The effect of economic policy uncertainty on China’s housing market

This study examines the relationship between economic policy uncertainty (EPU) and housing price at the macro-level in China as a developing country. The empirical evidence indicates that EPU has a leading effect on China’s housing market. In general, the housing market is prosperous when economic policy is stable and there is a positive relationship between housing price variation and EPU, which means housing market risk grows under unstable economic policies in this developing economy. Moreover, economic policy variation affects low-amplitude changes in housing prices. A variation of policy uncertainty enhances the risk premium of the housing market. By contrast, the level of EPU influences high-amplitude changes in housing prices, which reflects the trend of EPU dominating China's housing market.     

Hotel environmental management initiative (HEMI) scale development

Owing to a lack of construct reliability and validity of environmental management measurements, advancements in understanding hotels’ environmental management practices have been somewhat limited. The goal of this paper is to propose a uniform and parsimonious scale that captures Hotels’ Environmental Management Initiative (HEMI) with the most common three dimensions in the hotel industry: environmental resource conservation efforts, environmental policy and training, and environmental public relation efforts. After the refinement of the initial items, the scale was confirmed with cross-cultural data obtained from full-time hotel employees in two Asian countries. The twenty-one item HEMI scale demonstrated a satisfactory level of content, convergent, discriminant, cross, and criterion-related validity. The proposed HEMI scale will serve as a useful tool for future hospitality scholars who would like to further explore the impact of hotels’ environmental management initiatives on employees’ attitudes and behaviors toward the environment and their environmental performance.     

Is China’s Manufacturing Industry Efficient? Evidence from an Energy-Rebound Effect Perspective

Majority of the increase in global energy consumption is from China; hence, studying energy issues, especially in China’s manufacturing industry (CMI), is worthwhile and of much interest in the academic field. Based on the translog cost function, we develop a research framework to study the rebound effect of CMI. Considering the effect of asymmetric energy price, we augment the energy-cost function with asymmetric influence constraint of energy price. Again, we add time series data of CMI’s capital, labor, energy, and mid-input to the model to calculate the direct rebound effect of CMI. We find that the rebound effect of CMI is 44.2%, and CMI still has large energy-conservation potentials. Based on the results of this study, some policy recommendations are provided.     

旅游发展对城市工业化的影响及其差异性研究——以58个旅游城市为例

文章构建了旅游业发展影响工业化的理论模型，并利用2000—2016年中国58个旅游城市面板数据和动态面板模型，从总体、专业化、规模和区域等多维度，分析检验了旅游业发展对城市工业化的影响及差异性。结果表明：无论是宏观层面，还是三种分类检验，旅游业发展对城市工业化都具有负向效应。当前，中国旅游城市存在一定的“旅游诅咒”效应，阻滞了其工业化深化；分专业化研究可知，旅游业发展对工业化的负向作用，由大到小依次为旅游高专业化、低专业化和半专业化城市；分规模研究发现，中型旅游城市的最显著，小型旅游城市次之，而大型旅游城市最不显著；分区域研究表明，中西部旅游城市的较突出，而东部旅游城市统计上并不显著。这为各个旅游城市采取有效措施及时防范和规避“旅游诅咒”效应和正确处理“旅游业+工业化”关系提供了参考依据。     

Productivity efficiency analysis of the airlines in China after deregulation

Using data envelopment analysis and the Malmquist productivity index, this paper studies productivity efficiency of various airlines in China after the Chinese government deregulated the aviation industry in 2005. The results show that the productivity efficiency of non-state-owned airlines improves rapidly and eventually exceeds state-owned airlines after the deregulation policy. Among the state-owned airlines, the productivity of the local airlines and their technical changes are better than those of the central airlines.     

A new hub and spoke system proposal: A case study for Turkey's aviation industry

In this paper, we are proposing a multi-objective mathematical model for the selection of a newly constructed hub and spoke system. The objectives of this model are maximizing aircraft utilization and revenue whilst reducing the commercially infeasible network detour factor. The sensitivity analysis of the model is tackled using weights related to the objectives as well as the network detour factor. The number of available aircraft and the range that an aircraft can reach are also considered in this model. Since Istanbul has already got a hub and spoke system with busy airports on both sides of the city, the model is applied to three other major cities of Turkey, Ankara, Antalya, and Izmir. The test data consists of over 90 cities in Europe and in the Middle East. The data includes unit passenger revenues and operating costs for the segments, distances between cities and hubs, expected load factors and flying times of segments. The scenarios are tested under specific expectations of airline network experts and the results are visualized by using Pareto front graphs. Compared to other candidates, Antalya stands out as a good choice for a new hub and spoke system in Turkey. The results of this model could be helpful for airlines and other airports in Turkey in order to identify their potential and competitive position in relation to their counterparts.     

Valuation effects of corporate social responsibility

This paper develops a valuation model of the firm that provides for the expenditure of corporate resources in support of community, social or environmental causes. We show that under certain circumstances CSR expenditures create value for the firm. We also test our model by simulations and confirm that, at least under some conditions, CSR does pay off in the form of value creation.     

Partner‐diversity effects on alliance termination in the early stage of green alliance formation: Empirical evidence from carbon‐emission reduction projects in Latin America

Partner diversity is a key influencer in interorganizational alliances, and several empirical studies have shown that its outcomes are contingent on alliance‐specific factors. We extend this research as well as the growing literature on green alliances, in which partner diversity is uniquely high. Specifically, we examine partner‐diversity effects on alliance termination in the early stage of green alliance formation. We hypothesize that in this context, size disparity increases termination likelihood, whereas organizational variety and cultural separation have the opposite effect. To test our hypotheses, we use a sample of 366 alliance projects located in Latin America and submitted to the Kyoto Protocol's Clean Development Mechanism for evaluation, validation, and registration from 2004 to 2014. Our findings contribute to several research streams and provide practical guidance for successful formation of alliances focused on environmental protection.     

Bringing back Thrift Week: Neo-liberalism and the rediscovery of thrift

The paper examines and compares the movements for promoting working-class savings in the modern USA and in Great Britain in the 19th century. It explores the use of savings as a technology for managing individuals’ behaviour and motives and the nature of the government objectives which are served by these parallel projects.