Confronting sustainable development in two rural heritage valorization models

Many rural areas have reinvented their territorial development through tourism, turning to vernacular heritage to ensure their future. Various models of heritage preservation and valorization are adopted where small-scale agriculture is no longer viable. Among them, ecomuseums and place-based labelization schemes transform rural heritage into an economic resource while remaining grounded in cultural and architectural preservation and identity transmission to future generations. Both face criticisms, including being decried as fostering the museumification and mythification of the rural, effectively holding back rural areas in an imagined and romanticized past rather than providing a vision for a sustainable future. The Association of the Most Beautiful Villages of France and the Ecomusée d'Alsace illustrate the debate. This investigation analyzes how these two initiatives challenge critics. It unveils their respective understandings of the future of rurality and their approach to promoting sustainable communities through tourism. By highlighting responses to tensions between valorizing the past and forward development in the countryside, findings reveal paradigm shifts from traditional habitat preservation to future-oriented architectural pedagogy in one case, while operational exigencies and normative quality principles mitigate opportunities in the other.     

Creating sustainable value in the hospitality industry: a (critical) multi-stakeholder study in the Dominican Republic

This paper identifies sustainable initiatives reported by “sustainability-champion” hotels in the Dominican Republic, while contrasting them against the views of key stakeholders. We adapt and apply Hart and Milstein's Sustainable Value Framework, and complement it with a Critical Management Studies approach. Our analysis relies on a mixed-methods approach (non-hierarchical k-means cluster analysis, as well as thematic and content analysis). Findings indicate that most hotels are engaging more actively in present-oriented strategies such as pollution prevention (especially, the international hotels) and in product/service stewardship. However, in the future-oriented strategies, hotels owned by local investors show higher commitment to both clean technology and innovation, and to the sustainability vision (as the firm's growth path). In addition, although the views of multiple stakeholders show a clear acknowledgment of the hospitality industry's sustainability efforts (particularly regarding education and environmental protection), they also offer differing views about the ultimate impact and value of those efforts for them and for the broader society. Our study offers a new theoretical lens to explore multi-stakeholder approaches and offers practical implications for the Dominican Republic's National Strategy for Development 2010–2030, as well as implications that may be of use for other tourism-dependent countries.     

Identifying micro-destinations and providing statistical information: a pilot study in the Canary Islands

Municipalities and regions are often used as an object of tourism analysis at the subnational level. This occurs because administrative borders are used to implement tourism policies and collect statistical information. However, administrative boundaries may not always be suitable for studying tourism destinations at a local level. Sometimes, particularly in high-density tourism destinations, several differentiated tourism areas occupy a single municipality; tourism areas may, and often do, extend beyond municipal boundaries and tourism destinations may not occupy the whole of the municipal area. As such, a new level of analysis is often required: the micro-destination. There are few tourism concepts as imprecise as that of the destination. Therefore, the process of identifying and establishing the boundaries of a micro-destination is by no means a straightforward one. This paper presents six criteria for establishing the boundaries of this type of tourism area. Of these six, the two primary criteria used are: the concentration of tourism establishments; and tourism typologies and supply characteristics. These criteria have been applied as part of a pilot study in the Canary Islands. Statistical information for nine micro-destinations is generated using the geolocation of tourism establishments together with information obtained from both supply-side and demand-side surveys.     

Do analysts add value when they most can? Evidence from corporate spin‐offs

This article investigates how securities analysts help investors understand the value of diversification. By studying the research that analysts produce about companies that have announced corporate spin‐offs, we gain unique insights into how analysts portray diversified firms to the investment community. We find that while analysts' research about these companies is associated with improved forecast accuracy, the value of their research about the spun‐off subsidiaries is more limited. For both diversified firms and their spun‐off subsidiaries, analysts' research is more valuable when information asymmetry between the management of these entities and investors is higher. These findings contribute to the corporate strategy literature by shedding light on the roots of the diversification discount and by showing how analysts' research enables investors to overcome asymmetric information. Copyright © 2013 John Wiley & Sons, Ltd.     

Good Cop–Bad Cop: Trust,Control, and the Lure of Integration

Based on a longitudinal case study of four interorganizational product development collaborations, this paper identifies a lure to cross‐functional integration that has hereto been neglected. In particular, findings suggest that when the buyer firm separates the Research and Development (R&D) Department from the Procurement Department, the two departments play a good cop–bad cop strategy toward the supplier. Thereby, they are able to foster a high level of goodwill trust between R&D personnel of the collaborating firms, while procurement personnel maintain a high level of formal control. Using an intricate sample design with polar cases, the study shows that cross‐functional integration of the two departments hampers interorganizational goodwill trust at the benefit of formal control. The findings offer a way forward for managers seeking to reap the benefits of collaboration, while limiting their exposure to the associated risks.     

