Sustainable economic growth in the European Union: The role of ICT,venture capital,and innovation

Over the past 30 years, the economies in Europe have undergone major transformations that have been powered by diffusion of information and communication technology (ICT), intensification of innovation, and reforms in the financial sector to support innovative endeavors. The primary objective of this study was to examine the causal relationships among ICT diffusion, innovation diffusion, venture capital investment, and economic growth for 25 countries in Europe for the period from 1989 to 2016. Using a vector error‐correction model, the study examines the underlying short‐run and long‐run relationships for the above variables. The empirical analysis shows that in the long run, venture capital investment, ICT diffusion, and innovation diffusion have significant impacts on economic growth in Europe. However, in the short run, the direction of the causality varies depending on the specific measures of ICT diffusion and innovation diffusion that are utilized. Results from this study provide valuable insights into the types of policies that will contribute to sustainable economic growth in Europe.     

Analysis of diisononyl phthalate in PVC consumer products used by children

Diisononyl phthalate (DINP) is widely added as a plasticizer in the production of polyvinyl chloride (PVC) used in children’s products. Forty-two plastic products intended for mouthing, or with a high potential for mouthing, by children of age group 0.5-3 years were analyzed for total and leachable phthalate contents. DINP was found in 64% of products tested and its concentration ranged from 3.9 to 44%. Migration of DINP from PVC products into saliva simulant was studied using simulated chewing activity and an Instron Universal Testing Machine. Under the conditions used in this study, the DINP migration rates from teethers and squeeze toys were found to vary from 0.04 to 1.29 µg/10 cm 2 /h. The migration rates show a 40-fold variation within the plastic products tested. However, 83% of the products showed a migration rate of <0.32 µg/10 cm2/h. The mean value was found to be 0.3 µg/10 cm2/h with a distribution median of 0.23 µg/10 cm2/h.     

Shortages in an ageing labour market: an analysis of employers' behaviour

Different policies are being promoted to increase the labour supply in ageing labour markets. This article presents the results of a large-scale survey carried out among Dutch employers into their management of the constraints presented by a tight labour market. Organizations take different measures in response to staff shortages, which can in fact be distinguished as four strategies. The first relates to the recruitment of new groups of workers: groups that traditionally were perhaps not a preferred choice. The principal measures in this strategy are the recruitment of women and ethnic workers, and to a lesser extent the elderly. The second strategy focused on increasing the labour supply of existing workers. Overtime, encouraging part-timers to work extra hours and a structural increase in the length of the working week were part of this strategy. The measures constituting the third strategy were of a different type. Generally, these measures were adopted in order to cope with temporary peaks. Work was outsourced, a recruitment agency used, and higher wages offered to try to fill a vacancy. The fourth strategy focused on substituting technology/capital for labour. Regression analyses is carried out to explain which strategies organizations use to deal with shortages.     

Home visit and community‐based tourism: Hong Kong's family insight tour

Formal and informal visitor welcome programmes have been identified as providing a positive step in promoting cross‐sociocultural relations and communication. Several countries now operate such programmes. Since 1990, Hong Kong has successfully operated a formal community visitor welcome programme, known as the Family Insight Tour’. This tour programme is a joint initiative offered by the Hong Kong Tourist Association (HKTA) and the Hong Kong Housing Authority. It offers tourists the chance to visit the public housing estates in Hong Kong where approximately 55% of the population lives. The tourists are able not only to visit the homes and social services provided for residents, but also afforded the chance to meet and interact with a local family. The tour has become so successful that demand from tourists now far outstrips the limited number of places the HKTA is able to offer. The paper examines the rationale behind such tours, looks at the HKTA tour in detail, and presents limitations and issues relating to the operation of the programme.     

Promoting sustainable event practice: The role of professional associations

International scholarly and industry debates are focussed clearly on the issue of climate change and environmental protection. The tourism industry and its related sectors have weathered much of the criticism for making a large contribution to environmental pollution. With its exponential growth over the past decade or so, the event sector is drawing attention as an increasing contributor to this global problem. Currently, there is a paucity of academic literature which examines the relationship between events and the environment. The event sector, primarily its professional associations and peak bodies are also publishing materials to provide guidance to members as to how to produce events which have minimal impact or reduce their impact on the environment.     

The future of the State-owned hotels in China: Stay or go?

Hotel sector was the first one to employ joint venture in China after its ‘Open Door Policy’ in 1978. In transition from production unit to business unit, the operating system of China's State-owned hotels (SOHs) has changed greatly. Though its hotel industry has become more open, many of the tourist hotels are still State-owned enterprises (SOEs) today, and they account for over half of the loss of all hotels in the country. This study aims to find out: first, critical issues causing those problems facing the SOHs; second, factors affecting the development of SOHs, and third, their future. Government ownership and its related problems, such as complicated ownership, bureaucratic structure and control, add difficulty to restructure SOHs. The future of the SOHs in China regarding whether to stay or to go very much depends on government policy and commitment on restructuring the industry which is vital to success and sustainability of SOHs in the socialist market economy environment.     

The relationship between managerial ownership and firm performance in high R&D firms

Several studies have examined the relationship between managerial ownership and firm performance/value (e.g., [Journal of Financial Economics 20 (1988) 293; Journal of Financial Economics 27 (1990) 595; Journal of Corporate Finance 5 (1999) 79]). Using different samples, these studies provide general support for the argument that increases in managerial ownership create countervailing interest alignment and entrenchment effects, leading to a nonlinear relationship between managerial ownership and firm performance. However, the actual form of this nonlinear relationship differs across the studies.The present paper examines the relationship between managerial ownership and performance for high R&D firms that are listed on the NYSE, AMEX and NASDAQ. We find that Tobin's Q initially declines with managerial ownership, then increases, then declines again and, finally, increases again—a W-shaped relationship. The findings from our study point to the importance of industry effects in the relationship between managerial ownership and firm performance.     

Global market effects of alternative European responses to genetically modified organisms

Global Market Effects of Alternative European Responses to Genetically Modified Organisms. — Current debates about genetically modified organisms (GMOs) in agriculture reveal substantial differences in the perception of the associated risks and benefits. Genetically modified crop varieties allegedly provide farmers with agronomic benefits, but environmental, health and ethical concerns are also being raised. This paper discusses the ways in which the emergence of GMOs could lead to trade disputes between Western Europe and the United States. It then uses an empirical model of the global economy to quantify the effects on production, prices, trade patterns and national economic welfare of specific policy and consumer responses to GMOs in Western Europe.