Integration of stakeholder choices and multi-criteria analysis to support land use planning in semiarid areas

The ecosystem services concept is increasingly considered as a policy tool to achieve the sustainable use of natural resources. However, it is still not sufficiently integrated into land use planning. We assessed five land use types (Tetraclinis articulata woodlands, Pinus halepensis plantations, Shrublands, Cereal-almond crops and Cactus groves) in a semiarid area of northern Morocco using empirical data on 17 ecosystem services whose weights were established by 67 stakeholders. The analysis included MCA and direct ranking of the five land uses. Three groups of stakeholders (scientists and managers, collaborators, and direct users of natural resources) were particularly concerned by water supply, protection against erosion and floods, soil fertility and food provision. Multi-criteria analysis showed that the three groups concurred in that Tetraclinis woodlands, crops and cactus fields were the most suitable land uses for the area, regarding ecosystem service provision. Direct ranking confirmed this tendency but showed some divergence between the three groups, as collaborators and users were more inclined towards crops and cactus. The integration of the ecosystem services concept in land use planning is needed to be more practical and easily perceived as a logical response to environmental exigencies and social aspirations.     

新三板科技服务企业融资效率与财务风险研究

在调查分析我国科技服务企业发展现状的基础上，以248家在新三板挂牌的科技服务企业2015－2017年面板数据为样本，运用三阶段DEA模型和Malmquist指数，从细分行业、归属地区、所属分层、转让方式等多维视角比较融资效率，基于F分数模型分析企业财务风险，并对56家已从新三板退市的科技服务企业及2 336家在区域股权交易中心挂牌的科技服务企业进行研究。结果表明：制约科技服务企业融资有效性的主要因素不再是规模效率，而是纯技术效率;多维视阈下科技服务企业融资效率和财务风险存在诸多差异。进一步研究发现：融资效率与财务风险存在联动关系，但并非所有新三板企业退市都与融资效率或财务状况有关。鉴于此，为深化新三板市场改革、促进科技服务企业可持续成长，提出严控财务风险、深化服务融合、探索创新分层等建议。     

新一代信息技术企业并购技术差距、融资约束与业务转型研究

以2013—2017年沪深A股新一代信息技术上市公司520起技术并购事件为样本，在检验并购双方技术差距与业务转型程度、业务转型策略关系的基础上，进一步研究并购方融资约束水平对以上关系的调节作用。结果发现：并购双方技术差距对并购方业务转型程度有正向影响；双方技术差距对并购方业务转型决策倾向程度从大到小为分步转型、延迟转型和直接转型；融资约束对技术差距与业务转型程度关系具有负向调节作用；融资约束对技术差距与业务转型决策倾向程度的关系具有正向调节作用，即在低融资约束水平下，并购方转型决策倾向程度从大到小为直接转型、延迟转型和分步转型。     

Inside the Black Box of IASB Standard Setting: Evidence from Board Meeting Audio Playbacks on the Amendment of IAS 19 (2011)

We provide evidence on the little researched internal sphere of private IASB standard setting, more specifically, on the dynamic of board discussions and the respective impact of exogenous input such as comment letters, the array of arguments evoked in IASB debates, individual board member contribution and board-staff relations. We conduct a content analysis of audio recordings of 14 IASB meetings on the amendment of IAS 19 Employee Benefits (2011) between November 2008 and February 2010. Our main findings comprise the argument-based handling of comment letters not being conditioned by the political or economic importance of the senders, the gatekeeper role of staff members in channelling exogenous input and their equal role in board discussions and the dominant reference to conceptual arguments there. We also point to the heterogeneous involvement of board members, their different attribution to key issues and to further observations regarding the meeting governance, board’s discussion culture and etiquette. Our paper adds to the literature on private IASB standard setting, pension accounting and group decision making.

