• No results found

Creating effective loyalty programs knowing what (wo-)men want

N/A
N/A
Protected

Academic year: 2021

Share "Creating effective loyalty programs knowing what (wo-)men want"

Copied!
131
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)Tilburg University. Creating effective loyalty programs knowing what (wo-)men want Melnyk, V.. Publication date: 2005 Document Version Publisher's PDF, also known as Version of record Link to publication in Tilburg University Research Portal. Citation for published version (APA): Melnyk, V. (2005). Creating effective loyalty programs knowing what (wo-)men want. CentER, Center for Economic Research.. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.. Download date: 18. okt. 2021.

(2)         . &UHDWLQJ(IIHFWLYH/R\DOW\3URJUDPV.QRZLQJ:KDW :R

(3) 0HQ:DQW  9DOHQWLQD0HOQ\N. . .

(4)   . .

(5) &UHDWLQJ(IIHFWLYH/R\DOW\3URJUDPV.QRZLQJ:KDW :R

(6) 0HQ:DQW    3URHIVFKULIW  7HU YHUNULMJLQJ YDQ GH JUDDG YDQ GRFWRU DDQ GH 8QLYHUVLWHLW YDQ 7LOEXUJ RS JH]DJ YDQ GH UHFWRU PDJQLILFXV SURIGU )$ YDQ GHU 'X\Q 6FKRXWHQ LQ KHW RSHQEDDU WH YHUGHGLJHQ WHQ RYHUVWDDQ YDQ HHQ GRRU KHW FROOHJH YRRU SURPRWLHV DDQJHZH]HQ FRPPLVVLH LQ GH DXOD YDQ GH 8QLYHUVLWHLW RSPDDQGDJGHFHPEHURPXXUGRRU   9DOHQW\QD0HOQ\N  JHERUHQRSMDQXDULWH6XP\ 2HNUDwQH

(7) . . .

(8) 3URPRWRUHV 3URIGU7DPPR+$%LMPROW. . . . . . 3URIGU6WLMQ0-YDQ2VVHODHU.

(9) 3URPRWLHFRPPLVVLH 3URIGU7DPPR+$%LMPROW. . 5LMNVXQLYHUVLWHLW*URQLQJHQ. 3URIGU6WLMQ0-YDQ2VVHODHU. . (UDVPXV8QLYHUVLWHLW5RWWHUGDP. 3URIGU(OV*LMVEUHFKWV. . . 8QLYHUVLWHLWYDQ7LOEXUJ. 3URIGU5DQ.LYHW]. . . &ROXPELD8QLYHUVLW\86$. . . 8QLYHUVLWHLWYDQ7LOEXUJ. . 3URIGU5LN*03LHWHUV. 3URIGU-DQ%HQHGLFW(06WHHQNDPS. 8QLYHUVLWHLWYDQ7LOEXUJ. . . .

(10) .

(11) . 7RP\KXVEDQGP\EURWKHUDQGP\SDUHQWV. . . .

(12) .

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

(14)  LW DWWUDFWHG KLV DWWHQWLRQ +H ORRNHG WKURXJK WKH QHZVSDSHU DQG VDZ DQ DGYHUWLVHPHQWIRUD3K'LQ%XVLQHVVDW7LOEXUJ8QLYHUVLW\6RPHKRZKHUHPHPEHUHGWKDW, ZDVLQWHUHVWHGLQGRLQJD3K'VRKHULSSHGRXWWKHDGDQGEURXJKWLWWRPH7KRVHLQWHUHVWHG LQ QXPEHUV PD\ FDOFXODWH WKH SUREDELOLWLHV RI WKH JX\ VWHSSLQJ LQWR WKH ULJKW WUDLQ ULJKW FDU ULJKWVHDWEHLQJFXULRXVHQRXJKDQGWDNHWKHWURXEOHRIULSSLQJRXWWKHDG6R,ZRXOGOLNHWR WKDQN 6ODYLN ZKHUHYHU \RX DUH QRZ

(15)  IRU ILQGLQJ DQG EULQJLQJ PH WKH DG 7KDW V KRZ , OHDUQHGDERXW7LOEXUJ . 7KH ILUVW SHUVRQ , VDZ LQ 7LOEXUJ ZDV -DQ %HQHGLFW 6WHHQNDPS ZKHQ ± KDYLQJ EHHQ. DGPLWWHG,FDPHKHUHWRKDYHDEULHIORRNDWP\IXWXUHZRUNSODFH/DWHUKHDOVREHFDPHP\ ILUVW\HDU SURPRWHU , DP JUDWHIXO WR -DQ %HQHGLFW IRU KLV ILUVW\HDU VXSHUYLVLRQ DQG IRU WHDFKLQJPHWRFXWWKHFUDSDQGJRGLUHFWO\WRZDUGVWKHJRDO,FUHGLWKLPWKHVNLOORIQHYHU JLYLQJ XS WR ILQG WKH ULJKW OLWHUDWXUH IRU EDFNLQJ XS D SRLQW 0RVW LPSRUWDQWO\ , DP JUDWHIXO WKDW GXULQJ RXU YHU\ ILUVW PHHWLQJ KH IRUJDYH PH DQG SUREDEO\ HYHQ IRUJRW E\ QRZ

(16)  P\ LQQRFHQW TXHVWLRQ LI KH KDG DQ\ ,WDOLDQ RULJLQV VRPHKRZ KLV QDPH LQ FRPELQDWLRQ ZLWK KLV HQGOHVVHQHUJ\VXJJHVWHGWKDWWRPH

(17) 2WKHUZLVH,JXHVV,ZRXOGQRWEHKHUH . , ZRXOG OLNH WR WKDQN 5LN 3LHWHUV ZKR LQWURGXFHG PH WR &RQVXPHU %HKDYLRU DQG. 3V\FKRORJ\  +LV SDWLHQFH DQG VWULFW JXLGHOLQHV DERXW KRZ WR ZULWH LQWURGXFWLRQV WR DUWLFOHV KHOSHGPHWRWDNHP\ILUVWVWHSVLQDFDGHPLFZULWLQJ. . .

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

(19) 6WLMQ\RXURIIHUWRVWDUWDQHZSURMHFW WRJHWKHU ZDVWKHELJJHVWDFDGHPLFFRPSOLPHQWIRUPH )XUWKHU,ZRXOGOLNHWRWKDQNWKHPHPEHUVRIP\GLVVHUWDWLRQFRPPLWWHH3URIGU(OV *LMVEUHFKWV 7LOEXUJ 8QLYHUVLW\

(20)  3URIGU 5DQ .LYHW] &ROXPELD 8QLYHUVLW\ 86$

(21)  3URIGU 5LN *0 3LHWHUV 7LOEXUJ 8QLYHUVLW\

(22)  DQG 3URIGU -DQ %HQHGLFW (0 6WHHQNDPS 7LOEXUJ 8QLYHUVLW\

(23) IRUWKHLUWLPHDQGHIIRUWLQUHDGLQJP\WKHVLV ,¶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« , FDQ QHYHU H[SUHVV KRZ JUDWHIXO , DP WR P\ IDPLO\ P\ SDUHQWV DQG EURWKHU

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« 2WKHUZLVH , FRXOG KDYH PLVVHG \RX LQ P\ OLIH <RXU ORYH HQGOHVV SDWLHQFH XQGHUVWDQGLQJ VXSSRUW UHOLDELOLW\ DQG D ZRQGHUIXO VHQVH RI KXPRU QRW RQO\ KHOSHG PH WR FRPSOHWH P\ 3K' EXW PRVW LPSRUWDQWO\MXVWPDGHPHDKDSS\ZRPDQ7KDQN\RXIRUEHLQJLQP\OLIH. . .

(27) . .

(28)  . . .  . .  . .  . .  . . . . . . . .  . .  .  . . . .  . . . .  .   %RULV$NXQLQ)DQWDVWLND   .          $ UHDO ZRPDQ ZLOO QHYHU EHWUD\ KHU EHORYHG RQH RU KHU FKLOG IRU DQ LGHD PRWKHUODQG RU HYHQ IRU WKH VDNH RI WKH ZKROH PDQNLQG %XW D UHDO PDQ ZLOO QHYHU EHWUD\ DQ LGHD PRWKHUODQG QRW HYHQ PHQWLRQLQJ WKH IDWH RI WKH PDQNLQG IRU WKH VDNH RI KLV EHORYHG ZRPDQRUFKLOG . . . .

(29) .

