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This study explores the variance in investor responses to the corporate social responsibility (CSR) performance of firms, as influenced by information sources and investor types.

This study applies a short-term event study and cross-sectional analysis with unique CSR datasets obtained from newspaper articles and the Dow Jones Sustainability Index.

Investor reactions are significantly shaped by their sources of information. Individual investors are found to predominantly respond to accessible news announcements, whereas institutional investors show heightened sensitivity to adverse news from both scrutinized sources. Foreign investors, mirroring institutional investors' patterns, uniquely react positively to index additions.

Investors’ assessment of CSR activities varies due to the differing sources of information obtained; further, it is affected by the type of investor.

The findings guide public relation managers in strategizing CSR communication toward diverse investor types. This includes recommending targeted approaches for Japanese individual investors through newspapers and TV, exercising caution in disseminating adverse news to Japanese institutions, and promoting and justifying CSR actions to foreign investors. It underscores the need for a strategic investor relations frameworks that considers accessibility, literacy, and investors' interests.

This study examines the relationship between sources of information for CSR activities and investors’ responses, an area under-represented in the literature. The author uses CSR announcement data, collected from newspapers to make the results more accurate and relevant.

This investigation aims to determine the effect of trade uncertainty on domestic investment (DI) and foreign direct investment (FDI) for the Turkish economy from the first quarter of 2005 to the first quarter of 2020.

The authors adopt the vector autoregression (VAR) model augmented with Fourier terms. Using this methodology, the authors obtain the empirical results of the impulse-response functions and the variance decomposition analysis.

The empirical results demonstrate that a shock to trade uncertainty has a slight negative impact on DI for up to approximately 1.5 years, whereas its impact on FDI is negative but long-lasting. Moreover, the contribution of trade uncertainty to FDI is relatively higher than to DI in the error variance decomposition for the investigated period. These empirical results can be beneficial for shaping the Turkish authorities' trade policies in the following periods.

These findings have implications within the macroeconomic setting. Government authorities can provide tax exemptions for specified sectors and debureaucratize investment processes for both domestic and foreign entrepreneurs. Additionally, institutional quality and property rights should be protected strictly and developed gradually.

This study is the first to examine the impact of world trade uncertainty on Türkiye’s DI and FDI. Because trade uncertainty might act as fixed costs, this creates the option value of waiting and seeing the market, and firms hesitate to incur investment.

The main aim of the study is to explore the volatility spillover effect of cryptocurrencies (Bitcoin, Ethereum and Litecoin) on inflation volatility in India.

A popular tool, the Bivariate GARCH model (BEKK-GARCH), to study the volatility spillover effect, is applied in the study. Monthly data of cryptocurrencies and inflation (WPI and CPI indices) are gathered from 2015 to 2021.

Significant short-term responsiveness of volatility of cryptocurrencies on the inflation volatility is found. In addition to this, the significant volatility spillover effect from the cryptocurrencies to the inflation volatility is found.

The findings of the current paper can be of use for inflation management, target inflation policies and policies to contain the volatility of cryptocurrencies. The significance of the current paper is relevant as governments worldwide are officially recognizing cryptocurrencies and starting the process of launching their official virtual currency.

No other study is observed on the topic. Hence, the contribution and novelty of the findings of the current paper are very high and add value to the nonexistent literature on the topic. Lack of the number of inflation observations (data of CPI and WPI are available only in monthly frequency) crimps the model estimation. As the cryptocurrencies become old, more data points will be available by design, and such problems can be resolved, and better model estimation may be possible.

This study aims to examine the joint effect of accounting background and cross-membership of Islamic Supervisory Board (ISB) members on bank investment efficiency.

This study uses data collected from 36 Islamic banks across 15 countries globally, spanning the period from 2012 to 2021. This research uses an ordinary least squares regression and a comprehensive set of endogeneity and robustness tests.

The findings show a negative relationship between the accounting background of ISB members and investment efficiency. However, when ISB members with accounting backgrounds also have ISB cross-memberships, the banks exhibit high investment efficiency. These results suggest that ISB cross-membership plays a crucial role in facilitating Islamic banks’ access to timely information on investment opportunities. This enables ISB members with accounting expertise to thoroughly assess the benefits and risks associated with their investment prospects. These findings imply that ISB members with accounting backgrounds and cross-memberships have greater motivation and thoughtful considerations for making better investment decisions. Consequently, Islamic banks are better positioned to undertake high profitable investment projects, which enhance their investment efficiency.

