Co-Integration and Error Correction Estimation to Forecast Tourism in El Salvador

Using co-integration and error correction models, the objective of this study was to systematically analyze the factors affecting the international tourism demand for El Salvador. The results indicate that the degree of responsiveness of tourist arrivals to El Salvador due to a change in income is elastic and quite differs from country to country. Residents from Honduras appeared to be less responsive to prices than residents from the other origin countries. The dynamic specification of error correction models further confirms the majority of the results obtained in the co-integration relationships. The findings are useful for private developers and public tourism planners in El Salvador. Marketing of specific tourism attributes could enable El Salvador to gain comparative advantage over its competitors.     

The significance of environmental values for destination competitiveness and sustainable tourism strategy making: insights from Australia's Great Barrier Reef World Heritage Area

Sustainable destinations must deliver products that perform better than their competitors and at the same time protect key environmental drawcards. This research explores the environmental–economic interface of a major destination, both as a case study in how to approach this complex relationship and as a contribution to the methodology of tackling the need for understanding competitive pressures as part of sustainable tourism strategy creation. Using the Great Barrier Reef World Heritage Area (GBRWHA) as an example, the paper assesses 21 key environmental values, including Indigenous culture, against market-based factors, in terms of their importance for visitors as regional drawcards, satisfaction with them and the way in which changes in them might affect trip numbers and duration across different regions. While the natural values of the GBRWHA are found to be the most important drawcards, satisfaction scores were significantly lower than importance scores for a number of these values. Visitors responded more negatively to the prospect of environmental degradation than to the prospect of a 20% increase in local prices: the detailed impact depends, however, on location and visitor mix. Clear ocean, healthy coral reefs, healthy reef fish, and lack of rubbish were the top four most important values.     

The usefulness of Schwartz's ‘Values Theory’ in understanding consumer behaviour towards differentiated products

Abstract

The Values Theory adopts a generic framework whereby a set of values is employed across consumer decision-making contexts in a manner that makes no distinction among various product categories. The present study advances this theory by exhibiting the adaptation capability of the generic values instrument (the Portrait Value Questionnaire, PVQ), demonstrating that tailor-made PVQ versions can reflect consumers' motives towards differentiated products (i.e. organic foods). A questionnaire was completed by approximately 1000 households in each of eight EU countries (N?=?8171). The organic food-relevant PVQ was developed through a preliminary qualitative phase (i.e. a means-end chain analysis), and its factorial design was validated through CFA, showing high statistical performance. PVQ-based European clusters with strong self-transcendence values comprised large numbers of organic purchasers. Moreover, results point to the fact that when a circumplex taxonomy, such as the PVQ, is applied in a real context (i.e. organic food purchases), the situation-relevant value domains merge into new hierarchical dimensions in absolute respect of the original taxonomy. This conclusion points to PVQ's robustness in adaptability to different situations of human value perspective.     

Central Banking and Post-Keynesian Economics

Abstract

The Post-Keynesian theory of endogenous money has given much attention to the role of the central bank in the money creation process. Circuit theory has neglected this role, in so far as it has focused on the relationship between banks and firms within a monetary production economy. The aim of this paper is therefore twofold. First, it intends to fill this gap in circuit theory, by providing a role for the central bank in settlement of interbank debts. Secondly, it aims at reinforcing the Post-Keynesian analysis of central bank money by considering both the money-purveying and the credit-purveying roles of the settlement institution in the interbank market. The result of this analysis is a more comprehensive theory of endogenous money, where the lender-of-last-resort facilities of a central bank are viewed as an endogenous phenomenon involving both a money creation and a credit operation between the central bank and the domestic banking system. In such a framework, monetary policy consists of setting the base rate of interest at a level that enables banks to limit their bilateral debt position in the interbank market, so as not to disrupt the workings of the payment system by either an illiquidity or an insolvency crisis.     

