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.     

现代资产定价理论的研究和发展——基于有效市场假说和资产定价模型的视角

围绕对有效市场假说的联合检验假设难题、资本资产定价模型的检验、“贝塔通缉令”“因子动物园”“多因素模型大战”等重点和核心话题,对现代资产定价理论文献的研究脉络进行梳理和评述,在此基础上对未来资产定价的研究重点和方向提出建议。     

CEO hometown identity and firm green innovation

Drawn on the upper echelons theory, this study investigates how chief executive officer (CEO) hometown identity drives firm green innovation. We propose that CEO hometown identity has a positive impact on a firm's green innovation performance. Furthermore, we explore the moderating role of managerial discretion determined by organizational and environmental factors (i.e., institutional ownership and market complexity). We propose that institutional ownership negatively moderates the positive relationship between CEO hometown identity and green innovation, but market complexity plays a positive moderating role. Using Chinese publicly listed firms from 2002 to 2016 in heavily polluting industries, our findings support these hypotheses. Our research contributes to the upper echelons theory and corporate social responsibility literature and has substantial practical implications.     

Conceptualization of e-servicescapes in the fitness applications and wearable devices context: Multi-dimensions,consumer satisfaction,and behavioral intention

Based on the environmental psychology theory, this research conceptualizes and investigates the dimensions of e-servicescapes, and examines how each dimension influences fitness application and wearable device users’ emotions, satisfaction, and behavioral intention to continuously work out via the technology. This study employed three waves of surveys within the United States to collect data (N = 343), and conducted a path analysis to rigorously assess the proposed paths between identified constructs. The empirical findings revealed the significant determinants of negative emotion (i.e., usability, security, customization, entertainment value, interactivity, originality of design, relevance of information, and social factors) and positive emotion (i.e., usability, customization, entertainment value, interactivity, and relevance of information). Also, satisfaction was significantly impacted by both positive emotion and negative emotion, and behavioral intention was significantly influenced by positive emotion and satisfaction. Based on these findings, this study suggests theoretical (i.e., classification of the e-servicescape dimensionality and integration of the environmental psychology theory with the two-factor theory of motivation, focusing on a digital environment) and practical implications (i.e., ways to increase levels of consumer satisfaction with the technology and intention to continuously exercise with the technology) for scholars and practitioners in the fitness and mobile application/wearable device industries.     

The accountable governance of provincial governments of a Pacific island country

ABSTRACT

Using the theory of indigenous alternatives and a benchmark of indigenous financial reporting expectations, this paper examines the challenges to accountable governance of the nine provincial governments of the Solomon Islands for the years 1998 to 2017. Every provincial government consistently received disclaimed or qualified opinions from the state auditor. The author explains why the regional development of all provinces of the Solomon Islands could be improved if rudimentary forms of financial reporting were to be addressed.     

新业态金融风险的回应性监管——以网络股权众筹平台为例

股权众筹融资模式是一种典型的新业态互联网金融模式。处于股权众筹融资产业链核心的股权众筹平台近年来快速发展,并伴随着道德风险、法律风险、投资风险和管理风险4大风险类别。基于回应性监管原理,对金融新业态的回应性监管,在行业发展初期应该采取超罚策略与鼓励强化自我监管策略同时使用的方法,使全行业树立底线思维,防止大规模道德风险的产生。同时应通过监管逐步升级、引入和加强第三方监管、倡导强化自我监管、加强与行业内发展较快企业的沟通等多种方式建立多方共治的"大监管"格局,防止严重的法律风险、投资风险发生,并改善管理风险。     

Portfolio optimization based on GARCH-EVT-Copula forecasting models

This study uses GARCH-EVT-copula and ARMA-GARCH-EVT-copula models to perform out-of-sample forecasts and simulate one-day-ahead returns for ten stock indexes. We construct optimal portfolios based on the global minimum variance (GMV), minimum conditional value-at-risk (Min-CVaR) and certainty equivalence tangency (CET) criteria, and model the dependence structure between stock market returns by employing elliptical (Student-$t$ and Gaussian) and Archimedean (Clayton, Frank and Gumbel) copulas. We analyze the performances of 288 risk modeling portfolio strategies using out-of-sample back-testing. Our main finding is that the CET portfolio, based on ARMA-GARCH-EVT-copula forecasts, outperforms the benchmark portfolio based on historical returns. The regression analyses show that GARCH-EVT forecasting models, which use Gaussian or Student-$t$ copulas, are best at reducing the portfolio risk.     

The death of development theory: From Friedrich von Hayek to the Washington consensus

Abstract

Development strategies followed by many countries in the 20th century bestowed a relevant role to the State. During the 1970s, it all reversed, and free markets became paramount to efficiency. F. von Hayek and the Mount Pelerin Society led the way to eliminate the State as a significant economic player, while P.T. Bauer extended such ideas to development economics, which would eventually give way to the Washington Consensus. Beyond actual results of such policies, it is surprising to see the appeal of Bauer’s theoretical approach, considering that it is constructed disregarding both empirical evidence, as well as the abundant discussion on development that was taking place contemporarily. This article explores the theoretical process of such reversal in development economics theory.     

Disentangling satisfaction of tenants on science parks: A multiple case study in Belgium

While science parks represent one of the most important policy initiatives to stimulate firm development and growth, their contributions are still highly debated. This paper takes a novel customer-oriented approach to disentangle the contributions science parks provide to their tenants. Particularly, we qualitatively explore when and how science park tenants reach customer satisfaction and how tenants cope with low levels of satisfaction. Our study finds that reaching customer satisfaction is contingent on tenants’ expectations, perceived service quality, and pre-entry achievements. We further disentangle coping strategies used by tenants when they are confronted with low levels of satisfaction. Our study provides important theoretical contributions to the organizational sponsorship literature by adding new insights from social psychology and holds valuable practical and policy implications.     

Fiscal and monetary interdependence

Where classical economics integrates the quantity theory of money with the concept of Ricardian equivalence, the tendency of recent macroeconomic presentations is to focus either upon money and inflation or upon taxation and debt. That neglect of classical monetary–fiscal integration is surprising, given an initiative by the International Monetary Fund that set credit, money, and fiscal policy within a single structure. This article places those ‘credit counterparts of broad money’ in the context of the Great Depression and the recent global financial crisis. The upshot is a set of conclusions: that, to counter the prospect of deflation, quantitative easing is a weak policy response; that fiscal deficits are better; and that cuts in taxation are preferable to increased government spending.