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Publication Is stress good for negotiation outcomes? The moderating effect of social value orientation(Emerald Group Publishing, 2021) Ramirez-Marin, Jimena; Barragan Diaz, Adrian; Acar-Burkay, SinemPurpose Negotiations are often conducted under stress. Previous studies show that stress can help or hurt negotiation outcomes. This study suggests that individual differences explain these effects, and the purpose of this study is to examine the effect of social value orientation (SVO) and stress on negotiation outcomes. Design/methodology/approach Two experimental studies and a pilot investigate the influence of stress and SVO (prosocial vs proself) on negotiation offers and outcomes. The authors’ studies are grounded on social interdependence theory and arousal literatures to explain the effects of stress on negotiation. Findings Stress has a positive influence on integrative offers (S1) and joint outcomes (S2). SVO moderates the effect of stress on joint negotiation outcomes (S2), such that, under stress, prosocials fare better than proselfs. Research limitations/implications Managers negotiating under stress should pay attention to their own as well as the others’ SVOs. Managers could also build their negotiation teams considering this individual difference and favor the presence of prosocials in stressful negotiations. Practical implications The findings have practical implications for managers who are under stress on a daily basis. Social implications This research contributes to managers that need to understand how to reach integrative agreements under stress. This is especially important when negotiators are representatives of employees or companies, as the outcomes can affect many individuals. Originality/value To the best of the authors’ knowledge, this is the first study examining the relationship between stress, SVO and negotiation offers and outcomes.Item Normatively speaking: Do cultural norms influence negotiation, conflict management, and communication?(Wiley, 2019) Ramirez-Marin, Jimena; Olekalns, Mara; Adair, WendiThis paper elaborates a research agenda on cultural norms in communication, negotiation, and conflict management. Our agenda is organized around five questions on negotiation and conflict management, for example: How do culture and norms relate to an individual's propensity to negotiate? Or How do tightness-looseness norms explain negotiators’ reactions to norm conformity and norm violation? And three questions on communication, for example: What individual and cultural factors lead negotiators to use miscommunication as an opportunity rather than an obstacle? Or Are there cultural differences in whether and what forms of schmoozing are normative? The present paper is based on three pillars: (a) ideas provided by the think tank participants (full list on website), (b) state of the art research and (c) the authors’ perspectives. Our goal is to inspire young, as well as, established researchers to purse these research streams and increase our understanding about the influence of cultural norms.Item Selling to strangers, buying from friends: Effect of communal and exchange norms on expectations in negotiation(Wiley, 2019) Ramirez-Fernandez, Jaime; Ramirez-Marin, Jimena; Munduate, LourdesThis study examines the effect of relationships on negotiators' expectations. The authors derive theory and hypotheses from relational norms that govern relationships (communal and exchange) which impact negotiators' expectations when interacting with close others. The study focuses on the influence of the negotiator's role (buyer or seller) and relational norms on expected offers. The authors tested the hypotheses across three studies. Results consistently show that close relationships influence expectations such that buyers expect more favorable offers from best friends than from friends and acquaintances (Studies 1–3). And this effect is absent for sellers (Study 1). Moreover, the motivation to meet the needs of the other party (communal strength) is higher for close relationships but it does not moderate the effect of relationships on expectations (Study 2). Finally, negotiators high in communal strength and exchange orientation norms expect more generous offers from best friends (Study 3).Item Social rewards: The basis for collaboration in honor cultures(Emerald Group Publishing, 2018) Ramirez-Marin, Jimena; Shafa, SaïdPurpose: The purpose of this paper is twofold: first, to define social rewards, as acts and expressions which specifically signal respect, courtesy and benevolence to the other party, based on cultural scripts found in honor cultures. Second, to explore whether social rewards mitigate competitive aspirations and foster collaboration in competitive settings, with honor values being a culturally relevant mechanism for this effect. Design/methodology/approach This paper reports on two experiments assessing high-honor and low-honor culture participants’ aspirations and behavioral decisions. In study 1, participants described a personal situation where they were praised by close others (social reward) or praised themselves (control condition), before responding to a buyer/seller negotiation scenario. In study 2, participants were either complimented (social reward) or not complimented (control condition), before engaging in live competition with a confederate for monetary outcomes. Findings: Both studies indicate that social rewards diminish competitive aspirations and offers among high-honor culture