Creative tourism and visitor motivation

Creative tourism has been explained as a new genre of tourism that offers the visitor an opportunity to develop their creative potential through an engaged experience in the destination visited. Despite a growing literature on the topic, little attention has been given to examining what motivates creative tourists to visit particular places and events. This paper aims to address this research gap by applying the push-pull framework to investigate the travel motivations of creative tourists. To do so, the responsive interviewing model was employed to survey 20 of such tourists who had visited creative spaces and spectacles in three of China's UNESCO-designated creative cities. Through a qualitative thematic analysis of the transcribed interviews, a new push-pull framework is introduced to conceptualise the travel motivations of creative tourists. Our paper concludes with practical considerations for destination managers seeking to design and market creative tourism experiences.     

Drivers of Trust: Some Experiences from Hungarian Agricultural Cooperatives

This article examines the drivers of trust in the machinery-sharing cooperation arrangements of Hungarian field crops farms. Our research has focused on the role of 2 factors on the basis of the widely referred trust model: faith in loyalty and capability. The empirical results clearly confirm the hypothesis of the theoretical model, namely, partners will trust each other if their faith is high both in loyalty and in competence. Our research has also pointed out that the level of trust between partners is determined differently by the 2 examined factors: it is statistically proven that the impact of faith in loyalty is higher.     

Human Resource Management of Japanese Companies in Hungary: How do Japanese and Hungarian Styles Blend?

ABSTRACT

A qualitative interview-based research with 32 participating companies, this article investigates the human resource management practices of Japanese subsidiaries in Hungary. The findings indicate that human resource management practices in Hungarian subsidiaries of Japanese companies are characterized as a hybrid of Japanese and Hungarian styles. Greater Japanese influence was found in the characteristics of the human resources department, corporate culture, safety practices, and trainings, whereas greater Hungarian influence was found in pay, benefits, and recruitment methods. The findings contribute uniquely to the understanding of whether and how the country-of-origin effect, localization effect, and dominance effect interplay in configuring human resource management practices in foreign subsidiaries of multinational companies.     

Do analyst recommendations reflect shareholder rights?

We examine whether sell-side analyst recommendations reflect shareholder rights. Our rationale is that analysts should be influenced by external governance only if market participants do not efficiently price its value. We find that stronger shareholder rights are associated with more favorable recommendations. Further analysis reveals that analysts favor firms with strong shareholder rights only when strong rights appear to be warranted, but do not penalize firms for having strong rights when not needed. These findings occupy middle ground in the debate on the pricing efficiency of shareholder rights. Moreover, we find that firm value is positively associated with the strength of shareholder rights regardless of the expected external governance structure. The latter result is consistent with a “one-size-fits-all” interpretation, and implies that firms across the board could increase share value by reducing their number of anti-takeover provisions.     

What information belongs in a warning?

A general approach is described for determining the information content of warnings. It begins with a formal analysis of the magnitudes of the risks arising from misuse (or even from proper use) of a product. It proceeds with structured, open-ended interviews intended to elicit consumers' naive conceptualizations of the processes creating and controlling those risks. Communications are then focused on information filling the most consequential gaps in their knowledge. The implementation of those warnings will depend on the extent of the knowledge gaps, and the opportunities for closing them. This approach allows for an estimate of the residual problems to be expected, if a warning program is implemented. It can also help to focus the policy debate over whether a product warning will achieve an acceptable level of misunderstanding. © 1998 John Wiley & Sons, Inc.     

Moderating Effects of Firm Age on the Relationship between Debt and Stock Returns

This article investigates the moderating effects of firm age on the relationship between debt and stock returns. The system generalized method of moment’s results indicate that firm age has a positive moderating effect on the relationship between book debt and stock returns. The results are robust, as firm age positively moderates the relationship between market debt and stock returns. Moreover, firm age has a direct positive effect on stock returns. Results suggest that as firms grow older, they use their experience to make effective capital structure decisions (i.e., optimal debt-equity mix) to maximize debt interest-tax-shield and increase shareholders’ returns.     

ESTIMATING TEMPTATION AND COMMITMENT OVER THE LIFE CYCLE

This article estimates the importance of temptation for consumption smoothing and asset accumulation in a life‐cycle model. We use two complementary estimation strategies: first, we estimate the model‐implied Euler equation; second, we match liquid and illiquid wealth accumulation using the method of simulated moments. In both cases, we find that the utility cost of temptation is one‐quarter of the utility benefit of consumption. Further, temptation is crucial for correctly estimating the elasticity of intertemporal substitution (EIS): EIS estimates are biased downward when ignoring temptation. Finally, the model only matches the share of illiquid wealth if temptation is in the preference specification.