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This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.

While existing literature has primarily focused on the impact of voluntary sustainability disclosure, such as certifications or reporting standards, this study addresses a significant research gap by constructing and analyzing the financial J-Curve of 40 funds under the SFDR. The authors employ a panel regression analysis to examine the effects of different SFDR categories on fund performance.

The findings reveal that funds categorized under Article 8 of the SFDR do not exhibit significantly poorer performance compared to funds categorized under Article 6 during the initial phase after launch. On average, Article 8 funds even demonstrate positive returns earlier than their peers. However, the panel regression analysis suggests that Article 8 funds slightly underperform when compared to Article 6 funds over time.

While investors may not anticipate lower initial returns when opting for higher SFDR categories, they should nevertheless be aware of the limitations inherent in the existing SFDR labeling system within the unlisted real estate sector.

To the best of our knowledge, this study represents the first quantitative examination of unlisted real estate fund performance under the SFDR. By providing unique insights into the J-Curves of funds, our research contributes to the existing body of knowledge on the impact of sustainability regulations in the financial sector.

This paper aims to address the question: What is the distribution of value (in pounds) created in a sample of domestic takeovers in the United Kingdom from 2013 to 2020 among acquirer and target stockholders?

The author employs a traditional event study methodology to calculate the percentage excess returns of companies on the announcement date. These returns are then converted into pound-denominated excess returns using the companies' market capitalizations. This allows the author to estimate the synergies of the mergers and acquisitions (M&As) and how they are allocated between acquirers and targets. This innovative transformation from percentage to pound excess returns establishes a new ratio methodology for addressing the paper's objective.

This paper reveals that in UK takeovers, 40 percent of the synergies in pounds are allocated to the stockholders of acquiring companies, while 60 percent go to the stockholders of target companies. In other words, acquirers retain a significant portion—more than half—of the synergies generated in these domestic deals. This original finding is statistically significant at the one percent level and strongly contradicts the hypothesis that acquirers, at best, merely break even.

The evidence that UK takeovers distribute value gains nearly equally between domestic deal parties challenges the enduring conventional insight in the M&A literature. This conventional wisdom suggests that the value created by business combinations is entirely distributed to target company stockholders. Consequently, this reexamination may have broader implications, offering an alternative perspective on the motives behind business combinations. This perspective differs from the “managerial hubris hypothesis,” which aligns with the prevailing conventional insight but receives limited support in the original finding reported here.

Distribution network design involves a set of strategic decisions in supply chains because of their long-term impacts on the total logistics cost and environment. To incorporate a trade-off between financial and environmental aspects of these decisions, this paper aims to determine an optimal location, among candidate locations, of a new logistics center, its capacity, as well as optimal network flows for an existing distribution network, while concurrently minimizing the total logistics cost and gas emission. In addition, uncertainty in transportation and warehousing costs are considered.

The problem is formulated as a fuzzy multiobjective mathematical model. The effectiveness of this model is demonstrated using an industrial case study. The problem instance is a four-echelon distribution network with 22 products and a planning horizon of 20 periods. The model is solved by using the min–max and augmented ε-constraint methods with CPLEX as the solver. In addition to illustrating model’s applicability, the effect of choosing a new warehouse in the model is investigated through a scenario analysis.

For the applicability of the model, the results indicate that the augmented ε-constraint approach provides a set of Pareto solutions, which represents the ideal trade-off between the total logistics cost and gas emission. Through a case study problem instance, the augmented ε-constraint approach is recommended for similar network design problems. From a scenario analysis, when the operational cost of the new warehouse is within a specific fraction of the warehousing cost of third-party warehouses, the solution with the new warehouse outperforms that without the new warehouse with respective to financial and environmental objectives.

The proposed model is an effective decision support tool for management, who would like to assess the impact of network planning decisions on the performance of their supply chains with respect to both financial and environmental aspects under uncertainty.

We attempt to construct a grey three-way conflict analysis model with constraints to deal with correlated conflict problems with uncertain information.

