Jaakko ASPARA (DSc, DA)


Professor, Dean of Phd Program

Neoma Business School , Paris | Reims | Rouen

 > 59 Rue Pierre Taittinger

 > 51100 Reims


 > Email: firstname.lastname@neoma-bs.fr



Click here for a FINNISH version of the site.                   Curriculum Vitae CV.


This is my personal webpage. You are also welcome to the website of our think tank Nordic Institute of Business & Society (NIBS): www.nibs.fi (in Finnish)






2020-10-15. Today, I began to work for Neoma Business School, France, as the Dean of Phd Program, as well as professor in marketing. I live in the city of Reims, but regularly visit Finland for Board positions and other tasks.


2019-03-18. With burgeoning investor activism towards publicly-listed firms, firms get increasingly often exposed to dissatisfied shareholders’ complaints and proposals. Such shareholder complaints and proposals often attract media attention, too, and may undermine firm market valuation in the stock market.  Our forthcoming article in Journal of Marketing shows that firms can effectively respond to shareholder complaints by increasing their product-market advertising. On average, increased advertising investments help buffer/mitigate the negative influence of shareholder complaints on firm stock market value.


2018-11-30. In the wake of the “sharing economy”, it is commonly assumed that it’s a smart consumer’s choice to co-own, lease, or rent consumption goods one needs to use. Our forthcoming study in Journal of Consumer Research demonstrates that smarter consumers (i.e., individuals with higher intelligence scores) are indeed likelier to co-own and lease their cars, instead of purchasing cars into their sole private ownership.


2018-04-13. Consumers’ fundamental cognitive abilities affect many of their behaviors. In our new study, we find that smarter consumers will make more environmental-friendly purchases (of cars) as well as be more responsive to pro-environmental tax incentives.


2017-08-03. Firms are increasingly using a relational price discount (RPD) strategy: granting new customers initial discounts at the beginning of a customer relationship not only to attract them to customer relationship but also to enhance their likelihood of remaining in the customer relationship when the initial discount expires. Our forthcoming article in Journal of Marketing shows that such RPD strategy can be worthwhile, increasing customer retention and lifetime revenues, if the initial discount is moderate in size (~15%) but not if it is very low (<10%) or very high (>35%).


2016-04-01. Setting up a system for marketing performance metrics is an increasingly interesting topic to CMOs and CFOs. Our new article in Journal of Marketing, investigates what kind of marketing performance metrics firms should have, depending on their size, market position, and market-oriented organization culture.


2016-05-12. Stock-exchange-listed companies are sometimes inclined to maximize short-term results and sacrifice some long-term performance (”short-termism”). In our new article (Socio-Economic Review), we explicate how this phenomenon can emerge through a self-reinforcing process or vicious cycle – instead of being any single actor’s “fault”.


2014-10-01. A new phenomenon in pricing tactics is that the consumer buying the product is promised that part of the sale price is donated to charity. In our new article (Journal of Marketing, AMA pages), we study how combining price discounts to charity donations affects consumer purchase behavior. The results are surprising: A large price discount actually decreases product purchases, when a charity donation is involved.



2013-11-19. Groupon-type platforms, which offer attractive “deals” for consumers to buy, have certain key characteristics -- when it comes to consumer behavior regarding the deals. Firstly, the decision-making process of consumers is two-fold: first the consumer decides whether to buy the deal; then he/she decides whether and when to redeem the deal. Secondly, consumers’ decisions to buy and redeem a deal are affected by the deal’s popularity among other consumers. We study these key aspects of Groupon-type business models in our new article in Journal of Marketing.

2013-11-22. When investing, people typically tend to sell investments that are performing well (winners), and hold stocks that are performing poorly (losers). This is called the “disposition effect”. In our new study, we show that under certain conditions, the disposition effect is reversed, so that individuals become more willing to hold winning investments and sell losing investments.

2013-11-05. Palm reading? Your choice of Coke vs. Coke Zero vs. Diet Coke today may depend on your pre-birth testosterone&fingers. See our new study in International Journal of Research in Marketing.

