A “load-carrier” perspective approach for assessing tourism resource carrying capacity

To address the challenge of global tourism resources being overloaded or underutilization, there requires an adequate method for assessing the tourism resource carrying capacity (TRCC). However, the majority of previous evaluation perspectives on TRCC are limited by thresholds. This paper develops an innovative approach for assessing TRCC from the “load-carrier” perspective. TRCC is assessed by exploring the interaction between the carriers and loads of tourism resources. Chongqing city in China is employed as the case city to demonstrate the application of the established TRCC method. The conclusions are as follows: 1) This study elaborates the new connotation of TRCC from the perspective of “load-carrier”, and establishes the TRCC evaluation system based on the dynamic relationship between the carrier and load of tourism resources. 2) The proposed TRCC evaluation method is proved effective through an empirical study of Chongqing. 3) Chongqing's case unveils that the overload performance of TRCC can be dynamically monitored and predicted. By applying the TRCC evaluation methodology developed in this study, tourism managers and policymakers can identify whether it is the load or the carrier of tourism resources that affect the performance of TRCC, thereby taking targeted policy measures to eliminate potential risks of overload or underutilization.     

The importance of personal norms and situational expectancies to sustainable behaviors: The norm activation and situational expectancy-value theories

The turn towards sustainability is becoming more critical in every sector, but consumers' lifestyles and behaviors have been slow to transform. Therefore, based on the norm activation model and situational expectancy-value theory, this study investigated the importance of personal norms and the influences of situational factors on sustainable behaviors. A total of 1050 responses obtained through an online survey method were analyzed using SPSS and LISREL. The results revealed that situational factors, such as acceptability of policies, accessibility of facilities, sacrificeability of prices, and environmental activism, can either facilitate or hinder recycling practices and responsible consumption behaviors. Personal norms are a determinant for sustainable behavior. Future research can extend the findings of this study to compare the most and least sustainable states or countries to determine effective interventions for encouraging sustainable behaviors.     

The impact of adopting customization policy and sustainability for improving consumer service in a dual-channel retailing

In recent decades sustainability and dual-route retailing have been adopted by many big industries. Companies are now bound to maintain such strategies that fulfill the sustainable goals developed by the United Nations. Industries face a huge penalty if carbon emissions exceed a certain boundary. Moreover, factories should maintain sufficient flow in retail chains and product quality. This paper demonstrates 3-pillar sustainability in dual channel retailing, empowering firms to integrate the financial-economic pillar with the non-financial (environmental, social, and ethical) pillar. The core product is made available through the traditional channel and customized products are through online channels. The model is enabling the customers with customization provisions where they can influence the products. Thus, as a novel approach, the article incorporates a presumed threshold limit on the product's (standard and customized) selling price difference. Due to customization, a new product is developed which needs extensive quality checks. The study introduces an investment in checking the quality of the customized product which reduces the probability of customization defects exponentially. Additionally, current research adapts the carbon emission cost, penalties charged to a firm for overshooting the limit, and social costs in a smart supply chain. It also exemplifies that production is directly proportional to financial investments in meeting sustainability objectives. The numerical analysis reflects that as production increases, penalty costs decrease at a significant rate but after reaching optimal production penalty cost again starts to increase. It is observed that the downfall of penalty is 20% more for the single-channel than dual. Adaptation of the customization policy makes the retailing strategy more cost-effective. The model exemplifies that it is more economical to adopt dual-channel retailing compared to single-channel as there is approximately a 14.0625% reduction in total cost in dual-channel retailing. Moreover, an 80% improved quality is observed with a financial investment, which improves consumer satisfaction.     

High accruals momentum

We examine the information content of high accruals momentum defined as a string of high discretionary accruals for four consecutive years. We find that firms that consistently report high levels of discretionary accruals experience low subsequent returns. The results are robust after we control for annual levels of discretionary accruals for the estimation period of high accruals momentum. Furthermore, the predictive power of the high accruals momentum for future returns is strongly persistent even after the existing accruals anomaly disappears. Our results also show that the high accruals momentum impact is more pronounced for low growth firms, suggesting that the overpricing of stocks with high accruals momentum is driven by managerial discretion to manage earnings.     

数量驱动或创新驱动：异质型人力资本对经济增长的机制演进

基于1987-2017年中国省际面板数据，运用SYS-GMM模型研究异质型人力资本对经济增长的影响。在区分高级与基本人力资本基础上，基于招生率和收入维度，从全局和阶段差异视角剖析异质型人力资本对经济提速的机制演进。研究发现：全局而言，两种测度下基础和高级人力资本各自以数量及创新方式驱动经济增长，并呈现以数量驱动为主，数量、创新双驱动的增长模式；从演进视角看，两种测度均表明，高级人力资本创新驱动是新常态阶段经济增长的核心动力，但相比旧常态阶段，基础人力资本数量驱动日趋弱化并呈异质性；进一步研究表明，产业结构、城镇化及开放程度均对创新驱动有不同程度激励效应，而城镇化是挤出数量驱动的主要推手。     

