Purpose: – The purpose of this paper is to analyse how a strategy based on the combination of tradition and innovation can offer a competitive advantage to a medium-sized family firm operating in the wine sector. Design/methodology/approach: – This research focuses on one case study. The subject of the case study under analysis is Pio Cesare, an internationally recognized fine wine Italian company. Findings: – Pio Cesare is characterized by a strong combination of tradition and innovation in terms of products and processes. Innovation and tradition are not opposites; on the contrary, a blend of the two has been crucial in achieving and maintaining a sustainable competitive advantage. Research limitations/implications: – The formalization of an effective blend of tradition and innovation, especially in a family business, and an effective dissemination of the company philosophy to future generations, calls for a more in-depth study. This study has some limitations, which determined by the applied methodology. Multiple case study method would be useful. In relation to the interview technique, the authors would set out to increase the number of interviews, by also questioning managers and employees working, as opposed to family members. Practical implications: – Practical implications relate to different groups of stakeholders: for owners and management, for investors, for organizations and institutions working on a territory promotion and in the tourism sector, and for politicians and local authorities. Originality/value: – It identifies which business model a family winery business could be adopted in order to manage such strategies of innovation in respect to traditions, filling the gap in the literature.

Purpose: The purpose of this paper is to identify the cognitive biases of consumer and explain how they are creating barriers in transition towards circular economy (CE).Design/methodology/approach: This is a conceptual paper which adopts a consumer-centric conceptualization of CE by focussing on cognitive biases as an underlying and unifying mechanism which is creating barriers in the adoption of CE. This conceptualization explains consumers’ non-adoption of circular business model, highlight synergies across disconnected theories and streams of research originating in different disciplines and at the individual, societal and cultural levels of analysis.Findings: The findings of this paper suggest that circular business models are not fulfilling the psychological, social and cultural needs of the consumers and that in turn lead to barriers in diffusion of the CE. Consumers have a negative connotation with the different circular business model due to their cognitive biases.Practical implications: The paper details about key implications to design effective interventions to modify consumer behaviour in the desired direction for hassle-free transition to CE from the linear economy.Originality/value: This paper offers a shift in CE research from a deterministic approach to conceptualising consumers to a positivist approach to conceptualising consumers.

Purpose: The authors observe the influence of intellectual capital (IC) on innovation performance with the mediating role of interorganizational learning (IOL) in the Pakistani automotive industry. Besides, industrial Internet of things (IoT) technology is used as moderating variables between IOL and innovation performance.Design/methodology/approach: Structural equation modeling (SEM) presents scholars with extra flexibility and enhanced research conclusions. SEM is described as a statistical methodology and the best tool used for hypothesis testing. The authors used partial least squares SEM for testing hypotheses. The simple random sampling technique followed to collect data from respondents, and 492 questionnaires were used for analysis.Findings: The outcomes reveal that IC enhances innovation performance and IOL. Moreover, IOL increases innovation performance. IOL significantly mediates between IC and innovation performance. Industrial IoT technology improves innovation performance. Finally, industrial IoT technology strengthens the positive association between IOL and innovation performance.Practical implications: This study concentrates on the issue of how managers use IOL and industrial IoT technology to take higher advantage of IC that increases innovation performance.Originality/value: This is the initial study that builds a theoretical framework to integrate IC, IOL, industrial IoT technology and innovation performance. Although prior researchers observe the association between IC and innovation performance, less concentration was paid to understand the role of interorganizational leadership and industrial IoT technology in leveraging organizational IC.

Purpose: – The purpose of this paper is to highlight the differences in terms of economic and financial performance, between family firms (FFs) and non-family firms (NFFs) in the wine sector in Italy and France, where this sector is one of the most representative national economic activities.Design/methodology/approach: – This study is based on a sample of Italian and France companies operating in the wine sector. The sample, including medium and large firms, includes 288 FFs and 302 NFFs, for a total of 590 firms. Amadeus database represents the data source. According to Astrachan and Kolenko (1994), a firm is classified as a FF if family had to own over 50 per cent of the business in a private company or more than 10 per cent of a public company.Findings: – This study confirms that the family variable is relevant to achieve good economic and financial performance, and endow firms with different features. In terms of economic performance, FFs both in Italy and France outperform in. terms of return on equity and return on assets, though only Italian NFFs outperform in earnings before interest and taxes. In terms of financial performance, both in Italy and France NFFs outperform FFs in current ratio and liquidity ratio, while FFs outperform in solvency ratio.Research limitations/implications: – Limitations of the study concern the method adopted, as it could be integrated with some econometrical models. The implications of the paper are relevant for families and regulatory bodies because it helps them to better understand the effects of governance on economic and financial performance. Moreover, the findings of the study can influence the decision-making process of investors in order to identify the long-term outperformers listed on a stock exchange.Originality/value: – This study contributes to the literature on family businesses phenomenon on wine sector, which represents one of the most representative of the economy of several countries and in which family businesses are widespread.

Purpose: The purpose of this paper is to create a conceptual model that practically assists companies to produce an effective voluntary external intellectual capital disclosure (ICD) and valorises both the company’s and the stakeholders’ role. It illustrates the relationship among voluntary ICD mechanisms and it takes into consideration the feedback mechanism from external stakeholders.Design/methodology/approach: Nielsen and Madsen’s (2009) study constitutes the framework of the conceptual model, as it refers to a “sender to receiver” model, which is particularly useful for the research.Findings: An effective ICD may only be achieved through a combination of decisions taking into account each individual company’s needs and those of stakeholders’ ones. In addition, the dimensions on which the conceptual model is based are already in use in other widespread disclosure models, and this favours the company.Research limitations/implications: Limitations concern design features, recipients and validity of the conceptual model. In terms of theoretical implications, the model emphasizes an “integrated ICD” approach; in addition, the model is based on some dimensions which characterize widespread and general communication models already in use.Practical implications: First, this relates to the production of an effective ICD when considered as “one-way information”, from the company to the stakeholders. Second, this relates to the interaction between the company and its stakeholders, within a dyadic exchange.Originality/value: The conceptual model is based on some dimensions which characterize widespread and general communication models already in use, which in the model are applied to ICD. Therefore, companies may favour making an ICD, as they are already confident and familiar with these dimensions.