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This study aims to provide empirical evidence on the relationship between formal institutions and stock price crash risk from a global perspective.

This paper uses data of 35,468 firms globally over the years 1987–2019 and address the endogeneity issue by employing the Mundlak random effects estimator.

The authors find a significant negative impact of institution quality on stock price crash risk (i.e. better institutions reduce crash risk), after controlling for common determinants of crash risk such as leverage, return on asset, firm size, investment, etc. as well as macro factors such as GDP growth. This effect is robust to different measures of crash risk and sub-indicators of institutions quality. In addition, the authors also find this effect to be universally present in economies characterized by different levels of income.

To the best of the authors' knowledge, there's no known study that explores the potential causal relationship between institution quality and stock price crash risk. Therefore, the research topic in this study is original and can contribute significantly to the existing literature.

Property developers identify the vital role of social media brand engagement (SMBE) in sustaining their businesses in competitive marketplaces, but it remains underexplored. This paper examines how SMBE mediates the effects of firm-generated content (FGC) and user-generated content (UGC) on brand trust, considering the moderating effects of social media influencer endorsement (SMIE) and self-image congruence (SIC) for luxury residential properties (LRPs).

Around 516 high-income homebuyers in Vietnam who shared information about LRP on social media were targeted to test the research model empirically. The primary data collected from paper-based surveys were analysed using SPSS 26 and AMOS 24.

Results indicate that FGC and UGC positively impact SMBE and consequently significantly affect brand trust. Further, results confirm the moderating roles of SMIE and SIC in the effects of FGC and UGC on SMBE.

Data and sample size were limited to meet the generalisation from different nations and cross cultures.

The authors' findings suggest that marketers should apply the authors' integrated SMBE model to strengthen brand–consumer interactions and increase their sales revenue.

This study is the first in its application of the uses and gratifications theory and self-congruence theory to investigate how SMBE mediates the relationship between FGC and brand trust as well as between UGC and brand trust. Noticeably, this study makes a novel contribution as the first to quantitatively explore the moderating effects of SMIE and SIC in the authors' research model.

This study aims to investigate the association between corporate governance (CG) and the corporate social responsibility (CSR) information disclosure as well as the moderating role of state-ownership between CG and CSR disclosure.

To examine the relationship between CG and CSR disclosure, this study used the feasible general least squares and generalized method of moments method on a sample of 165 non-financial quoted companies over the 2015–2018 period, which account for about three-fourths of the Vietnamese stock exchange.

The findings suggest that enterprises with smaller board size consisting mainly of independent directors have a higher CSR disclosure level. Moreover, when the chief executive officer is concurrently the chairman of the board, the level of CSR disclosure falls. Additionally, the moderating role of state ownership enhances CSR disclosure.

The empirical results of this study form a solid foundation for policymakers and other stakeholders’ decisions in investing or establishing policies.

This study provides empirical evidence on the relationship between CG and CSR disclosure in Vietnam – a developing country with no legal requirement on CSR disclosure. Moreover, this study emphasizes the moderating role of state ownership between CG and CSR disclosure, which clarifies the role of state ownership in establishing CG mechanisms.

This paper aims to assess the sense-of-community role in affecting young Muslim loyalty towards Muslim-majority tourism destinations. Specifically, this research assesses the sense of community dimension in the halal tourism context and evaluates its effects on destination satisfaction, image and loyalty.

This research used a quantitative approach by using data from 376 young Indonesian Muslim tourists with past travel experiences to destinations where Muslims are the majority. The dimension of the sense of community was evaluated using exploratory factor analysis. The association between variables was tested using partial least square-structural equation modelling.

The finding exhibits three notable sense of community dimensions: membership, influence and need fulfilment and emotional connection. Emotional connection shapes, directly and indirectly, destination loyalty, while influence and need fulfilment affect destination loyalty by satisfaction and destination image mediating role. Lastly, membership has no impact on developing destination loyalty.

This study offers tourism destinations in Muslim-majority countries an opportunity to draw and create loyalty among young Muslim tourists. Besides offering superior halal services and products, Muslim-majority tourism destinations need to develop young Muslim tourists' emotional connection to the destinations.

To the best of the authors’ knowledge, this is the first empirical examination of the sense of community's role in influencing tourist loyalty, specifically in halal tourism.

