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Online Appendix 2 Master list of studies included in the meta-analysis and corresponding effect sizes Study title Yea r Journal Authors Artis tic star Marke t star Medi a star Criti cs val. Criti cs vol. User s val. User s vol. Effe ct size Modeling movie life cycles and market share 200 5 Marketing Science Ainslie, Drèze, and Zufryden no no yes no no no no 2 Cultural variations in the use of marketing signals: a multilevel analysis of the motion picture industry 201 3 Journal of the Academy of Marketing Science Akdeniz and Talay no no yes yes no no no 54 Accounting for latent classes in movie box office modeling 201 1 Journal of Targeting, Measurement and Analysis for Marketing Antipov and Pokryshevsk aya no yes no no no no no 1 Predicting the future with social media 201 0 Web Intelligence and Intelligent Agent Technology IEEE/WIC/ACM International Conference Asur and Huberma n no no no no no yes no 1 1

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Online Appendix 2 Master list of studies included in the meta-analysis and corresponding effect sizes

Study title Year Journal AuthorsArtistic

starMarket

starMedia

starCritics

val.Critics

vol.Users val.

Users vol.

Effect size

Modeling movie life cycles and market share

2005 Marketing Science Ainslie,  Drèze, and Zufryden

no no yes no no no no 2

Cultural variations in the use of marketing signals: a multilevel analysis of the motion picture industry

2013 Journal of the Academy of Marketing Science

Akdeniz and Talay

no no yes yes no no no 54

Accounting for latent classes in movie box office modeling

2011 Journal of Targeting, Measurement and Analysis for Marketing

Antipov and Pokryshevskaya

no yes no no no no no 1

Predicting the future with social media

2010 Web Intelligence and Intelligent Agent Technology IEEE/WIC/ACM International Conference

Asur and Huberman

no no no no no yes no 1

The determinants of motion picture box office performance: evidence from movies produced in Italy?

1999 Journal of Cultural Economics

Bagella and Becchetti

no no yes yes no no no 3

How critical are critical reviews? The box office effects of film critics, star power, and budgets

2003 Journal of Marketing Basuroy, Chattejee, and Ravid

yes no no yes yes no no 4

What is advertising content worth? Evidence from the motion pictures industry

2011 Working paper Basuroy, Rao and Ravid

yes no no yes yes no no 3

Web user opinions as an information source. What impact on cinema attendances?

2007 Recherche et Applications en Marketing

Belvaux and Marteaux

no no no yes no yes no 6

Reviewing the reviewers: the 2007 Quantitative Boatwright, yes no no yes no no no 4

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impact of individual film critics on box office performance

Marketing & Economics

Basuroy, and Kamakura

When does it make sense to do it again? An empirical investigation of contingency factors of movie remakes

2015 Journal of Cultural Economics

Bohnenkamp, Knapp, Hennig-Thurau, and Schauerte

no yes no yes no no no 2

A blueprint for success in the US film industry

2009 Applied Economics Brewer, Kelley, and Jozefowicz

no no yes yes no yes no 3

Estimating structural models of equilibrium and cognitive hierarchy thinking in the field: the case of withheld movie critic reviews

2012 Working paper Brown, Camerer, and Lovallo

no no yes yes no yes no 6

Cross-cultural differences in evaluating product characteristics: motion pictures"

2010 Management Research Review

Budeva yes no no no no no no 1

The economics of film distribution

2010 Working paper Byrd yes yes no yes no no no 6

Unpacking the ‘Real Madrid’ effect: recruiting stars and profiting from them

2010 Working paper Cattani, Ferriani, Mariani, and Mengoli

yes yes no yes no no no 6

Devising a practical model for predicting theatrical movie success: focusing on the experience good property

2005 Journal of Media Economics

Chang and Ki no yes no yes no yes no 12

The effects of online users’ reviews on movie box office performance

2010 Marketing Science Chintagunta, Gopinath, and Venkataraman

no no no no no yes yes 2

Empirical generalizations of demand and supply dynamics for movies

2014 International Journal of Research in Marketing

Clement, Wu, and Fischer

no no yes yes no no no 12

What makes a blockbuster? Economic analysis of film success economic analysis of

2002 Managerial and Decision Economics

Collins, Hand, and Snell

no yes no yes no no no 2

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film successUncertainty in the movie industry: does star power reduce the terror of the box office?