(30) &RQWHQWV &KDSWHU,QWURGXFWLRQ   'HILQLWLRQVRI.H\&RQVWUXFWVLQWKLV'LVVHUWDWLRQ   0DLQ&RQWULEXWLRQVDQG2XWOLQHRIWKH'LVVHUWDWLRQ   &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\   ,QWURGXFWLRQ  7KHRUHWLFDO%DFNJURXQG   6WXG\   6WXG\   6WXG\   6WXG\   *HQHUDO'LVFXVVLRQ  &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHUV¶5HVSRQVHVWR/R\DOW\3URJUDPV  ,QWURGXFWLRQ  'HVLJQRI/R\DOW\3URJUDPV   *HQGHU'LIIHUHQFHLQ5HVSRQVHWR3HUVRQDOL]HG$WWHQWLRQ   *HQGHU'LIIHUHQFHLQ5HVSRQVHWR9LVLELOLW\RI0HPEHU V6WDWXV   6WXG\   6WXG\   6WXG\   6WXG\6XUYH\9DOLGDWLRQRI([SHULPHQW5HVXOWV   *HQHUDO'LVFXVVLRQ  &KDSWHU:KDW0DNHV/R\DOW\3URJUDPV:RUN   ,QWURGXFWLRQ  7KHRUHWLFDO%DFNJURXQG   0HWKRG  5HVXOWV   'LVFXVVLRQ  &KDSWHU*HQHUDO&RQFOXVLRQV   0DLQRXWFRPHV   0DQDJHULDO,PSOLFDWLRQV   /LPLWDWLRQVDQG)XWXUH5HVHDUFK   6XPPDU\LQ'XWFK 1HGHUODQGVHVDPHQYDWWLQJ

(31)   $SSHQGL[4XHVWLRQQDLUH'XWFK5HODWLRQVKLS%XLOGHU LQ'XWFK

(32)   5HIHUHQFHV  . . .

(33) . .

(34) . &KDSWHU,QWURGXFWLRQ /R\DOW\ SURJUDPV HJ IUHTXHQW IO\HU SURJUDPV

(35)  VWDUWHG WR ERRP LQ WKH ODWH V XQGHUWKHPDLQSUHPLVHWKDW LWLV FKHDSHUWRNHHSH[LVWLQJFXVWRPHUVWKDQWRDWWUDFWQHZRQHV .XPDU DQG 5HLQDUW] 

(36)  5HFHQW DUWLFOHV LQ WKH :DOO 6WUHHW -RXUQDO VKRZ WKDW PDQDJHUV VSHQG D ORW RI HIIRUW LQWURGXFLQJ PDLQWDLQLQJ DQG FKDQJLQJ OR\DOW\ SURJUDPV %DQN  %LQNOH\  /LHEHU 

(37)  )RU H[DPSOH LQ (XURSH LQ WKH UHWDLOLQJ VHFWRU DORQH DERXW  PLOOLRQ OR\DOW\ FDUGV ZHUH LVVXHG LQ  .XPDU DQG 5HLQDUW] 

(38)  ,Q WKH 1HWKHUODQGV RI'XWFKUHWDLOHUVKDYHDGRSWHGOR\DOW\SURJUDPV /HHQKHHUDQG%LMPROW

(39) /R\DOW\ SURJUDPVDUHSHUFHLYHGWREHWKHNH\ZD\IRUFRPSDQLHVWRGHYHORSFXVWRPHUOR\DOW\WRZDUGV WKHLU EUDQGV VWRUHV DQG VHUYLFHV <L DQG -HRQ 

(40)  +RZHYHU WKH GHEDWH ZKHWKHU OR\DOW\ SURJUDPV DFWXDOO\ HQKDQFH FXVWRPHU OR\DOW\ VWLOO FRQWLQXHV DPRQJ PDUNHWLQJ VFLHQWLVWV DQG SUDFWLWLRQHUV 7KH JRDO RI WKLV GLVVHUWDWLRQ LV WR LGHQWLI\ IDFWRUV WKDW PDNH OR\DOW\ SURJUDPV ZRUN ,Q SDUWLFXODU ZH ORRN DW FRQVXPHU FKDUDFWHULVWLFV LQ SDUWLFXODU JHQGHU

(41)  DQG OR\DOW\ SURJUDP FKDUDFWHULVWLFV VXFK DV GHVLJQ HOHPHQWV RI OR\DOW\ SURJUDPV

(42)  ZKLFK OHDG WR HIIHFWLYHOR\DOW\SURJUDPV 7KLV FKDSWHU LQWURGXFHV WKH GHILQLWLRQV RI WKH PDLQ FRQVWUXFWV DQG WKH RXWOLQH RI WKH GLVVHUWDWLRQ. 'HILQLWLRQVRI.H\&RQVWUXFWVLQWKLV'LVVHUWDWLRQ. &XVWRPHU/R\DOW\ /R\DOW\ KDV PDQ\ GLIIHUHQW IRUPV HJ OR\DOW\ WR D SDUWQHU D IDPLO\ WR D VWRUH D EUDQG D FRPSDQ\ D FRXQWU\ DOVR NQRZQ DV SDWULRWLVP

(43)  ,W LPSOLHV WKDW D SHUVRQ VWD\V FRPPLWWHGDQGDFWVLQWKHLQWHUHVWRIDQRWKHUHQWLW\ WRZKRKHVKHLVOR\DO

(44) HYHQZKHQKHVKH JHWV DQRWKHU SRVVLEO\ D PRUH DWWUDFWLYH

(45)  DOWHUQDWLYH 2OLYHU 

(46)  ,Q PDUNHWLQJ FXVWRPHU OR\DOW\KDVDWWUDFWHGDORWRIDWWHQWLRQIURPVFLHQWLVWVRYHUWKHSDVWGHFDGH HJ%KDWWDFKDU\D DQG6HQ'H:XOI2GHNHUNHQ6FKU|GHUDQG,DFREXFFL2OLYHU

(47) . . .

(48) &KDSWHU,QWURGXFWLRQ. /R\DOW\LQPDUNHWLQJLVRIWHQYLHZHGLQWHUPVRIVSHFLILFEHKDYLRUDORXWFRPHV7KHVH RXWFRPHV LGHDOO\ VKRXOGLQFOXGHDW OHDVW RQH RIWKHIROORZLQJ EDVHG RQ .XPDUDQG 5HLQDUW] 

(49)  x. ,QFUHDVHLQEDVNHWVL]H. x. 3XUFKDVHIUHTXHQF\DFFHOHUDWLRQ. x. 'HFUHDVHLQSULFHVHQVLWLYLW\. x. ,QFUHDVHLQVKDUHRIZDOOHWRULQVKDUHRIFDWHJRU\UHTXLUHPHQWV. x. ,QFUHDVHGUHWHQWLRQUDWH. x. ,QFUHDVHGPHPEHUVKLSGXUDWLRQ. x. ,QFUHDVHLQ3RVLWLYH:RUGRI0RXWK :20

(50) FRPPXQLFDWLRQ ,Q FRQWUDVW WR WKHVH GHILQLWLRQV RI OR\DOW\ ZKLFK DUH EDVHG RQ VSHFLILF EHKDYLRUDO. RXWFRPHV-DFRE\DQG&KHVWQXW S

(51) VWUHVVHGWKDWEHIRUHRQHFRXOGVSHDNRIOR\DOW\ KHVKH PXVW KDYH WKH RSSRUWXQLW\ RI EHLQJ GLVOR\DO 6RPH DXWKRUV KDYH LQGLFDWHG WKDW WKH FRPPRQO\XVHGGHILQLWLRQRIOR\DOW\DVUHSHDWSXUFKDVHEHKDYLRU RUUHODWHGPHDVXUHV

(52) LVQRW VXIILFLHQW DQG FDQ EH PLVOHDGLQJ EHFDXVH LW GRHV QRW IXOO\ UHIOHFW FRQVXPHU¶V UHVLVWDQFH WR VZLWFK WR D FRPSHWLWRU 0HOOHQV HW DO  1HZPDQ DQG :HUEHO  2OLYHU 

(53)  )RU H[DPSOH FRQVXPHUV PLJKW UHJXODUO\ VKRS DW PXOWLSOH VWRUHV D SKHQRPHQRQ NQRZQ DV SRO\JDPRXV OR\DOW\ 0RUHRYHU UHSHDW SXUFKDVH PLJKW LQGLFDWH KDELWXDO EX\LQJ LQHUWLD

(54)  UDWKHUWKDQOR\DOW\ $VVDHO

(55)  ,QHUWLDUHIHUV WRWKHFRQVXPHUUHOXFWDQFH WRVZLWFK DZD\IURPDSUHYLRXVO\SXUFKDVHG EUDQGDOORWKHUWKLQJVEHLQJHTXDO &RUVWMHQVDQG/DO

(56) ,QHUWLDLVDUDWLRQDOEHKDYLRUWKDW MXVW KHOSV FRQVXPHUV WRVLPSOLI\ WKHLU GHFLVLRQ PDNLQJ UXOH E\ FKRRVLQJ FHWHULV SDULEXV WKH VWDWXVTXRRSWLRQSURYLGHGWKDWWKH\ZHUHVDWLVILHGZLWKLW 6DPXHOVRQDQG=HFNKDXVHU

(57)  +RZHYHUZKHQHYHUVRPHWKLQJFKDQJHVHJDQRWKHUFRPSDQ\ORZHUVLWVSULFHDQGWKHSULFH GLIIHUHQFH FRYHUV WKH WKLQNLQJ FRVWV FRQVXPHUV DUH OLNHO\ WR VZLWFK WR WKLV PRUH DWWUDFWLYH RSWLRQ 6KXJDQ

(58)  ,Q FRQWUDVW WR LQHUWLD OR\DOW\ LPSOLHV FRPPLWPHQW WR D VSHFLILF RSWLRQ GHVSLWH DQ\ VLWXDWLRQDO FLUFXPVWDQFHV &KDXGKXUL DQG +ROEURRN 

(59)  $QG WKXV FRPLQJ EDFN WR WKH SUHYLRXV H[DPSOH LI DQRWKHU FRPSDQ\ ORZHUV LWV SULFH OR\DO FXVWRPHUV VWLOO GR QRW VZLWFK WKHUH 'LFNDQG%DVX

(60) ,QIDFWLWZDVVKRZQDFURVVPXOWLSOHVWXGLHVWKDWSULFHLVDOPRVW. . .

