Does justice affect brand advocacy? Online brand advocacy behaviors as a response to hotel customers’ justice perceptions

This study focuses on customers' information-sharing behavior in the context of online brand advocacy behavior regarding hotel brands. We aim to explain hotel customers' online brand advocacy behavior through three-sided justice evaluations (i.e., justice for employees, justice for the self, and global belief in a just world), and their hotel satisfaction. Hypotheses are tested by using survey data acquired from 688 individuals on Amazon's Mechanical Turk (MTurk) through partial least squares structural equation modeling (PLS-SEM). The findings show that customers' perceptions of justice for the self positively affect their hotel satisfaction, perceptions of justice for employees and the global belief in a just world positively affect online brand advocacy behavior, and hotel satisfaction also positively affects online brand advocacy behavior. We expand current research efforts on online brand advocacy research and provide theoretical and managerial implications for the development of marketing and management research and practice.     

The relation between municipal and government bond yields in an era of unconventional monetary policy

In this paper, we investigate how the 5‐year Swedish municipal bond yield has been related to the corresponding yield on government bonds during the period that the Riksbank has conducted unconventional monetary policy in terms of bond purchases. Using daily Swedish data on bond yields from February 2015 to January 2018, we first conduct an event study to assess the short‐run effects of the Riksbank's bond‐purchase announcements. We then estimate bivariate vector autoregressive models to study the dynamic relationship between the yields. Results from the event study suggest that the accumulated short‐run effect of the Riksbank's announcements was to lower the government bond yield by approximately 40 to 50 basis points and municipal bond yields by 30 to 35 basis points. Our vector autoregressive analysis indicates—in line with the event study—that an unexpected decrease in the government bond yield initially increases the municipal bond‐yield spread. However, after approximately 4 weeks, the effect has been reversed and the municipal bond‐yield spread is lower than it was initially. By conducting this analysis, we contribute to the understanding of the transmission of unconventional monetary policy.     

疫情防控常态化下的世界经济战略走向

新冠疫情的出现冲击了世界经济,从经济全球化和全球经济治理体系两个维度分析疫情对世界经济的影响以及世界经济未来走向,研究发现:(1)新冠疫情通过影响全球价值链、贸易投资和就业环境阻碍经济全球化进程,中美矛盾升级、原有治理体系规则未与时俱进和激进政策的不确定性对全球经济治理体系提出新的挑战;(2)新冠疫情强化了世界各国对人类命运共同体的认识,将人类命运共同体融入全球治理体系将是未来治理的重要趋势;(3)新冠疫情可能会使世界经济格局出现新的变化,而中国在此次疫情中高效率的抗疫举措将进一步提升自身在世界经济格局中的地位和参与度。     

Value Relevance of Comprehensive Income for the Canadian Market*

The value relevance of comprehensive income (CI) compared to net income (NI) remains unresolved. We look at this issue in the Canadian market, using association methods to determine the value relevance of reporting CI and other comprehensive income (OCI) components for stock prices and returns. The sample consists of all the firms in the S&P/TSX Composite Index that prepared their financial statements according to Canadian standards or International Financial Reporting Standards (IFRS) over the 2008–2016 period. Although we find no evidence that CI is more value relevant than NI for stock prices and returns, we note that some OCI components are incrementally value relevant beyond NI for both amounts. In addition, financial services firms differ from other companies in terms of the relationships between some of their OCI components and prices or returns, with such firms even driving some relationships. Relationships between OCI components and prices or returns are also affected when data from the financial crisis period are excluded, with some relationships even changing after IFRS adoption. These results inform Canadian standard setters and financial statement users that OCI components are decision useful for the Canadian market.     

Good global citizen? ASEAN’s image building in the United Nations

ABSTRACT

Based on role theory, the article examines the images that ASEAN member governments project of their organization. It rests on a discourse analysis of 198 speeches in the United Nations General Assembly between 1998 and 2017. Findings suggest that ASEAN does not figure as a top priority for delegates and that an overarching ASEAN role conception is missing. However, their addresses reveal parameters on which a collective role conception can be built. Individual ASEAN countries undertake great efforts to project themselves as ‘good global citizens,’ a role conception that could also be applied to ASEAN.     

Measuring industrial upgrading: applying factor analysis in a global value chain framework

ABSTRACT

A key question for promoting international competition is how to improve the position of countries and industries in global value chains (GVCs). The first step is to properly measure industrial upgrading in GVCs. This is not a trivial issue because upgrading has not been defined unambiguously. Several authors have used different (and sometimes related) measures, all of which indicate certain aspects of upgrading. Rather than trying to find the single, ultimate measure of upgrading, we propose a different approach. We examine the multidimensionality of industrial upgrading, using eight indicators in factor analysis. Four of the eight indicators adopt the GVC perspective and include, for example, the growth of the share in value-added exports. We provide three quantitative dimensions of industrial upgrading: process upgrading, product upgrading, and skill upgrading. With these dimensions, we compare and analyze the upgrading of different countries and industries using the World Input–Output Database.     

A hybrid information approach to predict corporate credit risk

This study proposes a hybrid information approach to predict corporate credit risk. In contrast to the previous literature that debates which credit risk model is the best, we pool information from a diverse set of structural and reduced‐form models to produce a model combination based on credit risk prediction. Compared with each single model, the pooled strategies yield consistently lower average risk prediction errors over time. We also find that while the reduced‐form models contribute more in the pooled strategies for speculative‐grade names and longer maturities, the structural models have higher weights for shorter maturities and investment grade names.     

Transboundary pollution externalities: Think globally,act locally?

We analyze the implications of transboundary pollution externalities on environmental policymaking in a spatial setting, in which pollution diffuses across the global spatial economy independently of the specific location in which it is originally generated. This framework gives rise to a simple regional optimal pollution control problem allowing us to compare the global and local solutions in which, respectively, the transboundary externality is and is not taken into account in the determination of the optimal policy by individual local policymakers. We show that it is not obvious that transboundary externalities are a source of inefficiency per se since this is strictly related to the spatial features of the initial distribution of pollution. If the initial pollution distribution is spatially homogeneous then the local and global solutions will coincide and thus no efficiency loss will arise from transboundary externalities, but if it is spatially heterogeneous the local solution will be suboptimal and thus a global approach to environmental problems will be needed to achieve efficiency. From a normative perspective, in this latter (and most realistic) case we also quantify the amount of policy intervention needed at local level in order to achieve the globally desirable goal of pollution eradication in the long run. Our conclusions hold true in a number of different settings, including situations in which the spatial domain is either bounded or unbounded, and situations in which macroeconomic–environmental feedback effects are taken into account.     

The new ecological paradigm and responses to climate change in China

The purpose of this study was to develop and evaluate a Chinese-Mandarin version of the revised new ecological paradigm (NEP-R) scale. In a sample of 515 Mandarin-speaking Chinese nationals, we first assessed the factor structure and internal consistency of the NEP-R and assessed its validity by examining associations with global warming risk perceptions and mitigation behavior. Respondents completed the NEP-R scale, together with measures of risk perception and mitigation behavior. Exploratory and confirmatory factor analyses indicated that a two-factor solution, reflecting ecocentric and anthropocentric worldviews, best fit the data. Multi-group path analysis revealed that respondents with stronger ecocentric and weaker anthropocentric worldviews perceived more risks associated with global warming. In turn, respondents who perceived more risks reported engaging in more global warming mitigation behaviors. But importantly, the path between risk perceptions and behavior was significantly stronger for highly educated respondents than for less educated respondents, suggesting that education may represent an important strategy for bridging the gap between perceived risks about global warming and action.