This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market. In the theory, the subjects are allowed to gain knowledge about something that they previously were unaware of. As the discovery proceeds, the arbitrage opportunities disappear, and the market prices regress towards the intrinsic values. The theory is applied to firms and market-pricing models for a Homo comperiens environment is a result. The application of the theory to firms also leads to testable propositions that I test on a uniquely comprehensive Swedish accounting database that cover the years 1978—1994. Hypotheses are tested which argues that risk-adjusted residual rates-of-returns exist. The null hypotheses argue that risk-adjusted residual rates-of-returns do not exist (since they assume a no-arbitrage market). The null hypotheses are rejected in favor of their alternatives at a 0.0 percent significance level. The tests use approximately 22,200 observations. I also test hypotheses which argue that risk-adjusted residual rates-of-returns regress to zero with time. The null hypotheses are randomly walking risk-adjusted residual rates-of-returns, which are rejected in favor of the alternative hypotheses. The hypotheses are tested using panel regression models and goodness-of-fit tests. I reject the null hypotheses of random walk at a 0.0 percent significance level. Finally, the results are validated using out-of-sample predictions where my models compete with random-walk predictions. It finds that the absolute prediction errors from my models are between 12 to 24 percent less than the errors from the random walk model. These results are significant at a 0.0 percent significance level.

The Chinese national dairy industry has experienced a series of scandals owing to dairy firms' aggressive pursuit of profits and neglect of product quality guarantees since the 2008 melamine case. This perceived violation of trust has affected consumer perceptions of and behaviours toward the national dairy brand, which may best be resolved by facing up to the issues, enhancing the brand and building consumer relationships to regain trust in brand quality. Therefore, understanding how brand and consumer relationships affect Chinese consumers' brand trust and further influence their beliefs and intentions following a violation of trust is a key consideration for Chinese dairy firms. Through the literature review, some gaps are addressed. Few empirical works in the literature have explored the antecedents of consumer trust in brand in the context of brand/consumer relationships. In particular, very few studies have tested the antecedents of two facets of consumer trust in brand - cognitive and affective - in a single study to establish which antecedents are more relevant to these two types of trust. Moreover, there is the lasting debate on whether or not violation of trust will lead to negative consequences. Using Fournier's (1998) brand relationship quality model (BRQ) and Fishbein and Ajzen's (1980) theory of reasoned action (TRA), this dissertation investigates the impact of the constructs of brand/consumer relationships on consumers' trust in brand, and how this trust influences consumer beliefs and repurchase intentions following a violation of trust. It seeks to fill the gaps in the literature by undertaking a large-scale, face-to-face survey (400 respondents) using a structured questionnaire to gather data from the Children park; hospital; kindergarten in the first-tier Chinese cities. The data are analysed using structural equation modelling techniques to investigate causal relationships between the different latent variables.

Given the scarcity of research on online brand image, this research is an attempt to generate an understanding of online brand image in the hotel industry from a holistic point of view (i .e. understanding all dimensions of online brand image). Most of the previous studies in this area focus mainly on brand image management in offline contexts but there are very few that investigate the dimensions of online brand image as a whole, especially in the hotel business context. In the literature relevant to brand image, it is seen as customer perception as reflected by brand associations (i.e. attributes, attitude, benefits). The concept of online brand image is still unclear and there are no proven measurement scales to deteimine on line brand image. In the literature, brand image in the online context is not seen as substantially different from offline brand image. One thing that does change from offline to online branding is the enactment of the brand. Based on this definition and the previous literature, a conceptual framework for online brand image was established to be used in this research. In order to assess and validate the construct of online brand image, semi-structured interviews with hotel marketing managers and hotel customers were undertaken. The findings from the interviews were integrated with previous studies to develop an online questioID1aire. The self-administrated online questionnaires were distributed from June-September 2013, and 483 usable responses were received. The survey was responded to equally by females and males. The majority of respondents were aged between 25-34 years, and respondents were both white and blue-collar workers, self-employed, students, housewives and retired persons. The majority of respondents are American, British, Thais, other Europeans (e.g. Irish, Portuguese), and other Asians (e.g. Bruneian, Chinese).

