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"Simultaneity"
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Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility
This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and antitakeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that CSR engagement positively influences firm value measured by industry-adjusted Tobin's q. We find that the impact of analyst following for firms that engage in CSR on firm value is strongly positive, while the board leadership, board independence, blockholders' ownership, and institutional ownership play a relatively weaker role in enhancing firm value. Furthermore, we find that CSR activities that address internal social enhancement within the firm, such as employees diversity, firm relationship with its employees, and product quality, enhance the value of firm more than other CSR subcategories for broader external social enhancement such as community relation and environmental concerns.
Journal Article
Assessing endogeneity issues in international marketing research
Purpose
– Endogeneity is a potential threat to the validity of international marketing (IM) research. The purpose of this paper is to draw the attention of IM researchers to issues of endogeneity, to provide a comprehensive overview of the sources of endogeneity, and to discuss the statistical solutions.
Design/methodology/approach
– The authors conduct the research in two steps. In the first step, the authors review the nature and sources of endogeneity specifically in IM research. In the second step, the authors review 60 IM papers on endogeneity published in the period 1995-2014 and assess the current practice of addressing endogeneity in the IM literature.
Findings
– Sample selection bias and simultaneity are prevalent sources of endogeneity in IM research. Internationalization-performance relationship and innovation-export nexus are the two most frequently adopted models subject to potential endogeneity. Simply lagging the main independent variable is statistically flawed in dealing with endogeneity despite its popularity in IM research.
Research limitations/implications
– First, a careful choice and application of methods are critical when addressing endogeneity. Second, the authors suggest the employment of multiple study methods to address endogeneity robustly. Third, to prevent or solve endogeneity in structural equation modeling, researchers may either collect data on independent and dependent variables from different respondents or employ a two-stage least squares approach. Finally, it is helpful to design dedicated models to prevent proactively potential endogeneity a priori.
Originality/value
– The contribution of this study is twofold. First, it is the first in the literature to discuss the endogeneity issue specifically in IM research. In particular, the study elaborates the origins and consequences of the three most frequently confronted types of endogeneity in IM research. Second, the authors assess the four major methods of addressing endogeneity in IM research with a systematic discussion of the literature from the last two decades. The authors offer suggestions on how to minimize endogeneity in model design and empirical implementation for future IM research.
Journal Article
Contextual consistency promotes visual-haptic simultaneity perception
In this study, we investigate the influence of causality validity in the information provided to each of two sensory modalities on the integration of multisensory information. For the purpose, stimuli that simulated a causal event, a ball striking an object, were created using a head-mounted display and a haptic device. The visual position and motion of the object were aligned to the haptic feedback received by the observer. The haptic device delivered a vibration around the moment of impact. Three vibration directions were used to assess the effect of the validity of the causal relationship between the two events. Participants were asked to determine whether the collision of the ball and the vibration were simultaneous. The findings revealed that the participants were more likely to perceive the events as simultaneous when the direction of the vibration matched the ball’s movement. These results suggest that valid causal consistency across different modalities enhances the binding of these signals as originating from a single source.
Journal Article
Private-Label Use and Store Loyalty
The authors develop an econometric model of the relationship between a household's private-label (PL) share and its behavioral store loyalty. The model includes major drivers of these two behaviors and controls for simultaneity and nonlinearity in the relationship between them. The model is estimated with a unique data set that combines complete purchase records of a panel of Dutch households with demographic and psychographic data. The authors estimate the model for two retail chains in the Netherlands—the leading service chain with a well-differentiated high-share PL and the leading value chain with a lower-share PL. They find that PL share significantly affects all three measures of behavioral loyalty in the study: share of wallet, share of items purchased, and share of shopping trips. In addition, behavioral loyalty has a significant effect on PL share. For the service chain, the authors find that both effects are in the form of an inverted U. For the value chain, the effects are positive and nonlinear, but they do not exhibit nonmonotonicity, because PL share has not yet reached high enough levels. The managerial implications of this research are important. Retailers can reap the benefits of a virtuous cycle; greater PL share increases share of wallet, and greater share of wallet increases PL share. However, this virtuous cycle operates only to a point because heavy PL buyers tend to be loyal to price savings and PLs in general, not to the PL of any particular chain.
Journal Article
Material transportation design for flood control and flood discharge management by means of probabilistic multi-objective optimization
In optimal design of material transportation, the maximizing flow, minimizing time consumption and minimizing cost for materials transportation of flood control, etc., are the fundamental objectives which need to be optimized at the same time, therefore it is an optimal problem with multiple objectives. In this article, optimal design of material transportation for both flood control and flood discharge management is studied, which introduces appropriate approaches by means of probabilistic multi-objective optimization (PMOO) to deal with simultaneous optimization of the multiple objectives especially, and takes the maximizing flow and minimizing cost for the materials transportation of flood control as the optimal dual objectives under condition of five constraints. In addition, the uniform sampling technique in the variable - space with six independent variables is used to spread a set of sampling points so as to visualize the data processing clearly. Subsequently, in the study of flood discharge management, the optimization is conducted from six candidate schemes for maximizing the generation power and minimizing negative effects directly by means of PMOO approach. The main contribution of this paper embodies: (1) the simultaneous optimization of both objectives in the multi-objective optimization problem in terms of preferable probability by taking each objective as an independent event analogically; (2) visual data processing by means of the uniform sampling method; (3) reasonability of optimal design of material transportation by means of PMOO.
