Search results

This study focuses on analyzing the relation between money supply, inflation and output in Vietnam and China.

Using the error correction model and the vector autoregression model (ECM and VAR) and the canonical cointegration regression (CCR), the study shows similar patterns of these variable relations between the two economies.

The study points out the difference in the estimated coefficients between the two countries with different economic scales. While inflation in Vietnam is strongly influenced by expected inflation and output growth, inflation in China is strongly influenced by money supply growth and output growth.

To the best of the authors’ knowledge, this is the first empirical and comparative research on the relation between money supply, inflation and output for Vietnam and China. The study demonstrates that the relationship between money supply, inflation and output is still true in case of transition economies.

This study aims to test the validity of the Rajan theory in South Africa and other selected emerging markets (Chile, Peru and Brazil) during the period 1975–2019.

In this study, the researchers used time-series data to estimate a Bayesian Vector Autoregression (BVAR) model with hierarchical priors. The BVAR technique has the advantage of being able to accommodate a wide cross-section of variables without running out of degrees of freedom. It is also able to deal with dense parameterization by imposing structure on model coefficients via prior information and optimal choice of the degree of formativeness.

The results for all countries except Peru confirmed the Rajan hypotheses, indicating that inequality contributes to high indebtedness, resulting in financial fragility. However, for Peru, this study finds it contradicts the theory. This study controlled for monetary policy shock and found the results differing country-specific.

The findings suggest that an escalating level of inequality leads to financial fragility, which implies that policymakers ought to be cautious of excessive inequality when endeavouring to contain the risk of financial fragility, by implementing sound structural reform policies that aim to attract investments consistent with job creation, development and growth in these countries. Policymakers should also be cautious when implementing policy tools (redistributive policies, a sound monetary policy), as they seem to increase the risk of excessive credit growth and financial fragility, and they need to treat income inequality as an important factor relevant to macroeconomic aggregates and financial fragility.

Political Corporate Social Responsibility (CSR), based on ideas about deliberative democracy, have been criticised for increasing corporate power and democratic deficits. Yet, deliberative ideals are flourishing in the corporate world in the form of dialogues with a broad set of stakeholders and engagement in wider societal issues. Extractive industry areas, with extensive corporate interventions in weak regulatory environments, are particularly vulnerable to asymmetrical power relations when businesses engage with society. This paper aims to illustrate in what way deliberative CSR practices in such contexts risk enhancing corporate power at the expense of community interests.

This paper is based on a retrospective qualitative study of a Canadian oil company, operating in an Albanian oilfield between 2009 and 2016. Through a study of three different deliberative CSR practices – market-based land acquisition, a grievance redress mechanism and dialogue groups – it highlights how these practices in various ways enforced corporate interests and prevented further community mobilisation.

By applying Laclau and Mouffe’s theory of hegemony, the analysis highlights how deliberative CSR activities isolated and silenced community demands, moved some community members into the corporate alliance and prevented alternative visions of the area to be articulated. In particular, the close connection between deliberative practices and monetary compensation flows is underlined in this dynamic.

The paper contributes to critical scholarship on political CSR by highlighting in what way deliberative practices, linked to monetary compensation schemes, enforce corporate hegemony by moving community members over to the corporate alliance.

This study investigates to what extent the values perceived by tourists throughout cultural tours impact their overall satisfaction levels and behavioral intentions related to the destination. This study further examines the moderating role of tour guide competency in the relationship patterns concerned.

Empirical data were collected via a survey from 420 foreign tourists who visited Cappadocia and participated in guided cultural tours. Partial least squares-structural equation modeling was used for data analysis.

Study results reveal that the effects of quality, emotional, monetary and social value perceptions of tourists gained through cultural tour experiences on their overall satisfaction levels and the effects of overall satisfaction on recommendation and revisit intention are positive and significant. Furthermore, the moderating role of tour guide competency is significant and positive in the relationships between quality value and satisfaction and between satisfaction and revisit intention.