Marketing is fundamental to the success of an enterprise in the marketplace. From a literature review, it was found that marketing practices of Chinese indigenous SMEs CCEs) are far from fully understood, and that the marketing practices of small and medium-sized Sino-Westem joint ventures (JVs) in China receive even less attention, even though China is one of the fastest growing markets in the world, and has a unique culture. This research aims to identify and test the key marketing characteristics of SMEs and their links with Chinese and Western cultural values, find out the differences between CEs and JVs in their marketing characteristics, and examine the relationships between marketing characteristics and company performnance. To achieve the aims of this research, a combined qualitative and quantitative research method was used. In-depth interviews Ca total of 12 respondents, six from each group) and a questionnaire survey Ca total of 260 respondents, 176 from Chinese groups, 84 from JV groups) were undertaken with CEOs/chief marketing managers of CEs and JVs from the Chongqing area of China. Several analysis techniques were used, including the content analysis method for qualitative data analysis, the Mann-Whitney U test, Spearman's coefficient test, and general descriptive analysis methods were used for the quantitative data analysis. The research resulted in several significant findings. Six key marketing characteristics that reflect the typical marketing practices of SMEs and their links with Chinese and Western cultural values are identified and evidenced qualitatively and quantitatively: they are innovativeness, competition/growth pattern, adaptability/flexibility, nOl1nativeness, opportunity seeking/resource access, and objective setting. The research findings show that JVs outperform CEs on innovativeness, competition, normativeness, and objective setting, while CEs are superior to JVs in adaptability/flexibility, and opportunity seeking and resource access. Positive correlations are found between higher company performance and better or stronger performance in some of these key marketing characteristics. The major contribution of this research is that it establishes the imp011ant role of cultural values, together with business environmental factors, in shaping marketing practices of SMEs, and broadens the scope of the previous research findings on identification of marketing characteristics and relationships with performance. Specifically, the link model of cross-cultural values and marketing characteristics proposed and verified by this research might help other researchers in building a conceptual framework in potential cross-cultural comparative research. Its significant outcomes provide valuable directions for both types of SME, policy makers and educators in enhancing the positive influence and preventing the negative impact of cultural value-influenced marketing characteristics and their interactions with the business environment, in order to obtain better company performance and other social benefits.

The overarching aim of this research study is to develop and empirically test a framework outlining how the social customer relationship management (CRM) process can be carried out in practice, in line with the antecedents and outcomes of this process. The primary contribution made by the research lies in the application and extension of the relational information processes developed by Jayachandran et al. (2005) in a social CRM context. This study proposes that the social capabilities provided by social networking sites (SNSs), when integrated with the interaction and information management capabilities inherent in relational information processes, facilitates the extension of these processes to include the co-creation of value with customers, thus enhancing customer relationships. SNSs act as a key facilitator of value co-creation activities due to the depth and networked interactions they afford, Informed by the resource-based view of the firm, dynamic capabilities approach and service-dominant logic literature, this research study develops and empirically examines a framework of the social CRM process. Data was collected from key informants in the Irish hotel industry, Adopting an explanatory research design, quantitative data collection was employed to operationalise and test the framework. Quantitative data collection took the form of a questionnaire. Data was analysed using the statistical package for the social sciences (SPSS) and partial least squares structural equation modelling (PLS-SEM). In light of the mixed results of CRM initiatives, this study demonstrates that SNSs play a key role in CRM success, Extending CRM into a social context, SNSs overcome the limitations of traditional CRM technologies, facilitating the depth and networked interactions necessary to engage and co-create value with customers

