Digital Commons Network^™

Do Major Customers Affect Firms' Environmental, Social And Governance Activities?, Feng Dong, John A. Doukas, Stephanie Walton, Rongyao Gloria Zhang, Yiyang Zhang

Finance Faculty Publications

We examine the role of major customers in shaping firms' environmental, social and governance (ESG) practices. We find that firms with major customer relationships undertake fewer ESG activities compared to those without such ties. The association is attenuated when institutional ownership is high, firms are less diversified, customers exhibit greater bankruptcy risk and lower switching costs and during periods of elevated equity market sentiment. Taken together, our findings highlight that reliance on a concentrated customer base can weaken firms’ incentives to engage in ESG practices, with important implications for supply chain sustainability.

Machine Learning: Thematic Feature Grouping, And The Magnificent Seven: A Forecasting Analysis, Mirarmia Jalali, Mohammad Najand, Andrew Cohen

Finance Faculty Publications

This study examines the predictability of monthly excess returns for the “Magnificent Seven” U.S. technology firms using machine learning and economically motivated thematic feature grouping. Framed as a focused study of the most systemically consequential equity panel in modern markets—seven firms representing over 30% of the S&P 500—the analysis confronts a small-N, large-P environment where economically structured dimensionality reduction is essential. Using 154 firm-level characteristics categorized into 13 economic themes, we evaluate linear, penalized, tree-based, and neural network models in a small-N, large-P setting. Unrestricted models suffer substantial overfitting and fail to outperform the historical average benchmark out-of-sample. In contrast, …

International Evidence On The Relationship Between Financial Literacy And Corporate Cash Holdings, Kenneth Yung, Reza Kahibavil, Su Li, Arian Amidi

Finance Faculty Publications

This study is the first investigation of the relationship between corporate cash holdings and financial literacy (FL). We find that a one‐standard‐deviation increase in FL is associated with an 8%–27% reduction in corporate cash holdings, depending on the measure of FL used. Moreover, higher FL reduces the market value of excess cash, indicating that financially literate environments discourage value‐destroying cash accumulation. The results remain robust across alternative definitions of FL and cash holdings, estimation methods, and country subsamples. We further rule out the influence of endogeneity, refinancing risk, and variation in cash needs. Additional analyses identify agency costs as the …

Natural Resource Rents And Energy Poverty Nexus In Next Eleven Economies, Muhammad Salah Uddin, Ayub Ali, Zobayer Ahmed, Md Nasir Uddin Sikdar, Ahsan Habib, Abdullah Elah Al-Mahde

Finance Faculty Publications

Energy poverty (EP) remains a persistent global challenge with important implications for economic development, public health, and social welfare. While natural resources, particularly oil and gas, are often viewed as key sources of energy access, their effectiveness in mitigating EP remains underexplored in emerging economies. This study examines the relationship between natural resource rents (NRR), specifically oil rents (OR) and natural gas rents (NGR), and energy poverty (EP) in the Next Eleven (N-11) countries from 2000 to 2020. The primary objective is to assess how NRR influences EP at various levels of poverty using the Method of Moments Quantile Regression …

How Operational And Disclosure Complexity Shapes The Conglomerate Discount, Feng Dong, John A. Doukas, Son Wilson, Rongyao Zhang

Finance Faculty Publications

This study examines how firm operational diversification and disclosure complexity jointly drive the conglomerate discount. We disentangle disclosure complexity, which is determined by managerially influenced financial transparency, from accounting complexity, which is a direct informational consequence of operational complexity. We find that operational diversification is consistently associated with significant conglomerate discounts, while disclosure complexity independently reduces firm value and amplifies the magnitude of the discount when diversification is high. These findings suggest that transparent disclosures can mitigate valuation costs, offering important implications for managers seeking effective communication, investors assessing complex firms, and policymakers aiming to enhance disclosure quality and market …

Transformational Leadership And Change Management In Equity-Centered Nonprofit Organizations, Lisa M. Merchant

All Capstone Projects

This qualitative study explores how nonprofit leaders use transformational leadership strategies to respond to rapid or unprecedented change and how these behaviors contribute to resilient change management. Grounded in transformational leadership theory and change management frameworks, including Lewin’s three-stage model and Kotter’s eight-step model, this study examines leadership practices within mission-driven organizations. Semi-structured interviews were conducted with nonprofit leaders representing organizations advancing equity in areas such as education, healthcare, economic opportunity, and social justice. Findings indicate that leadership during disruption in equity-centered nonprofit organizations is not episodic; rather, it is sustained, relational, and values-anchored. Leaders sustain organizational resilience by anchoring …

