Business Commons^™

Stringency Of Family Firms And Owner-Managers In The Transition To Low-Carbon Emissions, Morten Bennedsen, John Doukas, Halit Gonenc

Finance Faculty Publications

This study examines the relationship between carbon emissions and stock returns, with a focus on the role of family ownership and management. Using a sample of 435 publicly listed firms from 14 Western European countries over the period 2010–2020, we explore whether financial markets perceive family-controlled firms, particularly those led by family-member CEOs, differently in terms of their commitment to sustainable practices. Consistent with prior research, our results indicate that firms with higher emissions earn higher stock returns while simultaneously experiencing lower market valuations, consistent with the presence of a carbon risk premium driven by elevated carbon transition risk. Crucially, …

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, …

Does Bidder Complexity Affect Market Reactions To M&A Decisions?, Rajib Chowdhury, John A. Doukas

Finance Faculty Publications

We examine whether and how bidder complexity influences investor reactions to merger and acquisition (M&A) announcements. Using an established measure of complexity, we find a significant positive relationship between acquiring firm complexity and cumulative abnormal returns (CAR). This suggests that investors perceive more complex firms as capable and value-enhancing participants in M&A activities. The association is particularly strong for bidders with high operating risk, greater R&D intensity, and larger firm size. We also find that complex bidders tend to offer higher takeover premiums. Overall, our study contributes to the literature by demonstrating that bidder complexity is an important determinant of …

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 …

Beauty Isn't Always Better: How Salesperson Attractiveness Affects Consumers' Approach Behaviors, Veronica L. Thomas, Stephanie M. Mangus, Dora E. Bock

Marketing Faculty Publications

This research examines how a consumer's committed romantic relationship influences their decision to approach an attractive salesperson in a retail environment. To date, the majority of research espouses the benefits of salesperson attractiveness in enhancing consumers' perceptions of the salesperson and the represented retailer. This is problematic because it creates a managerial bias toward attractive salespeople and, as we propose, provides an incomplete view of the effect of salesperson attractiveness on consumers' behavior. Drawing on the interpersonal relationship literature on commitment, we propose that consumers in committed relationships activate relationship-maintenance motives that override the beauty bias when a salesperson's attractiveness …

Lost In The Language: Data Breaches And The Strategic Fog Of Risk Disclosures, Ling Tuo, Shipeng Han

Accounting Faculty Publications

This study examines whether firms strategically adjust the readability of Item 1A (“Risk Factors”) disclosures following data breaches. Using U.S. firm-year observations from 2006 to 2023, we find that data breaches are associated with a significant decline in Item 1A readability. This decline is not accompanied by a meaningful increase in informational content; instead, post-breach disclosures exhibit higher syntactic complexity, more positive tone, and lower textual similarity to prior and industry peers' filings, consistent with strategic obfuscation rather than transparent reporting. The readability decline is amplified among firms facing higher litigation risk but attenuated among firms with stronger reputations for …

Steady As She Goes: Remote Work Benefits Daily Goal Progress Through Reduced Energy Variability, Andrew A. Bennett, Kathleen R. Keeler, Emily D. Campion, Sheila K. Keener

Management Faculty Publications

As the prevalence and allowance of remote and hybrid work evolves, research has shown consistently mixed findings about how work location is related to worker energy and perceptions of daily performance. We aim to resolve this ambiguity by integrating affective events theory with ideas about emotion dynamics to develop new theorizing explaining why energy variability, rather than mean energy level, is an important predictor of daily goal progress. We test our hypotheses using a sample of 219 employees from one organization allowing remote and hybrid work, capturing individual hourly energy levels for five consecutive workdays (4,812 hourly observations). Our …

Beyond Price: How Platform Power Shapes Demand Allocation In Online Hotel Channels, Ling Ling, Timothy Webb, Zvi Schwartz

