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This study aims to measure impact of several firm-specific factors on alternative measures of leverage. The authors also aim to study impact of the subprime crisis on such associations.

The authors utilized an unbalanced panel data of 973 firm-year observations on 47 UK listed non-financial firms for the years 1990–2019. Book-based and market-based long-term and total leverage measures have been used as explained variables. The explanatory variables are profitability, size, two measures of growth, asset tangibility, non-debt tax shields, firm age and product uniqueness. Fixed effect and random effect models with clustered robust standard errors have been utilized for data analysis. To find the effect of subprime crisis, original dataset was split to create pre-crisis and post-crisis datasets.

The authors find that profitability significantly reduces leverage while firms having more tangible assets use significantly more debt in capital structure. Firm size and non-debt tax shield have statistically insignificant positive impact on leverage. Having more unique products reduces use of external debt, albeit insignificantly. Growth, when measured as market-to-book ratio, has inconsistent impact, whereas capital expenditure insignificantly reduces leverage. Age is found to be an insignificant predictor of leverage. After the subprime crisis, firms started relying more on internal fund instead of external debt, more particularly short-term debt. Having more collateral is gradually becoming more important for availing external debt.

Data limitations restrict generalization of the findings.

This is one of the pioneering attempts to show how subprime crisis altered the theoretical domain of capital structure research in the UK.

This study aims to identify the gaps in current policy and propose a viable framework for policy improvement regarding people-centered tsunami early warning chain in Padang City. The objectives are: to describe the gaps and flaws in the current policy regarding local tsunami early warning chain, to identify potential actors to be involved in the tsunami early warning chain and to assess the roles and capacity of actors, and their potential for involvement in early warning.

This study is an exploratory study using social network analysis (SNA) on regulations and other legal documents, and primary data sources from a focus group discussion and semi-structured interviews.

The study found that the existed regulation lacks extension nodes to relay warnings to the populations at risk, often referred to as “the last mile.” Moreover, receiving warning information from both formal and informal sources is important to mobilize people evacuation more effectively during an emergency. The study found that mosque communities and disaster preparedness leaders are the potential actors who should be involved in the local early warning chain.

The research findings were presented as a recommendation to Padang City Government and have been legalized as the new tsunami early warning chain procedure in the Padang City Mayor Regulation 19/2018.

This research investigated local tsunami early warning dissemination in Padang City using SNA. The study demonstrates a close collaboration between researchers, practitioners and the community.

This study aims to identify the ability of gold and cryptocurrency (Cryptocurrency Uncertainty Index (UCRY) Price) as safe haven assets (SHA) for stocks and bonds in both conventional (i.e. stock indices and government bonds) and Islamic markets (i.e. Islamic stock indices and Islamic bonds (IB)).

The authors employed the nonadditive panel quantile regression model by Powell (2016). It measured the safe haven characteristics of gold and UCRY Price for stock indices, government bonds, Islamic stocks, and IB under gold circumstances and level of cryptocurrency uncertainty, respectively. The period spanned from 11 March 2020 to 31 December 2021.

This study discovered three findings, including: (1) gold is a strong safe haven for stocks and bonds in conventional and Islamic markets under bearish conditions; (2) UCRY Price is a strong safe haven for conventional stocks and bonds but only a weak safe haven for Islamic stocks under high crypto uncertainty; and (3) gold offers a safe haven in both emerging and developed countries, while UCRY Price provides a better safe haven in developed than in emerging countries.

Gold always wins big for safe haven properties during unstable economy. It can also win over investors who consider shariah compliant products. Therefore, it should be included in an investor's portfolio. Meanwhile, cryptocurrencies are more common for developed countries. Thus, the governments and regulators of emerging countries need to provide more guidance around cryptocurrency so that the societies have better literacy. On top of that, the investors can consider crypto to mitigate risks but with limited safe haven functions.

The originality aspects of this study include: (1) four chosen assets from conventional and Islamic markets altogether (i.e. stock indices, government bonds, Islamic stock indices and IB); (2) indicator countries selected based on the most used and owned cryptocurrencies for the SHA study; and (3) the utilization of UCRY Price as a crypto indicator and a further examination of the SHA study toward four financial assets.

Purpose – This study aims to obtain the best lipid content in locally isolated microalga that grows in palm oil mill effluent (POME).

Design/Methodology/Approach – Microalgae were cultured in POME with 25% dilution (LP₂₅), 50% (LP₅₀), and no dilution (LP) in 1,500 ml glass vessel at room temperature using a lighting intensity of 13,000 lux and continuous aeration for 24 hours and 12 hours, respectively. The biomass (in dry weight) of microalgae was analyzed daily by means of spectrophotometry using 624 nm wavelength to determine their growth.