The purpose of this paper is to investigate the trend of transatlantic strategic convergence and policy coordination in response to Chinese trade practices and technological competition, specifically in the critical minerals sector.

The research draws on primary and secondary source material to identify evidence of and examine the drivers, manifestations and prospects for effective US-European efforts to advance the shared aim of reducing vulnerabilities in critical minerals supply chains.

The interests of the USA and Europe would be best served by prioritizing their own security, diversification and resilience strategies while seeking areas of common ground and constructive engagement with China.

The research offers a fresh perspective on the growing alignment and persistent gaps in US and European perspectives on China’s rising influence and assertive behavior.

The research highlights the vital role of critical minerals in national security, economic competitiveness, technological advancement and sustainable resource management. It underscores the shared recognition on both sides of the Atlantic that securing a stable supply of critical minerals – essential for maintaining strategic capabilities, driving innovation and ensuring long-term economic prosperity – necessitates tighter transatlantic coordination as well as constructive engagement with China.

This study aims to evaluate the key factors affecting the behavioural intention of urban tourists towards visiting national parks by integrating the theory of planned behaviour (TPB) and expectancy theory (ET).

Data were collected from urban tourists using an online questionnaire developed through Google forms. A total of 489 valid online questionnaires were considered for this study. The proposed research model was empirically evaluated using the structural equation modelling method.

According to the results of this research, TPB constructs are significantly and positively associated with the behavioural intention of urban tourists towards visiting national parks in India and out of ET constructs, only expectancy and valence are significantly and positively associated with behavioural intention while instrumentality does not.

This study manifests the behaviour of urban tourists towards national parks and contributes to academics by incorporating existing literature. The findings of this study also help policymakers in formulating innovative strategies for national parks. It presents an integrated framework that lays the platform for a new study domain on urban tourists' intentions to visit national parks, which will be useful to urban managers, officials and the tourism sector. Furthermore, as the scope of this study is confined to assessing the intentions of urban tourists toward visiting national parks, it is difficult to generalize the findings.

To the best of the authors' knowledge, this is the first research of its kind to provide an understanding of the behavioural intention of urban tourists towards visiting the national parks in India by optimizing the TPB and ET.

Awe is an important yet largely overlooked emotion in tourism. This paper aims to reveal the underlying mechanism of the effects of nature-inspired awe on stimulating tourists' environmentally responsible behavior (TERB) intention by delving into the serial mediation effect of state construal level, small-self perception and state connectedness to nature (CNT).

This research was built upon the appraisal theory of emotion. Study 1 was a scenario-induced quasi-experimental study to test the proposed model linking awe, small-self perception, state CNT and TERB intention. A total of 271 valid questionnaires were collected via an online questionnaire platform. Study 2 was a field study designed to replicate the findings of Study 1 and further uncover the mediating role of the state construal level. Study 2 was conducted in Baiyun Mountain Scenic Area, China. A total of 229 valid questionnaires were used for analysis.

This research deepens our understanding of the effects of nature-inspired awe in the tourism and travel fields. This research uncovers the underlying mechanism by which awe increases TERB intention through serial mediation. Specifically, awe inspires tourists to apply a higher level of construal, which makes tourists perceive a smaller self, making them feel more connected to nature and exert more intention to adopt ERB.

This research linked tourists' mindset (i.e. state construal level), internal (i.e. small-self perception) and external (i.e. state CNT) cognition in an integrated model, explaining how nature-inspired awe contributes to eliciting TERB intention. The findings add critical theoretical contributions to the travel and tourism literature and provide important implications for the tourism industry to inspire awe and benefit from such emotion.

敬畏在旅游中是一种十分重要的情绪, 但却鲜少被关注。本研究旨在深入研究解释水平状态、小我感知和自然关联感的链式中介效应, 揭示自然敬畏激发游客环境责任行为意向的内在作用机制。

本研究的基础理论为情绪评价理论。研究一通过场景诱导的准实验研究, 检验将敬畏、小我感知、自然关联感和游客责任行为意向的假设模型; 研究一以网络问卷平台收集的271份有效问卷数据进行分析。研究二是一项在中国白云山风景区开展的实地研究, 旨在检验研究一的研究结果, 并进一步揭示解释水平状态的中介效应; 研究二采用229份有效问卷数据进行分析。

