Home Bias, Foreign Mutual Fund Holdings, and the Voluntary Adoption of International Accounting Standards

We test the assertion that a consequence of voluntarily adopting International Accounting Standards (IAS) is the enhanced ability to attract foreign capital. Using a unique database that reports firm‐level holdings of over 25,000 mutual funds from around the world, our multivariate tests find that average foreign mutual fund ownership is significantly higher among IAS adopters. We also find that IAS adopters in poorer information environments and with lower visibility have higher levels of foreign investment, consistent with firms using IAS adoption to provide more information and/or information in a more familiar form to foreign investors. Taken together, our findings are consistent with voluntary IAS adoption reducing home bias among foreign investors and thereby improving capital allocation efficiency.     

Business ethics: the materiel/manufacturing perspective

The discussion of purchasing practices and product integrity, which have ethical implications for materiel/manufacturing management, serves to illustrate how routine decisions can have larger implications for the firm as a whole. Management needs to take a proactive role in confronting ethical issues by (1) demonstrating a corporate commitment to sound ethics in business practices, (2) providing written policies where appropriate to provide a basis for sound ethical conducts, (3) educating various functional areas to understand their responsibility in seeming unrelated ethical problems, (4) delegating authority in ethical issues where such issues are considered in decision making, and (5) fostering interfunctional communication as a means in establishing corporatewide responsibility. The basic philosophical principles of JIT serve as a blueprint for recognizing and managing ethical responsibility. The unexpected by-products of a JIT implementation may be vendor/customer good will and an excellent reputation for the firm.     

Recent research in tourist behaviour

The study of tourist behaviour has become an active and significant contributor in the overall analysis of tourism. This paper considers recent research work at James Cook University, an institution whose researchers have had a long interest in tourist behaviour topics. A review of a number of recent research projects in tourist behaviour by the Australian research team is provided and the value of four integrating concepts linking this research is specified. The four concepts highlighted are the travel career ladder which is an approach to tourist motivation, cognitive steps and mindfulness, which are conceptual organisers of how people think and process information and social situations which provides an integrative view of key factors to consider when describing social behaviour. The paper concludes by highlighting some recent commentary on tourist behaviour trends by prominent tourism analysts noting that the specific stream of tourist behaviour studies reported in this article do not fully support the general trends noted by the commentators. The potential value of tourist behaviour studies as a benchmark for understanding tourism futures is noted     

Energy Saving and Tourism Sustainability: Solar Control Window Film in Hotel Rooms

This paper investigates solar control film as an energy saver in the fast growing hotel sector in southern China. It investigates claims made for this low-cost retrofitted material in hotel rooms, calibrating reductions in solar gain in summer. It provides reliable and independent data about the performance and economic viability of solar control film in real hotel environments. The study found that, by limiting solar gain, the film helps limit tourism's impact on global warming and climate change. The paper also foreshadows new technical glazing developments.     

Book Review

Tourism and Postcolonialism: Contested Discourses, Identities and Representations. C. Michael Hall and Hazel Tucker (eds). Routledge/Taylor & Francis Group, 2004. 0-415-33102-1     

The Cognitive and Emotional Components of Behavior Norms in Outdoor Recreation

Behavioral norms consist of two components: a cognitive component of obligation that is the memory repository of social standards, and an emotional component of sanctions that are the feelings and physiological states that result when actual behavior is consistent or not consistent with the obligation. This article analyzes the cognitive and emotional components of norms identified in three studies of behaviors (littering, controlling dogs while cross country skiing, and bikers and skaters warning when passing) in outdoor recreation settings. All three studies provide data on obligations to behave a particular way and internal and informal sanctions for correct or incorrect behavior. Obligations for all the behaviors were highly crystallized and were not statistically different. Internal sanctions were shame and guilt, and informal sanction was embarrassment. The intensity of the norms was determined by summing individuals' responses for shame, guilt, and embarrassment. The power and prevalence of the norms were determined by cross tabulating obligations by intensities. Intensity, power, and prevalence were very high for littering and failing to control your dog while cross country skiing, but were very low for skaters and bikers failing to warn when passing slower users on a multiple use trail. Measuring sanctions is shown to be critical to determining the intensity, power, and prevalence of behavioral norms. Suggestions are given for ways to include sanctions in studies of social and environmental condition norms.     

Attitudes toward outdoor recreation development: An application of social exchange theory

A research project was undertaken within a multi‐county region in southeastern Ohio to ascertain the attitudes of local residents toward future outdoor recreation development within the area. A systematic random sample of 1493 respondents was drawn from a five‐county region to test a theoretical perspective developed from selected components of social exchange theory. The findings demonstrated that the respondents held very favorable attitudes toward outdoor recreation development. Multivariate analysis of the data revealed that the theoretical model was basically supported. The findings are discussed from both applied and theoretical perspectives.