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Sustainability (Impact factor 3.9)

Special issue:

Information Systems in E-business: Digital Transformation and

Sustainable Management

Link:

mdpi.com/si/194499

Guest editor: Dr Alex Zarifis

Deadline:

30th November 2024

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Exploring the impact of country-of-origin image and purchase intention in cross-border e-commerce

New research on the role product country-of-origin is playing on consumers’ evaluation of Chinese products (Bao et al.,2022).

Reference

Bao Y., Cheng X. & Zarifis A. (2022) ‘Exploring the impact of country-of-origin image and purchase intention in cross-border e-commerce’, Journal of Global Information Management, vol.30, iss.2, pp.1-20. Available from (open access): https://doi.org/10.4018/JGIM.20220301.oa7

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Designing a talents training model for cross-border e-commerce: A mixed approach of problem-based learning

The four core requirements of cross-border e-commerce talents identified are business and market knowledge, technical skills, analytical ability and business practical ability.

Reference

Cheng X., Su L. & Zarifis A. (2019) ‘Designing a talents training model for cross-border e-commerce: A mixed approach of problem-based learning with social media’, Electronic Commerce Research, vol.19, iss.4, pp.801-822. Available from: https://doi.org/10.1007/s10660-019-09341-y

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New research: The second extended model of consumer trust in cryptocurrency payments, CRYPTOTRUST 2

Alex Zarifis

Cryptocurrencies’ popularity is growing despite short-term fluctuations. Peer-reviewed research into trust in cryptocurrency payments started in 2014 (Zarifis et al., 2014, 2015). While the model created then is based on proven theories from psychology, and supported by empirical research, a-lot has changed in the past 10 years. This research re-evaluates and extends the first model of trust in cryptocurrencies and delivers the second extended model of consumer trust in cryptocurrencies CRYPTOTRUST 2 (Zarifis & Fu, 2024) as seen in figure 1.

Figure 1: The second extended model of consumer trust in cryptocurrencies (CRYPTOTRUST 2)

Trust in a cryptocurrency is a multifaceted issue. While some believe that the consumer does not need to trust cryptocurrencies because they utilize blockchain, most people appreciate that you must trust cryptocurrencies, just as you must trust any other technology you use that involves some risk.

The first three variables of the model come from the individual's psychology: Personal innovativeness is divided into (1) personal innovativeness in technology and (2) personal innovativeness in finance. These two influence (3) personal disposition to trust.

There are then six variables that come from the specific context, and not the person’s psychology: The first three are related to the cryptocurrency itself. These are (4) the stability in the cryptocurrency value, (5) the transaction fees and (6) reputation. Institutional trust is shaped by (7) regulation and (8) payment intermediaries that may be involved in fulfilling the transaction. The last contextual factor is (9) trust in the retailer. The six variables from the context influence (10) trust in the cryptocurrency payment which then, finally, influences (11) the likelihood of making the cryptocurrency payment.

Separating personal innovativeness to personal innovativeness in (1) technology and (2) finance, is a useful distinction as some consumers may have different levels of personal innovativeness for technology and finance. The analysis here supports that these are separate constructs.

This research shows that trust in cryptocurrencies has not changed fundamentally, but it has evolved. All the main actors in the value chain still play a role in building trust. There is more emphasis from the consumer on having a stable value and low transaction fees. This may be because consumers now have more experience with cryptocurrencies, and they are better informed. It may also be because there are more cryptocurrencies available, and other alternatives such as Central Bank Digital Currencies (CBDC), so consumers can review the many alternatives and try to identify the best one.

References Zarifis A., Cheng X., Dimitriou S. & Efthymiou L. (2015) ‘Trust in digital currency enabled transactions model’, Proceedings of the Mediterranean Conference on Information Systems (MCIS), pp.1-8. https://aisel.aisnet.org/mcis2015/3/

Zarifis A., Efthymiou L., Cheng X. & Demetriou S. (2014) ‘Consumer trust in digital currency enabled transactions’, Lecture Notes in Business Information Processing-Springer, vol.183, pp.241-254. https://doi.org/10.1007/978-3-319-11460-6

Zarifis A. & Fu S. (2024) ‘The second extended model of consumer trust in cryptocurrency payments, CRYPTOTRUST 2’, Frontiers in Blockchain, vol.7, pp.1-11. https://doi.org/10.3389/fbloc.2024.1220031 (open access)

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Join us for the ARTeCHÓ - Policy Dialogue: Enabling Blockchain Technology for the Creative Industry!

Sept 25, 2024

14:00–14:45 CEST

Online

Register here for free: https://lu.ma/rfw8k638

Discover how blockchain, NFTs, and the Metaverse can revolutionize digital art.

Our Panelists

Dr. Joachim Schwerin, DG GROW, European Commission

Benedikt Faupel, Bitkom

Dr. Alex Zarifis, University of Southampton

Kerstin Gold, Art Market Strategy Consulting

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Research by Dr Alex Zarifis on how leadership in Fintech, when combined with leadership in sustainability, build trust better, featured by Fintechview magazine:

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How Leadership in Financial Organisations Build Trust in AI: Lessons from Boards of Directors in Fintech in Malaysia

By Dr Alex Zarifis & Dr Larisa Yarovaya

Reference

Zarifis A. & Yarovaya L. (2024) ‘How leadership in financial organisations build trust in AI: Lessons from boards of directors in Fintech in Malaysia’, Institute of Corporate Directors Malaysia. Available from: https://pulse.icdm.com.my/article/how-leadership-in-financial-organisations-build-trust-in-ai-lessons-from-boards-of-directors-in-fintech-in-malaysia/