Build A Global Art And Jewelry Auction Ecosystem That Integrates Offline And Online, Xiaochun Cathy Liu

MA Projects

Our success path is clear and executable: through a phased global market penetration strategy, we first deeply cultivate the Asia Pacific region to establish a lighthouse, then enter the European and American hinterland, and ultimately achieve global network interconnection; Deeply bind core collectors through the "elite membership system" and build a high stickiness community; And by competing for academic discourse power and publishing authoritative market indices, gradually mastering the pricing power of the industry, evolving from a participant to a rule maker. Arture's vision is to become a super species that integrates trading platforms, academic institutions, top communities, and industry …

Artisanal Retreats, Michelle Larose

MA Projects

Artisanal Retreats is a luxury travel provider blending holistic personal wellness with art creation, appreciation, education and collection. We offer our clients an unparalleled retreat experience at our 250-acre pastoral escape, combining traditional wellness amenities and activities with art focused pursuits to aid guests in achieving optimal Creative Wellness. Set on a gorgeous, historic farm near the bucolic town of Middleburg, Virginia, Artisanal Retreats’ guests are transported to a heightened level of relaxation and vitality through our exceptional programming and hospitality. Our team is comprised of seasoned professionals, from both the art world and the wellness industry, intent on bringing …

China's Economic Retaliation Against Norway After Liu Xiaobo's 2010 Nobel Peace Prize, Ian Murphy, Shaomin Li

Management Faculty Publications

This case study analyzes China's geoeconomic retaliation against Norway after the 2010 Nobel Peace Prize was awarded to Liu Xiaobo. China employed non-tariff barriers, diplomatic freezes, and restricted exchanges, severely impacting sectors like salmon exports. This occurred despite the Nobel Committee's independence from the Norwegian government. Although Norway's overall economic impact was mitigated by market adjustments, the six-year diplomatic freeze significantly influenced its human rights foreign policy. This case exemplifies China's strategic use of informal economic tools to punish and deter, showcasing the link between political sensitivities and economic leverage in international relations.

Arts Cures: A Business Plan For Integrating Art As A Biometric Tool For Sensory Wellbeing In Commercial Ecosystems, Xinuo Zhang

MA Projects

In an era of heightened connectivity and data-driven metrics, modern society faces a crisis of sensory impoverishment and emotional disconnection. While technology quantifies human experience, it often fails to address the visceral need for authentic feeling. This business plan proposes "Arts Cures," a venture that repositions art from a passive commodity to an active, systemic solution for well-being. By leveraging insights from neuroscience, design theory, and existential philosophy, Arts Cures develops a suite of B2B and B2C services that integrate art as functional, biometric-responsive infrastructure. Our core offerings include AI-driven sensory pods for real-time emotional regulation, data-informed curatorial services for …

Galleriax: A Hybrid Digital Platform For Art, Technology, And Community, Catherine Wu

MA Projects

GalleriaX is a curated digital platform that brings together artists, collectors, and creative audiences through an ecosystem shaped by curation, technology, and community. The platform reimagines digital art engagement by combining editorial storytelling, membership-based participation, and long-term artist support. Rather than functioning as an open marketplace, GalleriaX offers a guided and context-driven environment where artworks, conversations, and cultural programs unfold with intention. The company operates at the intersection of art and technology, using digital tools to enhance, rather than replace, the human elements of taste, dialogue, and shared experience. Its approach blends the credibility of curatorial practice with the accessibility …

Becoming Art Itself: A Study On The Generative Logic And Discursive Structure Of Disability Art Incubation Institutions, Gonghui Lu

MA Theses

This study employs “Becoming” as its core analytical concept to examine how disability art incubation institutions operate at the intersection of contemporary art history and social systems as mechanisms that continuously generate both art and subjectivity. Building on Deleuze’s philosophy of becoming and Guattari’s notion of the rhizome, the study constructs a generative model linking art, institutions, and discourse. Through comparative analysis of international cases, it discusses the shift in disability art from a representational logic to a generative logic, and the dynamic oscillation between deterritorialization and reterritorialization within institutional practices. The study argues that disability art should not be …