The current study holds immense value for Islamic bank management in their selection of ISB members who possess an accounting background and cross-membership.

This study delves into a comprehensive investigation of the proficiency, underlying principles and unique characteristics exhibited by ISB members with an accounting background. Moreover, this study acknowledges the burgeoning global prominence of Islamic banks.

This study aims to assess financial development and debt status impact on energy efficiency in Nigeria as a developing economy.

This study combined the autoregressive distributed lag (ARDL), fully modified ordinary least squares and canonical cointegration regression analytical methods to estimate the parameters for energy efficiency policy recommendations. Secondary data between 1990 and 2020 were used for the analysis.

The result confirms the long-run nexus between energy efficiency, financial development and total debt stock. Furthermore, the ARDL estimates for this study’s key variables show that financial development promotes energy efficiency in the short run but hinders long-run energy efficiency. Total debt stock limits energy efficiency in Nigeria in short- and long-run periods.

The limitation of this study is that the scope is limited to Nigeria as a developing economy. The need to support energy efficiency projects is a global call requiring cross-country analysis. Despite this study’s focus on Nigeria, it provides useful insights that can guide energy efficiency policy through the financial sector and debt management.

The financial sector must ensure the availability of long-term credit facilities to clean energy investors. The government must maintain a sustainable debt profile to pave the way for capital expenditure on clean energy projects that promote energy efficiency.

The environmental consequences of energy intensity are being felt globally, with the developing countries most vulnerable. The cheapest way to curb these consequences is to promote energy efficiency to reduce the disastrous effect. Driving energy efficiency requires investment in energy-efficient technology but the challenge for developing economies, i.e. Nigeria’s funding, remains challenging amid a blotted debt profile. This becomes crucial to investigate how financial sector development and debt management can accelerate energy-efficient investments in Nigeria.

The aim of this article is to assess the macroeconomic consequences of some specific aspects of financialization (i.e. share buy-back) using a hybrid post-Keynesian model of growth and distribution based on Kaldorian and Kaleckian characteristics.

The study follows a post-Keynesian approach and deals with financialization issues by implementing several numerical simulations.

The numerical simulations reveal the negative real impacts of massive share repurchases on the rate of accumulation because they immediately siphon off revenues directly intended for investment projects. Moreover, the negative effect of share buy-backs is reinforced especially when firms' investment decisions are more sensitive to a variation in retained earnings. Next, this macro-model also reproduces several well-known figures of the Kaleckian tradition and the paradox of costs.

The present article can be considered as a starting point for further theoretical extensions and requires empirical validation.

The Kaldor-Kalecki macro-model could be useful for policymakers who are interested in containing some of the negative excesses of financialization.

In this study, the authors explore the association between employee education level and the efficiency of corporate investment using data from a sample of Chinese listed firms during the period from 2011 to 2018. By examining the impact of education on investment efficiency, the authors' study provides valuable insights that contribute to a deeper understanding of the underlying economic mechanisms related to education.

The authors conduct multivariate regression analyses to examine the relationship between investment efficiency (following Richardson, 2006) and the level of employee education, along with a series of control variables. To ensure the reliability of the authors' findings, the authors subject the their results to a comprehensive set of robustness tests, such as a staggered difference-in-difference (DiD) regression approach, an instrumental variable (IV) method and the use of alternative employee education level and investment efficiency measurements.

The findings offer compelling evidence that higher levels of education have a positive impact on firms' investment efficiency, and this effect remains robust across various model specifications and endogeneity considerations. Moreover, the influence of education is more pronounced in firms that prioritize employee training, maintain effective internal communication and offer attractive financial rewards. Furthermore, the results suggest that the relationship between education and investment efficiency is influenced by the firms' business nature and competitive environment. Factors such as business complexity, labor intensity and business location also play a role in shaping the impact of education on investment outcomes.

The study emphasizes the crucial role of education in influencing investment decisions and performance within firms. By delving into this previously unexplored area, the authors' research contributes to the existing literature, establishing that the level of employee education is a significant determinant of corporate investment efficiency. This valuable insight has substantial implications for firms aiming to enhance their investment decision-making processes and overall performance. Understanding the positive impact of education on investment efficiency can empower organizations to leverage their human capital effectively and achieve better investment outcomes, ultimately contributing to long-term success and competitiveness in the market.