Human Movement Studies & Special Education Faculty Publications

Rate disparity remains a widely used but poorly understood pricing strategy in the hotel industry. While previous research generally assumes that lower prices shift demand toward less expensive channels, this study investigates whether such effects occur in practice. Using high-frequency booking and pricing data from five full-service hotels across multiple online travel agencies (OTAs), we analyze how rate disparity relates to the distribution of demand across channels. The findings show that the impact of price differences is limited, highly non-linear, and strongly dependent on contextual factors. Channel market power and hotel-specific characteristics seem to play a more significant role than …

Bridging Mission And Execution: Integrating Participatory Design In Early-Phase Mission Engineering For Stakeholder Alignment And Mission Clarity, Rafi Soule

Knowledge and Creativity Expo

This research examines mission framing during the early phase of Mission Engineering. Stakeholder interpretations diverge under ambiguity. Interoperability constraints are often not surfaced early. These conditions reduce mission clarity and weaken mission-to-system mapping readiness. The study integrates a participatory design-inspired, artifact-first workflow with RAG-enabled retrieval from a closed corpus to support evidence-grounded reasoning and traceable citations.

Phase 1 uses an online survey to establish baseline patterns in practice (N = 86). Shared understanding is positively associated with mission clarity (r = 0.60, p < 0.001). Phase 2 uses a time-bounded comparative workshop with two conditions. Expert reviewers rate mission statement quality higher for the participatory design condition (mean 3.5) than the traditional condition (mean 2.8). Technical feasibility ratings are similar across conditions. Phase 3 demonstrates RAG-enabled, closed-corpus, retrieval-supported traceability using the Referencer tool. It is reported as a proof-of-concept for evidence-grounded rationale and auditability, and as a pathway …

A New Functional Setting For Term Structure Modeling Using The Health-Jarrow-Morton Framework, Michael Pokojovy, Ebenezer Nkum, Thomas M. Fullerton Jr.

Mathematics & Statistics Faculty Publications

The well-known Heath–Jarrow–Morton (HJM) framework provides a universal and efficacious instrument for modeling the stochastic evolution of an entire yield curve by explaining the interest rate dynamics in continuous time under no-arbitrage conditions. Existing implementations involve exponentially weighted function spaces as theoretical settings for the former stochastic evolution. While the choice of weight can have a drastic effect on model calibration and subsequent forecasting, it cannot be estimated from market data and does not allow for any objective interpretation. The proposed approach does not have this shortcoming as it adopts a suitably designed unweighted function space. The HJM equation is …

Lost In Instructions: Study Of Blind Users' Experiences With Diy Manuals And Ai-Rewritten Instructions For Assembly, Operation, And Troubleshooting Of Tangible Products, Monalika Padma Reddy, Aruna Balasubramanian, Jiawei Zhou, Xiaojun Bi, Iv Ramakrishnan, Vikas Ashok

Computer Science Faculty Publications

AI tools like ChatGPT and Be-My-AI are increasingly being used by blind individuals. Although prior work has explored their use in some Do-It-Yourself (DIY) tasks by blind individuals, little is known about how they use these tools and the available product-manual resources to assemble, operate, and troubleshoot physical/tangible products – tasks requiring spatial reasoning, structural understanding, and precise execution. We address this knowledge gap via an interview study and a usability study with blind participants, investigating how they leverage AI tools and product manuals for DIY tasks with physical products. Findings show that manuals are essential resources, but product-manual instructions …

A Comparative Analysis Of Explainable Ai (Xai) Techniques For Transparent And Reliable Image Classification, Sovon Chakraborty, Shakib Mahmud Dipto, Kevin R. Pilkiewicz, Michael L. Mayo, Pratip Rana

Computer Science Faculty Publications

Evaluating the trustworthiness of black-box machine learning models remains a significant methodological challenge. Their lack of transparency and interpretability limits applicability, because stakeholders often seek transparency before trusting the results of black-box machine learning models. Explainable AI (XAI) methods provide for human-understandable justifications and informed decision-making of these black-box architectures. Therefore, it is imperative to select the proper XAI model tailored to specific tasks. In this research, we focus on examining four XAI techniques: PEEK, LRP, GRAD-CAM, and LIME to understand how they perform against each other for image classification tasks. We evaluate the performance, robustness, generalizability, noise stability, and …