When Fine Art And Commercial Art Merge: A Playbook For Emerging Artists Without Gallery Representation To Create Successful And Sustainable Careers, Regina Escobedo Guerra

MA Theses

Pursuing a career as an artist comes with no clear path nor directions. The first years after graduating are filled with confusion and uncertainty. Emerging artists are oftentimes unequipped with the necessary resources to create sustainable and profitable careers. In a saturated market where only a select few are able to make a living solely from art, artists need to gain autonomy and control over their practices. This thesis provides emerging artists with no gallery representation with the tools to create an independent career that prioritizes artistic authenticity and sustains profit. Through a dismissal of the negative perceptions placed on …

The Language Of Value: Lot Note Complexity And Auction Performance In Abstract Expressionism, Artur Sharifullin

MA Theses

This thesis asks a simple question: does the language in lot notes relate to price and to whether a lot beats or misses its estimate? I study eight Abstract Expressionist artists: Ad Reinhardt, Adolph Gottlieb, Barnett Newman, Franz Kline, Joan Mitchell, Lee Krasner, Robert Motherwell, and Sam Francis because their works are less representational and often need supporting text to explain the context. The main sample includes only lots sold for more than $1 million at Christie’s or Sotheby’s in New York or London over the past ten years. I measure a small set of writing features that are easy …

Corporate Patronage In Art And Education: A Case Study Of Bloomberg's Interventions, Xiaojun Tian

MA Theses

This study focuses on the application of corporate sponsorship in the fields of art and education, delving deep into the interventions and cases made by Bloomberg L.P. in these two domains. Corporate sponsorship for the arts acts as a significant display of Cultural Corporate Social Responsibility (CSR), not only fostering diversity in the production of art institutions and artists but also having a profound effect on the educational sector. Utilizing case study methodology, this research deconstructs key projects and activities funded by Bloomberg, encompassing support for exhibitions and public art projects, as well as various initiatives aimed at art education, …

The Flavor Of Marketing: How Food Is Revolutionizing Luxury Brand Communication, Aloisa Ruf

MA Theses

This thesis explores how food operates as a cultural, psychological, and strategic instrument within the global luxury industry. Drawing from art history, marketing theory, and sensory studies, it traces how societies across Europe, the Middle East, China, Japan, Russia, and the United States have long used food to express hierarchy, belonging, and emotion—from the banquets of seventeenth-century Versailles to the branded cafes and collaboration of the 2010s and 2020s. Through a comparative and interpretive methodology, the research connects historical visual traditions with contemporary brand strategies, examining case studies such as Gucci Osteria, Louis Vuitton’s Desert Iftar, Dior Café, Loewe’s “Tomato” …

Can Art Function As A Financial Asset Class? Conditions, Risks, And Emerging Solutions, Aurelia Labbé

MA Theses

The art market has grown significantly over recent decades, supported by rising global demand, record auction results and increasing interest from collectors pursuing financial returns. This evolution has encouraged the development of investment-oriented practices and strengthened the notion that artworks can function as financial assets. This shift takes place in a market shaped by subjectivity, opacity and limited regulatory oversight, where valuation methods, provenance documentation and professional standards remain highly uneven. These conditions make art investment particularly complex and raise essential questions about the factors that support or weaken the legitimacy of art as an asset class. This thesis examines …

Global Art: An Economic Exploration Of The Factors Driving Sensible Gallery Expansion, James Mclennan

MA Theses

The goal of this thesis is to develop a practical and defensible decision tool to guide art gallery expansion. Focusing on four cities – New York, Hong Kong, London, and Doha – the thesis translates heterogeneous considerations into a matrix that scores each of the cities according to eight factors: Market & Demand; Regulation & Tax; Logistics & Shipping; Labor & Immigration; Legal Entity & Finance; Brand, PR & Audience; Competition & Benchmarking; and Risk. Sub-factors are scored and averaged to provide results on how each city scores against each other. The output is a ranked set of city recommendations …

Aura For Sale?: Art Merchandise And The Totalizing Culture Of Reproduction, Lily Paternoster

