Information source usage among motive-based segments of travelers to newly emerging tourist destinations

As a part of their travel planning, potential tourists engage in information search that assists them in decision-making. Though several studies have been conducted in relation to information sources, yet, much of these seem to be in relation to relatively well-known destinations. This note primarily aims at reporting the use of information sources among various motivation-based segments of travelers to the newly emerging tourist destinations of India's North-East. This is a region with tremendous tourism potential that has not been aggressively marketed so far. Analysis of primary data through a survey of visitors to the region using a factor-cluster segmentation approach resulted in three motive-based segments: Nature-loving Explorers, Nature-loving Vacationers and Change Seekers. These segments were found to exhibit differences in information source usage. The results hold implications for destination marketers of the region and would hopefully contribute towards better marketing strategies for its various destinations.     

Circular economy to enhance sustainability of small and medium‐sized enterprises

The circular economy (CE) represents a major paradigm shift of moving from the concepts of linear to circular supply chains across multiple industries. Although some aspects of CE adoption within industrial supply chains have been researched extensively (particularly addressing challenges of design, implementation, and operations), the research that relates CE practices with sustainability performance to reveal the current state of CE practices within small and medium‐sized enterprises (SMEs) is scant. The aim of this research was to facilitate SMEs to achieve greater sustainability through CE implementation. This research addresses three research questions—How are CE fields of action related to sustainability performance? What are the issues, challenges, and opportunities of adopting CE in SMEs? And what key strategies, resources, and competences facilitate effective implementation of CE in SMEs? This study adopts a mixed method approach (qualitative and quantitative) using survey research, focus group, and case studies; 130 randomly selected SMEs within the Midlands of the United Kingdom have been surveyed, and the responses are analysed using statistical tools along with findings from focus groups and case studies. The study reveals that all CE fields of action (take, make, distribute, use, and recover) of SMEs are correlated to economic performance, but only make and use are related to environmental and social performance. The study further derives strategies, resources, and competences for achieving sustainability across all the CE field of actions. Additionally, this research reveals the issues and challenges, strategies, resources, and competences required for implementing CE in SMEs.     

Return spread and liquidity: Evidence from Hong Kong ADRs

Fifteen Chinese H-shares listed on the Stock Exchange of Hong Kong are cross listed as ADRs on the NYSE. We empirically determine the role of security specific liquidity associated with those ADRs and their underlying H-shares on return spreads, differences between the returns on ADRs and their corresponding H-shares after controlling for ADRs and H-shares excess market returns and their respective price inverses denoting conditional betas. We use three proxies for liquidity, trading volume, turnover, and illiquidity (Amihud, 2002) and find that only trading volume and turnover are consistent determinants of return spread for the majority of Chinese ADRs with primary listing in Hong Kong Stock Exchange (SEHK). We use a switching regression model and find that the model parameter estimates are not stationary and change, often drastically between pre and post 2000 and 2003. Further tests using Bai Perron indicate return spreads data as non-stationary with multiple regime changes during the sample period. Further the causes of non-stationarity seem to be largely security specific and not driven by broad market swings in either market.     

On a property of orthogonal arrays and optimal blocking of fractional factorial plans

It is shown that fractional factorial plans represented by orthogonal arrays of strength three are universally optimal under a model that includes the mean, all main effects and all two-factor interactions between a specified factor and each of the other factors. Thus, such plans exhibit a kind of model robustness in being universally optimal under two different models. Procedures for obtaining universally optimal block designs for fractional factorial plans represented by orthogonal arrays are also discussed. Acknowledgements. The authors wish to thank the referees for making several useful comments on a previous version.     

Optimal variance- and efficiency-balanced designs for one- and two-way elimination of heterogeneity

Summary In this paper, a series ofE-optimal non-binary variance balanced (block or row-column) designs and a series ofE-optimal non-binary efficiency balanced (block or row-column) designs are provided in certain broad classes of competing designs. Furthermore, their high efficiencies by the usualA- andD-optimality criteria are shown.     

Distributions characterized through conditional expectations

Using conditional expectations, we present results that lead to the characterization of several distributions. Both absolutely continuous random variables and discrete random variables are considered. In the case of absolutely continuous random variables, the results lead to the characterization of a family of distributions while in the case of discrete random variables, the distribution is almost uniquely determined under the stated conditions.     

Registering Ideology in the Creation of Social Entrepreneurs: Intermediary Organizations, ‘Ideal Subject’ and the Promise of Enjoyment

Few industries have been pressured to develop corporate social responsibility (CSR) standards and policies like oil and gas. This has translated into the creation of non-governmental organizations and branches of the oil and gas firms focused on CSR. However, given the intrinsic complex characteristics of this industry, its global reach, and the fact that its operations affect and involve a wide variety of stakeholders, CSR issues cannot be defined and implemented exclusively at the industry or firm levels, but require the participation of other actors affected directly or indirectly by oil and gas activities. In this paper we argue, first, that oil and gas CSR issues are collectively constructed through meta-organizations (organizations composed by other organizations), and, second, that the complexity and variety of CSR issues require companies to build industry-specific and non-industry-specific collective actions. Based on how oil and gas firms participate in this multi-level co-construction of CSR issues, we created a typology of meta-organizations as infra-sectoral, sectoral, cross-sectoral, and supra-sectoral meta-organizations.     

Labor mobility and antitakeover provisions

How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by US state courts, which exogenously decreases knowledge-worker mobility, thus elevating takeover risk and reducing employee incentives to innovate. Firms respond to the IDD adoption by strengthening ATPs that defend against hostile takeovers, especially when they have greater ex-ante employee mobility and human capital and place greater importance on employee relations. We find no evidence that managers strengthen ATPs for entrenchment or takeover bargaining purposes in this setting. Our findings show that ATPs can be used to credibly commit to employees in order to protect long-term value creation.     

The impact of integrated aquaculture–agriculture on small-scale farms in Southern Malawi

Sustainable agricultural intensification is an urgent challenge for Sub-Saharan Africa. One potential solution is to rely on local farmers' knowledge for improved management of diverse on-farm resources and integration among various farm enterprises. In this article, we analyze the farm-level impact of one recent example, namely the integrated aquaculture–agriculture (IAA) technologies that have been developed and disseminated in a participatory manner in Malawi. Based on a 2004 survey of 315 respondents (166 adopters and 149 nonadopters), we test the hypothesis that adoption of IAA is associated with improved farm productivity and more efficient use of resources. Estimating a technical inefficiency function shows that IAA farms were significantly more efficient compared to nonadopters. IAA farms also had higher total factor productivity, higher farm income per hectare, and higher returns to family labor.     

Implementing circular economy in the textile and clothing industry

This research reveals the current state of the circular economy (CE), challenges and opportunities of implementing CE and interventions that could facilitate effective implementation of CE in the textile and clothing (TC) industry. The study uses a survey method within 114 TC companies based in Bangladesh, Vietnam and India revealing the correlation of CE fields of action (take, make, distribute, use and recover) with sustainability (economic, environmental and social) performance. The lack of financial, technological and human resources along with management's reluctance and end-user's indifference to sustainability is the biggest challenge for CE implementation. The research further derives that the TC firms are unable to eradicate the challenges to CE implementation without a holistic approach that involves the collective effort from the industry, host government's incentives, their buyers and above all the conscience of the end-users. Finally, the study reveals that the collaborative efforts, knowledge sharing in sustainability management across the value chain and marketisation of the waste recycling, among others, are a few actions the stakeholders of the TC industry must adopt for implementing CE successfully.