(61) . LUUHOHYDQW IRU OR\DO FXVWRPHUV DQG WKH\ DUH DFWXDOO\ ZLOOLQJ WR SD\ KLJKHU SULFH IRU WKH VDPH SURGXFW &KDXGKXUL DQG +ROEURRN  <RR HW DO 

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

(63)  RU YROXQWDULO\ FKRRVLQJ WR SD\LQJ D KLJKHU SULFH IRU WKH VDPH SURGXFW &KDXGKXULDQG+ROEURRN9DQ2VVHODHU$OEDDQG0DQFKDQGD

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¶V E S 

(65)  GHILQLWLRQWRLQFOXGHVWRUHOR\DOW\. /R\DOW\3URJUDPVDQG7KHLU(IIHFWRQ&XVWRPHU/R\DOW\ . (QKDQFLQJ FXVWRPHU OR\DOW\ LV RI NH\ LPSRUWDQFH WR FRPSDQLHV EHFDXVH OR\DO. FXVWRPHUVDUHEHOLHYHGWREHPRUHSURILWDEOH .XPDUDQG5HLQDUW]

(66) )RUH[DPSOHOR\DO FXVWRPHUVW\SLFDOO\GRPRUHUHSHDWEXVLQHVVGHYHORSODUJHUWROHUDQFHWRZDUGVWKHGRZQVLGHV RI WKHFRPSDQ\GHYHORSUHVLVWDQFHWRWKHFRPSHWLWLYHRIIHUVDQGEHFRPHOHVV SULFHVHQVLWLYH 6KDUS DQG 6KDUS  &LJOLDQR HW DO 

(67)  7KHUHIRUH LW LV QRW VXUSULVLQJ WKDW PDUNHWHUV ZHUH LQWHUHVWHG LQ D WRRO WKDW ZRXOG DOORZ HQKDQFLQJ FXVWRPHU OR\DOW\ /R\DOW\ SURJUDPV ZHUHFUHDWHGVSHFLILFDOO\DVWKHPDUNHWLQJLQVWUXPHQWWRHQKDQFHFXVWRPHUOR\DOW\ +RZHYHUGHVSLWHRIWKHLUSRSXODULW\PDQ\OR\DOW\SURJUDPVDUHLQHIIHFWLYHDQGIDLOWR VWLPXODWH WKH GHVLUHG OR\DOW\ RI FXVWRPHUV <L DQG -HRQ  'RZOLQJ DQG 8QFOHV  &LJOLDQRHWDO

(68) )RUH[DPSOH6KDUSDQG6KDUS 

(69) GHPRQVWUDWHGWKDWRQO\WZRRXWRI. . .

(70) &KDSWHU,QWURGXFWLRQ. VL[ OR\DOW\ SURJUDPV \LHOGHG DQ HIIHFWLYH GHYLDWLRQ LQ UHSHDW SXUFKDVH OR\DOW\ $ 0F.LQVH\ UHSRUW VKRZV WKDW WKH ILUVW FRPSDQLHV WKDW LQWURGXFHG D OR\DOW\ SURJUDP DPRQJ 86 DQG (XURSHDQ UHWDLOHUV REWDLQHG DQ  SHUFHQW UHYHQXH LQFUHDVH LQ JURFHULHV DQG  SHUFHQW UHYHQXH LQFUHDVH LQ GHSDUWPHQW VWRUHV GXULQJ WKH ILUVW \HDU RI WKH OR\DOW\ SURJUDPV 7KH UHVXOWVRIODWHUHQWUDQWVZHUHVKRZQWREHZRUVH &LJOLDQRHWDO

(71)  6RPH FRPSDQLHV IDLOHG WR FUHDWH HIIHFWLYH OR\DOW\ SURJUDPV 7KLV LQHIIHFWLYHQHVV RI OR\DOW\ SURJUDPV FRPELQHG ZLWK W\SLFDOO\ KLJK FRVWV DVVRFLDWHG ZLWK PDLQWDLQLQJ WKHP

(72)  PDGH WKHP WHUPLQDWH RU PRGLI\ WKHLU OR\DOW\ SURJUDPV .XPDU DQG 5HLQDUW] 

(73)  )RU H[DPSOH 6DIHZD\ WHUPLQDWHG LWV OR\DOW\ SURJUDP LQ $SULO  ZKLOH &RQWLQHQWDO $LUOLQHV UHFHQWO\GRZQJUDGHGVRPHW\SHVRIUHZDUGVIRU WKHLU FXVWRPHUV .XPDU DQG 5HLQDUW]

(74)  2Q WKH RWKHU KDQG WKHUH DUH PXOWLSOH H[DPSOHV RI FRPSDQLHV WKDW HQMR\ WKH HIIHFWLYHQHVV RI WKHLU OR\DOW\ SURJUDPV DQG HYHQ EURDGHQ WKHP HJ 7HVFR 8. 0DUUULRWW KRWHOV %LQNOH\ 

(75)  7KHUHIRUH LW LV FUXFLDO WR PDQDJHUV WR XQGHUVWDQG ZKLFK IDFWRUV FRQWULEXWH WR WKH VXFFHVVRIVRPHOR\DOW\SURJUDPDQGWRWKHIDLOXUHVRIRWKHUV +HUHZHGHILQHDOR\DOW\SURJUDPDVDV\VWHPDWLFHIIRUWRIDFRPSDQ\ZKLFKLQFOXGHV DQ LQWHJUDWHG V\VWHP RI LQFHQWLYHV WKDWDLPV WRFUHDWH RULQFUHDVH FXVWRPHU OR\DOW\ EDVHG RQ %ROWRQ.DQQDQDQG%UDPOHWW.LYHW]DQG6LPRQVRQ

(76) 7\SLFDOIHDWXUHVRIOR\DOW\ SURJUDPV LQFOXGH WKH IROORZLQJ )LUVW OR\DOW\ SURJUDPV SURYLGH D V\VWHPDWLF VHW RI UHZDUGV IRU FXVWRPHUV WR VWLPXODWH FHUWDLQ EHKDYLRU 7KHVH UHZDUGV FDQ EH RI WZR W\SHV XWLOLWDULDQ DOVR NQRZQ DV KDUG UHZDUGV

(77)  DQG QRQXWLOLWDULDQ VRIW UHZDUGV

(78)  8WLOLWDULDQ UHZDUGV DUH PRQHWDU\ UHZDUGV ZKLFK PD\ LQFOXGH GLVFRXQWV VDYLQJV FRXSRQV FDVK UHZDUGV IUHH SURGXFWVHWF &KDQGRQ:DQVLQNDQG/DXUHQW

(79) 1RQXWLOLWDULDQUHZDUGVGRQRWSURYLGH GLUHFWPRQHWDU\YDOXHLQVWHDGWKH\SURYLGHSV\FKRORJLFDORUHPRWLRQDOEHQHILWV7KLVW\SHRI UHZDUGV PD\ LQFOXGH SUHIHUHQWLDO WUHDWPHQW PDJD]LQHV VSHFLDO DWWHQWLRQ H[WUD VHUYLFH IRU PHPEHUVRQO\HWF 2 %ULDQDQG-RQHV

(80) 6HFRQGW\SLFDOO\DOR\DOW\SURJUDPSURYLGHV WKHLU PHPEHUV ZLWK D OR\DOW\ FDUG ZKLFK DOVR HQDEOHV VWRUHV WR GLIIHUHQWLDWH EHWZHHQ PHPEHUV DQG QRQPHPEHUV 9DQ +HHUGH DQG %LMPROW 

(81)  DQG FROOHFW GDWD DERXW WKHLU FOLHQWV 5RVVL 0F&XOORFK DQG $OOHQE\  /HHQKHHU 

(82)  )LQDOO\ D OR\DOW\ SURJUDP LV W\SLFDOO\ORQJODVWLQJ VHH/DODQG%HOOIRUH[FHSWLRQV

(83) . . .

