Employees’ online reviews and equity prices

Stamolampros, Panagiotis; Daskalakis, George

doi:10.1016/j.econlet.2017.10.027

Cited by 48 publications

(42 citation statements)

References 6 publications

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“…Our study contributes to the ever-growing stream of literature on online reviews and electronic word of mouth (Purnawirawan et al 2015; Book, Tanford, and Chen 2016; Choi et al 2016; Phillips et al 2017; Symitsi, Stamolampros, and Daskalakis 2018) by providing new insights into how cultural traits might affect evaluations in the context of online ratings for service encounters. While the majority of studies in electronic word of mouth consider the case of product evaluations from a single country, our study of airline ratings provides an analysis of reviews using a pool from international passengers examining ratings across multiple countries.…”

Section: Conclusion Implications and Limitationsmentioning

confidence: 94%

Flying to Quality: Cultural Influences on Online Reviews

Stamolampros

Korfiatis

Kourouthanassis

et al. 2018

Journal of Travel Research

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Customers increasingly consult opinions expressed online before making their final decisions. However, inherent factors such as culture may moderate the criteria and the weights individuals use to form their expectations and evaluations. Therefore, not all opinions expressed online match customers' personal preferences, neither can firms use this information to deduce general conclusions. Our study explores this issue in the context of airline services using Hofstede's framework as a theoretical anchor. We gauge the effect of each dimension as well as that of cultural distance between the passenger and the airline on the overall satisfaction with the flight as well as specific service factors. Using topic modeling, we also capture the effect of culture on review text and identify factors that are not captured by conventional rating scales. Our results provide significant insights for airline managers about service factors that affect more passengers from specific cultures leading to higher satisfaction/dissatisfaction.

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Section: Conclusion Implications and Limitationsmentioning

confidence: 94%

Flying to Quality: Cultural Influences on Online Reviews

Stamolampros

Korfiatis

Kourouthanassis

et al. 2018

Journal of Travel Research

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“…While the service level in our study could be proxied by the cabin class, additional information about the respondents, such as demographics, could add further predictive validity on our study. Along with this line, our investigation lens could be extended through other forms of online information that have gained momentum in the literature such as for example employee reviews (Symitsi, Stamolampros, & Daskalakis, 2018).…”

Section: Limitations and Future Researchmentioning

confidence: 99%

Measuring service quality from unstructured data: A topic modeling application on airline passengers’ online reviews

Korfiatis

Stamolampros

Kourouthanassis

et al. 2019

Expert Systems with Applications

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129

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Service quality is a multi-dimensional construct which is not accurately measured by aspects deriving from numerical ratings and their associated weights. Extant literature in the expert and intelligent systems examines this issue by relying mainly on such constrained information sets. In this study, we utilize online reviews to show the information gains from the consideration of factors identified from topic modeling of unstructured data which provide a flexible extension to numerical scores to understand customer satisfaction and subsequently service quality. When numerical and textual features are combined, the explained variation in overall satisfaction improves significantly. We further present how such information can be of value for firms for corporate strategy decision-making when incorporated in an expert system that acts as a tool to perform market analysis and assess their competitive performance. We apply our methodology on airline passengers' online reviews using Structural Topic Models (STM), a recent probabilistic extension to Latent Dirichlet Allocation (LDA) that allows the incorporation of document level covariates. This innovation allows us to capture dominant drivers of satisfaction along with their dynamics and interdependencies. Results unveil the orthogonality of the low-cost aspect of airline competition when all other service quality dimensions are considered, thus explaining the success of low-cost carriers in the airline market.

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“…The discipline of economics can contribute here with the identification, study and review of institutional arrangements that have the potential of solving opportunism games in which also the principal defects by shaping the payoff structure in suitable ways. These include but are not limited to, institutions that fulfill one or more of the following purposes: Enhance the transparency to lower transactions costs of using the market mechanism and to optimize firm‐specific investments of human capital, like for example online rating platforms for employers (DeKay, ; Symitsi et al, ), enhance the transparency to lower transaction costs and reduce power asymmetries within hierarchies like for example human resource management systems that include 360‐degree feedback processes (Bracken et al, ; Morgan et al, ) or agile management approaches (Abrahamsson et al, ; Jalali, and Wohlin, ; Sutherland, ), enforce and develop property rights not only of principals but also of agents, for example with a corresponding corporate culture (Collins, ; Schein, ), or specific approaches to leadership and management like autonomy enhancing paternalism (Binder and Lades, ). redefine property rights within the organization to reduce power asymmetries and increase participation of agents in decision‐making processes, for example with participatory approaches in the tradition of “New Work” (Bergmann, ; Laloux, ), with approaches to democratic corporate design (Boes et al, ), or with maturing institutions of traditional codetermination (Jirjahn et al, ), redefine property rights within and from outside the organization to protect agents from principal opportunism, for example through policies and legislation addressing workplace abuse (Duffy, , Wewers, ). …”

Section: In Search For Beneficial Institutional Arrangementsmentioning

confidence: 99%

The Opportunistic Principal

Wagner

2019

Kyklos

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SUMMARY This article sheds light on a surprisingly persistent gap in economic theory: Economists have extensively studied agency relationships between principals and agents, but economic analysis has traditionally been preoccupied with problems created by agents rather than principals. Principal‐agent theory traditionally neglects opportunism on part of the principals. As a result, economic theory fails to fully explain gaps in economic performance. Even worse, the for decades biased concept of opportunism has shaped generations of students in economics and business and thus has contributed to deficient managerial and economic outcomes. Under the presumption that not only agents but also principals demonstrate opportunistic behavior, the economic definition of opportunism as established by Oliver Williamson is further developed. This contribution extends the concept of opportunism to principals. The principal’s illegitimate interference with the autonomy of the agent is discussed which shows that whilst agent opportunism largely rests on information asymmetry, principal opportunism feeds itself off power asymmetries. In an interdisciplinary effort and building on recent research in the area of bullying and mobbing, the economic rationale of principal opportunism is explained with the help of a simple game‐theoretic model. On this basis, it is demonstrated how a more balanced perception of principal agent relationships can contribute to an updated theory of the firm.

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Employees’ online reviews and equity prices

Abstract: We examine the effect of employee satisfaction on corporate performance using employees’ online reviews. Our results indicate that although employee satisfaction positively impacts corporate performance, this is not fully reflected in equity prices

Cited by 48 publications

References 6 publications

Flying to Quality: Cultural Influences on Online Reviews

Flying to Quality: Cultural Influences on Online Reviews

Measuring service quality from unstructured data: A topic modeling application on airline passengers’ online reviews

The Opportunistic Principal

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