The Business Review, Cambridge

The Business Review Journal

Vol. 30 * Number 2 * Summer 2024

The Library of Congress, Washington, DC   *   ISSN 1553 - 5827

Online Computer Library Center   *   OCLC: 920449522

National Library of Australia   *   NLA: 55269788

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The primary goal of the journal will be to provide opportunities for business related academicians and professionals from various business related fields in a global realm to publish their paper in one source. The Journal will bring together academicians and professionals from all areas related business fields and related fields to interact with members inside and outside their own particular disciplines. The journal will provide opportunities for publishing researcher's paper as well as providing opportunities to view other's work.  All submissions are subject to a double blind peer review process. The journal is a refereed academic journal which  publishes the  scientific research findings in its field with the ISSN 1553-5827 issued by the Library of Congress, Washington, DC.  No Manuscript Will Be Accepted Without the Required Format.  All Manuscripts Should Be Professionally Proofread Before the Submission.  You can use for professional proofreading / editing etc...The journal will meet the quality and integrity requirements of applicable accreditation agencies (AACSB, regional) and journal evaluation organizations to insure our publications provide our authors publication venues that are recognized by their institutions for academic advancement and academically qualified statue.  The journal submission guideline can be seen at: submission guideline

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Industrial Parks and Sustainable Development

Dr. Philippe Gugler, Professor, University of Fribourg, Switzerland

Florian Scyboz, Junior Assistant, University of Fribourg, Switzerland



Industrial parks have long been used as contributors to economic development. However, their rapid expansion has had numerous negative impacts on both the environment and society. With the growing general awareness of these impacts, industrial parks have had to change the way they operate to follow the path of sustainable development. To identify the contribution of industrial parks to sustainable development, this iterative literature review was carried out. The results show that owing to innovative sustainable practices such as industrial symbiosis, the circular economy, and environmental management systems, industrial parks have improved their sustainability performance. In particular, they have achieved significant mitigation of their environmental impacts through improvements in their input consumption and output generation. Eco-industrial parks are playing a significant positive role in fostering the sustainable development of firms, industries and regions. The contribution highlight the positive role of public-private partnership to develop industrial parks contributing positively to the achievement of sustainable development goals.  Industrial parks (IPs) have long been instruments of industrial policy that contribute to the economic development of regions. Mostly constructed in a top-down manner by governments, their overall effectiveness in relation to the resources spent has been called into question in recent decades. Their potential negative environmental and social impacts are often criticized (Erkman et al., 2016, p.3). However, the traditional view of industrial parks is being challenged by the creation of new-generation industrial parks or the conversion of old industrial parks (UNIDO, 2019, p. 28). These new industrial parks operate on the basis of sustainable development, the circular economy and the promotion of eco-innovations. The aim of this contribution is to take stock of such impacts by relying on the existing economic literature on the subject. Notably, in the literature, some contributions refer to the general term IP, which in some cases, they also cover eco-industrial parks (EIPs), with other contributions focusing specifically on EIPs. For this reason, we refer to both IPs and EIPs to remain faithful to the scientific contributions to which we refer. This contribution comprises three parts. The first part present the industrial development and the evolution of IP towards EIPs. The second part is dedicated to the impact of IPS and EIPs on the sustainable development of their location. The third part focuses on the influence of the governments on the creation and development of IPS and EIPs.  An agglomeration economy reflects the interest of firms to be as close as possible to benefit, inter alia, from positive externalities. It was in the 1940s in Western Europe and, in particular, in the United Kingdom that “intentional development of land for clustered industrial use” first appeared (UNIDO, 2017b, p. 2). This form of development was a way for companies and cities to achieve an economic advantage (UNIDO, 2017b, p. 2). The principle of sharing resources and diverse types of infrastructures was then used to enable the survival of businesses through the difficult economic period that followed the Second World War (Sharma, 2013, p. 1). Indeed, the planning and concentration of activities led to a reduction in utilities and infrastructure costs (Geng et al., 2010 p. 5274). IPs were then adopted to address the demand of American and European cities to have manufacturing spaces that did not compete against the space needed for housing. IPs allowed land use management and made it possible to split industrial spaces from residential spaces and to protect green spaces (UNIDO, 2017b, p. 2). More generally, IPs are the “cornerstones” of rapid industrial development (Geng et al., 2009., pages (pp.) 1289-1290) and stimulate the economic development not only of a specific region (Wang et al., 2021, p. 1) but also of a whole country (Liu et al., 2017, p. 93).