Findings – The results showed that the acclimatized growth of microalgae in POME media adapted faster to the POME concentration. Acclimatized biomass content tends to increase to 1.014 g/L, while the content of non-acclimatized biomass reached only 0.752 g/L. Lipid content resulting from the direct extraction process using the modified Bligh and Dyer method provided the best yield of 47% in the microalgae grown in the LP₅₀ POME medium.

Research Limitations/Implications – Lipid was produced from locally isolated microalgae cultured in POME medium with 25% dilution (LP₂₅), 50% (LP₅₀), and no dilution (LP).

Practical Implications – The lipid produced had the potential for biodiesel energy.

Originality/Value – In this study, microalga was used not only to treat POME liquid wastes but also to produce lipids as biodiesel energy potentials.

Capital structure is an important corporate financing decision, particularly for companies in emerging economies. This paper attempts to understand whether the pandemic had any significant impact on the capital structure of companies in emerging economies. India being a prominent emerging economy is an ideal candidate for the analysis.

The study utilizes three leverage ratios in an extended market index, BSE500, for the period 2015–2021. The ratios considered are short-term leverage ratio (STLR), long-term leverage ratio (LTLR) and total leverage ratio (TLR). A dummy variable differentiates the pre-epidemic (2015–2019) and pandemic (2020–2021) period. Control variables are used to represent firm characteristics such as growth, tangibility, profit, size and liquidity. Dynamic panel data regression is employed to address endogeneity.

The findings point out that Covid-19 has had a significant, negative effect on LTLR, while the impact on STLR and TLR was insignificant. The findings indicate that companies based in a culturally risk-averse environment, such as India, would reduce the long-term debt to avoid bankruptcy in times of uncertainty.

The study covers the impact of the pandemic on Indian companies. Hence, generalization of the findings to global context might not be valid.

To maintain economic growth in the post-crisis period, Indian policymakers should ensure accessibility to low-cost capital. The findings provide impetus to deepen the insignificant corporate bond market in India for future economic revival.

Developing countries are struggling to revive the economies postpandemic. This is particularly true for Asian economies which are heavily reliant on banks for survival. This research finds evidence to utilize bond market as a source of raising capital for economic revival.

Liner connectivity plays an important role as a determinant in how a country is able to gain access to world markets. Liner shipping as the medium of seaborne transport for import and export of manufactured and semi-manufactured goods plays a significant part in international trade, which in turn potentially contribute towards the prosperity of a country and its surrounding region. Liner Shipping Connectivity Index (LSCI) is one of the most common benchmark to see how well connected a country in global trade, where it consists of five components, namely the number of ships, carrying capacity, ship size, services provided, and the number of companies that deploy container ships calling a country’s ports. This paper aims to tally from the most to the least which LSCI component contributes in improving the shipping connectivity with the most impact, in six Maritime South-East Asian countries, i.e., Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. By descriptive statistics, correlation analysis, and panel data, this paper finds that the country port’s capacity to accept larger ship size provides the most significant impact towards the improvement of the connectivity in the region. To attract companies to deploy largest ship, the improvement needs to be complemented with the capacity that can meet the expected volume, offering a variety of service, and good turnaround speed at the country’s port. The paper is expected to present not only indicative recommendations on which logistics connectivity initiative needs to be invested first, but also necessary proposals to develop a programme for building the region’s overall logistics industry.

Paper Code: SLC-206

The purpose of this study is to analyse Peruvian cuisine in the context of visitors’ overall experience, focusing on the loyalty of tourists in terms of gastronomy, their satisfaction with the destination, and the overall image.

Data were obtained from tourists who visited Lima (Peru). Structural equation modeling was used to verify the hypothesized relationships.

The results obtained confirm that satisfaction and appreciation, such as quality, have a positive influence on tourists’ loyalty and, therefore, they recommend and express their desire to come back to this destination. The traditional gastronomy of Lima stands out as a prominent factor on overall experience.

This paper helps the managers of cities in their decisions to improve the satisfaction and seek loyalty of those who visit a city, emphasizes the role of gastronomy.

The results obtained in this research can be used for the establishment of new strategies for the promotion of the destination in terms of tourism and traditional food.

The gastronomy in Lima, (Peru) is recognized worldwide, as well as a stimulus for tourism because it increases the number of visits to the destination. Several studies carried out in these types of destinations have shown the existence of a relationship between gastronomy, overall experience, satisfaction and loyalty. However, there are no previous studies carried out in Lima that sustain this relationship. This work makes a contribution that completes the academic literature on the study of the emotional bonds between Peruvian gastronomy and the tourist who visits it and its behaviour.

The purpose of this paper is to analyse the determinants of financial inclusion among women-owned informal enterprises in India.

