Factors Affecting Lodging Career Success: An Analysis of Management Philosophies

This research investigates the impact of lodging professionals' management philosophy practices on career success. The study assesses the practice of management philosophies and examines if these practices differ among respondent groups, as well as explores the influence of practiced philosophies on career success. Findings indicate that differences exist among respondents based on age, property affiliations, and position. Moreover, executives who instill in employees customer-centeredness and engage in open sharing of information with employees experience relatively high monetary success. However, results suggest that lodging professionals' practices of these management philosophies are not rewarded until reaching senior status.     

The Economic Value of Corporate Eco‐Efficiency

This study adds new insights to the long‐running corporate environmental‐financial performance debate by focusing on the concept of eco‐efficiency. Using a new database of eco‐efficiency scores, we analyse the relation between eco‐efficiency and financial performance from 1997 to 2004. We report that eco‐efficiency relates positively to operating performance and market value. Moreover, our results suggest that the market's valuation of environmental performance has been time variant, which may indicate that the market incorporates environmental information with a drift. Although environmental leaders initially did not sell at a premium relative to laggards, the valuation differential increased significantly over time. Our results have implications for company managers, who evidently do not have to overcome a tradeoff between eco‐efficiency and financial performance, and for investors, who can exploit environmental information for investment decisions.     

Trust in UK financial services: A longitudinal analysis

The role and importance of trust for the development and maintenance of relationships in the financial services sector cannot be disputed. In a business to consumer context, this article presents a model for measuring trust for financial services organisations and positions trustworthiness as its key antecedent. The work also presents five important determinants of trustworthiness and ultimately trust. Our work is based on 5 years’ data before and during the ‘credit crunch’, and across the seven main types of product provider in the United Kingdom. The findings show that the overall trust rating for financial services has remained remarkably stable throughout the period of the study. The research also reveals that trust ratings are highest in relation to consumers who are older and that consumers are typically more trusting of brokers than any other type of product provider.     

Exchange Market Pressure and Monetary Policy in Emerging Market Economies: New Evidence from Treatment‐effect Estimations

The way central banks react to exchange market pressure is likely to affect the subsequent economic development and the associated economic costs. In a situation of currency pressure the central bank can in principle decide to let the currency float freely, to maintain the peg or to implement a managed float policy, i.e. a mix of depreciation and intervention. As the central bank's choices are subject to self selection and endogeneity, we use propensity score matching to adequately cope with these methodical challenges. We find that monetary authorities have two options to keep down the economic costs in terms of output, namely stabilizing the exchange rate or letting the currency float freely. In contrast, a managed float under currency pressure is accompanied by the worst possible outcome with an average loss of gross domestic product (GDP) between 5% and 6%.     

Stock market volatility, excess returns, and the role of investor sentiment

Using the Investors' Intelligence sentiment index, we employ a generalized autoregressive conditional heteroscedasticity-in-mean specification to test the impact of noise trader risk on both the formation of conditional volatility and expected return as suggested by De Long et al. [Journal of Political Economy 98 (1990) 703]. Our empirical results show that sentiment is a systematic risk that is priced. Excess returns are contemporaneously positively correlated with shifts in sentiment. Moreover, the magnitude of bullish (bearish) changes in sentiment leads to downward (upward) revisions in volatility and higher (lower) future excess returns.     

Dollarization in Latin America: seigniorage costs and policy implications

This paper examines the seigniorage costs of official dollarization in 15 Latin American countries. We show that the total costs can be decomposed into two components: seigniorage transferred to the U.S. and seigniorage lost due to greater financial stability in the dollarized country. Results indicate that seigniorage costs and their components are significant, yet differ considerably across countries. A cluster analysis is performed to sort countries into homogenous sub-groups. At a stage with five sub-groups we find groups with increasing seigniorage burdens. At a stage with two sub-groups we can identify candidates for possible seigniorage revenue-sharing agreements with the U.S.     

How do top executives handle their work and family life? A taxonomy of top executives' work–family balance

Aiming to increase understanding of work–family balance at the executive level and to derive implications for human resource management, this study analyses patterns of the way in which different top executives handle the interface between work and family domains. Drawing on role theory, research on work–family linkages and a qualitative study with 42 top executives, the authors identify eight constructs that constitute top executives' work–family balance. By applying cluster analysis to dyadic data from 220 top executives and their life partners, they detect five top executive work–family balance types, according to the interplay of the top executives' satisfaction and functioning at work and at home, as well as the conflicts between the two life domains. The balance types imply significant variance in highly relevant outcomes, such as job performance and job attitudes.     

La Gouvernance Mutualiste Comme Levier de ContrÔle: Le Cas D'une Banque

Il est courant de mettre en doute la réalité du pouvoir des sociétaires élus dans les organes de gouvernance des banques coopératives. Plus encore, lorsqu'il s'agit d'analyser les mandats des élus de caisse locale. Notre recherche a pour objectif d'analyser plus finement les termes de leur engagement. Les résultats de notre étude de cas, montrent que les élus participent à différents leviers de contrôle. Cette participation contribue à canaliser l'action des dirigeants et des cadres intermédiaires.     

Psychosocial Outcomes as Motivations for Visiting Nearby Urban Green Spaces

High-density urban living means that urban green spaces are important nodes of contact with nature. This study examines expected outcomes that motivate people to seek green spaces in urban settings. A sample of Swiss residents were presented with Shin, Kwon, Hammitt, and Kim's (2005 Shin, W., Kwon, H., Hammitt, W. and Kim, B. 2005. Urban forest park use and psychosocial outcomes: A case study in six cities across South Korea. Scandinavian Journal of Forest Research, 20(5): 441–447. [Taylor & Francis Online], [Web of Science ®] , [Google Scholar]) psychosocial outcomes scale and asked which activities they choose to undertake in nearby natural areas. The most important motivations for visiting nearby green spaces were related to restoration, with social bonding as a desirable side benefit. There were few observable differences between urban and rural residents and level of education attained. Older people are motivated to visit nearby green spaces by the wish to seek social contact while younger people are motivated by the wish to seek escape and to reflect. This study contributes to the understanding of the psychosocial outcomes that residents expect from engaging in an activity in an urban green space.     

DOES BUSINESS ENVIRONMENT MATTER TO THE DEVELOPMENT OF A MARKET ORIENTATION?

Developing a market orientation is one of the key issues in market‐orientation research. In this study, based on a survey of top managers from 143 Chinese hotels and 72 travel services—two tourism sectors with distinctly different business environments—we explore the effects of environmental conditions on the development of market orientation. In particular we examine whether environmental conditions have a direct impact on the level of market orientation or whether they moderate the relationship between market orientation and its antecedents. We find that the effectiveness of top management emphasis varies under different environmental conditions but that the impact of other antecedents is not influenced by environmental conditions.