本研究揭示了敬畏通过链式中介作用影响游客环境责任行为意向的内在作用机制, 深化了对自然敬畏在旅游和旅行领域价值的理解。具体而言, 本研究发现敬畏激发了游客启动更高的解释水平, 这使游客感知到更渺小的自我, 并促使他们感到与自然的联系更加紧密, 从而提升了游客的环境责任行为意向。

本研究将游客的心理定式（即解释水平状态）、内在认知（即小我感知）和外部认知（即自然关联感）整合到一个综合模型中, 解释了自然敬畏引发游客环境责任行为意向的作用机制。研究结果为旅游研究提供了重要的理论贡献, 也为旅游行业如何在实践中激发敬畏感并从中获得效益提供了重要的实践启示。

El asombro es una emoción importante pero en gran medida ignorada en el turismo. Esta investigación pretende revelar el mecanismo subyacente de los efectos del asombro inspirado por la naturaleza en la estimulación de la intención del comportamiento responsable con el medio ambiente (TERB) de los turistas, profundizando en el efecto mediador en serie del nivel de interpretación del estado, la percepción del pequeño yo y la conexión del estado con la naturaleza (CNT).

Esta investigación se basó en la teoría de la valoración de la emoción. El estudio 1 fue un estudio cuasiexperimental inducido por escenarios para probar el modelo propuesto que vincula el sentimiento de asombro, la percepción del pequeño yo, el estado CNT y la intención TERB. Se recogieron 271 cuestionarios válidos a través de una plataforma de cuestionarios en línea. El Estudio 2 fue un estudio de campo diseñado para replicar los hallazgos del Estudio 1 y descubrir más a fondo el papel mediador del nivel de interpretación del estado. El estudio 2 se llevó a cabo en la zona escénica de la montaña de Baiyun (China). Se utilizó un total de 229 cuestionarios válidos para el análisis.

Esta investigación profundiza en nuestra comprensión de los efectos del asombro inspirado por la naturaleza en los ámbitos del turismo y los viajes. Esta investigación descubre el mecanismo subyacente por el que el asombro aumenta la intención de TERB a través de la mediación en serie. En concreto, el asombro inspira a los turistas a aplicar un mayor nivel de interpretación, lo que hace que los turistas perciban un yo más pequeño, lo que les hace sentirse más conectados con la naturaleza y ejercer así una mayor intención de adoptar TERB.

Esta investigación vinculó la mentalidad de los turistas (es decir, el nivel de nterpretación del estado), la cognición interna (es decir, la percepción de un yo más pequeño) y la externa (es decir, la CNT del estado) en un modelo integrado, explicando cómo el asombro inspirado por la naturaleza contribuye a suscitar la intención TERB. Los hallazgos añaden contribuciones teóricas críticas a la literatura sobre viajes y turismo y proporcionan implicaciones importantes para que la industria turística inspire asombro y se beneficie de dicha emoción.

The purpose of this paper is to present an optimisation of four-point star-shaped structures produced through additive manufacturing (AM) polylactic acid (PLA). The study also aims to investigate the compression failure mechanism of the structure.

A Taguchi L₉ orthogonal array design of the experiment is adopted in which the input parameters are resolution (0.06, 0.15 and 0.30 mm), print speed (60, 70 and 80 mm/s) and bed temperature (55°C, 60°C, 65°C). The response parameters considered were printing time, material usage, compression yield strength, compression modulus and dimensional stability. Empirical observations during compression tests were used to evaluate the load–response mechanism of the structures.

The printing resolution is the most significant input parameter. Material length is not influenced by the printing speed and bed temperature. The compression stress–strain curve exhibits elastic, plateau and densification regions. All the samples exhibit negative Poisson’s ratio values within the elastic and plateau regions. At the beginning of densification, the Poisson’s ratios change to positive values. The metamaterial printed at a resolution of 0.3 mm, 80 mm/s and 60°C exhibits the best mechanical properties (yield strength and modulus of 2.02 and 58.87 MPa, respectively). The failure of the structure occurs through bending and torsion of the unit cells.

The optimisation study is significant for decision-making during the 3D printing and the empirical failure model shall complement the existing techniques for the mechanical analysis of the metamaterials.

To the best of the authors’ knowledge, for the first time, a new empirical model, based on the uniaxial load response and “static truss concept”, for failure mechanisms of the unit cell is presented.