2022 Year in Review WCOB Graduate Programs and Research

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Warm greetings on behalf of the Walker College of Business Graduate Programs and Research. It gives me immense pleasure to highlight the excellent work and achievement of students in our graduate programs: Master of Business Administration (MBA), Master of Science in Accounting (MSA), Master of Science in Applied Data Analytics (MSADA), Master of Arts in Industrial-Organizational Psychology and Human Resource Management (IOHRM) and our faculty across all departments.

We celebrated the graduation of the first cohort of online MBA students. Most of the courses in the online MBA program are certified through Quality Matters. Thanks to all the faculty who are involved in this process. This year our students and faculty resumed study abroad experiences in Brazil and India and also attended the United Nations Climate Change conference in Egypt.

In addition to supporting our graduate programs through their excellent teaching and service, our faculty have been very active in research. You will see the highlights of their research that address one or more of the 17 UN Sustainable Development goals to promote “business for good” thinking and applied research that informs the classroom.

Thank you for joining us in looking back on our shared journey and major accomplishments in 2022. Wishing you and yours the best for the holidays and a wonderful new year!

Sustainable Development Goals (SDGs) icons will be found throughout this newsletter. Icons next to publications represent the SDG goals the research addresses. Learn more about SDGs here

Warmest Regards, Lakshmi S. Iyer Dr. Mary Ann Hofmann MSA Program Co-Director Dr. Neel Das MBA Program Director Dr. Jason Xiong MSADA Program Director Dr. Dwayne McSwain MSA Program Co-Director Dr. Tim Huelsman IOHRM Program Director Donna Lindabury Graduate Programs Administrator Cele Burt Graduate Student Services Associate Michelle Brown Graduate Programs Career Coach
Dr. Lakshmi S. Iyer Interim Associate Dean Graduate Programs and Research



Appalachian State’s MBA program was named one of Fortune Magazine’s 2022 Best MBA programs and a Tier One program by CEO Magazine. The program was also ranked #7 among the Princeton Review’s Best MBAs for Human Resources.

Students continue to enance their MBA experiences through optional internships, thus increasing their job prospects and starting salaries. The mean starting salary for MBA graduates is $76,800.

Marc Pfrogner (MBA ‘22)

December 2022 MBA graduate student Marc Pfrogner continued to excel by earning his Six Sigma Green Belt Certification.

Marc Pfrogner was also inducted into Appalachian’s Cratis D. Williams Society of Outstanding Graduates of the Graduate School. This recognition is only awarded to the top 2% of students in each graduating class.

Chelsea Gulliver (MBA ‘22) & Luke Halodik (MBA ‘22)

Two December 2022 MBA graduates, Chelsea Gulliver and Luke Halodik, were delegates to the United Nations Climate Change Conference in Egypt in November as part of Dr. Dave McEvoy’s UN Climate Negotiations Course.



First Class of Fully Online MBA Students Graduated September 1, 2022

On September 1, 2022, we celebrated our first class of graduates from Appalachian State University’s Online MBA Program. A special thank you to Jared Rorrer (MBA 2000) for inspiring our new alumni as our Distinguished Alumni Speaker for the virtual ceremony. Congratulations to the class of 2022!!

At App State

Excellence in teaching is one of the cornerstones of WCOB. Since the launch of our online MBA program, our graduate faculty have worked closely with our Center for Academic Excellence team to create high quality online courses for the online program.

Since last year, more faculty have earned their Teaching Online Certificate from Quality Matters (QM), a nationally recognized, faculty-driven peer-review process used to ensure the quality of online and blended course design. In addition, several courses are now QM-Certified.

These courses include Dr. David Shows for Marketing Strategy (MBA 5420), Dr. Chris Taylor for Data Management (CIS 5630), and Dr. John Whitehead for Economics for Decision Making (MBA 5110). You can see the full list of QM-Certified courses on the Walker College of Business website

Walker College of Business Continues to Expand The Number of Quality-Matters Certified Online Course Offerings


The program will be at full capacity in the Spring, Summer, and Fall semesters of 2023. The program attracts international students from Chile, Poland, India, Bangladesh, Nepal, Ghana, Nigeria, and Kazakhstan.

3 Minute Thesis Finalist

Veronica McCurdy ACC ‘22, an M.S. Applied Data Analytics student in the Walker College of Business, presented her research “Scaling Forest Carbon Programs,” as part of the eleventh annual 3 Minute Thesis (3MT) competition on Friday, October 28, 2022. McCurdy, whose studies are concentrated in sustainability analytics, was advised by Dr. Tammy Kowalczyk, professor in the Department of Accounting.