participants, but not among low-honor culture participants. Results of study 1 indicate that endorsement of honor values mediates this effect. In conclusion, social rewards can improve interactions with members of honor cultures. research limitations/implications These studies advance our understanding of cultural differences in negotiations and provide insight into social rewards as one of the mechanisms necessary to successfully manage intercultural negotiations and collaboration. Future research should address the effect of social rewards on self-worth and empowerment. Originality/value: This research is the first to shed light on the relevance and importance of social rewards as a device to facilitate social interactions in honor cultures.Item I expected more from you: The influence of close relationships and perspective taking on negotiation offers(2018) Ramirez-Fernandez, Jaime; Ramirez-Marin, Jimena; Munduate, LourdesThree experimental studies show that interpersonal relationships influence the expectations of negotiators at the negotiation table. That is, negotiators expect more generous negotiation offers from close others (Study 1), and when expectations are not met, negative emotions arise, resulting in negative economic and relational outcomes (Study 2). Finally, a boundary condition for the effect of interpersonal relationships on negotiation expectations is shown: perspective taking leads the parties to expect less from friends than from acquaintances (Study 3). The findings suggest that perspective taking helps negotiators reach agreement in relationships. The article concludes with implications for practice and future research directions.Item A measurement model for dignity, face, and honor cultural norms(Cambridge University Press, 2017) Yao, Jingjing; Ramirez-Marin, Jimena; Brett, J.; Aslani, Soroush; Semnani-Azad, ZhalehIn this work we develop and validate a model measuring norms that distinguish three types of culture: dignity, face, and honor (Leung & Cohen, 2011). Our motivation is to produce empirical evidence for this new cultural framework and use the framework to explain cultural differences in interdependent social interactions such as negotiation. In two studies, we establish the content validity, construct validity, predictive validity, and measurement invariance of this measurement model. In Study 1, we present the model's three-factor structure and situate the constructs of dignity, face, and honor in a nomological network of cultural constructs. In Study 2, which uses a sample of participants from 26 cultures, we show that the measurement model discriminates among people from the three cultural regions corresponding to the dignity, face, and honor framework. In particular, we report differences between face and honor cultures, which are not distinguished in other cultural frameworks (e.g., Hofstede, 1980). We also show that the measurement model accounts for cultural differences in norms for use of negotiation strategy.Item Dignity, face, and honor cultures: A study of negotiation strategy and outcomes in three cultures(Wiley, 2016) Aslani, Soroush; Ramirez-Marin, Jimena; Brett, Jeanne M.; Yao, Jingjing; Semnani-Azad, Zhaleh; Zhang, Zhi-Xue; Tinsley, Catherine; Weingart, Laurie; Adair, WendiThis study compares negotiation strategy and outcomes in countries illustrating dignity, face, and honor cultures. Hypotheses predict cultural differences in negotiators' aspirations, use of strategy, and outcomes based on the implications of differences in self-worth and social structures in dignity, face, and honor cultures. Data were from a face-to-face negotiation simulation; participants were intra-cultural samples from the USA (dignity), China (face), and Qatar (honor). The empirical results provide strong evidence for the predictions concerning the reliance on more competitive negotiation strategies in honor and face cultures relative to dignity cultures in this context of negotiating a new business relationship. The study makes two important theoretical contributions. First, it proposes how and why people in a previously understudied part of the world, that is, the Middle East, use negotiation strategy. Second, it addresses a conundrum in the East Asian literature on negotiation: the theory and research that emphasize the norms of harmony and cooperation in social interaction versus empirical evidence that negotiations in East Asia are highly competitive.Item Cross-asset return predictability: Carry trades, stocks and commodities(Elsevier Science Inc., 2016) Lu, Helen; Jacobsen, BenEquity returns predict carry trade profits from shorting low interest rate currencies. Commodity price changes predict profits from longing high interest rate currencies. The gradual information diffusion hypothesis (Hong & Stein, 1999) provides a ready explanation for these predictability results. These results cannot be explained by time-varying risk premia as stock returns and commodity price changes significantly predict negative carry trade profits. The predictability is one-directional, from commodities to high interest rate currencies, from commodities to stocks and from stocks to low interest rate currencies.Item Trust and the value of CSR during the global financial crisis(Wiley, 2021) Berkman, Henk; Li, Michelle; Lu, HelenLins, Servaes and Tamayo (2017) (LST) show that during the Global Financial Crisis (GFC) US firms with high corporate social responsibility (CSR) ratings increased in value relative to firms with low CSR ratings. Our study raises questions about the