Promoting Private Entrepreneurship for Deepening Market Reform in China: A Resource Allocation Perspective

After more than three decades of rapid growth, China's economy is going through an important turning point, where structural imbalances in both supply and demand sides must be addressed for a more moderate and sustainable growth path. By focusing on the structural changes to its ownership, a central element in China's economic transformation under market reform, the present paper highlights the importance of private entrepreneurship in deepening market reform and, thereby, in driving economic growth in a more efficient and sustainable way. Based on a perspective of resource allocation and a conceptual framework of entrepreneurship, the paper elaborates on the evolution of the private sector and its performance in the context of ownership reform, making comparisons with the performance of the state sector. The analysis suggests that there is further room for more productive use of economic resources, especially capital, land and natural resources, by increasing the participation of private entrepreneurs in industries with high entry barriers in favor of state‐owned enterprises. Moreover, more competitive and equal access to productive resources through reform is needed to promote more productive entrepreneurship and to reduce rent‐seeking activities.     

Influence of Trade‐Level Coordination Problems on Project Productivity

This study aims to investigate the influence of coordination problems in glass and metal curtain wall (GMCW) installation on project productivity in Singapore. Trade‐level coordination problems in GMCW installation were identified through literature review and included in a survey questionnaire. The survey results indicated that, on average, 66.5 days of rework and 52.5 days of waiting resulted from coordination problems, and that “last‐minute changes in design by the client” led to the longest rework and waiting time. Additionally, the rework and waiting time caused by trade‐level coordination problems were correlated with the total rework and waiting time.     

Contribution of productivity and firm size to value-added: Evidence from Vietnam

A new indexing method is developed to decompose the contributions of productivity, prices and firm size to a firm's value-added. The method introduces an error term into the decomposition equation to capture measurement biases which are caused by using the deflator instead of the observed price and all other sorts of measurement error. An application of the method is given using private small and medium manufacturing firm level data in Vietnam from 1996 and 2001. The error index decomposition method provides a comparison of performance of all firms to the hypothetical representative firm. The analysis allows firms and policy makers to realize the key factors contributing to the success or failure of a firm and suggest strategies to improve firm economic performance.     

Welfare costs of monetary policy uncertainty in the economy with shifting trend inflation

We study welfare costs of the uncertainty about monetary policy in the economy featuring shifting trend inflation. We follow Ruge-Murcia (J Econ Dyn Control 36: 914–-938, 2012) to employ the SMM approach to fit the model to the US data (1979Q1-2015Q1). We find that the monetary policy uncertainty affects economic welfare through different dimensions. On the one hand, the policy uncertainty itself distorts the economic welfare negligibly, not only by increasing volatilities of consumption and leisure, but also by decreasing their average levels. A higher level of trend inflation then signifies these changes to produce greater welfare costs. Furthermore, the adverse impacts of policy uncertainty on the economy, documented by the impulse response functions of macroeconomic variables to policy uncertainty shock, become larger when central banks raise their inflation targets. On the other hand, the costs of exogenous variations in trend inflation are larger if there is policy uncertainty.     

An evaluation of satisfaction levels among Chinese tourists in Vietnam

This paper examines the extent to which Vietnam satisfies the various destination attributes sought by Chinese tourists. The research investigates a number of variables, including socio‐demographics and travel characteristics, and compares the importance that travellers attach to various destination attributes with their associated satisfaction with Vietnam's various tourism products. By investigating the relationship between importance and satisfaction from the perspective of Chinese tourists, the paper makes a contribution to the literature. The findings should provide Vietnamese service providers with insights into the perceptions and satisfaction levels of Chinese tourists. Copyright © 2009 John Wiley & Sons, Ltd.     

Impact of service personal values on service value and customer loyalty: a cross-service industry study

This study investigates the customer’s perception of service value based on theory of personal values. A formative structural model is developed and tested using the data surveyed from three service industries in Vietnam. Results show a positive impact of service personal values on service value. Then, service value and satisfaction are proved as two mediating constructs in the impact of service personal values on customer loyalty. Satisfaction and loyalty are, thus, not only determined by the supplier’s service itself, but also the customer’s personal values. This consolidates the value co-creation perspective rather than the traditional value exchange in service research.     

‘So,what is it? And do I like it?’ New product categorisation and the formation of consumer implicit attitude

Prior literature on knowledge transfer learning suggests that cognitive effort is required to categorise new products and to develop attitudes toward them. This study investigates whether a single exposure to category-related cues of a new product can trigger successful categorisation and lead to attitude formation. A total of 250 respondents were confronted with a fictitious new product, in condition of either high- or low-attention devoted to the new product. We found that a single exposure to category-related cues of a new product not only led to the participants’ categorisation of the new product into the targeted category independently of the attention level, but also shaped their implicit and explicit attitudes toward the new product. However, a minimum level of attention was required to observe the formation of implicit attitudes while explicit attitudes were not fully developed.     

Correction to: Energy Consumption and Bitcoin Market

Asia-Pacific Financial Markets - In the original publication of the article, the acknowledgement section has been missed to update.     

Heritage and cultural tourism: the role of the aesthetic when visiting Mỹ Sơn and Cham Museum,Vietnam

Research on motivations and perceptions of tourists at a cultural heritage site is not rare but the personal and aesthetic context of visitors’ experiences have been neglected in much of the literature on cultural tourist attraction management. Using qualitative methods, this study explores the nature of demand for heritage tourism with particular attention to the appreciation gained by visitors of indigenous Cham culture, its arts of exotic sculptures, and its monuments and architecture. These dimensions describe an evolutionary experience of place that moves some tourists from a position of relatively shallow interest to an almost spiritual position due in some part to the role of the aesthetic that rises from landscape and dance.