Data: All data are available from the public sources identified in this paper     

基于新闻文本共现性的银企关系分析——以房地产上市公司为例

本文首次提出基于新闻文本共现性衡量银企关系强度的指标。相比多数传统方法,该指标能够更为全面地反映银行和企业间的业务和非业务联系,并在数据可获得性上也具备优势。据此,本文对2009年至2014年间我国238家房地产上市公司与19家主要内资银行之间的银企关系强度进行了定量度量,并利用该指标对银企关系影响企业信贷融资能力的规律进行了实证分析。结果显示,良好的银企关系确实能显著提高企业的信贷可得性,但整体上对企业信贷融资成本的影响有限。同时,上述影响规律存在显著的企业间差异,对于规模小或盈利能力弱的企业,银企关系尤其能够帮助其提高信贷可得性或降低信贷融资成本。     

The effect of COVID-19 pandemic on domestic tourism: A DEMATEL method analysis on quarantine decisions

Countries' most effective methods to reduce the impact of outbreaks are quarantine the regions during the pandemic periods. Quarantine decisions during a pandemic directly affect the hospitality industry. There is no universal guideline regarding the quarantine decision during a pandemic. There is a gap in the literature on making the right quarantine decisions to decrease the negative effect of a pandemic on the hospitality industry. To fill this gap, this study uses a decision-making trial and evaluation laboratory (DEMATEL) method to help countries for quarantine decisions due to the COVID-19 pandemic. One of the critical hospitality industry indicators is the inter-regional travel flow between regions for local tourism. Data from the household domestic tourism survey obtained from the Turkish Statistical Institute (TurkStat) is used to acquire the number of people entering and exiting among regions. This study's findings indicate that Istanbul has an essential impact on Turkey's rest. The results also demonstrate that the DEMATEL method provides convenient solutions for quarantine decisions during a pandemic. The DEMATEL application results concerning the COVID-19 pandemic effect might shed light on the hospitality industry’s prospects and challenges. This study's findings might be adopted to prepare the hospitality industry for the COVID-19 pandemic and similar pandemic.     

The Effect of Humanizing Robo‐Advisors on Investor Judgments*

We examine the effect of humanizing (naming) robo‐advisors on investor judgments, which has taken on increased importance as robo‐advisors have become increasingly common and there is currently little SEC regulation governing key aspects of their use. In our first experiment, we predict and find that investors are more likely to rely on the investment recommendation of an unnamed robo‐advisor, whereas they are more likely to rely on the investment recommendation of a named human advisor. Theory suggests one reason that naming a robo‐advisor may have drawbacks pertains to the complexity of the task the robo‐advisor performs. We explore the importance of task complexity in our second experiment. We predict and find that investors are less likely to rely on a named robo‐advisor when the advisor is perceived to be performing a relatively complex task, consistent with our first experiment, and more likely to rely on a named robo‐advisor when the advisor is perceived to be performing a relatively simple task, consistent with prior research on human‐computer interactions. Our findings contribute to the literature examining how technology influences the acquisition and use of financial information and the general literature on human‐computer interactions. Our study also addresses a call by the SEC to learn more about robo‐advisors. Lastly, our study has practical implications for wealth management firms by demonstrating the potentially negative effects of making robo‐advisors more humanlike in an attempt to engage and attract users.     

Do consumers consider Word of Mouth for crucial life decisions?

This study reexamines the Theory of Reasoned Action in a culture with higher uncertainty avoidance and power distance and analyzes how homophily and the ability (expertise) of word of mouth (WOM) sources impacts on the consumer attitudes and purchase decisions with respect to such high‐risk credence products as college selection. By using an interpretivist approach to model building, the study comprises 41 interviews, finding that WOM made a significant impact on attitudes but not on purchase behaviors. Homophily with friends was regarded as an important factor at the search stage, but strong ties were more important in the purchasing of the product. Expertise and the credibility of the WOM played a significant role in generating trust in WOM, resulting in attitude change, although with a minimal impact on purchase behavior. The article concludes with implications for practice.