internal and external validity of the inferences in LST. For a similar sample of US stocks, we find no evidence that high CSR firms outperformed low CSR firms during the GFC when we use a calendar-time portfolio analysis that controls for industry, or uses value-weighted portfolios. For a sample of Japanese stocks, we also fail to confirm the results reported in LST.Item From analytics to empathy and creativity: Charting the AI revolution in marketing practice and education(Sage Publications, 2024) Pavone, Giulia; Meyer-Waarden, Lars; Munzel, AndreasThe rapid advancement of artificial intelligence (AI) increasingly demands an understanding of its impact on marketing practice and education. Our hybrid literature review synthesizes 312 peer-reviewed articles on AI in marketing and consumer behavior, using scientometrics and the TCCM (Theory, Context, Characteristics, Methodology) framework. We identify five research areas: human–AI interaction in services, natural language processing (NLP) and computer vision for consumer insights, AI for e-commerce and decision support, marketing automation and creativity, and AI ethics. AI’s evolution is marked by a transition from analytical to empathetic and intuitive technologies like affective computing and generative AI. We highlight the changing dynamics between humans and AI, AI integration in marketing practices and education, and the transformed AI-enhanced marketing workplace. We underscore the significance of ethical considerations, the well-being of users, and the integration of generative AI tools. This review provides a comprehensive guide for forthcoming research, practical applications, and educational advancements in AI-enhanced marketing.Item Market value of R&D, patents, and CEO characteristics(Springer, 2025) Wang, Lipeng; Verousis, Thanos; Zhang, MengyuThe contribution of knowledge capital to firm value has increased significantly, from 25% in the 1970s to 45% in the 2010s (Belo et al. in Decomposing firm value J Financ Econ 143:619–639, 2022). However, what influences firms’ ability to maximize the effect of knowledge capital on firm value? Drawing on insights from upper echelons, agency, and behavioral agency theories, we show that CEO characteristics are crucial in enabling firms to take advantage of knowledge stock. We empirically demonstrate that short-term CEO compensation structures are detrimental to a firm’s ability to take advantage of its knowledge stock. We further show that CEO power enhances knowledge stock and R&D intensity. Our study provides direct empirical evidence of the importance of CEO compensation structure and corporate governance in understanding firm value in a knowledge economy.Item The use of IoT sensor data to dynamically assess maintenance risk in service contracts(Elsevier, 2025) Loeys, Stijn; Boute, Robert; Antonio, KatrienWe explore the value of using operational sensor data to improve the risk assessment of service contracts that cover all maintenance-related costs during a fixed period. An initial estimate of the contract risk is determined by predicting the maintenance costs via a gradient-boosting machine based on the machine’s and contract’s characteristics observable at the onset of the contract period. We then periodically update this risk assessment based on operational sensor data observed throughout the contract period. These sensor data reveal operational machine usage that drives the maintenance risk. We validate our approach on a portfolio of about 4,000 full-service contracts of industrial equipment and show how dynamic sensor data improves risk differentiation.Item Point of view: Liquidity without listing(Jurisquare, 2024) Van den Cruijce, Johan; Janssens de Bisthoven, N.Item Determinants of the discount for lack of marketablity(EACVA, 2022) Van den Cruijce, JohanThe valuation of private companies is a matter of interest for many stakeholders, including valuation professionals, auditors, courts, and tax authorities. The matter is deceptively complex, notably because there is no consensus on the nature, size, and determinants of the so-called discount for lack of marketability (DLOM). The DLOM can be defined as an amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability. Indeed, most valuation methods lead to value indications for a marketable interest, and it is generally accepted that investors attach a lower price to assets that are not readily marketable. The DLOM is oftentimes oversimplified as the difference in value between an illiquid (unlisted) stock and an all-else-equal liquid (listed) security. This value gap is important but ill understood. Leading scholars have noted time and time again that fair market value calculations often boil down to taking a marketable value estimate and reducing that amount by a contrived percentage. In practice, DLOMs of 20% to 40% are routinely used for valuing private businesses. The extant literature has proposed various DLOM estimation methods that fall into two broad categories: theoretical and empirical models. All of these models have been challenged, either because they require the input of information that cannot be objectively determined for private companies (theoretical models), or because estimates based on the comparisons between liquid and illiquid valuation subjects are by nature always imperfect and thus prone to discussion (empirical models). Nevertheless, and in the absence of better information, the empirical models, especially, have received lots of attention and the averages presented in these studies are often