Hotel Efficiency Analysis from the Customer’s Point of View in Romania: A Stochastic Production Frontier Approach

The purpose of this article is to measure the efficiency of hotel units in Romania from the customers’ point of view and to identify factors that explain the differences in efficiency between hotel units. A stochastic production frontier is estimated together with a technical inefficiency model using cross-sectional data from 622 hotel units in Romania. The results show that the average efficiency is high. However, there are significant differences between hotels in different regions and with different star ratings. The most influential factor affecting efficiency is the online visibility of a hotel unit on social media platforms and on travel planning sites. The study’s results offer insight for hotel decision-makers to be able to improve the perception of hotel efficiency by taking appropriate action to meet customer needs.     

环境信息披露对上市公司企业价值的影响——“组织可见度”是否起到中介作用

我国现行企业环境信息披露政策下,企业对于信息披露的方式、时间等有很大的自由裁量权力。因此,企业这一社会责任的自觉履行需要企业价值最大化等动机支撑,但其作用机理是否有效,投资者的关注度及解读尤为重要,亦即“组织可见度”在环境信息披露对企业价值的影响中扮演重要角色。本文以我国化工行业上市公司2013-2017年样本,实证检验环境信息披露对企业价值的影响,并依次从分析师关注水平和媒体关注水平两个角度衡量组织可见度,检验其是否具有中介效应,并分析所有权性质差异下的不同结果。结果表明:环境信息披露能提升企业价值,组织可见度在环境信息披露对企业价值的影响过程中发挥了部分中介效应。进一步研究发现,当使用分析师关注水平衡量组织可见度时,该中介作用只体现在国有企业中;当使用媒体关注度衡量组织可见度时候,该中介作用在两种类型的企业中均只得到了部分体现。企业环境信息披露政策本意是通过其影响企业的市值表现促进企业更好地履行其环境社会责任,本文通过揭示其中组织可见度的中介作用,有助于启示企业对其市值管理、有关管理部门对企业履行环境社会责任引导时的操作思路。     

空中庭院与半围合式住宅感知密度的关联性研究——以广州万科峯境为例

在半围合式城市住宅中,感知密度是居住体验的重要环节。空中庭院能够缓解高密度环境中的拥挤感,优化其空间形态,是改善环境感知的建构基础。使用虚拟现实技术进行密度感知实验,能探讨与空中庭院形态相关的视觉因素——可视性和绿视率对环境感知密度的影响。将广州万科峯境作为原型建立15组以可视性与绿视率为变量的实验模型,通过采集受试者对不同环境感知密度的主观评价,反映实验样本的空间特征,进而分析主观评价与客观量化之间的关联机制。分析结果表明：半围合式城市住宅空中庭院的可视性与绿视率是影响居住环境感知密度的重要因素;呈线状分布的、具有视觉层次性的空中庭院更受大众青睐。     

From the Eyes of an Exhibitor

Abstract

Conferences and conventions often depend on event/convention planners to produce spectacular tradeshows to support their programs. A study which focused on exhibitor needs and the perceived benefits of participation was conducted during the winter of 1999 at an International Arts Convention in the eastern United States. Exhibitors' interests in convention participation fell into four primary areas: making contacts, gaining information, gaining visibility, and booking/selling a product or service. Understanding the areas of importance to exhibitors and the services/products that are necessary for them to achieve success can go a long way toward providing a meaningful experience and an avenue for communication for both convention exhibitors and planners.     

The effect of political visibility on audit effort and audit pricing

This study examines whether auditors adjust their effort and pricing decisions for political visibility. We argue, from the behavioural literature, that political visibility will create the need for more justification by auditors. Using data on actual audit fees, hours and billing rates for a sample of New Zealand public sector companies, we find that total audit fees are positively related to the number of press mentions (our proxy for political visibility). Consistent with our expectations we find that audit fees are monotonically related to audit fees. We also find that auditors increase the hours spent on the audit but not billing rates, which further suggests defensive bolstering by auditors.     

对中小企业品牌战略选择的思考

品牌战略是企业在日趋激烈的竞争环境中,面临产品、技术与服务日趋同质化的形势下,谋求以品牌创造差异化的战略抉择。在当今品牌角逐的时代,任何一个品牌都开始于中小企业,企业靠品牌生存,市场靠品牌整合,地方靠品牌发展,国家靠品牌振兴。品牌所具有的无形资产价值,品牌产品所包含的质量价值和商标的价值,将使品牌给企业承包带来巨大的经济效益。本文就创新品牌的必要性及创建品牌时应注意的问题进行探讨,并提出了品牌建设中的相应对策。     

基于物联网的供应链可视化管理

文中针对供应链可视化的相关要求提出了基于物联网技术的可视化模型,旨在通过利用物联网技术,为供应链上下游企业提供供应链上实时可靠的信息以实现供应链可视化,从而为具有相应权限的供应链成员企业的精准控制,快速反应和有效决策提供支持。     

Value relevance of blog visibility

This study empirically examines the effect of a non-traditional information source, namely a firm's blog visibility on the capital market valuation of firms. After controlling for earnings, book value of equity and other value relevant variables, such as traditional media exposure, R&D spending, and advertising expense, we find a positive association between a firm's blog visibility and its capital market valuation. In addition, we find blog visibility Grange causes trading, not vice versa. Our findings indicate that non-traditional information sources such as blogs help disseminate information and influence consumers' investment decisions by capturing their attention.     

低能见度道路交通图像清晰化方法研究

通过对低能见度情况下道路交通安全进行分析,利用暗原色先验方法对路况图像进行清晰化,并以VC++为平台开发了一套辅助驾驶员清晰识别路况的系统。实验表明,该系统具备时时性,且能获得满意的清晰图像,从而可辅助驾驶员在低能见度情况下,清晰识别路况,避免交通事故。     

Who Cares about Auditor Reputation?*

I provide evidence on the demand for auditor reputation by examining the defections of Arthur Andersen LLP's clients following the accounting scandals and criminal conviction marring the auditor's reputation in 2002. About 95 percent of clients in my sample did not switch auditors until after Andersen was indicted for criminal misconduct regarding its failed audit of Enron Corp. I test whether the timing of client defections and the choice of a new auditor are consistent with managers' incentives to mitigate potentially costly information and agency problems. I find that clients defected sooner, mostly to another Big 5 auditor, if they were more visible in the capital markets; such clients attracted more analysts and press coverage, had larger institutional ownership and share turnover, and raised more cash in recent security issues. However, my proxies for agency conflicts — managerial ownership and financial leverage — are not associated with the timing of defections or the choice of new auditor. Overall, my study suggests that firms more visible in the capital markets tend to be more concerned about engaging highly reputable auditors, consistent with such firms trying to build and preserve their own reputations for credible financial reporting.