Purpose The article reviews, consolidates and advances the literature in the field of market sentiment (MS). Design/methodology/approach We performed an extensive literature review of 194 studies published in top journals, defining MS, analyzing the existing literature and providing a framework incorporating antecedents and consequences of MS. An in-depth analysis recognizes major themes on MS, focusing upon theories, measurements and impacts. Findings The field of MS is witnessing the evolution of various theories and perspectives. However, there is neglect in integrating MS perspectives with behavioral finance. There is also a lack of consensus among researchers about the proxy of measuring MS. We also observe a need to compare existing studies, which is absent due to the difference in the tools of analysis. MS influences the various securities and creates fluctuations in their prices. Originality/value The framework links antecedents, tools and data with outcomes. We derive future research directions along each of the themes to assist future research, practice and policy.

This study analyses the impact of bilateral differences in institutions on M&A abandonments. Cross-border M&As involve firms headquartered in two different countries, and the institutions of both countries impact the negotiations. The study uses an institutional framework focusing upon informal institutions (communicational and demographic) and analyzing their impact on country-level M&A abandonment rates. Counterintuitively, the results reveal a proportional decrease in M&A abandonments for greater communicational distance. Cultural differences and social openness should cause difficulties in communicating during negotiations. The results suggest otherwise, higher cultural and connectedness distances lead to lower abandonment ratio. Acquirers may accept greater autonomy of the target in case of higher communication differences making the negotiations more friendly and acceptable to the target firms. The results remain robust when the analysis is done for inbound M&As. Concerns regarding misuse and theft of innovations contribute to increased M&A inbound abandonments, with countries having weaker knowledge institutions. Demographic institutions affect the strategic decision regarding labor and markets, and larger age demographic distances cause increased abandonments of outbound M&As. Informal institutions play a vital role in M&A outcomes and may have different impacts on pre-completion negotiation and post-completion integration phases. The study draws attention to the role of familiarity between acquirer and target country and the tussle during negotiations. The findings imply that potential issues of conflict may go unnoticed in the presence of large communication distances and may lead to future problems. Communication differences may lead to deal completion of potential bad deals. The study suggests greater involvement of internal negotiators along with advisors during the negotiation period.JEL Classification: F21, G34, O43

The greater competitiveness of a firm improves the chances of its success. Likewise, countries are constantly attempting to improve their travel and tourism competitiveness to attract global tourists. In this study, we present a theoretical framework linking the culture of a country and its travel and tourism competitiveness. We adopted the theoretical foundation of global leadership and organizational behavior effectiveness (GLOBE) cultural values and practices to examine the panel effects of culture on competitiveness. We conducted a lon-gitudinal study by using secondary data of 39 countries from 2011 to 2021. Results show that the culture of a country influence its travel and tourism competitiveness. Furthermore, we provide empirical evidence by per-forming longitudinal frontier analysis to determine which GLOBE model, that is, cultural practices or cultural values, is appropriate for future studies. Findings of this longitudinal study contribute to the novel understanding of competitiveness and culture.

The abandonment of announced merger and acquisition (M&A) deals during negotiations has recently gained prominence in academia and practice. However, the effect of macroeconomic variations on announced deal outcome is uncertain. This study attempts to determine the impact of interest rate, inflation, real exchange rate, and gross domestic product on the abandonment of domestic and cross-border M&As through autoregressive distributed lag regression on BRICS and G7 countries. Domestic M&As from BRICS are very volatile, whereas outbound M&As from G7 are mostly stable to changing home country macroeconomy. The findings reveal di-vergences in firms' financial abilities and strategic mindsets in developed (G7) and emerging (BRICS) countries. Macroeconomic changes have a varying impact on deal abandonments. The results provide a better under-standing of higher abandonments in emerging economies. This study will help firms create differentiated stra-tegies for M&A negotiation under changing macroeconomic scenarios and policymakers frame policies influencing M&A outcomes.

Mergers and acquisition deals are uncertain, with completion likelihood changing throughout the negotiation process. During negotiations, the firms process new information to modify their choices. This study aims to examine the dynamic nature of the M&A negotiation process. The study uses a sample of 983 worldwide unsolicited deals from 1999 to 2019 and classifies M&A deal outcomes using logistic regression, decision tree, and random forest classifiers. Ownership considerations and advisors are essential elements of the negotiation. Ownership sought has the potential to impact the deal's complexity and exercisable control. Prior ownership may either help gain information or recover due diligence costs. The advisors may assist the firms in the available information's financial and legal due diligence. Prior research lacks the negotiation period's dynamism and gives mixed results for the impact of ownership and the role of advisors. We uniquely identify a non-linear inverted U-shaped relationship between the negotiation period and completion likelihood. The results prove that prior ownership, over the negotiation period, serves the dual objective of assisting deal completion and acting as a substitute for the termination fee. The acquirer and target advisors help with the completion of the deal. The varying effects for ownership and advisors over the negotiation process help explain the conflicting results in previous studies. The evolving negotiating circumstances play an important role in affecting the outcome. Our work shows the importance of temporal characteristics and the dynamic nature of decision-making during the M&A negotiation process and encourages further studies exploring processual theories.