MSADA Program Receives The

Big Data Innovation Hub SEEDS Program Grant

In 2022-2023, the MSADA program received the South Big Data Innovation Hub SEEDS - Southern Engagement and Enrichment in Data Science program grant. Top MSADA students will be invited to attend The Institute for Operations Research and the Management Sciences (INFORMS) Business Analytics Conference during April 16-18, 2023 in Aurora, CO. Travel cost will be supported by the SEEDS program.

MSADA Program is a H3 (High Wage, High Demand, and High Skill) Program.
Veronica McCurdy (MSADA ‘23)


I-O Psychology Designated by the U.S. Department of Homeland Security as a STEM discipline

I-O psychology was one of 22 programs added to enhance the contributions of nonimmigrant students studying in the fields of science, technology, engineering, and mathematics (STEM), and support the growth of the U.S. economy and innovation.

This designation will positively impact how the field markets itself and will allow graduate students and faculty to compete for STEM-related funding opportunities and collaborations and F-1 visa students earning bachelor’s, master’s, or doctoral degrees to remain in the United States for up to 36 months after degree attainment to work in their field of study.

Certified Professional Credential from SHRM

More than half of the 13 May 2022 graduates (and 100% who applied) earned Certified Professional (CP) credentials from the Society for Human Resource Management (SHRM).

Appalachian Safety Summit

Approximately 100 safety professionals attended the Appalachian Safety Summit, an annual conference produced by Tim Ludwig (PSY). Two current IOHRM students were among the presenters. You can learn more about the Appalachian Safety Summit on the conference’s website

HR Summit

Approximately 80 HR professionals attended the on-campus HR Summit, a reoccuring conference hosted by the IOHRM program under the leadership of Shawn Bergman (PSY). Six IOHRM alumni were among the presenters.



Master of Science in Accounting Student Earns a $10,000 Scholarship

Sloan Reid, a 2022 Appalachian State University alumna who is now working toward her Master of Science in Accounting degree, has been selected by the Public Company Accounting Oversight Board (PCAOB) to receive a $10,000 scholarship for the 2022–2023 academic year.

Master of Science in Accounting Student Selected for a Position with the Governmental Accounting Standards Board (GASB)

Danielle Pollock, a 2016 Appalachian State University alumna, is currently working as a postgraduate technical assistant with the GASB. Pollock started her one-year term this summer, and she is highly involved with the accounting standards-setting process. Pollock aims to complete her master’s degree in 2023 or 2024.

Staff Changes

Drs. Mary Ann Hofmann and Dwayne McSwain, professors of accounting, took over from Dr. Lynn Stallworth as co-directors of the MS in Accounting program on July 1. “I am very grateful for the hard work Lynn Stallworth did as the program director from 2019–2022, including leading a graduate curriculum review, and launching a new concentration in data analytics in our MS Accounting program,” said Dr. Pennie Bagley, chair for the Department of Accounting.



Dr. Brackney Receives

Dr. Albinsson Receives Stanley J. Shapiro Award

Dr. Pia A Albinsson is grateful to be recognized for her contribution as a reviewer for the Journal of Macromarketing. Dr. Albinsson discussed the impact of the award by saying “Without reviewers we cannot advance our field so I see it is a duty and a way to give back to the academic community.”

Dr. Iyer speaks at international conference on

transdisciplinary research

Lakshmi Iyer, the Walker College of Business’ Interim Associate Dean for Graduate Programs and Research, was the chief guest at two-day conference on transdisciplinary research at Devi Ahilya Vishwavidyalaya, formerly Indore University. Dr. Iyer discussed various facets of data science and transdisciplinary research and shared her interests and passions, including inclusivity for women in STEM professions and her study on ground water management in Rajasthani villages.

MS-Accounting Program’s Outstanding Faculty Award

Ken Brackney received the MS-Accounting Program’s Outstanding Faculty Award for the 2021-2022 academic year. The students in the program determined the recipient through a voting process.

Dr. Roy Awarded Dean’s Club Research Prize

Dr. Davison Receives Sywassink Research Award

Dr. H. Kristl Davison, an Assistant Professor in the Department of Management, was honored with the 2022 Sywassink Research Award. This annual award recognizes excellence in research contributions over time with an emphasis on recent research endeavors. Since joining the faculty in 2018, Dr. Davison has published 14 peer-reviewed and editor-reviewed articles on topics such as the use of artificial intelligence in human resources, workplace deviance, and diversity-related issues.

The $5,000 prize was awarded to Jayjit Roy, an associate professor in the Department of Economics. The study entitled “Exporting and Pollution Abatement Expenditure: Evidence from Firm-Level Data” was published in the Journal of Environmental Economics and Management in 2021. Using firm-level data from Indonesia, the authors find exporting firms to engage in greater pollution abatement relative to non-exporters. Roy is very grateful to the Dean’s Club Research Prize Committee.



