Modelling International Price Relationships and Interdependencies Between the Stock Index and Stock Index Futures Markets of Three EU Countries: A Multivariate Analysis

This paper addresses the important relationship between stock index and stock index futures markets in an international context. By simply examining the spot‐futures relationship within a single country as most of the extant literature does and thus ignoring possible market interdependencies between countries, the dynamics of price adjustments may be misspecified and thus findings misleading. The main contribution of the paper is to improve our understanding of the pricing relationship between spot and futures markets in the light of international market interdependencies. Using a multivariate VAR‐EGARCH methodology, the paper investigates stock index and stock index futures market interdependence, that is lead‐lag relationships and volatility interactions between the stock and futures markets of three main European countries, namely France, Germany and the UK. In addition, the paper explicitly accounts for potential asymmetries that may exist in the volatility transmission mechanism between these markets. The main conclusions of the paper imply that investors need to account for market interactions across countries to fully and correctly exploit the potential for hedging and diversification.     

Developing a Country‐wide Tourist Loyalty Scheme: A Barren Landscape

Loyalty programs, popular in today's competitive business environment, have been capturing the attention of the tourism industry since the mid 80's. While many segments of the industry have successfully utilized loyalty programs, the development of a country‐wide loyalty scheme still poses major challenges. Reflecting the findings of an extensive mixed methods research, the paper set out to empirically investigate tourists' willingness to participate in a country‐wide loyalty scheme, define the incentives they expect from such a scheme, and, explore the perceptions of hospitality stakeholders towards this potential development. Findings are of interest to both academic scholars and industry stakeholders. Copyright © 2016 John Wiley & Sons, Ltd.     

Antecedents of adaptive selling among retail salespeople: A multilevel analysis

The literature on adaptive selling behavior has grown rapidly over the years, with heavier emphasis placed on industrial/professional salespeople and less attention given to retail salespeople. This study contributes to addressing this imbalance by examining the effects of two salesperson factors (selling skills and affective commitment) and two company-level variables (empowerment and behavior-based control) on the adaptive selling behavior of retail salespeople. Using data obtained from a two staged sampling procedure (105 companies and 419 salespeople), we employ a multilevel analytical procedure to model the effects of the salesperson and organizational factors on adaptive selling behavior of retail salespeople. The results indicate that selling skills and affective commitment directly influence adaptive selling while empowerment and behavior based control only indirectly influence adaptive selling behavior. Based on the findings of this study, implications for managing retail salespeople as well as limitations and suggestions for future research are presented.     

A causal relationship between government spending and economic development: an empirical examination of the Greek economy

During the past few years, in many countries, both developed and developing, there has been a tendency to increase government spending. This article intends to examine this tendency of the public sector as well as the existing relationship between the extent of government spending and economic development. The data used cover a time period between 1960 and 2001. An effort is made to determine causal relationships between spending and economic development through the use of Wagner's theory.     

An experimental analysis of the impact of a behaviour modification programme on salespersons' effort and performance behaviours

This study adapts a radical behaviourist ‐perspective in the study of the sales manager‐salesperson interaction, and analyses the impact of a behaviour modification programme on both the effort and performance behaviours of salespeople. To this end, a field experiment was conducted with the co‐operation of an industrial sales organization. Subjects were randomly assigned to control and experimental groups and a number of effort and performance indicators were measured via self‐report procedures. The treatment consisted of manipulations to the sales manager‐salesperson interaction in order to improve monitoring systems, introduce more structured feedback mechanisms, and make reinforcement more contingent upon actual behaviours. Results indicate that a number of effort indicator variables and performance outcomes showed significant increases for the experimental group relative to the control group.     

Career satisfaction and future intentions in the hospitality industry: An intrinsic or an extrinsic proposition?

Job satisfaction is probably one of the most researched topics in the hospitality literature and, whereas career satisfaction, defined as the gratification with the accumulation of career-related experiences over time, has received much less attention. With the intention of enhancing our conceptual understanding and adding to this discourse, this study aims to investigate the effects of both intrinsic and extrinsic job traits on the individual's career satisfaction and subsequent intention to remain in the hospitality industry. The study investigates individuals working as full time employees in hotel establishments in Cyprus. Findings, some of which challenge existing theoretical paradigms, are of interest to stakeholders both in the industry and the academic community.     

Do democracies have higher current account deficits?

In this paper we argue that democracies tend to run (larger) current account deficits than autocracies. Our argument is based on the different incentives faced by democratic and autocratic leaders. The main theoretical hypothesis is tested on a dataset of 121 countries over the period 1980–2012, using 5 year averages and a fixed effects panel data model. Special focus is given on the issue of endogeneity by estimating an IV Fixed Effects model. Relying on the idea of the regional waves of democratization and the special role of the Christian Church on the third wave of democratization, we use as instruments of Democracy the level of democracy in neighboring countries and also the share of Christian adherents in each country. Both instruments turn out to be valid determinants of democracy. The empirical findings suggest that autocracies run lower current account deficits than democracies. These results are found to be robust across alternative empirical specifications.     

Accountability and stakeholder engagement in the airport industry: An assessment of airports’ CSR reports

This study assesses the comprehensiveness and quality of corporate social responsibility reports published by airports. A content analysis rating system is built using the global reporting initiative guidelines. The findings indicate that corporate social responsibility reporting is not a common practice among international airports and where it is done, there is considerable variability in the disclosure practices.