(84) . $OWKRXJK PXOWLSOH VWXGLHV VKRZHG WKDW WKH HIIHFW RI D OR\DOW\ SURJUDP RQ FXVWRPHU OR\DOW\ WR D ODUJH GHJUHH GHSHQGV RQ WKH GHVLJQ RI WKLV OR\DOW\ SURJUDP &KDQGRQ :DQVLQN DQG/DXUHQW.LYHW] .LYHW]DQG6LPRQVRQ 

(85) WKHUHDUHVHYHUDOJDSVLQ WKHOLWHUDWXUHWKDWQHHGWREHDGGUHVVHG,QSDUWLFXODUGHVSLWHWKHLQFUHDVLQJOHYHORIDGRSWLRQ RI QRQXWLOLWDULDQHOHPHQWVE\ FRPSDQLHV VHH&RYLHOOR%URGLH'DQDKHUDQG -RKQVRQ

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p  +ROW DQG 7KRPSVRQ  0H\HUV/HY\   0H\HUV/HY\ DQG 0DKHVZDUDQ 0H\HUV/HY\DQG6WHUQWKDO

(87) ,QDGGLWLRQVRPHVWXGLHVVXJJHVWWKDWWKHUHPLJKWEH IXQGDPHQWDO GLIIHUHQFHV LQ ERWK PDOH DQG IHPDOH FXVWRPHU OR\DOW\ DQG LQ WKHLU UHVSRQVHV WR OR\DOW\SURJUDPV .LYHW]DQG6LPRQVRQ0LWWDODQG.DPDNXUD

(88)  ,WLVLPSRUWDQWWR QRWHWKHGLIIHUHQFHEHWZHHQWKHJHQGHULWVHOI LHELRORJLFDO JHQGHU RU VH[

(89)  DQG JHQGHU LGHQWLW\ LH SV\FKRORJLFDO JHQGHU

(90)  *HQGHU UHIHUV WR DQ LQGLYLGXDO V ELRORJLFDOVH[LHZKHWKHUDSHUVRQLVDZRPDQRUDPDQ 'HDX[

(91) 8VXDOO\E\WKHDJH RI DERXW WZR RU WKUHH \HDUV ROG FKLOGUHQ EHFRPH DZDUH RI WKHLU ELRORJLFDO VH[ 0RQH\ DQG (KUKDUGW

(92)  . *HQGHU LGHQWLW\ UHIHUV WR LQGLYLGXDO V SV\FKRORJLFDO JHQGHU LHD GHJUHH WR ZKLFK DQ. LQGLYLGXDO LGHQWLILHV RU WKLQNV RI KLPKHUVHOI LQ WHUPV RI PDVFXOLQLW\ DQG IHPLQLQLW\ SHUVRQDOLW\ WUDLWV 3DODQ 

(93)  )RU H[DPSOH DVVHUWLYHQHVV FRPSHWLWLYHQHVV DQG IRFXV RQ LQGLYLGXDO JRDOV DUH VWURQJO\ DVVRFLDWHG ZLWK PDVFXOLQLW\ ZKHUHDV XQGHUVWDQGLQJ FDULQJ VHQVLWLYLW\DQGSDVVLRQDUHVWURQJO\DVVRFLDWHGZLWKWKHIHPLQLQLW\WUDLW %HP&URVVDQG 0DUNXV 

(94)  8QOLNH ELRORJLFDO JHQGHU JHQGHU LGHQWLW\ LV GULYHQ E\ FXOWXUH DQG VRFLDO QRUPV LQ D JLYHQ VRFLHW\ /HUQHU 

(95)  $IWHU FKLOGUHQ EHFRPH DZDUH RI WKHLU ELRORJLFDO. . .

(96) &KDSWHU,QWURGXFWLRQ. JHQGHUWKH\DOVROHDUQWKHFXOWXUDOO\GHULYHGJHQGHUQRUPV .XKQ1DVKDQG%UXFNHQ

(97)  7KXV GHSHQGLQJ RQ D VRFLHW\ DQG IDPLO\ YDOXHV VRPH PHQ PD\ EH PRUH IHPLQLQH WKDQ PDVFXOLQH ZKLOH VRPH ZRPHQ PLJKW EH PRUH PDVFXOLQH WKDQ IHPLQLQH *HQGHU LGHQWLW\ LV FRUUHODWHG ZLWK ELRORJLFDO JHQGHU KRZHYHU WKH VWUHQJWK RI WKLV FRUUHODWLRQ LV FRQVWUDLQHG E\ FXOWXUDOVWHUHRW\SHVRIDSSURSULDWHIHPLQLQHDQGPDVFXOLQHEHKDYLRU &RQVWDQWLQRSOH

(98)  ,Q WKLV UHVHDUFK ZH H[SORUH JHQGHU GLIIHUHQFHV LQ FXVWRPHU OR\DOW\ DQG UHVSRQVH WR OR\DOW\SURJUDPV:HPRVWO\IRFXVRQWKHELRORJLFDOJHQGHULWVHOI UDWKHUWKDQRQWKHJHQGHU LGHQWLW\

(99) EHFDXVHLWLVPRUHFRPPRQO\XVHGLQPDUNHWLQJSUDFWLFHIRUPDUNHWVHJPHQWDWLRQ. 0DLQ&RQWULEXWLRQVDQG2XWOLQHRIWKH'LVVHUWDWLRQ. 3UREOHPVWDWHPHQW 7KH PDLQ JRDO RI WKLV GLVVHUWDWLRQ LV WR LQYHVWLJDWH KRZ WR PDNH OR\DOW\ SURJUDPV. . HIIHFWLYH 3UHYLRXV UHVHDUFK VXJJHVWV WKDW DPRQJ IDFWRUV WKDW FRQWULEXWH WR WKH VXFFHVV RI OR\DOW\ SURJUDPV OR\DOW\ SURJUDP GHVLJQ DQG FRQVXPHU FKDUDFWHULVWLFV DUH WKH PRVW FUXFLDO RQHV .XPDU DQG 5HLQDUW] 

(100)  ,Q DGGLWLRQ WKHVH DUHDOVR WKH IDFWRUV WKDW PDQDJHUV RI WKH OR\DOW\ SURJUDPV FDQ UHODWLYHO\ HDVLO\ LQIOXHQFH WKH GHVLJQ HOHPHQWV

(101)  RU WDNH LQWR DFFRXQW FRQVXPHUFKDUDFWHULVWLFV

(102) 7KHUHIRUHLQWKLVGLVVHUWDWLRQZHIRFXVRQWKHHIIHFWRIXWLOLWDULDQ DQG QRQXWLOLWDULDQ GHVLJQ HOHPHQWV RI OR\DOW\ SURJUDPV DQG RI FRQVXPHU FKDUDFWHULVWLFV LQ SDUWLFXODUJHQGHU

(103) RQFXVWRPHUOR\DOW\ 7KXVWKHPDLQSUREOHPVWDWHPHQWRIWKLVGLVVHUWDWLRQLVWRLQYHVWLJDWH :KDW DUH WKH PDLQ DQG LQWHUDFWLRQ HIIHFWV RI JHQGHU DQG QRQXWLOLWDULDQ HOHPHQWV RI OR\DOW\ SURJUDPGHVLJQRQFXVWRPHUOR\DOW\" 7KH FHQWUDO SUREOHP VWDWHPHQW ZLOO EH DQVZHUHG WKURXJK WKH IROORZLQJ UHVHDUFK TXHVWLRQV . 'RPHQDQGZRPHQGLIIHULQWKHLUFXVWRPHUOR\DOW\",IVRKRZ". . 'R PHQ DQG ZRPHQ GLIIHU LQ WKHLU UHVSRQVH WR QRQXWLOLWDULDQ HOHPHQWV RI OR\DOW\ SURJUDPV",IVRWRZKLFKHOHPHQWVPHQDQGZRPHQUHVSRQGWKHVWURQJHVW". . +RZ GR XWLOLWDULDQ DQG QRQXWLOLWDULDQ HOHPHQWV RI OR\DOW\ SURJUDP GHVLJQV DIIHFW OR\DOW\". . .

(104) . &RQWULEXWLRQV 7KHPDLQFRQWULEXWLRQVRIWKLVGLVVHUWDWLRQRQWKHWKHRUHWLFDODQGPDQDJHULDOVLGHVDUH VXPPDUL]HG EHORZ )LUVW ZH PDNH WKH IROORZLQJ FRQWULEXWLRQV WR WKH UHVHDUFK RQ FRQVXPHU OR\DOW\ D. :HEULQJLQLWLDOHPSLULFDOLQVLJKWLQWRWKHQDWXUHRIPDOHDQGIHPDOHFRQVXPHUOR\DOW\ LQWKHSUHVHQFHRIFRPSHWLQJWKHRULHV FKDSWHU

(105) . E. :HLQYHVWLJDWHJHQGHUGLIIHUHQFHVLQFXVWRPHU VUHVSRQVHWROR\DOW\SURJUDPV FKDSWHU 

(106) . F. :H GHPRQVWUDWH HPSLULFDOO\ WKDW FXVWRPHU OR\DOW\ GRHV QRW QHFHVVDULO\ KDYH WR EH ERXJKWE\XWLOLWDULDQHOHPHQWV HJGLVFRXQWVRUVDYLQJV

(107) RIOR\DOW\SURJUDPGHVLJQ FKDSWHUVDQG

(108) . G. :H LQYHVWLJDWH WKH HIIHFWLYHQHVV RI OR\DOW\ SURJUDPV QRW RQO\ DIWHU WKH OR\DOW\ SURJUDPLQWURGXFWLRQEXWDOVRDWWKHVWDJHRILWVWHUPLQDWLRQ FKDSWHU