Dr. Kowalczyk Awarded The Rural Resilience and Innovation Grant

The Rural Resilience and Innovation Grant was awarded to Tammy Kowalczyk (Principal), along with Maureen Ann MacNamara and Elizabeth D. Shay for their investigation of “Expanding Agricultural Entrepreneurship and Employment for Veterans through Community Partnerships.” The grant is sponsored by the College of Arts and Sciences, Rural Resilience and Innovation Department, Appalachian State University, and the project is funded from October 2021 through June 2022.

Seven earn professorships in Walker College of Business

Dr. Zahller Named IMA Faculty Mentor of the Year

Kim Zahller was named the Institute of Management Accountants (IMA) Faculty Mentor of the Year (National Award) for 2022. As a result of her efforts, 10 App State students were awarded scholarships from the IMA to sit for the Certified Management Accountant (CMA) exam.

Seven faculty members at Appalachian State University have been appointed to

in the

College of Business, and six have been reappointed to second professorship terms. Professorships recognize

members who have demonstrated outstanding performance in instruction, scholarship and service. The recipients receive a salary stipend to advance their work. Professorships may be renewed for one additional, two-year term.

Faculty Members appointed to Professorships, from left to right in photo:

Dr. Charlie Chen, Dean’s Club Professor

Dr. Kevin Eller, Dean’s Club Professor

Dr. Jeff Hobbs, Dean’s Club Professor

Dr. Robin Romanus, Honorable Harlan E. Boyles Professor

Dr. Brock Stoddard, Dean’s Club Professor

Dr. Ken Brackney, Kenneth E. Peacock Accounting Professor

Dr. Pennie Bagley, Kenneth E. Peacock Accounting Professor

The Kenneth E. Peacock Accounting Professorship honors Dr. Kenneth E. Peacock, who served as University Chancellor from 2004 to 2014, and prior to that, Dean of the Walker College of Business from 1992 to 2003. Dr. Peacock came to Appalachian State in 1983 as a professor in the Department of Accounting.

professorships Walker faculty


Study Abroad Trip to Brazil

MBA 5020 “Brazil: Energy and Environment”

Dr. Martin Meznar

The MBA 5020 “Brazil: Energy and Environment” class traveled to Brazil. The 12 day program (May 9 to May 21, 2022) was sponsored by the Walker College of Business. The trip included five nights at Iguaçu Falls (one of the 7 wonders of the modern world) and five nights in Rio de Janeiro. The program focused on renewable energy in Brazil and included visits to the Itaipu dam and hydroelectric plant, as well as a visit to Brazil’s only nuclear power plant in Angra dos Reis. There was a side trip into Argentina for geology enthusiasts. Trip participants visited the Imperial geode mines in Wanda.

Study Abroad Trip to India

MBA 5020 “India - International Experience”

Dr. Lakshmi Iyer & Dr. Dinesh Davè

In order to provide cultural and historical experience to students, the program included a trip to Mysore, India, one of the most prominent tourist destinations. Mysore is also known as the Palace City of India and was the old capital of the state of Karnataka before it was moved to Bangalore. The class visited a few palaces and museums in the city along with the beautiful Brindavan Gardens full of several fountains. In addition, the program included a trip to Kabini National Forest Park, one of the top 5 wildlife resorts in the world. The students stayed in the river lodge, nestled in the forest.



Dr. Brackney co-authored a teaching case (with Tom Downen, UNC Wilmington) titled GlaxoSmithKline plc: Identifying and Analyzing IFRS vs. U.S. GAAP Differences that was published in the September 2022 issue of Journal of Business Cases and Applications. GSK submits International Financial Reporting Standards (IFRS) basis financial statements to the U.S. Securities and Exchange Commission to support its listing in the U.S. market. The company’s reporting exhibits more than 25 differences with U.S. Generally Accepted Accounting Principles (GAAP). The case asks students to identify 11 of theIFRS-GAAP differences and determine the effects of each one on a set of key financial statement metrics.

Dr. Eller co-authored a paper (with A. Brink and K. Green) titled “Fraud Reporting within an Organization and the Use of the Internal Audit Function as a Training Ground for Management” that is forthcoming in Behavioral Research in Accounting in 2022.

Dr. Justice co-authored (with Alex Helms & Dana Hermanson) Internal Controls in Charter Schools: Current Perceptions and Opportunities for Improvement that investigated the internal control environment of charter schools throughout the United States. The study found that charter school internal controls are perceived to be strong. However, board independence, board communication of internal control responsibilities to school personnel, and lines of communication between the board and school personnel are perceived to be weakest in comparison to other internal controls. The study also reported that board members have a more positive view of charter school internal controls than administrators do.