The study is based on a primary survey of 321 informal enterprises. The data has been collected through a structured questionnaire. A chi-square test has been used to examine the significant association between the characteristics of informal enterprises and their owners and financial inclusion. A logistic regression model has been developed to analyse the determinants of financial inclusion among women-owned informal enterprises.

A significant and negative association has been found between business duration and entrepreneurs’ experiences with financial inclusion. In addition, the chi-square test shows a significant association between resource capability, use of ICT by enterprises and financial inclusion. Further, logistics regression shows that duration of business, entrepreneurial experience, resource capability in terms of machinery and equipment use, and ICT are significant determinants of financial inclusion among women-owned informal enterprises.

There are several practical implications for national policymakers and other stakeholders, such as banks and international bodies working on financial inclusion. It is suggested that while designing the policy for financial inclusion among woman-owned informal enterprises, it should ensure that experience and older woman entrepreneurs are included in financial inclusion schemes.

There has been very few research on financial inclusion in woman-owned businesses. However, no research has been conducted on the financial inclusion of women-owned informal businesses. This study fills a gap by investigating the factors that influence financial inclusion in women-owned informal businesses.

The purpose of this paper is to determine the drivers of the formation of e-loyalty in a tourist destination, providing a model composed of variables that are under the control of the firm along with others that are not fully controllable by professionals.

The study was carried out with a sample of 497 subjects, university students and online consumers, and with the use of structural equations (partial least squares).

Results show that young people give a high valuation to all the variables used in the research. These results contribute to the literature on e-loyalty in tourism destinations and improve tourism loyalty in this population segment.

The main limitation of this research has been related to the number of variables and measurement indicators that, according to the literature review, influence e-loyalty. Finally, a balanced and statistically significant model has been developed that has practical utility and analyzes online purchase of tourism products from a process perspective that includes variables that are internal and external to the firm.

The study suggests that young people have a favourable attitude and predisposition towards e-commerce, which, in turn, favours firms’ efforts to promote consumption and loyalty within the framework of the model’s variables.

This research paper has important value by analysing the initiating variables to determine how e-loyalty can be managed in tourist destinations, in addition to analysing an important segment for future tourism development.

This paper aims to develop an original model in the context of food-based experiences considering new experiential variables, such as to experience quality, memorability and quality of life (QOL), and their impact on marketing outcomes, namely, satisfaction and loyalty, approached from an experience perspective.

An empirical approach has been adopted. Data have been collected through an online and a paper-and-pencil method, using an original questionnaire addressed to tourists who had a food-based experience during their recent holidays. Partial least squares-structural equation modelling is the technique used for data analysis.

The results confirm that local food, enjoyed through quality experiences, is a determining factor in designing memorable products, achieving tourist satisfaction, improving their QOL and encouraging loyalty to experiential food-based practices.

Results should be interpreted within the context of this research because of the use of a sample conveniently selected.

Gastronomic experiences represent a successful strategic resource for tourist destinations and professionals who want to adapt their business/destination to the new requirements of the experiential context.

To the best of authors’ knowledge, this study is first to relate the impact of memorable and quality culinary experiences on the QOL of tourists, chasing, as a final result, loyal intentions towards a specific kind of experience (culinary) rather than towards the destination.

Este trabajo propone un modelo original en el contexto de las experiencias gastronómica que relaciona nuevas variables experienciales – Calidad de la Experiencia (EXPQ), Memorabilidad (MEM) y Calidad de vida (QOL) – con variables de resultado tradicionales del marketing turístico: satisfacción y lealtad, consideradas desde un nuevo enfoque experiencial.

Se ha optado por un enfoque empírico. Los datos han sido obtenidos por medio de una encuesta online y en papel, con un cuestionario original dirigido a turistas que han vivido una experiencia gastronómica en sus recientes vacaciones. Los datos han sido tratados con PLS-SEM.

Los resultados alcanzados confirman que las experiencias gastronómicas de calidad son un factor determinante para diseñar productos turísticos memorables, lograr la satisfacción de los turistas, mejorar su calidad de vida e incentivar la lealtad hacía prácticas experienciales vinculadas a la gastronomía.

Debido al uso de una muestra no-probabilística de conveniencia los resultados de este estudio sufren limitaciones en cuanto a su generalización.

Las experiencias gastronómicas representan un recurso estratégico para los destinos turísticos y los profesionales del sector que quieran adaptar su negocio/destino a las nuevas exigencias del entorno experiencial.

Este trabajo relaciona por primera vez el impacto de las experiencias gastronómicas memorables y de calidad en la calidad de vida de los turistas, planteando como resultado final la lealtad al tipo de experiencia, más que la intención de volver a visitar el destino.