Journal Article
The perception of temporal order can be influenced by retrospective stimulation
When judging the order of presentation of the two visual stimuli (targets), if a preceding cue was presented around one of the targets, the target on the cue side was judged to have been given first (the pre-cue effect). In Experiment 1, a cue was presented after the target. As a result, it was found that the target on the cue side was judged to be presented later (post-cue effect). Experiment 2 confirmed the replicability of the post-cue effect by manipulating target–target onset asynchrony. Experiment 3 showed a post-cue effect in simultaneity judgments, demonstrating the robustness of this effect. The post-cue effect demonstrates that the process of judging temporal order or simultaneity is sensitive to stimulation shortly after the task-relevant stimuli, and may suggest that this process relates to the detection of movement direction.
Journal Article
Evidence against independence of peripheral latencies and central threshold in temporal-order perception
Independent-channels models of temporal-order and simultaneity perception assume that a central (amodal) timing mechanism compares the arrival times of incoming sensory signals independently of peripheral (modal) events. This implies that peripheral latencies and central threshold are additive. The present study tested whether the central threshold is invariant to intramodal versus intermodal stimulation (Experiment
1
) and strong versus weak intermodal stimulation (Experiment
2
). The central threshold was isolated via the distance between the two psychometric functions in the ternary-response task, which does not depend on peripheral latencies under the additivity assumption. In Experiment
1
, the central threshold was estimated to be significantly higher for intermodal stimuli (light and sound) than for intramodal stimuli (two lights) for all subjects across the entire practice curve (20 one-hour sessions) and also at the group level. In Experiment
2
, the estimates of the central threshold were significantly higher for weak intermodal stimuli (dim light and soft sound) than for strong ones (bright light and loud sound) for most subjects and at the group level. These violations of threshold invariance in both experiments provide converging evidence against the independence of peripheral latencies and central threshold, and thus challenge the dominant class of theoretical models of temporal-order and simultaneity perception.
Journal Article
Audiovisual simultaneity windows reflect temporal sensory uncertainty
The ability to judge the temporal alignment of visual and auditory information is a prerequisite for multisensory integration and segregation. However, each temporal measurement is subject to error. Thus, when judging whether a visual and auditory stimulus were presented simultaneously, observers must rely on a subjective decision boundary to distinguish between measurement error and truly misaligned audiovisual signals. Here, we tested whether these decision boundaries are relaxed with increasing temporal sensory uncertainty, i.e., whether participants make the same type of adjustment an ideal observer would make. Participants judged the simultaneity of audiovisual stimulus pairs with varying temporal offset, while being immersed in different virtual environments. To obtain estimates of participants’ temporal sensory uncertainty and simultaneity criteria in each environment, an independent-channels model was fitted to their simultaneity judgments. In two experiments, participants’ simultaneity decision boundaries were predicted by their temporal uncertainty, which varied unsystematically with the environment. Hence, observers used a flexibly updated estimate of their own audiovisual temporal uncertainty to establish subjective criteria of simultaneity. This finding implies that, under typical circumstances, audiovisual simultaneity windows reflect an observer’s cross-modal temporal uncertainty.
Journal Article
The Role of Awareness on Motor-Sensory Temporal Recalibration
Temporal recalibration (TR) may arise to realign asynchronous stimuli after exposure to a short, constant delay between voluntary movement and sensory stimulus. The objective of this study was to determine if awareness of the temporal lag between a motor response (i.e., a keypress) and a sensory event (i.e., a visual flash) is necessary for TR to occur. We further investigated whether manipulating the required motor and perceptual judgment tasks modified the influence of awareness on TR. Participants (n = 48) were randomly divided between two groups (Group 1: Aware and Group 2: Unaware). The Aware group was told of the temporal lag between their keypress and visual flash at the beginning of the experiment, whereas the Unaware group was not. All participants completed 8 blocks of trials, in which the motor task (single or repetitive tap), perceptual judgment task (judging the temporal order of the keypress in relation to the visual flash or judging whether the two stimuli were simultaneous or not), and fixed temporal lag between keypress and visual flash (0 ms or 100 ms) varied. TR was determined by comparing judgments between corresponding blocks of trials in which the temporal lag was 0 ms and 100 ms. Results revealed that both the Aware and Unaware groups demonstrated a similar magnitude of TR across all motor and perceptual judgment tasks, such that the magnitude of TR did not vary between Aware and Unaware participants. These results suggest that awareness of a temporal lag does not influence the magnitude of TR achieved and that motor and perceptual judgment task demands do not modulate the influence of awareness on TR.
Journal Article