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Dr Alex Zarifis review of Wikinomics as part of a series on the books that shook the business world

Reference

Zarifis A. (2024) ‘Books that shook the business world: Wikinomics by Dan Tapscott and Anthony D. Williams’, The Conversation. Available from: https://theconversation.com/books-that-shook-the-business-world-wikinomics-by-dan-tapscott-and-anthony-d-williams-233587

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Research by Dr Alex Zarifis featured by Fintech Scotland

Research by Dr Alex Zarifis on how leadership in Fintech and sustainability build trust, featured by Fintech Scotland:

Reference

Zarifis A. (2024) ‘Leadership in Fintech builds trust and reduces vulnerability more when combined with leadership in sustainability’, Sustainability, 16, 5757, pp.1-13. https://doi.org/10.3390/su16135757

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The business models of NFTs and Fan Tokens and how they build trust

The interest in Non-fungible Tokens (NFTs) has ‘exploded’ recently, but it is not clear what final form they will take. This innovation will have difficulties reaching a wider audience until more clarity is achieved on two main issues: What exactly are the NFT business models, and how do they build trust. The findings of recent research (Zarifis and Cheng, 2022), illustrated in figure 1, show that there are four NFT business models:

(1) The first business model is an NFT creator: They can create digital art that is then minted as an NFT, and sold on an NFT platform. The NFT competitive advantages include having proof of irrefutable ownership, and the ability to sell a piece of art that is unique or limited to a low number. The reliability and transparency of the NFT, build trust with the consumer.

Figure 1: The four NFT business models

(2) The second business model is an NFT marketplace, selling creators’ NFTs: The competitive advantage of NFTs as part of this business model is once again the irrefutable ownership, and that it gives consumers digital art they can own. The purchase history of the consumers is transparent, so this gives insights into their interests. As with the previous business model, a community and trust are built between the collectors.

(3) The third business model is a Company offering their own NFT, typically a fan token: This business model has several NFT processes. These are to sell NFTs for profit, to give NFTs as rewards, make payment with fan tokens, give an NFT so that the person receiving it has certain utilities and rights, such as voting rights. The competitive advantages of NFTs, within this business model, are that they allow fans to feel closer to their team and builds a community and trust between the fans.

(4) The fourth business model is a Computer game with NFT sales: There can be in-game purchases of NFT minted virtual items, limited or unique in game purchases and players can be rewarded for playing, know as ‘play to earn’. This offers incentives to game developers to continue producing rare items, provides an ongoing revenue stream for existing games, and builds a community and trust between the players.

This research was the basis of Dr Alex Zarifis keynote speech in front of around 300 people at the 2022 JEBDE’s 2nd Academic Conference on Electronic Business & Digital Economics on the 28/09/22.

Reference

Zarifis A. & Cheng X. (2022) ‘The business models of NFTs and Fan Tokens and how they build trust’, Journal of Electronic Business & Digital Economics, vol.1, pp.1-14. Available from: https://doi.org/10.1108/JEBDE-07-2022-0021

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Working from home (WFH): Management styles must evolve to work effectively

I am very happy and grateful that Loughborough University chose to showcase my research ‘Working from home (WFH): Management styles must evolve to work effectively during the coronavirus lockdown’ on the university website, newsfeed, staff resource page and Imago website, a big thank you to Peter Warzynski and Nadine Skinner:

Working from home (WFH): Management styles must evolve to work effectively during the coronavirus lockdown (9 April 2020)

 Managers who are having to adapt and lead virtual teams should adopt a more people-focused style of leadership, according to new research.

Dr Alex Zarifis, of Loughborough University, has published a new paper which outlines the most effective ways of overseeing staff now that most people find themselves logging in from home.

The impact of coronavirus means that face-to-face interactions and office routines are no longer a feature of everyday working life.

This means that the style of management, known as transactional leadership, that until the lockdown had worked successfully, is no longer the most effective way of handling teams.

Instead, says Dr Zarifis, managers should adopt an approach known as transformational leadership – which puts staff member’s needs first.

The main characteristics of this method are:

·       Focus on people’s needs, not the tasks

·       Focus on motivating and inspiring

·       Encourage innovation

 Dr Zarifis said: “Transactional leadership focuses on tasks while transformational leadership focuses on people.

“This research found that in challenging times, with a high degree of uncertainty, people focused leadership is better.

“Put simplistically, teams that were forced to become virtual – due to COVID-19 – need a visionary leader, not an administrator.”

He added: “A leader of a virtual team should focus on people’s needs, motivate and be flexible – encouraging innovation.”

The main findings from the paper:

Focus on people’s needs, not the tasks

Understand the situation of each individual and support them in the way they need. If a team member has difficulty working because their children are at home, this would not be within the realms of responsibility of a transactional leader.

But it must be for a transformational leader.

Focus on motivating and inspiring

Accept that monitoring and controlling are often the priorities of functional management and transactional leadership may be less achievable and effective in virtual teams.

Instead act more like a project manager and a transformational leader.

As a transformational leader focus ion motivating and inspiring the shared vision instead of controlling.

What is a shared vision during a COVID-19 outbreak? This could be to stay safe and meet the requirements of our role.

Encourage innovation

Accept that working during COVID-19 is a project and act more like a project manager. A functional manager should accept this change and accept that they cannot act like a transactional manager during this non-routine period and must be flexible.

Managers whose instincts are to control every aspect of the work must learn to take a step back. Instead encourage innovation.

The current context of change must be accepted and utilised.