1999 Journal of Cultural Economics

De Vany and Walls

no no yes no no no no 2

Exploring the value of online product reviews in forecasting sales: the case of motion pictures

2002 Journal of Interactive Marketing

Dellarocas, Zhang, and Awad

no no no no no no yes 1

Reputation and strength of ties in predicting commercial success and artistic merit of independents in the Italian feature film industry

2005 Journal of Management Studies

Delmestri, Montanari, and Usai

yes yes no no no no no 2

A two-stage proxy variable approach to estimating movie box office receipts

2014 Journal of Cultural Economics

Derrick, Williams, and Scott

no yes no yes yes no no 6

Interactive influence of genre familiarity, star power, and critics' reviews in the cultural goods industry: the case of motion pictures

2005 Psychology & Marketing

Desai and Basuroy

yes no no yes no no no 2

The long-term box office performance of sequel movies

2012 Marketing Letters Dhar, Sun, and Weinberg

no no no no no yes no 1

Do online reviews matter? – an empirical investigation of panel data

2005 Working paper Duan, Gu, and Whinston

no no no no no yes yes 3

The dynamics of online word-of-mouth and product sales – an empirical investigation of the movie industry

2008 Journal of Retailing Duan, Gu, and Whinston

no no no no no yes yes 2

Seasonality in the US motion picture industry

2007 The RAND Journal of Economics

Einav yes no no no no no no 1

Demand and supply dynamics for sequentially released products in international

2003 Marketing Science Elberse and Eliashberg

no yes no yes no no no 14

3

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markets: the case of motion picturesFilm critics: influencers or predictors?

1997 Journal of Marketing Eliashberg and Shugan

no no no yes yes no no 4

Determinants of UK box office success: the impact of quality signals

2008 Review of Industrial Organization

Elliott and Simmons

yes no yes yes no no no 3

Advertising media strategies in the film industry

2011 Applied Economics Elliott and Simmons

yes yes yes yes no no no 1

Short-term projects and emergent careers: evidence from Hollywood

1987 The American Journal of Sociology

Faulkner and Anderson

yes yes no no no no no 5

The costs of outside equity control: evidence from motion picture financing decisions

2002 Journal of Business Research

Fee no yes no no no no no 1

Endogeneity and measurement errors when estimating demand functions with average prices: an example from the movie market

2013 Empirical economics Fernandez-Blanco, Orea, and Prieto-Rodriguez

yes no no no no no no 2

The main determinants of Bollywood movie box office sales

2010 Journal of Global Marketing

Fetscherin no yes no no no yes no 12

Racial bias in expert quality assessment: a study of newspaper movie reviews

2009 Working paper Fowdur, Kadiyali, and Prince

yes no no yes no no no 3

The impact of film reviews on the box office performance of art house versus mainstream motion pictures

2007 Journal of Cultural Economics

Gemser, Van Oostrum, and Leenders

no no yes yes yes no no 6

The determinants of polish movies’ box office performance in Poland

2015 Journal of Marketing and Consumer Behaviour in Emerging Markets

Gmerek no no yes yes no yes no 3

Real options in the motion 2011 Contemporary Gong, Van Der no yes no no no no no 6

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picture industry: evidence from film marketing and sequels

Accounting Research Stede, and Young

Blogs, advertising, and local-market movie box office performance

2013 Management Science Gopinath, Chintagunta, and Venkataraman

no no yes yes no yes yes 14

Predicting popularity of mass-market films using the tenets of disposition theory

2011 International Journal of Arts and Technology

Grizzard, Lewis, Lee, and Eden

no no no yes no no no 1

Commercial success and artistic recognition of motion picture projects

2010 Journal of Cultural Economics

Hadida yes yes no no no no no 6

Institutions, assets combinations and film performance: a US-French comparison

2010 Working paper  Hadida yes yes no no no no no 7

Dynamic impacts of online reviews and other information sources on sales in panel data environment: Evidence from movie industry