Development of a Technology Education Cascading Theory through community engagement site-based support

If teachers are not equipped to teach Technology Education subject nationally and internationally, the continent of Africa will continue to bear the brunt of unsavoury results unless radical interventions are implemented to transform the situation. It is against this background that action research methods became a useful site-based support to empower Technology teachers at three sampled schools from Tshwane South Circuit in Gauteng Province of South Africa. The purpose of this study was to share fresh perspectives on how a sample of Technology teachers responded to content-related classroom practices during reflective action research activities that took place during community engagement contact sessions. These teachers, who are under qualified and unqualified to teach this subject, were engaged in circular and spiral action research cycles. The teachers’ engagement brought forth the development of Technology Education Cascading Theory. It was evident that community engagement activities served as a podium to transform teachers’ teaching of Technology Education and enhance learners’ achievement. The study was underpinned by cooperative enquiry theory and engaged participants in reflective practices of developmental action paradigm. Interaction with Technology Education teachers further revealed that most of them need their schools to budget for this Technology subject they are teaching.     

Development of onshore wind energy utilisation in Germany

Onshore wind energy utilisation in Germany has developed very dynamically in the last decade. This has mainly been driven by the renewable energy laws that systematically support the expansion of renewable energy in the electricity sector. In 2009 a revised law with increased feed-in tariffs for wind energy has come into force. Existing studies already predict a wide range of development patterns under the Renewable Energy Sources Acts 2000 and 2004. This paper investigates the long term impact of different feed-in tariffs implemented by the legislative authorities and it provides corresponding future development patterns of onshore wind energy utilisation in Germany. The underlying System Dynamics model considers technical as well as economic conditions and constraints. The approach and the model’s results are contrasted with other published predictions qualitatively and quantitatively. This comparison shows that the model’s outcome lies in the range of predictions by existing studies, but also shows some interesting differences.

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Zusammenfassung  Die Entwicklung der Windenergienutzung in Deutschland wahrend der letzten Dekade verlief sehr dynamisch. MagBgeblich dafur war die systematische Forde-rung mittels der Erneuerbare Energien Gesetze (EEG) bzw. deren Vorlaufer. Vom Jahr 2009 an gilt ein uberarbeitetes Gesetz, welches u.a. erhohte Einspeisever-gutungen furWindenergie beinhaltet.Vorliegende Studien, die sich mit derzu-kunftigen Entwicklung auseinandersetzten, zeigen bereits deutlich unterschied-liche Szenarien fur die Entwicklung unter dem EEG 2000 und 2004. Diese Arbeit setzt sich mit den langfristigen Auswirkungen der verschiedenen vom Gesetz-geber festgelegten Einspeisetarife auseinander und stellt entsprechend unter-schiedliche Ausbauszenarien fur die deutsche Onshore Windenergienutzung dar. Das zugrunde liegende System Dynamics Modell berucksichtigt dabei sowohl technische als auch okonomische Parameter. Der Ansatz sowie die Ergebnisse werden anderen veroffentlichten Prognosen gegenubergestellt. Die Ergebnisse liegen innerhalb der Spannbreite der anderen berucksichtigten Studien, zei-gen jedoch auch interessante Unterschiede.

     

The ancillary insolvency proceeding

The main legal acts on International Insolvency Law (the European Regulation, the UNCITRAL Model Act and the European Convention on Certain International Aspects of Bankruptcy) lay down several local proceedings with substantive effects as regards the debtor, the distribution of proceeds and the ranking of claims. These—full—proceedings are characterized by a high degree of unpredictability and prove to be inadequate for creditors. These are the reasons why, as an immediate solution, the existing insolvency rules should be reinterpreted according to a certain logic of the market. However, such revision would only partially and provisionally solve the inconveniences of the current model. The true and ‘unsolvable’ problem is that even though the full local proceeding is based on international assistance, it alters the substantive insolvency rules. Therefore, in future it would be necessary to create a truly ancillary proceeding. Such a proceeding would not have any substantive effect as regards the debtor, the creditors and third parties, nor would it require any kind of distribution of proceeds and ranking of claims. However, this proceeding would enable to provide procedural assistance to foreign courts and procedural protection to local creditors. Copyright © 2010 John Wiley & Sons, Ltd.     

The Risk Microstructure of Corporate Bonds: A Case Study from the German Corporate Bond Market

This article presents joint econometric analysis of interest rate risk, issuer‐specific risk (credit risk) and bond‐specific risk (liquidity risk) in a reduced‐form framework. We estimate issuer‐specific and bond‐specific risk from corporate bond data in the German market. We find that bond‐specific risk plays a crucial role in the pricing of corporate bonds. We observe substantial differences between different bonds with respect to the relative influence of issuer‐specific vs. bond‐specific spread on the level and the volatility of the total spread. Issuer‐specific risk exhibits strong autocorrelation and a strong impact of weekday effects, the level of the risk‐free term structure and the debt to value ratio. Moreover, we can observe some impact of the stock market volatility, the respective stock's return and the distance to default. For the bond‐specific risk we find strong autocorrelation, some impact of the stock market index, the stock market volatility, weekday effects and monthly effects as well as a very weak impact of the risk‐free term structure and the specific stock's return. Altogether, the determinants of the spread components vary strongly between different bonds/issuers.