Adaptive market efficiency of agricultural commodity futures contracts

In this paper we investigate the adaptive market efficiency of the agricultural commodity futures market, using a sample of eight futures contracts. Using a battery of nonlinear tests, we uncover the nonlinear serial dependence in the returns series. We run the Hinich portmanteau bicorrelation test to uncover the moments in which the nonlinear serial dependence, and therefore adaptive market efficiency, occurs for our sample.     

Determinants of corporate risk disclosure in large Spanish companies: a snapshot

Improvements in risk disclosure have been an important part of the corporate governance reforms. This paper is intended to identify the factors that explain the extent to which a sample of 35 listed Spanish firms disclose risk-related information. This study focuses on the risk disclosures made in the corporate governance reports during the year 2009. Using the content analysis technique an index was developed in order to assess the amount and quality of the risk information disclosed by Spanish companies. Several characteristics were selected and their influence on the level of risk disclosure was tested empirically. Results indicate that sector and risk level are positively related to the extent of corporate risk disclosures. This study adds to the international research on risk disclosure by extending the scope of the current understanding of risk reporting practices and their determinants. The findings could be especially useful for regulators and policy-makers in order to enhance risk disclosure and to improve transparency.     

Strategic Explanations for the Early Adoption of ISO 14001

There are two different, and somewhat competing, strategic explanations for why firms certify for ISO 14001. On the one hand, firms may seek to reinforce their present strategies thereby further enhancing their competitive advantage. On the other hand, firms may use ISO 14001 as a mechanism to reorient their strategies, so that a clear signal is sent about the firm's change in strategic positioning. This paper aims to identify the most likely explanation for early adopters of ISO 14001.Using a matched pair design, we test these alternative explanations on a sample of US firms that certified for ISO 14001 in the first two years after its introduction. In particular, we tested whether ISO 14001 was used to reinforce or reorient firm strategies in respect to the natural environment, corporate social responsibility, quality, and internationalization.We found that firms that certified early for ISO 14001 had considerable environmental legitimacy and a strong international presence. We also found that the firm's commitment to corporate social responsibility and quality were not significantly different between certified and non-certified firms. These findings suggest that early adopters of ISO 14001 leaned towards reinforcing rather than reorienting their firm strategy, which calls into question the ultimate reach of ISO 14001.     

Antecedents of attitude towards online mediation

While the majority of studies so far have examined the effectiveness and benefits of electronic settlement applications, this study explores factors that affect the adoption and use of online mediation services. To this end, structural equation modeling analysis was applied to data obtained from users and mediators involved in an online mediated dispute. Subject perceptions regarding an overall mediation system including information technology and a human mediator were assessed. The findings suggest that while perceived usefulness of the information system explains the variance in attitude towards online mediation, the perceived usefulness of the mediator does not shape this attitude. Thus, mediators are being conceptualized as external to the service and their characteristics do not affect attitudes towards online mediation services, nor the intention to adopt it. This phenomenon is explained using biases in attribution.     

Adoption Dynamics in Buyer-Side Exchanges

The purpose of this paper is to understand buyer/seller adoption dynamics in independent, buyer-side B2B exchanges. In a stylized model, we assume that the main role of the exchange is to reduce search costs for buyers. Buyers and sellers enter or exit the exchange based on the relative economic surplus (loss) they receive inside vs. outside the exchange. We contrast two situations: one where participants' switching cost to join the institution is negligible and another, in which it is significant. In an extension, we also explore the impact of buyer/seller heterogeneity on adoption dynamics. We have three key findings with relevant implications for practice. First, we find that the general view that demand and supply (so-called liquidity) either grows or shrinks in the marketplace may not hold. In the presence of switching costs, the exchange can evolve to a stable state with only partial market participation. Second, our results suggest that the exchange is better off subsidizing buyers as opposed to sellers in order to achieve the so-called critical mass, beyond which there is full participation. Finally, we find that while in general, minor buyers of the industry have more incentive joining the exchange, when the fixed participation fee of the exchange is high, it is major buyers who are likely to join first. For sellers, this is not the case: minor sellers are always more keen in participating in a buyer-side exchange.     

Traditions of sustainability in tourism studies

As sustainability has become an important policy issue in tourism, it is arousing growing discussion and criticism, and an increasing need to understand the nature of the limits of growth. This paper analyzes how these limits are approached and evaluated in discussions on a local scale. The purpose is to recognize that behind the different understandings of them lie distinct traditions that are different in their focuses. These are referred to as resource-, activity-, and community-based traditions of sustainability. Further, the relationship between sustainable tourism and sustainable development is critically discussed.     

Involvement and opinion leadership in tourism

Nature-based tourism, science tourism, and ecotourism are some of the emerging and growing trends in special-interest tourism. This study utilized a southeastern sample of the United States who had an interest in travel and the environment. A modified Dillman total design method survey was used to collect the data. The study demonstrated that widely used concepts of marketing are applicable for nature-based tourism. Results indicate that highly involved nature-oriented travelers tend to be more receptive to information concerning the travel product or destination and spread that information willingly. Findings of this study suggest that opinion leaders take more trips and use slightly more information sources.     

Geographic factors affecting tourism in Zambia

This paper discusses several geographical factors critical to tourism planning and development in Zambia. The paper focuses on the size, seasonality of climate, and population distribution of the country as well as the location of tourism resources and distances between tourist attractions. Individually and collectively, these factors have a major influence on the levels of occupancy in hotels and game lodges, and air and land transportation. The infrastructural development and its utilization for tourism are evaluated, and a number of constraints to tourism development are also examined. A discussion of appropriate tourism policies highlights the delicate relationship between economic and environmental factors. This study concludes that Tourism Master Plans should be more cognizant of geographic as well as economic factors when developing destinations such as Zambia.     

The political economy of tourism in the third world

When a Third World country uses tourism as a development strategy, it becomes enmeshed in a global system over which it has little control. The international tourism industry is a product of metropolitan capitalist enterprise. The superior entrepreneurial skills, resources, and commercial power of metropolitan companies enables them to dominate many Third World tourist destinations. This paper outlines the dynamics of this process, particularly in the context of the South Pacific.     

Market shares analysis: The Case of French Tourism Demand

This paper examines the magnitudes and determinants of changes in destinations’ shares of a major tourist origin market. The Almost Ideal Demand System model is used to quantify the responsiveness of French tourism demand in Italy, Spain, and the United Kingdom to changes in relative prices, exchange rates, tourists’ expenditure budget, and external events. The results indicate that effective price competitiveness is a key variable driving changes in market shares. Policymakers who wish to maintain their shares of the French market should pay particular attention to tourism pricing policies, as well as to improving the tourism offer.