Thunderbird International Business Review最新文献

{"title":"From Credibility to Advocacy: An SOR Model of Consumer Engagement and Authenticity in Functional Foods and Beverages Market","authors":"Manabhanjan Sahu,&nbsp;Furquan Uddin,&nbsp;Md Billal Hossain","doi":"10.1002/tie.70067","DOIUrl":"https://doi.org/10.1002/tie.70067","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines how influencer marketing stimuli; perceived source credibility (PSC) and perceived content–persona fit (PCPF) at the organism level affect engagement consistency (ECS), interactive influence value (IIV), and content authenticity index (CAI), and how these further affect the consumer advocacy propensity (CAP) in the functional food and beverage industry. According to the Stimulus–Organism–Response (SOR) paradigm, the paper postulates advocacy as a consequence of response to communication based on credibility and fit. A survey of 250 Indian consumers with pre-use experience of functional foods and beverages was undertaken. Interestingly, PCPF had a larger indirect effect on CAP than did PSC, and this underscores content–persona alignment in crafting advocacy. The research underscores the need to choose influencers whose persona and content match brand values and consumer aspirations. For functional foods and beverages marketers, establishing authenticity and engagement through authentic influencer collaborations has the ability to shift consumer attitudes into advocacy, a compelling type of organic word-of-mouth (WOM) promotion. This research contributes to consumer behavior theory by proposing CAP as the response construct in the SOR model for the functional foods and beverage market. It broadens advocacy research to the functional nutrition field, with empirical evidence of how influencer marketing manifests as consumer-driven brand advocacy.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"759-777"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Physical Climate Risk and Volatility of Financial Markets: The Moderating Role of Moon Days","authors":"Fatma Alahouel","doi":"10.1002/tie.70071","DOIUrl":"https://doi.org/10.1002/tie.70071","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine the moderating role of moon days on the relationship between physical climate risk and the volatility of financial market returns. Moreover, we investigated the isolated impact of both full moon days and the daily physical climate risk index on return volatility. We adopted GARCH-family models across a comprehensive set of asset indices, including cryptocurrencies, conventional and Islamic stocks and bonds, as well as listed private equity, from January 2016 to June 2025. The present study shows that full moon days have a significant impact on how physical climate risk affects asset volatility. Our findings confirm that physical climate risk has diverse effects. We found that the interaction with full moon days often leads to an amplified increase in volatility in assets like cryptocurrencies and some regional conventional bonds (S&amp;P China Bond Index and S&amp;P Japan Bond Index), revealing that lunar phases can exacerbate the market's response to climate-related shocks. Unexpectedly, Islamic equity indices (unlike all other indices) exhibit lower return volatility on full moon days when interacting with physical climate risk, indicating a potential “flight to Shariah” by investors. Financial institutions and policymakers may factor these cyclicals and behavioral elements into their trading algorithms, risk assessments, and regulatory frameworks to enhance market stability against climate change. We are the first to explore the impact of moon days on the relationship between physical climate risk and financial market volatility.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"841-857"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Strategic Restraint or Strategic Action? Institutional Contingencies of Organizational Learning and Green Investment","authors":"James Aditchere,&nbsp;William Tsiatey Afloe","doi":"10.1002/tie.70070","DOIUrl":"https://doi.org/10.1002/tie.70070","url":null,"abstract":"<div>\u0000 \u0000 <p>Manufacturing SMEs in emerging markets face a critical paradox: mounting regulatory pressure to adopt environmental practices conflicts with severe resource constraints and uncertain investment returns. We examine how anticipatory organizational learning (AOL)—firms' proactive scanning of environmental trends—relates to green investment among resource-constrained SMEs, and how regulatory pressure and corporate political activity (CPA) moderate this relationship. Drawing on dynamic capabilities and institutional theories, we test a moderation model using data from 250 Ghanaian manufacturing SMEs. Results reveal that AOL positively predicts green investment. CPA amplifies this relationship by facilitating access to institutional resources. However, regulatory pressure attenuates the learning–investment relationship, suggesting that under inconsistent enforcement and institutional instability, learning rationally leads to compliance minimization rather than proactive investment. These findings challenge assumptions that learning automatically drives strategic action and that regulatory pressure uniformly promotes compliance. We demonstrate that capability-performance relationships among resource-constrained firms depend critically on resource access and institutional stability. For policy, intensifying regulatory pressure without stable enforcement may inadvertently cause SMEs to minimize compliance costs rather than pursue genuine environmental improvement.