2013-06-11. Our latest study "Do institutional investors pay attention to customer satisfaction, and why?" will be published in Journal of the Academy of Marketing Science (5-year impact factor 4.23). See an earlier article touching on the same topic here.

2013-06-01. If you are familiar with Ansoff's matrix as a strategic tool, you might be interested in our new article. The article presents a new 3-dimensional conceptualization of the matrix, with regard to firms' business development projects (e.g. product/service/offering development). The article should interest also those who are interested in firm's marketing resources, market-based assets, innovation, exploration-exploitation, and real options.

2012-05-21.  A new edited volume on the "Future of Banking Services" was published.

2011-10-15. A new article of ours -- focusing on the creation/innovation of new consumer value vs. value capture -- is forthcoming in Journal of Business Research. Download the article at SSRN.

2011-08-26. How do brands and other affective factors influence individual investors’ decisions to invest in company stocks? Read recent articles of mine concerning individual investor behavior: an article in European Journal of Marketing, an article in International Journal of Bank Marketing , an article in Consumption Markets & Culture, and an article in Journal of Behavioral Finance.  

2010-01-27. How do institutional actors in the financial market (institutional investors, investment/security analysts) assess companies' product design, and what implications do the ways of assessment have? Read my new article on the topic, published in Knowledge, Technology & Policy (Vol. 22, No. 4).

2009-12-04. How do individual investors' evaluations of companies' products and product design influence their investment decisions? I was interviewed about empirical studies that I have conducted over this question in Investor Relations magazine (January 2010 Issue). The studies form part of my doctoral dissertation for the degree of Doctor of Arts. This is my second doctoral dissertation and degree -- the first one being D.Sc. (Econ. & Bus. Adm.) from HSE. Order the dissertation as a paper-back book at UIAH website or download the dissertation in pdf format. 

2009-09-15. While many researchers and executives are nowadays interested in business model innovation, one often forgets the importance of business model replication. Our new article (Journal of Strategic Marketing) deals with the financial performance implications of different emphases on these two strategies.

2009-08-31. A consumer's stock ownership in a company correlates with his/her customer relationship volume. That is, a stock-owning customer of e.g. a bank is more likely to be a high volume customer than a non-stock-owning customer. Read our new article that will be published in Journal of Financial Services Marketing.

2009-03-25. Two new articles of mine, "Aesthetics of stock investments" and "The role of company affect in stock investments" have been accepted for publication -- in Consumption Markets & Culture and Journal of Behavioral Finance, respectively. The articles develops aesthetic and affective perspectives to people's stock investments.

2009-01-24. I attended "Marketing Meets Wall St" Conference at Emory University, Atlanta, Jan 23-24. The paper I presented was titled "The role of subjective product and brand evaluations in the stock market: Stock investment willingness beyond expected financial returns". See the abstract (and model). 

2008-10-15. A consumer's stock ownership in a company motivates him/her to purchase the company's products and services, increases his/her brand loyalty and decreases the probability that he/she will switch service providers. See two recent articles of mine: (1) in Journal of Consumer Marketing and (2) Journal of Customer Behaviour .

2008-08-01. I will visit New York University's (NYU) Stern School of Business during September 2008April 2009. See you in New York City.

2008-06-16. A new article of ours, "Interactions of individuals’ company-related attitudes and their buying of the companies’ stocks and products”, has been published in Journal of Behavioral Finance (Vol. 9, No. 2). The article explicates the ways in which an individual's attitudes towards a company and its products and brands influence his/her willingness to invest in the company's stock. Also certain feedback effects are identified.

2008-04-01. A new article of ours, “Significance of corporate brand for business-to-business companies”, was published in The Marketing Review. The article succinctly summarizes the significance of corporate brand management for companies doing business in B2B markets.

2008-03-23. A new article of ours, "A theory of affective self-affinity: Definitions and application to a company and its business", was published in Academy of Marketing Science Review. The article deals with the interface of consumer theory and firm stakeholder theory. The theory and model presented in the article have relevance to corporate-level marketing, when it comes to product markets, stock markets, and labor markets, for example.

2008-03-19. What kind of value can a product create to its user and how can this value be captured to become economic value for the firm designing and producing the product. These are questions that I deal with in a new article "Creating and Capturing Design Value", published in the edited collection Design Connections – Knowledge, Value and Involvement through Design.