This study offers a critical analysis of discoveries concerning the pivotal role of tour guide competency within the cultural tour experience.

Hotels offer high-quality guest experiences to positively impact their emotions, satisfaction, perceived value, word-of-mouth (WOM) and electronic word-of-mouth (eWOM). This study aims to investigate the impacts of the quality perceived by hotel guests on their positive emotions, negative emotions, perceived value and satisfaction; verify the impacts of the price on perceived value and satisfaction; examine the impacts of satisfaction on WOM and eWOM; and test the moderating effect of hotel guests’ behavioural engagement on social networking sites (HGBE-SNS) on the relationship between satisfaction and eWOM.

This survey included 371 guests who assessed their experiences at three Brazilian hotels. Structural equation modelling tested the hypothetical model supported by the stimulus-organism-response (S-O-R) theory (Mehrabian and Russell, 1974).

The quality perceived by hotel guests (stimulus) positively impacts perceived value, positive emotions and satisfaction and negatively affects negative emotions (organism). Price (stimulus) negatively impacts perceived value but does not affect satisfaction. Perceived value positively impacts satisfaction. Satisfaction positively impacts WOM and eWOM (responses). The HGBE-SNS moderates the relationship between satisfaction and eWOM.

To the best of the authors’ knowledge, this study is the first that simultaneously demonstrates the relationships between perceived quality, price, perceived value, positive and negative emotions, satisfaction, WOM, eWOM and HGBE-SNS. Hotels must offer their guests high-quality services to positively impact’ perceived value, positive emotions, satisfaction and WOM. Low prices boost the perceived value but do not directly increase guest satisfaction. Satisfied hotel guests share their experiences via WOM, but high HGBE-SNS is crucial to boost eWOM.

Los hoteles ofrecen experiencias de alta calidad a sus huéspedes para influir positivamente en sus emociones, satisfacción, valor percibido, boca a boca (WOM) y boca a boca electrónico (eWOM). Este estudio tiene como objetivo a) investigar el impacto de la calidad percibida por los huéspedes del hotel en sus emociones positivas, emociones negativas, valor percibido y satisfacción; b) verificar el impacto del precio en el valor percibido y la satisfacción; c) examinar el impacto de la satisfacción en el WOM y eWOM; d) probar el efecto moderador del compromiso conductual de los huéspedes del hotel en las redes sociales (HGBE-SNS) en la relación entre satisfacción y eWOM.

En esta encuesta participaron 371 huéspedes que evaluaron sus experiencias en tres hoteles brasileños. La modelización de ecuaciones estructurales puso a prueba el modelo hipotético apoyado en la teoría estímulo-organismo-respuesta (S-O-R) (Mehrabian y Russell, 1974).

La calidad percibida por los clientes del hotel (estímulo) influye positivamente en el valor percibido, las emociones positivas y la satisfacción, y negativamente en las emociones negativas (organismo). El precio (estímulo) afecta negativamente al valor percibido, pero no a la satisfacción. El valor percibido afecta positivamente a la satisfacción. La satisfacción afecta positivamente al WOM y al eWOM (respuestas). El HGBE-SNS modera la relación entre satisfacción y eWOM.

Este estudio es el primero que demuestra simultáneamente las relaciones entre calidad percibida, precio, valor percibido, emociones positivas y negativas, satisfacción, WOM, eWOM y HGBE-SNS. Los hoteles deben ofrecer a sus clientes servicios de alta calidad para influir positivamente en el valor percibido, las emociones positivas, la satisfacción y el WOM. Los precios bajos aumentan el valor percibido pero no incrementan directamente la satisfacción de los huéspedes. Los huéspedes satisfechos comparten sus experiencias a través del WOM, pero un alto nivel de HGBE-SNS es crucial para impulsar el eWOM.

