Does justice affect brand advocacy? Online brand advocacy behaviors as a response to hotel customers’ justice perceptions

This study focuses on customers' information-sharing behavior in the context of online brand advocacy behavior regarding hotel brands. We aim to explain hotel customers' online brand advocacy behavior through three-sided justice evaluations (i.e., justice for employees, justice for the self, and global belief in a just world), and their hotel satisfaction. Hypotheses are tested by using survey data acquired from 688 individuals on Amazon's Mechanical Turk (MTurk) through partial least squares structural equation modeling (PLS-SEM). The findings show that customers' perceptions of justice for the self positively affect their hotel satisfaction, perceptions of justice for employees and the global belief in a just world positively affect online brand advocacy behavior, and hotel satisfaction also positively affects online brand advocacy behavior. We expand current research efforts on online brand advocacy research and provide theoretical and managerial implications for the development of marketing and management research and practice.     

基于AHP-TOPSIS模型的京津冀家政服务人力资源供给质量评价研究

依托已有的研究成果构建了家政服务人力资源供给质量评价指标体系,利用AHP-TOPSIS模型对京津冀家政服务人力资源供给质量进行了评价和排名,并使用障碍度模型分析了员工制、准员工制、培训学校、中介制四种类型家政机构人力资源供给质量的关键制约因素,在此基础上,给出了不同类型家政机构人力资源供给质量改善的针对性建议,为家政服务人力资源供给质量的改善提供参考依据。     

Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.     

Does local government competition aggravate haze pollution? A new perspective of factor market distortion

Haze pollution has become a new threat to China's sustainable development, but it may be that local government behaviour can play an important role in the prevention and control of pollutants. A dynamic spatial autoregressive (SAR) model is used to study the relationship between local government competition and haze pollution. To further explore the indirect impact of factor market distortion on haze pollution and control potential endogeneity problems, a newly developed intermediary effect model that incorporates the characteristics of the generalized method of moments (GMM) is utilized to explore how factor market distortion indirectly affects haze pollution. The research results show that regional haze pollution in China is characterized by significant spatial correlation, and local government competition has a positive impact on haze pollution; that is, local government competition exacerbates haze pollution. In general, local government competition not only directly leads to an increase in haze pollution but also further intensifies it by distorting the local factor market, and the intermediary role of factor market distortion is approximately 7.04%. The results of the regional inspection found that competition among local governments in the eastern region did not lead to haze pollution, and distortion of the factor market did not exist as an intermediary effect. However, both direct and intermediary effects are significant in the central and western regions. Therefore, an official performance appraisal system that includes ecological constraints should be established to guide the benign transformation of local government competition, and an environmental management mechanism must be developed for joint prevention and control to reduce haze pollution. In addition, the free flow of factors and marketization are equally important.     

Noise traders,firm-specific uncertainty and technical trading effectiveness

This is the first study to document evidence of technical trading effectiveness at firm level in the Chinese A-share market by investigating the relationship between excess profits of technical trading rules and firm-specific characteristics. Our results reveal that firms with higher excess profits from technical trading have more noise traders and higher institutional ownership and that those firms tend to be growth firms with lower liquidity and higher firm-specific uncertainty. Further analysis shows that the profitability of technical trading rules is unsustainable and the excess profits of the highest technical trading profit quintile portfolio disappear in the following year.     

Co-movement in Stock Prices in Emerging Economies: The Case of the Caricom Region

The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange.     

The importance of consumer multihoming (joint purchases) for market performance: Mergers and entry in media markets

Consumer “multihoming” (watching two TV channels, or buying two news magazines) has surprisingly important effects on market equilibrium and performance in (two‐sided) media markets. We show this by introducing consumer multihoming and advertising finance into the classic circle model of product differentiation. When consumers multihome (attend more than one platform), media platforms can charge only incremental value prices to advertisers. Entry or merger leaves consumer prices unchanged under consumer multihoming, but leaves advertiser prices unchanged under single‐homing: Multihoming flips the side of the market on which platforms compete. In contrast to standard circle results, equilibrium product variety can be insufficient under multihoming.     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.