The study examined the impact of financial development, foreign direct investment, market size and trade openness on domestic investment for 119 countries divided into four panels that are low-income countries (LIC), lower middle-income countries (LMIC), upper middle-income countries (UMIC) and high-income countries (HIC) between 1995 and 2019.

The present study bases its empirical procedure on the bases of the data mix. To this end, based on the presence of cross-sectional dependence, covariate-augmented Dickey–Fuller unit root and Westerlund cointegration second-generation tests were employed to validate the stationarity and cointegration of the variables, respectively. The novel Dynamic Common Correlation Effects estimator was employed to estimate the heterogeneous parameters while the Dumitrescu and Hurlin test was used to test for causality direction of the highlighted variables.

The empirical results show that market size and trade openness had a positive and statistically significant effect on domestic investment for all the income groups. Results also show that financial development had a positive and statically significant effect on domestic investment only for LMIC and HIC economies, while a positive and statistically insignificant effect was obtained for LIC, UMIC and the global panel. The causality results revealed a bidirectional relationship between domestic investment and the exogenous variables – financial development, foreign direct investment, market size and trade openness.

It is therefore, recommended that LIC and LMIC need to consider harmonising the financial system to lower credit limitations and adopt business-friendly policies. HIC and UMIC should seek more outward FDI policies and harmonise their trade policy, to reap more benefits from FDI and international trade.

On novelty, previous studies have been criticised for the effect on technical innovation of bank financing and institutional quality. This research tackles the deficiency using systematic institutional quality indicators and by taking other variables into account.

This study assessed the antecedents and consequences of tourists’ authenticity experience in a new ancient town in China. Based on Chinese cultural background and case study, this paper aims to explore this kind of tourism place making and establishes an empirical model to examine and verify the impact of tourists’ perception, authentic experience and behavioral tendency on such place making, and proposes targeted improvement measures.

Based on a Chinese cultural background and case study, this paper explored a certain kind of tourism place making and established an empirical model to examine and verify the impact of tourists’ perceptions, authentic experiences and behavioral tendencies on such place making; the goals were to try to create a new scale to measure the authenticity of the “new ancient town” in the Chinese context and to propose targeted measures for improvement.

Research shows that Chinese visitors acquire experiences that they perceive to be authentic when visiting a contrived attraction such as a new ancient town. The dimensions of cultural, functional, product, value and unique authenticity were identified as distinct dimensions of tourists’ authenticity experiences in a new ancient town. Although these dimensions have been mentioned at times in the context of traditional Western assessments of authenticity, they do not replicate exactly any category of Western objective authenticity, existential authenticity, constructive authenticity or postmodern authenticity. They instead constitute an authentic experiential dimension in a typical oriental context, which is comprehensively explicated by combining the image of a national cultural theme and the elements of functional construction created by tourist places in a new ancient town.

This study explored the path relationship among perception of place making – authenticity experience – behavioral intention, but it did not analyze relationships among the dimensions of perception of place making or among the authenticity experience variables. Furthermore, advantage was not taken of the availability of socioeconomic information to look for differences among interviewees with different attributes. In addition, there is a profound cultural and complex theoretical connotation to authenticity in the Chinese context, and the study of a single case is insufficient to fully elucidate meaning in this emerging discourse.

By verifying the path of tourists’ authenticity experiences through the perception of place making, the understanding of the effects of different elements of place making on tourists’ experiences is refined. For space producers, different elements of place making promote tourists’ authenticity experiences to different degrees. Strengthening the construction of the physical environment, marketing and scenes can promote tourists’ authenticity experiences: planning and design, marketing and scene enhancements promote tourists’ functional authenticity experiences; planning and design, the physical environment and marketing enhance tourists’ product authenticity experiences; planning and design, marketing, the physical environment and scene enhancement can improve tourists’ perceptions of value; unique authenticity experiences can be created in the marketing and scenes in new ancient towns.

