Determinants of China's bilateral trade balance in global value chains

This paper identifies the determinants of China's bilateral trade balance using a new measure based on international input–output data, the so-called ‘trade in value-added’ (TiVA), which can prevent double counting in the estimation of bilateral trade balance. Our results show that using a measure based on gross exports, rather than TiVA, causes relatively large overestimation of the impact of the RMB exchange rate on China's bilateral trade balance. This overestimation is mainly because that the increasing production of exports may require increasing intermediate imports as a consequence of international fragmentation of production in global value chains. In addition, our results also show that the impact of FDI inflows on China's bilateral trade balances depends on the position and role of China and its trading partners in GVCs.     

In the Bear’s Shadow? Russia’s International Image and Its Influence on Investments of Russian Companies in Post-Socialist Europe

The paper examines Russia’s international image and its influence on investment by Russian companies in post-socialist Europe. Findings are based on the cases of Gazprom’s South Stream Pipeline project, and Sberbank’s acquisition of Volksbank’s Central and Eastern European assets in Hungary and Serbia. The paper demonstrates that international positions and economic interests of two countries determinate decisions regarding investments of Russian companies, while Russia’s image to some extent accelerates these decisions in Serbia. The paper is based on the results of interviews with representatives of business communities conducted in Hungary and Serbia in 2012–2017, professional reports, and official documents.     

考虑声誉效应的科技服务业与制造企业合作创新行为策略分析

采用博弈论的方法，考虑声誉效应对博弈双方效用、策略的影响，建立信号博弈模型，并分析精炼贝叶斯均衡，证明声誉水平、对声誉的态度以及技术市场价值的高低是影响建立合作关系的重要因素。探讨双方建立合作关系的行为策略，提出实现合作达成双赢的建议。     

Dialectical mind can be sweet toward crisis‐associated products/brands

Consumers’ thinking style (e.g., dialectical thinking), which is fundamental to cognition, has been paid inadequate attention in the consumer literature. This research explores the impact of dialectical thinking on Chinese consumer responses toward crisis‐associated products/brands. Findings in three experimental studies indicate that, in comparison to those primed with nondialectical thinking, consumers primed with dialectical thinking report higher levels of purchase intention and trust for a crisis‐associated product/brand. This is the case not just for products with Chinese cultural background, but also for products with western cultural background. Consumers’ perceived severity of crises moderates the impact of dialectical thinking, with a stronger impact in a highly severe crisis situation than in a less severe one. A survey study indicates a similar pattern. These findings are important in suggesting ways of encouraging Chinese consumers to be insistent on quality standard in order to better protect their consumer rights, and moreover, for multinational corporations on how best to respond and formulate strategies of handling product‐harm crises in the Chinese market.     

我国国家公园体制建设中利益相关者关系研究

我国自然保护地将国家公园作为主体,保护具有国家代表性的生态系统和自然景观的原真性和完整性,同时具有全民公益性。从利益相关者视角出发,以国家公园管理部门、旅游投资公司和社区居民为主要利益相关者,分析三者的行为目标与策略选择,通过三方博弈提出解决国家公园体制建设过程中的最优策略,即应改变管理部门与旅游投资企业在国家公园试点中进行不合作博弈的狭隘认知,而应选择国家公园管理部门、旅游投资企业和社区居民三方合作博弈。同时,提出了相应的建议以期进一步保护国家公园自然资源并将可持续利用制度顺利实行。     

Islamic and conventional portfolios optimization under investor sentiment states: Bayesian vs Markowitz portfolio analysis

This paper investigates the portfolio optimization under investor’s sentiment states of Hidden Markov model and over a different time horizon during the period 2004–2016. To compare the efficient portfolios of the Islamic and the conventional stock indexes, we have employed two approaches: the Bayesian and Markowitz mean-variance. Our findings reveal that the Bayesian efficient frontier of Islamic and conventional stock portfolios is affected by the investor’s sentiment state and the time horizon. Our findings also indicate that the investor’s sentiment regimes change the Islamic and the conventional optimal diversified portfolios.Moreover, the results show that the potential diversification benefits seem to be more important when using the Bayesian approach than when applying the Markowitz approach. This finding is valid for the bearish, depressed, bullish and calm states in Islamic stock markets. However, the diversification of potential portfolios is significant only for the bullish and the bubble states in the conventional financial markets.The findings of the study provided additional evidence for investors to exploit googling investor sentiment states to evaluate the portfolio performance and make an optimal portfolio allocation.     

Neighbors and friends: How do European political parties respond to globalization?

This paper explores the relationship between globalization and party positions accounting for potential differences between left- and right-wing parties. The analysis is based on a panel model of 36 political parties in 18 Western European countries between 1970 and 2015. We find that right-wing parties move leftward in response to globalization, while left-wing parties do not alter their position. Additionally, we find that ideological party positions are affected by foreign parties’ positions of the same ideological bloc. These findings indicate that there is a convergence towards the left of the political spectrum due to right-wing party moderation.     

Benefits of leisure in overcoming gender violence experiences: a case study

This article is based on a case study carried out at Casa Malva, a shelter for female victims of gender violence in Gijón, Asturias (Spain). The study explores the potential therapeutic value of leisure in the process of personal recovery for women living in sheltered accommodation, and the positive impact leisure may have in overcoming a traumatic life event. The study comprised 16 semi-structured interviews with female victims of gender violence and three discussion groups with shelter staff. The article examines the concept of leisure and the potential benefits of leisure activities as part of the Personal Recovery Project (PRP) run by Casa Malva. PRP is an innovative recovery initiative aimed at helping women to overcome situations of gender violence by focusing on areas of experience, such as family, employment and leisure.     

Corporate brand strategy: Drivers and outcomes of hotel industry’s brand orientation

The MNC resellers are vastly competitive and capital-intensive. Based on the corporate brand orientation, the objective is to investigate how the individual dimensions of hotel industry’s brand orientation can improve a corporate experience and subsequently create superior hotel performance and retailer preferences. A model of the integration of the hotel industry’s brand orientation was tested in a survey conducted among MNC resellers from hospitality industry. Structural equation modelling was applied to gain insight into the various influences and relationships. The research makes two main contributions. It makes a theoretical contribution by classifying the integration of the hotel industry’s brand orientation for hospitality industry and from this extrapolate key suggestions for further study. The continuous evolution and economic influence of the hospitality industry require the application of innovative marketing practices.