Factors That Distinguish Proactive Versus Reactive Exporters: Decisions by Export Firms in a Developing Country

This study explored factors that distinguish proactive versus reactive export marketing strategies of Zimbabwean export companies. It identified key variables that contributed most to the discrimination between proactive firms with high levels of adaptation of export marketing strategy against reactive exporters with low levels of adaptation of export marketing strategy. Data were collected through a structured multi-item questionnaire involving a randomly selected sample of 105 exporting organizations. The overseas experience of management and strategic orientation of the company, cultural values, and legislation were found as key variables that discriminated between reactive exporting firms using low adaptation of export marketing strategy from those proactive exporters with high adaptations.     

Integration Among Asia‐Pacific and International Stock Markets: Common Stochastic Trends and Regime Shifts

Are stock markets in the Asia‐Pacific region integrated with each other and with the US and Japan? The paper examines a number of common stochastic trends among stock prices in the US, Japan, Hong Kong, Korea, Singapore, Taiwan and Thailand. If integration exists it is a fairly recent phenomenon. Institutional and economic considerations suggest the same is true so that a single common stochastic trend among Asian and North American markets is a recent phenomenon. The reason is that the stock markets studied were only recently sufficiently liberalized to permit some form of integration to emerge. Also, not only was the 1987 stock market crash significant, but the 1991 Gulf War also signalled a turning point in the degree of stock market integration among the countries studied.     

The effects of entrepreneurial orientation and marketing information on the performance of SMEs

In this study, we investigate the effects of entrepreneurial orientation and marketing information on the performance of small and medium-sized enterprises. We build and test a causal model using data obtained from Singaporean entrepreneurs and find support for most of our hypotheses. The results indicate that entrepreneurial orientation plays an influential role on the acquisition and utilization of marketing information, and also has a direct effect on firm performance. The utilization of information regarding marketing mix decisions (particularly the Promotion and Place elements) positively affects firm performance, and it partially mediates the relationship between entrepreneurial orientation and firm performance. The implications and future research directions are discussed.     

Canonical Valuation of Mortality‐Linked Securities

A fundamental question in the study of mortality‐linked securities is how to place a value on them. This is still an open question, partly because there is a lack of liquidly traded longevity indexes or securities from which we can infer the market price of risk. This article develops a framework for pricing mortality‐linked securities on the basis of canonical valuation. This framework is largely nonparametric, helping us avoid parameter and model risk, which may be significant in other pricing methods. The framework is then applied to a mortality‐linked security, and the results are compared against those derived from other methods.     

Are better governed funds better monitors?

Using Morningstar mutual fund stewardship grade data, we find that the governance mechanisms of mutual funds play a key role in their monitoring of portfolio firms and in their investment decisions. Mutual funds with better governance practices tend to vote responsibly on corporate governance proposals of their portfolio firms and also provide better return performance. Furthermore, these funds tend to avoid investing in poorly governed firms. The results suggest that funds with quality governance are more likely to act in the interest of their investors, and that costs associated with funds' monitoring of their portfolio firms do not adversely affect their return performance.     

To fear or not to fear? Applying the social amplification of risk framework on two environmental health risks in Singapore

Abstract

Smoke haze and dengue fever seasons were nationwide environmental health risk events that plagued Singapore between April and June 2013. Although relatively harmless compared to dengue fever, people in Singapore were visibly more disturbed by smoke haze. They engaged in preventive behaviors such as frantic purchasing of protective masks or staying indoors most of the time. Such reactions hint at the possibility of the social amplification of risk, a term coined to explain irrationally high public concerns over relatively minor risk issues, due to the visible nature of the risk event or people’s reactions to it. The current study aims to confirm the social amplification of risk for the haze event, as well as to test for the underlying reasons behind this phenomenon. Among the antecedents explored were the influence of information channels (traditional media and social media) on risk perception, negative affect, information seeking, and information sharing on the enactment of preventive behaviors. Data were collected from a sample of 343 college students through an online questionnaire. Results supported the presence of social amplification of risk for the haze event, and social media exposure was found to overshadow the influence of traditional media exposure on risk perception, negative affect, information seeking, information sharing, and preventive behaviors.     

A general equilibrium analysis in the Phillips space

The relationship between inflation and unemployment is analyzed within a general equilibrium framework in which the equilibrium rates of inflation and unemployment are solved simultaneously. The locus of points in the Phillips (inflation-unemployment) space depends on the dynamic adjustment mechanism postulated and the value of the behavioral parameters of the model. Changes in fiscal and monetary policy may lead to clockwise or counter-clockwise loops or spirals and to movement of the system in any direction in the Phillips space. The traditional inverse relationship between inflation and unemployment represents only one of a number of possibilities.     

Relative CEO Underpayment and CEO Behaviour Towards R&D Spending

abstract Arguments based on labour market theory suggest that there may be CEO behavioural issues related to pay deviations from the labour market rate for CEO pay; however, few studies examine this phenomenon. This study attempts to address such behavioural issues by examining the influence of relative CEO underpayment on reductions in R&D spending, the differences in this relationship between firms in high R&D intensive versus low R&D intensive industries, and the moderating affect of ownership structure on the CEO underpayment and R&D spending relationship. Results suggest that relative CEO underpayment is associated with reductions in R&D spending in low R&D intensive industries and increases in R&D spending in high R&D intensive industries. Also, greater relative CEO underpayment leads to greater reductions in R&D spending in manager‐controlled organizations as compared to owner‐controlled organizations. This study provides evidence that pay deviations may, in fact, affect certain CEO behaviours, specifically relating to innovation.     

Can staying overnight affect traveler satisfaction? Evidence from a gambling destination

Given that satisfied travelers tend to become repeat customers and spread positive word of mouth, destinations must induce travel satisfaction to increase their income. Travelers may face increasing physical and mental challenges during their travel that can undermine their travel experience, and staying overnight in a destination can improve the satisfaction of travelers by refreshing their energy. Given its important role in increasing the revenues of certain destinations such as Macau, staying overnight is strongly encouraged among travelers. However, the relationship between staying overnight and traveler satisfaction in the casino context has never been studied. By conducting a survey among 17,742 travelers in Macau, this study explores the moderating effect of staying overnight on the relationship between travel experience and satisfaction. The results indicate that staying overnight strengthens (reduces) the negative effect of visiting frequency (outside-Macau casino experience). However, staying overnight has no moderating effect on such relationship when the negative influence of first-time visit is considered. These findings also provide implications for tourism researchers and practitioners.