(109)   6HFRQG ZH FRQWULEXWH WR WKH WKHRU\ RI JHQGHU LGHQWLW\ :KHUHDV FORVHQHVV RI. UHODWLRQVKLSV DQG WKHLU LQGLYLGXDO YHUVXV JURXS QDWXUH DUH FRQIRXQGHG LQ WKH OLWHUDWXUH %DXPHLVWHU DQG 6RPPHU  *DEULHO DQG *DUGQHU 

(110)  ZH VKRZ WKDW WKH HVVHQWLDO GLIIHUHQFH LQOR\DOW\ EHWZHHQ PDQDQG ZRPHQ LV QRW VR PXFK WKHFORVHQHVV RI UHODWLRQVKLSV EXWWKHLQGLYLGXDOYHUVXVJURXSGLVWLQFWLRQSHUVH FKDSWHU

(111)  . ,QDGGLWLRQRXUUHVHDUFKSURYLGHVLPSRUWDQWPDQDJHULDOLQVLJKWV D. :H GHPRQVWUDWH WKDW VWUDWHJLHV WR HQKDQFH FXVWRPHU OR\DOW\ RI PDOH DQG IHPDOH FRQVXPHUV VKRXOG GLIIHU DQG SURYLGH PDQDJHULDO LQVLJKWV RQ ZKLFK IDFWRUV DUH LPSRUWDQWIRUHDFKRIWKHJHQGHUV FKDSWHU

(112) . E. :HGHPRQVWUDWHZKLFKHOHPHQWVRIOR\DOW\SURJUDPVDUHWKHPRVWHIIHFWLYHWRHQKDQFH FXVWRPHUOR\DOW\IRUPDOHDQGIHPDOHFRQVXPHUV FKDSWHU

(113) . F. :H VKRZ ZKLFK HOHPHQWV RI OR\DOW\ SURJUDP ZRUN EHVW DIWHU DQ LQWURGXFWLRQ RI D OR\DOW\ SURJUDP DQG UHPDLQ HIIHFWLYH DIWHU LWV WHUPLQDWLRQ DQG SURYLGH PDQDJHULDO LQVLJKWV RQ DGYDQWDJHV DQG GLVDGYDQWDJHV RI HDFK RI WKH FRPPRQO\ XVHG XWLOLWDULDQ GLVFRXQWV DQG VDYLQJV

(114)  DQG QRQXWLOLWDULDQ GLYHUVLILFDWLRQ EHWZHHQ PHPEHUV DQG QRQPHPEHUVDQGSHUVRQDOL]DWLRQ

(115) HOHPHQWVRIOR\DOW\SURJUDPV FKDSWHU

(116) . . .

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

(118)  DQG QRQ XWLOLWDULDQ GLYHUVLILFDWLRQ EHWZHHQ PHPEHUV  QRQPHPEHUV DQG SHUVRQDOL]DWLRQ

(119)  RQ FXVWRPHU OR\DOW\ FKDQJH LQ UHWHQWLRQ

(120)  :H VWXG\ WKH HIIHFW RI XWLOLWDULDQ DQG QRQ XWLOLWDULDQ HOHPHQWV RI OR\DOW\ SURJUDP RQ EHKDYLRUDO OR\DOW\ EDVHG RQ FRQVXPHU UHVSRQVHV XVLQJ D VXUYH\ DPRQJ  FRQVXPHUV

(121)  WR  FXUUHQWO\ RSHUDWHG OR\DOW\ SURJUDPVLQWKH1HWKHUODQGV. . .

(122) . &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\  $EVWUDFW. $FURVV IRXU VWXGLHV ZH GHPRQVWUDWH WKDW PDOHV DUH QRW LQKHUHQWO\ OHVV RU PRUH OR\DO FRQVXPHUV WKDQ IHPDOHV ,QVWHDG ZH ILQG WKDW PDOH DQG IHPDOH FRQVXPHUOR\DOW\DUHIXQGDPHQWDOO\GLIIHUHQWLQQDWXUH:KHUHDVIHPDOHVWHQG WR EH PRUH OR\DO WKDQ PDOHV WR LQGLYLGXDOV VXFK DV LQGLYLGXDO VHUYLFH HPSOR\HHV PDOHV PRUHWKDQ IHPDOHV FRQFHQWUDWH WKHLU OR\DOW\ DW WKH OHYHO RI JURXSV RU ODUJHU JURXSOLNH HQWLWLHV VXFK DV FRPSDQLHV ,PSOLFDWLRQV IRU WKH WKHRU\RIJHQGHUGLIIHUHQFHVDQGPDQDJHULDOLPSOLFDWLRQVDUHGLVFXVVHG. ,QWURGXFWLRQ 5HVHDUFK RQ VH[XDO LQILGHOLW\ VXJJHVWV WKDW PHQ WHQG WR EH PXFK OHVV OR\DO WKDQ ZRPHQ HJ%DXPHLVWHU&DWDQHVHDQG9RKV

(123) )RUH[DPSOH+DQVHQ 

(124) IRXQGWKDW  RI PDOH VWXGHQW YV  RI IHPDOH VWXGHQWV KDG VH[XDO LQWHUFRXUVH RXWVLGH D FRPPLWWHG GDWLQJ UHODWLRQVKLS ,Q PDULWDO KHWHURVH[XDO UHODWLRQVKLSV DIWHU WHQ \HDUV RI PDUULDJHRIPDOHVDQGRIIHPDOHVUHSRUWHGLQVWDQFHVRIQRQPRQRJDP\ %OXPVWHLQ DQG 6FKZDUW] 

(125)  $ VLPLODU SDWWHUQ RFFXUV LQ FRPPLWWHG KRPRVH[XDO UHODWLRQVKLSV ZLWK JD\PHQUHSRUWLQJDKLJKHULQFLGHQFHRIFKHDWLQJRQWKHLUSDUWQHUWKDQJD\ZRPHQ %OXPVWHLQ DQG 6FKZDUW] 

(126)  'HVSLWH WKH FRPPHUFLDO LPSRUWDQFH RI LQILGHOLW\ PRVW FRQVXPHU UHVHDUFKHUVDUHQRWGLUHFWO\LQWHUHVWHGLQJHQGHUGLIIHUHQFHVLQVH[XDOOR\DOW\+RZHYHUJLYHQ LQFUHDVLQJO\VWURQJHYLGHQFHRIVLPLODULWLHVEHWZHHQLQWHUSHUVRQDODQGFRQVXPHUUHODWLRQVKLSV HJ $JJDUZDO  )RXUQLHU 

(127)  WKHVH ILQGLQJV PD\ EH RI LQWHUHVW IURP D FRQVXPHU OR\DOW\SHUVSHFWLYH &RQVXPHU OR\DOW\ KDV EHHQ WKH REMHFW RI LQWHQVH LQWHUHVW LQ ERWK WKH EXVLQHVV DQG DFDGHPLF ZRUOGV HJ 2OLYHU  5HLFKKHOG 

(128)  ,Q IDFW WKH FRQFHSW RI FRQVXPHU OR\DOW\ LV DW WKH KHDUW RI &XVWRPHU 5HODWLRQVKLS 0DQDJHPHQW VHH HJ 5XVW =HLWKDPO DQG /HPRQ 

(129)  DQG LV WKH UDLVRQ G rWUH RI RPQLSUHVHQW OR\DOW\ SURJUDPV VHH HJ .LYHW]. . .

(130) &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\. .LYHW]DQG6LPRQVRQ5RHKP3XOOLQVDQG5RHKP6KDUSDQG6KDUS  YDQ 2VVHODHU $OED DQG 0DQFKDQGD  IRU UHVHDUFK RQ FRQVXPHUV  UHVSRQVHV WR OR\DOW\SURJUDPV

(131)  $W WKH VDPH WLPH DFDGHPLF UHVHDUFK KDV GLVFRYHUHG LPSRUWDQW GLIIHUHQFHV LQ FRJQLWLYH SURFHVVHV DQG EHKDYLRU RI PDOH DQG IHPDOH FRQVXPHUV HJ %UXQHO DQG 1HOVRQ  )LVKHU DQG 'XEp  +ROW DQG 7KRPSVRQ  0H\HUV/HY\   0H\HUV /HY\ DQG 0DKHVZDUDQ  0H\HUV/HY\ DQG 6WHUQWKDO 

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

(133)  DQG E\ GLVDPELJXDWLQJ WKH IDFWRUV WKDW XQGHUO\ JHQGHUGLIIHUHQFHVLQPDQ\DUHDVRIEHKDYLRU. 7KHRUHWLFDO%DFNJURXQG. /R\DOW\ /R\DOW\ KDV PDQ\ GLIIHUHQW IRUPVIRU H[DPSOH OR\DOW\ WR D SDUWQHU D IDPLO\ D FRXQWU\ SDWULRWLVP

(134)  EXW DOVR WR D EUDQG RU D FRPSDQ\ /R\DOW\ LPSOLHV WKDW D SHUVRQ VWD\V FRPPLWWHGDQGDFWVLQWKHLQWHUHVWRIDQRWKHUHQWLW\ WRZKRKHVKHLVOR\DO

(135) HYHQZKHQKHVKH JHWVDQRWKHUSRVVLEO\PRUHDWWUDFWLYHDOWHUQDWLYH 2OLYHU 

(136) ,Q PDUNHWLQJ OR\DOW\LVRIWHQ YLHZHG LQ WHUPV RI VSHFLILF EHKDYLRUDO RXWFRPHV VXFK DV UHSHDWSXUFKDVH UDWH 6KDUS DQG 6KDUS 

(137)  RU UHODWHG PHDVXUHV VXFK DV LQFUHDVHG XVDJH IUHTXHQF\ DQG VKDUH RI ZDOOHW &RUVWMHQVDQG/DO

(138) +RZHYHU-DFRE\DQG&KHVWQXW 

(139) VWUHVVHGWKDWEHIRUHRQH FRXOG VSHDN RI OR\DOW\ KHVKH PXVW KDYH WKH RSSRUWXQLW\ RI EHLQJ GLVOR\DO 6RPH DXWKRUV KDYH LQGLFDWHG WKDW WKH FRPPRQO\ XVHG GHILQLWLRQ RI OR\DOW\ DV UHSHDW SXUFKDVH EHKDYLRU LV. . .

