Stepping across for social approval: Ties to independent foundations' boards after financial restatement

Research Summary: Integrating research on independent philanthropy and organizational misconduct, we argue that affiliations with independent foundations provide social approval benefits for firms that restate their financials. We use a panel of S&P 500 companies from 2004 to 2011 to investigate the addition of foundation board ties by restating firms. CEOs of restating firms add more new foundation board ties than CEOs of non‐restating firms, while existing corporate philanthropy and greater corporate reputation diminish this effect. We also find that new ties to foundations boards influences media tenor for restating firms more than it does for non‐restating peers. Our study offers a nuanced analysis of the post‐crisis actions of restating firms relative to non‐restating peers and highlights the relevance of ties to nonprofit boards for corporate governance. Managerial Summary: Firms oftentimes fire their top executives in the aftermath of misconduct, but such response is itself disruptive for the firm's operations. Instead, we suggest that forging ties to independent foundations can help firms in such contexts without unsettling effects. Our results show that, after a restatement event, CEOs of misconduct firms are especially likely to join new foundation boards as trustees and thus seem to be aware of the benefits of these associations. CEOs from firms with existing in‐house philanthropy or a high reputation do not join as many new foundations' boards of trustees. We also find that new firm‐foundation links are promptly and positively evaluated by the media, thus helping misconduct firms regain social approval.     

Government websites for promoting East Asian culinary tourism: A cross-national analysis

The content of government tourism websites is very important for promoting a tourist destination's exciting cuisine and food culture. These websites help to shape a country's, region's or locality's culinary-cultural image; they create a virtual experience for culinary tourists. This study explores the contents of the cuisine and gastronomy websites of Hong Kong, Japan, Korea, Singapore, Taiwan and Thailand, analyzing the techniques used to introduce and promote these East Asian tourist destinations' cuisine and food culture. Specifically, the researchers examined the capacity of government websites to introduce and advertise traditional and local foods, restaurants, gastronomic tours, recipes and culinary cultures (including table manners and other dining customs). They also looked more generally at culinary tourism marketing strategies, including the use of restaurant guides and certifications.     

Group heterogeneity and the economic effect of farmer organisation participation: Empirical evidence from Taiwan

We explore the effects of different farmer organisations on smallholder farmers' economic performance. The average treatment effect of switching between different farmer organisations is examined. In addition, based on the premise that a higher level of social capital is accumulated through participation in multiple farmer organisations, we also investigate how the economic consequences of farmer organisation membership vary with the intensity of participation. Our conceptual model explicitly includes social capital to provide a micro-foundation and a theoretical justification for the linkage between farmer organisation participation and the economic outcome. This indicates that participating in different types of farmer organisations is beneficial for farm households only when the returns from social capital investment outweigh the time cost of participation. Our empirical results suggest that membership of farmer organisations that are more homogeneous in terms of member specialty and similarity in production and marketing activities results in a significant increase in farm sales revenue and net returns. This result supports the view that technological proximity accentuates knowledge spillovers within the farmer organisations, and thus leads to better economic outcomes. In line with the prediction of the theoretical model, the average treatment effect of participation is found to increase with the number of organisations that farmers belong to. Moreover, results from the quantile regression provide empirical evidence supporting increasing returns to social capital accumulated through participation in several farmer organisations.     

Immigration and inequality: Analysis of Mainland Chinese spouses during the early stages of their time in Taiwan

In this study on Mainland Chinese women in Taiwan, I examined the effect of immigration-related disruption on the assimilation of these women into the Taiwanese labour market during 2005–2015. Accordingly, I used a unique dataset obtained by linking three administrative registers to measure the assimilation process. In addition, I employed the nearest-neighbour matching estimator to assess heterogeneous effects on each Mainland Chinese woman. The results indicated narrowing immigrant–native gaps in labour supply (full-time employment rates) and real monthly insured wages for their first traceable job in favour of Mainland Chinese women. In general, I found that Mainland Chinese women assimilated into the Taiwanese workforce at levels comparable with those of Taiwanese women.     

US macroeconomic surprises and the emerging-market sovereign CDS market

Our primary aim is to examine whether US macroeconomic surprises affect the slope of the term structure of ‘sovereign credit default swap’ (SCDS) spreads in emerging markets. Our empirical results show that positive (negative) US macroeconomic surprises are likely to reduce (increase) the term structure slope of SCDS spreads in emerging countries. We find that the slope values in emerging markets are positively related to future market returns over 1- and 2-day horizons. Our results provide general support for the future informational role played by SCDS spreads for the national stock market within emerging markets.     

The impacts of RMB internationalization on onshore and offshore RMB markets

Using the DCC-GARCH model, this study considers distinctive features of China's foreign exchange market to investigate the impacts of RMB internationalization on exchange rates in onshore and offshore markets in different stages during 2010–2017. The results show that policies concerning RMB internationalization, such as interest rate liberalization, exchange rate liberalization, and capital market internationalization, have different impacts on the central parity rate, onshore exchange rate, and offshore exchange rate. In terms of exchange rate liberalization, as the daily trading band was gradually widened in 2012–2015, the onshore exchange rate followed the offshore exchange rate more closely. The central parity rate functioned as a managed floating role. It stabilized onshore and offshore exchange rate fluctuations, while allowing partial marketization. After the exchange rate reform on August 11, 2015, the central parity rate plays a benchmark role based on a more market-oriented price formation mechanism. It makes the central parity rate regain pricing power in onshore and offshore markets. Further, it promotes exchange rate liberalization and RMB internationalization. Nevertheless, with the slowdown of China's economic growth and the narrowing of the interest rate differential between China and the US, the RMB is under pressure to depreciate, and its volatility increases significantly.     

Which food delivery platforms are winning the restaurant food delivery wars? Analysis from a consumer perspective

The emergence of the COVID-19 pandemic dramatically lowered the foodservice industry's income overnight. Conversely, the practical measure of remaining at home to deal with the pandemic's impact has boosted the online food delivery business. In this study, a consumer perspective was adopted and an adapted version of the extended unified theory of acceptance and use of technology (UTAUT2) was used alongside multi-attribute decision-making methods (DEMATEL, DANP and modified VIKOR) to construct a model for evaluating and selecting a food delivery platform (FDP). The results of the INRM (influential network relation map) revealed that the first dimension to be improved upon and adjusted should be security, followed by effort expectancy, performance expectancy, social influence, facilitating conditions, hedonic motivation and habit. The DANP influential weights suggested that habits were the most important dimension, followed by hedonic motivation, while performance expectancy was the least important. According to the results of the gap analysis, the first dimension that required improvement was performance expectancy, followed by effort expectancy, facilitating conditions, security, social influence, habits and hedonic motivation. It is expected that the findings of this study can serve as a reference for consumers selecting FDPs to better satisfy their dining needs. The novel model is discussed in terms of theoretical, practical and managerial implications.