Dr. Roberts and his oldest son co-authored an article on ransomware attacks, Don’t get taken hostage: preventing and surviving ransomware attacks. The article describes how attacks occur, steps companies should take to protect themselves from attacks, how companies should prepare for a potential attack and how to deal with an attack should one occur.

The Department of Accounting within Walker College of Business at Appalachian State University has built a strong reputation for excellence in accounting education and is highly regarded by accounting employers in North Carolina and throughout the Southeast. Accounting graduates are recruited by the largest international, national, and regional accounting firms as well as local accounting firms, industry and government agencies. The Department of Accounting offers the Bachelor of Science in Business Administration (B.S.B.A.) degree and the Master of Science (M.S.) degree in Accounting. The faculty and staff in the department are deeply committed to the success of our students.

Publications by the Accounting Department can be found here

2022 | YEAR IN
Dr. Ken Brackney Dr. Kevin Eller
Dr. Scot Justice Dr. Doug Roberts


Dr. Agrawal co-authored (with Chen Zhang, William J. Kettinger, and Ali M. Adeli) Spy it before you try it: Intrinisc Cues and Open Data App Adoption. Access to open data from governments can benefit citizens by increasing transparency, accountability, and economic growth. While governments’ open data initiatives are increasing, there is a lack of understanding of the factors influencing the adoption of open data mobile apps, which serve as an essential channel for open data use. Drawing from the signaling theory and IS success literature, this study investigates how information-related intrinsic cues available to potential users influence open data apps’ adoption.

Dr. Chen authored Digital and non-digital distractions for remote work: A Case of IT Professionals. Recent surveys show that remote work productivity is mixed. The paper shows that IT professionals’ productivity is not significantly affected by digital distractions compared to those in their office work. On the other hand, non-digital distractions at home lower their productivity. These findings provide implications and future research agendas on how to improve remote work productivity by effectively managing digital and non-digital distractions at home.

Dr. Duong authored Eustress and Distress in the Context of Telework. The COVID-19 pandemic brought about a surge in telework, with many organizations using telework to continue operations. Teleworkers are subject to stress due to the demands of working from home. Despite the common view of stress as being detrimental, stress can also be beneficial. In this paper, the authors investigate two forms of stress, eustress (beneficial stress) and distress (detrimental stress). The findings related to eustress are especially important due to the relative lack of research into beneficial stress in the context of telework, and the common misconception of stress as being universally harmful. That being said, researchers and managers should still pay attention to finding ways to reduce distress, which is associated with lower satisfaction and increased telework exhaustion.

Dr. Hassler co-authored (Joseph Cazier, Preston MacDonald, & Jamie Russell ) New River Light and Power Data: A Data Ecosystem for Electric Power Systems Research. This article provides data useful for electric power systems research by students, faculty and the community to download or to use in a cloud-based analytics environment with state of the art analytics tools. The work includes carefully cleaning, documenting, preparing and enriching 12+ years of non-personally identifiable substation data for the 5 substations managed by New River Light and Power (NRLP), a non-profit electric utility operated by Appalachian State University’s Division of Business Affairs.

Dr. Hunsinger co-authored (with Alan Peslak & Wendy Ceccucci) Using Unsupervised Machine Learning To Determine Social networking User Groups. With the exponential growth of social media nd networking, the journal examines a 2019 Pew Internet dataset via Unsupervised Machine Learning with the goal of finding Social Networking User Groups. Implications for marketers, researches, and society are discussed in this journal.

Dr. Deepti Agrawal Dr. Charlie Chen Dr. Bao Duong Dr. Edgar Hassler
Dr. Scott Hunsinger


Dr. Iyer co-authored a paper ( with S.J. Lane, M. Sugg, T.J. Spaulding, A. Hege) titled Predictors of COVID-19 in Southeastern United States Nursing Homes. The study determined nursing home (NH) and county-level predictors of COVID-19 outbreaks in nursing homes (NHs) in the southeastern region of the United States across three time periods: early, mid, and late pandemic.. NH-level data compiled from census data and from NH compare and NH COVID-19 infection datasets provided by the Center for Medicare and Medicaid Services cover 2951 NHs located in 836 counties in nine states. County-level COVID-19 estimates and NHs with more certified beds were predictors of COVID-19 outbreaks in NHs across all time periods. Predictors of NH cases varied across the time periods with fewer community and NH variables predicting COVID-19 in NH during the late period.

Dr. Kaleta co-authored (with Dr. Cheryl Aasheim) Construal of

Social Relationships

in Online Consumer Reviews. Online consumer reviews are prevalent in online retail environments influencing consumer purchase decisions. This study uses the lens of construal level theory to investigate the social relationship that is created when consumers read online reviews forming a perceived sense of closeness (or distance) from the author of the review. The perceived degree of is an important factor in determining how a consumer processes information present in an online review that impacts their acceptance of the information and ultimately their decision to make a purchase.

