A new look at variation in employment growth in Canada: The role of industry,provincial, national and external factors

We examine fluctuations in employment growth using Canadian data from 1976 to 2010. We consider a wide range of models and examine the sensitivity of our findings to modelling assumptions. The results from our most preferred model, which we selected using the Bayesian Information Criteria, indicate that most of the variance in employment growth that is not due to the idiosyncratic error comes from domestic sources, with most of this coming from industry and provincial factors. Overall, we find that external and national factors play a much smaller role in employment fluctuations than in earlier research. We provide some possible explanations for these differences and discuss the implications of our findings for public policy and theory.     

Philanthropic giving of China’s hotel firms: The roles of state ownership,corporate misconduct and executive remuneration

This study utilizes value enhancement theory, agency cost theory and crisis management theory to scrutinize the philanthropic giving (PG) of China’s listed hotel companies from 2003 to 2018. The results of dynamic panel regression tests reveal that state ownership (company character), corporate misconduct (crisis management determinant) and executive remuneration (agency cost determinant) are influential factors in hotel firms’ PG, but none of the value enhancement determinants can explain PG. Specifically, state ownership is negatively correlated with PG, reflecting low PG in government dominated hotel firms in China. PG is negatively associated with executive remuneration, indicating that hotel managers care more about self-interest than social responsibility. PG is also positively related to corporate misconduct, suggesting that hotel firms use philanthropy to manage a crisis. Finally, the lagged PG has a positive effect on PG, implying that PG is intended to avoid damage to social image and reputation of China’s hotel firms.     

A toolbox for garden governance

A substantial fraction of the open space in (peri-) urban and rural areas is covered by domestic gardens which support the delivery of multiple ecosystem services. Although individually they may look insignificant, the aggregation of domestic gardens and of gardening actions can be significant. Referring to ‘the tyranny of small decisions’, we launch the concept of a ‘resource by small gardening actions’: the positive cumulative outcome of individual garden owners adopting pro-environmental gardening practices. Using qualitative research, we gained a thorough insight into the barriers and levers related to the development of domestic gardens as a ‘resource by small gardening actions’. By combining the data from expert interviews with a design workshop addressing garden and landscape architects, and focus groups with private garden owners, we identified eight barriers and nine levers. These levers are part of a ‘mix and match’ toolbox, allowing the development of tailor-made strategies for garden governance. These insights increase the understanding on if and how private actors and their properties could become part of policy plans to support ecosystem services. This adds to the global understanding of the strategic value of daily-life landscapes that exist all over the world.     

Tourism and regional income inequality: Evidence from China

This study examines the role of tourism development in reducing regional income inequality in China. First, the theoretical foundation for how tourism affects regional income inequality is discussed. Second, based on the conditional convergence framework, this study proposes a spatiotemporal autoregressive model to capture spatial and temporal dependence as well as spatial heterogeneity. Tourism development is introduced as a conditional convergence factor in an attempt to examine whether the convergence speed is accelerated by regional tourism development. Third, the effects of international and domestic tourism in narrowing regional inequality are compared both globally and locally. The empirical results indicate that tourism development contributes significantly to the reduction of regional inequality, with domestic tourism making a greater contribution than international tourism.     

Measuring systemic risk-adjusted liquidity (SRL)—A model approach

Little progress has been made so far in addressing—in a comprehensive way—the negative externalities caused by excessive maturity transformation and the implications for effective liquidity regulation of banks. The SRL model combines option pricing theory with market information and balance sheet data to generate probabilistic measure of systemic liquidity risk. It enhances price-based liquidity regulation by linking a bank’s maturity mismatch impacting the stability of its funding with those characteristics of other banks, subject to individual changes in risk profiles and common changes in market conditions impacting funding and market liquidity risk. This approach can then be used (i) to quantify an individual institution’s time-varying contribution to expected losses from system-wide liquidity shortfalls and (ii) to price insurance premia that provide incentives for banks to internalize the social cost of their individual funding decisions.     

Modelling substitution between domestic and outbound tourism in Australia: A system-of-equations approach

This study uses a system-of-equations approach to model the substitution relationship between Australian domestic and outbound tourism demand. A new price variable based on relative ratios of purchasing power parity index is developed for the substitution analysis. Short-run demand elasticities are calculated based on the estimated error correction almost ideal demand systems. The empirical results reveal significant substitution relationships between Australian domestic tourism and outbound travel to Asia, the UK and the US. This study provides scientific support for necessary policy considerations to promote domestic tourism further.     

政治关系“力量”与民营企业价值研究:腐败的调节效应

从社会网络理论的强弱关系视角对2012-2014年福布斯中国富豪榜的企业家及其企业进行了政治关系的度量,检验了腐败是否会调节政治关系"力量"对企业价值的影响。研究发现,企业家本身所具有的政治关系对企业价值具有明显的正向影响作用,关系的"力量"越强,对企业价值的正向影响就越大;与此同时,腐败的出现会强化政治关系"力量"对民营企业价值的影响。通过分组验证发现,这种"力量"在腐败程度较高环境下更易对企业价值产生正向影响,但在腐败程度较低的环境中,政治关系对民营企业价值的影响很多时候并不显著。     

Value co-creation in sustainable tourism: A service-dominant logic approach

To mainstream sustainability, we need to understand the value gained from sustainability by users. We apply a user-centred design methodology to develop an agile, iterative, incremental and reflexive process to understand the sustainability value proposition for Lufthansa City Center travel agents. We analyse the failure of sustainability communications within the online platforms used by these agents and explore why the agents factor out sustainability information during the customer sales process. We identify how agents and customers understand sustainability, and we explore opportunities to co-create sustainability value. Furthermore, we prototype, and then test, methods of empowering travel agents to communicate sustainability to their customers as a value-adding proposition.     

股权性质、环境不确定性与技术资本配置效率

技术转化为资本，资本创造价值已经成为共识，技术资本在不同公司创造价值的作用程度不同，根源是技术资本配置效率问题。选取沪深两市2008-2013年间制造业上市公司为样本，检验了基于不同股权性质的公司环境不确定性对企业技术资本配置效率和价值的影响，研究结果表明：①企业环境不确定性程度越高，技术资本配置效率越低，并且技术资本配置偏离度在国有公司中表现为配置过度，在非国有公司表现为配置不足；②在股权性质为国有的公司中，由环境不确定性引发的技术资本配置偏离将降低企业价值，在非国有控股公司中，由环境不确定性导致的技术资本配置偏离将增加企业价值。