In order to address these correlated conflict problems with uncertain information, considering the interactive influence and mutual restraints among agents and portraying their attitudes toward the conflict issues, we utilize grey numbers and three-way decisions to propose a grey three-way conflict analysis model with constraints. Firstly, based on the collected information, we introduced grey theory, calculated the degree of conflict between agents and then analyzed the conflict alliance based on the three-way decision theory. Finally, we designed a feedback mechanism to identify key agents and key conflict issues. A case verifies the effectiveness and practicability of the proposed model.

The results show that the proposed model can portray their attitudes toward conflict issues and effectively extract conflict-related information.

By employing this approach, we can provide the answers to Deja’s fundamental questions regarding Pawlak’s conflict analysis: “what are the underlying causes of conflict?” and “how can a viable consensus strategy be identified?”

This case study provides in-depth, practical knowledge to develop business strategies for the management program. After reading this case study, the students will be able to learn about the challenges and problems that service firms face during a crisis, the drastic changes in the market environment due to a crisis and the analysis tools that can be used when analyzing the shifted market environment. By analyzing this case study, students will be trained for the decision-making that arises in the process of crisis management in the hotel industry.

Nam Nghi Resort, situated on the picturesque Phu Quoc Island in Vietnam, experienced the tumultuous period of the COVID-19 pandemic. Before the pandemic, Nam Nghi was a thriving five-star resort, deeply rooted in Vietnamese culture and renowned for its luxurious amenities and breathtaking location. However, the onset of COVID-19 brought unprecedented challenges to the hospitality industry, leading to a sharp decline in tourism and revenue. Despite the adversity, Nam Nghi implemented risk management practices successfully and displayed resilience and adaptability. Through rigorous cost minimization, strategic facility upgrades and targeted marketing efforts, Nam Nghi managed to navigate the crisis and gradually rebuild its business as travel restrictions eased. As the industry began to show signs of recovery, the general manager faced new challenges in restoring the resort’s prepandemic vitality. The challenge remained of understanding changing consumer values and market dynamics.

This case study can be used as class material for Master of Business Administration (MBA) students. In particular, MBA students in the hospitality industry such as hotels, resorts, travel agencies and restaurants are the target audience.

Teaching notes are available for educators only.

CSS 12: Tourism and hospitality.

The 2008 Chinese melamine milk scandal resulted in six reported fatalities and affected around 300,000 children, of whom 54,000 were hospitalised. Previous studies have used linear approaches to examine the root causes of the melamine milk scandal.

In the present study, we applied a systems approach to the melamine milk scandal to identify the complex systems-level failures across the supply chain leading to the incident and why food fraud incidents such as this occurred in the dairy sector. Additionally, systemic failures associated with food fraud vulnerability factors were considered (i.e. opportunities, motivation and control measures).

48 contributory factors of influence were identified and grouped across six sociotechnical levels across the Chinese dairy system, from government to equipment and surroundings. Lack of vertical integration (processes and communication) contributed to the failure. When viewed from a broader perspective, the melamine milk scandal can be linked to a series of human errors and organisational issues associated with government bodies, the dairy supply chain, individual organisations and management decisions and individual actions of staff or processes.

This approach is of value to policymakers and the industry as it supports public health investigations of food fraud incidents and proactive food safety management.

To the best of our knowledge, this is the first study to analyse a food safety or fraud incident using the AcciMap approach and the food fraud vulnerability assessment (FFVA) technique. AcciMap analysis is applied to both unintentional and intentional aspects of the incident.

This paper aims to explore how sub-national or regional cultural differences influence backers’ willingness to crowdfund projects. The paper also explores how migrant transnationalism influences the impact of backer’s sub-national culture and crowdfunding relationships.

This paper is based on the experimental design technique using analysis of covariance methods. The authors tested the study hypotheses on a sample of 790 respondents.

The study results suggest that individuals differ in their intent to crowdfund product campaigns depending on value congruence between their cultural values derived from the region to which they belong and the nature of the product category, such as environmentally friendly or happiness-enhancing products.

