The role of authenticity,experience quality,emotions, and satisfaction in a cultural heritage destination

ABSTRACT

Recent studies have shown the increasing importance of affective and subjective variables, such as experience quality, authenticity, and emotions in the formation of tourist satisfaction. This paper is a pioneer in jointly analysing the influence of authenticity in its double dimension, experience quality, and emotions variables on satisfaction in a cultural context. This study uses the structural equation modelling approach (Partial Least Square) and shows the direct and positive influence of objective and existential authenticity on the quality of the experience, as well as the direct and positive influence of the quality of experience on emotions. It is highly relevant to focus on both cognitive and affective dimensions of authenticity to improve the quality of the tourists’ experience. No previous studies in the literature examine the possible relationships between the different dimensions of authenticity on the quality of the experience and on emotions. The work reveals the importance of such variables in generating greater tourist satisfaction with the visited destination.     

Determinants of the intention to participate in firm-hosted online travel communities and effects on consumer behavioral intentions

The increasing presence of firm-hosted online travel communities is motivating significant changes in the travel industry. This study attempts to explain consumers’ intentions to participate in such communities, and other consumer behavioral intentions, on the basis of a model that integrates the Theory of Planned Behavior, the Technology Acceptance Model, and Social Identity Theory. In addition, this research investigates the link between the intention to participate in a community and two behavioral intentions that may benefit the host firm: the intention to use the firm’s products/services and the intention to recommend the host firm. The results reveal that the chosen theories provide an appropriate framework for explaining the intention to participate; this intention in turn has a positive effect on the two other behavioral intentions. On the basis of the results, the authors propose some key conclusions and managerial implications.     

A bibliometric analysis of the presence of finances in high-impact tourism journals

The purpose of this study is to observe the presence of financial research applied to tourism during the 1995–2012 period. The Scopus database has been used for tourism journals indexed in Journal Citation Reports and the Mendeley reference manager was used to manage the results. Two hundred and fifty-two articles were selected with basically financial content. The results reveal that in the majority of cases empirical research typology was used; the subject matter that aroused most interest was corporate finances and, within this, financial management, value creation, capital structure and investment decisions.     

Doing good to do well? Corporate social responsibility reasons, practices and impacts in small and medium accommodation enterprises

Corporate social responsibility practices have been mostly analyzed in the large manufacturing business context, with little attention paid to the service sector and even less to small and medium-sized accommodation enterprises. This study aims to fill this gap through analyzing how these enterprises take responsibility. A survey of nearly 400 enterprises showed that the main reason for acting responsibly is altruistic, although competitiveness reasons are also important. Aspects of the “resource-based view” of the firm are validated through the positive impact of environmental cost-savings in financial performance, but also because other practices (not always related with economic reasons) are influencing their competitiveness. The article concludes that further implementation of these practices is necessary to achieve the full potential of competitive advantages.     

Dominance Effects from Local Competitors: Setting Institutional Parameters for Employment Relations in Multinational Subsidiaries; a Case from the Spanish Supermarket Sector

Dominance effects are normally associated with multinational corporations (MNCs). However, we argue that a strong local competitor can create ‘dominance effects’ setting the institutional parameters for employment relations in multinational subsidiaries. Moreover such an effect can be persistent. In this case the Spanish‐owned El Corte Inglés (ECI) used its power and influence to establish an employer's federation and two ‘yellow unions’. These yellow unions infiltrated the French‐owned MNC Carrefour and most of the Spanish supermarket sector by the early 1980s and continue to dominate collective bargaining rounds and works council elections, marginalizing the main independent trade unions. This has resulted in poor pay and working conditions and a lack of effective employee representation across most of the Spanish supermarket sector. The fact that Carrefour established an international framework agreement to observe union rights in 2001 has as yet not changed this situation.     

Accounting and financial audit harmonization in the European Union

The article reviews the evolution of financial reporting in the EU and considers how this is likely to affect auditing in the future. The analysis shows how the European Commission has recently concentrated its harmonization focus on the consolidated accounts of listed companies and the use of International Accounting Standards. The move towards internationally harmonized reporting seems likely to require auditing to be harmonized throughout Europe, which seems to impact recent national auditing standards. It is probable that this trend will continue and in the short term will cause changes in the arrangements for external overview of the audit and in national auditor independence rules.     

Macroeconomic Volatility and Welfare in Developing Countries: An Introduction

Macroeconomic volatility, both a source and a reflection ofunderdevelopment, is a fundamental concern for developing countries.Their high aggregate instability results from a combinationof large external shocks, volatile macroeconomic policies, microeconomicrigidities, and weak institutions. Volatility entails a directwelfare cost for risk-averse individuals, as well as an indirectone through its adverse effect on income growth and development.This article provides a brief overview of the recent literatureon macroeconomic volatility in developing countries, highlightingits causes, consequences, and possible remedies. It then introducesthe contributions of a recent conference on the subject, sponsoredby the World Bank and Pompeu Fabra University, Barcelona.     

Financial consequences of mutual fund mergers

This study examines the impact of mutual fund mergers on performance and investment flows of target and acquiring funds. Results indicate some improvements in the post-merger performance for target funds shareholders. Results also confirm prior evidence of negative net asset flows in target funds in the pre-merger period as well as negative, but not significant, net asset flows in the years following the merger. However, a more detailed analysis allows us to observe that this lack of significance in the negative reaction of investors to mutual fund mergers is explained by the compensation of abnormally high inflows and outflows in the resultant funds. These substantial flows are significantly above the average in their market segment, especially regarding money flows. This finding provides evidence that investors pay attention to mutual fund mergers, especially institutional investors who are concentrated on the market possibilities resulting from these organizational processes.     

Do technology and manufacturing strategy links enhance operational performance? Empirical research in the auto supplier sector

Although much of the literature on manufacturing strategy (MS) and technology studies the implementation and impact of these manufacturing programs in isolation, this paper goes further by assessing the joint implementation and effect of these two manufacturing programs on performance, even when some contextual factors are present. Thus, this paper investigates how plants from the auto supplier sector make use of some operations practices from manufacturing strategy (MS) and from both product and process technology, by testing the effectiveness of both sets of practices, with the ultimate goal of enhancing operational performance. The results suggest that there are only very minor differences between high and standard performers on the aggregated level for technology practices, which may be the reason why technology does not result in significant performance differences between the two plant types. On the other hand, on the aggregated levels, there are somewhat greater differences for MS practices than for technology in both plant types, leading to larger differences in performance. While this study provides a foundation for examining MS, technology and context within a single framework, it is only through further research that a full understanding of the relationship between them will be obtained.     

Risk Changes around Calls of Convertible Bonds

We examine changes in equity and asset betas around convertible bond calls and report two major findings. First, calling firms exhibit an increase in asset betas following the call. We argue that the finding is consistent with the implications of the sequential financing theory but not of the backdoor equity financing theory. Second, abnormal returns at call announcements are negative only for the subsample of firms that also exhibit an increase in equity beta. We conclude that risk changes help explain the market reaction to convertible bond calls.