The author's intention in presenting this thesis is to develop new and simple to apply analytic methods to robustly estimate and compare Willingness to Pay (WTP) estimates and particularly to develop tests for statistical significance in these differences by estimating sampling variance appropriate to the method, taking into account the correlation between estimates incorporating the CV methods and or sampling designs. In particular I am interested in testing differences in estimated valuation statistics, such as Median WTP and thus overcoming aspects of non independence in the welfare estimates due to the design of the survey methodology e.g. in Double Bounded Dichotomous choices the estimate of the Double Bounded welfare estimate is not independent of the Single Bounded estimate because of the nature of the DB method. The use of replication here refers specifically to resampling methods that are used to provide variances of differences by simulating the sampling distribution by randomly resampling and thus quantifying the sampling variation. Here 3 of the 4 papers presented use either the bootstrap or jac1dmife method to produce the sampling variation of difference. The fourth paper uses a split sample approach to test individual WTP differences with a pooled Benefit Transfer estimate. The thesis presents four papers from 4 separate stated preference studies using different Contingent Valuation question formats which are used to evaluate WTP for: Improvement to Animal Welfare, Child safety on farms, Values of Forest recreation and Renewable Electricity generation in Chile. The theme of the thesis is to test for differences in estimates in WTP estimates between various within sample and across samples designs. These tests are used in 2 papers to test for the occurrences of inconsistency between SB and DB estimates and to test for anchoring of the second bid in relation to the level of the first bid offered amount in DBDC and thus to test for respondent behavioural effects such as Learning on inconsistency and anchoring.

Market orientation theory is an integral and well established part of international marketing literature. The basic notion is that market oriented companies outperform organisations with a lower market orientation. Although many scholars agree with this concept and have provided empirical evidence to support it, there still remain a number of question marks regarding the implementation of market orientation, its impact and conceptualisation in a professional service firm environment, and its interrelations with knowledge management. A mixed method approach, characterised by a sequential explanatory design, was selected to analyse the interdependences between market orientation, knowledge management, self efficacy, and performance, in the context of a professional service firm. An embedded case study, using the eight practice groups of an international law firm as sub-cases, was carried out to meet the research objectives. Based on 189 useable questionnaire responses and 10 semi-structured interviews, the empirical findings suggest that market orientation and self efficacy have a positive impact on subjective performance and job satisfaction, but not on profitability. Although knowledge management staffing levels have a positive impact on subjective and objective performance, the budget for knowledge management and practice development activities does not. The findings also showed some differences between partners and senior associates and suggested that smaller, internationally integrated practice groups have a higher market orientation. In addition to this, the results provide evidence for the importance of responsiveness to professional service firms. Finally, the findings from the semi-structured interviews suggested that market oriented behaviours also play a crucial role during an economic crisis and thus contribute to this fairly under-researched topic. Guided by a novel research approach, the findings of this dissertation add to existing knowledge on market orientation, knowledge management, and professional service firm theory on several different levels and provide new insights for both scholars and practitioners.

In the case of artists, the product they create is inextricably linked to their career in terms of how the art is produced, presented, consumed and positioned and valued in the market. Therefore, this study draws on the careers literature from a marketing perspective by focusing on issues of branding. There has lately been an increasing focus on art enterprises as business organisations which firmly locates discussions of the artist and the art market within the business and marketing literature. However, in the existent literature the visual arts are predominantly researched from the perspective of their economic value or of consumption. Although artists’ careers are considered relevant to branding and marketing theory, identifying how these are constructed and managed, and identity negotiated through this process is an area that needs further development. This research therefore examines artists’ careers in order to understand how value is added to their ’product.’ Branding theory is found to be a useful lens through which to shed additional light on this process. Qualitative analysis of artists’ career trajectories in both the London and Hong Kong art markets (providing the opportunity to compare an established and emerging art market) illustrates how value is co-constructed through relationships whereby artists can build up their social capital. Findings highlight the negotiated and socially constructed nature of authenticity in the arts market as well as the dynamic and unfolding nature of careers, taking into account chance events and the complexity of the influences on an artist’s career, demonstrating a need to consider the macro-level context in the creation of value. The need for marketing not just of the product but also of the artist themselves becomes apparent and the tension this creates is explored.

