Factors affecting international event visitors’ behavioral intentions: the moderating role of attachment avoidance

ABSTRACT

This study developed and tested a theoretical framework of event quality, motivation, value, and destination image in order to investigate visitors’ behavioral intentions to revisit an international event, along with the moderating role of attachment avoidance. Results revealed that the relationships among event quality, motivation, value, image, and behavioral intentions were highly significant. Attachment avoidance was additionally found to moderate the relationships between quality and value, motivation and value, value and destination image, and value and behavioral intentions. Findings further provide specific implications for both theoretical insight and marketing practice in the context of annual and international events.     

Event portfolio management: An emerging transdisciplinary field of theory and praxis

The phenomenon of event portfolio has gradually received acceptance and recognition as host destinations are steadily moving towards assembling multiple events across the calendar to serve multiple policy purposes. This paper reviews all the pertinent literature providing a common ground for studying event portfolios and their management exigencies. It traces the origins of the event portfolio concept and outlines its evolution to date. It thus, maps out event portfolio management as a complex emergent field, establishing its ontological base through convergence of underlying disciplines, theories and concepts. We argue that the integrative nature of event portfolio provides a malleable ground, one across and beyond its parent disciplines that shape it as a transdisciplinary field. This theoretical underpinning is indispensable for the effective treatment and sustainable development of the field.     

Investors' evaluations of price-increase preannouncements

Several firms preannounce their price increases with the expectation that such announcements will be evaluated favorably by investors. However, little is known about the actual effect they have on shareholder value. Accordingly, the authors present the first systematic empirical examination of investors' evaluations of 274 price-increase preannouncements (PIPs). Results show that whereas the average increase in abnormal returns following a PIP is 0.51%, almost 41% of the PIPs result in negative abnormal returns. To explore this heterogeneity, the authors propose a conceptual framework that focuses on three key pieces of information that investors can use when evaluating a PIP: information on the nature (time to implementation and magnitude) of the preannounced price increase, the stated attribution for the preannounced price increase (demand and/or cost based), and information on prior PIP occurrences by the firm and its competitors. Results indicate that PIPs with greater time to implementation, higher own precedence and greater competitive precedence result in lower abnormal returns, while PIPs with higher magnitude and PIPs with an explicit demand attribution result in greater abnormal returns.     

Cultural influence on corporate and governmental involvement in accounting policy determination in Japan

This study examines the impact of culture on the motivation for, and mode of involvement of, the corporations and the government in accounting policy determination in Japan. Three propositions are developed and evaluated against the events that occurred in the formulation and implementation of the 1976 ordinances on consolidation. Data are derived from source documentation and personal interviewing. Cultural determinants are seen to position the corporations and bureaucracy as influential and conflicting interest groups in accounting standard-setting in Japan and to predetermine a mode of conflict resolution in policy determination that maintains the “balance of forces” between those parties.     

股权分置改革中的内幕交易研究

本文采用我国全面股权分置改革的第一批上市公司为样本,利用事件研究方法,对事件日之前的累积超常收益CAR进行分析,结果表明：股改预期带来的股价提前反应是累积超常收益显著异于零的原因;没有足够的证据支持股改中存在内幕交易。     

新创企业合法性门槛的跨越机制——基于事件系统理论的案例研究

新创企业会面临能否跨越合法性门槛的严峻考验,但是新创企业面临何种合法性门槛以及如何跨越等问题的研究不为多见,因此很有必要推进新创企业合法性门槛跨越机制研究。文章运用事件系统理论,以滴滴出行和ofo小黄车为例,从事件时空和强度的角度构建分析框架,研究新创企业合法性门槛跨越机制。研究发现,新创企业在合法化过程中存在多重合法性门槛;外部评价者身份的多样性和判断模式的转变,通过影响关键事件的强度引起合法性门槛的周期变化。同时文章揭示了新创企业合法性门槛跨越机制,发现合法性门槛跨越机制具有迭起性,企业在一次次地合法性门槛跨越中,实现合法性水平的动态积累与显著提升;关键事件的时间、空间、强度属性,充分显示新创企业合法性门槛跨越机制的具体内容。本研究促进了新创企业合法性获取的动态研究,拓展了事件系统理论的应用领域,对致力于共享经济模式创新的新创企业提供了实践指导。     

The hiring of accounting and finance officers from audit firms: how did the market react?

