliers are made public, and the suppliers have the power to engage in opportunistic renegotiation. Interestingly, we show that greater monitoring by MNEs, if not combined with specific strategies, can have negative consequences by weakening the MNE’s bargaining position and, in some cases, even prompting more irresponsible actions by the suppliers. Our model advances international business research on GVC sustainability and has important implications for managers and researchers alike.

Journal: Journal of International Business Studies
Published: July 2023
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Contact CBS Researcher: Christian Geisler AsmussenMarcus Møller LarsenGrazia D. Santangelo

The Hare and the Tortoise: A Comparative Study of Vietnam's and Kenya's Pathways to Local Enterprise Development Through Foreign Direct Investment

Abstract:
Almost simultaneously, two developing countries – Kenya and Vietnam – set out to promote industrial development through FDI. Vietnam embarked on a targeted strategy aimed at selecting FDI that could specifically aid the country’s strategic export sectors through linkages to local industry. In contrast, Kenya embarked on a cross-the-board FDI attraction policy with no specific sector orientation and with few specific linkage policies. This paper asks how FDI has contributed to local industry development in the two countries. Based on an analysis of firm level data from the World Bank Enterprise Survey, the paper compares the two countries’ ability to generate spillovers from FDI spillovers and discusses what explains differences and similarities. The paper finds that in spite of the obvious differences between the two countries in terms of local industrial development and policy, firm and industry factors appeared to be better predictors of variations in spillovers than country level factors. Among the policy implications drawn are that developing countries should focus their FDI policies on firms and industries that have high linkage and hence spillover potential rather than adopting cross-the-board policies.

Journal: Forum for Development Studies
Published: May 2023
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Contact CBS Researcher: Michael W. Hansen

"Which Side Are You On": A Historical Study of Union Membership Composition in Seven Western Countries

Abstract:
This study uses surveys from the past 60 years to study union membership in Denmark, France, West Germany, Italy, Sweden, the United Kingdom, and the United States. We first revisit aggregate union densities finding that, for France and Italy, they were at times under- and overestimated, respectively. Second, we document the evolution of the composition of union membership in terms of gender, occupation, education, and sector. Different stylized facts emerge for different groups of countries. These facts do not lend support to the composition-based theory that attributes deunionization to deindustrialization, nor to the technological theory that predicts the exit of the high-skilled from unions.

Journal: Industrial Relations
Published: August 2023
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Contact CBS Researcher: Paolo Santini

The Electricity Market in Brazil: A Multilevel Perspective of Sector Agents for Liberalization to Residential Consumers

Abstract:
The Brazilian electricity market is in the liberalization phase, and residential consumers are not yet allowed to access the free energy grid, having only the option of buying energy from the regulated market at government-regulated tariffs. This study investigates the barriers that hinder the liberalization of the free energy market in Brazil, the role played by each agent in the transition, and the drivers for the participation of residential consumers in this market. Fourteen semi-structured interviews were carried out with experts from the Brazilian electricity sector; findings were analyzed from a multilevel perspective and discussed in light of the literature. Results showed that the free energy market should operate through the interaction of the system levels, i.e., governmental, market, and societal. However, there are still barriers to be overcome, most remarkably the market's complexity, lack of investments in technologies and accessible information, instability in prices paid for the energy, and the population's lack of knowledge about the free market. As for consumers, they should be motivated by the search for more affordable prices, alternatives from renewable sources, and better contractual conditions. Our study provides perspectives and recommendations to assist in designing strategies to liberalize a complex market with unique characteristics.

Journal: Energy for Sustainable Development
Published: October 2023
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Contact CBS Researcher: Juliana Hsuan

Green Colonialism and Decolonial Feminism: A Study of Wayúu Women's Resistance in La Guajira

Abstract:
This qualitative study scrutinises how green energy investment affects Indigenous Wayúu people in Colombia’s La Guajira region. Employing coloniality of power and decolonial feminism frameworks, we delve into Wayúu women’s struggles and resilience in defending territories against large-scale wind energy projects. Our findings suggest that governments and businesses are ‘tuned in’ to the economic benefits of these projects, yet ‘tuned out’ from Indigenous peoples’ ontologies, concerns, needs and cosmovisions. This dynamic prompts questions about the unintended consequences of organisations’ engagement with Indigenous peoples through corporate social responsibility (CSR) strategies. Despite good intentions, CSR practices that are ‘tuned out’ from Indigenous peoples’ cosmovisions may inadvertently reinforce power imbalances and further marginalise Indigenous communities. Our study highlights the need to honour Indigenous territories and protect Indigenous women’s rights in long-term investments. Clean energy focus can mask green colonialism, which Wayúu women actively safeguard, upholding Indigenous worldviews via feminist decoloniality. We advocate for businesses to incorporate diverse perspectives beyond the dominant western worldview into their climate change mitigation actions and CSR strategies, and for public policies to balance decarbonisation efforts with Indigenous rights to contribute to sustainable and equitable energy

