CUBE - Contribuições em Revistas Científicas / Contribution to Journals
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- Banks' complexity and risk: agency problems and diversification benefitsPublication . Bonfim, Diana; Félix, SóniaBank complexity is often associated with risk, due to moral hazard and agency problems. At the same time, complexity may be linked to diversification and scale economies, thus leading to less risk. In this paper, we provide empirical evidence on the relationship between bank complexity and risk-taking. We find a positive relationship between some dimensions of geographical complexity and bank risk. Banks that operate in more countries, both through banks and non-banks, have riskier balance sheets and more non-performing loans. Further, banks that operate in emerging economies have higher risk levels due to larger volatility of returns. The link between dimensions of structural complexity and bank risk is weaker, but generally negative. Our results are consistent with moral hazard and agency problems being more acute when banks operate across many geographies, particularly in emerging market economies. In contrast, the results are consistent with diversification and scale benefits arising from operating in more business areas.
- Artificial intelligence and the twin transition: the good, the bad, and the uglyPublication . Bohnsack, Rene; Pinkse, Jonatan; Reischauer, GeorgArtificial Intelligence (AI) is the critical test case for the twin transition, the interplay of the digital and the green transformation, as it can reduce but also increase negative environmental effects. By synthesising recent advances, this paper develops an integrative firm-level understanding of AI’s role in the twin transition. First, we propose a typology of effects through which AI shapes environmental outcomes: efficiency and footprint effects, prebound and rebound effects, and unlocking and path-escalating effects. Second, we show that these effects are not properties of AI itself but emerge from how firms choose to manage interactions between effects strategically. To nuance the interplay of effects and strategic choices, we develop and illustrate three AI adoption configurations: sustainability-amplifying, productivity-stabilising, and harm-amplifying AI adoption. Our paper offers new research avenues on AI and environmental sustainability as well as actionable guidance for managers and policymakers seeking to steer AI deployment towards sustainable effects.
- Exploring consumer motivations to increase pulse protein in Portuguese family meals using means-end chain theory and novel recipesPublication . Pereira, José Filipe; Costa, Ana Isabel de Almeida; Cunha, Luís MiguelEuropean food systems and public health communities are increasingly pressured to promote reductions in meat intake. Persuading consumers to curtail or abandon meat consumption requires shifting their beliefs about the power of meat and its alternatives to deliver desired benefits and align with core life values. Effective strategies must acknowledge that meat substitution can occur at different consumption levels (ingredient, dish, meal), depending on the context in which meat is to be traded off against plant-based alternatives. Using Means-End Chain theory and soft-laddering interviews, this study investigated how omnivorous consumers (n = 43) evaluated three novel dish concepts – a high-protein soup with chickpea sprouts, a vegetable terrine with chickpea sprouts, and an oven-baked meat and chickpea patty – designed to increase pulse protein in family meals at the expense of meat. Novel dishes were evaluated against three traditional recipes – a chickpea soup with spinach, a vegetable salad with chickpeas, and a meat, chickpea and pasta stew – to uncover underlying motivations for preferences. Novel dishes were well accepted and demonstrated adoption potential. Preferences were driven by hedonic (taste, variety, satiation), health (lower energy intake, weight control, avoid illness) and conformity (maintain eating habits, meal preparation convenience) motivations but not sustainability or animal welfare concerns. Motivations determine consumers' food choices, providing insights into barriers and levers of behaviour change. Based on the motivations uncovered, this study proposes differentiated strategies for replacing meat with pulses: product development and innovation (ingredient); traditional recipe reformulation, creation of plant-centric dishes and improvement of plant proteins' sensory quality (dish); enhancement of starters and sides' plant protein content, reconfiguration of the meal structure to remove meat's central role, and reintroduction of Mediterranean mezze tradition (meal).
- The prosocial pandemic: COVID-19 reminders increase consumers' prosocial behavior intentionsPublication . Braga, João Niza; Leitão, Mariana; Jacinto, SofiaPurpose – Policies aiming to control the COVID-19 pandemic framed health guidelines as prosocial behaviors. This research aims to explore whether contextual cues reminding of the COVID-19 pandemic can activate prosocial goals unrelated to the pandemic. It is hypothesized that COVID-19 reminders, such as mask-wearing images, will increase prosocial behavioral intentions. Design/methodology/approach – Five studies (N = 956) test the hypotheses. Study 1 tests whether consumers chronically concerned with the pandemic show higher prosocial intentions. Studies 2–5 test if COVID-19-related media cues increase prosocial intentions when compared with control conditions. Findings – Consumers chronically concerned or exposed to pandemic-related cues showed higher prosocial behavior intentions, were willing to donate more money and showed a higher preference to consume in smaller businesses. This tendency persisted after health policies ceased and was not explained by concerns with the pandemic or mortality salience, suggesting it may result from simple semantic associations between the COVID-19 pandemic and prosocial goals. Research limitations/implications – Subtle contextual cues can be used to promote prosocial behaviors benefiting from previous associations between health policies and prosocial goals. Future research should further explore the mechanism underlying the reported effect and explore other associations between prosocial behaviors and contextual information. Practical implications – Public health policies may be used for social marketing strategies and programs promoting prosocial behavior. Social implications – Prosocial intentions may be primed by contextual reminders of crises that are strongly associated to a need to act in a prosocial way, such as the COVID-19 pandemic. Originality/value – This research provides new insights into the consequences of health policy programs focused on the promotion of prosocial behaviors. It also highlights how contextual cues associated with COVID-19 can prime socially responsible behaviors in different domains.