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"825-840"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Between Sustainability and Strategy: How Does ESG Uncertainty Shape Corporate Investment via Cash Holdings in BRICS","authors":"Umar Farooq,&nbsp;Mosab I. Tabash,&nbsp;Zokir Mamadiyarov,&nbsp;Salah Khalid Al-Hawatmeh,&nbsp;Ebrahim Mohammed Al-Matari,&nbsp;Adam Mohamed Omer","doi":"10.1002/tie.70069","DOIUrl":"https://doi.org/10.1002/tie.70069","url":null,"abstract":"<div>\u0000 \u0000 <p>Growing attention to sustainability has placed environmental, social, and governance (ESG) factors at the center of corporate decision-making, yet uncertainty surrounding ESG policies and practices continues to create challenges for firms. The objective of this study is to investigate the impact of ESG uncertainty (SUN) on corporate investment (CIN), while examining the mediating role of cash holdings (CHO) in this relationship. The analysis is based on firm-level data covering the period 2010 to 2023 for BRICS economies and employs robust econometric techniques, including fixed effects, two-stage least squares, and system GMM, supported by relevant pre-estimation tests to ensure consistency and validity. The results demonstrate that SUN significantly reduces corporate investment as firms tend to delay or cut capital commitments under ambiguous sustainability conditions. At the same time, SUN induces higher cash holdings, reflecting precautionary financial behavior, while greater liquidity reserves further constrain investment, confirming the mediating channel. The study provides meaningful policy and managerial implications, emphasizing the need for regulatory stability, improved ESG disclosure standards, and financing mechanisms that can reduce excessive liquidity hoarding. Socially, the findings underscore how ESG-related ambiguity, if left unaddressed, can hinder sustainable transformation and economic development. The novelty of this research lies in bridging the ESG uncertainty gap with the corporate finance literature by demonstrating how cash holdings serve as a transmission mechanism, thereby offering fresh insights into the financial consequences of sustainability risks.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"779-792"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Artificial Intelligence, Organizational Learning, and Sustainable Banking: Insights From Turkey for Global Business Practice","authors":"Eylem Şencan","doi":"10.1002/tie.70062","DOIUrl":"https://doi.org/10.1002/tie.70062","url":null,"abstract":"<div>\u0000 \u0000 <p>Artificial intelligence (AI) is transforming the global banking sector, yet its role in advancing sustainability remains underexplored in emerging markets. This study examines how AI adoption interacts with organizational learning to shape sustainable banking practices in Turkey, a dynamic financial hub bridging Europe and Asia. Drawing on qualitative data from 12 professionals across public and private banks, the analysis identifies six themes: operational automation, credit risk management, customer engagement, system integration challenges, ethical and regulatory concerns, and human–AI collaboration. Findings demonstrate that AI can reduce operational burdens, improve risk assessment, and support inclusive services, but its effectiveness depends critically on organizational learning capacity. By situating the Turkish case within global debates on environmental, social, and governance (ESG) performance, the study highlights how emerging markets can leverage AI to align innovation with sustainability. The research offers theoretical and managerial insights relevant to international business leaders seeking to integrate digital transformation with sustainable finance agendas worldwide.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"703-714"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Digitalization and Sustainable Business Practices: The Role of Carbon Footprint in European Firms","authors":"Manel Gharbi,&nbsp;Anis Jarboui","doi":"10.1002/tie.70068","DOIUrl":"https://doi.org/10.1002/tie.70068","url":null,"abstract":"<div>\u0000 \u0000 \u0000 <section>\u0000 \u0000 <h3> Purpose</h3>\u0000 \u0000 <p>This study examines how digital transformation moderates the relationship between Sustainable Business Practices and digital transformation. Specifically, it aims to clarify whether and how Carbon Footprint strengthens or weakens the impact of digital transformation on Sustainable Business Practices.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Design/Methodology/Approach</h3>\u0000 \u0000 <p>Using panel data from 250 UK-listed companies over the period 2012–2022, we apply multiple regression analyses to test both the direct effects of digital transformation on Sustainable Business Practices and the moderating role of digital transformation.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Findings</h3>\u0000 \u0000 <p>The results indicate that digitalization has a positive and statistically significant impact on the implementation of sustainable business practices among European firms. Furthermore, the analysis reveals that the carbon footprint acts as a significant moderating variable, strengthening the relationship between digitalization and sustainability. Specifically, firms with lower carbon footprints tend to derive greater sustainability benefits from digitalization compared to high-emission firms.</p>\u0000 </section>\u0000 \u0000 <section>\u0000 \u0000 <h3> Originality/Value</h3>\u0000 \u0000 <p>This research addresses a critical gap in European sustainability studies by contextualizing digitalization within carbon-intensive sectors. The integration of carbon footprint as a moderator reflects the growing importance of emission accountability under EU regulations such as the CSRD and the European Green Deal.</p>\u0000 </section>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"815-823"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Environmental, Social and Governance (ESG) Performance and Firm-Performance: Analyzing the Mediating Role of Institutional Investors","authors":"Soumya Guha Deb,&nbsp;Prasanna Kumar Gurugubelli","doi":"10.1002/tie.70065","DOIUrl":"https://doi.org/10.1002/tie.70065","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of Environmental, Social, and Governance (ESG) performance on firms' financial performance, specifically focusing on the mediating role of institutional investors and the implications for business. Using data from 27,412 firm-year observations across 20 established and emerging economies over 14 years, the findings suggest that ESG performance favorably impacts firms' financial performance, and the effects differ by geographical region. In emerging markets, institutional investors have a significant impact on environmental(E) factors, highlighting their growing business relevance in international markets. In contrast, social(S) and governance(G) elements have a greater influence in developed markets, which is aided by institutional investors. Endogeneity issues are addressed through robustness checks and additional analysis using instrumental variables and Two-Stage Least Squares models, validating the results. The findings highlight the need for framing regional ESG policies and leveraging institutional investors for effective ESG implementation and achieving sustainable financial success across international markets.