Tourists’ aesthetic assessment of environmental changes,linking conservation planning to sustainable tourism development

Abstract

Tourists often travel to experience the natural beauty of a destination such as the Great Barrier Reef (GBR) in Australia. This nature-based destination attracts millions of tourists every year because of its outstanding underwater aesthetics. Recently, parts of the GBR have been degraded by warming sea temperatures and other local anthropogenic influences, threatening the Reef aesthetics and tourism in the region. In order to deal with this topical issue, the current research investigates tourists’ aesthetic assessment of environmental changes in the GBR ecosystem. Research outcomes indicate that tourists’ perceived beauty of the Reef is sensitive to environmental changes. The disappearance of sea animals (colourful fish, turtle), degrading coral and decreasing water quality negatively influence their aesthetic assessment, which can reduce tourist visitation in the long-term. Hence, sustainable tourism development in the GBR regions can only be achieved when government support for environmental management is strengthened. Conservation programs of the GBR should expand beyond coral restoration for controlling water quality, reducing pollution and protecting aesthetically appealing sea animals.     

The influence of service orientation discrepancy between managers and employees on employees’ affective outcomes

This study attempted to relate service orientation discrepancy (SOD) between employees and managers to employees’ affective reactions [role conflict (RC), role ambiguity (RA), job satisfaction (JS), and organizational commitment (OC)] in the restaurant industry. The findings of the study indicate that there is a SOD between managers and employees; employees saw themselves as more enthusiastic and less bureaucratic than managers. When this SOD was correlated with employee outcomes such as RC, RA, JS, and OC, the results indicated that SOD had a direct effect on RC, JS and OC. SOD also had indirect effects on JS, and OC through RC and RA. RC had a direct effect on JS and an indirect effect on OC. RA had a direct effect on JS. Finally, JS had a direct effect on OC.     

On the valuation of fader and discrete barrier options in Heston's stochastic volatility model

We focus on closed-form option pricing in Heston's stochastic volatility model, where closed-form formulas exist only for a few option types. Most of these closed-form solutions are constructed from characteristic functions. We follow this closed-form approach and derive multivariate characteristic functions depending on at least two spot values for different points in time. The derived characteristic functions are used as building blocks to set up (semi-) analytical pricing formulas for exotic options with payoffs depending on finitely many spot values such as fader options and discretely monitored barrier options. We compare our result with different numerical methods and examine the computational accuracy.     

Children between the age of 5 and 11: what “don’t know” answers tell us

Children are increasingly seen as competent informants on their activities, views and needs. Different abilities of children can lead to inadequate (formally or regarding the content) answers or to the misunderstanding of proceedings during an interview process. One inadequate or at least unintended (on the part of the researcher) response is a “don’t know” answer (DK). To study when and why DK answers occur, a possible cause for them in the cognitive process and their relation to age, we analysed the DK answers given in qualitative semi-structured interviews with children aged 5–11, conducted face-to-face and on the telephone. Each of 56 children was interviewed twice, once face-to-face and once via telephone. The results show that age had an effect on DK responses due to the cognitive state of the respondent and their communicative intent, but there was no difference in the number of DKs due to problems with the research instrument or due to an adequacy judgement in respect of respondent age.     

Optimal Portfolios with Bounded Capital at Risk

We consider some continuous-time Markowitz type portfolio problems that consist of maximizing expected terminal wealth under the constraint of an upper bound for the capital at risk. In a Black–Scholes setting we obtain closed-form explicit solutions and compare their form and implications to those of the classical continuous-time mean-variance problem. We also consider more general price processes that allow for larger fluctuations in the returns.     

Humanising Business Through Ethical Labelling: Progress and Paradoxes in the UK

Labelling schemes are practical arrangements aimed at making ‘ethical’ products widely available and visible. They are crucial to expanded development of ethical markets and hence to the addition of moral dimensions to the normally amoral behaviour linking consumers and retail and production businesses. The study reported here attempts to assess the contribution of UK ethical, social and environmental certification and labelling initiatives to ‘sustainable’ consumption and production. The research sought to assess the overall potential of initiatives to inject human values into the supply-distribution chains, through a qualitative survey of 15 of the 26 main UK initiatives: in social justice, animal welfare and environmental sustainability from the agriculture, food processing, timber, aquaculture, textiles and personal care sectors. By analysing the basic characteristics and concepts of these labels and investigating the emergence of labelling initiatives, we assess whether labels help add an ethical dimension, or whether, in some respects, they also reduce such missions to the technical management of adding only another ‘utility’ to a product. The analysis assesses whether the gradual ‘mainstreaming’ of ethical initiatives such as ‘Fairtrade’ risks subsuming ethical goals within business participants’ competitive and profit-oriented logics. However, the contrasting perspectives revealed between rival labelling initiatives show that the scope and functions of labelling projects go beyond the manifest ones of information communication between consumers and producer and actually introduce elements of socio-political regulation. These are essential for more sustainable and ethical business practices and are an integral part of any humanisation of business involvement.     

Delegation and the Regulation of Risk

Political principals typically use low-cost “fire-alarm” signals transmitted by the media, interest groups, and disaffected constituents to monitor the activities of regulatory agencies. We argue that regulatory decision making is biased and inconsistent if the instruments of political oversight are simple and the information flows to the principal are coarse relative to the complexity of the regulatory environment.Journal of Economic LiteratureClassification Numbers: D72, L51.     

Impact investments,evil investments,and something in between: Comparing social banks' investment criteria and strategies with depositors' investment preferences

Since the global financial crisis in 2007, social banks have been flooded with deposits. Previous studies have indicated that customers hold deposits with social banks due to social banks' special placement of assets. However, to date it has been far from clear how social banks select their investments, and consequently to what extent the placement of assets meets depositors' preferences. The purpose of this paper is, therefore, to investigate whether the characteristics of social banks’ placement of assets are relevant to depositors’ choice of social banks. A two-stage study is conducted, using data collected via a document analysis of social banks' investment criteria, a survey of social banks, and an online survey of 609 depositors. The results imply that the characteristics of social banks' placement of assets are indeed relevant to depositors' choice of social banks, but do not explain customer behaviour entirely. Furthermore, the findings indicate that a relevant proportion of customers hold deposits with social banks to avoid “evil” rather than necessarily creating “good.” Based on the findings, a theoretical framework of depositors' choice of social banks is presented that goes far beyond previous explanations by considering various types of social depositors, banks, and borrowers.     

Action research for innovation management: three benefits,three challenges,and three spaces

Given that the innovation landscape is changing, and new forms of organization and management are emerging, this study discusses the potential benefits of action research for innovation management (IM) as it provides closeness to living emergent systems, generates rich insights as well as knowledge for both rigorous theory development and change in practice. Drawing from a large-scale action research study involving a complex collaborative organizational construct, we outline three challenges from employing action research: the process is both reflexive and progressive, the researcher is both an outsider and an insider, and the outcome is both general and specific. A model of three social spaces (the action research space, the academic space, and the practitioner space) is proposed to address the challenges and assist in navigating the multitude of processes, roles, and outcomes associated with action research. The study argues that action research for IM is well suited to exploring tacit aspects of practices and processes in the emergent or shifting study contexts to transform practices through interventions. Thus, if implemented carefully by experienced researchers, it can provide valuable data that are indispensable for theory development in the field of IM.