An Expectancy Theory Model for Hotel Employee Motivation: Examining the Moderating Role of Communication Satisfaction

ABSTRACT

The study investigated the role of communication satisfaction as a moderator strengthening the effect of three components of the expectancy theory (expectancy, instrumentality, valence) on work motivation in a hotel setting. High and low communication satisfaction groups respond differently to expectancy, instrumentality, valence, and work motivation. Employees who are highly satisfied with communication respond more positively toward motivation components, and they are more likely to perform well in their job when they are motivated. However, a series of confirmatory factor analyses of metric invariance indicated that there is no significant difference in the moderating effect between high and low communication satisfaction groups. Communication should be managed collectively to motivate employees. Implications and suggestions for future research are provided to better explain the process of decision-making when hotel employees are motivated.     

The moderating effect of collectivistic orientation in psychological empowerment and job satisfaction relationship

This study examines the moderating effect of collectivistic value on the relationship between psychological empowerment and job satisfaction. Specifically, we propose that the multi-dimensional psychological effects of empowerment (i.e., meaning, competence, self-determination, and impact) on job satisfaction differ between high and low collectivistic employees. Data collected from hotel employees in Canada (n = 193) and China (n = 371) revealed that collectivistic orientation elevated (attenuated) the effect of self-determination (impact) on job satisfaction. However, no significant results were found with respect to meaning and competence. Research and practical implications for the findings as well as directions for future research are suggested.     

Industrial Loan Companies: Where Banking and Commerce Meet

Should commercial firms be prohibited from owning banking institutions? Should the United States remain the only G20 country opposed to the “mixing of banking and commerce”? These questions have assumed new urgency as the Dodd Frank Act of July 2010 imposed a moratorium on the commercial ownership of industrial loan companies (ILCs), which was the last remaining entry point for commercial firms into banking. This paper specifically examines the role of ILCs in America's financial system from its beginnings in 1910 to the present. Special attention is paid to the performance of commercially owned ILCs prior to, during and after the most recent financial crisis. The examination is based upon both survey data and Federal Deposit Insurance Corporation (FDIC) data, which represents a database of the ILC industry that is the most comprehensive one available to date. The paper also reviews the laws and regulations regarding the mixing of banking and commerce, and discusses the advantages and disadvantages of allowing commercial ownership of banks.     

Are investors always compensated for information risk? Evidence from Chinese reverse-merger firms

Using a data sample of 93 Chinese reverse-merger (CRM) firms listed in the U.S. over the period from 2000 to 2011, we find supporting evidence of poorer financial reporting quality exhibited by CRM firms relative to their respective US counterparts. Our main result indicates that while poor financial reporting quality induces information risk/asymmetry, higher (lower) information risk fails to be associated with higher (lower) expected returns. In contrast with prior studies that document information risk as non-diversifiable and a priced risk factor, the value relevance of the CRM firms’ financial reporting quality, in terms of information asymmetry-based premiums, is found to be remote.

     

The Effects of Different Teaching Approaches in Introductory Financial Accounting

Abstract

The purpose of the research is to examine the effect of the two different teaching approaches in the first accounting course on student performance in a subsequent finance course. The study compares 128 accounting and finance students who took introductory financial accounting by either a user approach or a traditional preparer approach to examine their academic performance on a subsequent finance course. The results indicate that there is no significant difference in the finance course grade between students who took the traditional introductory accounting course and students who were taught under the user approach. These findings support the argument that the user approach has no impact on subsequent finance course grade and either method can be used to teach introductory financial accounting. Three factors were found to affect subsequent performance in an introductory finance course: GPA prior to taking the finance course, grades in macroeconomics, and statistics.     

The influences of internal service quality and job standardization on job satisfaction with supports as mediators: flight attendants at branch workplace

Service organizations commonly achieve job satisfaction through internal service quality (ISQ), job standardization, and enhanced customer orientation. However, unlike employees working at headquarters, branch employees do not have access to timely responses and organizational support. This study, using flight attendants working offsite as research samples, looked at how workplace supervisor and co-worker support mediate ISQ and job standardization that contribute to job satisfaction. The results indicated that ISQ and job standardization in branch offices may, directly or indirectly, affect job satisfaction through support from supervisors and co-workers, which strengthened customer orientation. ISQ had a higher impact on supervisor support than on co-worker support, and job standardization had a higher impact on co-worker support than on supervisor support. Based on these findings, a customer-oriented model was established for the branches, and a number of suggestions on theory and managerial implementation were proposed.     

Efficiency tests of foreign exchange markets for four Asian Countries

This paper uses the traditional variance ratio test of Lo and MacKinlay (1988, 1989), the non-parametric-based variance ratio test of Wright (2000) and the multiple-variance ratio test of Chow and Denning (1993), to re-examine the validity of the weak form efficient market hypothesis for foreign exchange markets in four floating-rate markets in neighboring Asian economies (Japan, South Korea, Taiwan and the Philippines). The results show that the random walk patterns of the exchange rate return series cannot be rejected, with the one exception of Taiwan, where inefficiency is shown to be most prominent. We therefore conclude that the foreign exchange markets of Japan, South Korea and the Philippines are weak form efficient, while the foreign exchange market of Taiwan is inefficient.     

Outlier Detection in the Lognormal Logarithmic Conditional Autoregressive Range Model

An outlier detection procedure in the lognormal logarithmic conditional autoregressive range (lognormal Log‐CARR) model is proposed. The proposed test statistic is demonstrated to be well‐sized and to have good power using Monte Carlo simulations. Furthermore, the outlier detection procedure suffers less from the masking effect caused by multiple outliers. The results of an empirical investigation show that the proposed method can effectively detect volatility outliers and improve forecasting accuracy.     

Industry equilibrium with random exit or default

An industry consisting of a large number of small price taking firms subject to idiosyncratic productivity shocks is considered. At the moment of entry, a firm takes on debt. We show that in a competitive equilibrium, some firms exit and pay out their debt while others choose to default. The outcome depends on the realization of firm‐specific shocks. The paper demonstrates that if the firms self‐select between exit with debt repayment and default, then the default region is disconnected from the exit region. The methodological contribution of the paper is the analytical characterization of the long‐run equilibrium for two scenarios of the initial distribution of productivity shocks. We consider two public policy mechanisms—contract enforcement and creditor protection. Our policy recommendation is that regulators need to reduce the contract enforcement if they want to decrease the long‐run default rate.     

Asset Liquidity and Stock Liquidity: International Evidence

This study examines the relationship between asset liquidity and stock liquidity across 47 countries. In support of the valuation uncertainty hypothesis, we find that firms with greater asset liquidity on average have higher stock liquidity. More importantly, our study shows that asset liquidity plays a more significant role in resolving valuation uncertainty in countries with poor information environment. For example, we find that the asset–stock liquidity relationship is stronger in countries with poor accounting standards. We further find evidence that after the adoption of IFRS, the improved accounting information environment results in a weaker asset–stock liquidity relation, but only in countries with a strong legal regime. Finally, our study shows that the positive asset–stock liquidity relationship may be attributed to transparency and/or liquidity reasons.