Electronic Markets - The International Journal on Networked Business

31/01/2025

We have published a new research paper: "Designing the future of bond markets: Reducing transaction costs through tokenization" by David Cisar, Benjamin Schellinger, Jens-Christian Stoetzer, Nils Urbach, Florian Lennart Weiß, Vincent Gramlich & Tobias Guggenberger, from Uni Bayreuth, Fraunhofer FIT, Frankfurt University of Applied Sciences.
https://doi.org/10.1007/s12525-025-00753-3

The corporate bond market, while a crucial source of financing, is plagued by inefficiencies and high transaction costs (TAC). Could blockchain technology be the key to unlocking a more streamlined and cost-effective future?

This research explores this very question. The authors have leveraged the Design Science Research (DSR) paradigm to develop a prototype bond on the Ethereum blockchain, aiming to minimize TAC. Their findings demonstrate the potential of blockchain-based bond markets to significantly reduce costs across asset specificity, uncertainty, and transaction frequency.

This work not only offers practical insights for those looking to implement blockchain solutions in finance but also contributes to the academic conversation by providing concrete design principles for developing these next-generation bond markets.

Corporate bonds are an attractive option for corporate financing. However, current bond markets face many challenges and inefficiencies, resulting in high transaction costs (TAC). In recent years, technological advancements like blockchain technology have enabled the possibility of reducing TAC in b...

29/01/2025

We have published research: "How does innovation emerge in open platform ecosystems?" by María J. Quero, Montserrat Díaz-Méndez & José Luis Ruiz-Alba Robledo.
https://doi.org/10.1007/s12525-024-00749-5

How do institutions evolve - or even dissolve - in the face of new collaborative market structures like open platforms? This research explores de-institutionalization as a driver of innovation, focusing on the arts crowdfunding ecosystem.

Key Insights:
- Market innovation emerges as ecosystems self-adjust through institutional change.
- De-institutionalization enables disruption, allowing new practices to take shape.
- Actor-driven co-creation is essential for ecosystem evolution and the formation of new institutions.

By bridging gaps in innovation emergence within service ecosystems, the authors highlight how institutional shifts fuel transformation, shaping the future of crowdfunding and beyond.

28/01/2025

We have published new research: "SynDEc: A Synthetic Data Ecosystem" by Fabian Karst, Mahei M. Li & Jan Marco Leimeister.
https://doi.org/10.1007/s12525-024-00746-8

In the era of AI-driven innovation, access to quality data is critical - yet small and mid-sized banks often lack the data volumes needed to fully harness these advancements for fraud detection, operational efficiency, and risk management.

To address this, the authors introduce SynDEc (Synthetic Data Sharing Ecosystem), powered by generative AI. Through design science research in collaboration with two banks, including UnionBank of the Philippines, we developed and validated a scalable and privacy-resilient synthetic data sharing framework for financial institutions.

Key Takeaways:
- Design Principles: The authors identified best practices for synthetic data generation, training configurations, and incentivizing participation.
- Impact on Small Banks: Smaller banks stand to gain the most from SynDEcs, leveling the playing field in the financial sector.
- Viability: The findings demonstrate that SynDEcs are effective even with limited participation, paving the way for broader adoption.

The research not only contributes to the evolving knowledge of data ecosystem design but also provides actionable insights for implementing privacy-compliant synthetic data sharing in financial services. This is just the beginning - SynDEcs open exciting opportunities for the future of secure, collaborative innovation in banking and beyond.

Given the critical role of data availability for growth and innovation in financial services, especially small and mid-sized banks lack the data volumes required to fully leverage AI advancements for enhancing fraud detection, operational efficiency, and risk management. With existing solutions faci...

23/01/2025

We have published a new Call for Papers for the special issue on "Generative AI and the tension between automation and human agency"

The special issue is guest edited by Gero Strobel, Sarah Hönigsberg, Mahei M. Li and Xusen Cheng. Submission deadline is: August 31, 2025. You can find more information on our website: https://link.springer.com/collections/egbgdeffhe

We look forward to receiving many interesting submissions!