Responses to COVID-19: The role of performance in the relationship between small hospitality enterprises’ resilience and sustainable tourism development

Tourism is one of the hardest-hit industries by the global pandemic of Novel Coronavirus (COVID-19). Small tourism enterprises have been heavily affected and have had difficulty in business recovery. This research is an early attempt to explore the direct impact of small hospitality enterprises’ resilience on sustainable tourism development as well as indirect impact through performance. A pre-tested questionnaire survey was self-administered to owner-managers of small hospitality enterprises in Greater Cairo, Egypt. The results of structural equation modeling (SEM) using AMOS showed a positive, direct, and significant impact of resilience (planned and adaptive) on sustainable tourism development and indirect influence through performance. The results of the multi-group analysis showed that enterprise type has a significant effect on the results, where restaurant owner-managers expressed more resilience than their hotel counterparts. Several theoretical (for scholars) and practical implications for tourism policy-makers and owner-managers have been discussed and elaborated.     

A spatial approach to the FDI-growth nexus in Spain: Dealing with the headquarters effect

This paper examines the effects of inward FDI on economic growth across the Spanish regions over the period 1996–2013, paying particular attention to the ‘headquarters effect’, namely that FDI is not always registered where it is effectively made but in the region in which the firm’s headquarters is located. By estimating a panel Spatial Durbin Model to allow for the detection of spatial spillovers, two main findings are reported. First, FDI does foster economic growth. Second, only when the headquarters effect is properly addressed do spatial spillovers arise. Hence, this effect is masking the impact of regional FDI spillovers on growth, which affects the reliability of the results and, consequently, FDI policies choice. Importantly, the results are: a) robust to the way of computing the headquarters effect; b) independent of the spatial weight matrix specification; and c) confirmed when splitting FDI into different industrial and service branches.     

The double-edged sword of purpose-driven behavior in sustainable venturing

This paper examines the relationship between purpose and purposeful organizing and how such arrangements influence the entrepreneurial journey as sustainable ventures move from idea to markets. We leverage an iterative multi-stage process-tracing design to understand the mechanisms whereby 14 different B Corp certified organizations embed purpose before, during and after the certification process. Our analyses reveal three types of venture paths for purpose-driven entrepreneurs, which are shaped by distinct imprinting sequences with three critical sensitive windows playing a pivotal role: the definition of scope of purpose, timing of purpose formalization through B Corp Certification and shifts in the source of feedback. Different imprinters occurring within the critical sensitive windows shape particular imprinting sequences triggering situations of both productive and counterproductive path development. Our results challenge the assumed linear relationship between purpose and purposeful organizing and more specifically the belief that seeking (purposeful) B Corp certification at firm foundation is necessarily productive for society and for the ventures themselves regardless of when the certification is achieved.     

Beyond the agroecological and sustainable agricultural intensification debate: Is blended sustainability the way forward?

With the sustainable development goals has come a renewed global interest in ending hunger and achieving food security, while preventing natural resource degradation. Despite this renewed interest and increased commitments to invest in agricultural development, there is an outstanding debate over the technological trajectories to sustainability. The debate centres on sustainable agricultural intensification (SAI) and agroecological intensification (AEI) pathways to agricultural sustainability. Using a systematic literature review approach, this study examines the debate over AEI and SAI. This study employs a theoretical framework based on the economic, social, and ecological dimensions of sustainable agriculture within a policy and institutional space. Based on the sustainability dimensions, a discourse analytical technique is applied to unravel the debate. The results reveal differences in actor composition in the SAI and AEI pathways. Both pathways aim to promote food security with optimal and sustainable use of inputs; however, the actors differ on discourse relating to the concept of farming, the role of genetic engineering, the scale of operation, land use and soil health. Resolving these differences requires a blended sustainability approach that moves beyond the current AEI and SAI debate by acknowledging the tradeoffs and synergies of the socio-economic and ecological dimensions.     

Assessing the reversal of investor sentiment

Assessing the reversal of sentiment in stock markets is needed because, according to the social mood cycle, the change of social mood over time is an antecedent of price movements. The purpose of this study is to empirically assess reversal of investor sentiment, to show the phases of social mood cycle from increasing mood to decreasing mood, and to explain the dynamic change in market inefficiency from increasing to decreasing. Growth modeling, developed particularly for dealing with the change over time, is used in this study for assessing the reversal of investor sentiment. The autocovariance structure of errors and the variances/covariances of the random coefficients are all taken into account in the model. The results have indicated that the change in investor sentiment over time is inverted U-shaped for the entire market. Moreover, arbitrage constraint and stock characteristics exert a joint moderating effect on sentiment reversal. Less arbitrage constraint can strengthen sentiment reversal only when the market for individual stocks is dominated by noise traders. Based on the results obtained, we discuss asset pricing, liquidity management, and market intervention.