Purpose This paper aims to review, systematize and integrate existing research on alternative investments. This study conducts performance analysis comprising production timeline, country-wise contributions, analysis of sources, affiliations, the geography of authors and citations of studies on alternative investments. Design/methodology/approach This study adopts a thematic and bibliometric analysis methodology on 570 papers identified from mainstream literature on alternative investments. This study provides an analysis of science mapping, including co-citation analysis, bibliometric coupling, word analysis and trending topics on alternative investments. In addition, the study presents thematic analysis by classifying existing studies into nine themes. Findings Alternative investments provide diversification benefits and play a critical role in portfolio construction, and the research on alternative investments has gained momentum in recent times. This study finds that hedge funds, private equity, artwork, collectibles, commodities, fine wine and venture capital have remained prominent themes in the field. Investments in cryptocurrencies are an emerging area in the research on alternative investments. Research limitations/implications This study limits itself to the papers published in the area of finance and economics listed on the Scopus database. Originality/value This study provides quantitative bibliometric analysis and thematic analysis of the extant literature on alternative investments and identifies the areas that could be developed to advance research on alternative investments.

Promotion of clean cooking fuel and technologies helps countries in achieving its sustainable development goals, thereby fulfilling environmental sustainability and empowering the status of women. Against this backdrop, the prime focus of this paper is to examine the impact of clean cooking fuels and technologies on overall greenhouse gas emissions. To do so, we draw data from BRICS nations since 2000-2016, employ the fixed-effect model, and show the robustness of the results by using Driscoll-Kraay standard error approach to address the panel data econometric issues. The empirical results show that energy use (LNEC), trade openness (LNTRADEOPEN), and urbanization (LNUP) promote emissions of greenhouse gases. Further, the finding also indicates that the use of clean cooking (LNCLCO) and foreign capital (FDI_NI) can help reduce the environmental degradation in achieving environmental sustainability in the BRICS nations. Overall findings endorse the development of clean energy at macro level, subsidizing and financing the clean cooking fuel and technologies, and promoting its usage at the household level to combat environmental degradation.

Thunderbird International Business ReviewEarly View BOOK REVIEW Heritage entrepreneurship: Cultural and creative pursuits in business management. By Vanessa Ratten (Ed.), Palgrave Studies in Global Entrepreneurship. ISBN 978-981-19-5148-0, ISBN 978-981-19-5149-7 (eBook), https://doi.org/10.1007/978-981-19-5149-7 Deepak Kumar, Corresponding Author Deepak Kumar [email protected] orcid.org/0000-0001-5674-8358 Department of Industrial & Management Engineering, Indian Institute of Technology Kanpur, Kanpur, India Department of Computer Science and Information Technology, La Trobe University, Bundoora, Victoria, Australia Correspondence Deepak Kumar, PS1 217, La Trobe University, Bundoora, VIC 3083, Australia. Email: [email protected]Search for more papers by this author Deepak Kumar, Corresponding Author Deepak Kumar [email protected] orcid.org/0000-0001-5674-8358 Department of Industrial & Management Engineering, Indian Institute of Technology Kanpur, Kanpur, India Department of Computer Science and Information Technology, La Trobe University, Bundoora, Victoria, Australia Correspondence Deepak Kumar, PS1 217, La Trobe University, Bundoora, VIC 3083, Australia. Email: [email protected]Search for more papers by this author First published: 29 April 2023 https://doi.org/10.1002/tie.22345Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL No abstract is available for this article. REFERENCES Carlsson, B., Braunerhjelm, P., McKelvey, M., Olofsson, C., Persson, L., & Ylinenpää, H. (2013). The evolving domain of entrepreneurship research. Small Business Economics, 41, 913– 930. Chhabra, D., Healy, R., & Sills, E. (2003). Staged authenticity and heritage tourism. Annals of Tourism Research, 30(3), 702– 719. Muñoz, R., Sánchez de Pablo, J., Peña, I., & Salinero, Y. (2016). The effects of technology entrepreneurship on customers and society: A case study of a Spanish pharmaceutical distribution company. Frontiers in Psychology, 7, 119– 131. Newman, A., Obschonka, M., Moeller, J., & Chandan, G. (2019). Entrepreneurial passion: A review, synthesis and agenda for future research. Applied Psychology: An International Review, 70(2), 816– 860. Early ViewOnline Version of Record before inclusion in an issue ReferencesRelatedInformation