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"793-813"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099572","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impact of Technological Innovation, Environmental Policy, and Policy Inclusion on Renewable Energy Adoption in Sub-Sahara Africa","authors":"Emmanuel K. Manu,&nbsp;Simplice A. Asongu","doi":"10.1002/tie.70073","DOIUrl":"https://doi.org/10.1002/tie.70073","url":null,"abstract":"<p>This study investigates the factors influencing renewable energy consumption and renewable electricity in Sub-Sahara Africa (SSA) using the Lewbel 2SLS approach, panel quantile regression and Driscoll and Kraay estimator. It focuses on a panel dataset covering 41 countries from 1998 to 2020. In general, the study finds that technological innovation exhibits a negative link with renewable energy consumption, with an intensified negative response when patent applications are increased (negative synergy). Conversely, technological innovations are positively associated with renewable electricity, and this positive response is augmented with increased patent applications (positive synergy). The study further identifies that environmental policy positively synergizes with renewable electricity, while enhancing voice and accountability negatively influences renewable energy consumption and exhibits negative synergy on renewable electricity. Considering net effects and thresholds, boosting GDP initially has a positive effect on renewable energy consumption, but beyond a certain threshold, this effect turns negative, necessitating complementary policies for sustained positivity. Additionally, industrialization is associated with a net negative effect and a negative synergy of renewable energy consumption. Finally, the findings are also contingent on initial levels of sustainable energy as well as on regional economic blocs for policy implications.</p>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"875-903"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/tie.70073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"International Orientation and Post-Entry Performance of International New Ventures: The Mediating Role of Decision Rationality","authors":"Tu Thanh Hoai,&nbsp;Samuel Adomako,&nbsp;Nguyen Phong Nguyen,&nbsp;Mujtaba Ahsan","doi":"10.1002/tie.70066","DOIUrl":"https://doi.org/10.1002/tie.70066","url":null,"abstract":"<div>\u0000 \u0000 <p>Drawing on decision-making theory, this article investigates the impact of international orientation (IO) on the post-entry performance of emerging market (EM) international new ventures (INVs) through the mediating role of strategic decision rationality (SDR). It further examines the conditions under which SDR facilitates post-entry performance. Utilizing time-lagged data from 211 Vietnamese INVs, our study shows that SDR mediates the relationship between IO and post-entry performance. Moreover, the relationship between SDR and performance is amplified when information search intensity, measured as search effort and persistence, is greater. By focusing on an emerging market as the study context, we acknowledge the distinctive challenges EM INVs often face, such as weaker institutional support, limited resources, and liabilities of origin. Our findings show how IO, SDR, and systematic information search interact to enhance post-entry performance under such conditions. In doing so, the study extends international entrepreneurship research by clarifying the mechanisms that enable EM INVs to sustain success after entry and offers valuable insights for researchers and practitioners seeking to identify drivers of competitiveness in global markets.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"727-742"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Living Dead or Just Illiquid? Valuing Zombie Firms in Africa's Thin Financial Markets","authors":"Idorenyin J. Okon","doi":"10.1002/tie.70064","DOIUrl":"https://doi.org/10.1002/tie.70064","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the effect of zombie firm status on market valuation and explores firm-specific and macroeconomic determinants of zombification in Sub-Saharan Africa. Despite growing concern over zombie firms globally, there is limited empirical evidence from Africa. The study fills this gap by examining zombification within institutional and data constraints unique to emerging African economies. Drawing on 2210 firm-year observations from Nigeria, Kenya, and South Africa (2013–2022), the study applies the fixed-effects logistic and probit regression models. Zombie firms are identified using a dual-indicator framework, persistent unprofitability and rising leverage, adapted from Fukuda and Nakamura (2011) for data-scarce environments. Zombie firms experience significantly lower market valuations, supporting market efficiency theories. Financial distress and short-term debt usage are strong predictors of zombification, while macroeconomic instability, especially inflation and interest rates, exacerbates the phenomenon. Country-specific variations reflect institutional differences in governance and credit enforcement. Findings highlight the urgent need for reforms in bankruptcy resolution, debt oversight, and capital market transparency to prevent corporate zombification and economic drag. This study provides the first comparative African evidence on zombie firms and introduces a replicable classification method suitable for low-transparency markets.</p>\u0000 </div>","PeriodicalId":47515,"journal":{"name":"Thunderbird International Business Review","volume":"68 6","pages":"743-758"},"PeriodicalIF":2.9,"publicationDate":"2026-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}