MA Theses

The art historical discipline largely excludes art merchandise from critical analysis, relegating it to being a marketing gimmick or gift shop opportunity. This failure to reconcile with the rapidly expanding enterprise for brand collaborations with fine artists has led to an overwhelming and unregulated commercial licensing industry, similar in mystique and ascend to that of the fine art market. Through the case studies of two post-humous artists and two living- Keith Haring, JeanMichel Basquiat, KAWS (Brian Donnelly), and Maurizio Cattelan- I argue that art merchandise exists on a constantly fluctuating scale between democratizing force and commodity. Despite its status on …

Rm Sotheby’S Construction Of Value In The High-End Car Market, Pablo Mijares Musi

MA Theses

The purpose of my thesis is to tell and enlighten any readers how the most prestigious and iconic auction house in the world, RM Sotheby’s sells more than just cars from the high-end car market and how the auction house adds value to through storytelling and provenance from each vehicle.  In today’s luxury market economics, we see somewhat of a radical shift. The high-end car market has moved into a very refined area where these beautiful machines are no longer seen and appraised just for their aesthetic design and mechanical engineering, now we see new value drivers for these works …

Evolving Motives: How Art Collecting Has Changed Across Generations, Giovanni Mazzoleni

MA Theses

This thesis elucidates the changing reasons for collection in recent years and focuses on three generations of collectors: those born before 1950; those born between 1951-1980; and those born after 1981. It commences with a literature review of the initial collecting motivations and challenges, motives based on socio-cultural, economic and technological advancements which foster the importance and reasons for collections. To make this investigation tangible, a quantitative survey was adopted. Forty-five participants, each ranking their levels of agreement from one to five based on an assessment of eight statements based on five motives: economic, normative, uniqueness, hedonic and intellectual. Descriptive …

Does Blue-Chip Art Genuinely Provide Diversification And Risk Mitigation Once Illiquidity, Transaction Frictions, And Survivorship Bias Are Explicitly Incorporated Into Performance Analysis, Or Is The “Safe Haven” Label Fundamentally Misleading?, Radhika Vissanji

MA Theses

Blue-chip art is widely presented as a safe haven and portfolio diversifier, particularly during periods of financial market uncertainty. This perception is reinforced by art price indices and industry reports that emphasise long-term appreciation, relatively low volatility, and weak correlation with traditional financial assets. Despite the growing prominence of these claims in advisory and institutional discourse, there remains limited agreement on whether such properties persist once the structural characteristics of the art market are fully taken into account. This thesis evaluates whether blue-chip art genuinely delivers diversification and risk-mitigation benefits under realistic market conditions. Focusing on three structural factors, illiquidity, …

Over-Tourism Of Naoshima Island: Comparison With Venice Using Tourists Carrying Capacity Model, Takutaro Onoe

MA Theses

This paper first proves Naoshima’s status as over-tourism in comparison with Venice and then finds out about logistical and infrastructural constraints. My argument will go further to discuss whether eliminating constraints through investment and development is the right direction for the island’s sustainable prosperity. Naoshima is in critical overtourism situation, especially during the year of Setouchi Triennale. The number of tourists per resident demonstrates that the situation is worse than in Venice. It may deteriorate living environment for residents, potentially causing anti-tourism sentiment on the island. As for tourists, their experience on the island may not be favored because of …

When Price Varies Across Otas: How Room Rate Disparity Shapes Switching Behavior And Brand Trust, Ling Ling, Chich-Chien Chen, Zvi Schwartz

Human Movement Studies & Special Education Faculty Publications

This study investigates how room rate disparity across Online Travel Agencies (OTAs) influences consumers’ switching behavior and perceptions of hotel brand integrity. Employing a scenario-based experimental design with a sample of 430 Chinese consumers, we explored price differences interact with loyalty status, price trajectory information, and brand consistency. Our findings reveal a complex non-linear inverse sigmoid relationship between rate disparity and channel switching. Contrary to expectations, loyalty membership did not reduce switching intent or increase discount thresholds. Moreover, rate disparity triggered brand integrity concerns, with brand doubt consistently exceeding switching intent. While price trajectory information did not change switching likelihood, …

Wings Of Perception: Investigating Customer Sentiments In Indian Aviation Sector, Yashodhan Karulkar, Kaiwan Vaghchhipawala, Aditya Trivedi, Anushree Talekar

Journal of International Technology and Information Management

India's aviation sector, a key contributor to the nation's economy, has experienced rapid growth, supporting nearly 7.5 million jobs and contributing approximately $30 billion annually to the GDP (Gross Domestic Product). The growth, driven by increased demand for air travel and government incentives, has resulted in more competition among carriers. In the competitive market, it is necessary to understand customer preferences to enhance the quality of service and maintain a competitive edge. The dissemination of customer opinions on social media and review platforms offers airlines the opportunity to access passenger views. However, extracting useful information from this unstructured data is …

Wilson, Issue 02, 2025-26, University Of Northern Iowa. Wilson College Of Business.