Certain aspects of the space production in new ancient towns can be used to strengthen tourists’ perceptions of value. First, the scene system at scenic spots can be strengthened, catering to tourists’ visual, olfactory and other senses so that they are available in all kinds of weather. Second, the local cultural characteristics of the material environment can be strengthened and the installation of inappropriate cultural symbols can be avoided. Thus, a physical environment that is of local ethnic cultural significance can be created so that both local residents and tourists can perceive the value of the place. Third, the rational layout of the new ancient towns should be established and maintained through the ongoing involvement of professional planning and design teams. Local cultural attributes that are of national significance should be included in the layout and design of the physical environment. Fourth, daily marketing and management actions influence how tourists influence scene value. Therefore, managers of scenic places need to make prudent decisions about and integrate local folk and ethnic characteristics into their marketing, which can promote the sustainable development of tourism effectively (Saarinen, 2018).

First, this study constructed and validated the model and path relationship of the “perception of place making, authentic experience, and behavioral intention,” and it confirmed that the perception of place making had an important impact on tourists’ authentic experiences. Second, the exploratory factor analysis extracted five dimensions of the tourist authenticity experience (i.e. cultural, functional, unique, product and value authenticity) based on China’s context of ming shi, which enriched the connotations of the authenticity experience. Third, this study effectively linked the perception of place making with the real experience and behavioral intention of tourists and expanded the theoretical research boundary of place making to a certain extent.

本文以中国文化背景和案例研究为基础, 对“新古镇”旅游的地方营造进行了探讨, 并建立了实证模型。利用SPSS 23.0和Smart PLS 3.0进行数据分析, 检验和验证游客在类似场所的地方营造感知、真实体验和行为意向的路径关系。

以现代技术手段再造（创造）遗产旅游目的地已经成为一个全球性的现象。本文基于中国的文化背景和案例, 考察和验证了游客对地方营造的感知、真实性体验和行为意向的影响, 尝试创造一种新的尺度来衡量在中国语境下“新古镇”的真实性内涵, 并以此提出了针对性的改善措施。

研究表明, 中国游客在参观新古镇等人造景点时, 会获得他们认为真实的体验。文化真实、功能真实、产品真实、价值真实和独特真实是新古镇游客真实性体验的不同维度。它们构成了一个典型东方语境下的真实性内涵, 全面阐述了一个民族文化主题形象与新古镇旅游地方营造功能建设要素的结合。

本研究探讨了地方营造知觉-真实性体验-行为意向之间的路径关系, 但未分析地方营造感知各维度之间及真实性体验变量之间的关系。此外, 没有利用社会经济信息的可用性来寻找不同属性受访者之间的差异。此外, 在中国语境中, 真实性有着深刻的文化内涵和复杂的理论内涵, 仅对单个案例的研究不足以充分阐明这一新兴话题的意义

对于空间生产者来说, 加强物理环境、营销和场景的建设可以促进游客的真实体验:规划设计、营销和场景的增强可以促进游客的功能真实体验;规划设计、物质环境、营销提升游客的产品真实性体验;规划设计、营销、实体环境和场景提升可以提升游客的价值感知;在新古镇的营销和场景中应创造独特的真实性体验。

新古镇地方营造的某些方面可以提升游客的价值感知。首先, 通过迎合游客的视觉、嗅觉和其他感官, 加强景区的场景系统。其次, 可以创造一个具有当地民族文化意义的物质环境, 使当地居民和游客都能感受到这个地方的价值。第三, 通过专业规划设计团队的持续参与, 建立和维护新古镇的合理布局。第四, 日常营销和管理行为影响游客的价值体验。

首先, 本研究构建并验证了“地方营造感知、真实体验与行为意向”的模型和路径关系, 证实了地方营造感知对游客真实体验的重要影响。其次, 基于中国语境, EFA提取了旅游真实性体验的五个维度(文化真实、功能真实、独特真实、产品真实和价值真实), 丰富了真实性体验的内涵。第三, 本研究将游客的地方营造感知、真实体验和行为意向进行了有效地连接。

Basándose en un contexto cultural chino y en un estudio de caso, este artículo exploró la creación de lugares turísticos en la “nueva ciudad antigua” y estableció un modelo empírico. Se utilizaron SPSS 23.0 y Smart PLS 3.0 para el análisis de datos, con el fin de examinar y verificar la relación entre las percepciones de la creación de lugares, las experiencias auténticas y las intenciones de comportamiento de los turistas en dichos lugares.

La recreación moderna de lugares como atracciones turísticas patrimoniales es un fenómeno mundial. Partiendo de un contexto cultural chino y de un estudio de caso, este artículo examina y verifica el impacto de las percepciones de los turistas, las experiencias auténticas y las tendencias de comportamiento en dicha creación de lugares; los objetivos eran intentar crear una nueva escala para medir la autenticidad de la “nueva ciudad antigua” en el contexto chino y proponer medidas específicas de mejora.