Journal: Human Relations
Published: August 2023
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Contact CBS Researcher: Jacobo Ramirez

Future Arctic Regulatory Interventions: Discussing the Impact of Banning the Use of Heavy Fuel Oil

Abstract:
The on-going reduction of sea-ice in the Arctic is now facilitating maritime activities in areas previously considered inaccessible. Numerous statistics indicate that fishing and tourism are clearly gaining momentum within the wider region under discussion. Furthermore, a certain number of private companies and state-affiliated actors are setting into motion plans for promoting the use of the so-called arctic passages, while certain interesting business projects are already underway; the Yamal LNG Project is for example clearly standing out. As human presence and operations are expected to intensify within that inherently risky region, the first aim of this paper is to qualitatively identify certain business opportunities associated with the Arctic and then highlight their interrelation with the prevailing patterns of maritime traffic. Additionally, on the basis of the report titled ‘Arctic Shipping Status Report – Heavy Fuel Oil (HFO) Use by Ships in the Arctic 2019' (ASSR #2) that was released during October 2020 by the Arctic Council's Working Group on the Protection of the Arctic Marine Environment (PAME), it explains the use of the various types of fuels in the region under discussion and highlights certain environmental risks. Finally, it briefly assesses the overall effectiveness of a (proposed) regulatory intervention of completely banning the use of HFO in the Arctic. This initiative can indeed have a positive contribution to protecting the region's pristine environment, but any regulations of this type must also consider the issue of fishing vessels, which are not covered under the scope of International Maritime Organization's (IMO) International Convention for the Safety of Life at Sea (SOLAS) and the International Convention for the Prevention of Pollution from Ships (MARPOL).

Journal: Polar Geography
Published: August 2023
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Contact CBS Researcher: Anastasia Christodoulou

Creating Social Value at the Bottom of the Pyramid: Elaborating Resource Orchestration via Social Intermediaries

Abstract:
Overcoming constrained resources and enabling social, environmental, and economic value creation for stakeholders remains a managerial challenge. Small enterprises in the bottom of the pyramid (BoP) context offer an opportunity to extract insights into orchestration of resources amidst such challenges. Extensive qualitative data collected via text analysis, field visits, and expert interviews with two social intermediaries and managers of eleven small enterprises operating in BoP markets were analyzed to understand how small enterprises engage with stakeholders to structure, bundle, and leverage resources, as well as how they address environmental contingencies and social challenges in poverty settings. The findings highlight that companies must move beyond an economic resource focus and engage a diverse stakeholder network, leveraging social intermediaries for resource orchestration throughout lifecycle stages. The emergent framework elaborates on Resource Orchestration Theory (ROT), with propositions related to resource management mechanisms, capabilities offered by social intermediaries, and contingencies for social value creation.

Journal: Journal of Business Research
Published: November 2023
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Contact CBS Researcher: Lydia Bals

Colour-blind Attitudes Among Welfare Professionals: Examining the Relationship Between Colour-blind Attitudes, Anti-immigration Attitudes and Social Desirability

Abstract:
Colour blindness is a concept that is established in the US context, and it has gained increased attention among European scholars. Yet we find less studies in the European context that measure colour-blind attitudes and show its prevalence among different groups. Therefore, this paper examines the prevalence of colour-blind attitudes among Swedish welfare professionals’ and how these attitudes are associated with anti-immigration attitudes but also social desirability. To this end, survey data is examined with a regression analysis. Welfare professionals who report greater levels of colour-blind attitudes are simultaneously more likely to report greater levels of anti-immigration attitudes. This paper thereby tests how colour-blind attitudes, a concept from the US context, can be applied to a Swedish welfare institutional context and finds convergent results.

