Critical Success Factors for Crisis Recovery Management: A Case Study of Phuket Hotels

Tourism is a major export industry for Thailand. Phuket, one of the most popular tourist destinations in the country, has been negatively influenced in recent years by a number of crises, including the Global Financial Crisis (GFC). This has limited the travel budget not only for domestic tourists but also those from overseas. Hotel businesses have been particularly affected by the GFC. While hotel managers may not be able anticipate a crisis, it is crucial for them to understand the critical success factors contributing to effective crisis recovery in order to ensure their long-term survival.This research identifies critical success factors necessary for effective economic crisis management through qualitative analysis of in-depth interviews with managers of Phuket hotels. The findings of these interviews provide a rich and meaningful understanding of pertinent factors emphasized by managers as important in crisis recovery.     

Co-Creation Experiences: Attention and Memorability

This study examines the on-site co-creation experience from a tourist perspective. A review of the literature and in-depth interviews with tourists who participated in a ‘swimming with dolphins’ experience are used to explore the importance of co-creation in enhancing attention and the memorability of the experience. Findings suggest that the co-creation experience influences memorability by focusing the tourist’s attention. This study contributes to the conceptualization of co-creation in the field of tourism by substantiating the usefulness of a psychologically based approach to experience design.     

What are the bank-specific and macroeconomic drivers of banks’ leverage? Evidence from Luxembourg

We investigate the leverage cycle in Luxembourg’s banking sector using individual bank-level data for the period 2003 Q1–2010 Q1. One of our findings is that Luxembourg’s banks have a procyclical leverage. This procyclicality is not due to marking-to-market but because Luxembourg’s banks are liquidity providers to the EU banking sector. We then empirically investigate the role of bank characteristics as well as real, financial and expectation variables that proxy for macroeconomic conditions in the pre-crisis and crisis period. We find that off-balance sheet exposures have different effects in the pre-crisis and crisis period, and that the share of liquid assets in the portfolio only affects security holdings. As for macroeconomic variables, we find that the Euribor-OIS spread is a significant driver of the build-up in leverage in the pre-crisis period. The reason is that most banks in Luxembourg are either branches or subsidiaries. This makes leverage a less relevant indicator of riskiness for investors. It also implies that in times of liquidity shortages, mother companies or groups demand further liquidity from their branch or subsidiary. The downturn in leverage during the crisis can be accredited to reductions in expectations, which we proxy by an economic sentiment indicator. It can also be explained by increasing bond prices which induce depositors to shift their funds from bank deposits into bonds. We find no important role for GDP growth.     

Emerging search regimes: measuring co-evolutions among research,science, and society

Scientometric data is used to investigate empirically the emergence of search regimes in biotechnology, genomics and nanotechnology. Complex regimes can emerge when three independent sources of variance interact. In our model, researchers can be considered as the nodes that carry the science system. Research is geographically situated with site-specific skills, tacit knowledge and infrastructures. Second, the emergent science level refers to the formal communication of codified knowledge published in journals. Third, the socio-economic dynamics indicate the ways in which knowledge production relates to society. Although biotechnology, genomics and nanotechnology can all be characterised by rapid growth and divergent dynamics, the regimes differ in terms of self-organisation among these three sources of variance. The scope of opportunities for researchers to contribute within the constraints of the existing body of knowledge are different in each field. Furthermore, the relevance of the context of application contributes to the knowledge dynamics to various degrees.     

Is implementing the IPSASs an appropriate reform?

The purpose of this paper is to argue that the implementation of the accrual-based IPSASs in European-influenced developing and transition economy countries is not an appropriate reform unless preceded or accompanied by other, essentially managerial, reforms. The nature and extent of these prior reforms depend upon the political and cultural context and, not least, upon the power relationships within and between public institutions. The advocates of the application of the IPSASs appear not to recognize that for the reform to be effective it cannot be treated as simply a technical accounting reform, yet this is what is occurring. The issues identified in this paper are based upon the author’s practical experiences of working in many of these countries.