2008 International Conference on Management Science and Engineering, 15th Annual Conference Proceedings

Hao, Li, Ye and zou

no no no yes no yes yes 5

What’s a movie worth? Determining the monetary value of motion pictures’ TV rights

2013 International Journal of Arts Management

Hennig-Thurau, Houston, and Fuchs

no yes no yes no yes no 4

The differing roles of success drivers across sequential channels: an application to the motion picture industry

2006 Journal of the Academy of Marketing Science

Hennig-Thurau, Houston, and Walsh

no yes no yes no yes no 10

Determinants of motion picture box office and profitability: an interrelationship approach

2007 Review of Managerial Science

Hennig-Thurau, Houston, and Walsh

no yes no yes no yes no 6

The relationship between reviewer judgments and motion picture success: re-analysis and

2012 Journal of Cultural Economics

Hennig-Thurau, Marchand, and Hiller

no yes no yes yes yes no 8

5

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extensionAn ingredient branding approach to determine the financial value of stars: the case of motion pictures 

2013 Working paper Hennig-Thurau, Völckner, Clement, and Hofmann

no yes yes yes no yes no 6

Does twitter matter? The impact of microblogging word of mouth on consumers’ adoption of new movies

2014 Journal of the Academy of Marketing Science

Hennig-Thurau, Wiertz, and Feldhaus

no yes no yes no yes yes 4

Relationships among indicators of success in Broadway plays and motion pictures

1985 Journal of Cultural Economics

Hirschman and Pieros

no no no yes no no no 1

Playoff payoff: super bowl advertising for movies

2009 International Journal of Research in Marketing

Ho, Dhar, and Weinberg

no no yes yes no no no 3

Jacks of all trades and masters of none: audiences' reactions to spanning genres in feature

2006 Administrative Science Quarterly

Hsu no no yes no no no no 2

A temporal study of the effects of online opinions: information sources matter

2013 Pacific Asia Conference on Information Systems

Huang, Jianxiong, Boh, and Goh

no no no yes yes yes yes 10

Predicting box office from the screenplay: an empirical model

2015 Working paper Hunter, Smith, and Singh

no yes no no no no no 1

The performance of German motion pictures, profits and subsidies: some empirical evidence

2005 Journal of Cultural Economics

Jansen no yes no yes no no no 6

Social learning and optimal advertising in the motion picture industry

2007 Working paper Joo no no no yes no yes no 2

Movie advertising and the stock market valuation of studios: a case of “great expectations?”

2009 Marketing Science Joshi and Hanssens

no yes no yes no no no 2

Adapting to succeed? Leveraging the brand equity of

2012 Journal of the Academy of

Joshi and Mao no no yes yes no no no 8

6

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best sellers to succeed at the box office

Marketing Science

Impact of star and movie buzz on motion picture distribution and box office revenue

2011 International Journal of Research in Marketing

Karniouchina no no yes yes no yes yes 6

Advertising, searching, blogging and new-products sales

2013 Working paper Kim and Hanssens

no no no yes no no yes 3

Audience heterogeneity and the effectiveness of market signals: how to overcome liabilities of foreignness in film exports?

2014 Academy of Management Journal

Kim and Jensen yes no no no no no no 4

Exploring the effects of online word of mouth and expert reviews on theatrical movies’ box office success

2013 Journal of Media Economics

Kim, Park, and Park

no yes no yes yes yes yes 12

Hollywood's movie star system: a historical overview

1982 Book chapter Kindem no yes no no no no no 5

Does film criticism affect box office earnings? Evidence from movies released in the US in 2003

2007 Journal of Cultural Economics

King no no no yes no no no 2

The importance of reciprocal spillover effects for the valuation of bestseller brands: introducing and testing a contingency model

2014 Journal of the Academy of Marketing Science

Knapp, Hennig-Thurau, and Mathys

no yes no yes no yes no 2

The impact of movie reviews on box office: media portfolios and the intermediation of genre

2012 Journal of Media Economics

Koschat no yes no yes yes yes no 8

Does China love Hollywood? An empirical study on the foreign films in china

2011 International Area Studies Review

Kwak and Zhang

yes no no no no no no 2

Critical push: strategies for creating momentum in the motion picture industry

2000 Journal of Management

Lampel and Shamsie

no no no yes no no no 2

7

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Capabilities in motion: new organizational forms and the reshaping of the Hollywood movie industry

2003 Journal of Management Studies

Lampel and Shamsie

no yes no no no no no 2

DVD sales and the R-rating puzzle

2011 Journal of Cultural Economics

Lang, Switzer and Swartz

no no yes yes no no no 2

Buzz and recommendations on the internet. What impacts on box-office success?