Micro-Behavioral Analysis Of Online Shopping Patterns For Blind Users, Yash Prakash, Akshay Kolgar Nayak, Nithiya Venkatraman, Sampath Jayarathna, Hae-Na Lee, Vikas Ashok

Computer Science Faculty Publications

While online shopping platforms provide convenience and autonomy to blind users, their non-visual interactions remain underexplored at a micro-behavioral level. Existing studies have primarily emphasized accessibility and usability challenges but have overlooked how fine-grained, screen reader-driven keystroke-level behaviors reflect users’ cognitive strategies. In this paper, we present the findings of a longitudinal study with 25 blind participants to examine their micro-behavioral patterns, using keyboard activity and screen reader logs on both familiar and unfamiliar e-commerce websites. We complemented this study with semi-structured interviews to contextualize the uncovered micro-behavioral patterns. Our results revealed patterns in how blind users draw upon cognitive …

Two Essays On Customer Loyalty, Arjang Attar Shoushtari

Theses and Dissertations in Business Administration

Customer loyalty is vital for business success, yet most research treats loyal customers as a uniform group. This essay challenges that assumption by proposing that attitudinally loyal customers are psychologically heterogeneous. Drawing on Construal Level Theory (CLT), I introduce the construct of Consumer-Brand Construal Level (CBCL) to distinguish loyal customers based on how abstractly or concretely they construe their brand relationships. I conceptualize two loyalty mindsets, macro-loyalty (abstract, big-picture) and micro-loyalty (concrete, detail-focused), and argue that even highly loyal consumers differ meaningfully in their CBCL. I develop and validate a new CBCL scale (Studies 1–2) and then test how these …

The Role Women Play As Facilitators And Barriers In The Career Trajectory Of Female Leaders, Anna Marie Smith

School of Public Service Theses & Dissertations

As gender diversity in the American workplace increases, the complexities surrounding the challenges faced by women continue to evolve. In recent years, this shift has led to an increase in women entering the workforce in record numbers, providing them with opportunities for successful careers, particularly with respect to leadership, all while balancing work and family life. However, despite the significant gains women have made in the employment arena, they continue to lag behind their male counterparts when it comes to leadership opportunities. While research is abundant on the characteristics of female leaders, what motivates them, and how they compare to …

Identity Salience Of Organizational Culture: The Intersection Of Racial And Occupational Identities In High-Risk Professions, Sarah Espinosa

School of Public Service Theses & Dissertations

Despite decades of effort, issues of race and color in organizations remain unresolved. Representative Bureaucracy (RB) has been a necessary but insufficient response to these challenges. While RB promotes diversity and inclusion, it struggles to address deeper issues of equity and justice, which are seen in the persistence of police brutality, even with increased representation of officers of color. This dissertation will propose a new theoretical approach to address the shortcomings of RB, a framework for the Identity Salience of Organizational Culture (ISOC). The ISOC framework seeks to build beyond RB to explain how the culture of high-risk professions with …

A Systematic Review Of Corporate Ethics Program Training Strategies To Improve Ethical Workplace Cultures, Robin Raye Altice

Educational Leadership & Workforce Development Theses & Dissertations

The demand for corporations to practice more ethically responsible conduct and decision making is growing with every news report of another corporate scandal, lawsuit, fine, or high-visibility C-suite firing. To develop an ethical workplace culture, organizations should implement a comprehensive ethics program that fosters and encourages ethical decision making, especially among current and future leaders. However, there is little research and few guidelines for how ethics program administrators should design corporate ethics training to effectively practice and master the skill of ethical decision-making in efforts to continually grow a more ethical work environment. This study aims to identify corporate ethics …

