Policies to increase business tourism income: A dynamic panel data model

This article aims to identify the determinants that influence business tourism income and that may be controlled by economic agents and policy makers of destination countries. For the development of the empirical study, a dynamic panel model by the Generalized Method of Moments (GMM) was estimated using the Gretl 2016a software, and a sample of 122 countries for the period 2002–2013 (12 years) was used. The study reveals that, for the development of policies to stimulate the growth in the short and long-term of business tourism income, countries should develop measures that encourage capital investment in tourism and foreign direct investment.     

Exploring sources and outcomes of trust and commitment to nonprofit organizations: The case of Amnesty International Portugal

The interactions between customers and organizations have been regarded as a core aspect in cocreating and developing new products and practices. The current study explores these interactions in the context of citizens and nonprofit organizations. The study comprises two parts: (a) a qualitative approach using interviews and the analysis of social networks to better understand the organization's social media marketing practices and corresponding outcomes and (b) a quantitative approach to analyze antecedents and outcomes of trust and being committed to participate in a nonprofit organization such as Amnesty International. From the qualitative approach, the findings highlight that Amnesty International uses social media (Facebook) to share information, and citizens tend to consider sharing posts, but they do not express new ideas or interact with the organization. These findings contribute to structure the model analyzed in the second stage of the research. Regarding the qualitative approach, the results show that organizational credibility is the most significant driver of trust followed by communicative ability. Affectively commitment to participation and relationship perception act as outcomes of overall commitment.     

What are the antecedents of women’s entrepreneurial orientation?

This study seeks to identify the antecedents of women’s entrepreneurial orientation (EO) and exploring what possible relationships that may exist between them. The research focuses on women entrepreneurs and non-entrepreneurs in a quantitative perspective whose methodology consisted of the collection of primary data through a survey distributed to women in Portugal. After structural equation modelling was applied, the results suggested that recognition of opportunities influences EO. This influence is expressed both directly and indirectly through training in management and entrepreneurial skills. These findings led to the conclusion that policies promoting training for community members, in general, need to be rethought and policies need to emphasise training in management that enhances entrepreneurial skills, thereby increasing the proliferation of entrepreneurship. Entrepreneurship education and training should be promoted from basic education onwards in order to develop entrepreneurial skills from an early age. Prior to this study, the relationships between opportunity recognition, management training and entrepreneurial skills have never been studied in relation to women.     

Interplay between ethanol and electric vehicles as low carbon mobility options for passengers in the municipality of São Paulo

The Brazilian cities as well as many of the large urban centers in the world continue to expand, increasing the demand for mobility and transport, while, at the same time, the same cities are investing in greenhouse gas (GHG) mitigation to avoid climate change. Brazil's urbanization rate increased from 26% in 1940 to almost 70% in 1980. During this period, the Brazilian population tripled and the urban population multiplied by seven. In 2010, the transport sector in São Paulo accounted for 71% of the total emissions released by the energy sector. Ethanol has been considered a fuel with less greenhouse gas emissions, when compared with fossil fuels. However, ethanol production would have to double to meet the expected demand. Electric vehicles (EVs) market is expanding around the world, and is also an option to reduce the transport emissions, if powered by clean electricity. To assess whether the adoption of EVs might bring more benefits than the current ethanol, we develop prospective scenarios supported by the Long-range Energy Alternatives Planning (LEAP) simulation tool, taking a bottom-up tank-to-wheel approach to consider the CO₂ emissions of car in São Paulo. The scenario considering a substitution of 25% of gasoline-powered cars by EV in 2030 showed a reduction in energy consumption and CO₂ emissions, around 15% and 26% respectively in that year in comparison with 2015. We discuss the interplay between ethanol and EV, also considering emission coefficients from life cycle analysis conducted in Brazil, and concluded EV will have higher positive impact on climate change mitigation than ethanol.     