2008 Recherche et Applications en Marketing

Larceneux no no no yes yes yes yes 10

Essays on participative web and social media for information goods

2010 Dissertation Lee no no no no no yes yes 2

Bayesian belief network for box-office performance: a case study on Korean movies

2009 Systems with Applications

Lee and Chang no yes no yes no yes no 4

Does online social network contribute to WOM effect on product sales

2012 Journal of Intelligence and Information Systems

Lee, Son, and Lee

no no no no no yes yes 3

The antecedents and consequences of restrictive age-based ratings in the global motion picture industry

2011 International Journal of Research in Marketing

Leenders and Eliashberg

no no yes no no no no 2

Predicting success of theatrical movies: an empirical study

1983 Journal of Popular Culture

Litman no yes no yes no no no 2

Predicting financial success of motion pictures

1998 Book chapter Litman and Hoekyun

yes no yes yes no no no 6

Predicting financial success of motion pictures: the '80s experience

1989 Journal of Media Economics

Litman and Khol

yes yes no yes no no no 4

Word of mouth for movies: its dynamics and impact on box office revenue

2006 Journal of Marketing Liu no no yes yes yes yes yes 9

Star power in the eye of the beholder: a study of the influence of stars in the movie

2014 Marketing Letters Liu, Liu, and Mazumdar

yes yes yes yes no no no 4

8

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industryCounterfactual decomposition of movie star effects with star selection

2014 Marketing Science Liu, Mzumbar, and Li

no no yes yes no no no 2

When to sell your idea: theory and evidence from the movie industry

2010 Working paper Luo no yes no no no no no 3

The impact of supplier bargaining power on the advertising costs of movie sequels

2015 Journal of Cultural Economics

Ma, Huang, Kumar, and Strijnev

no no yes no no no no 1

An empirical analysis of the impact of pre-release movie piracy on box-office revenue

2013 Working paper Ma, Montgomery, Singh, and Smith

yes yes no yes no no no 4

What drives the market popularity of celebrities? A longitudinal analysis of consumer interest in film stars

2015 International Journal of Research in Marketing

Mathys, Burmester, and Clement

no no yes yes no no no 3

How do theatrical box office revenues affect DVD retail sales? Australian empirical evidence

2010 Journal of Cultural Economics

McKenzie no no yes no no no no 1

Do ‘African American’ films perform better or worse at the box office? An empirical analysis of motion picture revenues and profits

2010 Applied Economics Letters

McKenzie no no yes no no no no 1

Revealed word-of-mouth demand and adaptive supply: survival of motion pictures at the Australian box office

2009 Journal of Cultural Economics

McKenzie no yes no yes no no no 2

Australian films at the Australian box office: Performance, distribution and

2013 Journal of Cultural Economics

McKenzie and Walls

no no yes yes no no no 4

9

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subsidiesDiversity in teams and the success of cultural products

2013 Journal of Cultural Economics

Meiseberg and Ehrmann

no yes no yes no no no 3

We don’t need another hero – implications from network structure and resource commitment for movie performance

2008 Schmalenbach Business Review

Meiseberg, Ehrmann, and Dormann

no yes no yes no no no 2

Predicting Movie Sales from Blogger Sentiment

2013 AAAI Spring Symposium: Computational Approaches to Analyzing Weblogs

Mishne and Glance

no no no no no yes no 1

The roles of cultural elements in international retailing of cultural products: an application to the motion picture industry