Purpose Mergers and acquisitions (M&As) are of three types: domestic, inbound and outbound cross-border. Inbound M&As provide an inflow of foreign funds into the economy, whereas outbound M&As involve the outflow of domestic funds. This paper examines the impact of domestic and cross-border mergers and acquisitions in Brazil on each other. Design/methodology/approach The authors analyze M&A activity in Brazil and examine the impact domestic, inbound and outbound M&As have on each other. The study uses a vector auto-regressive model to test the relationships for each quarter of 2000–2018. The M&A activity is operationalized using the total number of deals and the cumulative value of the deals in a particular period. Findings The results depict stark contrast for M&A activity measured through incidences and monetary value. Overall, the number of deals can better explain each other than value. The authors find that, in terms of incidences, domestic M&A is Granger caused by both outbound and inbound M&As together. Further, inbound and domestic M&As together Granger cause outbound M&As in terms of aggregate monetary value. The impulse response function reveals that incidence shocks created in M&A activity are longer lasting than the value shocks. Practical implications The results have implications for businesses and policymakers. The study reveals the complexities of crowding effects important for businesses. The government needs to structure its future investment-promotion strategies depending on the objectives related to the number and value of M&A activity. Originality/value The study uses econometric tools and empirical methods to find the unexplored nature of the relationship between domestic, outbound and inbound cross-border M&As.

Purpose Foreign divestment of subsidiaries is a growing research field. The global increase in investments has led to more divestments. However, much about the processes and circumstances leading to foreign divestments (FDs) requires further investigation. This study aims to review and consolidate the existing literature on foreign divestment and identify avenues for future research. Design/methodology/approach This study performs a systematic literature review and bibliometric analysis of studies on FDs to highlight the traditional and emerging perspectives in the field. This work examines foreign divestment theories based on operations, human resources, finance and marketing business functions. Findings This study sets forth a basic foreign divestment framework and highlights potential research areas. Future studies should expand to emerging economies, explore complex relationships, distinguish foreign divestment types and identify the limits of various theories and perspectives. Originality/value This study discusses traditional theories such as economies of scale, portfolio adjustment, reverse eclectic, real options and transaction cost economies. This study also examines emerging perspectives: attention-based, behavioral, committedness, contingency, favoritism, flexibility, hysteresis, legitimation, network and resource-based views. This study uses traditional and emerging theories to explain foreign divestment decisions in different business functions.

To achieve social justice, equality, and quality of life under the concerted efforts deliberated for community development, countries engage in a range of interventions focusing on participation, capacity building, and sustainability. In this study, we examine two specific characteristics of livelihood interventions, development and empowerment; their relationship; and impact on community well-being. The findings suggest that while outcomes related to development and empowerment processes have a positive but meagre impact on community well-being, there is lack of continuum between them and the relationship is conditioned by convergence and governance. Further, insights from interviews also suggest that though there are institutional voids, challenging changing context, and variations in the way mobilization and participation are employed, those that will integrate good governance and strong convergence can deliver better outcomes.

Exports are affected by several economic, political, social and cultural determinants. The objective of this study is to examine the role of policy and cultural determinants on export competitiveness for different sectors, estimate the technical efficiency (TE) and suggest focus areas to improve exports. The study uses the method of stochastic frontier analysis on the bilateral trade of India over the period 2000–2016. The result findings highlight that there is underutilization and ambiguous effect of trade agreements for all sectors except intermediate goods (IGs). Foreign direct investments outflow has positive results for all the sectors with capital goods getting benefitted the most. TE of exports shows positive trends for IGs, negative trend for raw materials, and mixed trend for consumer goods and capital goods sectors. IGs show the best export competitiveness, whereas RMs have the highest export potential. The results underline India’s progress in integrating with the global supply chain through increasing TE in exports of IGs.

The chapter reviews existing research on merger and acquisition (M&A) activities and chief executive officers (CEOs) in organizations. The study provides insights into the existing literature and proposes avenues for future research on M&A activities and CEOs. The present study adopts bibliometric analysis on 319 articles identified from the literature. The articles selected for analysis are extracted from the Scopus database and are selected based on the focus of the papers on M&A activities and CEOs. Existing studies on M&A activities and CEOs demonstrate that CEOs affect M&A activities, CEOs affect the performance of M&A activities, and M&A activities also influence the role of CEOs in M&A activities. We identify and list scientific mapping in trending topics, scientific production, citation analysis, prominent authors, and their affiliations. The study is relevant to academicians, practitioners, and policymakers interested in corporate finance, especially in the areas overlapping CEO attributes and M&A activities.