Chasing The Dream And Buying The Promise In A Conceptual Framework For Consumer Decision-Making, Casey H. Prentice

Communication & Theatre Arts Theses

The American dream is a concept that is echoed across our society, and while the data show Americans do not overwhelmingly believe in the dream, marketers continue to pair it and the issue of economic prosperity in their agendas. Through a novel framework that overlaps a deeply studied mass communication theory with a decision-making framework used in marketing, this paper demonstrates a new lens to understand how marketers identify strategies and tactics, build agendas, and make sales by touting the American dream. As separate entities, decision-making models and agenda setting theory are powerful, but together can create an environment that …

Dissociation Of Subjective And Objective Measures Of Trust In Vehicle Automation: A Driving Simulator Study, Samuel Petkac, Tetsuya Sato, Kun Xie, Yusuke Yamani

Psychology Faculty Publications

Trust is a crucial factor that influences human-automation interaction in surface transportation. Previous research indicates that participants tend to display higher levels of subjective trust toward lower-level automated systems compared to high-level automated systems. However, administering subjective trust measures via questionnaires can interfere with primary task performance, limiting researchers' ability to measure trust continuously in a real-world manner. In the current driving simulator study, 25 drivers using an advanced driving system (ADS) were randomly assigned to either an active (L2) or passive (L3) automated driving condition. Participants experienced eight near-miss driving scenarios with or without obstructions in a distributed driving …

Service With A Smile Or Salesperson Mirroring? Understanding The Flow Of Emotional Contagion In Sales Encounters, Vinh Quoc Trong Luong

Theses and Dissertations in Business Administration

This study examines the directionality of emotional contagion in sales interactions, addressing a critical gap in understanding whether emotions flow primarily from the salesperson to the customer, from the customer to the salesperson, or bidirectionally. While prior research emphasizes customer-driven emotional flow or bidirectional alignment, this study challenges these assumptions by employing categorical Cross-Recurrence Quantification Analysis (CRQA) to assess temporal emotional synchronization in sales dialogues. Leveraging automated sentiment analysis and multi-agent AI evaluation for performance metrics, the research analyzes 166 sales interactions to quantify emotional influence dynamics. Results reveal that salespeople predominantly lead emotional exchanges, exhibiting stronger and more stable …

Systems Statistical Engineering – Hierarchical Fuzzy Constraint Propagation, Hengameh Fakhravar

Engineering Management & Systems Engineering Theses & Dissertations

Driven by the growing need in the 21st century for integrating rigorous statistical analysis into engineering research, there is a movement to develop an integrated statistical engineering science within statistics and quality communities (Hoerl & Snee, 2010; Anderson-Cook et al., 2012). Systems Statistical Engineering research seeks to integrate the Causal Bayesian hierarchical modeling (Pearl, 2009) and cybernetic control theory within Beer’s Viable System Model (1972, 1979, 1985) and the Complex Systems Governance framework (Keating, 2014; Keating & Katina, 2015, 2016) to produce multivariate systemic models for robust dynamic systems mission performance. Cotter & Quigley (2018) set forth the Bayesian systemic …

Two Essays On The Role Of Anthropomorphism In Consumer Behavior, Faegheh (Faa) Taheran

Theses and Dissertations in Business Administration

The first essay of this dissertation investigates the contradictory findings on the relationship between anthropomorphism and self-control by focusing on how everyday anthropomorphized objects, rather than the products being used for consumption, influence consumer behavior. While previous studies have shown that using anthropomorphized products may decrease consumers’ self-control, this paper examines how unrelated [to consumption] anthropomorphized objects in a consumer’s environment—such as a water bottle with a humanlike face—can evoke a sense of social presence, increasing consumers’ perceptions that they are being negatively evaluated. Drawing on mind perception theory, I propose that this fear of negative evaluation can enhance self-control. …

Expectations In Instructional Design: A Comparison Of Hampton Roads Industry Requirements And Old Dominion University’S Curriculum, Haley Aguilar

STEMPS Master's Level Projects and Papers

This master’s thesis aims to analyze the alignment between Old Dominion University’s Instructional Design and Technology program curriculum and employer expectations for instructional designers in the Hampton Roads region. The study examined job listings from 50 positions and curriculum content from 22 courses across six skill categories: technical skills, design and development competencies, communication and facilitation skills, analysis and assessment skills, project management capabilities, and specialized skills. The findings contribute to understanding the challenges of preparing instructional design graduates for workforce entry.