Theme Generative artificial intelligence (GenAI) represents a significant advancement in AI, enabling the creation of new, meaningful content such as text, ...

23/01/2025

We have published a new research paper: "Digital technology as market shaper: A typology of digital technology roles for shaping markets" by Judith Helmer, Joelle Hawa & Carolin Plewa, The University of Adelaide & FH Münster.
https://doi.org/10.1007/s12525-024-00751-x

Are digital technologies like AI becoming independent market shapers?
New research explores the proactive roles of digital tech in shaping markets, moving beyond the traditional view of human actors.
The authors identify four key roles of digital tech as market shapers, highlighting how they frame actors' intentions and collaborate to influence market dynamics.

Key takeaways:
- Digital tech is not just a tool, but an emerging actor in market shaping.
- Multiplicity and temporality are crucial aspects of digital tech's influence.
- This research expands the understanding of agency in the digital age.

It is commonly acknowledged that various market actors—human individuals, collectives, and organizations—can shape markets. There is some evidence that digital technologies, including artificial intelligence (AI), are joining this list of actors that shape markets. However, scholars are yet to e...

20/01/2025

The first collection of free access papers in 2025 is now available until February 28, 2025!

These five featured papers are free access for two months and focus on e-commerce transformations, trust in crowdlending industry, personal tokens, platform owner entry and regulation strategies of Chinese online health platforms.

You can find them here: https://link.springer.com/journal/12525/updates/23971536

We hope you enjoy reading them!

20/01/2025

We have published new research: "The influence of similarity heuristics on evaluation deviation: Evidence from an online crowdsourced Q&A healthcare platform" by Yifan He, Zhejiang Sci-Tech University, Min Zhang, Tianshi Wu, Xitong Guo & Douglas Vogel, Harbin Institute of Technology.
https://doi.org/10.1007/s12525-024-00748-6

Abstract
Crowdsourced question-and-answer (Q&A) services on online healthcare platforms provide a wide range of information for patients. Owing to information asymmetry, evaluating healthcare providers’ services often leads to skewed decision-making, but it remains unclear whether heuristic cues play a role. Considering potential heuristic information processing, we explore the existence of patient evaluation deviation in a crowdsourced context and how it is affected by the similarity among the physicians’ answer text, the question, and the first answer text. Data were collected from 1,074,885 answer records on a leading Chinese online crowdsourced Q&A healthcare platform. Our findings show that the text similarity of questions and answers in physician‒patient interactions, as well as of first and subsequent answers, increases the evaluation deviation of online physicians’ consultations (specifically, increasing patient underestimation and reducing patient overestimation). Moreover, the information differentiation of all answers to the same question has a negative moderating effect on the above relationship. The results of this study provide empirical evidence regarding the factors that influence online evaluation deviation in crowdsourced Q&A services and suggestions for strategies for different stakeholders.

Crowdsourced question-and-answer (Q&A) services on online healthcare platforms provide a wide range of information for patients. Owing to information asymmetry, evaluating healthcare providers’ services often leads to skewed decision-making, but it remains unclear whether heuristic cues play a rol...

16/01/2025

We have published a new research paper: "Governing the emergence of network-driven platform ecosystems" by Arthur Kari, Pepe Bellin, Martin Matzner & Martin Gersch.
https://doi.org/10.1007/s12525-024-00745-9

Abstract
Literature on platform governance is focused on keystone organizations that exclusively own a platform and control its complementors and users. However, emerging network-driven platform ecosystems—such as European data spaces—represent a shift in focus by allowing stakeholders to share platform ownership and decision rights. To investigate this emerging phenomenon, we conduct a qualitative-explorative case study, interviewing 32 representatives of Catena-X, a European data space in the automotive industry. To conceptually grasp the co-development and management of network-driven platform ecosystems, we employ a network governance perspective as the theoretical lens. We contribute to platform governance literature with (1) a conceptualization of shared platform ownership recognizing the dichotomy of inner and outer governance, and (2) a process model and a conceptual model of an inter-organizational network governing the emergence of a platform ecosystem.