Articles in international academic journals


“Consumer involvement in supply networks: A cubic typology of C2B2C and C2B2B business models” (in press) – with David Grant and Maria Holmlund. Industrial Marketing Management, forthcoming.

What gets measured gets done: Can self-tracking technologies enhance advice compliance?” (in press) – with Kristina Wittkowski, Jan Klein, Tomas Falk, Jeroen Schepers, & Kai Bergner. Journal of Service Research, forthcoming, doi.org/10.1177/1094670520904424.

Customer journey analyses in digital media: Exploring the impact of cross-media exposure on customers’ purchase decisions” (2020) – with Jan Klein, Yuchi Zhang, Tomas Falk, & Xueming Luo. Journal of Service Management, 31 (3), 489-508

Can advertising investments counter the negative impact of shareholder complaints on firm value” (2019) – with Simone Wies, Arvid Hoffman, and Joost Pennings. Journal of Marketing, 83(4), 58-80.

Sharing-dominant logic: Quantifying the association between consumer intelligence and choice of access modes” (2019) (lead article) – with K. Wittkowski. Journal of Consumer Research, 46 (2), 201-222.

Consumer price effects: Loss aversion in value vs. in demand” (2020) – with Markku Kallio & Merja Halme, Journal of the Operational Research Society, 71 (8), 1306-1314

 Relational price discounts: Consumers’ metacognitions and nonlinear effects of initial discounts on customer retention” (2018) – with Maria del Rio Olivares, K. Wittkowski, Tomas Falk, & Pekka Mattila, Journal of Marketing, 82 (1), 115-131.

The dilemma of service productivity and service innovation: An empirical exploration in financial services” – with Jan Klein, Xueming Luo, & Henrikki Tikkanen. Journal of Service Research, 21 (2), 249-262.

 Types of intelligence predict likelihood to get married and stay married: Large-scale empirical evidence for evolutionary theory” (2018) (lead article) – with Kristina Wittkowski & Xueming Luo. Personality and Individual Differences, 122, 1-6.

Effect of intelligence on consumers' responsiveness to a pro-environmental tax: Evidence from large-scale data on car acquisitions of male consumers” (2017) – with Xueming Luo & Ravi Dhar. Journal of Consumer Psychology, 27 (4), 448-455.

What counts vs. what can be counted: The complex interplay of market orientation and marketing performance measurement in organizational configurations” (2016) – with Johanna Frösen, Jukka Luoma, Matti Jaakkola, & Henrikki Tikkanen”. Journal of Marketing, 80 (3), 60-78.

Is more capability always beneficial for firm performance? Market orientation, core business process capabilities, and business environment” (2016) – with Matti Jaakkola, Johanna Frösen, Henrikki Tikkanen, Antti Vassinen, & Petri Parvinen. Journal of Marketing Management, 32 (13-14), 1359-1385.

 Cause marketing effectiveness and the moderating role of price discounts” (2014) – with Michelle Andrews, Xueming Luo, and Zheng Fang. Journal of Marketing, 78 (6), 120-142.

Group-buying deal popularity” (2014) – with Xueming Luo, Michelle Andrews, & Yiping Song. Journal of Marketing, 78 (2), 20-33.

Why do public policy makers ignore marketing and consumer research? A case study of policy making for alcohol advertising” (2016) – with Henrikki Tikkanen. Consumption Markets & Culture, 20 (1), 12-34.

Cut your losses and let your profits run: How shifting feelings of personal responsibility reverses the disposition effect” (2015) – with Arvid Hoffman. Journal of Behavioral and Experimental Finance, 8 (December), 8-24.

 Sleeping with competitors: The impact of NPD phases on stock market reactions to horizontal collaboration” (2015) – with Qingsheng Wu, Xueming Luo, and Rebecca J. Slotegraaf. Journal of the Academy of Marketing Science, 43 (4), 490-511.

 Investors’ reactions to company advertisements: The persuasive effect of product-featuring ads” (2015) – with Amitav Chakravarti. European Journal of Marketing, 49 (5/6), 943-967.