This paper explores the role of regional cultural differences in determining the intention to crowdfund different campaigns based on the nature of the product. Value congruence, as driven by regional cultural differences with crowdfunding campaigns, has not been explored before.

This study presents the results of an assessment of the barriers that can hinder the deployment of robotics and automation systems in developing countries through the lens of the Nigerian construction industry.

A scoping literature review was conducted through which barriers to the adoption of robotics and automation systems were identified, which helped in the formulation of a questionnaire survey. Data were obtained from construction professionals including architects, builders, engineers and quantity surveyors. Retrieved data were analyzed using percentages, frequencies, mean item scores and exploratory factor analysis.

Based on the mean scores, the top five barriers were the fragmented nature of the construction process, resistance by workers and unions, hesitation to adopt innovation, lack of capacity and expertise and lack of support from top-level managers. Through factor analysis, the barriers identified were categorized into four principal clusters namely, industry, human, economic and technical-related barriers.

This study provided a good theoretical and empirical foundation that can be useful to construction industry stakeholders, decision-makers, policymakers and the government in mapping out strategies to promote the incorporation and deployment of automation and robotics into the construction industry to attain the safety benefits they offer.

By identifying and evaluating the challenges that hinder the implementation of robotics and automation systems in the Nigerian construction industry, this study makes a significant contribution to knowledge in an area where limited studies exist.

While Digitalisation is gaining momentum among practitioners and the scientific world, there is still a struggle to embark on the digitalisation journey successfully. The struggles are more significant for SMEs compared to large companies. Such transformation could face internal resistance, which evokes the need to put it into a socio-technical perspective such as lean. This paper investigates how SMEs could implement digital tools and technologies in their operations.

We relied on a multiple case study design in three SME manufacturing companies in Italy. Based on the experience of those companies, the struggles in the implementation and the lessons learned, we formulate an implementation model of digital tools driven by lean thinking.

Companies tend to implement first digital tools that help with real-time data collection and stress that introducing digital tools becomes challenging without reducing waste in production. The model stresses top management commitment, middle-line involvement and operator training to resist change. All these factors coincide with socio-technical lean bundles developed by seminal works. In addition, the study highlights that financial incentives are not necessarily the common barrier to digital tools implementation in SMEs but rather the cultural aspect.

Our paper enriches the extant body of knowledge by deriving knowledge around digitalisation implementation through lessons learned and corrective actions. It allows managers to benchmark and compare the current state of the implementation process with that of other companies and the one proposed to make corrective actions when necessary.

This study examined the characteristics, motivations and satisfaction of volunteers for the Cincinnati Flying Pig Marathon Weekend across a 10-year period. The purpose was to enhance our understanding of sport event volunteers, especially in the long term. This information and insight may be useful in light of ongoing challenges with volunteer recruitment and retention, which have been exacerbated by the COVID-19 pandemic.

The authors developed and implemented an online survey, based primarily on the Special Event Volunteer Motivation Scale (SEVMS) and the Volunteer Motivations Scale for International Sporting Events (VMS-ISE). The sample included a total of 2,038 respondents – 1,086 in 2012 and 952 in 2022. Quantitative data were analyzed using descriptive statistics and Chi-square tests; qualitative data provided additional insight.

About two-thirds of 2022 survey respondents were “repeat volunteers.” Volunteer characteristics, motivations and satisfaction remained relatively consistent across the 10-year period. These volunteers were motivated by a set of multiple, interrelated factors which the authors call “community-based altruism” – that is, the desire to help others driven by a sense of community involvement and pride. In both years, more than 90% were satisfied with their volunteer experience. Satisfaction was higher for individuals with certain characteristics such as being a repeat volunteer and volunteering with a group.

This may be the first scholarly article to assess volunteer characteristics, motivations and satisfaction for a major sport event in the same location across multiple years. While it focused on a three-day running event in a midwestern city in the United States, the approach and findings may be applicable to sport event volunteers in other contexts.