(140) . QRW VXIILFLHQW DQG FDQ EH PLVOHDGLQJ EHFDXVH LW GRHV QRW UHIOHFW FRQVXPHUV  UHVLVWDQFH WR VZLWFKWRDFRPSHWLWRU 1HZPDQDQG:HUEHO2OLYHU

(141) 0RUHRYHUUHSHDWSXUFKDVHV PLJKW LQGLFDWH KDELWXDO EX\LQJ LQHUWLD

(142)  UDWKHU WKDQ OR\DOW\ $VVDHO 

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

(145) &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\. . ,Q D FRQFHSWXDO DUWLFOH %DXPHLVWHU DQG 6RPPHU 

(146)  FULWLTXH WKH HYLGHQFH IRU D. GLVWLQFWLRQ EHWZHHQ D IHPDOH IRFXV RQ LQWHUGHSHQGHQFH DQG D PDOH IRFXV RQ LQGHSHQGHQFH &LWLQJ D IXQGDPHQWDO KXPDQ QHHG WR EHORQJ %DXPHLVWHU DQG /HDU\ 

(147)  %DXPHLVWHU DQG 6RPPHU 

(148)  SURSRVH D GLIIHUHQW YLHZ RQ WKH IXQGDPHQWDO GLVWLQFWLRQ EHWZHHQ :HVWHUQ PHQDQGZRPHQ$FFRUGLQJWRWKLVYLHZZKLFKKLWKHUWRUHPDLQVODUJHO\XQWHVWHGHPSLULFDOO\ EXW VHH *DEULHO DQG *DUGQHU 

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

(150)  VXJJHVWV WKDW IHPDOHV VKRXOG EH PRUH OR\DO FRQVXPHUV WKDQ PDOH FRQVXPHUV DFURVVWKH ERDUG ,QFRQWUDVW WKH YLHZRIIHPDOHVDQGPDOHVDVHTXDOO\LQWHUGHSHQGHQWEXW LQ GLIIHUHQW ZD\V VXJJHVWV WKDW PDOHV VKRXOG EH PRUH OR\DO WKDQ IHPDOHV ZKHQ WKH REMHFW RI. . .

(151) . OR\DOW\ LV D PRUH DEVWUDFW ODUJHU JURXS HQWLW\ 7KHUHIRUH LQ VWXG\  ZH DVVHVVHG FRQVXPHU OR\DOW\ LQ D VFHQDULR LQ ZKLFK WKH REMHFW RI OR\DOW\ ZDV D PRUH DEVWUDFW JURXS HQWLW\ D XQLYHUVLW\

(152) . 0HWKRG 7ZHQW\WKUHH IHPDOH DQG  PDOH XQLYHUVLW\ VWXGHQWV HQUROOHG LQ D FRXUVH DW D 'XWFK XQLYHUVLW\ZHUHDVNHGWRUHDGWKHIROORZLQJVFHQDULR LQ(QJOLVK

(153)  'U >DFWXDO SURIHVVRU V QDPH@ WKH LQVWUXFWRU RI WKH 0DUNHWLQJ 7DFWLFV FRXUVH ZKLFK \RX ZLOO KDYH WR WDNH DV DQ REOLJDWRU\ FRXUVH QH[W \HDU DVNV \RXU RSLQLRQ DERXWWKHDGRSWLRQRIDQHZ WH[WERRNIRUKLVFRXUVH%RWKRIWKH RIIHUHG ERRNV DUH LQ (QJOLVK DQG DUH EHOLHYHG WR EH RI DERXW HTXDOO\ JRRG TXDOLW\7KHILQDOGHFLVLRQRQZKLFKERRNVKRXOGEHDGRSWHGIRUWKH0DUNHWLQJ 7DFWLFV FRXUVH DW >QDPH RI RZQ@ XQLYHUVLW\ QH[W \HDU VWURQJO\ GHSHQGV RQ VWXGHQWV¶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

(154)  %HIRUH JLYLQJ WKHLU YRWH WKH SDUWLFLSDQWV ZHUH UHPLQGHG WKDW WKH FKRLFH WKH\ ZHUH DERXW WR. . .

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

(157) . 6WXG\$. 0HWKRG 7KLUW\ IHPDOH DQG  PDOH XQGHUJUDGXDWH VWXGHQWV YROXQWHHUHG WR SDUWLFLSDWH LQ WKLV VWXG\ IRU H[WUD FRXUVH FUHGLW 7KH\ ZHUH DVNHG WR UHDG WKH IROORZLQJ VFHQDULR LQ 'XWFK

(158)  WR LQGLFDWHWKHLUUHVSRQVHDQGWRLQGLFDWHWKHLUJHQGHU ,PDJLQH WKDW \RX KDYH D PRELOH SKRQH VXEVFULSWLRQ ZKLFK LV QRZ H[SLULQJ DW FRPSDQ\ ; <RX DUH VDWLVILHG ZLWK WKH FRPSDQ\ DQG WKLQNLQJ DERXW SURORQJLQJ \RXU VXEVFULSWLRQ<RXDUHWDONLQJDERXWWKLVZLWKDQDFTXDLQWDQFHZKRZRUNHGDWFRPSDQ\;DQG DVVLVWHG \RX WR JHW WKH VXEVFULSWLRQ ODVW WLPH +HVKH QRZ ZRUNV DW PRELOH FRPSDQ\ < WKH FORVHVW FRPSHWLWRU RI ;

(159)  DQG RIIHUV \RX D VXEVFULSWLRQ ZLWK WKLV FRPSDQ\ < RQ WKH VDPH FRQGLWLRQVDV\RXKDYHDWFRPSDQ\;:KDWLVWKHOLNHOLKRRGRI\RXVZLWFKLQJWRFRPSDQ\< . GHILQLWHO\VWD\ZLWK;. LQGLIIHUHQWEHWZHHQ;DQG<. GHILQLWHO\VZLWFKWR<

(160) ". 5HVXOWV )HPDOH SDUWLFLSDQWV 0.  . .  

(161)  LQGLFDWHG D VLJQLILFDQWO\ VWURQJHU LQFOLQDWLRQ WR. IROORZ WKH HPSOR\HH WR D FRPSHWLQJ FRPSDQ\ WKDQ PDOH SDUWLFLSDQWV 0.  . .   W 

(162) . . S

(163) 7KLVLVFRQVLVWHQWZLWKWKHLGHDWKDWUHODWLYHWRPDOHFRQVXPHUOR\DOW\IHPDOH FRQVXPHU OR\DOW\ LV PRUH GLUHFWHG WRZDUG FORVHU LQGLYLGXDO UHODWLRQVKLSV DQG OHVV WRZDUG PRUHDEVWUDFWODUJHUJURXSLQJVRISHRSOHVXFKDVFRPSDQLHV. 6WXG\%. 0HWKRG 7ZHQW\VL[ IHPDOH DQG  PDOH XQGHUJUDGXDWHV YROXQWHHUHG WR SDUWLFLSDWH LQ WKLV VWXG\ IRU H[WUD FRXUVH FUHGLW 7KH\ ZHUH DVNHG WR UHDG WKH IROORZLQJ VFHQDULR LQ 'XWFK

(164)  WR LQGLFDWHWKHLUUHVSRQVHDQGWRLQGLFDWHWKHLUJHQGHU ,PDJLQHWKDW\RXRIWHQXVHFRS\VKRS$<RXKDYHDOZD\VEHHQVDWLVILHGZLWK FRS\VKRS$,QDGGLWLRQWKHSHUVRQDWWKHFRXQWHUZDVDOZD\VYHU\IULHQGO\WR \RX1RZDQHZFRS\VKRSKDVRSHQHGDQGWKLVSHUVRQKDVPRYHGWRWKLVQHZ FRS\VKRS%3ULFHVDQGTXDOLW\RIERWK FRS\VKRSV DUH WKHVDPH :KDWLVWKH. . .