Cross‐border mergers and acquisitions: The role of private equity firms

Research summary: We show that private equity ownership (“PE backing”) of the acquirer is a signal of deal quality in cross‐border takeovers. As such, PE‐backed acquirers experience higher announcement returns in cross‐border takeovers, but only if targets are in poor information environments. We show that PE backing is a positive market signal because of PE firms' experience and networks that result from prior deals in target countries. We document that the market correctly anticipates that operating performance of PE‐backed acquirers increases as a result of cross‐border mergers and acquisitions (M&A). Managerial summary: We study cross‐border acquisitions by acquirers that are partially owned by private equity firms (“PE backing”). Cross‐border acquisitions are challenging as acquirers often have little information about targets. We document that investors react positively to cross‐border deals of PE‐backed acquirers—their stock prices increase upon deal announcements. However, this is only the case if targets are in countries with poor information environments. This is because PE backing allows acquirers to access PE firms' deal experience and networks. This makes it easier to identify and evaluate good targets, making it more (less) likely that a deal eventually creates (destroys) value. Consistent with this, we find that earnings of PE‐backed acquirers increase after buying targets in poor information environments. Copyright © 2016 John Wiley & Sons, Ltd.     

Nonparametric Estimation of Oligopsony Power in First‐Price Auction

This paper proposes a nonparametric procedure to estimate market power for first‐price auction data and applies the procedure to cattle procurement markets. Most previous studies have used parametric methods, which require specific functional forms for retail demand, input supply and processors’ cost equations. However, researchers often find that market power estimates from parametric methods are sensitive to the choice of functional forms and specifications. An application to data from cattle procurement experiments shows that our nonparametric approach greatly outperforms commonly used parametric methods in estimating the degree of market power. While parametric estimates are sensitive to functional form specification and are at least 90% smaller than ‘true’ market power indices, estimates from our nonparametric procedure deviate from the actual value by no more than 25%.     

The effects of acculturation and uncertainty avoidance on foreign resident choice for Korean foods

This study attempts to identify dining-out patterns among foreign residents in South Korea, examining the differences in foreign residents’ attitudes toward Korean foods and behavioral intentions to patronize Korean restaurants based on their acculturation and uncertainty avoidance levels. The results show that foreign residents in South Korea dine out frequently and intend to revisit Korean restaurants. However, the high acculturation group has a more positive attitude toward, better understanding of, and more preference for Korean foods than the low acculturation group. Satisfaction, revisiting, and recommendation intentions for Korean restaurants are higher among the high acculturation group than the low. The low uncertainty avoidance group spends more money for dining out than the high uncertainty avoidance group, who perceive Korean foods as expensive. Attitudes toward, understanding of, and preference for Korean foods, do not differ significantly between the two uncertainty avoidance groups; nor do satisfaction and behavioral intentions to Korean restaurants.     

我国场外交易市场运作模式研究

建立场外交易市场是构建我国多层次资本市场体系的重要环节,是我国资本市场实现可持续发展的必由之路.目前我国场外交易市场的设立条件已基本成熟,应充分利用现代技术条件,建立一个全国联网报价、分散成交、统一规划、统一托管清算、统一监管的电子化场外证券发行与交易市场.     

居民财产性收入高速增长

近几年来,由于各级政府切实落实各项增收措施,促进了居民收入的快速增长。在居民收入快速增长的同时,财产性收入高速增长,且高于居民可支配收入的增长,这一变化和发展趋势符合十七大报告中首次提出要创造条件让更多群众拥有财产性收入的政策导向。文章就此作了较全面的论述。并就拓宽投资渠道,努力创造一个让居民稳定拥有财产性收入的环境谈了自己的看法。     

Pricing a rural development program: uncertainty,indifference, and protest behaviors

This article presents an econometric approach to modeling uncertainty, unwillingness to pay, and protest behavior in contingent valuation studies. For that purpose, a mixture model with sample selection is developed for a multiple‐bounded uncertainty elicitation format. The proposed theoretical framework is applied to evaluate the social welfare impact of implementing a sustainable rural development program. Results show that a “naive” analytical approach that excludes protesters from the analysis would result in significantly higher willingness to pay estimates for those individuals who favor the implementation of the program and agree to reveal their true reservation prices.