酒店提供高质量的宾客体验, 对宾客的情绪、满意度、感知价值、口碑（WOM）和电子口碑（eWOM）产生积极影响。本研究旨在 a) 调查酒店客人感知到的质量对其积极情绪、消极情绪、感知价值和满意度的影响; b) 验证价格对感知价值和满意度的影响; c) 检验满意度对 WOM 和电子口碑的影响; d) 检验酒店客人在社交网站上的行为参与（HGBE-SNS）对满意度和电子口碑之间关系的调节作用。

本次调查包括 371 位客人, 他们对自己在巴西三家酒店的入住体验进行了评估。结构方程模型检验了由刺激-组织-反应（S-O-R）理论（Mehrabian 和 Russell, 1974 年）支持的假设模型。

酒店客人感知到的质量（刺激因素）对感知价值、积极情绪和满意度有积极影响, 而对消极情绪（有机体）有消极影响。价格（刺激因素）对感知价值有负面影响, 但不影响满意度。感知价值对满意度有积极影响。满意度对 WOM 和 eWOM（反应）产生积极影响。HGBE-SNS 可调节满意度与网络口碑之间的关系。

本研究首次同时展示了感知质量、价格、感知价值、积极和消极情绪、满意度、WOM、eWOM 和 HGBE-SNS 之间的关系。酒店必须为客人提供高质量的服务, 才能对 “感知价值"、"积极情绪"、"满意度 “和 “WOM “产生积极影响。低价会提升感知价值, 但不会直接提高客人满意度。满意的酒店客人会通过 WOM 分享他们的体验, 但高 HGBE-SNS 对促进 eWOM 至关重要。

This study investigates the implementation of a sustainable circular business model from an accounting perspective. Its goal is to understand if and how decision- makers use management accounting systems, and what changes are needed if these systems are to support the transition toward a circular economy.

Dialogic accounting theory frames the case study of six companies that built a value network to develop and implement an innovative packaging solution consistent with circular economy principles. Content analysis was utilised to investigate the accounting tools used.

The findings indicate that circular solutions generate new organisational configurations based on value networks. Interestingly, managers’ decision-making process largely bypassed the accounting function; they relied on informal accounting and life cycle analysis, which stimulated a multi-stakeholder dialogue in a life cycle perspective.

The research provides theoretical and practical insights into the capability of management accounting systems to support companies seeking circular solutions.

The authors offer implications for accounting practice, chief financial officers (CFOs) and accounting educators, suggesting that a dialogic approach may support value retention of resources, materials and products, as required by the circular economy.

The research contributes to the debate about the role of accounting in sustainability, specifically the need for connecting for resource efficiency at the corporate level with the rationalisation of resource use within planetary boundaries.

The study contributes to the limited research into the role of management accounting in a company’s transition to circular business models. Dialogic accounting theory frames exploration of how accounting may evolve to help businesses become accountable to all stakeholders, including the environment.

This paper explores how adaptive organizations, companies capable of continuously adapting their organizational model, dynamically solve the universal problems of organizing.

The authors applied grounded theory to data acquired from six interpretative case studies, collected in two rounds of interviews (15 in total), then completing and validating the study’s evidence through triangulation with several secondary data sources.

In adaptive organizations, polyarchies and intrapreneurial employees are essential to shape the division of labour, leading to high levels of autonomy and empowering individuals and teams, while reducing bureaucracy and hierarchy. In terms of the integration of effort, digital solutions are preferred to social proof in the provision of information, while the authors note that incentives are always geared towards developing strong higher-order dynamic capabilities.

This paper has some limitations that could be addressed in future research, including longitudinal studies to analyse the link between the universal problems of organizing and a company's dynamic capabilities.

Adaptive organizations go beyond tech firms in responding to the universal problems of organizing work by making specific use of digital technologies.

The paper studies how companies should organize themselves so that they continuously adapt to an ever-changing competitive environment.