Journal: JournalNordic Journal of Migration Research
Published: 2023
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Contact CBS Researcher: Carolin Schütze

The Moral Economy of Land: From Land Reform to Ownership Society, 1880-2018

Abstract:
This article offers a comparative-historical perspective on the moral economy of land. We reconstruct the moral economy of the popular land reform movement that opposed the illegitimate income streams of rentiers and speculators in the early 20th century, tracing the movement’s legacy through a long-run analysis of political party platforms since 1880 in the USA, the UK, Germany and Sweden. We find that the land reformers’ conceptualization of land as a moral good was a key topic in early 20th-century party politics. Parties across the political spectrum called for wide-ranging interventions in unregulated land markets. But despite the movement’s relative success, the new ideal of the ownership society soon gained ground as an alternative to the more radical politics of land decommodification. We find growing multipartisan support for small property owners over time, culminating in the rise of a new moral conceptualization of land as capital. With the recent comeback of the land question, both rural and urban, we conclude that an understanding of historical land reform debates should inform future research toward a much-needed sociology of land.

Journal: Socio-Economic Review
Published: August 2023
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Contact CBS Researcher: Alexander Dobeson

"It Hits Me in the Weirdest Moments": How Future Female Workers Experience Loss in Times of Planetary Crisis

Abstract:
This paper explores how looming planetary crises become present in the lived experiences of future female workers, and how such experiences condition performances of viable subjectivity. Drawing on interview data from a longitudinal study of young women's education and career aspirations, the paper zooms in on moments where concerns about planetary crises were felt in informants' everyday lives. We augment Judith Butler's writings on loss with Karen Barad's concept of “intra-action” to theorize these moments as experiences of loss in which constitutive dependencies and entanglements—otherwise repressed and invisible—touch young women's lives. Against this theoretical backdrop, we trace how such experiences interrupt performances of neoliberal work subjectivity and thereby create a potential for alternative agencies grounded in an ethics of entanglement. The paper thus contributes new insights into young women's complex performances of viable work subjectivity, showing how more sustainable and collective ways of performing the self emerge. As such, we offer researchers and professionals working with and around young women a nuanced understanding of how young women contest and exceed notions of neoliberal individualism.

Journal: JournalGender, Work and Organization
Published: August 2023
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Contact CBS Researcher: Sharon KishikJustine Grønbæk Pors

Social inequality in High Tech: How Gender, Race, and Ethnicity Structure the World's Most Powerful Industry

Abstract:
The high-tech industry is the world's most powerful and profitable industry, and it is almost entirely dominated by white, Asian American, and Asian men. This article reviews research on social inequality in the high-tech industry, focusing on gender and race/ethnicity. It begins with a discussion of alternative ways of defining the sector and an overview of its history and employment demographics. Next is an analysis of gendered and racialized pathways into high-paying jobs in the industry, followed by a review of research on workplace organization that emphasizes how sexism and racism are embedded inside the firm and beyond it, through the design of high-tech products and services. Finally, gender and racial disparities in attrition rates are discussed. The conclusion calls for future research on social inequality and the funding structure of the industry, age discrimination inside tech, effective diversity policies, and labor movement activism throughout the high-tech industry.

Journal: Annual Review of Sociology
Published: July 2023
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Contact CBS Researcher: Megan Tobias Neely

Preparing Ecosystems for Platformization: Insights from Multiple Case Studies

Abstract:
Platformization is gathering pace because it is capable of restructuring the value creation process for ecosystems. Despite its merits, the failure rate of platformization is alarming for incumbents because it demands collective commitment from ecosystem partners who are already intricately connected due to their embeddedness in pre-existing value networks. Consequently, the question of how incumbents can prepare for platformization has attracted attention from both academics and practitioners alike. By conducting multiple case studies of three distinct ecosystems that have successfully embraced platformization, we arrive at three separate process patterns of preparation for ecosystem platformization that elucidate the dimensions of organisational readiness required of the initiating firm and its partners. Particularly, we delineate between shared readiness and situated readiness, each with its own constituent sub-dimensions underlying ecosystems' preparedness for platformization.

Journal: Information Systems Journal
Published: August 2023
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Contact CBS Researcher: Chee-Wee Tan

Tinkering With Malleable Grassroots Infrastructures: Kenyan Local Currencies in Informal Settlements

Abstract:
The article examines how dwellers in Kenya’s informal settlements engage in continuous tinkering of a particular grassroots infrastructure: local currencies. The article argues that the malleability of these grassroots infrastructures enables grassroots networks to actively and creatively engage in reclaiming and reorganizing money, a critical infrastructure. The argument is built in three steps. First, it presents the notion of money as an infrastructure and local currencies as grassroots infrastructures. Second, it follows the development of the Kenyan local currencies from paper- to blockchain-based, and identifies malleability as a key trait of small-scale grassroots infrastructures. Third, it highlights the extent to which malleability enables grassroots networks to engage proactively and creatively with the city through tinkering practices that continuously adapt these local infrastructures to the community using them. The article ends with a discussion of the implications of grassroots monetary infrastructures for the understanding of urban politics within urban studies.