Wilson

Contents:

From the Dean --- 3
Auditing Students Learn Emerging Technologies and Real-World Analysis --- 4
How Real Estate Students are Learning Industry Software in the Classroom --- 8
Marketing in the Age of Data --- 14
Building Communities, Shaping Futures --- 18
Data Drives Business Success for UNI Student Entrepreneurs --- 22
Data to Assist in Iowa Stomr Response --- 23
Ethical Considerations of Data Breaches --- 24
How Ethics and Data Management Intersect In Today's Business Climate --- 26
Students Dominate Advertising Competition --- 28
AACSB Supplemental Accounting Accreditation --- 30
A New Era for Business: UNI's Wilson …

Factors Affecting Diet Selection In Sheep Fed Endophyte-Infected Toxic Fescue, Jordan Thomas, Ronelson Stinfil, Kenneth P. Coffey, Christine C. Nieman, Derico Setyabrata, Shawna Weimer

Discovery, The Student Journal of Dale Bumpers College of Agricultural, Food and Life Sciences

Tall fescue (Lolium arundinaceum (Schreb.) S.J. Darbyshire) infected with toxin‑producing fungi can induce fescue toxicosis in grazing ruminants, reducing performance and altering forage intake. Chemical compounds in red clover (Trifolium pratense), such as biochanin A, have been proposed to mitigate these effects by improving palatability and blood vessel relaxation. This study examined whether the inclusion of ground red clover (GRC), either alone or in combination with hydroxypropyl methylcellulose (HPMC) and polyethylene glycol (PEG), affected voluntary diet selection in lambs offered toxic fescue. Thirty‑three lambs were housed individually and assigned randomly to one of four diets: (1) toxic …

Human Resources Professional’S Job Practices In Manufacturing That Impact Employee Job Satisfaction And Retention, Alma Rosa Avalos

Dissertations

Purpose: The purpose of this explanatory sequential mixed methods study was to identify and describe employee job practices in the manufacturing industry as perceived by HR professionals that impact employee job satisfaction. The second purpose of this study was to determine which employee job satisfaction practices have the most impact on employee retention as perceived by HR professionals.

Methodology: An explanatory sequential mixed methods design examined the perceptions of 30 purposively selected Los Angeles County HR professionals. Data was collected through an online survey and interviews and analyzed using descriptive statistics, frequency tables, and qualitative analysis.

Findings: HR professionals consistently …

Predicting Anomalies, Boone Bowles, Adam V. Reed, Matthew C. Ringgenberg

Faculty Publications

We show that stock returns exhibit predictable patterns before the publication of anomaly trading signals. Moreover, anomaly trading signals derived from financial data are themselves predictable, making it possible to trade before financial statements are released. A trading strategy based on predicted anomaly signals earns an annualized return of 2.80% in the quarter before the signal is released. In recent periods, this return predictability is concentrated in signals that are harder to forecast, and returns are increasingly earned several quarters before signals are released. Our findings suggest anomalies are more anomalous than previously recognized.

Construction Industry Preparedness For Generation Z And Millennials: Aligning Industry Characteristics With Workforce Job Preferences, Ameenullah Amiri, Dhaval R. Gajjar, Jason D. Lucas

The Professional Constructor

The construction industry in the United States suffers from workforce shortages, partly due to younger generations being hired more slowly than baby boomers retire. Generation Z’s (Gen Z) lack of interest in joining the construction industry, coupled with the retirement of older workers, has amplified the problem. This paper investigates existing literature to identify the work and career preferences of Gen Z and Millennials and determine where the industry may focus efforts to attract these two generations. Through a systematic literature review, this study identified overlaps and gaps between the current construction industry workforce’s perceptions of the industry and the …