This study aims to examine consumer perception during COVID-19 and identifies cruise industry marketing strategies to fill a gap in crisis management and product pricing literature.

This study developed and validated two-factor measurement scales (vaccine perception and protective behavior), which predicted cruise intents well. This study revealed how geo-regional factors affect consumer psychology through spatial analysis.

This study recommended pricing 7-day cruises at $1,464 (the most preferred length). The results also showed that future price hikes would not affect demand and that coastal marketing would help retain customers.

This study contributed to the business, hospitality and tourism literature by identifying two new and unique factors (vaccine perception and protective behaviors), which were found to affect consumers’ intention to travel by cruise significantly. The result provided a better understanding of cruise tourists’ pricing preferences and the methods utilized could easily be applied to other cruise markets or tourism entities.

The study examines the impacts of debt financing on infrastructure development, investment, creation of new business entities, subsidies to private sector and GDP growth.

The methodology is based on five simultaneous equations which have been estimated through panel least square.

The most important conclusion of this study is the significant role of sovereign bonds in determination of subsidies to private sector. The role of domestic credit is important in South Asian context because of its significant role in creation of new businesses.

This study supports the enhancement in credit financing to private sector for creation of new business activities in the economy.

The improvement in liquidity position by enhancing domestic credit facilities may ensure the sustainability and continuity of business activities. Such activities may improve GDP growth in future.

The most important aspect of the study is to identify the role of debt financing in subsidies and creation of new businesses which are important elements of social economics.

Usually the impacts of sovereign bonds and external debts on infrastructure development and GDP growth are examined. But, to relate these debts to creation of business entities and subsidies is a new dimension.

Having defined liquidity, the aim is to assess the predictive capacity of its representative variables, so that economic fluctuations may be better understood.

Conceptual variables that are representative of liquidity will be used to formulate the predictions. The results of various machine learning models will be compared, leading to some reflections on the predictive value of the liquidity variables, with a view to defining their selection.

The predictive capacity of the model was also found to vary depending on the source of the liquidity, in so far as the data on liquidity within the private sector contributed more than the data on public sector liquidity to the prediction of economic fluctuations. International liquidity was seen as a more diffuse concept, and the standardization of its definition could be the focus of future studies. A benchmarking process was also performed when applying the state-of-the-art machine learning models.

Better understanding of these variables might help us toward a deeper understanding of the operation of financial markets. Liquidity, one of the key financial market variables, is neither well-defined nor standardized in the existing literature, which calls for further study. Hence, the novelty of an applied study employing modern data science techniques can provide a fresh perspective on financial markets.

因此,就了解經濟週期和經濟發展而言,流動資金是一個極其重要的概念。本研究擬在安全資產的價格預測方面取得進步。安全資產代表了經濟的實際情況,特別是美國的十年期國債。

流動資金的定義上面已說明了; 為進一步了解經濟波動,本研究擬對流動資金代表性變量的預測能力進行評估。

研究使用作為流動資金代表的概念變項去規劃預測。各機器學習模型的結果會作比較,這會帶來對流動資金變量的預測值的深思,而深思的目的是確定其選擇。

只要在私營部門內流動資金的數據比公營部門的流動資金數據、在預測經濟波動方面貢獻更大時,我們發現、模型的預測能力也會依賴流動資金的來源而存在差異。國際流動資金被視為一個晦澀的概念,而它的定義的標準化,或許應是未來學術研究的焦點。當應用最先進的機器學習模型時,標桿分析法的步驟也施行了。

若我們對有關的變量加深認識,我們就可更深入地理解金融市場的運作。流動資金,雖是金融市場中一個極其重要的變量,但在現存的學術文獻裏,不但沒有明確的定義,而且也沒有被標準化; 就此而言,未來的研究或許可在這方面作進一步的探討。因此,本研究為富有新穎思維的應用研究,研究使用了現代數據科學技術,這可為探討金融市場提供一個全新的視角。