Moving through the political participation hierarchy: a focus on personal values

This study empirically explores the determinants of political participation. Using data from the European Social Survey, we investigate the relationship between political participation and personal values, using the Schwartz (1992) values inventory. A political participation hierarchy is theorized, and activities are categorized into four levels of participation (none, weak, medium and strong), based on the cost of participating and how unconventional the activity is. Empirical analysis points to individuals who are more open to change and more self-transcendent, being more likely to participate. Sub-sample analysis, contrasting East and West Europe, suggests that the role for personal values is more subdued in the East, with respect to moving individuals from not participating to at least voting. Furthermore, the use of a generalized ordered logit model in this study illustrates the complex nature of many of the determinants of political participation. In particular, we find that the influence of the majority of individual characteristics is not monotonic in nature, as you move up through the political participation hierarchy. These findings are important for researchers and policy-makers who may be interested in understanding determinants of and/or enhancing the level of political participation in an economy.     

A Cross-Cultural Study of Managerial Work Values in Singapore

ABSTRACT

The paper presents the findings of a research conducted on work values of expatriate and local managers in Singapore. The sample included about 600 expatriate and local managers of 30 American, Canadian, British, Swedish, and Korean companies operating in Singapore. The selected companies represented 13 industries. The managers were identified on the basis of their ethnic and cultural backgrounds. Hofstede's Value Survey Module was used as the major data collection instrument. The findings revealed some significant differences between the managers of the Western and the Eastern (Oriental) cultures regarding their work values, preferred management styles, and their perception of existing managerial practices. The findings also largely substantiate the “crossvergence” argument of managerial work values.     

‘Out With the Old’—An Evaluation of the Relevance of Traditional Chinese Cultural Beliefs in Today's China

This study evaluated the views of a range of 20- to 35-year-old Chinese respondents regarding the applicability and relevance—in today's modern China—of various traditional Chinese values such as trust, respect and guanxi, in regard to personal, social, business and consumer behavior contexts. It found that respondents felt that traditional values were still important at home and in social contexts but had perhaps become replaced in business by more Westernized and sharp-edged values. However, they also feel that it is still sometimes possible to form deeper and more traditionally conceptualized business networks and relationships and it is here that people still preferred to conduct more complex—and serious (and indeed often more lucrative)—business activities. In regard to the use of traditional values in Chinese consumer behavior, the situation is once again quite complex. When it comes to initially thinking about a consumer behavior issue, respondents feel that traditional values played no real part—but when it comes to actually deciding on a particular product or service to purchase, particularly in regard to a product (or service) which has a high level of brand equity/image, the situation is very different. Now respondents tend to make judgments about the product or service in a most traditional manner and way, thinking about issues of face, respect, trust and even guanxi, where it is almost possible for them to feel that they have formed a kind of relationship with some brands that will, in turn, guarantee them a certain level of face, image, status and respect.     

Industry,Organizational Age,and Size as Predictors of Organizational Values in the Context of a Transition Society: The Case of Estonian Organizations

ABSTRACT

Over the past 20 years, China and India have emerged as the fastest growing economies in the world. In this context, the authors review, examine, and list the factors that have contributed to the emergence of China and India (referred to as Chindia). The authors compare the antecedents, characteristics, and consequences of their emergence in the global market. This article provides insights for the researchers and multinational enterprises from rest of the world to carry out studies on country analysis as well as foreign market entry modes. Besides, we posit theoretical and testable propositions for future research.     

Comparison of Canadian and Mexican Students' Online Shopping Behavior

A survey of 100 Canadian and 100 Mexican business students reveals that the two groups' achievement motivation, Rokeach terminal and instrumental values, and their online behavior is quite different from each other. Canadians buy more books from online shops and believe that mobile phones will be used in the future to make online purchases. Mexicans are more positive about online shopping from existing stores, with greater appreciation for making purchases without face-to-face contact. They are also more mistrustful of new online shops. Mexicans favor massive advertising and promotions and Canadians favor competitive prices and discounts.     

当代大学生价值观教育对策研究

近些年来 ,随着社会主义市场经济体制的逐步完善 ,价值观念领域的问题日益突出 ,引起了全社会的普遍关注和议论。分析研究当前青年学生价值观的变化规律 ,采用适当的教育对策 ,对我们正确认识社会主义市场经济有着一定的现实意义 ,同时也能帮助我们更好地驾驶和引导青年学生价值观形成和发展的走向 ,从而因势利导 ,做到未雨绸缪。