Can Benefits in Recreational Parks in Malaysia Be Transferred? A Choice Experiment (CE) Technique

This paper analyses benefit transfer in the case of recreational parks using the choice experiment (CE) technique. The CE was employed because it allows different changes in recreational park attributes to be taken into account. The analyses were performed in terms of transferability of valuation function and willingness to pay (WTP) values. The results for the valuation function suggest that the estimated coefficients between the two sites are not transferable. However, the estimated WTP values can be transferred. The results suggest the suitability of using the CE approach in analysing benefit transfer if the objective is to transfer the WTP values rather than the valuation function. Copyright © 2014 John Wiley & Sons, Ltd.     

Tourism development and environmental degradation in the United States: evidence from wavelet-based analysis

The recent literatures indicate that the tourism development (TD) has significant influence over the environmental degradation of both high-tourist-arrival and low-tourist-arrival countries. This study investigates the empirical influence of TD on environmental degradation in a high-tourist-arrival economy (i.e. United States), using the wavelet transform framework. This new methodology enables the decomposition of time-series at different time–frequencies. In this study, we have used maximal overlap discrete wavelet transform (MODWT), wavelet covariance, wavelet correlation, continuous wavelet power spectrum, wavelet coherence spectrum and wavelet-based Granger causality analysis to analyse the relationship between TD and CO₂ emission in the United States by using the monthly data from the period of 1996(1) to 2015(3). Results indicate that TD is majorly having the positive influence over CE in short, medium and long run. We find the unidirectional influence of TD on CE in short run, medium and long run in the United States.     

Impact of employer branding on organization’s performance

An increasing number of organizations embark on employer branding although this practice is not theoretically supported. Our study explores the employer brand by employing branding that examines the interrelation between the elements and the branding process’ outcomes. Our study is based on the employer branding model having two major components: the employer brand (with interrelated internal and external images) and the efficiency outcomes originating from the application of the employer branding process. Our study combines quantitative and qualitative research methods. The data were obtained from the companies operating in the western province of Sri Lanka. Our findings reveal that organizations with an advanced employer branding strategy have greater productivity than those organizations who lack or have partially developed strategy. Our study compares organizations with different levels of implementation of the employer branding strategy. Special attention is paid to organizational communication and the incorporation of values into the external and internal employer brand.     

An empirical test of modal choice and allocative efficiency: Evidence from US coal transportation

A generalized shipper transportation cost function is estimated to test whether coal shippers achieve allocative efficiency with respect to market prices when facing limited access to the full range of transportation services. Findings indicate that allocative efficiency with respect to market prices is achieved when shippers have access to all major transportation modes. In contrast, the condition for allocative efficiency is not met with respect to market prices when shippers’ modal choices are limited to trucking and rail services. Findings for the sample of shippers who face limited shipping choices is interpreted as suggesting an over-use of trucks relative to the use of trains due to price distortions of transportation services.     

Stock prices and demand for money in China: New evidence

This paper investigates the relationship between stock prices and the real money demands for China within a cointegrated framework. This study reports two important results. First, test results reveal that a stable long-term relationship exists between broad money (M2) and its determinants including real income, foreign interest rate, and stock prices. Second, stock prices have a significant substitute (positive) effect on long-run broad-money (M2) demand and its omission can lead to serious misspecification in the money demand function in both the short- and long-run. Finally, we demonstrate that long-run income elasticity is not significantly different from unity with the inclusion of stock prices in the money demand equation.     

Inherent factors of family business and transgenerational influencing tourism business in Malaysian islands

ABSTRACT

There is an indication that the existence of transgeneration enterprise has unique ability as a ‘resilient factor’ in sustainable tourism development. It bridges the relationship between resilience and sustainability. This paper highlight evidences of the relationship using two successful case studies of Small-Medium scale tourism enterprises on the islands in Malaysia, namely the islands of Langkawi and Tioman. The most important factors influencing successful family business in transgeneration enterprise by priority within the business wealth point of view are aspect of survival, followed by low-entry barriers, ‘passing the baton’, bridging relationship, ‘smallness’, and adapt and change. From the socioemotional wealth point of view, aspect of belonging followed by family welfare priorities, structural generation change, contextual embeddedness, attitude, informal decision making and friendly working environment influence the success of family business in transgeneration enterprises. Hence, sustainable tourism development in the context of local community empowerment might only be achieved once the ‘resilient factor’ is present or in place and ready at the tourism destination.     

Monetary Policy and Sectoral Bank Lending in Malaysia

Abstract

Unlike most studies on the effect of monetary policy on bank lending, this article intends to answer the question whether the tightening of monetary policy in Malaysia before and after the financial crisis in 1997 affected differently the commercial bank lending to various sectors of the economy. To achieve the objective, Vector Autoregressive Regression (VAR) method was used to generate impulse response function and variance decomposition to trace the impact of a shock in monetary policy on bank lending in Malaysia. The results show that a monetary policy tightening in Malaysia gives a negative impact on all the sectors. Analyzing sectoral responses to monetary shocks, evidence is found that some sectors are more affected than the others. The manufacturing, agricultural, and mining sector seems to decline more than the aggregate bank lending in response to interest rate shock.     

Foreign exchange exposure and impact of policy switch – the case of Malaysian listed firms

This article undertakes an in-depth study of the foreign exchange exposure of Malaysian listed firms. We examine several issues related to firm-specific and overall exposure, including an evaluation of the efficacy of adopting a hard-peg on such exposure. Our sample consists of 158 listed firms and spans the 16 year period, 1990–2005. A multivariate model using four bilateral exchange rates is used to determine firm level exposure while panel data analysis using a random-effects Generalized Least Squares (GLS) model is used to determine system-wide or aggregate sample exposure. We find a total 71% of our sample firms to have significant exchange rate exposure, a rate substantially higher than that reported for most countries, especially developed ones. The US$ is by far the single most important source of exposure with 63% of sample firms exposed to it. The sign of the beta coefficient for three of the four currencies are negative, implying that our sample firms are largely net importers in these currencies. We find exposure to be time variant and dependent on the sector within which a firm operates. Interestingly, the panel data analysis which measures aggregate exposure, shows the US$ to be a significant source of exposure even with the adoption of the hard peg. The change in policy regime to a fixed peg following the crisis appears to have had no impact at either firm-level exposure or overall system-wide exposure.     

Consumer-based brand equity (CBBE) and the role of social media communications: Qualitative findings from the Malaysian automotive industry

Previous studies on consumer-based brand equity (CBBE) have maintained that CBBE is a multidimensional construct which reflects both consumers’ perceptions and attitudes. However, only few of the extant CBBE models emanate from the context of automotive brands. As such, this present study employs a qualitative approach using a semi-structured face-to-face interview among 11 informants, to explore the concept of CBBE in the context of automotive brands. Also, this study explores the role of social media communications in developing CBBE for automotive brands. The findings of this research demonstrate that CBBE is a valid concept which reflects consumers’ perception and mindset towards their knowledge, which are reflected through brand awareness, hedonic brand image, functional brand image, and brand sustainability of automotive brands. Additionally, the marketing activities and communication contents on social media play an important role in improving the perception of automotive brands in consumers’ minds, hence the development of automotive CBBE. The theoretical implications of these research findings are that this study provides an insight into the feasibility of developing a specific CBBE model for automotive brands. Practically, this study presents insights for brand manager on the importance of developing CBBE through social media communications.