This thesis explores consumer food shopping behaviour in an emerging economy, taking the Libyan case as an example. As in many other emerging economies, Libya’s retail environment has been dominated for generations by traditional markets and small independent stores but has recently witnessed the spread of ‘modern’ formats such as supermarkets. The study draws on both qualitative and quantitative research. The qualitative research provided evidence of a complex picture, highlighting significant variations, from family to family and geographically, in the social acceptability of females shopping at traditional markets and other retail formats. In Libya, food shopping has traditionally been a task for male household members, with traditional markets regarded as inappropriate spaces for females. However the safer, cleaner, and less crowded environment offered by large supermarkets contributed to some women feeling more comfortable shopping for food and henceforth being able to shop as independent consumers. Traditional culture, rather than constraining the spread of supermarkets, may act as a facilitator of the growing popularity of supermarkets in Libya. The main quantitative research instrument was a self-administered questionnaire of Libyan food shoppers in Benghazi city. 371 completed questionnaires were obtained. Factor analysis revealed 12 factors that underlie the reasons consumers go shopping for food. The application of cluster analysis to the dimensions factor scores revealed six segments of food shoppers. The characteristics of each cluster were described by average factor scores on the dimensions of shopping motivations, demographic characteristics, and behavioural variables. The most important retail outlet attributes in the choice of where to buy food were, in descending order, food safety, quality of products, quality of service, speed of service, and variety of products. The findings also indicated that on all items supermarkets performed the best; except for freshness of products and in-store credit (traditional markets were perceived as superior on freshness of products and independent stores for in-store credit). Only for one attribute (car parking) were differences in the mean scores between supermarkets, traditional markets and independent stores not statistically significant. ii Econometric modelling considered the possible relationships between shopping behaviour and the demographic and socioeconomic characteristics of the respondents. This confirmed a major finding of the qualitative research - that females were significantly less likely than males to visit traditional markets and spent proportionally more in supermarkets. Supermarket visitors were more concerned with social acceptability whereas, patrons of traditional markets placed greater emphasis on freshness. Heavy users of independent stores placed greater emphasis on in-store credit.

There exists evidence of increased consumer awareness and concern for environmental and other ethical issues, leading many business organizations and political entities to reappraise and communicate more effectively their ethical credentials. However, in both the media and academic research there is considerable debate concerning whether consumers actively consider ethical issues when making purchasing decisions; alternatively, is ethically aware consumerism merely a passing fad, at risk of being exploited by the commercial and political world as simply another marketable point of difference? This research has identified gaps in the body of understanding relating to ethical consumer research regarding the following issues: • What are consumers' 'conscience principles' or areas of ethical concern? • Which segments of the population are concerned with which ethical Issues? • What drives and motivates ethically aware consumers? • Whether consumers are prepared to pay a premium for certain products? Following a qualitative investigation using in-depth discussions with consumers and industry experts, along with a related ZMET study (Doherty and McGoldrick, 2003), a questionnaire was developed and administered to a representative UK sample of 1,000 consumers. This included a measure of awareness, concern and action (ACA) on 16 ethical issues, the scale developed from the Stages of Change concept within the Transtheoretical model. In addition the literature review reconciled and critiqued a variety of theoretical perspectives on the topiC. PrinCipal Components Analysis (PCA) was then used to explore which segments of the population are aware, concerned and take some form of action regarding ethical issues. The ethical issues identified were grouped Into five conceptually justifiable and statistically reUable dimensions. Confirmatory Factor Analysis (CFA) using Structural Equation Modelling (SEM) supported the findings of the original model. Univariate and multivariate analyses were employed as parametric tests to explore the segmentation Issue. Exploratory PCA then found support for the hypothesis that positive and negative motivations could be grouped into Decisional Balance dimensions. Further ANOVA tests revealing that as an Individual moves through the Stages of Change along the ACA scale, the Decisional Balance dimensions shift until a "Critical Ethical Point" is reached whereby positive motIvations outweigh negative. Finally the study 12 investigated whether consumers are prepared to pay a price premium for ethical goods, finding that the majority of respondents indicated a willingness to pay at least a small premium for products labelled as ethically "safe". It is hoped that the proposed investigation will shed considerable light on the ethically aware consumer debate, and act as a springboard for further research, particularly in the areas of purification of the motivations scale, using more advanced consumer segmentation tools such as MOSAIC, and exploring ethical price premiums (EPPs). 13