2015 Journal of Retailing Moon and Song no no no yes no yes yes 6

Dynamic effects among movie ratings, movie revenues, and viewer satisfaction

2010 Journal of Marketing Moon, Bergey, and Iacobucci

no no no yes no yes no 4

The impact of text product reviews on sales

2014 European Journal of Marketing

Moon, Park, and Kim

no no no yes no yes yes 3

Social learning and peer effects in consumption: evidence from movie sales

2011 The Review of Economic Studies

Moretti no no no yes no no no 1

Measuring word of mouth’s impact on theatrical movie admissions

2007 Journal of Economics & Management Strategy

Moul no no no no no no yes 1

Online word of mouth and product review disagreement

2015 Working paper Nagle and Riedl no no no no yes no yes 2

Repeated interactions and improved outcomes: an empirical analysis of movie production in the united states

2015 Management Science Narayan and Kadiyali

yes yes no no no no no 6

10

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A Bayesian model to forecast new product performance in domestic and international markets

1999 Marketing Science Neelamegham and Chintagunta

no no yes no no no no 14

Movie stars and box office revenues: an empirical analysis

2012 Journal of Cultural Economics

Nelson and Glotfelty

no no yes no no yes no 25

Impact of user-generated and professional critics reviews on Bollywood movie success

2015 Australian Marketing Journal

Niraj and Singh no yes no yes no yes yes 5

Marketing activity, blogging and sales

2012 International Journal of Research in Marketing

Onishi and Manchanda

no no no no no yes yes 2

Does it matter what people say about you: the impact of the content of buzz on firm performance

2008 Dissertation Pai no no no yes yes yes yes 5

Choosing to cofinance: analysis of project-specific alliances in the movie industry

2007 The Review of Financial Studies

Palia, Ravid and Reisel

yes no no yes yes no no 8

The criterion problem and creativity in film: psychometric characteristics of various measures

2008 Psychology of Aesthetics, Creativity, and the Arts

Plucker, Holden, and Neustadter

no no no yes yes yes yes 6

Stardom and the profitability of film making: Warner Bros. in the 1930s

2001 Journal of Cultural Economics

Pokorny and Sedgwick

no yes no no no no no 4

An empirical study of the determinants of revenues and marketing expenditures in the motion picture industry

1994 Journal of Cultural Economics

Prag and Casavant

no no yes yes no no no 2

Theatre allocation as a distributor’s strategic variable over movie runs

2015 Journal of Cultural Economics

Prieto-Rodriguez, Gutierrez-Navratil, and Ateca-Emestoy

no no yes no no no no 1

11

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How early can video revenue be accurately predicted?

2002 Journal of Advertising Research

Prosser no no no yes no no no 1

Information, blockbusters, and stars: a study of the film industry

1999 The Journal of Business

Ravid yes yes no yes yes no no 10

The influence of expert reviews on consumer demand for experience goods: a case study of movie critics

2005 The Journal of Industrial Economics

Reinstein and Snyder

no no no yes no no no 2

Whose and what chatter matters? The effect of tweets on movie sales

2013 Decision Support Systems

Rui, Liu, and Whinston

no no no no no yes yes 2

Blogs as Predictors of Movie Success

2009 Proceedings of the Third International ICWSM Conference

Sadikov, Parameswaran, and Venetis

no no no no no no yes 1

A parsimonious model for forecasting gross box-office revenues of motion pictures

1996 Marketing Science Sawhney and Eliashberg

no no yes yes no no no 2

Learning from broadcasts of project participation: selection of second-tier actors during project-venture formation in the movie industry

2009 Strategic Organization

Schwab yes no no no no no no 1

Learning in hybrid-project systems: the effects of project performance on repeated collaboration

2008 Academy of Management Journal

Schwab and Miner

yes no no no no no no 3

Predicting movie grosses: winners and losers, blockbusters and sleepers

2000 Chance Simonoff and Sparrow

no yes yes no no no no 2

Film as art versus film as business: differential correlates of screen play characteristics

2005 Empirical Studies of the Arts

Simonton no no no yes no no no 3

Film music: are award-winning scores and songs heard in

2007 Psychology of Aesthetics,

Simonton yes no no yes no no no 2

12

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successful motion pictures? Creativity. and the Arts

Cinematic success, aesthetics, and economics: an exploratory recursive model

2009 Psychology of Aesthetics, Creativity. and the Arts

Simonton no no no yes no no no 2

Knowledge based resources, property based resources and supplier bargaining power in Hollywood motion picture projects