Dr. Xie authored Understanding switching intention to e-commerce drone delivery: privacy calculus view. This research asks what influences people’s switching intention in e-commerce drone delivery services. Our results suggest that online shoppers appreciate drone delivery’s speed and environmental protection advantages. However, privacy risk severity and vulnerability are not significant concerns of younger online shoppers. This research studies emerging innovative technology and services. It contributes to understanding how to build environmentally sustainable cities and communities and how to teach consumers to be more responsible for their consumption behaviors.

Dr. Xiong authored A Divide Quantified—Exploring the Relationship between ICT Infrastructure Diffusion and Income Inequality. Information and communication technology (ICT) has the potential to address and reduce income inequality. However, since 1980, income inequality in the United States has caused concerns for researchers, policymakers and the public. Entrepreneurs and managers can take advantage of information technologies, while those in the middle and the bottom see fewer benefits. Meanwhile, countries such as Iceland are more capable of using ICT infrastructure to reduce income inequality, which contributes to the well-being of its citizens. This research study explores the relationship between infrastructure diffusion and income inequality through Rogers’s diffusion of innovations theory.

Our Computer Information Systems programs have curricula that promote solid business acumen and technical fundamentals, arming students with a unique blend of knowledge, and enabling them to serve as the vital bridge between professionals in functional business areas and information technology (IT). We offer a Bachelor of Science in Business Administration (BSBA) in Computer Information Systems. The department fosters a collegial and collaborative work environment, in which we engage with our students to promote academic and professional excellence.

Dr. Wei Xie Dr. Jason Xiong Additional Publications by the Computer Information Systems Department can be found here Dr. Lakshmi Iyer
Dr. Jeffrey P. Kaleta


Dr. Arif authored New Sports Facilities Do Not Drive Migration Between US Cities. Governments provide substantial subsidies for the construction and operation of professional sports facilities in North America. Local politicians, developers, team owners, and fans argue that the new sports facilities create tangible economic benefits, including employment, income, tax revenues, etc. This study explores whether new sports facilities attract more migrants within US metropolitan areas. We find no evidence that new sports facility openings or spending on new facilities attract more migrants. However, we find some weak evidence that new sports facilities discourage migration inflows. We conclude that spending on stadiums is ineffective in attracting migrants. The opportunity cost associated with stadium construction likely reduces the ability of MSAs to attract migrants through the provision of other amenities or public goods.

Dr. Baik co-authored (with Jong Hwa Lee & Seokho Lee) Endogenous Timing in Three-Player Tullock Contests. We study a three-player Tullock contest in an endogenous-timing framework, focusing on the players’ decisions on timing of effort exertion. In this model, there are two points in time at which the players may choose their effort levels. The players decide independently and announce simultaneously when they each will expend their effort, and then each player chooses her effort level at the point in time which she announced. We find that, given moderate asymmetries among the players, each of the players announces the first point in time, and thus they all choose their effort levels simultaneously at the first point in time. This finding is in sharp contrast to a well-known result obtained from two-player asymmetric contests with endogenous timing.

Dr. Dawson authored Market Institutions and Factor

in Structural Change

Journal. We introduce a four-factor production framework to derive empirical specifications for the relationship between institutions and factor income shares. In a cross-section of 75 countries, we find the positive relationship between market institutions and the total labor share is driven by its underlying human capital component—an effect appearing predominantly in lower- and middle-income countries. Market institutions are negatively related to the total capital share and its physical capital component, especially in middle- and upper-income countries. Political institutions have a small or statistically insignificant effect in explaining factor shares after controlling for economic institutions.

Dr. Dickinson authored Sex moderates the effects of total sleep deprivation and sleep restriction on risk preference. Males and females may face different behavioral impacts of insufficient sleep. This study examines this question in the context of monetary risk choices over amounts one might gain versus lose. In general participant choices display risk aversion in the domain of monetary gain, but they are risk loving when facing gambles over monetary losses. Females responded to sleep loss with increased risk aversion in the domain of monetary gains, but males increased risk loving choices when facing gambles over loss amounts. These results suggest that the relationship between sleep loss and risk preference is moderated by sex.

Dr. Imran Arif Dr. Kyung Baik Shares Across Countries published and Economic Dynamics Dr. John Dawson
Dr. David Dickinson


Dr. Guignet co-authored (with Megan Kung & Patrick Walsh) titled Comparing Pollution Where You Live and Play: A Hedonic Analysis of Enterococcus in the Long Island Sound. This study examines how residential property values near the Long Island Sound are impacted by increases in bacteria contamination and beach closures. Such events occur due to an aging infrastructure and resulting sewage overflows after heavy rain. We find that bacteria contamination at the nearest beach and subsequent closures negatively affect home values, and that these adverse effects extend to homes at farther distances than what has been previously suggested in the literature.

