The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms

We examine the effect of corporate social responsibility (CSR) quality ratings on the financial distress levels of Chinese enterprises by using the previously unexplored new China-specific Altman ‘Z_China Score’ in the context of CSR and data from 749 firms over the 2009–2014 period. First, we find that CSR quality ratings significantly reduce Chinese firms’ distress levels. Second, we find that the ability of CSR to reduce distress levels in non-state-owned Chinese firms is higher than state-owned ones. Finally, we find similar results when we divide the data into high-low CSR ratings and levels of distress. Our results are robust to potential endogeneities.     

Research engagement,impact and sustainable tourism

In this editorial, we reflect on how the Journal of Sustainable Tourism can contribute towards sustainable tourism researchers achieving more impact with their research. We propose some changes that can be tested in, and introduced gradually and collaboratively with, the community of the editorial board and authors. To support impactful mind sets, we will promote research that reflects diverse academic communities. To promote impactful research topics, we will encourage authors to frame their submitted articles against the Sustainable Development Goals, while research that is time sensitive will be fast tracked so it can contribute to current debates. To promote impactful methodologies, we shall favour articles that use mixed methods and action research, and those that conduct longitudinal, experimental, and evaluative research. To promote impactful partnerships, we will favour multidisciplinary approaches and research that has been co-created with stakeholders. To promote impactful communication and dissemination, we will continue to build an online community on social media for sustainable tourism researchers, we will promote articles in social media to raise their visibility, and we will provide free access to those articles that are deemed to have the greatest potential to impact positively on society.     

Land-use change in the ‘edgelands’: Policies and pressures in London's rural–urban fringe

Green Belt policies have helped to create chaotic landscapes at the rural–urban interfaces of the United Kingdom's largest cities. Their prime functions, to control urban sprawl and preserve an encircling green girdle to separate the urban from the open countryside, have created ‘edgelands’ that have been remarkably dynamic despite relatively strong controls on certain types of development. A detailed case study of one part of London's Metropolitan Green Belt, drawing upon analysis of planning registers, reveals long-term trends in land-use change linked to the development controls operated within the context of the Green Belt and the adjacent built-up area. This paper also outlines the history of the Green Belt policy in the United Kingdom (UK) and discusses recently proposed policy changes that have provoked ongoing debate about this form of control on urban sprawl and its consequences for the land use of Green Belts and the edgelands.     

Changes in equity returns and volatility across different Australian industries following the recent terrorist attacks

We investigate the impact of five recent terrorist attacks on equities listed on the Australian Stock Exchange. Following the Global Industry Classification Standard, we analyse how these events affect the different sectors in Australia. Using parametric and non-parametric tests, we investigate the relationship between stock returns for equities listed in these sectors and terrorist attacks. We report significant short term negative abnormal returns around the September 11 attacks and to a lesser extent, the Madrid and London bombings. Our evidence shows a weak positive equity response to the Bali bombing, and no response from the Mumbai attack in the Australian market. We also document negative industry abnormal returns as high as 37.30% on the day in the Utilities sector. Our findings show that systematic risk of certain sectors increased after the events of September 11 but remained unchanged for the other attacks.     

Optimal number of accrual groups and accrual group sizes in longitudinal trials with discrete‐time survival endpoints

In longitudinal trials, the number of accrual groups and their sizes should carefully be chosen to ensure a desired power to detect a specified treatment effect. Methods are proposed to obtain a cost‐effective combination of the number and size of accrual groups that provides high efficiency at minimal cost. We focus on trials where an event occurs at any point in time, but it is recorded on a discrete scale. The Weibull survival function is considered for modeling the underlying time to event. By using a cost function, it is shown that the ratio of the cost of recruiting and treating subjects to the cost of measuring them and also the survival pattern highly influence the optimal combination of the number and size of accrual groups. A maximin approach is further presented to obtain robust designs with respect to poor specification of these modeling parameters. We also show the application of the proposed optimal design methodology using real examples.     

Individual’s financial investment decision-making in reward-based crowdfunding: evidence from China

This article extends the work of Cecere et al. (Appl. Econ., 49(57): 5802–5813, 2017) and explores the antecedents of backers’ decision to invest in projects from eight categories on a reward-based crowdfunding platform in China. We extract data from 2011 to 2016 from the pioneer Chinese reward-based crowdfunding site ‘Demohour’. Our empirical investigation using OLS reveals that feedback score, social capital (followers on Weibo, project sharing on social media) and project quality (number of updates) are key motivating factors in investment decision and subsequently, project success or failure. Robustness tests also confirm the findings.     

A comparison of conventional versus Islamic banking customers attitudes and judgment

This investigates the impact of customer attitude and judgment regarding conventional and Islamic banking system in Pakistan. This study attempts to find out, how the customers of Islamic banks perceive about Islamic banking practices in terms of Shariah compliance and conventional banking system regarding earning more profits. This study consists on primary data through a well design questionnaire. Four hundred and thirty (430) questionnaires were distributed among different customers of all three types of banking, such as Islamic, conventional and stand-alone branches in order to investigate customer’s attitude and judgment toward banking system. The findings indicate that overall 28% of Islamic banking customers don’t know the essential concept of Islamic financial institution’s in Pakistan. Furthermore, 54% customers of conventional banking show their interest to convert their accounts toward Islamic banks.

     

Chief executive officer attributes,sustainable performance,environmental performance,and environmental reporting: New insights from upper echelons perspective

This study examines the impact of chief executive officer (CEO) attributes on sustainable performance, environmental performance, and environmental reporting, which are motivated by institutionally driven environmental policies, regulations, and management in the context of Chinese listed firms. With the use of a comprehensive dataset of 2,854 Chinese listed firms over the 2010–2017 period (i.e., making over 16,000 individual firm‐year observations), our findings are fourfold. First, our overall findings reveal that CEOs with research background tend to engage more in activities that improve sustainable performance, environmental performance, and environmental reporting than do those without research background. Second, CEOs with financial expertise are positively linked with increased sustainable performance and environmental reporting. Third, CEOs with foreign exposure are more eager to engage in activities that enhance sustainable and environmental performance than do those without foreign exposure. Fourth, young CEOs tend to take actions that reduce both sustainable and environmental performance than do their older counterparts. We interpret our results within upper echelons theoretical perspective. The results are robust to alternative measures, potential endogeneities, and sample selection problems.