Time–Space Movement of Festival Visitors in Rural Areas Using a Smart Phone Application

The purpose of this study is to analyse the tourists’ spatiotemporal behaviour at the rural festival using the theory and tracking methods of time geographies and the smart phone application based on global positioning system data. Main results show that most festival tourists visit only the entrance and central spaces, walking along on the same paths, while only a small number of visitors visit the regional commercial area, including the traditional market, main streets in the downtown area, although their tickets allow them to visit these spaces. Based on the time and space density analysis, this study draws the time–space aquarium of the Sancheoneo Ice Festival and can find a spatiotemporal concentration and limitation of socio-economic sustainability in rural tourism using festival as a development booster. Therefore, festival planners and policy-makers should focus on these limited spatial movement patterns and temporal flows of visitors in community-based tourism.     

Tourism expansion and corporate earnings in the tourism industry

Although tourism expansion is theoretically assumed to have a direct influence on the tourism industry, previous studies have not found any significant connection between tourism expansion and tourism firms’ stock performance. This study argues that tourism expansion would have a more direct impact on tourism firms’ earnings than on their stock performance. Accordingly, whether tourism expansion can create significant growth in corporate earnings for tourism firms is tested on the basis of a Granger non-causality procedure using a four-variable vector autoregression model. Test results support the assumption that tourism expansion could significantly improve the corporate earnings of tourism companies. The analyses of the generalized impulse response function and variance decomposition further indicate the critical role of tourism expansion in explaining increases in the tourism industry's corporate earnings. Policy implications are provided to guide the government tourism authorities.     

New development: Lessons and recommendations from South Korea’s experiences with integrated financial management information systems

ABSTRACT

The South Korean government has been reforming its public expenditure management system since 2004. During this time, South Korea adopted new budgeting processes (for example mid-term expenditure framework, top-down budgeting, performance-based budgeting) and developed a new integrated financial information management system. In the course of implementing these reforms, South Korea has important insights and lessons to share with developing countries.     

EFFECTS OF THE SUNDAY SHOPPING RESTRICTION IN KOREA

We examine the effectiveness of Korea's Sunday superstore shopping regulation, whose purpose is to protect small‐ and medium‐sized retailers as well as traditional markets. Applying a two‐way random‐effects regression model to the daily sales data of four megastores and four super supermarkets, we find the net sales decrease of superstores is on average 5.61% of daily sales after taking into account sales increases due to consumers' switching to weekdays. Only about 17%–19% of the reduced superstore sales are transferred to traditional markets. Based on these estimates, the compensating variation per year is predicted to be 2.4–2.5 trillion Korean won (around US $2.1–2.2 billion). (JEL L51, L88)     

CEO Overconfidence and Stock Price Crash Risk

This study examines the association between chief executive officer (CEO) overconfidence and future stock price crash risk. Overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating. They also tend to ignore or explain away privately observed negative feedback. As a result, negative NPV projects are kept for too long and their bad performance accumulates, which can lead to stock price crashes. Using a large sample of firms for the period 1993–2010, we find that firms with overconfident CEOs have higher stock price crash risk than firms with nonoverconfident CEOs. The impact of managerial overconfidence on crash risk is more pronounced when the CEO is more dominant in the top management team and when there are greater differences of opinion among investors. Finally, it appears that the effect of CEO overconfidence on crash risk is less pronounced for firms with more conservative accounting policies.     

Employees striving for innovation in social enterprises: The roles of social mission and commitment-based human resource management

Social enterprises, promising organizations for solving societal problems with innovative approaches, rely upon their members’ active roles for workplace innovation. However, we still have a limited understanding about how social enterprises can foster employees’ endeavors for innovation. By focusing on employee learning and innovative behavior, we investigate the influences of perceived social mission, value congruence, and human resource management (HRM) practices in social enterprises. We conducted two complementary studies to answer our research questions. In Study 1, with a survey of 369 employees from 68 social enterprises, we examined a multilevel moderated mediation model with firm-level and individual-level data. We found that perceived social mission promoted learning and innovative behavior by increasing value congruence, and that commitment-based HRM practices enhanced the overall process from mission to employee efforts for innovation. In Study 2, with 300 daily surveys from 60 employees participating in an experience sampling study, we found that those with high-value congruence showed a significantly more stable pattern with less variance in innovative behavior than in learning behavior. Our study adds novel implications to the underdeveloped literature on employee innovation and HRM in social enterprises by uncovering the positive effects of social mission and value facets for boosting learning and innovative behaviors. Our research also suggests that social enterprises should benefit from pursuing and emphasizing the social mission and commitment-based HRM bundle together, which will promote the prosperity and well-being of business and society.