(165) &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\. OLNHOLKRRG RI \RX VZLWFKLQJ WR FRPSDQ\ %  . LQGLIIHUHQWEHWZHHQ$DQG%. GHILQLWHO\ ZLOO VWD\ ZLWK $. GHILQLWHO\VZLWFKWR%

(166) ". 5HVXOWV )HPDOH SDUWLFLSDQWV 0.  . .  

(167)  LQGLFDWHG D VLJQLILFDQWO\ VWURQJHU LQFOLQDWLRQ WR. IROORZ WKH HPSOR\HH WR D FRPSHWLQJ FRPSDQ\ WKDQ PDOH SDUWLFLSDQWV 0.  . .   W 

(168) . .  S  

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

(170) LVGLUHFWHGPRUHWRZDUG FORVHU LQGLYLGXDO UHODWLRQVKLSV ZKHUHDV PDOH FRQVXPHU OR\DOW\ UHODWLYH WR IHPDOH FRQVXPHU OR\DOW\

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

(172) LQRXUSDUWLFLSDQWSRRO2IFRXUVHIURPDPDQDJHULDO SHUVSHFWLYH WKLV PD\ QRW EH DQ LPSRUWDQW LVVXH $V ORQJ DV ELRORJLFDO JHQGHU SUHGLFWV GLIIHUHQFHV LQ FRQVXPHU OR\DOW\ RQH PD\ QRW FDUH WKDW WKH HIIHFW LV UHDOO\ FRPSOHWHO\ GULYHQ E\RWKHUIDFWRUVWKDQPDVFXOLQLW\RUIHPLQLQLW\+RZHYHUWKHVHRWKHUIDFWRUVPD\QRWUHOLDEO\ FRYDU\ ZLWK ELRORJLFDO JHQGHU DFURVV FRQWH[WV ,Q DGGLWLRQ WKHUH LV D WKHRUHWLFDO LQWHUHVW LQ NQRZLQJ ZKHWKHU JHQGHU LGHQWLW\ SHU VH UHDOO\ KDV DQLPSDFW RQFRQVXPHU OR\DOW\ 7KXVLW LV LPSRUWDQWWRVKRZWKDWHYHQZKHQFRQWUROOLQJIRUELRORJLFDOJHQGHUVWKHUHLVVWLOODQHIIHFWRI PDVFXOLQLW\IHPLQLQLW\ LHJHQGHULGHQWLW\RUSV\FKRORJLFDOJHQGHU

(173) 7RGRWKLVZHPHDVXUH. . .

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

(175) *HQGHULGHQWLW\UHIHUV WR WKH H[WHQW WR ZKLFK DQ LQGLYLGXDO WKLQNV RI KLPKHUVHOI DV PDVFXOLQH RU IHPLQLQH 6SHQFH 

(176) . 0HWKRG )LIW\VL[IHPDOHDQGPDOHXQGHUJUDGXDWHVWXGHQWVYROXQWHHUHGWRSDUWLFLSDWHLQWKLV VWXG\IRUH[WUDFRXUVHFUHGLW7KH\ZHUHDVNHGWRUHDGWKHIROORZLQJVFHQDULR LQ(QJOLVK

(177)  ,PDJLQH\RXXVHGWREX\\RXUEUHDGLQDVPDOOEDNHU\VKRS;<RXZHUHYHU\ VDWLVILHG ZLWK WKH EUHDG DQG WKH EUHDG VHOOHU ZKRZDV DOZD\V IULHQGO\ WR \RX 8QIRUWXQDWHO\WKHEDNHU\UHFHQWO\FORVHGGRZQEHFDXVHWKHVKRSSLQJFHQWHULQ ZKLFKWKHEDNHU\ ZDV ORFDWHGZDV UHSODFHG E\DUHWLUHPHQWKRPH<RXNQRZ WKDW WKH VHOOHU QRZ ZRUNV LQ DQRWKHU EDNHU\ < <RX DOVR NQRZ WKDW WKHUH LV DQRWKHUEDNHU\=LQWRZQZKLFKEHORQJVWRWKHVDPHFKDLQDVWKHILUVWEDNHU\ ;

(178) ,I\RXKDGWRFKRRVHQH[WWLPHZKHUHWREX\\RXUEUHDGZKHUHZRXOG\RX JR JLYHQWKDWWKHGLVWDQFHIURP\RXUKRPHWR<LVDERXWWKHVDPHDVWR=DQG SULFHVDUHVLPLODU

(179) "  3DUWLFLSDQWV WKHQ LQGLFDWHG WKHLU UHVSRQVH XVLQJ D  SRLQW VFDOH UDQJLQJ IURP  GHILQLWHO\ ZLOO JR WR <

(180)  WR  GHILQLWHO\ ZLOO JR WR =

(181)  DQG ZKHUH  LQGLFDWHV LQGLIIHUHQFH EHWZHHQ < DQG = 1H[W SDUWLFLSDQWV ILOOHG RXW WKH VKRUW YHUVLRQ RI WKH %HP 6H[ 5ROHV ,QYHQWRU\ %65,

(182)  %HP6WHUQ%DUDNDQG*RXOG

(183) ZKLFKKDVEHHQVKRZQWREHD YDOLG DQG UHOLDEOH PHDVXUH RI JHQGHU LGHQWLW\ $\ORU DQG 'DLQWRQ  &DPSEHOO DQG. . .

(184) &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\. 7KRPSVRQ  3DODQ $UHQL DQG .LHFNHU 

(185)  )LQDOO\ SDUWLFLSDQWV ZHUH DVNHG WR LQGLFDWHWKHLUELRORJLFDOJHQGHUDQGZHUHGHEULHIHG. 5HVXOWV %DVHG RQ WKH UHVXOWV LQ VWXG\  ZH H[SHFWHG WKDW IHPDOH FRQVXPHUV ZRXOG H[KLELW D VWURQJHU WHQGHQF\ WKDQ PDOH FRQVXPHUV WR IROORZ WKH HPSOR\HH LQVWHDG RI WKH FRPSDQ\ 5HVXOWVFRQILUPHGWKLVH[SHFWDWLRQ 0.   . 0.  . W 

(186) . S

(187) . :HDOVRH[SHFWHGWRILQGGLIIHUHQFHVEHWZHHQPDOHDQGIHPDOHSDUWLFLSDQWVLQWHUPVRI JHQGHU LGHQWLW\ 7KH PDVFXOLQLW\ DQG IHPLQLQLW\ VXEVFDOHV RI WKH %HP 6H[ 5ROHV ,QYHQWRU\ VKRZHG DFFHSWDEOH OHYHOV RI UHOLDELOLW\ &URQEDFK V D ZDV  DQG  IRU IHPLQLQLW\ DQG PDVFXOLQLW\ UHVSHFWLYHO\

(188)  )ROORZLQJ %HP 

(189)  ZH FRPSXWHG WKH DQGURJ\Q\ VFRUH ZKLFK UHIOHFWV WKH UHODWLYH DPRXQW RI PDVFXOLQLW\ DQG IHPLQLQLW\ WKDW WKH SHUVRQ LQFOXGHV LQ KLV RU KHUVHOIGHVFULSWLRQDQGDVVXFKLWEHVWFKDUDFWHUL]HVWKHQDWXUHRIWKHSHUVRQ VWRWDOVH[UROH %HP  

(190)  $V H[SHFWHG WKH GLIIHUHQFH EHWZHHQ PDVFXOLQLW\ DQG IHPLQLQLW\ LH DQGURJ\Q\

(191)  ZDV VLJQLILFDQWO\ KLJKHU IRU PDOH WKDQ IRU IHPDOH SDUWLFLSDQWV 0 0.   . . W 

(192) .  . .  . S

(193) . 0RUHLPSRUWDQWO\WKHUHVXOWVLQGLFDWHDQHIIHFWRIJHQGHULGHQWLW\RQFRQVXPHUOR\DOW\ E.   W.   S   OLQHDU UHJUHVVLRQ ZLWK DQGURJ\Q\ DV LQGHSHQGHQW YDULDEOH

(194)  7R. DVVHVV WKH HIIHFW RI JHQGHU LGHQWLW\ ZKLOH FRQWUROOLQJ IRU ELRORJLFDO JHQGHUV ZH UDQ D OLQHDU UHJUHVVLRQ XVLQJ OLNHOLKRRG RI VWRUH FKRLFH DV WKH GHSHQGHQW YDULDEOH DQG ELRORJLFDO JHQGHU JHQGHU LGHQWLW\ LH DQGURJ\Q\

(195)  DQG WKHLU LQWHUDFWLRQ DV LQGHSHQGHQW YDULDEOHV :H IRXQG VLJQLILFDQW PDLQ HIIHFWV IRU ERWK ELRORJLFDO JHQGHU E LGHQWLW\ E HIIHFW E.   W   W.   W.   S  

(196)  DQG JHQGHU.   S  

(197)  LQ WKH SUHGLFWHG GLUHFWLRQV EXW QR VLJQLILFDQW LQWHUDFWLRQ   S ! 