- Strategic mapping for business model innovation: a pattern-based approach in the electricity industryPublication . Marante, Cláudia Antunes; Rezazadeh, Arash; Bohnsack, RenéPurpose: This paper advances the understanding of business model innovation by proposing a taxonomy of business model patterns and introducing a strategic mapping framework grounded in this taxonomy. We applied this taxonomy to the electricity sector, which is a critical driver of social and global economic development, capturing its unique characteristics, value chain structures and innovation dynamics. Design/methodology/approach: We took a three-step approach to developing the business model taxonomy, including pattern creation by conducting a literature review, pattern validation using a two-round Delphi card-sorting method and industry specification by allocating each pattern into a specific activity in the industry value chain and by applying the findings to the Three Horizons Framework to map the generated and validated patterns across the horizons. Findings: We identified and allocated 57 business model patterns into 10 meaningful groups. These findings were applied to the electricity industry, reflecting its ongoing transformation driven by renewable energy adoption, market liberalization, and digitalization. The patterns were categorized into the three innovation horizons. For Horizon 1, patterns such as “Power Plant Optimization” (in upstream segment) focus on optimizing existing business operations. Horizon 2 highlights patterns such as “Market Performance Enhancement” in upstream, “Storage Aggregator” in midstream, and “Small-Scale Energy Storage” in downstream value chain segments that scale new business opportunities. Horizon 3 includes transformative patterns such as “Cooperative Utility” (in downstream segment), which pave the way for future industry disruption. Originality/value: The taxonomy of business model patterns for the electricity industry developed in this study serves as a book of reference for scholars and managers interested in business modeling ideas and methods. In addition, we show how the identified business model patterns can be integrated with the Three Horizons Framework enabling energy companies to align their short-, medium- and long-term strategic objectives, making this approach uniquely suited to dynamic and rapidly evolving industries like electricity.
- May the intentional candidate win: the effect of global performance information on intentionality attributions and managerial hot-hand predictionsPublication . Braga, João Niza; Jacinto, SofiaIn organizational contexts, managers often have to judge and predict others' performance. Previous research has consistently shown that when predicting someone's performance, people expect that a local sequence of successful outcomes will continue—the hot-hand. The present work proposes that hot-hand predictions occur when local streaks are dispositionally attributed to the agents' intentionality and explores how the inclusion of global performance success rates may guide intentionality inferences and moderate predictions of success after a streak. Three studies, using within- and between-subjects' designs, manipulate agent's global success rate and show that after a local streak, intentionality attributions and predictions of success are lower when success rates are low (vs. high or unknown); intentionality attributions mediate the effect of success rate on predictions; hot-hand predictions are lower for low success rate agents (vs. high or unknown) as they are not perceived as more responsible for streaky than for alternated performances.
- The function of love: a signaling-to-alternatives account of the commitment device hypothesisPublication . Gelbart, Benjamin; Walter, Kathryn V.; Conroy-Beam, Daniel; Estorque, Casey; Buss, David M.; Asao, Kelly; Sorokowska, Agnieszka; Sorokowski, Piotr; Aavik, Toivo; Akello, Grace; Alhabahba, Mohammad Madallh; Alm, Charlotte; Amjad, Naumana; Anjum, Afifa; Atama, Chiemezie S.; Duyar, Derya Atamturk; Batres, Carlota; Bendixen, Mons; Bensafia, Aicha; Bizumic, Boris; Boussena, Mahmoud; Butovskaya, Marina; Can, Seda; Carrier, Antonin; Cetinkaya, Hakan; Croy, Ilona; Cueto, Rosa María; Czub, Marcin; Dronova, Daria; Dural, Seda; Duyar, Izzet; Ertugrul, Berna; Espinosa, Agustín; Estevan, Ignacio; Esteves, Carla Sofia; Fang, Luxi; Frackowiak, Tomasz; Garduño, Jorge Contreras; Gonzalez, Karina Ugalde; Guemaz, Farida; Gyuris, Petra; Herak, Iskra; Hromatko, Ivana; Hui, Chin-Ming; Jaafar, Jas Laile; Jiang, Feng; Kafetsios, Konstantinos; Kavcic, Tina; Kennair, Leif Edward Ottesen; Kervyn, Nicolas; Ha, Truong Thi Khanh; Khilji, Imran Ahmed; Lan, Hoang Moc; Láng, András; Lennard, Georgina R.; León, Ernesto; Lindholm, Torun; Linh, Trinh Thi; Lopez, Giulia; Luot, Nguyen Van; Mailhos, Alvaro; Manesi, Zoi; McKerchar, Sarah L.; Mesko, Norbert; Misra, Girishwar; Monaghan, Conal; Mora, Emanuel C.; Moya-Garofano, Alba; Musil, Bojan; Natividade, Jean Carlos; Niemczyk, Agnieszka; Nizharadze, George; Oberzaucher, Elisabeth; Oleszkiewicz, Anna; Omar-Fauzee, Mohd Sofian; Onyishi, Ike E.; Özener, Baris; Pagani, Ariela