Environmental orientation in tourism: the RTEO scale

This paper analysed the validity and reliability of the revised tourist ecological orientation (RTEO) scale. There are relatively few studies in the area of the ecological behaviour of tourists and, therefore, RTEO and other scales should be taken into account in future tourism research. This study is based on a sample of 461 golf tourists. A double analysis was carried out: (1) a qualitative analysis through expert opinion and (2) a quantitative analysis through the partial least squares approach. The results suggest that the RTEO scale is a brief, simple and reliable scale of environmental actions.     

Beyond lectures and tutorials: Formal on-the-job training received by young European university graduates

This paper examines the probability of receiving job-related formal training and the returns to on-the-job training in Europe using a sample containing personal, educational, and firm characteristics. The results show that certain occupations, such as managers and professionals, receive more training than others. Furthermore, certain types of workers are more likely to receive training—for example, those graduates in the public sector and those working in larger firms. With respect to the returns to training, estimation results show that the training measure has a significant impact on wages. In estimating the returns to training we have also taken into account the fact that participation in training is endogenous and not random.     

Lagrangean conditions for consumers with nonrepresentable preferences

A Lagrangian characterization of the solutions of the consumer problem is provided when preferences are not representable by a continuous utility function.     

The effectiveness of advertising alcohol products in sports sponsorship

Studies have shown that exposure to sponsorship can influence behavior. However, evidence of the effectiveness of sports advertising and its influence on alcohol consumption is inconclusive. The goal of this research is to examine whether sponsorship by alcohol products receives the same attention as sponsorship by nonalcohol products depending on their congruence and the way they influence the intention to consume. Using sports posters, an experiment was performed to measure attention through eye-tracking. The results show that attention paid to alcohol brands is no greater than the attention paid to incongruent brands and is no different from the attention paid to congruent brands, regardless of gender and sporting discipline. Attention paid to sponsors has no influence on the intention to consume. These results show the need for further research on the effectiveness of sponsorship and its relationship with alcohol consumption.     

GROWING LIKE SPAIN: 1995–2007

Measured total factor productivity (TFP) fell in Spain during the boom years of 1995–2007. Using administrative data from the quasi-universe of firms, we show that there was an increase in misallocation, which was more severe in sectors where connections with public officials are more important for business success. We write and estimate a simple model of cronyism in which heterogeneous firms invest in political connections. Our quantitative exercise concludes that the institutional decline over this period costed 1.9% growth in TFP per year and a 0.8% annual increase in the resources spent by firms in establishing political connections.     

The Reaction by Industry Insiders to M&;As in the European Financial Industry

This paper looks at the reaction by industry insiders, industry analysts and competing firms, to the announcement of M&As that took place in the European Union financial industry in the period 1998–2006. Analysts covering firms involved in an M&A transaction do not significantly alter their recommendation. This is consistent with the hypothesis that the transaction on average is “fairly priced” and that stock market prices reflect all relevant information on the assets. We also find that the correlation between excess returns for merging and competing firms is positive and, in some cases, significantly higher for domestic mergers than for international deals. This is consistent with the idea that domestic deals are more likely to have a negative impact on industry competition.

Zahlungsbereitschaft für grünen Strom: Zunehmende Kluft zwischen Wunsch und Wirklichkeit

This paper presents evidence on preferences for green electricity, drawing on two stated-preference surveys conducted in 2013 and 2015 among 6000 households. It uncovers a strong contrast between the households – rising general acceptance of supporting renewable energy technologies and their shrinking individual willingness-to-pay for green electricity.     

Factors influencing foreign direct investment of South African financial services firms in Sub-Saharan Africa

This research investigates the key elements that South African financial services firms consider before making foreign direct investments in Sub-Saharan African (SSA) markets. The results show that South African financial services firms are most strongly influenced by the political and economic stability of the country in question as well as the profitability and long-term sustainability of its specific markets. The degree of available infrastructure in terms of Information and Communication Technology as well as the existence of credible financial systems was also viewed as highly important considerations before investing in SSA. Given the uncertainty and ambiguity of most SSA markets many South African financial services firms prefer to enter existing markets via a majority stakeholder joint venture with a local partner or via a new investment if the market does not currently exist. The nature of the financial services firm also seems to influence the entry method and once in a new country most firms seem to prefer a full service presence. Additionally, the key motives cited for expansion northward were to broaden revenue bases and improve profit margins as well as to stay close to local customers.