Literature on platform governance is focused on keystone organizations that exclusively own a platform and control its complementors and users. However, emerging network-driven platform ecosystems—such as European data spaces—represent a shift in focus by allowing stakeholders to share platform ...

30/12/2024

we have published a new research paper: "The consumer genome: Willingness to share and accept genetic data in marketing" by João Carlos Gil & João Guerreiro, Iscte - Instituto Universitário de Lisboa,
https://doi.org/10.1007/s12525-024-00744-w

Abstract
Genetic marketing presents novel challenges for marketing, namely how its implementation impacts consumers’ attitudes. The current study is grounded on the privacy calculus and theory of planned behavior theories to understand how consumers are willing to accept the use of genetic data for marketing purposes. A total of 309 consumers were surveyed about their perceptions of using genetic data. The study shows that creating benefits for the disclosure of information, establishing a positive reputation for the organization, and building systems that empower consumers in terms of control over their genetic data will help consumers accept genetic marketing practices.

Genetic marketing presents novel challenges for marketing, namely how its implementation impacts consumers’ attitudes. The current study is grounded on the privacy calculus and theory of planned behavior theories to understand how consumers are willing to accept the use of genetic data for marketi...

23/12/2024

We have published an invited paper: "To Explain or Not To Explain: An Empirical Investigation of AI-based Recommendations on Social Media Platforms" by AKM Bahalul Haque, Najmul I. & Patrick Mikalef.
https://doi.org/10.1007/s12525-024-00741-z

Abstract
Artificial intelligence integration into social media recommendations has significant promise for enhancing user experience. Frequently, however, suggestions fail to align with users’ preferences and result in unfavorable encounters. Furthermore, the lack of transparency in the social media recommendation system gives rise to concerns regarding its impartiality, comprehensibility, and interpretability. This study explores social media content recommendation from the perspective of end users. To facilitate our analysis, we conducted an exploratory investigation involving users of Facebook, a widely used social networking platform. We asked participants about the comprehensibility and explainability of suggestions for social media content. Our analysis shows that users mostly want explanations when encountering unfamiliar content and wish to be informed about their data privacy and security. Furthermore, users favor concise, non-technical, categorical representations of explanations along with the facility of controlled information flow. We observed that explanations impact users’ perception of the social media platform’s transparency, trust, and understandability. In this work, we have outlined design implications related to explainability and presented a synthesized framework of how various explanation attributes impact user experience. In addition, we proposed another synthesized framework for end user inclusion in designing an explainable interactive user interface.

20/12/2024

We have published new research: "The paradox of technology quality and ethical concerns in building trust and behavioral intention in the AI-enabled face recognition payment "The paradox of technology quality and ethical concerns in building trust and behavioral intention in the AI-enabled face recognition payment" by Zhen Shao, Lin Zhang, Tian Meng & Jing Zhang.
https://doi.org/10.1007/s12525-024-00742-y

Abstract
Artificial intelligence (AI) characterizes a new generation of global payment solutions, while the challenge lies in understanding how to effectively influence users’ behavioral intention toward AI-enabled face recognition payment within the business ethics domain. Drawing upon trust theory and trust transfer lens, our study introduces a model aimed at examining the counteracting influences of technology quality and ethical concerns on user behavioral intention through the mediating effect of trust. Specifically, we delineate two distinct forms of trust: trust in AI-enabled face recognition technology and trust in AI-enabled face recognition payment. An empirical survey was conducted, gathering 348 valid questionnaires from users of AI-enabled face recognition payment. The empirical results demonstrate a noteworthy interaction effect between technology quality and ethical concerns on trust and behavioral intention toward AI-enabled face recognition payment, indicating a conspicuous paradox of these two factors. Our findings also reveal a trust transfer mechanism between the two trust targets in the context of AI-enabled face recognition payment, which in turn affects users’ behavioral intention. The findings of this paper make a valuable contribution to the extant mobile payment literature and enhance our understanding regarding the dual role of AI technology in shaping trust and behavioral intentions in AI-enabled face recognition payment.