Dr. McEvoy co-authored (with Stephan Kroll, Todd L. Cherry, David Campoverde, and Juan Moreno-Cruz) Climate Cooperation in the Shadow of Solar Geoengineering. Research analyzes the role of social geoengineering in climate policy as international efforts fall short of global targets to mitigate greenhouse gases.

Dr. Stoddard co-authored (with former student Nick Bailey and Dr. Ramalingam) Experimental (re-)analysis of the house-money effect in a public goods game. Experiments in economics usually provide subjects with starting capital to be used in the experiment. This practice could affect decisions as there is no risk of loss. This phenomenon is known as the house-money effect. In a repeated public goods game, we test for house-money effects by paying subjects in advance an amount they could lose in the experiment. We do not find evidence of a house-money effect over time.

The Department of Economics is an intellectually vibrant place for students and faculty. We are a research-intensive department committed to student learning. We offer a wide range of courses that provide critical-thinking and problem-solving skills, and we complement this coursework by engaging students with faculty-led research opportunities. Our faculty members are engaged in research that contributes to addressing local and global challenges related to environmental resources, economic development, trade, health, sports, and tourism. The Department of Economics is ranked among the leading U.S. economics departments for research productivity, and is particularly strong in environmental and experimental economics.

Publications by the Economics Department can be found here

Dr. Dave McEvoy
Dr. Brock Stoddard Dr. Dennis Guignet Dr. Whitehead authored Teaching Environmental and Natural Resource Economics Paradigms and Pedagogy. This research is a significant contribution to the literature of economics education. Theory and practice, teaching activities and exercises, and pro teaching tips are clearly and expertly presented. Dr. John Whitehead


Dr. Cox authored The dark side of IPOs: Examining where and who trades in the IPO secondary market. This study finds that initial public offerings (IPOs) experience fragmented trading in the months following the initial offering. The fragmented trading in IPOs is also associated with high levels of algorithmic trading. Together, fragmented and algorithmic trading are found to improve liquidity in IPOs.

Dr. Harry Davis continues as the Dean of the North Carolina School of Banking. He has served in that role for over 20 years and is heavily involved in selecting the curriculum and faculty. Dr. Davis will also be a panel member for the 21st annual economic forecast luncheon on January 6, 2023 in Durham, NC. The 900+ attendee event is sponsored by the North Carolina Chamber of Commerce and the North Carolina Bankers Association.

Dr. Eggers authored The Impact of the American Revolution on James O’Kelly’s Understanding of Ecclesial Governance in the Methodist Episcopal Church. This article examines the egalitarian convictions and doctrines of the Reverend James O’Kelly and how his belief in church autonomy led to one of the earliest schisms in the Methodist Episcopal Church.

The primary objective of the Department of Finance, Banking and Insurance is to develop leaders for the business, government, and educational communities and to assist them in making contributions to society. The students are provided with the theoretical concepts needed to understand and dissect business problems. The faculty provide students with practical applications needed for financial analysis in their given areas of study. In addition to practical applications in the classroom, we encourage students to intern off-campus. Internships allow students to gain valuable practical business experience while still in college.

Dr. Justin Cox Dr. Harry Davis Dr. Austin Eggers


Dr. Hadley co-authored (with Brian Blank, Kristina Minnick, and Mia L. Rivolta)

A game of thrones—Dynamics of internal CEO succession and outcome. The authors examine the dynamics of firm succession methods and find that competitive internal successions for the CEO position (i.e., horse races) are more common than appointing heirs. However, although heir and horse race CEO candidates have similar qualifications, the consequences of these two succession methods differ significantly. In fact, horse race successions induce conflict and are detrimental to the firm. These findings highlight the importance of CEO succession planning in the form of grooming an heir.

Hobbs co-authored (with

and the Trading of Draft Picks in Major Professional U.S. Sports. The study finds that professional sports teams are likelier to trade away draft picks that they had acquired from other teams than draft picks that were theirs originally and much likelier to repurchase picks that were originally theirs than picks of similar value that weren’t.

The primary objective of the Department of Finance, Banking and Insurance is to develop leaders for the business, government, and educational communities and to assist them in making contributions to society. The students are provided with the theoretical concepts needed to understand and dissect business problems. The faculty provide students with practical applications needed for financial analysis in their given areas of study. In addition to practical applications in the classroom, we encourage students to intern off-campus. Internships allow students to gain valuable practical business experience while still in college.

Dr. Brandy Hadley Dr. Vivek Singh) The Endowment Effect
Additional Publications by the
& Insurance Department can be found here 16
Dr. Jeffrey Hobbs
Finance, Banking,


Dr. Creek co-authored (with Pyayt P. Oo & Leah D. Sheppard) Perceived warmth and competence in crowdfunding: Which matters more and for whom? We examine the effects of first impressions of 350 Kickstarter crowdfunding entrepreneurs’ warmth and competence on the performance of their campaigns. Drawing from the stereotype content model and expectancy violation theory, we propose and find support for a model in which warmth, competence, and trust influence crowdfunding performance, with the strength of these relationships differing as a function of entrepreneur gender. Specifically, we show that the crowdfunding performance of women entrepreneurs is uniquely benefited by perceptions of competence and the cognition-based trust that ensues, relative to the performance of men.

Dr. Davison co-authored (with R. H. Hamilton) the Legal and ethical challenges for HR in machine learning. In this paper we discuss some of the legal issues (e.g., violation of discrimination laws) and ethical concerns (e.g., privacy and fairness violations) that accompany the use of machine learning in the HR context. We note that some data analysis activities that are legal nonetheless might not be appropriate in some cases and might be demotivating to employees, resulting in lowered performance or even counterproductive behaviors. We provide guidance on developing an effective process for the legal and ethical use of machine learning in HR.

Dr. Kline co-authored (with Duffy, L., Fogle, E. L., & Clark, D) Crossover Paths for Peri-Urban Markets in Tourism Planning and Development: Mobility Motivations, Career Stage, Life Stage, and Desired Characteristics. This study is a case examination of multiple types of resident and visitor markets of a county that can be described as a fringe community, having both rural and urban amenities and characteristics. It is part of a larger economic development study examining perceptions towards a fringe community seeking to encourage additional company relocation to the county, entrepreneurial activity, and attraction of new residents and visitors.

Dr. Steven Creek
Dr. H. Kristl Davison Dr. Carol Kline


Dr. Nandi co-authored (with V. Gonela) Rainwater harvesting for domestic use: A systematic review and outlook from the utility policy and management perspectives. Rainwater harvesting has the potential to have a central position in water resource management worldwide. The paper explores the content and context of rainwater harvesting literature and its policy and management alignment. Findings suggest that (1) despite rainwater harvesting being aimed to provide social benefits, it is constrained in supporting social policy-making and management of rainwater as a public utility system; (2) policy and governance frameworks that include socio-economic and socio-environmental pragmatism are needed to achieve rainwater harvesting programs realistically; and (3) modeling of RWH systems requires considering spatial variabilities, policy evaluations, and governing theories.

Dr. Shinnar co-authored (with O. Giacomin, F. Janssen, K. Gundolf, & N. Shiri) Individual religious affiliation, religiosity and entrepreneurial intentions.This study explores (1) the impact of individual religious affiliation (Protestant, Catholic or Muslim) or non-affiliation (Agnostic/Atheist) and (2) the influence of individual religiosity (beyond mere religious affiliation) on entrepreneurial intentions. Findings show that having a religious affiliation—as compared to identifying as Agnostic/Atheist—has a positive relationship with entrepreneurial intentions. More importantly, we show that religiosity—not just religious affiliation—impacts intentions differently across different religions, thus pointing to the importance of taking religiosity into account, and not only religious affiliation.

Dr. Tilton co-authored (with J. J. Kish-Gephart, K. J. Moergen, & B. Gray) Social Class and Work: A Review and Organizing Framework. In this paper, we review over 400 quantitative, qualitative, and conceptual articles and offer an in-depth look at the current state of literature on social class and work.Overall, we hope to fuel future research and further organizational scholars’ understanding of this complex yet impactful phenomenon.

The Department of Management offers undergraduate and graduate degree programs to prepare students for a variety of managerial responsibilities in today’s dynamic environment. The student who is studying management will acquire relevant knowledge and skills necessary for success in a variety of small, medium and large organizations. The Department of Management at Appalachian State University is committed to developing and allocating resources to the fundamental task of creating a diverse campus culture. We value diversity as the expression of human similarities and differences, as well as the importance of a living and learning environment conducive to knowledge, respect, acceptance, understanding and global awareness.

Publications by the Management Department can be found here
Dr. Rachel Shinnar Dr. Jacqueline Tilton Dr. Santosh Nandi


Dr. Ahmad co-authored (with Guzmán, F. & Kidwell, B.) Effective messaging strategies to increase brand love for sociopolitical activist brands. As brands increasingly engage in activism, it is critical they communicate messages that their target audiences perceive as authentic to reinforce their consumer-brand relationships. This study investigates the effect of type of commitment (financial, non-financial, or rhetorical) and message framing (hope or frustration) on perceived brand authenticity and brand love.

Dr. Albinsson co-authored (with Yasanthi B. Perera & Sarita Ray Chaudhuri) Online Consumer Activism 2.5: Youth Activism at the Forefront of the Climate Crisis. Several current youth-led activism movements center on the on-going climate crisis. Youth activists such as Greta Thunberg, the founder of “Skolstrejk för klimatet” (School strike for the Climate), are voicing their concerns and directing public attention to rising temperatures, and the increasing scarcity of clean water and food among other issues. In this chapter, we discuss the digital tools utilized by current youth-led climate movements that operate at global (Fridays for Future movement) and national levels (US-based Sunrise movement).

Dr. Benoit co-authored (with Elizabeth G. Miller, Ann M. Mirabito, & Jesse R. Catlin) Medical decision-making with tables and graphs: The role of cognition, emotions, and analytic thinking. In this paper, we investigate cognitive and affective influences on decision-making involving display formats. We find that a display format’s impact on decision quality is mediated by two distinct components of cognition (verbatim and gist knowledge), and that tables compared to bar graphs improve decision quality. We also find evidence that analytic thinking and lower negative affect can improve decision quality.

Dr. Davè co-authored (with Varinder Sharma, Ajay Ajjarwal, and Kiran Sharma), Mitigation of High Consequence Supply Chain Disruptive Effects on Stores and Consumers. There is a dearth of studies offering strategies to mitigate such disruptive effects quickly and cost-effectively thereby leaving a gap in supply chain strategies, which this study attempts to fill by offering a novel implementable model using the repurposed marketing strategies. The model suggests that the stores can mitigate such disruptive impacts by regaining consumer trust and commitment. This study contributes substantively to the supply chain strategies and builds a bridge for future development and testing applications of re-purposed strategies to specific types of high consequence disruptions. This study furnishes purposeful managerial implications and directions for future research.

Dr. Fayez Ahmad Dr. Pia Albinsson Dr. Ilgim Benoit
Dr. Dinesh Davè


Dr. Kumar co-authored (with Neil A. Morgan, Satish Jayachandran, John Hulland, Costas Katsikeas, and Agnes Somosi) Marketing Performance Assessment and Accountability: Process and Outcomes. Recent developments in digital channels, the accompanying explosion of data, the globalization of markets, and the rise of customer experience as a key firm priority have magnified interest in gaining clarity on how to design and manage marketing performance assessment (MPA) systems. In this study, we first review past research in this broad domain to answer the “Where have we been?”. Second, we develop a new conceptual model of the MPA process and use it to identify what really needs to be known (i.e., “Where do we need to go?”). Third, we suggest how these areas of needed inquiry may best be investigated (i.e., “How do we get there?”) by identifying new perspectives, theories, data sources, and analysis approaches that may be productively employed in future research.

Dr. Nafees co-authored (with G. White) Is the Influencer I follow Human or Robot? The Value of Computer-generated Imagery (CGI) Influencers to Luxury Brands. Influencer Marketing and Social Media Influencers (SMI) are becoming crucial to the success of brands, and companies can no longer ignore their significant role in shaping consumer attitudes towards brands. Influencer marketing has been traditionally studied and is not a new form of marketing, but with new-age technology, it is constantly evolving and taking a new shape. This article, by way of a case study, aims to study the use of Computer-generated Imagery (CGI) Influencers by luxury fashion brands and its implications for the future of luxury retail and marketing in general. Building upon parasocial relationship theory and narrative transportation theory, we suggest that CGI Influencers are a potentially perfect fit for promoting ‘luxury fashion brands’ as they create the necessary balance between relatable and unattainable that is ideal for the advertising of luxury fashion brands in this new age.

Dr. Northington co-authored (with ST Gillison and SE Beatty) Shoppers’ Digital Deal Seeking: Charting New Territory. In this paper, the concept of digital deal seeking propensity (DDSP) is developed and scales are assessed and validated across four studies. Digital deal seeking propensity is the individual’s tendency to use digital technologies in their search for good or fair “deals or bargains” in the online marketplace. We find that DDSP includes three dimensions: generalized online deal seeking, online savings platform use, and social media deal seeking. The scales prove to be valid based on construct and nomological validity. Further, four unique digital deal seeker segments are identified. The theoretical and managerial contributions of these findings are discussed.

In Appalachian State University’s Marketing (BSBA) degree program, students learn to drive industry initiatives that develop customer satisfaction and retention, contribute to company profits and build connections with suppliers, distributors, and the community. Marketing students gain hands-on experience by identifying problems, developing plans, and implementing effective marketing programs.

Appalachian State Univeristy’s Supply Chain Management (BSBA) degree program provides students with skills and knowledge in logistics, operations, strategic sourcing, six sigma, and supply chain technologies, enabling them to compete in the global marketplace. Companies focus on SCM as a way to reduce costs, improve processes, and expand into international markets.

can be found here

Additional Publications
by the Marketing
Supply Chain
Dr. Binay Kumar Dr. Lubna Nafees Dr. William Northington

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