Covid-19 Pre/Post-Consumer Behaviour

Dr. Nasim Z. Hosein, Norwich University, Northfield, VT



This research measures the before and after impact of Covid-19 on consumers and if there were any changes in their viewpoint, procedures, and behavior that could affect the consumer buying process.  Paired t-tests were used to analyze the data collected, and the findings indicate that the respondents were slightly influenced by factors closely associated with the Covid-19 procedures, protocols, and practices. These discoveries should assist in the understanding of how Covid-19 procedures and practices influenced consumers in their behavior and decision-making and how marketers can incorporate these changes within their future strategies.  The impact of Covid-19 on consumers has resulted in marketers adjusting their strategy to accommodate how consumers have reformed the way they search, choose, and eventually purchase products. Customers are now exposed to a great deal of flexibility about pricing, products, and availability due to the Internet and the convenience of online shopping. E-retailers purposefully add vast amounts of service and product details on their websites to influence buyers to purchase. Any additional insight into consumers ' purchasing intentions can be helpful to support and enhance this strategic positioning of products and services.  As the world has not experienced such a large-scale crisis in several generations since the beginning of 2020, the events caused by Covid-19 can be considered one of the most unpredictable and significant events of recent years. Moreover, it undoubtedly has an impact on consumer behavior. Thus, the significance of this paper is to focus on whether Covid-19 has impacted the consumer decision-making process by measuring the behavior pre- and post-Covid-19.  This literature review outlines the consumer decision-making models that are essential to the consumer decision-making process. Numerous search databases are used to generalize sources relevant to e-tailing, retail, and online access, which frameworks the interaction between retailers and consumers. This review begins with the current consumer decision-making models and then expands into consumer behavior- which relates to the consumer and their decision norms.  Lamb, Hair, and McDaniel (2020) devoted a chapter in their book to outline the needs and wants of consumers through sequential steps in this model. This model proposes to capture the core of consumer thinking- the consumer decision-making process model. This model has five elements explaining the sequential steps in how a consumer decides. However, it is essential to note that each decision-making segment stems from consumers' cultural, social, individual, and psychological factors (p. 90). These factors weigh heavily in one's thought process, either indirectly or directly, in both online and in-store purchasing. However, in this particular study, the ability of consumers to make decisions on purchases online during Covid-19 is what this research attempts to discover.  "Consumer Behaviour is the study of how consumers select and buy goods, services, and ideas to satisfy their needs. Nguyen, Thanh M. (2014). Understanding consumer behavior in greater detail is essential as it influences the consumers' decision-making process. There are four broad categories that affect consumer behavior: Personal, Cultural, Psychological, and Social. These factors include the beliefs, norms, and values individuals learn and adhere to as part of society. These cultural factors are the most influential, as different cultures have different predilections for satisfying consumer needs.   Covid-19 impacted every consumer in terms of health and economy, and everyone will have different buying habits, attitudes, and behaviors and will react differently. Consumers respond to crises in many ways; some are anxious and worried, which triggered panic buying.


The Comparison between Two-dimensional Insider Trading & OS Strategy and Traditional Trading Strategy

Dr. Han-Ching Huang, Professor, Chung Yuan Christian University, Taiwan R.O.C.

Guan-Yu Chen, Chung Yuan Christian University, Taiwan R.O.C.



Insider buying predicts positive future returns, while insider selling reveals only a slight signal to predict negative future returns, possibly to satisfy liquidity needs. Gao et al. (2021) find that insiders are afraid of exposure to litigation risk, they neither sell their stocks on bad news nor buy, so insiders keep silent. The portfolio constructed by Gao et al. (2021) is to buy the “insider sell” group and to sell the “insider silence” group. We construct another portfolio, that is, to buy the “insider buy” group and to sell the “insider silence” group, and the insider trading portfolio, which is to buy the “insider buy” group and sell the “insider buy” group. According to Johnson and So (2012), the O/S portfolio is constructed based on the ratio of individual stock options to the trading volume of the underlying stock. We combine the insider trading strategy with the OS, two-dimensional strategy to test whether the insider trading strategy helps investors earn excess returns. “Buying insider purchases and selling insider silence” combining OS strategy gradually reduces the profit effect with the longer holding period, which is more suitable for short-term investment. “Buying insider purchases and selling insider sales” combining OS strategy is more profitable during the investment period of more than one year. The insider trading strategy can help investors make profits, and its return is better than other strategies; when the insider trading two-dimensional strategy is held for more than one year, it can also help investors to earn excess returns. Insiders, due to their positions within a company, possess more undisclosed private information than investors, which gives them an advantage in engaging in related securities trading activities. Seyhun (1986) demonstrated that insiders can predict abnormal changes in future stock prices and identify the differences in their information value. They trade more shares to utilize more valuable information. Insiders' purchases predict positive future returns, while insiders' sales only reveal slight signals to predict negative future returns, which may be to meet liquidity needs. King and Roell (1988) found that insider purchases had significant positive abnormal returns on company stocks, while insider sales had negative abnormal returns on company stocks. Gregory et al. (1994) found that both insiders' purchases and sales produced significant future abnormal returns when measured using event study methodology. Gao et al. (2021) demonstrated that insider silence is negatively correlated with litigation risk and future stock returns. They defined insider silence as the absence of insider trading within the past 12 months and constructed portfolios of stocks bought by "insider selling" and sold by "insider silence," finding that companies with insider silence had lower abnormal returns compared to companies with insider selling. Johnson and So (2012) used the option-to-stock volume ratio, known as the "O/S ratio," in the US market to indicate imbalances in order flow reflecting private information. They found that companies with low O/S ratios outperformed the market, while those with high O/S ratios underperformed. The negative correlation between O/S ratio and future returns is driven by short-selling costs in the stock market. Roll et al. (2010) discovered that the O/S ratio increases due to firm size and trading cost volatility, and decreases due to option bid-ask spreads and institutional ownership. Many investors rely on historical stock prices to assess future stock performance and trends. This investment strategy was initially widely applied in the stock market. For example, Jegadeesh and Titman's (1993) "price momentum strategy" differentiated winners and losers based on past stock returns, implementing a trading strategy of buying past winners and selling past losers, which resulted in significant abnormal returns. It was found that holding stocks for 3 to 12 months yielded positive significant returns, but half of the excess returns observed in the year following portfolio formation dissipated within the next two years. However, De Bondt and Thaler (1985) argued that there is an irrational overreaction phenomenon in the market, and they discovered that portfolios of previous "losers" outperformed portfolios of previous "winners," suggesting that investors can obtain excess returns using a contrarian strategy.