Journal: Urban Geography
Published: August 2023
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Contact CBS Researcher: Ester Barinaga

Taking Credit for Stupidity: On being a Student in the Performative University

Abstract:
Stupidity is generally thought of as a hindrance to learning: an epistemic vice that stands in the way of knowledge and understanding. In this article, I challenge this idea by exploring some of the meanings of stupidity that place it in a positive relation to learning. In this light, the article discusses two notions of stupidity: stupidity as unfinished thought and stupefaction through study. I show how these forms of stupidity, rather than indicating a lack of learning, can be considered as a crucial part of the learning process. These types of desirable stupidity have come under increasing threat in academic cultures that are dominated by performance criteria. On the basis of this analysis, the article argues for the importance of academic practices that make room for these positive forms of stupidity and thereby facilitate what it means to be a student.

Journal: Management Learning
Published: July 2023
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Contact CBS Researcher: Sverre Spoelstra

Confronting Challenges to Substantive Remedy for Victims: Opportunities for OECD National Contact Points under a Due Diligence Regime Involving Civil Liability

Abstract:
This article examines the under-researched, inter-connected issues of substantive remedy and a role for Organization for Economic Cooperation and Development (OECD) National Contact Points (NCPs) to complement judicial remedy regimes involving civil liability for companies in home-state jurisdictions. Even where access to judicial procedural remedy exists, it need not ensure substantive remedy. Legal and economic resource-based power-disparities between parties can reduce victims' opportunities to present and argue their case; and courts offer limited substantive remedy options compared with the types listed by the United Nations Guiding Principles on Business and Human Rights. The article argues that combining access to NCPs and judicial remedy offers important opportunities to address well-recognized challenges for victims' access to substantive remedy, especially with strong NCPs. NCPs can operate in ways that courts normally cannot, to help give victims voice and a choice of substantive outcome. The European Union's Corporate Sustainability Due Diligence Directive (CSDDD) proposal serves as a cue for the analysis. However, the issue is relevant for any OECD member or the OECD Guidelines adherent state.

Journal: Management Business and Human Rights Journal
Published: July 2023
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Contact CBS Researcher: Karin Buhmann

AI for Managing Open Innovation: Opportunities, Challenges, and a Research Agenda

Abstract:
Artificial intelligence (AI) provides ample opportunities for enabling effective knowledge sharing among organizations seeking to foster open innovation. Past research often investigates the capability of AI to perform ‘human’ tasks in structured application fields. Yet, there is a lack of research that systematically analyzes when and how AI can be used for the more complex and unstructured tasks of open innovation (OI). We present a framework for leveraging AI-enabled applications to foster productive OI collaborations. Specifically, we create a 3x3 matrix by aligning the three OI stages (initiation, development, realization) with the three management functions of AI (mapping, coordinating, controlling). This matrix assists in identifying how various AI applications may augment or automate human intelligence, thereby helping to resolve prevailing OI challenges. It provides guidance on how organizations can use AI to establish, execute and govern exchanges across the OI stages. Finally, we lay out an agenda for future research.

Journal: Journal of Business Research
Published: November 2023
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Contact CBS Researcher: Henri DekkerWolfgang Sofka

Professional Resonance: Role Conflict, Identity Work, and Well-being in Danish Retail Banking

Abstract:
Danish retail banking is characterized by a role conflict between sales and advice. Through the lens of identity work, this study explores how bankers negotiate this conflict by seeking to make sense of themselves and justify the work that they do. We show that bankers are keenly aware of the role conflicts they face in doing their jobs, but they also discover ways of making these conflicts meaningfully productive for themselves, their employers, and their customers. To explain these findings, we introduce Hartmut Rosa’s concept of resonance, provisionally understood as a processual and relational conceptualization of well-being. This leads to a conceptualization of bankers’ identity work of managing the sales–advice tension as striving for professional resonance, the attainment of which is possible through three strategies: an advice orientation, which can be understood as a protection of resonance; a sale orientation, which relies on a promise of resonance; and an integration of sales and advice, which can be seen as an incorporation of resonance. Following the analysis, the normativity of resonance theory is leveraged in a critical discussion of the identified strategies of professional resonance, and the potential implications for well-being research and human resource management practices are considered.