 Focal versus background goals in consumer financial decision-making: Trading off financial returns for self-expression?” (2015) – with Amitav Chakravarti and Arvid Hoffman. European Journal of Marketing, 49 (7/8),1114-1138.

 Saalistushinnoittelun ennakkoarviointi yrityksen markkinaolosuhteiden ja liiketaloudellisten realiteettien näkökulmasta” [Ex-Ante Assessment of Predatory Pricing from the Perspective of the Firm's Market Conditions and Business Realities] (2014) – with Kari Hoppu. Nordic Journal of Business, 62 (2), 97-131.

 Do institutional investors pay attention to customer satisfaction, and why?” (2014) – with Xueming Luo, Ran Zhang, Weining Zhang. Journal of the Academy of Marketing Science, 42 (2), 119-136.

Selling losers and keeping winners: How (savings) goal dynamics predict a reversal of the disposition effect” (2015) – with Arvid Hoffmann. Marketing Letters, 26 (2), 201-211

Explaining corporate short-termism: self-reinforcing processes and biases among investors, the media and corporate managers” (2014) – with Kalle Pajunen, Henrikki Tikkanen, and Risto Tainio. Socio-Economic Review, 12 (4), 667-693.

Naturally designed for masculinity vs. femininity? The digit ratio predicts male consumers' choices of gender-imaged products” (2014) – with Bram Van Den Bergh. International Journal of Research in Marketing, 31 (1), 117-121.

Struggles in organizational attempts to adopt new branding logics: The case of a marketizing university” (2014) – with Hanna-Mari Aula, Janne Tienari, and Henrikki Tikkanen. Consumption Markets & Culture, 17 (6), 522-552.

Corporate business model transformation and inter-organizational cognition: The case of Nokia” (2013) – with Juha-Antti Lamberg, Arjo Laukia, & Henrikki Tikkanen. Long Range Planning, 46 (6), 459-474. 

Creating novel consumer value vs. capturing value: Strategic emphases and financial performance implications” (2013) – with Henrikki Tikkanen. Journal of Business Research, 66 (5), 593-602.

Sales activity systematization and performance: Differences between product and service firms” (2013) – with Petri Parvinen, Joel Hietanen, & Sami Kajalo. Journal of Business & Industrial Marketing, 28 (6), 494-505.

The role of product and brand perceptions in stock investing: Effects on investment considerations, optimism, and confidence” (2013). Journal of Behavioral Finance, 14 (3), 195-212.

The influence of product design evaluations on investors’ willingness to invest” (2011/2). Design Management Journal, 6 (1), 79-93.

Exploration and exploitation across three resource classes: market/customer intelligence, brands/bonds, and technologies/processes” (2011) – with Henrikki Tikkanen, Erik Pöntiskoski, & Paavo Järvensivu.  European Journal of Marketing, 45 (4), 596-630.

 Corporate marketing in the stock market: The impact of company identification on individuals’ investment behaviour” (2011) – with Henrikki Tikkanen. European Journal of Marketing, 45 (9/10), 1446-1469.

Individuals' affect-based motivations to invest in stocks: Beyond expected financial returns and risks” (2011) – with Henrikki Tikkanen. Journal of Behavioral Finance, 12 (2), 78-89. 

 Awareness, action, and context-specificity of Blue Ocean practices in sales management” (2011) – with Petri Parvinen, Joel Hietanen, & Sami Kajalo. Management Decision, 49 (8), 1218-1234.

Strategic Management of Business Model Transformation: Lessons from Nokia” (2011) – with Juha-Antti Lamberg, Arjo Laukia, & Henrikki Tikkanen. Management Decision, 49 (4), 622-647.

 Documentation and continuous development of processes for customer management: Implications for profitable growth” (2011). Australasian Marketing Journal, 19 (4), 267-280.

How do institutional actors in the financial market assess companies’ product design? The quasi-rational evaluative schemes” (2010). Knowledge, Technology & Policy, 22 (4), 241-258.

Consumers' stock preferences beyond expected financial returns: The influence of product and brand evaluations” (2010) – with Henrikki Tikkanen. International Journal of Bank Marketing, 28 (3), 193-221.

