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Generally, in every decision-making process under the fuzzy domain, ranking of fuzzy numbers is indispensable. Although such approaches are abundant, yet a universally accepted approach is not apparent. Hence, newer methodologies have been developed since its inception. In many instances, defuzzification techniques are being criticized as these methodologies are based on intuition and the geometry of the fuzzy numbers. Furthermore, in many instances the reasonable properties that a ranking method should follow are not being verified. However, in the current study, a novel defuzzification technique is being developed with the notion of value and multiple of a ambiguity inclusion-exclusion function, $𝜃$, with ambiguity at various decision levels. The current method perfectly obeys the intuition and the geometry of the fuzzy numbers. Adding to this, it should be emphasized that the current methodology follows all the reasonable properties of a ranking method. Furthermore, new properties are stated and proved which illustrate the novelty of the present method. Furthermore, the shortcomings and drawbacks of the existing methods are overcome by the current methodology. Noteworthy, the current method ranks the fuzzy numbers and their corresponding images consistently, which was not evident in most of the existing methods.

Partnership with Bayer Addressing Healthcare Needs.

Exploring the Factors behind Heart Failure Disease in Asia.

Tobacco Harm Reduction and Reduced-Risk Products.

A procedure confirms whether a return-factor correlation is anomalous or results from endogenous simultaneous-equations bias. The identification strategy sorts the cost of capital components for instruments. In the first stage, the initially found factors are regressed on cost instruments. In the second stage, a confirmed anomaly has predicted value significant in returns and exogenous.

Taxes, depreciation and capital structure are strong instruments, affecting 1980–2017 quarterly U.S. stock returns. Size, value and profitability decisions are significant in instruments. Returns increase in fitted profits, but not small size. Actual and predicted values have weaker correlation with returns over time.

The book-to-market ratio’s numerator adds assets and liabilities differing in risk. We propose a test for the value premium and its sources. Individual balance sheet holdings are divided by firm size. When associated risk premium coefficients are equal, an overall book-to-market is appropriate. Otherwise, there are different risks in assets and liabilities.

For U.S. firms, for four decades since 1980, the excess return is regressed on seven ratios relative to size for cash, receivables, tangibles, intangibles, payables, short and long-term debt, and controls. The seven value premiums are not equal. Firms earn higher returns for cash and receivables and lower for short-term debt. Tangible and intangible assets earn no value premium.

In this paper we study linear symmetric solutions for the space of games in partition function form with n players. In particular, we provide an expression for all linear, symmetric and efficient solutions. Furthermore, adding an additional axiom, we identify a unique value satisfying these properties.

The PERT (Program Evaluation Review Technique) is a operational research tool used to schedule and coordinate activities in a complex project. We present two values for measuring the importance of each activity. Both values are obtained through an axiomatic characterization using three properties. The first value is characterized with separability, monotonicity, and order preservation. The second value is characterized with separability, equal treatment inside a component, and independence of large durations. We also present an application to the problem of how to share the surplus obtained when a project finishes before the expected completion time.

The paper presents some issues currently under studying in the field of Cooperative Games. The related open problems are also mentioned.

We look at the basic applications of cooperative game theory to economic situations. These include bargaining and cooperative equilibria, especially as the number of players increases without bound. The core and the Shapley value are the fundamental tools for these applications. We consider the relation between these two concepts. A comprehensive bibliography of work published over the last decade is included.

In this paper we present a first attempt to represent the social behavior of actors in a resource sharing context in such a way that different forms of solidarity can be detected and measured. We expect that constructing agent-based models of water-related interactions at the interface of urban and rural areas, and running social simulations to study the occurrence and consequences of solidary behavior, will produce insights that may eventually contribute to water and land resource management practice. We propose a typology for solidary behavior, present the agent-based architecture that we are using, show some illustrative results, and formulate some questions that will guide our future work.

Intangible resources drive economic growth, and are considered the fundamental source of business value. Intangibles have become key factors in generating competitive advantages, despite the fact that traditional financial reporting continues to focus on tangible assets. This is primarily due to the fact that the majority of intangible resources are invisible and considered a current expense on financial statements.

Top level management on the other hand may be discouraged from investing in intangible resources, even though numerous studies link investments in R&D, advertising, and training, to the performance of the company. Studies also suggested that core competencies, as a form of intangible human capital, are critical competitive factors and essential elements of corporate competitive advantage. Despite that, few studies analyse the relationship between investments in core competencies and corporate performance. The main objective of this study is to attempt to fill the gap in this area of the current literature and test the extent to which investments in core competences, translates into direct improved organisational performance.

