Prof. dr. ir Joost M.E. Pennings

Professor of Finance and Professor of Marketing
Chairman of the Marketing-Finance Research Lab

Joost M.E. Pennings is Professor in Finance at Maastricht University, Professor in Marketing at Maastricht University, the AST professor in Commodity Futures Markets at Wageningen University and Adjunct Professor in the Office for futures & Options Research, Marketing & Decision Sciences Group at the University of Illinois at Urbana-Champaign. The research of Prof. Pennings deals with understanding revealed economic behavior by studying the decision-making behavior of real decision-makers (market participants, consumers, managers etc). Special attention is given to decision-making under risk and uncertainty. The understanding of revealed economic behavior is utilized to advance product development and public policy. The research is quantitative and rooted in economics, finance, management sciences, and psychology theory.

Research Interests

behavioral finance, consumer financial decision-making, investor behavior, marketing-finance interface, interactions between product and financial markets.

Recent Key Publications

• Tamirat S. A, X. Du, J.M.E. Pennings, A. Trujillo-Barrera (2020) “Farm-Level Risk-Balancing Behavior and the Role of Latent Heterogeneity,” Journal of Agricultural & Resource Economics, 45 (2): 265-281.
• Wies, S., A.O.I. Hoffmann, J. Aspara and J.M.E. Pennings (2019), Can Advertising Investments Counter The Detrimental Effect of Shareholder Complaints on Firm Value,” Journal of Marketing, 83 (4), 58-88.
• Tamirat, A., A. Trujillo-Barrera and J.M.E. Pennings (2019), “Dynamic Target Capital Structure and Speed of Adjustment in Farm Business,” European Review of Agricultural Economics, 46 (4): 637-661.
• Hoffmann, A. O. I., S. Kleimeier, N. Mimiroglu & J. M. E. Pennings (2018), “The American Inventors Protection Act: A Natural Experiment on Innovation Disclosure and the Cost of Debt,” International Review of Finance, 19 (3), 641-651.
• Costa G. Junior, A. Trujillo-Barrera and J.M.E. Pennings (2018), “Concentration and Liquidity Costs in Emerging Commodity Exchanges,” Journal of Agricultural & Resource Economics, 43(3):441–456
• Franken, J.R.V., J.M.E. Pennings and P. Garcia (2018), “Risk Attitudes and the Structure of Decision Making: Evidence from the Illinois Hog Industry,” Agricultural Economics 48 (1): 41-50.
• Franken, J.R., J.M.E. Pennings and P. Garcia (2018), “Graphical Illustration of Interaction Effects in Binary Choice Models: A Note,” Journal of Agricultural Economics, Vol. 69, No. 3, 852–858.
• Trujillo-Barrera, A., J.M.E. Pennings and D. Hofenk (2016), “Understanding Producers’ Motives for Adopting Sustainable Practices: The Role of Expected Rewards, Risk Perception, and Risk Tolerance,” European Review of Agricultural Economics, 43 (4): 1-24.
• Cleeren, K., K. Geyskens, P.C. Verhoef and J.M.E. Pennings (2016). “Regular or Low-Fat? An Investigation of the Long-run Impact of the First Low-Fat Purchase on Subsequent Purchase Volumes and Calories,” International Journal of Research in Marketing, 33: 896-906.
• Benos, T., Kalogeras, N., Verhees, F., Sergaki, P., Pennings, J.M.E. (2015) “Cooperatives’ Organizational Restructuring, Strategic Attributes and Performance: The Case of Agribusiness Cooperatives in Greece” Agribusiness: An International Journal, 32 (1): 127-150.
• Hoffmann, A. O. I., T. Post & J. M. E. Pennings (2015), “How Investor Perceptions Drive Actual Trading and Risk-Taking Behavior.” Journal of Behavioral Finance, 16: 94-103.
