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AbstractThis study ranks eight widely used market indices using two mean‐variance efficiency scores developed from Roll's geometric representation of the Shanken's CRS T2 test statistic and the likelihood ratio test statistic of Kandel. The results indicate that, over the period of 1973–1982, the CRSP equally weighted, CRSP value weighted, and S&P 500 emerge consistently as the three most efficient indices under all market conditions.

AbstractThis research conducted two studies to investigate the impact of immersive technology adoption on facilitating sustainable consumption behavior according to the perceived value co‐creation model. The first study used an online survey to examine the mediating effect of value co‐creation on the relationship between personalized values and sustainable behavioral intentions in adopting the 360‐degree video. In contrast, the second experimented to investigate the perceived value co‐creation model in adopting the virtual reality game. We collected 501 U.S. participants for watching the video about the presentation of a marine environment in Study 1, while recruited 92 college students in Taiwan to play the game regarding beach cleaning in Study 2. We found that immersive technologies can facilitate personalized values for value co‐creation, leading to increased intention to support, in this case, beach cleaning. The study provides theoretical contributions and managerial implications, providing evidence to show the potential of immersive technologies used in cause‐related marketing associated with sustainable consumption. Prior studies have shown that consumers perceive uncertain toward ethical attributes in sustainable consumption, leading to their low engagement. This research contributes to a solution of the problem by adopting immersive technologies to increase value co‐creation for purchasing cause‐related products.

AbstractInformation complexity hinders consumer processing and reduces positive responses to cause‐related products. Previous studies on cause‐related marketing (CRM) have focused more on messaging effects on reducing information complexity, such as the presentation of the donation amount, cause description, and image displays. This study discusses the effect of construal fit on consumers' willingness to pay (WTP) for products sold through CRM by focusing on the emotional and perceptual aspects of prior experiences. Notably, sadness has a low‐level construal fit with a high similarity of experience, whereas happiness has a high‐level construal fit with a low similarity of experience. Study 1 employs a between‐subjects design, examining how the construal fit influences WTP for cause‐related products. The results of Study 2 reveal that when consumers are in a sad (happy) emotional state, the higher (lower) they perceive the similarity of their experiences with the cause, the greater their WTP increases owing to processing fluency. Study 3 reconfirms the mediating roles of perceptual and conceptual fluency irrespective of text‐based and visual advertisements for CRM, thus showing the robustness of the construal fit effect on the enhancement of the two types of processing fluency across advertising contexts. These findings contribute to the theoretical understanding of the construal fit between emotional and perceptual experiences in enhancing processing fluency in CRM and suggest that marketers can create a teaser ad that induces either a sad or similar experience or a happy or less similar experience before introducing a CRM campaign.

AbstractThere has been a little research on emotion, cognitive load, or learning performance for digital game-based learning (DGBL). However, there is still a dearth of research on investigating the interactive effects of scaffolding DGBL and cognitive style on the above three outcomes. Participants were 97 middle-aged and elder adults from a community college and randomly assigned into three groups. Taking prior knowledge as the covariate, 3 × 2 two-way MANCOVA was adopted to verify the interactive effects of scaffolding DGBL (hard scaffolding DGBL, soft scaffolding DGBL, and non-scaffolding DGBL) and cognitive style (Serialist and Holist). The findings presented that there exited significantly interactive effects of scaffolding DGBL and cognitive style on learning emotion, cognitive load, and learning performance. In hard scaffolding DGBL, learning emotion, cognitive load, and learning performance of Serialist learners were significantly better than those of Holist learners. Conversely, in soft scaffolding DGBL, learning emotion, cognitive load, and learning performance of Holist learners were significantly better than those of Serialist learners. Learning emotion, cognitive load, and learning performance of Serialist learners using hard scaffolding DGBL and Holist learners using soft scaffolding DGBL were significantly better than those of learners using non-scaffolding DGBL. The findings demonstrated concrete contributions and implications on practical promotion and theoretical development. This study ensures sufficiency of applying the cognitive-affective theory of learning with media (CATLM), cognitive load theory and cognitive style theory on DGBL, suggesting to extend the application of these theories to scaffolding.

PurposeDrawing upon an integrative perspective from intellectual capital theory with upper echelon theory, we examined how intellectual capital affects resource integration capability and subsequent strategic decision-making under weak versus strong top management team (TMT) involvement behavior. The purpose of this study was to investigate the relationships between intellectual capital and strategic decision-making and the mediated moderating effect between intellectual capital and decision-making on small- and medium-sized enterprises (SMEs).Design/methodology/approachUsing statistical empirical analysis, we tested our research hypotheses via large-scale survey data from 323 SMEs. A regression analysis was applied to intellectual capital, resource integration capability and TMT involvement behavior to estimate their influence on strategic decision-making.FindingsOur findings suggest that the positive effect of intellectual capital on strategic decision-making via resource integration capability is conditional on TMT involvement behavior, underscoring the role of resource integration capability and TMT involvement behavior in intellectual capital. The results also indicate that intellectual capital and resource integration capability strengthen positive decision-making relationships. Furthermore, TMT involvement behavior strengthens the positive interaction effect of intellectual capital with resource integration capability.Practical implicationsIntellectual capital is a critical and preeminent strategic resource for strengthening strategic decision-making, especially for SMEs. Notably, trends related to intellectual capital can be used to explore the management of SMEs and the corresponding contributions to and improvements in strategic decision-making. Specifically, intellectual capital can be used by SME management teams to formulate and implement relevant strategic decisions and enhance the effectiveness of decision-making, which are critical steps for success in decision-making processes.Originality/valueThis research explored the relationships among intellectual capital, resource integration capability, TMT involvement behavior and strategic decision-making in a comprehensive mediated moderation model; it is the first known study to highlight that intellectual capital can enhance strategic decision-making and provide managerial implications regarding how to align resource integration capability and TMT involvement behavior while performing strategic decision-making.

Renewable energy is produced using renewable natural resources, including wind power. The Taiwan government aims to have renewable energy account for 20% of its total power supply by 2025, in which offshore wind power plays an important role. This paper explores the application of index insurance to renewable energy for offshore wind power in Taiwan. We employ autoregressive integrated moving average models to forecast power generation on a monthly and annual basis for the Changhua Demonstration Offshore Wind Farm. These predictions are based on an analysis of 39 years of hourly wind speed data (1980–2018) from the Modern-Era Retrospective analysis for Research and Applications, Version 2, of the National Aeronautics and Space Administration. The data analysis and forecasting models describe the methodology used to design the insurance contract and its index for predicting offshore wind power generation. We apply our forecasting results to insurance contract pricing.

In this study we used hierarchical regression to examine the influence of internal marketing on organizational citizenship behavior (OCB) and how online community participation acted as a moderator on the relationship between internal marketing and OCB. We developed a questionnaire
and distributed copies of this to 200 employees in a publicly owned power company in Taiwan. The results indicated that internal marketing had a positive effect on OCB and that online community participation acted as a moderator in the relationship between internal marketing and OCB.