used in practice without much formal reasoning or economic justification. In order to shed more light on the determinants of the DLOM we have turned to an alternative source of information that can bring additional insights. Specifically, we have turned to court decisions that decide on private company valuations, including the DLOM to be applied. The court typically justifies its decision by referring to how the specific company is situated, and the rights and obligations attached to the valuation subject. This contextual information provides more background than the pure financial information that can be found in traditional data sources. This method which combines elements of qualitative and quantitative analysis has allowed us to demonstrate that the company’s ownership structure, its operations, the transfer restrictions on shares, the exit possibilities for shareholders, and the level of control attached to the valuation subject have a significant impact on the DLOM.Item The effect of ownership structure on the value of a private company(De Gruyter, 2022) Van den Cruijce, Johan; Baffert II, Gamble; Janssens de Bisthoven, Nicolas; Tistaert, JurgenThe value of an unlisted company is a contentious issue. This is because investors value marketability and liquidity, but vacillate on the appropriate percentage discount that needs to be applied for the valuation of a private company. As more companies find it easier to remain private, a better understanding of this discount is increasingly important. The extant discount studies are mainly derived from financial and transactional data. They provide reliable averages using large sample sizes, but present few determinants to explain the wide ranges in the observations. Our research is based on a unique, alternative data source that complements existing studies by tapping into rich contextual information. Specifically, we examine court decisions that determine the appropriate discount and relate this percentage to an important characteristic of a private company: its “open” character, i.e. its willingness to accept outside shareholders or partners in the venture. We find that open and closed companies differ in value 6.5%. Our conclusions hold after controlling for known determinants of the discount. Our results impact valuation approaches and present real-world application for the owners and managers of private companies who may consider opening ownership to third parties.Item From analytics to empathy and creativity: Charting the AI revolution in marketing practice and education(Sage publications, 2024) Pavone, Giulia; Meyer-Waarden, Lars; Munzel, AndreasThe rapid advancement of artificial intelligence (AI) increasingly demands an understanding of its impact on marketing practice and education. Our hybrid literature review synthesizes 312 peer-reviewed articles on AI in marketing and consumer behavior, using scientometrics and the TCCM (Theory, Context, Characteristics, Methodology) framework. We identify five research areas: human–AI interaction in services, natural language processing (NLP) and computer vision for consumer insights, AI for e-commerce and decision support, marketing automation and creativity, and AI ethics. AI’s evolution is marked by a transition from analytical to empathetic and intuitive technologies like affective computing and generative AI. We highlight the changing dynamics between humans and AI, AI integration in marketing practices and education, and the transformed AI-enhanced marketing workplace. We underscore the significance of ethical considerations, the well-being of users, and the integration of generative AI tools. This review provides a comprehensive guide for forthcoming research, practical applications, and educational advancements in AI-enhanced marketing.Item Automatic selection of the best performing control point approach for project control with resource constraints(Elsevier, 2025) Song, Jie; Song, Jinbo; Vanhoucke, MarioDuring project execution, the actual project progress shows deviations from the baseline schedule due to uncertainty. To complete the project timely, project monitoring is performed at discrete control points to identify project opportunities/problems and take possible corrective actions. These control points affect the quality of project monitoring and corrective actions, but little guidance is available on identifying situations where the control points pay off the most in terms of project duration. This paper proposes new control point approaches considering the risk, the complexity of the network, and subnetwork information to determine the timing of project monitoring and action taking. Moreover, new parameters are proposed to model more realistic project characteristics. Subsequently, a classification model is developed to select the best performing control point approach given project characteristics. An extensive computational experiment is conducted on a set of 3,810 artificial projects with diverse project characteristics to evaluate the performance of the classification model and further validate it on empirical project data. The computational results indicate that the classification model outperforms the average performance of any proposed control point approaches. The results also show that the resource variability that indicates the resource usage deviations between project activities is the primary driver for detecting the best control point approach for projects with resource constraints.Item Resource allocation models and heuristics for the multi-project