Innovation in Family Firms: A Systematic Literature Review and Guidance for Future Research

Through a systematic review of 118 peer‐reviewed journal articles published between 1961 and 2017, this article provides an integrative picture of the state of the art of the family firm innovation literature. Our aim is to widen existing understanding of innovation in family firms by building a theoretical bridge with studies in the mainstream innovation literature. Specifically, in identifying the main gaps in the literature and providing future research directions, our critical and dynamic picture of family‐specific determinants of innovation is intended to advance the debate on innovation in general, and family firms in particular.     

Understanding Cumulative Risk Perception from Judgments and Choices: An Application to Flood Risks

Catastrophic events, such as floods, earthquakes, hurricanes, and tsunamis, are rare, yet the cumulative risk of each event occurring at least once over an extended time period can be substantial. In this work, we assess the perception of cumulative flood risks, how those perceptions affect the choice of insurance, and whether perceptions and choices are influenced by cumulative risk information. We find that participants' cumulative risk judgments are well represented by a bimodal distribution, with a group that severely underestimates the risk and a group that moderately overestimates it. Individuals who underestimate cumulative risks make more risk‐seeking choices compared to those who overestimate cumulative risks. Providing explicit cumulative risk information for relevant time periods, as opposed to annual probabilities, is an inexpensive and effective way to improve both the perception of cumulative risk and the choices people make to protect against that risk.     

Adaptable Careers: Maximizing Less and Exploring More

Today, young adults are expected to decide between educational, vocational, and job options and to make the best choice possible. Career literatures emphasize the importance of young adults' career decision making but also acknowledge the problems related to making these decisions. The authors argue that career counselors could support clients' intuitive processing of career information and help their clients to develop a positive and flexible view of the self and the environment while diminishing concerns about accountability for and irreversibility of career decisions. The authors argue that career adaptability rather than decision making should become the focal concept of career theory and practice.     

The Impact of Lean Management Practices and Sustainably‐Oriented Innovation on Sustainability Performance of Small and Medium‐Sized Enterprises: Empirical Evidence from the UK

While lean management practices (LMP) help small and medium‐sized enterprises (SMEs) to be efficient, sustainability‐oriented innovation (SOI) facilitates adopting environmental and social practices. Although prior research looks into the effect of LMP on the economic performance (EP) of SMEs, less is known about the effect of LMP on sustainability (economic, environmental and social) performance. Studies on the effect of SOI on sustainability and economic performance are also scant. Additionally, examining the mediating effect of corporate social responsibility (CSR) practices (environmental and social practices) on both LMP and SOI achieving sustainability performance (SP) is rare. This research bridges these knowledge gaps by answering the question of how LMP, SOI, CSR practices, sustainability and economic performance are correlated. Through hypothesis testing using structural equation modelling, this study reveals the impact of LMP, SOI, CSR (environmental and social) practices on sustainability and economic performance. The study uses data from 119 SMEs within manufacturing industries in the Midlands, UK. The analysis reveals that LMP and SOI facilitate achieving both sustainability and economic performance, and SOI mediates LMP to achieve sustainability performance. Additionally, although CSR practices mediate LMP to achieve sustainability performance, they only borderline mediate SOI to achieve sustainability performance.     

COST INCREASES DUE TO DEMAND UNCERTAINTY IN MRP LOT SIZING

This paper analyzes the cost increases due to demand uncertainty in single-level MRP lot sizing on a rolling horizon. It is shown that forecast errors have a tremendous effect on the cost effectiveness of lot-sizing techniques even when these forecast errors are small. Moreover, the cost differences between different techniques become rather insignificant in the presence of forecast errors. Since most industrial firms face demand uncertainty to some extent, our findings may have important managerial implications. Various simulation experiments give insight into both the nature and the magnitude of the cost increases for different heuristics. Analytical results are developed for the constant-demand case with random noise and forecasting by exponential smoothing. It is also shown how optimal buffers can be obtained by use of a simple model. Although the analysis in this paper is restricted to simplified cases, the results merit further consideration and study. This paper is one of the first to inject forecast errors into MRP lot-sizing research. As such it attempts to deal with one of the major objections against the practical relevance of previous research in this area.     

Extending Bayesian back-calculation to estimate age and time specific HIV incidence

Lifetime Data Analysis - CD4-based multi-state back-calculation methods are key for monitoring the HIV epidemic, providing estimates of HIV incidence and diagnosis rates by disentangling their...     

REAL EXCHANGE RATE,MONETARY POLICY,AND THE U.S. ECONOMY: EVIDENCE FROM A FAVAR MODEL

This paper examines the effects of exchange rate depreciation to the U.S. economy in a factor‐augmented vector autoregression model using monthly data of 148 variables for the post–Bretton Woods period of 1973–2017. Exchange rate shock is identified to reflect exogenous disturbances to the foreign exchange market, and movements in exchange rate that are not accounted for by changes in the U.S. monetary policy. We find that depreciation is expansionary and inflationary to the broad U.S. economy, the current account improves over time conforming to the J‐curve theory, and monetary policy is leaning against the wind. (JEL E3, E5, F31, F32, F41)     

Communication and representation of risk in health crises: the influence of framing and group identity / Comunicación en crisis sanitarias y representación del riesgo. La influencia del framing y la identidad grupal

Based on the Social Representations Theory (SRT) applied to the social construction of risk and the role played by group identities, this study examines the construction of risk created by the mass media in health epidemics. An experimental design with split-ballot questionnaire and 319 participants was used in which message framing (human interest vs. attribution of responsibility) and proximity (high vs. low) were manipulated for a high invulnerability identity (youth) vs. a low invulnerability identity (elderly) population. Results showed that the human interest framing increased the perception of risk, especially when the proximity of the epidemic was high; this effect was explained by people’s emotional response. Furthermore, youth projected the risk towards ‘the other’ in order to protect their invulnerability identity. Finally, we stress the importance of the SRT on a theoretical and applied level for risk communication in health crises.