• Franken, J.R.V., J.M.E. Pennings & P. Garcia (2014), “Measuring the Effect of Risk Attitude on Marketing Behavior.” Agricultural Economics, 45: 1-11.
• Van Ittersum, K, B. Wansink, J.M.E. Pennings and D. Sheehan (2013), “Smart Shopping Carts: How Real-Time Feedback Influences Spending.” Journal of Marketing, 77 (6): 21-36.
• Franken, J.R.V., J.M.E. Pennings & P. Garcia (2013), “Measuring the Effect of Risk Attitude on Marketing Behavior.” Agricultural Economics, 45: 525-535.
• Merrin, R. P., A. O. I. Hoffmann & J. M. E. Pennings, “Customer Satisfaction as a Buffer Against Sentimental Stock-Price Corrections.” Accepted for publication at Marketing Letters, 24 (1), 13-27.
• Kalogeras, N., Pennings, J.M.E., Benos, T. and M. Doumpos (2013), “Which Co-op ownership model performs better? A financial-decision aid approach,” Agribusiness: An International Journal, Vol. 29 (1): 80-95.
• Van Ittersum, K., and J.M.E. Pennings (2012), “Attribute-Value Functions as Global Interpretations of Attribute Importance,”  Organizational Behavior and Human Decision Processes, 119: 89-102.
• Pennings, J.M.E. and P. Garcia (2010), “Risk & Hedging Behavior: The Role and Determinants of Latent Heterogeneity?” Journal of Financial Research, vol XXXIII, (4; Winter): 373-401.
• Van Ittersum, K., J.M.E. Pennings, B. Wansink (2010), “Trying Harder and Doing Worse: How Grocery Shoppers Track In-Store Shopping,” Journal of Marketing, 74 (2): 90-104.
• Pennings, J.M.E. and P. Garcia (2005), “The Poverty Challenge: How Individual Decision-Making Behavior Influences Poverty,” Economics Letters 88 1(July), 115-119.
• Pennings, J.M.E. and B. Wansink (2004), “Channel Contract Behavior: the Role of Risk Attitudes, Risk Perceptions, and Channel Members’ Market Structures,” Journal of Business 77 4(October): 697-723.
• Pennings, J.M.E. and P. Garcia (2004), ”Hedging Behavior in Small and Medium-sized Enterprises: The Role of Unobserved Heterogeneity, ”Journal of Banking & Finance 28 5 5 (May), 951-978.
• Pennings, J.M.E. and A. Smidts (2003), ”The Shape of Utility Functions & Organizational Behavior, ”Management Science 49 9(September), 1251-1263.
• Pennings, J.M.E, M.J.J.M. Candel and T.M. Egelkraut (2003),”A Behavioral Decision Making-Modeling Approach Towards Hedging Services, ”Journal of Behavioral Finance 4 (2), 71-84.
• Pennings, J.M.E, MB. Wansink, and M.T.G. Meulenberg (2002),”A Note on Modeling Consumer Reactions to a Crisis: The Case of the Madcow Disease, ”International Journal of Research in Marketing 19 (1): 91-100.
• Pennings, J.M.E (2002), ”Pulling the Trigger or Not: Factors Affecting Behavior of Initiating a Position in Derivatives Markets, ”Journal of Economic Psychology23 (April): 263-278.
• Pennings, J.M.E and R.M. Leuthold (2001), ”Introducing New Futures Contracts: Reinforcement versus Cannibalism, ”Journal of International Money & Finance 20 (5): 659-675.
• Pennings, J.M.E and P. Garcia (2001), ”Measuring Producers’ Risk Preferences: A Global Risk Attitude Construct, ”American Journal of Agricultural Economics83 (November): 993-1009.
• Pennings, J.M.E and R.M. Leuthold (2000), ”The Role of Farmers’ Behavioral Attitudes and Heterogeneity in Futures Contracts Usage, ”American Journal of Agricultural Economics 82 (4): 908-919.
• Pennings, J.M.E and A. Smidts (2000), ”Assessing the Construct Validity of Risk Attitude, ”Management Science 46 (10), 1337-1348.