17/12/2024

After the annual Editorial Boarding of Electronic Markets took place virtually on December 10, Electronic Markets had the opportunity to organize a physical reception at the International Conference on Information Systems - ICIS in Bangkok, Thailand last night. It was great seeing many editors, board members and authors involved in the journal join and to thank them in person for their dedication to the journal. We also thank our publisher, Springer, for sponsoring this event.

The next occasion to meet in person will be at the HICSS - Hawaii International Conference on System Sciences - on January 09, 2025 during the Meet-the-Editors event. We hope seeing many of you soon and wish you a happy holiday season!

12/12/2024

We have published a new research paper: "Influencer marketing on Instagram - The optimal disclosure strategy from influencers’ and marketers’ perspectives" by Zofia Saternus, Cristina Mihale-Wilson & Oliver Hinz.
https://doi.org/10.1007/s12525-024-00743-x

Abstract
This article explores the impact of different advertising disclosure strategies (i.e., explicit sponsorship disclosure, concealing disclosure, impartiality disclosure, and no disclosure) in influencer marketing on influencer-related outcomes (user engagement, user sentiment, and influencer credibility) and marketer-related outcomes (user attitude towards the brand and users’ intention to purchase). We conducted two field experiments and an online survey with an experimental design in collaboration with an active micro-influencer on Instagram. The results of the studies indicate that from a marketers’ perspective, it is best when influencers promote products as genuine recommendations and use impartiality disclosure. From an influencer’s perspective, the optimal disclosure strategy depends on whether the influencer seeks to improve engagement with their content or their levels of credibility. When influencers’ primary focus is to increase engagement, if they provide information on sponsorship or non-sponsorship, they do not have to worry about decreasing engagement rates due to the employed disclosure strategy. Suppose influencers’ goal is to increase their credibility. In that case, it depends on their content (whether it is rich in genuine recommendations or sponsored content) and the group they want to target - i.e., if they seek to target followers versus non-followers.

This article explores the impact of different advertising disclosure strategies (i.e., explicit sponsorship disclosure, concealing disclosure, impartiality disclosure, and no disclosure) in influencer marketing on influencer-related outcomes (user engagement, user sentiment, and influencer credibili...

28/11/2024

We have published new research: "Still doing it yourself? Investigating determinants for the adoption of intelligent process automation" by Alexander Mayr, Philip Stahmann, Maximilian Nebel & Christian Janiesch.
https://doi.org/10.1007/s12525-024-00737-9

Abstract
Intelligent process automation (IPA) augments symbolic process automation using artificial intelligence. Emulating human decision-making, IPA enables the ex*****on of complex processes requiring decision-making capacities. IPA promises great economic potential as it enables more efficient use of the human workforce. However, the adoption rate in practice falls behind these potentials. Our study aims to investigate reasons and identify areas for action towards IPA adoption. To this end, we identified 13 determinants and created an extended UTAUT model. We tested the model with partial least squares structural equation modeling for significant influential relationships between the determinants based on a user study. We contribute to theory and practice finding a special role of trust and transparency for the adoption of IPA. Likewise, we show that organizations should cultivate a positive attitude towards IPA diffusion. Further, our results contribute with a focus on the potential adopters as IPA adoption is contingent upon their characteristics, such as experience and job level.

Intelligent process automation (IPA) augments symbolic process automation using artificial intelligence. Emulating human decision-making, IPA enables the ex*****on of complex processes requiring decision-making capacities. IPA promises great economic potential as it enables more efficient use of the...