Business model innovation vs. replication: Financial performance implications of strategic emphases” – with Joel Hietanen & Henrikki Tikkanen. Journal of Strategic Marketing, 18(1), 39-56.

The role of company affect in stock investments: Towards blind, undemanding, non-comparative, and committed love” (2010) – Henrikki Tikkanen. Journal of Behavioral Finance, 11(2), 103-113.

Aesthetics of stock investments (2009). Consumption Markets and Culture, 12 (2), 99-131.

The interrelationship of stock ownership and customer relationship volume: Case of a Nordic retail bank” (2009) – with Henrich Nyman & Henrikki Tikkanen. Journal of Financial Services Marketing, 14 (3), 203-217.

Stock ownership as a motivation of brand-loyal and brand-supportive behaviors" (2009). Journal of Consumer Marketing, 26 (6), 427-436.

Interactions of individuals’ company-related attitudes and their buying of the companies’ stocks and products” (2008) – with Henrikki Tikkanen. Journal of Behavioral Finance, 9 (2), 85-94.

 Influence of share ownership on repeat patronage” (2008) – with Henrich Nyman & Henrikki Tikkanen. Journal of Customer Behaviour, 7 (2), 149-163.

A theory of affective self-affinity: Definitions and application to a company and its business” (2008) – with Rami Olkkonen, Henrikki Tikkanen, Johanna Moisander, & Petri Parvinen. Academy of Marketing Science Review, 12 (3). Available at http://www.amsreview.org/articles/aspara03-2008.pdf.

 Significance of corporate brand for business-to-business companies” (2008) – with Henrikki Tikkanen. The Marketing Review, 8 (1), 43-60.

 Adoption of corporate branding by managers: Case of a Nordic business-to-business company" (2008) – with Henrikki Tikkanen. Journal of Brand Management, 16 (1-2), 80-91.

Corporate Strategic Marketing (CSM): A new task for top management” (2007) – with Petri Parvinen & Henrikki Tikkanen. In Business Strategy Series (formerly Handbook of Business Strategy). Emerald, Bradford, UK. 131-141.


Artikkelit editoiduissa kokoelmissa Articles in edited collections


Evolution of service markets - The case of mutual funds in Finland” (2012) – with Jukka Luoma. In The Future of Banking Services, Aspara, Jaakko, Rajala, Risto, & Tuunainen, Virpi (Eds.). Aalto University publication series BUSINESS+ECONOMY.  


”The impact of company identification on individual's investment behavior” (2008) – with Henrikki Tikkanen. In Fishing Business Nets – Keeping Thoughts on the Horizon, Anttila, Mai & Rajala, Arto (eds.),. Helsinki School of Economics, Helsinki, Finland, pp. 198-221.

 Creating and capturing design value” (2008). In Keinonen, Turkka, ed., Design Connections – Knowledge, Value and Involvement through Design. Working paper F34, University of Art and Design, Helsinki, Finland, pp. 28-37. (Available at http://www.taik.fi/images/stories/Tutkimusinstituutti/WorkingPapers/34.pdf)




Aspara, Jaakko, Kietäväinen, Timo, Mattila, Pekka, Tikkanen, Henrikki, & Isä Ambrosius (2012). Johtajuuden seitsemän syntiä. Helsinki, Finland: AaltoEE Publishing.

Aspara, Jaakko, Rajala, Risto, & Tuunainen, Virpi (2012), The Future of Banking Services. Aalto University publication series BUSINESS+ECONOMY.

Tikkanen, Henrikki, & Aspara, Jaakko (2009), Projektimarkkinointi [Project Marketing]. Helsinki, Finland: Talentum.

Tikkanen, Henrikki, Aspara, Jaakko, & Parvinen, Petri (2007), Strategisen markkinoinnin perusteet [Principles of Strategic Marketing]. Helsinki, Finland: Talentum.






> innovations, product and service development, and new business models

> market evolution; market and competitive dynamics

> the interrelationships of product markets and stock markets (marketing-finance interface)

> commercial investments, marketing investments, growth investments

> strategic marketing

> design management, brand management

> consumer behavior and pricing strategies