Journal: International Journal of Human Resource Management
Published: August 2023
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Contact CBS Researcher: Erik Mygind du Plessis

Insights from a Randomized Controlled Trial of Flipped Classroom on Academic Achievement: The Challenge of Student Resistance

Abstract:
Flipped classroom has been found to positively influence student achievement but the magnitude of the effect varies greatly according to discipline and local design, and few studies have been methodologically rigorous enough to establish causal evidence. Using a randomized controlled trial, this study addresses a gap in current knowledge by exploring how student responses mediate the impact of flipped classroom on academic achievement. The empirical setting is a first‑year undergraduate macroeconomics course with 415 students. Comparing students in the treatment group with those in a traditional class, we find a positive, yet statistically insignificant effect on academic achievement. However, this overall effect masks important mediating effects, as students were unexpectedly reluctant to actively participate in the flipped class‑ room intervention. Consequently, the intervention has a substantially greater effect on academic achievement when controlling for the mediating effect of student participation which leads to consideration of the challenges of student resistance to flipped classroom.

Journal: International Journal of Educational Technology in Higher Education
Published: December 2023
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Contact CBS Researcher: Julie Buhl-WiggersLisbeth la CourAnnemette Leonhardt Kjærgaard

Shipping Legitimacy and Identity: The Danish Maritime Museum, 1915 and 2013

Abstract:
In this article, the author describes how the creation of the Danish maritime museums in 1915 and 2013 – both generously funded by maritime foundations and actors – was perceived by the shipping industry as initiatives that would help market the industry in the eyes of the public. He argues more generally that national maritime museums constitute focal points for disseminating narratives that legitimate maritime activities and establish these activities as symbols of national identities. It is suggested that maritime historians, curators and scholars reflect on the relationship between maritime industry actors and museum exhibition narratives, and consider the interests and capital that potentially underpin museums’ and curators’ decisions.

Journal: International Journal of Maritime History
Published: August 2023
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Contact CBS Researcher: Anders Ravn Sørensen

State Action and Inaction in the Shaping of Value and Wealth Entanglements: The Role of Singapore in the Global 'Gold Chain'

Abstract:
Value and wealth creation, capture and protection are important features of contemporary global capitalism. However, global value chains and global wealth chains have been studied mostly in isolation from each other. In this article, we address this limitation by revealing the entanglements of value and wealth in the gold sector. We develop a typology of state action and inaction in value and wealth chains to explain how the state shapes the mobilisation and management of tangible and intangible assets. In our empirical analysis, we chronicle the creation of a ‘gold hub’ in Singapore that pulls together value and wealth functions, and highlight the various roles of the Singaporean state – as facilitator, deregulator-cum-redistributor, and direct actor. We show that entanglements of value and wealth are shaped by specific configurations of state action and inaction, and are built upon intangible dimensions of legal affordance and cultural practice coupled with very tangible facilities and infrastructure. Our analysis pinpoints the co-dependence of value creation and wealth protection systems as vital to processes of accumulation.

Journal: Environment and Planning A: Economy and Space
Published: August 2023
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Contact CBS Researcher: Lotte Thomsen, Stefano Ponte

Automated Decision-making and Good Administration: Views from Inside the Government Machinery

Abstract:
Use of semi- and fully automated, administrative decision-making in public administration is increasing. Despite this increase, few studies have explicitly analysed its relation to good administration. Good administration is regulations and norms aimed at securing the correctness of administrative decisions as well as the legitimacy of these and is often associated with underlying values such as transparency, equality of treatment and accountability. Based on a thematic analysis of qualitative interviews with 43 key public administration stakeholders in a wide array of policy areas in Denmark, insiders of government machinery are shown to perceive relations between automated decision-making and good administration as manifold. Automated, administrative decision-making is articulated as providing both opportunities for supporting good administration and undermining good administration. Six values of good administration particularly related to automated, administrative decision-making are identified: Carefulness; Respecting-individual-rights; Professionalism; Trustworthiness; Responsiveness and Empowerment. Put simply, risks to good administration can be expected to occur if administrative bodies apply automated, administrative decision-making, while opportunities must be actively nurtured through managerial attention. Despite popular conceptions of the threat of “robotic government”, the conclusions of this study indicate a need for a more pragmatic view of relations of automated, administrative decision-making and good administration balanced between outright techno-optimism and techno-pessimism.

