Firm level return-volatility analysis using dynamic panels

This paper examines “leverage” and volatility feedback effects at the firm level by considering both market and firm level effects, using 242 individual firm stock data in the US market. We adopt a panel vector autoregressive framework which allows us to control simultaneously for common business cycle effects, unobserved cross correlation effects in return and volatility via industry effects, and heterogeneity across firms. Our results suggest that volatility feedback effects at the firm level are present due to both market and firm effects, though the market volatility feedback effect is stronger than the corresponding firm level effect. We also find that the leverage effect at the firm level is persistent, significant and negative, while the effect of market return on firm volatility is persistent, significant and positive. The presence of these effects is further explored through the responses of the model's variables to market-wide return and volatility shocks.     

Wildlife tourism in Latin America: taxonomy and conservation status

Abstract

We provide an initial insight into the extent, occurrence and characteristics of wildlife tourism involving close interactions with free-ranging, non-domesticated, animals outside of formal captive environments across Latin America. Using information provided online via TripAdvisor, we found this type of tourism was occurring across the region (advertised on 249 wildlife tourist attraction webpages across 21 countries) and involved a diverse range of wild animals (73 species, including 19 currently considered as threatened by the IUCN). Opportunities for direct contact with wild animals were particularly prevalent (54% of all surveyed webpages). Despite the potential economic benefits, studies have indicated that these types of ecotourism are potentially having net negative impacts on wildlife conservation and welfare. Mammals classified as Least Concern featured most commonly in tourist photos, but our analyses suggest that mammals and species classified as Vulnerable on the IUCN Red List were most likely to occur in these types of wildlife tourist attractions (WTAs). Amphibians and species classified on the IUCN Red List as Data Deficient or Critically Endangered were least likely. Given the growing nature of the wildlife tourism sector, we provide recommendations to help effectively balance and manage wider wildlife protection goals and growing tourist interest in wildlife.     

Exploring the effects of a ‘new’ listing of a UNESCO World Heritage Site: the case of Singapore Botanic Gardens

This study examines how the United Nations Education, Scientific and Cultural Organization World Heritage Site (WHS) listing impacts on push-pull factors, satisfaction and revisit intention. Data were collected on visitors to the Singapore Botanic Gardens before and after the WHS listing was awarded. The pre-listing and post-listing samples were compared and results revealed significant differences between the samples. Differences were observed for the importance of various push and pull factors as well as satisfaction and revisit intention. This study provides researchers and practitioners with greater insight into the effects of the WHS listing and recommends potential strategies for future marketing communications.     

World Leisure and Recreation Association International Position Statement on Leisure Education and Populations of Special Needs

Outdoor recreation may foster positive environmental views among participants and their nonparticipating household members, but little research has addressed this hypothesis at the household level. We address this gap with a case study evaluating both the individual-and household-level relationship between outdoor recreation and environmental views using the new ecological paradigm scale (NEP). Results suggest NEP relates positively to appreciative outdoor recreation participation and negatively to nonappreciative outdoor recreation participation for participants and their household members. Future research should focus on how household dynamics mediate the relationship between environmental views and outdoor recreation.     

Asian Entrepreneurship in the International Business World

This review will focus on the role of Asian entrepreneurship in the international business world. As we are now considered to be in the Asian century, it is important to see how business grows, develops, and changes based on entrepreneurship. Asian entrepreneurship is unique to the geographic area but also encompasses people, business, and government that has a focus on Asia and is part of the global community. The continuing rapid evolution of Asian economies over the next decade will require a focus on entrepreneurship as it incorporates technology and innovation change. More countries in Asia need to focus on entrepreneurship as a way to achieve global best practice and to make breakthroughs in science and technology. A focus on the role of entrepreneurship in Asia in order to meet social and sustainable needs is a particular key concern of many governments and trade organizations around the world. This article will focus on the book Asian Entrepreneurship as a key reference for understanding and improving the social, environmental, and economic conditions for international business. © 2015 Wiley Periodicals, Inc.     

The Effects of Guilt-Appeal Intensity on Persuasive and Emotional Outcomes: The Moderating Role of Sponsor Motive

Studies examining the persuasive effects of guilt appeals have yielded mixed results. The current study hypothesizes that source motive (profit versus not for profit) is a key moderating variable underlying these inconsistences. A controlled experiment tested the moderating role of sponsor motive on the relationship between guilt-appeal intensity and persuasiveness of the appeal and ad liking. Findings confirmed the notion that sponsor motive moderates the effects of guilt appeals: When guilt appeals are commercially oriented there is a relative failure of high-intensity guilt appeals compared to moderate-intensity guilt appeals. Moderate-intensity guilt appeals cause more-positive brand attitudes than high-intensity appeals. Yet, when guilt appeals are nonprofit, increases in intensity of guilt communicated lead to positive results. As the guilt-intensity increased, ad liking and persuasiveness increased. It appears that guilt-appeal intensity did not have an effect on brand attitudes when the message was nonprofit.     

ICT,Innovation and Firm Performance: The Transition Economies Context

The aim of this article is to investigate the impact of information communication technologies (ICT) and innovation activities on firm performance using the Business Environment Enterprise Performance Survey (BEEPS) firm-level data in the three rounds: 2002, 2005, and 2008. The novelty of this research is based on the idea of studying the usage of ICT and innovation activities on firm performance by using dynamic approach so that we can estimate the adjustments that arise from the impact of ICT and innovation activities. The rapid technological development and the growing use of information technology (IT) in business organizations have become the center of attention in past few years. A bulk of literature has been published on the use of IT in different industries, different types of business organizations, and in different areas of business management. On the other hand, the probability of the firm to undertake innovation activities has shown to enhance firm performance. This study implements various estimations on BEEPS observations to test whether the change in the usage of ICT and other innovation determinants have increase the probability of firms to undertake innovation activities. © 2015 Wiley Periodicals, Inc.     

Examining Consumer Risk Perceptions of Prototypical Brands Versus Me-Too Brands

This study examines brand familiarity, extrinsic attributes, self-confidence, and perceived quality for their effects on perceived risk between prototypical and me-too brands. Factor analyses and path analysis were used in testing hypotheses. Brand familiarity produced a significant positive effect, while extrinsic attributes produced a significant negative effect on perceived equivalent quality for both the pioneer and me-too brands. Respectively, the perceived equivalent quality of the MP3 players produced significant positive and negative effects on perceived risks for pioneer and me-too brands. Managerial implications include strategic use of me-too brands and management of competitive advantages of pioneer brands with perceived prototypicality.     

International entrepreneurship in resource-rich landlocked African countries

Despite the increase in research about international entrepreneurship, relatively little is known about the process in Africa. This is due to the disparity between the actualization of business ventures and global perceptions of African entrepreneurs. As a result of the diversity of countries within the African continent, the nature of international entrepreneurship varies with cultural and historical context. To address this research gap, we discuss how international entrepreneurship in Africa differs to the more studied traditionally North American and European perspective. To do this we develop a number of research propositions for resource-rich landlocked African countries (Botswana, Zambia, and Zimbabwe) that have unique characteristics in terms of how they approach international entrepreneurship. The research propositions suggest that resource-rich landlocked African countries need to focus on informal networks and cultural attributes as a way to differentiate themselves in the international marketplace. Managerial implications and theoretical research suggestions for differentiating resource-rich landlocked African countries from the more resource scarce and coastal countries are stated.