Usability of Chinese Destination Management Organization Websites

Information Communication Technology (ICT) has had a large impact on tourism industry. In Mainland China (hereafter known as China), the increasing popularity of Internet applications to its tourism industry is evident by the rapid growth of Chinese tourism websites. In 2005, e‐tourism in China has reached an income of RMB12.5 billion or US$1.63 billion, showing that although a small percentage of Chinese use the Internet, their online consumption is still considerable. While the e‐tourism market seems promising, there exist a limited number of prior studies on website evaluations in the context of China. This research explores usability, a contemporary issue of website design, and focuses on the provincial Destination Management Organization (DMO) websites in China. Research findings include a checklist of criteria for assessing DMO website usability. Findings showed that China's DMO websites had medium problems, and the best and worst performing destinations were Beijing and Ningxia. In addition, the usability indices had no significant relationship with website performance and level of tourism regional development which was represented by total tourism income in the destination. Findings of this study would be of interest to readers for better understanding the current development of DMO websites in China. Industrial practitioners may consider adopting a similar approach to evaluate their websites.     

Tourists as Mobile Gamers: Gamification for Tourism Marketing

Gaming as a cutting-edge concept has recently been used by some innovative tourism sectors as a marketing tool and as a method of deeper engagement with visitors. This research aims to explore the gamification trend and its potential for experience development and tourism marketing. Using a focus group, this paper discusses gaming and tourism, and explores what drives tourists to play games. The results suggest tourists’ game playing motivation is multidimensional. Players tend to start with purposive information seeking, then move on to an intrinsic stimulation. Socialization is also an important dimension. The research demonstrates several implications for tourism marketing.     

Economic impact assessment of mega infrastructure pipeline projects

The economic development features for the decades after the Second World War provide evidence that investments to new infrastructures are a key driver in strengthening the national economy and enhancing nation’s productivity, as it creates economic benefits and additional income. However, the decision for fund allocation and investments in mega infrastructure pipeline projects often must be made in conditions that are much more fraught with uncertainty. The key question in such decisions is if the economic impact caused by the new project could be able to essentially boost the economy by creating new jobs and generating new income on one hand; and which are the business sectors expected to archive the benefits of this investment. This article deals with the estimation of the mega infrastructure pipeline project economic effects in economy. The methodological framework is based on input–output approach providing quantitative estimations about the economic impact of the project in terms of new income and jobs. The numerical application deals with the assessment of a cross-border crude oil pipeline project, connecting the ports of Burgas (Bulgaria) and Alexandroupolis (Greece), establishing a new transportation corridor for the crude oil from Black Sea to Southeast Mediterranean.     

Economic efficiency of Greek retail SMEs in a period of high fluctuations in economic activity: a DEA approach

This study aims to analyse the economic efficiency of Greek small and medium retail enterprises before and after the crisis that started in 2008. Based on the Accounting Equation, we use Data Envelopment Analysis (DEA) to estimate variable returns of scale efficiency scores and to conclude on specific characteristics that efficient companies have, for example, on capital structure. Our results from the DEA application show a high degree of inefficiency. We found that SMEs on the islands are more efficient than those on the mainland and that SMEs in the cities are the least efficient. Size seems to be important, more so on the islands and on the mainland than in the cities. We conclude that companies should act more conservatively in terms of operating cost when the first signs of a recession appear. In addition, during a recession period, companies that have evidences that their operations will continue positively should strengthen their operations by raising more own capital. Finally, our study clarifies four issues: the efficiency of retail companies in a period of growth and a period of recession, focusing on SMEs that operate in different regions, connecting Accounting Equation and DEA and adding acid ratio as an output in our model.     

<Emphasis Type="Italic">The Sound of Silence – A Space for Morality?</Emphasis> The Role of Solitude for Ethical Decision Making

Building on research and measures on solitude, ethical leadership theories, and decision making literatures, we propose a conceptual model to better understand processes enabling ethical leadership neglected in the literature. The role of solitude as antecedent is explored in this model, whereby its selective utilization focuses inner directionality toward growing authentic executive awareness as a moral person and a moral manager and allows an integration between inner and outer directionality toward ethical leadership and resulting decision-making processes that will have an impact on others’ perceptions of leader authentic ethical leadership. Thus it is proposed that utilization of solitude positively predicts executive-level authentic ethical leadership action and in turn, ethical decision making perceived fairness and integrity. We also propose two moderators, strengthening the hypothesized (positive) association between solitude and ethical leadership; these are the executive’s ability for moral reasoning and a motivation for socialized (as opposed to personalized) power.     

A Bayesian approach to detecting nonlinear risk exposures in hedge fund strategies

This paper proposes a model that allows for nonlinear risk exposures of hedge funds to various risk factors. We introduce a flexible threshold regression model and develop a Bayesian approach for model selection and estimation of the thresholds and their unknown number. In particular, we present a computationally flexible Markov chain Monte Carlo stochastic search algorithm which identifies relevant risk factors and/or threshold values. Our analysis of several hedge fund returns reveals that different strategies exhibit nonlinear relations to different risk factors, and that the proposed threshold regression model improves our ability to evaluate hedge fund performance.     

THE CHOICE BETWEEN CALLABLE AND NONCALLABLE BONDS

We examine the choice and the offer spreads between callable and noncallable bonds. We find significant differences by industry sector and therefore segment our results by financial and nonfinancial industries. For the financial sector, the popularity of callable and noncallable bonds is significantly related to the economic environment. Financial and high‐grade nonfinancial callable bonds are also more likely to be issued via a shelf prospectus. Although firms that issue callable bonds do not consistently display the characteristics associated with severe agency problems, the issue choice for below‐investment‐grade nonfinancial and lower rated financial bonds, where we can expect agency problems to be more severe, is more consistent with agency theory than is the issue choice for higher rated bonds.     

Electoral Thresholds as Coordination Devices

In this paper, we study one‐person–one‐vote parliamentary elections where voters care both about the winner of elections and about the composition of the parliament. Parties enter the parliament if and only if their vote share exceeds some predetermined threshold. We show that equilibria generically exist in which all parties obtain a non‐degenerate vote‐share and, perhaps more importantly, we show that the size of the electoral threshold acts as a coordination device, which crucially affects the win prospects of the Condorcet winner party. In particular, we argue that the win prospects of the Condorcet winner party decrease with the size of the entry threshold.     

How ICT affects economic growth in the Euro area during the economic crisis

NETNOMICS: Economic Research and Electronic Networking - The financial and economic crisis in Europe highlighted issues related to the competitiveness of member states, as well as the importance of...     

Macroeconomic and bank-specific determinants of non-performing loans in Greece: A comparative study of mortgage,business and consumer loan portfolios

This paper uses dynamic panel data methods to examine the determinants of non-performing loans (NPLs) in the Greek banking sector, separately for each loan category (consumer loans, business loans and mortgages). The study is motivated by the hypothesis that both macroeconomic and bank-specific variables have an effect on loan quality and that these effects vary between different loan categories. The results show that, for all loan categories, NPLs in the Greek banking system can be explained mainly by macroeconomic variables (GDP, unemployment, interest rates, public debt) and management quality. Differences in the quantitative impact of macroeconomic factors among loan categories are evident, with non-performing mortgages being the least responsive to changes in the macroeconomic conditions.