This study explores the reliance of S&P BSE 500 firms on capital markets to finance their discretionary payouts (DCP). This study reports that dividend payouts are not disappearing in India. The financing of DCP shows that firms finance DCP mainly with debt and occasionally with equity. Firm characteristics, namely size, excess leverage, excess cash, market-to-book ratio, R&D (only for debt financing), managerial ownership, cash flows, and credit rating, influence financing of DCP with debt and equity issuance. Lastly, business cycle conditions influence debt-financed DCP. Overall, the study provides insights to practitioners and academicians on Indian firm's financing of payout policy.

The article studies meteorological barriers to the use of public bicycle systems. The meteorological conditions have always been considered important in influencing bike-usage. Weather changes may lead to shifts in the preferred mode of travel. Studies mostly focus on the average effects and overlook their role in creating barriers. However, each meteorological factor (temperature, humidity, wind speed, precipitation, etc.) can individually disrupt the usage, irrespective of other factors' level. We conduct the necessary condition analysis for climate and weather-related factors, using hourly bicycle usage data for two years at Capital Bikeshare, Washington, D.C., to find barriers to public bicycle system usage. The analysis is performed separately on regular and casual users revealing interesting results. We find that season is not an effective barrier to bike usage. Only an extreme weather condition cause bottleneck. The elements of weather affect the usage of bikes by affecting the comfort and risk associated with riding. Lower temperature creates constraints for all users, whereas only regular bikers are constrained by low humidity. The differences in the necessary condition of regular and casual riders reveal the contrast in the perception of the two groups' comfortable riding conditions, making it essential to design the system accordingly. The results will help plan public bike systems in other cities and help in demand management at established locations. The demand projections are to be recalibrated using the bottlenecks that set in at different levels of temperature, humidity, and windspeeds. The results help in considerations about starting year-round rental services at other locations.

Purpose This study aims to examine the altering paradigms for two specific characteristics of the international diamond industry: community-based business model and competitive advantage and their impact and interaction effect. Design/methodology/approach This study uses global value chain (GVC) analysis to understand the industry characteristics, social impacts and disruption in the international diamond industry. Further, normalized revealed comparative advantage is used to measure the competitiveness of different countries over time. Finally, stochastic frontier analysis is used to test the impact of the community-based business model and competitiveness on exports and estimate the technical efficiency. Findings The international diamond industry is witnessing changes in the business model, competitiveness, processes, policies and consumer behavior. While competitive advantage and community have a positive impact on exports, the relationship between competitive advantage and exports gets negatively moderated by the community. Further, insights from the GVC analysis indicate that though the industry is facing several disruptions and challenges, it has shown the unique quality of community reconfiguration and relocation. Originality/value This paper provides insights into the diamond industry facing multiple disruptions at various stages of GVC and contributes to the literature on international trade, community-based business models and GVC.

This research investigates the effect of sources of production, related trade of goods and investments in forms of mergers and acquisitions on transmission and distribution losses in BRICS countries. The study uses fixed effect regression with Driscoll and Kraay's standard errors to account for crosss-ectional dependence and heterogeneity on panel data from 1995 to 2014. The result highlights the impact of electric utility and renewable energy mergers, both domestic and cross-border, in decreasing distribution and transmission losses. The results reveal the strategic importance of mergers and acquisitions in knowledge transfer related to energy efficiency. The encouraging results of a decrease in transmission and distribution losses with increasing mergers and acquisitions in electric utility and renewable energy sectors boost the policy of encouraging investments in the energy sector, leading to improvement in energy efficiency and a decrease in carbon dioxide emissions.

Purpose The purpose of this study is to provide a broad understanding of the pre-completion stage and subsequent abandonment of mergers and acquisitions (M&As). Design/methodology/approach A total of 117 peer-reviewed, English language articles published in scholarly journals were considered in the review. The approach includes a descriptive evaluation of the literature, coupled with content analysis. The paper uses both positivist and constructivist approaches to qualitative research. The analysis is conducted with the help of R programming and Gephi visualization software. The authors organize the work around the event of outcome/closure of deal proposal. Findings It is found that earlier studies sampled on domestic M&As in developed economies (DEs). However, the interest of scholars has increased in cross-border deals and emerging economies (EEs) in the last decade. Various factors interact and facilitate the completion/abandonment of good and bad deals. The authors find that complex non-linear relationships exist, and there is a need for studies with other classification techniques focusing on predictive accuracy. Research limitations/implications The literature review is limited to articles available to the researcher using search terms related to M&A completion/termination. The databases accessed were: ProQuest, Scopus and Web of Science. However, backward snowballing was performed to avoid the omission of relevant articles. Originality/value The findings and subsequent discussions familiarize researchers and practitioners with an overview of research undertaken in the field of M&A abandonment. The authors find voids within the literature and suggest future research agendas.