scheduling with global resource transfers and local resource constraints(Pergamon-Elsevier Science Ltd, 2025) Liu, Wanjun; Zhang, Jingwen; Vanhoucke, Mario; Guo, WeikangThe transfer times and costs of global resources between different projects and the choice of transfer modes significantly affect the multi-project scheduling. This paper investigates four versions of the resource-constrained multi-project scheduling problem with global resource transfers and local resource constraints based on four realistic transfer scenarios, in which the global resource transfer times and costs are considered with a single transfer mode or multiple transfer modes. Three classes of heuristics with huge amount of priority rules are adapted and tested for the new problems. The schedule generation schemes of each class of heuristics are improved from two aspects. On the one hand, resource availability checks are divided into global and local phases due to their different characteristics. On the other hand, resource transfer rules and transfer mode rules are introduced to deal with resource transfer and transfer mode issues, respectively. The three class of heuristics are tested on well-known datasets of the multi-project problem, which are extended with transfer data using a transfer time/cost generation procedure. The numerical experiments first evaluate the performance of a set of priority rules, then effectively apply the priority rule heuristics in the genetic algorithm, and finally compare the performance of the priority rule heuristics with CPLEX on small-scale instances. Additionally, a multi-project case study verifies the applicability and good performance of priority rules that perform well in numerical experiments. Furthermore, the best performing rules are used by two machine learning methods in literature to automatically select the most promising ones.Item Linking outcomes to costs: A unified measure to advance value-based healthcare(Pergamon Elsevier Science Ltd, 2025) Borzée, Joke; Cardoen, Brecht; Cherchye, Laurens; De Rock, Bram; Roodhooft, FilipGuided by the Value-Based Healthcare framework, the healthcare sector increasingly aims to maximize patient value by improving the quality of care while containing costs, which requires aligning the interests of patients, health providers and payers. This study addresses the need for advanced patient value measurement techniques to navigate this complex balance by introducing a four-step framework that combines Data Envelopment Analysis (DEA) and Time-Driven Activity-Based Costing. The framework starts by defining Decision-Making Units and specifying the treatment pathway (Step 1), followed by selecting the relevant inputs (i.e., costs) and outputs (i.e., health outcomes) (Step 2). Next, the DEA model is tailored to fit the specific medical context (Step 3), ultimately translating the value equation into unified, individual value scores that rank patients by perceived value (Step 4). Unlike traditional healthcare evaluations, the multiple health outcomes are connected to granular costing information without relying on monetary values or subjective weighting. Using real-life data from a case study focused on psoriasis, we demonstrate that value assessments significantly differ when considering a comprehensive set of health outcomes, rather than relying on a single primary outcome or treating costs and outcomes separately. These holistic value scores are used to pinpoint inefficiencies on an individual level, analyse patterns of health improvements through cluster analysis, and assess the impact of contextual variables on value creation using econometric analysis. Our results revealed the complex interplay between outcomes and costs by identifying factors like the presence of comorbidities, which had no direct influence on costs or outcomes, as overall value driver. In summary, this research proposes an intuitive metric for value benchmarks across time, health providers and treatments, ultimately contributing to the effective delivery of personalized and value-based healthcare.Item Synchromodal replenishment under non-stationary demand: an illustrative case study(2024) Yee, Hannah; Boute, RobertSynchromodal replenishment aligns transport mode decisions with inventory replenishment needs. We present a case study considering the simultaneous use of road and rail transport to replenish a distribution center in Belgium from a supplier in Spain, aiming for a modal shift from road to sustainable rail transport. Product demand is non-stationary, meaning the demand distribution changes over time. Although the underlying demand distribution is not directly observable, demand observations provide partial information.- We apply the synchromodal replenishment policy proposed in Yee et al. (2024) that combines a committed, stable rail order with flexible short-term orders on rail and road. The short-term orders are based on inventory levels and partial information about the non-stationary demand. The case study demonstrates the value of adding short-term flexibility to rail orders to induce a modal shift. Our analysis shows how the proposed policy improves the modal shift compared to a benchmark policy without flexible rail orders. The retailer can reduce the carbon footprint of its replenishments without compromising service levels or costs. We also show how offering the flexible rail option increases the rail operator’s revenues. These findings highlight the potential of synchromodal replenishment with flexible rail orders to facilitate a modal shift.