Determinants of island tourism development: The example of Dachangshan Island

Islands possess their own patterns of spatial and temporal evolution as tourist destinations. Taking Dachangshan Island as an example, two key stages were identified: a 'landscape-oriented' period from 2002 to 2009, and a 'background' stage from 2009 to 2012. Co-existing with both periods was changing spatial and land-use patterns of expansion and intensification. Using spatial mapping techniques, it was found that tourist resources were found to be the original driving force, tourist transportation and social and economic factors were endogenous determinants of change, and tourist enterprises and source markets subject to government policies the exogenous factors.     

A quantile regression analysis of tourism market growth effect on the hotel industry

This study used the quantile regression method to investigate how inbound tourism market growth proxied by the growth rate of total foreign tourist arrivals (GTA) affects the growth rate of sales (GS) and financial performance of hotel firms in Taiwan. The ordinary least squares estimation results of panel regression test revealed that GTA significantly affects GS, but has no significant effect on financial performance (proxied by hotel equity return). However, quantile regression tests revealed new and interesting results. GTA has a significant effect on GS at the different quantiles of GS. In comparison, although hotel equity return was not significantly related to GTA at the median and high quantiles, the effect of GTA on hotel equity return was statistically significant at the low quantiles. These results suggest that the effect of GTA on hotel equity return is asymmetric and state-dependent, conditional on the distributions of hotel equity return. The study further identified that GTA has a significant influence only on equity returns of hotels with a small size.     

Individual Large Shareholders,Earnings Management,and Capital‐Market Consequences

Using a large hand‐collected sample of all blockholders (ownership ≥ 5%) of S&P 1500 firms for the years 2002–2009, we first document significant individual blockholder effects on earnings management (accrual‐based earnings management, real earnings management, and restatements). This association is driven primarily by these large shareholders influencing rather than selecting firms’ financial reporting practices. Second, the market's reaction to earnings announcements suggests that investors recognize the heterogeneity in blockholders’ influence on earnings management. The results highlight the highly individualized effects of blockholders and a mechanism through which shareholders impact reported earnings.     

‘Swift Rail’—funding local rail transit through smarter growth

Many medium-size cities suffer from severe traffic congestion and poor accessibility, limiting their potential to improve their economy, environment, and social equity. These problems could be addressed by creating high-quality transit linking such cities with suburban and other catchment areas through use of existing rail lines and abandoned former railway alignments. This concept, termed ‘Swift Rail’, would call for an innovative approach to local railway and transport development.     

Venture capital funds and the public equity market

This paper considers the relationship between the public equity market and the returns to venture investing using a dataset which is derived from the records of two large limited partners who have been investing in venture capital for almost 30 years. Evidence is found to suggest that market conditions over the investment cycle, and exit conditions at the time of exit in particular, are an important determinant. This paper also investigates whether any other aspects of the venture investment process respond to events in the broader market. While general trends are evident in the venture investment cycle, only the intensity of the investment process is found to respond to events in the public equity market.     

How Does Stock Market React to Dividend Surprises? Evidence from Emerging Markets of India and Russia

In this article the authors empirically investigate information content of dividends announcements and average reaction of emerging markets of India and Russia to dividend surprises on the postcrisis period 2010 to 2014. The study applies an analysts’ expectations-based approach rarely used in academic literature. The authors conclude that the Russian market on average reacts negatively to good and bad dividend surprises; good dividend surprises on average trigger positive abnormal returns on Indian stocks, whereas bad and no surprises are associated with negative reactions of the Indian market. Results of the study are discussed from the perspective of dividend signaling theory, market efficiency, and investor behavior.     

Resilience: Lessons from banks that have braved the economic crisis—And from those that have not

Resilience – a firm's ability to adapt, endure, quickly bounce back, and then thrive despite a catastrophic event – addresses diverse managerial constructs including performance (Carmeli & Markman, 2011). Our exploratory study expands this line of research by making two contributions: first, we develop and test a new revelatory measure for resilience – VOLARE – combining financial performance measures with volatility data. Then, applying this new measure to the financial industry, from 2002 to 2011, we identify highly resilient international financial services firms (IFSFs; e.g., banks) and compare them with less resilient IFSFs. Second, we assess three factors – bank size, home-market solidity, and product and market complexity – that the literature has traditionally shown to be highly predictive of banks’ performance. Consistent with our expectations, the results corroborate that VOLARE is complementary to, but distinct from, traditional financial measures of firm performance. We explain these deviations from traditional studies and suggest further research topics.     

Globalization and Greater Flexibility in the Japanese Labor Market: Exploring the Macro–Micro Link

The author explores the missing links between globalization and greater flexibility in the Japanese labor market based on review of literature and available evidence. Understanding Japan’s responses to globalization requires a nuanced approach, which accounts for its historical trajectory and social-institutional context. Along with globalization, Japan is experiencing a greater infusion of foreign capital, and an increasing presence of foreign firms. These foreign firms bring human resource practices that are more market driven and less socially embedded compared to the status quo. The diverging human resources practices of foreign firms have spillover effects that may destabilize the Japanese employment system in the long run.     

Market knowledge of the travel industry from knowledge-based view: a case of two Taiwanese travel agencies

There has been a lack of comprehensive model elaborating the key dimensions of knowledge management in the tourism field. Based on market orientation literature, market knowledge could be illustrated from consumer and competitor dimensions. However, what knowledge topics are in these two dimensions (e.g. knowledge depth) or do any dimensions of market knowledge exist (e.g. knowledge breadth)? These questions can be clearly answered. Drawing on knowledge-based view of firms, this study explores market knowledge from four characteristics: depth, breadth, tacitness, and specificity. It seeks to contribute to the existing literature through a series of semi-structured interviews and behavioral observation with senior managers of Taiwan’s leading travel agencies. Four market knowledge categories emerge: customer knowledge, employee knowledge, competitor knowledge, and partner knowledge. It is suggested that high levels exist as to the importance of knowledge acquisition, classification, dissemination, and usage, and this represents a significant change over past findings.     

Research agenda for low-carbon mobility: Issues for New World cities

ABSTRACT

Low-carbon mobility (LCM) features strongly in debates about the sustainability of cities and their resilience in the face of demographic, economic, and climate change. Transport is a major source of carbon emissions and there are indications that these continue to increase, despite the considerable recent advances in vehicle, engine, and fuel technologies. Reducing carbon emissions from transport may become more difficult, not easier. A particular issue relates to the New World cities, typified by those of North America and Australasia, which largely developed from the latter half of the nineteenth century onward and whose transportation systems were largely based around private vehicle ownership and usage. These cities are typically composed of low-density, dispersed suburbs, which are highly car dependent and resource and carbon emission intensive. This article develops a research agenda directed at determining and testing policy and planning measures relevant to the quest for low carbon mobility in New World cities. It suggests a rich agenda for essential research on LCM. Much of this agenda falls within the realm of the integration of transport and land use, with attention to urban design details to enhance the perceptions of and opportunities to use low carbon transport alternatives. Research topics identified for LCM research include (1) urban design and land use–transport integration (LUTI), (2) low carbon mobility policies directed at achieving widespread behavior change, (3) opportunities for new technology and its application, including requirements for systems and infrastructure, and (4) analysis and tools for informed decision making, including modeling, measurement, visualization, and especially assessment.