Journal: Government Information Quarterly
Published: October 2023
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Contact CBS Researcher: Ulrik Bisgaard Ulsrod Røhl

A Social Media Analysis of Travel Preferences and Attitudes, Before and During Covid-19

Abstract:
Covid-19 created tremendous uncertainty in the tourism industry; in this study, we use social media data to explore differences in the preferences and attitudes of tourism consumers, both before and during the pandemic. We use natural language processing (NLP) techniques to analyze over one million Reddit posts on travel-related subreddits. We investigate the preference for city and nature-oriented tourism in selected destinations; the analysis demonstrates that nature tourism gained interest during Covid-19 in destinations with rich nature resources, whereas city tourism lost interest in destinations known for city tourism. We also classify Reddit authors into two categories: conservation and openness, according to a psychological theory of personal values, and show that this is predictive, with openness associated with positive travel sentiment and low risk awareness. This points to the potential for value-based segmentation of travel consumers based on theoretically-grounded NLP analysis of social media data.

Journal: Tourism Management
Published: July 2023
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Contact CBS Researcher: Daniel HardtFumiko Kano Glückstad

Bootstrapping Laplace Transforms of Volatility

Abstract:
This paper studies inference for the realized Laplace transform (RLT) of volatility in a fixed‐span setting using bootstrap methods. Specifically, since standard wild bootstrap procedures deliver inconsistent inference, we propose a local Gaussian (LG) bootstrap, establish its first‐order asymptotic validity, and use Edgeworth expansions to show that the LG bootstrap inference achieves second‐order asymptotic refinements. Moreover, we provide new Laplace transform‐based estimators of the spot variance as well as the covariance, correlation, and beta between two semimartingales, and adapt our bootstrap procedure to the requisite scenario. We establish central limit theory for our estimators and first‐order asymptotic validity of their associated bootstrap methods. Simulations demonstrate that the LG bootstrap outperforms existing feasible inference theory and wild bootstrap procedures in finite samples. Finally, we illustrate the use of the new methods by examining the coherence between stocks and bonds during the global financial crisis of 2008 as well as the COVID‐19 pandemic stock sell‐off during 2020, and by a forecasting exercise.​​​

Journal: Quantitative Economics
Published: July 2023
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Contact CBS Researcher: Rasmus T. Varneskov

Climate Risks and Forecastability of the Weekly State-level Economic Conditions of the United States

Abstract:
In this paper, we first utilize a dynamic factor model with stochastic volatility (DFM-SV) to filter out the national factor from the local components of weekly state-level economic conditions indexes of the United States (US) over the period of April 1987 to August 2021. In the second step, we forecast the state-level factors in a panel data set-up based on the information content of corresponding state-level climate risks, as proxied by changes in temperature and its SV. The forecasting experiment depicts statistically significant evidence of out-of-sample predictability over a one-month- to one-year-ahead horizon, with stronger forecasting gains derived for states that do not believe that climate change is happening and are Republican. We also find evidence of national climate risks in accurately forecasting the national factor of economic conditions. Our analyses have important policy implications from a regional perspective.​​​​​​

Journal: International Review of Finance
Published: August 2023
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Contact CBS Researcher: Oguzhan Cepni

Does the Travel Career Pattern Model Work for Repeat Tourists?

Abstract
Tourism researchers and practitioners have an interest in understanding tourists’ travel patterns, and one of the most used models applied to reach this goal is the seminal Travel Career Pattern (TCP) model. However, repeat tourism is underexplored and in the present research, the authors provide an initial investigation of repeat tourists using the TCP model. Based on survey data from 500 international tourists in India the present research found that the TCP model is valuable for exploring repeat tourists’ travel patterns and motives. Within the TCP model results show that middle level motives were found to be most important for tourists with more diverse travel experience which include nature, self-development and self-actualisation. Significant relationships were also found among the origin of tourists, their travel experiences and their motivational pattern.

Journal: Tourism Recreation Research
Published: August 2023
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Contact CBS Researcher: Alexander Josiassen

Exploring the Psychological Characteristics of Style and Fashion Clothing Orientations

Abstract
Purpose
This study aims to examine the conceptual distinction of two clothing orientations – style orientation and fashion orientation. Style and fashion orientations both express identity and individuality, but the fashion orientation may more strongly reflect materialistic values, which extensive evidence shows are detrimental to well-being. This study investigates how the clothing orientations are associated with materialism and subjective well-being.

Design/methodology/approach
The conceptual distinction between style and fashion orientations and their associations with materialism and subjective well-being were investigated via an online survey (N = 4,591) conducted in Germany, Poland, Sweden and the USA. Participants aged 18–65 were recruited based on national representative quotas for age, gender, education and region.