Two Essays On Firms’ Reactions To Major Events In Rival Companies, Alireza Askarzadeh

Theses and Dissertations in Business Administration

The first essay of this dissertation examines the influence of peer credit rating downgrades on firms’ financial decisions. The results show that firms respond to a rival’s downgrade by increasing excess debt capacity, excess cash holdings, excess net working capital, and the excess cash conversion cycle. They also accelerate their speed of adjustment (SOA) toward target capital structures. These adjustments are motivated by a desire to mitigate the higher costs and risks associated with financial distress and to preserve competitive advantage. Moreover, firms with more capable managers, and those operating in environments with greater market competition, higher information asymmetry, and …

Two Essays On Lottery-Like Stocks, Reihaneh Haghighi Zadeh

Theses and Dissertations in Business Administration

Essay 1: Momentum and Investors' Lottery-like Preference

Previous empirical studies have consistently shown that lottery-like stocks exhibit unconditionally low average returns due to investor overreaction to extreme short-term gains. However, the results show when the momentum strategy is jointly conditioned on stocks with high maximum daily returns (MAX), high-MAX stocks yield significantly higher future returns than their low-MAX counterparts. For value-weighted portfolios, a momentum strategy applied within the high-MAX category generates an average monthly return of 2.5%, compared to only 0.25% in the low-MAX category. This return premium exceeds that of the standard momentum strategy proposed by Jegadeesh and Titman …

The Effects Of The Chief Information Officer’S Presence And Tenure On Financial Performance, Xuemei Li

Theses and Dissertations in Business Administration

CIOs should be at the core of the organization. They play more and more critical roles in organizations. However, CIOs have not been paid enough attention in many firms. This can be partially observed in a lack of studies about CIOs, for instance, how CIOs influence the organizations, and how organizations' settings influence the CIOs. Technical initiatives or innovations may be the bridge between CIOs and firm performance. Different theories have been employed concerning CIOs, innovations, and firm performance. For instance, the resource-based view (RBV) has served as a theoretical foundation in related studies.

Drawing on RBV, attention-based view (ABV), …

Career Pathways Program Annual Report For Ay 2024/25, Wie Yusuf

Career Pathways

Career Pathways launched in August 2017 as the university-wide initiative to provide professional development to graduate students. It encompasses both the Preparing Future Faculty (PFF) and the Preparing Future Professionals (PFP) Certificates. The Preparing Future Faculty Certificate was established in 2007, while the Preparing Future Professionals Certificate was launched in 2017, concurrently with the introduction of Career Pathways. The Career Pathways program prepares graduate students for a successful transition into thriving careers. With the PFP Certificate, specifically, the emphasis has been on filling the existing gap in career and professional development for master’s students and doctoral students with career plans …

Specialization Or Diversification? Creators’ Strategies On User-Generated Content Platforms, Ziwei Ye

Theses and Dissertations in Business Administration

Recent advancements in digital platforms have reshaped content creation and distribution. User-generated content (UGC), created and shared by internet users, is transforming entertainment, communication, and information sharing. The rise of UGC has fueled the growth of the "creator economy"—an ecosystem of creators, users, and advertisers facilitated by platforms such as YouTube and TikTok. While prior research has primarily explored how UGC platforms incentivize content quantity and quality, this study advances the literature by examining how creators' content strategies influence consumer attention and how platform mechanisms shape this relationship, offering new insights into the interplay between creator behavior and platform design. …