F.; Pakalniskiene, Vilmante; Parise, Miriam; Pazhoohi, Farid; Pisanski, Annette; Pisanski, Katarzyna; Plohl, Nejc; Ponciano, Edna; Popa, Camelia; Prokop, Pavol; Rizwan, Muhammad; Salkicevic, Svjetlana; Sargautyte, Ruta; Sarmany-Schuller, Ivan; Sharad, Shivantika; Siddiqui, Razi Sultan; Simonetti, Franco; Stoyanova, Stanislava Yordanova; Tadinac, Meri; Varella, Marco Antonio Correa; Vauclair, Christin-Melanie; Vega, Luis Diego; Widarini, Dwi Ajeng; Yoo, Gyesook; Zatkova, Marta; Zupancic, MajaLove is commonly hypothesized to function as an evolved commitment device, disincentivizing the pursuit of romantic alternatives and signaling this motivational shift to a partner. Here, we test this possibility against a novel signaling-to-alternatives account, in which love instead operates by dissuading alternatives from pursuing oneself. Overall, we find stronger support for the latter account. In Studies 1 and 2, we find that partner quality relative to alternatives positively predicts feelings of love, and love fails to mitigate the negative effects of desirable alternatives on relationship satisfaction—contradicting the classic commitment device account. In Study 3, using a longitudinal design, we replicate these effects and find that changes in partner quality relative to alternatives predict changes in love over time. In Study 4, we replicate the relationship between love and relative partner quality across 44 countries. In Study 5, we find a nearly one-to-one correspondence between the extent to which partner-directed actions are diagnostic of love and reductions in romantic alternatives’ attraction to the actor. These results suggest that love may not act as a commitment device in the classic sense by disincentivizing the pursuit of alternatives but by disincentivizing alternatives from pursuing oneself.
- How banking regulation affects collusion sustainability: a multimarket contact approachPublication . Prekwinkel, Laura; Brito, Duarte; Vasconcelos, HelderThis paper investigates how regulatory instruments affect collusion sustainability in banking within a theoretical framework where: (i) banks compete simultaneously in loan and deposit markets characterized by different degrees of product differentiation; (ii) strategic interaction occurs through an infinitely repeated game with Nash reversion strategies; and (iii) capital requirements, reserve ratios, and interbank rates alter the relative profitability of each market. We show that the impact of these instruments on collusion depends critically on relative market differentiation: the same regulatory instrument can either facilitate or hinder coordination depending on which market exhibits greater product homogeneity. This non-monotonicity implies that regulators must account for market structure when calibrating policy instruments to avoid unintended effects on competitive intensity.
- Improving the discriminant validation of multi-item scalesPublication . Pieters, Constant; Baumgartner, Hans; Pieters, RikDiscriminant validation examines to what extent constructs measured with multi-item scales, which are hypothesized to be conceptually distinct, are empirically distinct. A literature review of published scale development studies shows that a variety of criteria and approaches to assess discriminant validity are in use. However, the requirements for an appropriate criterion have not been spelled out, which has led to the use of problematic criteria. The present research introduces three requirements that an appropriate discriminant validation criterion should satisfy, concerning the correlation, comparison standard, and comparison method. It shows that the common Fornell–Larcker criterion is based on an inappropriate comparison standard and method and that alternative criteria have weaknesses as well. The authors therefore propose an improved comparison standard, congeneric reliability, and develop a systematic discriminant validation procedure based on congeneric reliability and the existing phi criterion, both of which satisfy the three requirements. The procedure provides continuous measures of support for discriminant validity and accounts for measurement and sampling error. A detailed case study and reanalyses of seven published scale development articles demonstrate the application and strengths of the procedure. Example code and an online application facilitate its implementation.
- Bank risk-taking and impaired monetary policy transmissionPublication . Koenig, Philipp J.; Schliephake, EvaHow does risk-taking affect the transmission of interest rate changes into loan issuance? We study this question in a banking model with agency frictions. The risk-free rate affects bank lending via a portfolio adjustment and a loan risk channel. The former implies that the bank issues more loans when the risk-free rate falls. The latter implies that the bank may issue fewer loans because lower risk-free rates lead to higher risk-taking. Thus, the loan risk channel can counteract the portfolio adjustment channel. There exists a reversal rate, so that loan supply even contracts due to higher risk-taking. The model’s implications square with recent evidence on monetary transmission.