Reinterpreting the theory of planned behavior and its application to green hotel consumption intention

The main aim of this paper was to understand a guest’s decision to stay at a green hotel by using the theory of planned behavior (TPB) developed by Ajzen (1991). The population for this study was green hotel customers in Taiwan. A total of 425 usable responses were received from the willing participants around the parking area of green hotels. This study performed a PLS-SEM to examine the proposed model. The results of this study showed that social pressure has very little direct impact on behavioral intention to stay at a green hotel. The results of the estimated standardized regression coefficients and t-values indicated that perceived behavioral control has a slightly higher impact on behavioral intention than attitude. This study also verified the proposed mediating relationships between the first-order and second-order antecedents. This study provided theoretical and managerial implications for understanding respondents’ decision to stay at a green hotel.     

森林食品产业减贫的作用机理及效应分析

首先,介绍森林食品产业减贫的作用机理,主要包括解决资源落后与发展滞后的矛盾;促进贫困地区收入增长;注重多方交流互动。其次,将森林食品产业的减贫效应分为社会减贫效应、经济减贫效应、生态减贫效应这3个部分。最后,提出加强基础设施建设与品牌宣传;增加产业联动效应;持续带动地区增收等建议,以期为政府相关部门制定政策提供决策依据。     

Is there a diversification “cost” of Shari’ah compliance? Empirical evidence from Malaysian equities

Islamic equity portfolios work with a smaller investment universe given the filtering of non-Shari’ah compliant stocks. It has been theoretically argued that this culminates in suboptimal portfolio diversification, which in turn adversely affects risk-adjusted returns. We offer empirical evidence that such a conceived portfolio diversification “penalty” is far from a foregone conclusion, at least empirically. Our results tend to indicate that Islamic portfolios are not invariably handicapped in terms of portfolio diversification. We also explored dimensions that may account for differences in the relative investment performance between Islamic and conventional portfolios, such as portfolio constraints, short selling and market conditions. We believe this paper is among the first to apply substantial empirical analysis specifically with respect to the portfolio diversification perspective on Islamic equity investments.     

新时代背景下创建党建引领基层社会治理新模式的探索——以兰州市城关区为例

随着我国社会发展的不断推进与创新,对于执政基础的巩固、在最大限度内保证党的执政能力等均成为使基层党建可以获得良好效果的主要手段,并且使工作在不断的实践探索中获得更好的成效。但是,以党建引领基层社会治理的过程仍然存在众多问题,其中包括形式化严重以及做表面功夫等。因此,如何在新时代的背景下,通过党的全面领导将党与群众紧密地联系在一起,从而确保党建工作可以在基层发挥更强的社会治理职能,已成为基层社会治理模式探索并创新的主要内容。     

Financial constraints on export market exit of domestic firms versus foreign multinational corporation subsidiaries in South Korea

Using a Korean manufacturing firm-level data set covering a range of years from 2006 to 2013, this study investigates how the financial condition of firms, such as liquidity, leverage, and cash flow ratio, affects exit from export markets. It also analyses whether the financial status of foreign multinational corporation (MNC) subsidiaries differs from that of domestic firms with respect to the hazard of export market exit, especially during a global financial crisis. The empirical results confirm that, for domestic firms, the hazard of export market exit is affected by the firms’ financial condition only during a financial crisis. In other words, the financial vulnerability of domestic firms increases during the crisis, resulting in the hazard of export market exit. However, financial situations for foreign MNC subsidiaries do not affect exits from export markets, indicating a ‘finance-factor comparative advantage’.     

Estimating yield curves of the U.S. Treasury securities: An interpolation approach

Following the approach of interpolation, this paper proposes the multiple exponential decay model to fit yield curves for both the U.S. TIPS market and the conventional Treasury security market. Several estimation methods, including the unconstrained/constrained nonlinear minimization, quadratic programming, and the iterative linear least squares, are applied to estimate the unknown parameters according to different curve‐fitting purposes. Comparisons between the proposed model and the alternatives show that the multiple exponential decay successfully (1) adapts to a variety of shapes associated with yield curves, (2) (partially) keeps in line with the economic interpretations of Nelson–Siegel summarized by Diebold and Li ( 2006 ), and (3) dominates the competing models in curve‐fitting performance measured by mean fitted‐price errors over the sample period. In addition, the exact specification of a nonparametric interpolation model is pinned down by applying three statistical tools, which enable us to jointly take into account validity, optimality, and parsimoniousness of the proposed model.     

The evolution of competition in innovation resource: a theoretical study based on Lotka–Volterra model

This research uses the Lotka–Volterra model to analyse the competition of innovation resource between two enterprises and studies the dynamic effects of environmental changes through the change of model parameters. The research finds that there are three possible results of the competition in innovation resource. That comprises ‘crowding out effect’, ‘unstable equilibrium’ and ‘stable equilibrium’. The results of competitive evolution are determined by enterprises’ interaction parameters. However, the natural growth rates, the initial resource possessions of both enterprises and the amount of regional innovation resource have a significant impact on the evolution of competition.     

How does leverage in stock market influence the margin of stock index futures?

In this article, we propose a margin-setting model under the assumption of extreme stock price changes. Specifically, extreme stock price changes are caused by the positive feedback effect of leverage and market impact. By introducing these factors into the futures price changes through a cost-of-carry model for setting the margin of stock index futures, we find that leverage and market impact in stock market are positively correlated with the margin.     

高科技社会我国风险沟通重塑

高科技社会衍生“人为风险”，西方发达高科技国家倡导新型风险沟通，而后发场域由于系统落差，呈现出迟滞型风险沟通。通过构建全球化高科技风险社会、全球本地化风险沟通的新分析框架，发现高科技社会我国风险沟通面临着风险的社会放大、气泡结构、路径互动阙如、手段叠加、目标战略缺失、过程碎片化等迟滞困境。通过创新理念、吸纳型风险沟通、复合式路径、平衡化手段、连续统、政府学习和政府职能的“七位一体”再造，可有效重塑高科技社会我国风险沟通，推进国家风险治理体系和治理能力现代化。     

New Geographies of Residential Capitalism: Financialization of the Turkish Housing Market Since the Early 2000s

The post‐2001 financial crisis era in Turkey gave rise to twin booms in housing construction and credit markets, both of which suffered from the subsequent debt crisis. The financial transformation of the economy in conjunction with state‐led urban legislation reform had significant effects on the housing market in terms of commodification of housing, countrywide construction activities and substantial increases in household debt and construction company loans. The changing role and function of the state as a direct provider of housing can be regarded as actually existing neoliberalism providing favourable conditions for financialization, as it ushered in the commodification of housing. The Turkish government, together with the government‐backed housing agency, metropolitan municipalities and publicly owned real‐estate investment company, has been active in nationwide housing construction and urban regeneration projects. This article argues that there is a lack of synchrony between the commodification of housing and the financialization of the household sector owing to the institutional setting of the mortgage system and structural macroeconomic problems. Rather, housing commodification has been accompanied by the financialization of the corporate sector through a steep rise in the external debt burden of construction companies.