25/11/2024

We have published an Invited Paper: "E-commerce ecosystems as catalysts for sustainability: A multi-case analysis" by Tobias Wulfert, Robert Woroch, Gero Strobel, Thorsten Schoormann & Leonardo Banh, from Universität Duisburg-Essen, Technische Universität Braunschweig & Fraunhofer ISST.
https://doi.org/10.1007/s12525-024-00733-z

Abstract
Single organizations encounter intricate challenges in meeting the UN’s Sustainable Development Goals (SDGs) on their own and thus are increasingly concerned with forming ecosystems. This is also the case in the e-commerce domain. It is assumed that particularly focal actors of such ecosystems have the power to foster initiatives towards more sustainability. We conducted an embedded multi-case study with 135 initiatives collected from three types of e-commerce ecosystems to uncover what sustainability goals are addressed by different ecosystem participants. This paper’s analysis explores (1) what sustainability initiatives are reported from focal actors and differences depending on a specific type of ecosystem, (2) dependencies between SDGs within the initiatives, and (3) the degree of involvement of other ecosystem actors and how they contribute to certain SDGs. Our work synthesizes existing initiatives towards sustainable development to give orientation and impulses for practice and academia as well as outlines avenues for future research at the intersection of ecosystems and sustainability.

-Commerce

22/11/2024

We have published a new research paper: "E-commerce transformation: A literature review from an institutional and organizational perspective" by Etienne Thenoz, Solène Juteau & Frantz Rowe.
https://doi.org/10.1007/s12525-024-00740-0

Abstract
This literature review is the first to summarize past research on e-commerce transformations and outline a research agenda to understand them. By bringing together concepts from institutional and organizational transformation theories, we develop a conceptual framework to analyze e-commerce transformations and their dynamics. We review 91 papers on e-commerce transformations published between 1995 and 2023 and assess them with our a priori framework to identify six underexamined areas. We then develop a corresponding research agenda and delineate two research thrusts to further our understanding of present and future e-commerce transformations. Our first research thrust calls for analyses of ecosystem-level pressures, regulatory frameworks, and the influence of new intermediaries on e-commerce transformations. Our second thrust proposes to investigate mechanisms that spread or impede forces of change within the organization.

20/11/2024

We have published new research: "Recommending AI based on Quantified Self: Investigating the mechanism of consumer acceptance of AI recommendations" by Aoxue Li, Zhengping Ding, Chunhua Sun & Yezheng Liu.

Abstract
Rapid advancement and widespread use of Quantified Self technology have contributed to the development of artificial intelligence (AI) recommendations. This study is aimed at exploring how users’ perception of the technology affordance of Quantified Self is associated with their intention to accept AI-recommended products. We distinguish four key technology affordances (information richness, personalization, visibility, and metavoicing) of the Quantified Self platform on affordance theory and explore their impact on consumer responses. A one-group design experiment with a pretest was conducted, and 360 participants were recruited to participate in the experiment and fill in the questionnaires. Finally, 344 valid questionnaires were obtained. The findings indicate the following: (1) information richness, personalization, visibility, and metavoicing positively impact purchase intention through trust and behavioral control. (2) Appearance concern positively moderated the relationships between metavoicing and trust and between metavoicing and behavioral control and negatively moderated the relationships between information richness and behavioral control and between personalization and behavioral control. Hence, this study has theoretical significance and practical implications for enriching the knowledge on how to introduce Quantified Self to improve the conversion rate of AI recommendations.

11/11/2024

The new collection of free access papers is now available until December 31, 2024.

These five featured papers are free access for two months and focus on blockchain-based fan tokens, centralized and decentralized exchanges, mobile health applications, online health consultations and feedback mechanism.

You can find them here: https://link.springer.com/journal/12525/updates/23971536

We hope you enjoy reading them!