2009 Journal of Business Research

Skilton no no yes no no no no 1

Predicting the performance of motion pictures

1994 The Journal of Media Economics

Sochay no no yes yes no no no 4

Distribution planning to optimize profits in the motion picture industry

2011 Production and Operations Management

Somlo, Rajaram, and Ahmadi

no yes no no no yes yes 3

International launch window and performance: analysis of movies

2012 Working paper Song and Chankar

no yes no no no no no 1

Social structure and exchange: self-confirming dynamics in Hollywood

2006 Administrative Science Quarterly

Sorenson and Waguespack

no yes no no no no no 1

Factors influencing motion picture success: empirical review and update

2008 Journal of Business & Economics Research

Stimpert, Laux, Marino and Gleason

no no yes yes no no no 2

Effects of microblogging and third-party word of mouth on product sales: empirical study based on movie box office revenue

2014 PACIS Sun, Song, and Huang

no no no no no yes yes 4

The added-value of online word-of-mouth to advertising in new product adoption: An empirical analysis of the movie Industry

2005 Dissertation Sussan no no no yes no yes yes 4

Is neutral really neutral? The effects of neutral user-generated

2014 Journal of Marketing Tang, Fang, and Wang

no no no no no yes yes 2

13

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content on product salesThe determinants of domestic box office performance in the motion picture industry

2005 Southwestern Economic Review

Terry, Butler, and De'Armond

no no no yes no no no 1

The determinants of foreign box office revenue for English language movies

2010 Journal of International Business and Cultural Studies

Terry, Cooley, and Zachary

no no no yes no no no 1

The determinants of opening weekend box office revenue for movies

2009 Journal of the Academy of Business and Economics

Terry, Cooley, and Zachary

no no no yes no no no 1

The determinants of box office revenue for horror movies

2010 Journal of Global Business Management

Terry, King, and Walker

no no no yes no no no 1

Examining success at the domestic box-office in the motion picture industry

2010 Working paper Topf no yes no yes no no no 2

Effects of celebrity media exposure on box-office performance

2010 Journal of Media Economics

Treme no no yes yes no no no 4

The role of actors and actresses in the success of films: how much is a movie star worth?

1993 Journal of Cultural Economics

Wallace, Broniarczyk, and Holbrook

no no no yes no no no 1

Robust analysis of movie earnings

2009 Journal of Media Economics

Walls no no yes no no no no 1

The changing role of Hollywood in the global movie market

2012 Journal of Media Economics

Walls and McKenzie

no no yes no no no no 7

Creativity and project value in the film industry

2007 Working paper Wang no no yes no no no no 2

Box office drivers of motion picture sequels

2012 Working paper Wang no no no yes no no no 1

Users’ reviews variance, critic reviews variance, and product sales: an exploration of

2015 Journal of Retailing Wang, Liu, and Fang

no no no yes yes yes yes 4

14

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customer breadth and depth effectsThe worth of product placement in successful films: an event study analysis

2009 Journal of Marketing Wiles and Danielova

no no no yes no yes no 2

The heterogeneous effect of WOM on product sales: why the effect of WOM valence is mixed?

2012 European Journal of Marketing

Yang, Kim, Amblee, and Jeong

no no no yes yes yes yes 4

A study on the relationship among the leading actors, directors, and the box office income of a film—based on multiple linear regression model

2013 6th International Conference on Information Management, Innovation Management and Industrial Engineering

Yongbin and Rongzhao

no yes no no no no no 2

The Lord of The Ratings: Is a movie's fate influenced by reviews?

2006 ICIS Proceedings Zhang and Dellarocas

no no no yes yes yes no 5

Overcoming the illegitimacy discount: cultural entrepreneurship in the US feature film industry

2013 Organization Studies Zhao, Ishihara, and Lounsbury

no yes no no no yes no 3

The critical trade‐off: identity assignment and box‐office success in the feature film industry

2003 Industrial and Corporate Change

Zuckerman and Kim

no yes no yes yes no no 5

Note: the last column indicates the total number of effect sizes retrieved from this study. Columns 5 -11 indicate whether this type of effect size was retrieved from the study.

15