La investigación muestra que los visitantes chinos adquieren experiencias que perciben como auténticas cuando visitan una atracción artificial como una nueva ciudad antigua. Las dimensiones de autenticidad cultural, funcional, de producto, de valor y única se identificaron como dimensiones distintas de las experiencias de autenticidad de los turistas en una nueva ciudad antigua. Éstas constituyen una auténtica dimensión experiencial en un contexto típicamente oriental, que se explica de forma exhaustiva combinando la imagen de un tema cultural nacional con los elementos de construcción funcional creados por los lugares turísticos de una nueva ciudad antigua.

Este estudio exploró la relación entre la percepción de la creación de lugares, la experiencia de autenticidad y la intención de comportamiento, pero no analizó las relaciones entre las dimensiones de la percepción de la creación de lugares, ni entre las variables de la experiencia de autenticidad. Además, no se aprovechó la disponibilidad de información socioeconómica para buscar diferencias entre entrevistados con distintos atributos. Adicionalmente, en el contexto chino, la autenticidad tiene profundas connotaciones culturales y teóricas complejas, y el estudio de un solo caso no basta para dilucidar plenamente la importancia de este tema emergente.

Para los productores de espacios, reforzar la construcción del entorno físico, el marketing y las escenas puede promover las experiencias de autenticidad de los turistas: la planificación y el diseño, el marketing y la mejora de las escenas promueve las experiencias de autenticidad funcional de los turistas; la planificación y el diseño, el entorno físico y el marketing mejoran las experiencias de autenticidad de los productos de los turistas; la planificación y el diseño, el marketing, el entorno físico y la mejora de las escenas pueden mejorar la percepción de valor de los turistas; se pueden crear experiencias de autenticidad únicas en el marketing y las escenas de las nuevas ciudades antiguas.

Ciertos aspectos de la creación de lugares en las nuevas ciudades antiguas pueden mejorar la percepción de valor de los turistas. En primer lugar, puede reforzarse el sistema escénico de los lugares de interés, atendiendo a los sentidos visuales, olfativos y de otro tipo de los turistas. En segundo lugar, se puede crear un entorno físico que tenga un significado cultural étnico local para que tanto los residentes locales como los turistas puedan percibir el valor del lugar. En tercer lugar, el trazado racional de las nuevas ciudades antiguas debe establecerse y mantenerse mediante la participación continua de equipos profesionales de planificación y diseño. En cuarto lugar, las acciones diarias de marketing y gestión influyen en la experiencia de valor del turista.

En primer lugar, este estudio construyó y validó el modelo y la relación entre la “percepción de la creación de lugares, la experiencia auténtica y la intención de comportamiento,” lo que confirmó la importante influencia de la percepción de la creación de lugares en la experiencia auténtica de los turistas. En segundo lugar, basándose en el contexto chino, el análisis factorial exploratorio extrajo cinco dimensiones de la experiencia de autenticidad turística (autenticidad cultural, funcional, única, del producto y del valor), que enriquecieron las connotaciones de la experiencia de autenticidad. En tercer lugar, este estudio vinculó eficazmente las percepciones de los turistas sobre la creación de lugares, con la experiencia real y con las intenciones de comportamiento de los turistas.

The preferences and adoption of recycled materials by consumers are subject to a variety of factors, such as enablers and barriers. Despite this, there exists a paucity of research concerning stakeholders' perceived value and real purchase decision towards recycled products. Consequently, this research study aims to fill this gap by investigating stakeholders' perceived value of recycled products derived from construction and demolition (C&D) waste and its effect on purchase decisions.

Research data were collected from 219 valid questionnaires completed by Chinese stakeholders. Structural equation modeling (SEM) was then employed to test eight hypotheses.

The results show intrinsic cue (materials) and extrinsic cue (brand) influence the stakeholders’ judgment on C&D waste recycled products’ value and then their purchase intention. However, cues such as quality, word-of-mouth, price, policy and advertised have not play a significant role in practice.

This research study verified the significance of brand and material cues on decision making for purchasing C&D waste recycled products, providing new insights to policy making to enhance the uptake of C&D waste recycled products in construction industry.