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Combining granular daily data on temperatures across the continental United States with detailed establishment data from 1990 to 2015, we study the causal impact of temperature shocks on establishment sales and productivity. Using a large sample yielding precise estimates, we do not find evidence that temperature exposures significantly affect establishment-level sales or productivity, including among industries traditionally classified as “heat sensitive.” At the firm level, we find that temperature exposures aggregated across firm establishments are generally unrelated to sales, productivity, and profitability. Our results support existing findings of a tenuous relation between temperature and aggregate economic growth in rich countries.

We exploit the adoption of U.S. state-level labor protection laws to study the effect of employment protection on corporate investment rates and sales growth. We find that, following the adoption of these laws, capital expenditures as a percentage of book assets decrease, resulting in slower sales growth. Our findings are consistent with theories predicting that greater employment protection discourages investment by making projects more irreversible. Supporting this channel, following negative cash flow shocks, firms are less likely to downsize operations in states that have adopted these laws but more likely to downsize in states that have not adopted these laws.

•A new measurement tool for the construct of cross-channel integration is proposed.•Cross-channel integration increases firm sales growth.•Firm online experience negatively moderates the impact of cross-channel integration on sales growth.•Firm physical-store presence negatively moderates the impact of cross-channel integration on sales growth. The authors propose a conceptual framework to explain whether and under what firm-level conditions cross-channel integration impacts firm sales growth. To test the theory, the authors conduct a qualitative grounded-theory study to build a measurement tool for cross-channel integration at four levels and analyze longitudinal data on 71 publicly traded U.S. retail firms from 2008 to 2011, gathered from multiple secondary sources. The findings reveal that cross-channel integration stimulates sales growth, but that firm online experience and physical-store presence weaken this effect.

We quantify reference dependence and loss aversion in the housing market using rich Danish administrative data. Our structural model includes loss aversion, reference dependence, financial constraints, and a sale decision, and matches key nonparametric moments, including a “hockey stick” in listing prices with nominal gains, and bunching at zero realized nominal gains. Households derive substantial utility from gains over the original house purchase price; losses affect households roughly 2.5 times more than gains. The model helps explain the positive correlation between aggregate house prices and turnover, but cannot explain visible attenuation in reference dependence when households are more financially constrained.

This study examines the impact of corporate philanthropy growth on sales growth using a large sample of charitable contributions made by U.S. public companies from 1989 through 2000. Applying Granger causality tests, we find that charitable contributions are significantly associated with future revenue, whereas the association between revenue and future contributions is marginally significant at best. We then identify the mechanism underlying our findings. Our results are particularly pronounced for firms that are highly sensitive to consumer perception, where individual consumers are the predominant customers. In addition, we document a positive relationship between contributions and customer satisfaction. Overall, our evidence suggests that corporate philanthropy, under certain circumstances, furthers firms' economic objectives.

Sales faces the second-largest gender gap of any corporate function, with women's underrepresentation even more pronounced in business-to-business (B2B) sales and at higher hierarchical levels. Concurrently, the call for a more gender-diverse sales force is gaining momentum for social and economic reasons, moving the question of how to attract and promote women in B2B sales to the top of sales managers' agenda. Using an inductive approach, we uncover male-centricity of communication and job structures in B2B sales as the underlying reasons deterring women from entering and advancing in B2B sales. Specifically, male-centricity implies a misfit between B2B sales and women's self-conception and needs. By deriving contingencies of these relationships, we offer solutions to women's underrepresentation in B2B sales by showing, for example, which sales positions are less prone to signal or create a misfit to women and what gender-inclusive resources sales departments can provide and saleswomen can build.

Loyalty programs (LPs) are marketing investments designed to foster behavioral loyalty among a firm’s best customers and, ultimately, increase firm performance. Surprisingly, the effectiveness of introducing LPs on firm performance in the short and long term has not been thoroughly evaluated. This research examines the extent to which introducing an LP can increase both firm sales and gross profits. Leveraging data from 322 publicly-traded firms that introduced an LP between 2000 and 2015, the authors demonstrate that introducing an LP can increase sales and gross profits in the short term (within the first year), and these positive effects are sustained long term (for at least three years). However, the effects on gross profits do not become significant until the second quarter after LP introduction, and their overall impact on performance lags substantially behind sales. Complementing these primary findings, the results reveal that offering an LP with tiers or earning mechanisms can provide firms with significant increases in sales and gross profits. Taken together, this research demonstrates that introducing strategically designed LPs can dramatically increase firm performance in both the short and long term.

This paper examines whether firms in noncompetitive industries benefit more from good governance than do firms in competitive industries. We find that weak governance firms have lower equity returns, worse operating performance, and lower firm value, but only in noncompetitive industries. When exploring the causes of the inefficiency, we find that weak governance firms have lower labor productivity and higher input costs, and make more value-destroying acquisitions, but, again, only in noncompetitive industries. We also find that weak governance firms in noncompetitive industries are more likely to be targeted by activist hedge funds, suggesting that investors take actions to mitigate the inefficiency.

It is critical to investigate new contract cooperation mode to deepen the cooperative relationship between brand suppliers and streamers as the live streaming commerce industry is gradually approaching standardization. In this paper, we discuss the proportional incentive contract based on target sales volume and study contract design optimization based on principal-agent theory in the context of the live streaming commerce supply chain. Then we compare the incentive effect of the proportional incentive contract and the linear contract on the streamer’s sales effort. The results show that the optimal solutions of the proportional incentive contract exist under certain conditions and are the first-best solutions. In contrast, the linear contract cannot achieve the first-best solution. When the proportional threshold is less than a certain fixed value, the existence of the optimal proportional incentive contract can always be guaranteed, and there are multiple pairs of contract menus to make the contract reach the optimal state. Furthermore, while the fixed service fee and the commission rate in the proportional incentive contract both have an incentive effect on the streamer, only the commission rate does so in the linear contract. As a result, the proportional incentive contract can help the live streaming commerce supply chain system to achieve higher performance than the linear contract.

Despite 20 years of empirical study on salesperson burnout, involving dozens of articles, researchers have yet to reach consensus on a common knowledge base. As a result, momentum has waned in recent years without clear guidance on a path forward. Through meta-analytic review, this study seeks to clarify what is known in a sales setting about burnout's central component, emotional exhaustion. The findings will be juxtaposed with findings from similar meta-analytic reviews performed on emotional exhaustion in other work settings. Through this process, research gaps will emerge that can help guide more programmatic research in the future; the results will provide managers with clearer guidance on mitigating burnout.