The field study was conducted by making telephone calls to the financial managers of different Basque Country companies. Their responses and the financial performance of their companies was analysed and reported in this study. Results from the study show that firms with managers whom affirm their investment in intangible resources have better overall growth and sustained economic development.

This research presents a quantifiable value modeling approach for tracking and optimizing value addition at different stages of the product development process (PDP) and supply chain management (SCM). While there is a vast abundance of papers in the literature harping on the need to maximize the value, especially in lean thinking context, in PDP and SCM, there is a dearth of propositions on how to quantitatively measure and optimize value at each stage of product development and supply chain. This paper presents a multi-dimensional value modeling approach that incorporates parameters and variables from different stages of PDP and SCM by mathematically mapping them on to two macroscopic metrics, namely Product Information Evolution and Risk Reduction. These two metrics are in turn modeled by incorporating value attribute variables such as performance, risk, schedule, cost, form, fit, function and timeliness from different stages of PDP-SCM such as customer needs ideation, product functions, inventory management, logistics management and product delivery. The efficacy of the proposed model was tested by utilizing it to measure value additions at different stages of PDP-SCM as well as the total value addition for an ordinance disposal (OD) robot product family, once developed and supplied using traditional production method and once using lean production method, with the underlying axiom being the lean method will result in higher value. To ensure a fair and accurate comparison, both production methods used the proposed mathematical value model and worked toward maximizing total value using nonlinear programming. The results showed that lean PDP-SCM method added higher value at each of the stages as well as total value when compared to the traditional PDP-SCM method thus establishing the proposed value model as a viable mathematical way to measure value. While the proposed value model passed test of efficacy against the lean axiom, further research is needed to test it against other established axioms to establish it as a robust mathematical way to measure value in PDP-SCM.

Recent studies has pointed out the emergence of a new model of network, called value creation networks (VCNs), to respond effectively to changes in the business environment and customer demands. VCN model posits networks, communities of individuals, and refusal of a centralized mindset as the core elements of their frame of reference. Their networked configuration is characterized by flatter hierarchy and teambased work organization, to respond efficiently to changes in the business environment. The aim of this introductory paper is to discuss some strategic issues concerning VCNs: their concept of value,their strategic role in the so-calledknowledge economy, their intangible benefits. Moreover, we highlight theopportunities deriving from informationand communication technologies (ICTs) to create further intangible value. In the final section, werelate the other papers in this special issue to our discussion.

As industries hold the opportunity to embrace artificial intelligence (AI) driven innovation, their success to a significant extent will depend on the value the new technology generates for different business stakeholder groups. This is in turn dependent upon how management can embrace these techniques and change as companies will frequently need to transform both internal processes and offerings to customers in order to reap the benefits of AI. AI is a growing research area currently concentrated around technology and modeling of techniques and yet only few examples and limited research are available, on how AI technology enables new capabilities that can impact the value delivered as well as radically transform it. We thus need to understand what new capabilities these technologies bring about and how they are used. Based on three concrete empirical quasi-experiments, interviews conducted with start-ups and a Swedish industrial manufacturing firm dealing with outdoor power products (like grass-cutters, chain-saws, concrete-saws, etc.) for professional and consumer use and using an analytical framework derived from the Resource Based View, this paper explores capabilities enabled through Edge AI and the competitive advantage these may offer. Specific capabilities (self-calibration, enhanced-sensing, selective-capture and reputation) are identified and implications for theory are discussed, pointing out the importance to consider this type of technology not only as a resource, but rather as a dynamic capability in itself.

We investigate the relationship between openness and value appropriation in the open innovation strategies of multinational corporations (MNCs). Previous research has suggested an inverted U-shaped relationship between external knowledge sourcing and innovative performance of firms engaged in open innovation (Laursen and Salter, 2006). Little research, however, has been conducted on the specific relationship between openness and value appropriation in the context of open innovation involving MNCs. To address this, we conduct a sequential mixed-methods study involving: (1) interviews with 31 elite key informants in large, well-known MNCs, and (2) a survey questionnaire of innovation managers in 75 MNCs. We find strong support for an inverted U-shaped relationship between openness and value appropriation in MNCs engaging in open innovation. Our interview data provides rich and substantive insight into this relationship. We discuss implications for theory and practice.