Findings
The regression results support a conceptual distinction between the style and fashion orientation. Style orientation was positively associated with subjective well-being compared to fashion orientation. Both the style and fashion orientations were positively correlated with materialism, but the association was much stronger for fashion orientation and materialism exhibited a strong negative association with subjective well-being. Interestingly, materialism moderated the association between fashion orientation and well-being but not between style orientation and well-being.

Research limitations/implications
The four examined countries were Western, and, thus, the findings cannot be generalized to other populations. In addition, this study specifically examined relationships in a clothing context. To enable wider generalization, the relationships tested must be explored in other countries, especially non-Western, and also across other product categories.

Practical implications
The findings of this study can help retailers develop their marketing programs, product and service offerings and specifically their communications more closely targeted to consumers’ clothing orientations.

Originality/value
This study contributes by conceptually distinguishing between clothing style and fashion orientations and investigating their divergent associations to materialism and subjective well-being. This research also raises the question of whether fashion orientation is independent or rather, an aspect of materialism, which has implications for other consumption domains as well.

Journal: Journal of Consumer Marketing
Published: August 2023
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Contact CBS Researchers: Kristian S. NielsenWencke Gwozdz

Extremal Clustering and Cluster Counting for Spatial Random Fields

Abstract
We consider a stationary random field indexed by an increasing sequence of subsets of Zd obeying a very broad geometrical assumption on how the sequence expands. Under certain mixing and local conditions, we show how the tail distribution of the individual variables relates to the tail behavior of the maximum of the field over the index sets in the limit as the index sets expand.

In a framework where we let the increasing index sets be scalar multiplications of a fixed set C, potentially with different scalars in different directions, we use two cluster definitions to define associated cluster counting point processes on the rescaled index set C; one cluster definition divides the index set into more and more boxes and counts a box as a cluster if it contains an extremal observation. The other cluster definition that is more intuitive considers extremal points to be in the same cluster, if they are close in distance. We show that both cluster point processes converge to a Poisson point process on C. Additionally, we find a limit of the mean cluster size. Finally, we pay special attention to the case without clusters.

Journal: Bernoulli
Published: 2023
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Contact CBS Researchers: Anders Rønn-NielsenMads Stehr

Genetic Variants Associated with Syncope Implicate Neural and Autonomic Processes

Abstract
Aims
Syncope is a common and clinically challenging condition. In this study, the genetics of syncope were investigated to seek knowledge about its pathophysiology and prognostic implications.

Methods and results
This genome-wide association meta-analysis included 56 071 syncope cases and 890 790 controls from deCODE genetics (Iceland), UK Biobank (United Kingdom), and Copenhagen Hospital Biobank Cardiovascular Study/Danish Blood Donor Study (Denmark), with a follow-up assessment of variants in 22 412 cases and 286 003 controls from Intermountain (Utah, USA) and FinnGen (Finland). The study yielded 18 independent syncope variants, 17 of which were novel. One of the variants, p.Ser140Thr in PTPRN2, affected syncope only when maternally inherited. Another variant associated with a vasovagal reaction during blood donation and five others with heart rate and/or blood pressure regulation, with variable directions of effects. None of the 18 associations could be attributed to cardiovascular or other disorders. Annotation with regard to regulatory elements indicated that the syncope variants were preferentially located in neural-specific regulatory regions. Mendelian randomization analysis supported a causal effect of coronary artery disease on syncope. A polygenic score (PGS) for syncope captured genetic correlation with cardiovascular disorders, diabetes, depression, and shortened lifespan. However, a score based solely on the 18 syncope variants performed similarly to the PGS in detecting syncope risk but did not associate with other disorders.

Conclusion
The results demonstrate that syncope has a distinct genetic architecture that implicates neural regulatory processes and a complex relationship with heart rate and blood pressure regulation. A shared genetic background with poor cardiovascular health was observed, supporting the importance of a thorough assessment of individuals presenting with syncope.

Journal: European Heart Journal
Published: 2023
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Contact CBS Researcher: Steffen Andersen

Ledelsesrapportering i danske SMV'ere

Abstract
Når vi uddanner studerende på CBS, argumenterer vi for, at den løbende rapportering om virksomhedens finansielle og ikke-finansielle udvikling er et vigtigt styringsværktøj for virksomhedens ledelse. Den giver ledelsen indsigt i vigtige forhold som performance (lønsomhed), vækst og risici. F.eks. kan den løbende rapportering belyse, om virksomheden genererer en tilfredsstillende indtjening, om den organiske vækst er tilfredsstillende og om de finansielle risici er på et tilfredsstillende niveau. Der ligger i undervisningen desuden en implicit antagelse om, at virksomheder med en gennemarbejdet ledelsesrapportering, der hyppigt og regelmæssigt tilgår ledelsen, vil klare sig bedre end de virksomheder, hvor det ikke er tilfældet.

