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This study investigates the moderating effect of eco-destination image on the relationships between travel motivations and ecotourism intention.

The study employs the convenience sampling method to develop a research sample, and the multivariate data analysis method to analyse the data of 435 valid observations collected in the structured questionnaire survey conducted in Vietnam.

The paper reports that the eco-destination image significantly strengthens the effects of four travel motives (i.e. excitement, escape, knowledge-seeking and self-development) on ecotourism intention. However, the moderating impact of eco-destination image on the link between socialising motive and ecotourism intention is insignificant.

This study is the first to shed light on the role of eco-destination image in strengthening the effects of travel motivations on ecotourism demand. The study provides a framework for segmenting promotion materials associated with destination image based on different types of customers' internal travel motivations. The framework includes four dimensions: (1) destination image reflecting enablers of excitement, (2) destination image reflecting enablers of escaping from daily life routine, (3) destination image reflecting enablers of knowledge-seeking and (4) destination image reflecting enablers of personal development.

Loan default risk or credit risk evaluation is important to financial institutions which provide loans to businesses and individuals. Loans carry the risk of being defaulted. To understand the risk levels of credit users (corporations and individuals), credit providers (bankers) normally collect vast amounts of information on borrowers. Statistical predictive analytic techniques can be used to analyse or to determine the risk levels involved in loans. This paper aims to address the question of default prediction of short-term loans for a Tunisian commercial bank.

The authors have used a database of 924 files of credits granted to industrial Tunisian companies by a commercial bank in the years 2003, 2004, 2005 and 2006. The naive Bayesian classifier algorithm was used, and the results show that the good classification rate is of the order of 63.85 per cent. The default probability is explained by the variables measuring working capital, leverage, solvency, profitability and cash flow indicators.

The results of the validation test show that the good classification rate is of the order of 58.66 per cent; nevertheless, the error types I and II remain relatively high at 42.42 and 40.47 per cent, respectively. A receiver operating characteristic curve is plotted to evaluate the performance of the model. The result shows that the area under the curve criterion is of the order of 69 per cent.

The paper highlights the fact that the Tunisian central bank obliged all commercial banks to conduct a survey study to collect qualitative data for better credit notation of the borrowers.

El riesgo de incumplimiento de préstamos o la evaluación del riesgo de crédito es importante para las instituciones financieras que otorgan préstamos a empresas e individuos. Existe el riesgo de que el pago de préstamos no se cumpla. Para entender los niveles de riesgo de los usuarios de crédito (corporaciones e individuos), los proveedores de crédito (banqueros) normalmente recogen gran cantidad de información sobre los prestatarios. Las técnicas analíticas predictivas estadísticas pueden utilizarse para analizar o determinar los niveles de riesgo involucrados en los préstamos. En este artículo abordamos la cuestión de la predicción por defecto de los préstamos a corto plazo para un banco comercial tunecino.

Utilizamos una base de datos de 924 archivos de créditos concedidos a empresas industriales tunecinas por un banco comercial en 2003, 2004, 2005 y 2006. El algoritmo bayesiano de clasificadores se llevó a cabo y los resultados muestran que la tasa de clasificación buena es del orden del 63.85%. La probabilidad de incumplimiento se explica por las variables que miden el capital de trabajo, el apalancamiento, la solvencia, la rentabilidad y los indicadores de flujo de efectivo.

Los resultados de la prueba de validación muestran que la buena tasa de clasificación es del orden de 58.66% ; sin embargo, los errores tipo I y II permanecen relativamente altos, siendo de 42.42% y 40.47%, respectivamente. Se traza una curva ROC para evaluar el rendimiento del modelo. El resultado muestra que el criterio de área bajo curva (AUC, por sus siglas en inglés) es del orden del 69%.

El documento destaca el hecho de que el Banco Central tunecino obligó a todas las entidades del sector llevar a cabo un estudio de encuesta para recopilar datos cualitativos para un mejor registro de crédito de los prestatarios.

Curva ROC, Evaluación de riesgos, Riesgo de incumplimiento, Sector bancario, Algoritmo clasificador bayesiano.

Artículo de investigación

This paper focuses on Ṣukūk issuance determinants in Gulf Cooperation Council (GCC) countries. Given the dual characteristic of debt and equity of Ṣukūk as well as their unique benefits of social responsibility, the author questions whether the theories of capital structure, the trade-off and the pecking order are able to well explain the Ṣukūk issuance.

First, the author verifies these theories using capital structure determinants and regresses the Ṣukūk change on these determinants. Second, the author tests the trade-off theory with the target debt model and third, verifies the pecking order theory using the fund flow deficit model.

The empirical results show that capital structure determinants fail to explain both theories. The author confirms that the Ṣukūk change is significatively linked to the deviation from a Ṣukūk target. So, issuing firms balance the marginal costs of Ṣukūk and their benefits of religiosity and social responsibility toward a target debt. The author finds no evidence of the pecking order theory.

This study contributes to corporate finance theory and corporate social responsibility. It verifies if capital structure theories proved in conventional financing can well explain Islamic bonds issuance given their social responsibility benefits.

Managers and investors would pay attention to the social factors explaining Ṣukūk issuance in their finance and investment decisions. They would be enhanced to use this financing tool knowing its social unique benefits. This also should encourage governments to enhance this socially responsible financing. Rating agencies would be motivated to evaluate Ṣukūk and firms would improve the quality and relevance of disclosure to get the best rating.

The author highlights the social factors explaining Ṣukūk issuance and enhances corporate social responsibility (CSR).

The author extends the few literature testing capital structure theories for Islamic bonds and highlights the specific social responsible features of Ṣukūk that would bridge their issuance to capital structure theories. So the author enhances the concept of Islamic CSR. Tying capital structure theories to CSR would also help developing Islamic finance theory as a unique social responsible framework.

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.

We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between equity liquidity and dynamic leverage in the UK market.

In applying the two-step system GMM, we estimate our model by exploring suitable instruments for the dynamic variable(s), i.e. lagged values of the dynamic term(s).

Our analyses document that a firm’s equity liquidity has a positive impact on the speed of adjustment (SOA) of its leverage ratio back to the target ratio in the UK market. We also demonstrate that the positive relationship between liquidity and SOA is more pronounced for firms whose current position is relatively close to their target leverage ratio and whose target ratio is relatively stable.

This study provides important implications for both firms’ managers and investors. Particularly, firms’ managers who wish to increase the leverage SOA to enhance firms’ value need to give great attention to their equity liquidity. Investors who want to evaluate firms’ performance could also consider their equity liquidity and leverage SOA.

We are the first to enrich the literature on leverage adjustments by identifying equity liquidity as a new determinant of SOA in a single developed country with many differences in the structure and development of capital markets, ownership concentration and institutional characteristics. We also provide new empirical evidence of the joint effect of equity liquidity, leverage deviation and target instability on leverage SOA.

This study aims to explore the main drivers that family businesses possess to strengthen their resilience during the COVID-19 crisis.

This study followed a quantitative method analysis through a multiple regression analysis based on a sample of 570 Italian family firms.

The results showed that job quality and innovation significantly stimulate family firms' resilience during the COVID-19 crisis.

The study has several academic implications. Firstly, the study contributes to family firm research by extending the studies on factors that significantly influence the concept of resilience; secondly, the work contributes to crisis management, offering suggestions to help other firms exceed the COVID-19 crisis.

The present study clarifies the role of family firms' resilience, and it reveals how job quality and innovation play a meaningful role during the COVID-19 crisis.