Factors Influencing Subsequent Financing of TIPS-backed Korean Startups

Chang Soo Hong, Korea University, Seoul, Korea

Dr. YoungJun Kim, Korea University, Seoul, Korea


Entrepreneurship contributes to economic growth through job creation and value addition (Davidsson, Lindmark, & Olofsson, 1998). Among various forms, technology-based entrepreneurship has been widely acknowledged for its positive contributions to economic development (Drucker, 1985), exhibiting higher survival rates and more effective job creation compared to general entrepreneurship (Goh, Park, Kim, & Sung, 2022). Leading technologies such as artificial intelligence and big data, pivotal in the Fourth Industrial Revolution, are rapidly transforming industrial landscapes, with the value created by advanced technology-based companies surpassing that of traditional industries globally. In this context, the South Korean government has been fostering technology entrepreneurship through the Technology Incubation Program for Startup (TIPS) guiding technologically capable entrepreneurs in their ventures.  TIPS is a South Korean initiative aimed at nurturing technology-based companies through private investment-led discovery and development. The program involves accelerators selecting startup teams and providing them with angel investment, after which the government offers additional support in the form of R&D funding, business commercialization assistance, and overseas marketing subsidies. Since its inception in 2013, the program has supported 2,134 startup companies, leading approximately 1 trillion KRW in government funding. TIPS has been recognized as the most helpful government support policy in invigorating the startup ecosystem, being ranked first in this regard (Open Survey & Startup Alliance, 2021), and has established itself as a successful policy support project.  For technology-based startups, the need for funding significantly increases at the stage of turning a technological idea into a prototype and commencing actual business operations. With internal funding often insufficient for product development, external capital becomes essential, particularly for TIPS-selected companies to transition from survival to growth. This study empirically analyzes the impact of internal factors such as the capabilities of entrepreneurs and companies, and external factors including the competencies of accelerators and the external environment, on the attraction of follow-up investments for TIPS-selected companies. Previous research on management performance, including funding, has been divided into studies focusing on internal factors of the company and those centering on external factors such as macroeconomic variables. However, internal and external factors likely interact and collectively influence management performance. This study differentiates itself from preceding research by simultaneously analyzing both internal and external factors affecting the follow-up investments of TIPS-selected companies.  In this study, we identified internal factors influencing follow-up investment attraction in TIPS-selected companies, including the educational background and career of founders (entrepreneurial capabilities), as well as sales revenue and patents of the company (corporate capabilities). External factors considered were the capabilities of the accelerators responsible for funding and incubating TIPS-selected companies (accelerators capabilities), and environmental factors such as the financial market and venture fund dry powder (external environment).  In this research, the capabilities of founders are defined by their education and career. The knowledge base of founders refers to the foundation accumulated through direct and indirect experiences and education (Souitaris & Maestro, 2010), and educational attainment objectively represents the level of knowledge acquired through formal education. Several studies have shown that founders with higher educational levels tend to operate more innovative businesses and achieve better management performance (Segal, Borgia, & Schoenfeld, 2010; Oh, Lee, & Kim, 2014; Bantel & Jackson 1989; Kimberly & Evanisko, 1981).


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Index: The Library of Congress, Washington, DC:    ISSN: 1540 – 7780

Index: Online Computer Library Center, OH:   OCLC: 805078765 

Index: National Library of Australia: NLA: 42709473

Index: Cambridge Social Science Citation Index, CSSCI.

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