Vi har imidlertid ikke en opdateret viden om, hvad der lægges vægt på i ledelsesrapporteringen blandt danske virksomheder og især ikke blandt de små og mellemstore virksomheder (SMV'ere). Og vi ved reelt heller ikke, om en gennemarbejdet ledelsesrapportering, der hyppigt og regelmæssigt tilgår ledelsen, fører til bedre performance. For at kaste lys over disse forhold har vi gennemført en større spørgeskemaundersøgelse blandt danske SMV'ere. Vores resultater, der bygger på besvarelser fra 970 virksomheder med 10-250 ansatte, viser blandt andet, at SMV'ere med fordel kan måle performance for relevante indtægtssegmenter (fx kunder, produkter, markeder), anvende ikke-finansiel information til styring af virksomheden, inddrage balancen (og ikke kun resultatopgørelsen) til evaluering af performance, sammenligne performance imod relevante konkurrenter og anvende ledelsesinformation hyppigt. Desuden viser vi, at kun få SMV'ere har rapportering om ESG. Resultaterne bør have interesse for ledelsen i SMV'ere og deres rådgivere.

Journal: Revision & Regnskabsvæsen
Published: 2023
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Contact CBS Researchers: Jeppe ChristoffersenMorten HolmThomas PlenborgMorten Seitz 

Opportunities for Emotion Research on Biodiversity

Abstract
We see unique opportunities to advance emotional research by studying an overlooked environmental problem. The biodiversity crisis is caused by land use, in particular by reducing and damaging habitats, such as deforestation for cattle grazing. Biodiversity processes are proximate and personally moving, like when a person is causing or experiencing changes to livelihood-providing ecosystems, and we suggest this affect-rich context is useful for studying social and psychological processes. In contrast, much research on far-away populations thinking about climate change effects involves more abstract and distant cognitions. We also suggest biodiversity-related emotions have consequential outcomes for health and behavior, and provide advice for shaping research programs on specific populations and wildlife interactions.

Journal: Emotion Review
Published: August 2023
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Contact CBS Researcher: Kristian S. Nielsen

Relationship between Citizens' Perspective on Digital Health and Underlying Health Risks

Abstract
Objective:
Digital health has been gaining widespread attention but has not been fully integrated into the existing healthcare system. However, it remains unclear whether the new digital health solutions align with users’ needs and wants. This study examines how citizens perceive the functionalities of digital health and how different health risks influence their perception.
Methods:
Using an online survey, data are collected from over 4000 Danish citizens. The data are analysed using linear regression models.
Results:
The results show how users’ perceptions of digital health differ significantly. Users are highly interested in data sharing across different healthcare stakeholders but less interested in online health communities. The results also show that the support for digital health is correlated with various health risks, including age, smoking and social network. However, health risks do not have uniform relationship with the perceived value of digital health.
Conclusions:
While developing and implementing new digital health solutions, it is important to consider the perceptions of people who are expected to benefit from such solutions. This study contributes to the literature by deepening the knowledge of how citizens with different risk profiles perceive the multitude of digital health tools being introduced in the healthcare sector.

Journal: Digital Health
Published: 2023
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Contact CBS Researcher: Esben R. G. Pedersen

Using Federated Machine Learning to Overcome the AI Scale Disadvantage

Abstract
A promising new approach to training AI models lets companies with small data sets collaborate while safeguarding proprietary information.

Journal: MIT Sloan Management Review
Published: August 2023
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Contact CBS Researcher: Paul Hünermund

Who Should Price a Gig?

Abstract
The authors conducted interviews with platform executives at four platform businesses — Malt, Ring Twice, Temper, and Wolt — that represent different industry sectors and price-setting models.
They also conducted archival web-based research studying platform-based businesses in various regions of the world and evaluated their pricing models.
They were provided with and analyzed data from a service platform that switched from a platform-controlled price setting to allowing service providers to set prices. This data is part of an ongoing research project by Jovana Karanovic, Hakan Özalp, Carmelo Cennamo, and Mark Boons.

Journal: MIT Sloan Management Review
Published: August 2023
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Contact CBS Researcher: Carmelo Cennamo

The page was last edited by: Sekretariat for Ledelse og Kommunikation // 10/10/2023