(198)  7KLV VXJJHVWV WKDW HYHQ DIWHU FRQWUROOLQJ IRU ELRORJLFDO. JHQGHUPRUHPDVFXOLQHOHVVIHPLQLQHSDUWLFLSDQWVH[KLELWHGDVLJQLILFDQWO\VWURQJHUWHQGHQF\ WKDQ OHVV PDVFXOLQHPRUH IHPLQLQH SDUWLFLSDQWV WR IROORZ WKH FRPSDQ\ LQVWHDG RI WKH HPSOR\HH DQG WKDW WKLV JHQGHU LGHQWLW\ HIIHFW LV QRW VLJQLILFDQWO\ GLIIHUHQW IRU PDOHV YHUVXV IHPDOHV. . .

(199) . 'LVFXVVLRQ 5HVXOWV LQ VWXG\  DUH DJDLQ FRQVLVWHQW ZLWK WKH LGHD WKDW IHPDOH FRQVXPHU OR\DOW\ UHODWLYH WR PDOH

(200)  LV GLUHFWHG PRUH WRZDUG FORVHU LQGLYLGXDO UHODWLRQVKLSV ZKHUHDV PDOH FRQVXPHU OR\DOW\ UHODWLYH WR IHPDOH

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

(202) &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\. UHODWLRQVKLSV ,Q WKH OLWHUDWXUH HJ %DXPHLVWHU DQG 6RPPHU  *DEULHO DQG *DUGQHU 

(203) WKHGLVWLQFWLRQLVDOZD\VEHWZHHQIHPDOHV IRFXVRQFORVHSHUVRQDOUHODWLRQVKLSVYHUVXV PDOHV IRFXVRQOHVVFORVHPRUHDEVWUDFWJURXSUHODWLRQVKLSV7KXVFORVHQHVVRIUHODWLRQVKLSV DQGWKHLULQGLYLGXDOYHUVXVJURXSQDWXUHDUHFRQIRXQGHGDQGLWLVQRWFOHDUWRZKDWH[WHQWHDFK RI WKHVH IDFWRUV GULYHV WKH UHVXOWV $OWKRXJK WKH WZR IDFWRUV DUH DOZD\V FRQIRXQGHG WKH OLWHUDWXUHRQJHQGHUGLIIHUHQFHVLQVHOIFRQVWUXDO HJ%DXPHLVWHUDQG6RPPHU*DEULHO DQG *DUGQHU 

(204)  VHHPV WR VWUHVV WKH FORVHQHVV GLPHQVLRQIHPDOHV FDULQJ DERXW D VPDOO QXPEHU RI FORVH UHODWLRQVKLSV ZKHUHDV PHQ FDUH DERXW D ODUJH QXPEHU RI OHVV FORVH UHODWLRQVKLSV 7KLV PLJKW EH WDNHQ WR VXJJHVW WKDW FORVHQHVV RI UHODWLRQVKLSV LV WKH FULWLFDO GLIIHUHQFH +RZHYHU LQ VWXG\  ZH ILQG WKDW IHPDOH FRQVXPHUV WHQG WR EH OR\DO WR D PHUHO\ IULHQGO\ EUHDG VHOOHU 7KLV LV SUHVXPDEO\ QRW SHUFHLYHG WR EH D YHU\ FORVH UHODWLRQVKLS VXJJHVWLQJ WKDW WKH LQGLYLGXDO YHUVXV JURXS GLIIHUHQFH E\ LWVHOI PD\ KDYH DQ LQIOXHQFH RQ PDOH YHUVXV IHPDOH FRQVXPHU OR\DOW\ 7KLV K\SRWKHVLV ZRXOG EH FRQVLVWHQW ZLWK UHFHQW ILQGLQJV WKDW HYHQ YHU\ \RXQJ KXPDQ PDOH LQIDQWV WHQG WR EH PRUH DWWHQWLYH WR GLVSOD\V VKRZLQJ D JURXS RI SXSSHWV ZKLOH IHPDOH LQIDQWV WHQG WR DWWHQG PRUH WR GLVSOD\V RI D VLQJOH SXSSHW %HQHQVRQ 'XJJDQ DQG 0DUNRYLWV 

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

(206)  ,PDJLQHWKHIROORZLQJVLWXDWLRQ7KHFRPSDQ\ZKHUH\RXZRUNSODQVD &KULVWPDVFHOHEUDWLRQ<RXKDYHYROXQWHHUHGWRJREX\WKH&KULVWPDVFDNHIRU. . .

(207) . WKHFHOHEUDWLRQGXULQJ \RXUOXQFKEUHDN WKHFRPSDQ\SD\VIRU WKHFDNH

(208) 7KH FORVHVW EDNHU\ LV ZLWKLQ D PLQXWH ZDON IURP WKH FRPSDQ\ +RZHYHU \RX NQRZ WKDW VRPHERG\ \RX ZHQW WR KLJK VFKRRO ZLWK EXW QHYHU KDG PXFK FRQWDFW ZLWK GXULQJ RU DIWHU \RXU KLJK VFKRRO GD\V RZQV DQG UXQV D EDNHU\ VWRUH ZKLFK LV RQ WKH RWKHU VLGH RI WKH WRZQ DERXW  PLQXWHV E\ ELNH

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

(210) " RQ D VFDOH UDQJLQJ IURP  QRW DW DOO FORVH

(211)  WR  YHU\ FORVH

(212)  7KH RUGHU RI WKLV PHDVXUH DQG WKH EX\LQJ LQWHQWLRQ PHDVXUH ZDV FRXQWHUEDODQFHG7KHHIIHFWRILQWHUHVW LHWKHLQWHUDFWLRQEHWZHHQJHQGHUDQGJURXSYHUVXV LQGLYLGXDO

(213)  ZDV QRW DIIHFWHG E\ UHODWLRQVKLS FORVHQHVV RU RUGHU DOO S V ! 

(214)  7KXV UHODWLRQVKLSFORVHQHVVDQGRUGHUZLOOQRWEHFRQVLGHUHGIXUWKHU)LQDOO\SDUWLFLSDQWVLQGLFDWHG WKHLUJHQGHUDQGZHUHGHEULHIHG. 5HVXOWVDQG'LVFXVVLRQ $Q $129$ ZLWK OLNHOLKRRG RI VWRUH FKRLFH DV GHSHQGHQW YDULDEOH DQG LQGLYLGXDO YHUVXV JURXS JHQGHU DQG WKHLU LQWHUDFWLRQ DV LQGHSHQGHQW YDULDEOHV \LHOGHG WKH SUHGLFWHG HIIHFW 7KHUH ZDV D VLJQLILFDQW FURVVRYHU LQWHUDFWLRQ EHWZHHQ JHQGHU DQG LQGLYLGXDO YHUVXV JURXS ) 

(215) . S

(216) VXJJHVWLQJWKDWPDOHFRQVXPHUVDUHPRUHOR\DOWRJURXSV. WKDQ IHPDOH FRQVXPHUV DUH 0. .  

(217)  . .   0.   

(218)  . .   W 

(219) .   S   

(220) . .

(221) &KDSWHU*HQGHU'LIIHUHQFHVLQ&RQVXPHU/R\DOW\. ZKHUHDV IHPDOH FRQVXPHUV DUH PRUH OR\DO WR LQGLYLGXDOV WKDQ PDOH FRQVXPHUV DUH 0.     . . 0.      . . W 

(222) .   .  S

(223) 6LPSOHFRQWUDVWVDOVR VXJJHVWWKDW. PDOH FRQVXPHU OR\DOW\ LV JHDUHG PRUH WRZDUG JURXSV WKDQ WR LQGLYLGXDOV W 

(224)  

(225)  ZKHUHDV WKH UHYHUVH LV WUXH IRU IHPDOH FRQVXPHU OR\DOW\ W 

(226)  VKRZHG QR PDLQ HIIHFW RI JHQGHU )  

(227) .   S. .   S  

(228)  5HVXOWV.  S ! 

(229)  LQGLFDWLQJ WKDW WKHUH ZDV QR. HYLGHQFH WKDW PDOHV DUH LQKHUHQWO\ PRUH OR\DO FRQVXPHUV WKDQ IHPDOHV RU YLFH YHUVD 7KHUH ZDVDOVRQRVLJQLILFDQWPDLQHIIHFWRIWKHLQGLYLGXDOYHUVXVJURXSIDFWRU ) 

(230) . S!. 

Referenties

GERELATEERDE DOCUMENTEN

Merely when the optimal governance mode is in place, namely a steward manager, firm performance is moderated positively compared to all other countries and clusters, because

In hybrid home country environments with deficient factors and sufficient institutions firms can use inbound international diversification strategies to improve firm

Widely held firms, family owned firms and state owned firms each behave differently, depending on the interests and investment motives of their owners and on the ability of owners

1b) Does the amount of executive compensation increase when firm market performance declines?.. Following these specific research questions, the subsequent hypotheses are

Moreover, the relationship between corporate governance (ownership structure board independence) and firm value was investigated as a driver of internationalization, and

In the context of India, an emerging country in South Asia, I investigate whether diversified firms have higher firm performance than non-diversified firms and what the impact of

When comparing means of the different categories of the overall disclosure index, results range between 0.582 and 0.740, i.e., in an increasing order the means are for

This thesis examines aspects of ownership structure, business group-affiliation, resource transfers among group-affiliated firms and diversification strategies pertaining