Impact of Auditor Report Changes on Financial Reporting Quality and Audit Costs: Evidence from the United Kingdom

While substantial revisions to auditor reporting requirements are being implemented internationally, the impact of these reforms on financial reporting quality is unknown. We exploit the United Kingdom's recent auditor reporting changes and find that the United Kingdom's new reporting regime is associated with an improvement in financial reporting quality as proxied by significant decreases in absolute abnormal accruals and the propensity to just meet or beat analyst forecasts, and a significant increase in earnings response coefficients. As for audit costs, we do not find a significant change in audit fees or audit delay surrounding the implementation of the new reporting regime. Taken together, the results of this study suggest that new auditor reporting requirements are associated with a significant improvement in financial reporting quality without detecting a significant increase in audit costs.     

Investment in quality upgrade and regulation of the internet

This paper studies the investment decision by a monopolistic internet service provider (ISP) in different regulatory environments. We consider that the ISP can technically provide separate quality upgrades to two vertically differentiated content providers (CPs). Our results show that if unregulated, the ISP could optimally provide asymmetric quality upgrades to both CPs, in favor of the high-quality CP. This subsequently increases the degree of content differentiation, softening competition between the CPs. Imposing a nondiscrimination regulation that forces the ISP to provide an equal quality upgrade to both CPs, however, reduce the ISP’s investment incentive and social welfare. Furthermore, the social planner provides preferential treatment to the high-quality CP if the degree of substitutability is sufficiently low. In contrast, it is socially optimal to prioritize the low-quality CP if the contents are sufficient substitutes, or provide exclusivity if vertical differentiation is high.

     

基于产业背景的金融控股集团协同机制研究

产业金控集团是当前我国产业资本借力资本市场发展实体经济的重要方式,但在 实际运行中存在协同机制不健全、协同效应发挥不足、产融结合的深度和广度不足等问题。本 文对国内外产业金融理论进行了文献综述,深入分析了产业金控集团产生的动因,指出了目前 产业金控集团在发挥协同效应中存在的不足。结合产业金控集团的优势和特点,从构建横向协 同机制和纵向协同机制的角度,探讨了完善产业金控集团协同机制的举措。     

Destination Image of Taiwan From the Perspective of Hong Kong Residents: Revisiting Structural Relationships Between Destination Image Attributes and Behavioral Intention

Destination image plays an important role in how tourists make their travel and purchase decisions. This study examines the perceived image of Taiwan as a travel destination from the perspective of Hong Kong residents. The Hong Kong outbound tourism market is important for Taiwan. Using a self-completed questionnaire, this research examines the destination image of Taiwan among 213 Hong Kong residents. The results indicate that affective image is a stronger predictor of travel intention than cognitive image. Affective image also plays a mediating role in the relationship between cognitive image and behavioral intention. Hence, affective image is an important intangible quality for today’s destinations.     

Energy benchmarking in support of low carbon hotels: Developments,challenges, and approaches in China

Achieving effective and objective energy benchmarking for hotels is integral in fostering the sustainable development of the lodging sector. In this work, we reveal the major and minor streams of hotel energy benchmarking and ascertain that the most popular approach in benchmarking is normalized energy use intensity (EUI) based on floor level. Previous efforts to establish EUI indicators using subsystem average, data envelopment analysis (DEA), and regression technique are also studied. We propose that hotel energy benchmarking based on floor area is useful from the top-down management perspective. However, on a practical perspective, energy benchmarking based on facilities should be the first priority for hotel management or owners. Compared with the general energy benchmarking in the building sector, we find that the hotel sector lags behind in the adoption of computer modeling for benchmarking.     

Understanding the leadership perceptions of staff in China's hotel industry: Integrating the macro- and micro-aspects of leadership contexts

The objective of this paper is to understand the leadership perceptions of staff in China's hotel industry. This study integrates the macro- and micro-aspects of leadership contexts by identifying the contextual variables that affect leadership perceptions. In leadership research, industry setting, the hierarchical levels of an organization, and national culture are recognized as the contextual constraints that affect leadership perceptions, and these constraints were used in this empirical study. Four factors emerged from the factor analysis of a survey study: professionalism; integrity; masculinity or yang; and femininity or yin. A key finding indicates that both the industry setting and the hierarchical levels of an organization affect professionalism. Implications for the training and development of future international hospitality leaders and local staff are considered.     

Energy Saving and Tourism Sustainability: Solar Control Window Film in Hotel Rooms

This paper investigates solar control film as an energy saver in the fast growing hotel sector in southern China. It investigates claims made for this low-cost retrofitted material in hotel rooms, calibrating reductions in solar gain in summer. It provides reliable and independent data about the performance and economic viability of solar control film in real hotel environments. The study found that, by limiting solar gain, the film helps limit tourism's impact on global warming and climate change. The paper also foreshadows new technical glazing developments.     

Environmental orientation and corporate performance: The mediation mechanism of green supply chain management and moderating effect of competitive intensity

This study proposes and empirically tests a model delineating the relationship among environmental orientation, green supply chain management (GSCM) activities (green purchase, customer cooperation and investment recovery) and corporate performance. Based on responses from 194 foreign invested enterprises operating in China, this study has generated several important findings. First, it demonstrates that while both internal and external environmental orientations exert a positive and significant influence on the practice of green purchase and customer cooperation, internal environmental orientation further serves as a significant driver for the practice of investment recovery. Second, it shows that the practice of these three major GSCM activities, in turn, significantly enhances corporate performance. Last, the study reveals that competitive intensity strengthens the positive influence of customer cooperation on corporate performance. Overall, the findings explicate the importance for firms, in particular those operating in a highly competitive market condition, to nurture a pro-environmental corporate culture and improve their sensitivity to salient external stakeholders' environmental demands so as to pursue greener supply chain management.