This study investigates the market’s reaction to companies hiring accounting and finance officers directly from their external audit firms—the auditor-to-client hiring practice referred to as the “revolving door.” The Sarbanes-Oxley Act (SOX) eliminated this hiring practice, reflecting concerns that such appointments may impair audit and financial reporting quality. However, it was also argued that companies may have benefited from hiring individuals already familiar with their systems, organization and personnel. To determine the prevalence of this hiring practice and how shareholders viewed these appointments, we examine 3-day cumulative abnormal returns around the announcements of newly appointed accounting and finance officers over the period 1985–2002. We find that the proportion of revolving door hires is relatively low (only 6.1% of all hires in our sample), but that when they did occur the market valued the revolving door appointments more positively than other appointments. Further tests reveal that the positive market reaction to revolving door appointments is driven mainly by smaller companies, and that these appointments are not associated with lower financial reporting quality when assessing subsequent discretionary accruals or the receipt of an Accounting and Auditing Enforcement Release (AAER). Overall, the low frequency of occurrence, investors’ positive perceptions, and the lack of association with deteriorated reporting quality indicate that the SOX restriction on revolving door appointments may have been unnecessary and will do little to protect shareholders.

What is science’s crisis really about?

Present day reasoning about difficulties in science reproducibility, science governance, and the use of science for policy could benefit from a philosophical and historical perspective. This would show that the present crisis was anticipated by some scholars of these disciplines, and that diagnoses were offered which are not yet mainstream among crisis-aware disciplines, from statistics to medicine, from bibliometrics to biology. Diagnoses in turn open the path to possible solutions. This discussion is urgent given the impact of the crises on public trust in institutions. We ask whether the present crisis may be seminal in terms of drawing attention to alternative visions for the role of Science in society, and its relevant institutional arrangements. We finish by offering a number of suggestions in this direction.     

Normative and innovative sustainable resource management at birding festivals

The sustainable ancillary resource management (SARM) practices of US-based birding festivals are investigated. A questionnaire completed by organisers of 108 of 135 identified festivals (80%) revealed several normative SARM practices such as signage re-use and container recycling, and a large number of innovative practices undertaken by one or more festivals. Cluster analysis yielded roughly equal groups of 'non-innovators', 'normative recyclers', 'innovative energy conservers', 'innovative recyclers' and 'comprehensive innovators'. SARM innovators also tended to be ecotourism innovators, while innovation was also related to attendee numbers but not festival longevity or identification of festival with 'ecotourism'. No clear diffusion effects are evident. Follow-up surveys suggested positive relationships with cost, attendee satisfaction/demand, and sense of responsibility, but not revenue generation. A dedicated organisation and sponsored certification protocols are suggested to facilitate dissemination of innovative SARM practices, which were less prevalent than expected given the nature of such events.     

疫情如何影响企业发展预期?——基于压力传导机制的实证研究

公共卫生事件对企业微观经济行为的影响尚未引起足够的关注。立足于中国当前的疫情背景和制度环境,本文利用最新的“企业开工力”问卷调查数据,考察了新冠肺炎疫情对企业发展预期的影响和机制。研究发现,疫情降低了企业在未来开展经济行为的意愿;机制分析表明,紧张的现金流是疫情降低企业行动意愿的重要途径,具体表现为疫情分别通过提高来自现金流、违约金、还付贷款和员工工资等方面的资金支付压力,进而降低企业的发展预期。进一步分析表明,企业在疫情爆发前的活跃程度越高、所在市级地区的营商环境越好,疫情对企业发展预期的负向影响会越强;而且,疫情与企业发展预期间的关系在不同程度上受到企业所在地区疫情状况以及企业产权性质、所属产业类别等异质性因素的影响。在使用一系列稳健性检验后,上述结论依然稳健。本研究将企业经济行为的影响因素拓展至公共卫生安全领域,不仅揭示了公共卫生事件影响企业经济行为的微观机理,而且还为疫情防控下政府出台扶持企业相关政策提供了决策参考。