New research on the behaviour and performance of over 200 fast-moving consumer businesses selling through multiple outlets show that: (i) the "economic case" for branding can be demonstrated — there is evidence that brands can help producers bring new products and services to market, and that they help consumers exercise effective choice of "value for money"; (ii) branded producers are more innovative than their non-branded counterparts; (iii) branded producers typically create significantly more value added from investment in innovation; and (iv) non-price competition is particularly strong in the branded sector, with the key drivers of growth for individual businesses being improving value position, innovation advantage and reputation. Branded product markets show these "rules" for business growth much more clearly than businesses in the economy as a whole. In branded businesses, we can identify the impact of investment in intangibles — communication and technology development — through the strengthening of capabilities, the building of intangible business assets in the form of reputation, innovative edge and value advantage. This comprises a model for innovation which is both statistically valid and endorsed by practising managers.

This paper explores the evolution of environmental assessment (EA) debates over the last decade within the South African context as reflected in the proceedings of the annual International Association for Impact Assessment, South African chapter (IAIAsa) conferences between 1997 and 2008. Retrospective analysis is important to ensure that the profession avoids unlearning key lessons, keeps and gains perspective, builds the knowledge base and plans for the future. The analysis involved a review of 472 papers presented at these conferences. The results suggest that debates have shifted away from concerns with quality and application of environmental assessment towards serious questions about effectiveness and the value that environmental assessment is adding. It is clear that the profession is currently going through a period of intense introspection, questioning the need for and contribution of EA.

Cross-sectional characteristics of stocks such as market value, market-to-book ratio and accumulated past return can be applied to formulate equity portfolios in the stock-picking process to generate good profits in some markets, which relate to the well-known size, value and momentum or contrarian strategies in the literature. Alternatively, income measures in financial statements drive investors in stock markets to buy or sell in an intuitive way that can be also used in the stock-picking process to generate good profits in some markets. This study applies these types of information in the formation period to formulate long-short strategies and investigates both the returns and risk profiles in the holding period afterward and checks whether the measures can be used to generate good profits in the Taiwan markets for the period from January 1980 to June 2020. Given different lengths of the holding period and different equity segments, our empirical analysis shows that strategies filtered by the income measure of gross profitability outperform the counterparts filtered by the operating profitability. Moreover, while the momentum or contrarian effect is not, the size and value effects are helpful to improve the performance of long-short strategies filtered by gross profitability.

This study empirically analyzes the three models of CAPM in order to get the best determinants, and superlative model of CAPM in the context of Pakistan’s Financial Sector. This study used fixed Effect model and Hausman test are used in this study to investigate the single-, three- and five-factor CAPM. First we analyzed the single factor CAPM, and results explain 52% variations in the dependent variable — stock returns. Next, the three-factors CAPM is analyzed, which elucidates 69% variations in the dependent variable — stock returns — on the addition of two more factors (size and value). Lastly, five factor CAPM is estimated, which provides 76% variations in the dependent variable — stock returns — by adding two more factors (investment and profitability) in the three factor CAPM. This shows that the addition of more factors in the CAPM bestows suitable results in the financial sector of Pakistan.

This study attempts to compare the performance of Fama–French three-factor model (FFTFM) and Fama and French six-factor model (FFSFM) in predicting the variations in expected returns of Nifty-100 listed stocks. Only 5/6 of the total listed companies are chosen, while the remaining 1/6 are ignored because they are not listed for the whole study period. The stocks are divided into two size groups and three groups based on B/M, OP, Inv and MOM using independent sorts to create 24 portfolios. The monthly average returns of the MC-MOM portfolios increase as momentum increases, in contrast to MC-B/M and MC-Inv portfolios. Almost all the portfolios with high returns are paired with significant risk, apart from the BM portfolio in size and profitability group. The findings prove that the FFSFM outperforms FFTFM on all the GRS test parameters. However, there is no significant improvement in explanatory power over the FFTFM.

After studying this chapter, you will be able to:

• Define the concept of relationship marketing
• Describe relationship marketing as a business approach
• Explain the application of relationship marketing in sport
• Describe the intersection between social media and relationship marketing in sport
• Identify the three core components of relationship marketing
• Identify the benefits of social media in building relationships with customers
• Apply the principles of relationship marketing to social media content creation
• Create a plan for addressing contemporary issues using social media to build relationships