330 Wirtschaft
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Omnichannel retailing and sustainability are two important challenges for the fast fashion industry. However, the sustainable behavior of fast fashion consumers in an omnichannel environment has not received much attention from researchers. This paper aims to examine the factors that determine consumers’ willingness to participate in fast fashion brands’ used clothes recycling plans in an omnichannel retail environment. In particular, we examine the impact of individual consumer characteristics (environmental attitudes, consumer satisfaction), organizational arrangements constitutive for omnichannel retailing (channel integration), and their interplay (brand identification, impulsive consumption). A conceptual model was developed based on findings from previous research and tested on data that were collected online from Chinese fast fashion consumers. Findings suggest that consumers’ intentions for clothes recycling are mainly determined by individual factors, such as environmental attitudes and consumer satisfaction. Organizational arrangements (perceived channel integration) showed smaller effects. This study contributes to the literature on omnichannel (clothing) retail, as well as on sustainability in the clothing industry, by elucidating individual and organizational determinants of consumers’ recycling intentions for used clothes in an omnichannel environment. It helps retailers to organize used clothes recycling plans in an omnichannel environment and to motivate consumers to participate in them.
This article studies the effects of reverse factoring in a supply chain when the buyer company facilitates its lower short-term borrowing rates to the supplier corporation in return for extended payment terms. We explore the role of interest rate changes, rating changes, and the business cycle position on the cost and benefit trade-off from a supplier perspective. We utilize a combined empirical approach consisting of an event study in Step 1 and a simulation model in Step 2. The event study identifies the quantitative magnitude of central bank decisions and rating changes on the interest rate differential. The simulation computes with a rolling-window methodology the daily cost and benefits of reverse factoring from 2010 to 2018 under the assumption of the efficient market hypothesis. Our major finding is that changes of crucial financial variables such as interest rates, ratings, or news alerts will turn former win-win into win-lose situations for the supplier contingent to the business cycle. Overall, our results exhibit sophisticated trade-offs under reverse factoring and consequently require a careful evaluation in managerial decisions.
This paper studies option pricing based on a reverse engineering (RE) approach. We utilize artificial intelligence in order to numerically compute the prices of options. The data consist of more than 5000 call- and put-options from the German stock market. First, we find that option pricing under reverse engineering obtains a smaller root mean square error to market prices. Second, we show that the reverse engineering model is reliant on training data. In general, the novel idea of reverse engineering is a rewarding direction for future research. It circumvents the limitations of finance theory, among others strong assumptions and numerical approximations under the Black–Scholes model.
This paper develops a new methodology in order to study the role of dynamic expectations. Neither reference-point theories nor feedback models are sufficient to describe human expectations in a dynamic market environment. We use an interdisciplinary approach and demonstrate that expectations of non-learning agents are time-invariant and isotropic. On the contrary, learning enhances expectations. We uncover the “yardstick of expectations” in order to assess the impact of market developments on expectations. For the first time in the literature, we reveal new insights about the motion of dynamic expectations. Finally, the model is suitable for an AI approach and has major implications on the behaviour of market participants.
This article investigates the fundamental value of digital platforms, such as Facebook and Google. Despite the transformative nature of digital technologies, it is challenging to value digital services, given that the usage is free of charge. Applying the methodology of discrete choice experiments, we estimated the value of digital free goods. For the first time in the literature, we obtained data for the willingness-to-pay and willingness-to-accept, together with socio-economic variables. The customer´s valuation of free digital services is on average, for Google, 121 € per week and Facebook, 28 €.
Implementation of product-service systems (PSS) requires structural changes in the way that business in manufacturing industries is traditionally conducted. Literature frequently mentions the importance of human resource management (HRM), since people are involved in the entire process of PSS development and employees are the primary link to customers. However, to this day, no study has provided empirical evidence whether and in what way HRM of firms that implement PSS differs from HRM of firms that solely run a traditional manufacturing based business model. The aim of this study is to contribute to closing this gap by investigating the particular HR components of manufacturing firms that implement PSS and compare it with the HRM of firms that do not. The context of this study is the fashion industry, which is an ideal setting since it is a mature and highly competitive industry that is well-documented for causing significant environmental impact. PSS present a promising opportunity for fashion firms to differentiate and mitigate the industry’s ecological footprint. Analysis of variance (ANOVA) was conducted to analyze data of 102 international fashion firms. Findings reveal a significant higher focus on nearly the entire spectrum of HRM components of firms that implement PSS compared with firms that do not. Empirical findings and their interpretation are utilized to propose a general framework of the role of HRM for PSS implementation. This serves as a departure point for both scholars and practitioners for further research, and fosters the understanding of the role of HRM for managing PSS implementation.
After considering significant literature on sustainable supply chain management (SSCM), it is evident that research has neglected the social dimension and still lacks in highlighting the role of sourcing intermediaries in supply chains. The apparel supply chain has increased enormously in length and complexity, driving apparel retailers to employ sourcing intermediaries who manage their sourcing activities with suppliers from developing countries overseas. Thus, the purpose of this study is to enrich existing findings on SSCM by exploring the management of social sustainability when sourcing intermediaries are in between the focal company and the respective developing country factories. More specifically, this study aims to understand the role of apparel sourcing intermediaries for the implementation of social management strategies based on the perception of multiple supply chain actors. Qualitative data was collected through semi-structured interviews conducted in Vietnam and Europe. Ultimately ten propositions are presented, all explicitly concentrating on the apparel intermediary’s role as a significant enabler for social sustainability in apparel supply chains. The roles are social sustainability, supplier developer and coordinator, gatekeeper and safeguard, cultural broker, and social risk manager. The social sustainability roles assumed by the apparel sourcing intermediary offer great opportunities to both apparel retailers and developing country factories.
In order to decouple economic growth from global material consumption it is necessary to implement material efficiency strategies at the level of single enterprises and their supply chains, and to implement circular economy aspects. Manufacturing firms face multiple implementation challenges like cost limitations, competition, innovation and stakeholder pressure, and supplier and customer relationships, among others. Taking as an example a case of a medium-sized manufacturing company, opportunities to realise material efficiency improvements within the company borders - on the supply chain and by using circular economy measures - are assessed. Deterministic calculations and simulations, performed for the supply chain of this company, show that measures to increase material efficiency in the supply chain are important. However, they need to be complemented by efforts to return waste and used products to the economic cycle, which requires rethinking the traditional linear economic system.
Social sustainable supply chain management in the textile and apparel industry : a literature review
(2017)
So far, a vast amount of studies on sustainability in supply chain management have been conducted by academics over the last decade. Nevertheless, socially related aspects are still neglected in the related discussion. The primary motivation of the present literature review has arisen from this shortcoming, thus the key purpose of this study is to enrich the discussion by providing a state of-the-art, focusing exclusively on social issues in sustainable supply chain management (SSCM) by considering the textile/apparel sector as the field of application. The authors conduct a literature review, including content analysis which covers 45 articles published in English peer-reviewed journals, and proposes a comprehensive map which integrates the latest findings on socially related practices in the textile/apparel industry with the dominant conceptualization in order to reveal potential research areas in the field. The results show an ongoing lack of investigation regarding the social dimension of the triple bottom line in SSCM. Findings indicate that a company’s internal orientation is the main assisting factor in sustainable supply chain management practices. Further, supplier collaboration and assessment can be interpreted as an offer for suppliers deriving from stakeholders and a focal company’s management of social risk. Nevertheless, suppliers do also face or even create huge barriers in improving their social performance. This calls for more empirical research and qualitative or quantitative survey methods, especially at the supplier level located in developing countries.
This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone.