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Summer 2010

2 | The Fine Line Between Promoting Discounts and Eroding Brand Equity Shanker Krishnan

4 | College Basketball Refs Try to Promote Fairness, Inadvertently Reward Aggressive Play Kyle J. Anderson

6 | Tolerance for Failure Can Lead to Greater Innovation Xuan Tian

8 | Unenforced Laws More Harmful Than No Laws at All: Lax Insider Trading Regulations Increase Cost of Equity in Emerging Markets Utpal Bhattacharya

10 | Benefits of Direct-to-Consumer Drug Ads Outweigh Criticisms Tony Cox and Dena Cox

12 | Despite Good Intentions, Anti-drinking Ads Can Increase Alcohol Use Adam Duhachek

Kelley OnTopic is a new publication of Indiana University’s Kelley School of Business. This twice-yearly research magazine will highlight some of the most influential and relevant research published by Kelley faculty. Queries may be directed to faculty authors or to Anne Auer, director of marketing and communications at the Kelley School, at aauer@indiana.edu or 812-855-6998.


Welcome Dear Colleagues, This is the first issue of Kelley OnTopic, a magazine devoted to research from the Kelley School of Business at Indiana University. It replaces the electronic newsletter Thought Leadership that we had been publishing for the past several years. This publication highlights some of the most engaging and important research coming from Kelley faculty. With a research faculty of more than 120, Kelley has received high rankings for research productivity in recent years. In the University of Texas-Dallas’ most recent ranking, Kelley was in the top 25 worldwide and ninth among public business schools. We hope you will enjoy these research highlights. As always, I welcome your feedback on this publication or your queries about the studies reported here. You can contact the Kelley School of Business at business@indiana.edu. Sincerely,

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The Fine Line Between Promoting Discounts and Eroding Brand Equity Shanker Krishnan Professor of Marketing (812) 855-1210 skrishna@indiana.edu __________________________ Education • PhD, University of Arizona, 1991 Professional Interests • Implicit Memory for Information • Memory Interference Processes • Role of Memory in Brand Equity, Brand Associations, and Brand Extensions • Interactions between Memory and Attitudes, Confidence, and Intentions

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etailers beware. Some triedand-true discounting tactics for pepping up holiday season sales can be a boon for some products —but a bust for others. Research by Kelley Professor of Marketing Shanker Krishnan demonstrates that certain kinds of point-of-purchase discounts can effectively attract more buyers in the short-term, but for some products can tarnish sales and brand equity over time.

The study, titled “The Effects of Discount Location and Frame on Consumers’ Price Estimates,” also demonstrates that buyers are more inclined to make purchases when stores communicate discounts in ways that are instantly computable. “Retailers should understand that most customers aren’t willing to calculate savings if they have to think too hard about

Researchers invited study participants— more than 100 university students—into an imaginary local grocery store where they were asked to shop “as they do in real life.” The researchers manipulated discount prices of common items and interviewed participants to determine how this might have influenced purchases. They found that for some products, placing discount messages in close proximity to discounted items was the most effective way to build sales. Krishnan explains, “For example, shoppers in electronics stores would be more inclined to buy items like digital cameras accompanied by signs reading ‘$50 Off, Limited Time Only’ than if they received the same message via regular mail.”

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the math and thus might not buy the product,” said Krishnan. “Highlighting price reductions in simple, real dollar terms is a more compelling sales inducement than, say ‘25 percent off.’” But it is important for retailers and brands to note that closely associating products with discounts can have negative implications over time. “People come to associate certain prices with certain products,” said Krishnan. “If the discount message disappears, buyers may be put off and seek out discount prices on other, related products.” Frequently purchased items, like music and clothing, are particularly susceptible to buyer resistance when discounts are removed. “The discounted prices are

much more likely to become fixed and expected in shoppers’ minds,” said Krishnan. On the other hand, the study showed that less frequently purchased items, like TVs, may be more immune to consumer price expectations. “The lifespan of durable items is such that shoppers forget what they last paid for them,” he said.

...Certain kinds of

The study also pointed out that pointof-purchase discounting requires a strategic, highly selective approach to ensure that certain products maintain their long-term sales potential. “It is particularly important that shoppers don’t come to associate luxury items with lower prices,” Krishnan said. “Otherwise, they’ll experience severe sticker shock their next go-around, and brand loyalty can suffer.” For luxury brands, the best bet might be to offer discounts via percentages and to physically separate the discount message from the product by using coupons, ads, general in-store promotions, and other tactics. The price reductions may be somewhat less effective for promoting sales, but customers will also be less likely to associate the lower price with the luxury good.

point-of-purchase discounts can effectively attract more buyers in the short-term, but for some products can tarnish sales and brand equity

over time.

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The study appeared in the September 2009 issue of Journal of Retailing. It was coauthored by Devon DelVecchio at Miami University in Ohio and Arun Lakshmanan at University of Buffalo, SUNY. The study is available for download at www.kelley.iu.edu/facultyglobal/PublicationPage.cfm? id=15143.

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College Basketball Refs Try to Promote Fairness, Inadvertently Reward Aggressive Play Kyle J. Anderson Visiting Assistant Professor of Business Economics (317) 274-0150 kyjander@iupui.edu __________________________ Education • PhD, Indiana University Professional Interests • Industrial organization • E-Commerce • Online pricing

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elley Professor of Economics Kyle Anderson was a college basketball player and an avid spectator. He had long suspected, just as fans suggest every time a game doesn’t go their way, that basketball referees might not be as impartial as we would hope. That’s what led him to use his economics background to take a closer look at referees’ behavior on the court. Examining 365 major conference games played during the 2004-05 college men’s basketball season, Anderson found an increased probability of a foul being called on the team with fewer fouls, the visiting team, and the team that is leading.

“Whether consciously or subconsciously, officials seem to show a pattern where they try to make the number of fouls called on each team come out approximately even,” Anderson explains. “That is seen as being objective or fair. “We had suspected that, having played and watched basketball,” he added. “But once we started to run the data, I think the magnitude of the effect was much more than we had ever anticipated. We thought that this was going be a very small effect.” Basketball officiating can be subjective, with significant variation between what is allowed and what is considered a foul. Anderson and his coauthor, David Pierce, professor of sport administration at Ball State University, set out to measure officials’ “fairness” by examining the number and timing of fouls called


during games. They looked at 272 regular season games, 30 neutral-court conference tournament games, and 63 neutral-court NCAA tournament games. Given that it is common practice for trailing teams to intentionally foul at the ends of games, only foul calls in the first half were included. Among their findings: • The probability of a foul being called on the visiting team was 7 percent higher than on the home team. • When the home team is leading, the probability of the next foul being called on them is about 6.3 percentage points higher than when the home team is trailing. • The larger the foul differential between two teams, the greater the likelihood that the next call will be made against the team with fewer fouls. For example, when a home team has three or more fouls than the visiting team, the probability that the next foul call is made against the visiting team is more than 60 percent. When the foul differential is as high as five, then the probability rises to 69 percent. The researchers also observed this trend when they looked at neutralcourt games. “We talk about the crowd as a factor, but we’re able to rule that out as a complete explanation because it happens to the visiting team too,” Anderson said. “There’s clearly a score effect on both sides. The team that is leading is more likely to get a foul call.” Anderson does not believe that this phenomenon is caused by any changes in coaching strategy or aggressive play by athletes.

The researchers believe their results match up well with the observed behavior of basketball teams over the last 25 years, as play has become increasingly aggressive. While the NCAA has called for a reduction in such physical play, Anderson and Pierce believe that the underlying problems may be greater than the organization appreciates. “The team that plays more aggressively benefits from this pattern,” Anderson said. “If you’re a super-aggressive team and you’re pushing and shoving and knocking people down, the referees are going to try and call an approximately even number of fouls. That gives you a big advantage—you never want to be the less aggressive team. “Unless the NCAA can come up with some way to address this, there’s always going to be an advantage to the more aggressive team,” he added.

Whether consciously or subconsciously, officials seem to show a pattern where they try to make the number of fouls called on each team come out approximately

even.

To reduce the level of aggression, Anderson and Pierce say, the NCAA needs to enact policies and change rules that would reward teams for less physical play. “This could include educating officials about officiating biases and encouraging them to call fouls without regard to foul differential or to possibly increase the penalty for a foul,” they wrote in the paper. _______________________________________________________________________

“Officiating Bias: The Effect of Foul Differential on Foul Calls in NCAA Basketball” appears in the 2009 Journal of Sports Sciences (Volume 27, Issue 7). It is available online at www.informaworld.com/ smpp/content~db=all~content=a911008401~frm =titlelink.

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Tolerance for Failure Can Lead to Greater Innovation Xuan Tian Assistant Professor of Finance (812) 855-3420 tianx@indiana.edu __________________________ Education • PhD, Boston College, 2008 Professional Interests • Corporate finance • Venture capital/Private equity • Initial purchase offers

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elley Finance Professor Xuan Tian theorizes that the right amount of tolerance for failure can help firms be more innovative. His new working paper demonstrates that among start-up companies backed by venture capitalists (VCs), the ones backed by more failuretolerant VCs displayed greater levels of innovation. The paper, “Tolerance

for Failure and Corporate Innovation,” is coauthored with Professor Tracy Yue Wang of the University of Minnesota Twin Cities. Using data from 1985 to 2006 for more than 1,800 venture-capital backed firms that went on to conduct initial public offerings (IPOs), Tian and Wang measured a VC’s failure tolerance by


looking at how long the VC maintained his past investment firms that eventually failed. The researchers judged the innovativeness of the firms by the number of patents that firms were granted, and used the number of patent citations to determine the impact of those patents. Once a firm has a successful product, it will conduct an IPO and the VC will cash out his investment. Therefore, for IPO firms that are financed by more failure tolerant VCs, Tian and Wang expect to see more patents and patent citations. The analysis showed that startup firms financed by more failure tolerance VCs are more innovative. They not only produce a larger number of patents, but also patents with a greater impact. They also found that

firms that had been supported by failuretolerant VCs retained their culture of innovation, even after the VC terminated his investment. Finally, Tian and Wang found that more experienced venture capitalists were more failure tolerant. What are the lessons? “There are two types of tasks a firm can undertake,” Tian explains. “Normal activities, like sales, marketing, or production and more complex and unpredictable activities like research and product development. Investors should not be tolerant of failures in the first category of activities, because if a firm cannot do those activities correctly, it most likely will not remain in business.” “But failure tolerance is very important when it comes to a firm’s innovative activities, like developing new products or inventing new pharmaceuticals, which involve a greater degree of unpredictability and higher failure rate,” Tian continues. “In order to innovate, a firm needs a financial backer who will tolerate failure. Furthermore, once a VC helps a firm develop a culture of innovation, our research shows that in most cases the firm retains that culture.”

...Startup firms financed by more failure tolerance VCs are more innovative. They not only produce a larger number of patents, but also patents with

a greater impact.

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A working version of this paper is available for download via the Social Science Research Network at http://papers.ssrn.com/sol3/papers.cfm?abstract_ id=1399707.

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Unenforced Laws More Harmful Than No Laws at All: Lax Insider Trading Regulations Increase Cost of Equity in Emerging Markets Utpal Bhattacharya Associate Professor of Finance (812) 855-3413 ubhattac@indiana.edu __________________________ Education • PhD, Columbia University, 1990 Professional Interests • Dark Side of Financial Markets

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nsider trading laws that are not enforced can hurt shareholders and economic vibrancy in emerging markets even more than having no securities laws at all, according to research by Associate Professor of Finance Utpal Bhattacharya. With sweeping financial market reforms under consideration worldwide, especially in executive compensation, the findings indicate that policymakers should think twice about establishing or bolstering regulations without corresponding enforcement efforts. The study appeared in 2009 in Volume 13, Number 4 of the Review of Finance.

Recent research has shown that in many emerging markets, trading based on “inside” information is common practice. Bhattacharya’s research goes further, revealing that weakly enforced insider trading regulations not only put law-abiding shareholders at a disadvantage, they make it more expensive to raise money for business in the equity marketplace, making it a less potent place for capital generation and economic stimulus. Specifically, businesses have to pay an extra 5 percent return to their shareholders in countries that do not enforce their insider trading laws.

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“The explanation is that a less transparent, unequal marketplace tends to disadvantage outsiders, and disadvantaged outsiders demand a higher return on their investments,” Bhattacharya says. “The irony is that governments that turn a blind eye to insider trading—often to benefit the relative few—are hurting their economies overall.” The best route, noted Bhattacharya, is for countries to strictly enforce their insider trading rules. However, he said, this may not be a realistic expectation where there are incompetent, under-funded or corrupt financial regulators, which is often the case in emerging markets. In such situations, the more feasible course of action would be to eliminate weakly enforced laws—giving everybody access to the same information and making the market more open and efficient. “Our study serves as a caution to policymakers who believe that welfare can be improved just by instituting good laws,” said Bhattacharya. “Clearly, enforcement, not the law itself, will ensure market efficiency and protect shareholders. A country’s ability to enforce securities laws should dictate whether to have laws at all.”

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Weakly enforced insider trading regulations not only

Fully 70 percent of emerging markets have enacted insider trading laws similar to those in established markets, but without corresponding enforcement efforts. Often they have done so under pressure from institutions such as the World Bank, the European Union, and the Organization of Economic Cooperation and Development. However, according to the study, these transnational institutions can inflict damage if they overlook country-specific factors that hinder enforcement, including unfriendly courts, insufficient funding, high burdens of proof, and a general lack of political will. “This unwise ‘cut and paste’ approach makes it increasingly difficult for stockholders to earn a profit, a major

setback in this economic climate,” said Bhattacharya. “Governments should not hinder free markets with new laws that they cannot or will not enforce, but they should take very seriously the need to enforce existing laws that promote market fairness. If they don’t, the equity markets and their power to generate much-needed capital for the local economy are hurt— and only the outlaws win.” _______________________________________________________________________

“When No Law is Better Than a Good Law” was co-written by Bhattacharya and Hazem Daouk of Cornell University, using monthly stock market indices from Morgan Stanley Capital Market International for 22 developed markets, and from International Finance Corporation for 33 emerging markets. The work is available for download via the Social Science Research Network at http://papers.ssrn.com/sol3/papers.cfm? abstract_id=558021.

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put law-abiding shareholders at a disadvantage, they make it more expensive to raise money for business in the equity marketplace, making it a less potent place for capital generation and

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Benefits of Direct-to-Consumer Drug Ads Outweigh Criticisms Tony Cox Professor of Marketing (317) 274-3831 acox@iupui.edu __________________________ Education • PhD Indiana University, 1984 Professional Interests • Marketing of medical products and services • Brand management • Consumer buying behavior

Dena Cox Professor of Marketing (317) 274-3526 dcox@iupui.edu __________________________ Education • PhD, University of Houston, 1984 Professional Interests • Marketing of medical products and services • Interventions to increase healthy behavior • Consumer behavior

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ith their his-and-hers outdoor bathtubs (erectile dysfunction) and veiled references to a “growing, not going problem” (enlarged prostate), direct-to-consumer (DTC) pharmaceutical ads are roundly criticized by consumer advocates, health professionals and elected officials. Yet two authorities on health care marketing consider these ads more honest than most other forms of consumer advertising and the most forthcoming type of pharmaceutical promotion. Anthony Cox and Dena Cox, marketing professors at the Kelley School of Business in Indianapolis, assert that many charges against DTC pharmaceutical ads are overblown. They believe the public should be more concerned about physiciantargeted marketing (e.g., medical journal advertising, sales calls and distribution of drug samples). “In contrast to physiciantargeted marketing, DTC marketing appears to be an admirably direct and straightforward way of communicating with consumers,” Anthony Cox said. The Coxes emphasize that DTC pharmaceutical ads are unlike other forms of consumer advertising because they are subject to the strict guidelines of the Food and Drug Administration (FDA). As such, ads must disclose the products’

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most common and severe side effects— requirements that do not apply to say, McDonald’s, which might otherwise have to state that beef is known to increase risk of heart disease and cancer. Furthermore, DTC pharmaceutical ads must support all product benefits claimed or even implied with rigorous scientific evidence, unlike ads for nutritional supplements, which can highlight unsubstantiated benefits as long as they mention that the claims have not been evaluated by the FDA. While the Coxes defend the openness of DTC pharmaceutical ads, they acknowledge that certain charges are, to an extent, warranted. These include: • Downplaying drug risks, often by presenting visual elements to distract consumers. For instance, a television commercial for an antihistamine featured a kinetic buzzing bee while the announcer read risk information. In this case, the FDA issued a complaint and the bee was grounded by the company. • Not discussing alternatives to the advertised product. For example, ads for cholesterolreducing drugs may not mention that diet and exercise are the best remedies. Such concerns, while legitimate, say the Coxes, are not so detrimental as to nullify positive aspects of DTC advertising. “Certainly, the principal purpose of DTC advertising is to help sell products—

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and the pharmaceutical companies want ads that will be most effective. However, DTC ads also prompt recognition of undertreated conditions, increase awareness of drugs’ potential risks and side effects and stimulate broader conversations between doctors and patients,” Dena Cox said. While DTC represents the pharmaceutical industry’s most visible effort to influence consumer behavior, it is not close to being the largest. This distinction belongs to physician-targeted marketing, which accounts for about 80 percent of drug company promotional expenditures compared to the 14 percent spent on DTC advertising. Physician-targeted marketing makes a lot of sense from a business standpoint; physicians serve as gatekeepers for prescription drugs and are highly trusted by patients, who perceive them as independent sources of medical advice. Yet, this independence is sometimes more apparent than real, as many doctors are not financially independent of drug companies. These corporations have traditionally provided doctors’ offices with free food and drug samples, underwrite continuing medical education, and compensate doctors for consulting, lecturing and enrolling patients in clinical trials.

“Many of these activities seem harmless and some serve a legitimate medical purpose,” says Anthony Cox. “That said, evidence indicates they also serve their intended promotional purpose—influencing prescriptions and the advice that doctors give to their patients.” According to the Coxes, such tactics are effective for the same reason that they are most worrisome: they bypass the skepticism that consumers are able to muster when seeing an advertisement they recognize as paid promotion. “Patients have innate defenses against DTC ads; there is no comparable protection against the indirect influences of physiciantargeted marketing,” says Dena Cox. “Further, doctors always have the final decision to prescribe or not. When independent of drug companies, they curb the power of even the most compelling ads.”

Physician-targeted marketing ...accounts for about 80 percent of drug company promotional expenditures compared to the 14 percent spent on

DTC advertising.

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Tony and Dena Cox’s article, “A Defense of Directto-Consumer Prescription Drug Advertising” appears in the March/April 2010 issue of Business Horizons, the bimonthly journal of the Indiana University Kelley School of Business. The article is available, by subscription, at http://ideas.repec.org/a/eee/bushor/v53y2010i2p 221-228.html.

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Despite Good Intentions, Anti-drinking Ads Can Increase Alcohol Use Adam Duhachek Associate Professor of Marketing (812) 855-1099 aduhache@indiana.edu __________________________ Education • PhD, Northwestern University Professional Interests • Marketing Management • Advertising • Consumer Behavior • Marketing Strategy • Coping and Cognitive Appraisals and Emotions • Psychometric Issues

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ublic service advertising campaigns that use guilt or shame to warn against alcohol abuse can actually have the reverse effect, spurring increased drinking among target audiences, according to new research by Kelley Marketing Professor Adam Duhachek. Instead of the intended outcome, researchers in this first-of-itskind study showed that the ads triggered an innate coping mechanism that enables

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viewers to distance themselves from the serious consequences of reckless drinking. Campaigns to promote reduced or responsible drinking have long been a mainstay of health departments, nonprofit organizations, and even beverage companies. Yet alcohol abuse remains a persistent and growing problem, linked to the deaths of approximately 79,000 people in the United States each year.

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“The public health and marketing communities expend considerable effort and capital on these campaigns but have long suspected they were less effective than hoped,” said Duhachek. “But the situation is worse than wasted money or effort. These ads ultimately may do more harm than good because they have the potential to spur more of the behavior they’re trying to prevent.” Coauthored by Nidhi Agrawal, professor of marketing at Northwestern University’s Kellogg School of Management, this research specifically explores antidrinking ads that link to the many possible adverse results of alcohol abuse, such as blackouts and car accidents, while eliciting feelings of shame and guilt. Findings show such messages are too difficult to process among viewers already experiencing these emotions—for example, those who already have alcohol-related transgressions. To cope, they adopt a defensive mindset that allows them to underestimate their susceptibility to the consequences highlighted in the ads; that is, that the consequences happen only to “other people.” The result is they engage in greater amounts of irresponsible drinking, according to respondents. “Advertisements are capable of bringing forth feelings so unpleasant that we’re compelled to eliminate them by whatever means possible, said Duhachek. “This motivation is sufficiently strong to convince us we’re immune to certain risks.”

The unintended negative impact of employing shame and guilt in these ads has implications for a wider range of health related messaging, from smoking cessation to preventing sexually transmitted diseases. According to Duhachek, shame- and guilt-inducing campaigns that seek to curb these behaviors can have the same unintentional backfire effects. Duhachek encourages marketers looking to influence drinking and other behaviors to convey dire consequences along with messages of empowerment. For instance, providing strategies to control one’s drinking or recalling instances where one resisted the temptation to engage in risky drinking behavior may provide a pathway to reducing these undesirable behaviors more effectively. “If you’re going to communicate a frightening scenario, temper it with the idea that it’s avoidable,” he said. “It’s best to use the carrot along with the stick.” For this study, Duhachek and Agrawal interviewed more than 1,200 undergraduate students after showing them shame- and guilt-inducing advertisements, which they specifically created for the research. To ensure no biases on the part of respondents, the team opted not to rely on existing campaigns.

If you’re going to communicate a frightening scenario, temper it with the idea that it’s avoidable. It’s best to use the carrot along

with the stick.

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“Emotional Compatibility and the Effectiveness of Anti-Drinking Messages: A Defensive Processing Perspective on Shame and Guilt” was recently published in the Journal of Marketing Research (Volume 47, Number 2, April 2010). It is available for download at www.kelley.iu.edu/ facultyglobal/PublicationPage.cfm?id=14721.

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Indiana University Kelley School of Business 1275 E. Tenth St., CG 3014 Bloomington, IN 47405

Non-Profit Org. U.S. Postage PAID Bloomington, IN Permit No. 267

Kelley is pleased to announce the recent addition of two new centers, bringing the total number of the school’s nationally recognized centers, initiatives, and institutes to 14. Alliance for Research on Corporate Sustainability (ARCS) This partnership of academic institutions was created to provide data and networking opportunities to facilitate research on corporate sustainability. As environmental issues have grown in complexity and scope, there is growing recognition that to gain ground on our most pressing environmental issues will require the proactive engagement and leadership of the business sector. ARCS helps develop greater understanding of the opportunities and limits of policies and strategies to create sustainable businesses by facilitating rigorous academic research. John Maxwell, W. George Pinnell Professor of Business Economics and Public Policy at Kelley, is part of the ARCS founding team and a member of its board of directors. _________________________________________________________________________________________________

More information is available at www.corporate-sustainability.org.

Institute for Global Organizational Effectiveness (IGOE) IGOE was created in spring of 2010 through a $4.8 million private gift coordinated by the GEO Global Foundation. The institute’s aim is to help firms augment their human capital by creating and sustaining productive collaboration among employees from different countries, cultures, and backgrounds, with a special emphasis on Latin America. IGOE will foster a unique collaboration of top students, faculty, alumni, and select organizations working hand-in-hand to achieve results: development of specialized, diverse talent that can meet the global market demand and creation of new knowledge that will advance global business. Some of the Institute’s initiatives include scholarships for MBA and PhD students and conducting applied research projects aimed at generating new knowledge regarding how organizations acquire and develop human capital. The Institute’s director is Herman Aguinis, Dean’s Research Professor in Kelley’s Department of Management and Entrepreneurship. _________________________________________________________________________________________________

More information is available at www.kelley.iu.edu/igoe.

Kelley OnTopic  

Kelley OnTopic is a new publication of Indiana University’s Kelley School of Business. Thistwice-yearly research magazine will highlight som...