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This study explores the influence of cultural heritage tourism perception on China's tourism image. It analyzes the role of the spiritual bond established between overseas Chinese youth and the motherland during their visit to the cultural heritage sites in China. This study constructs a theoretical model with 350 overseas Chinese youth as samples based on the identity theory, Stimulus-Organism-Response (S-O-R) theory, and Howard-Sheth model. The results show that cultural heritage tourism perception directly and positively promotes cultural identity among overseas Chinese youth. It is also indirectly and positively associated with their cultural identity through enhancing the tourism image. Cultural intelligence plays a positive moderating role between cultural heritage tourism perception and cultural identity. The results provide significant implications for developing cultural heritage tourism and cultural communication.

The data sample used in this study is composed of 2,638 Chinese tourists who have travel experiences to the South Pacific region. This study examines the effects of memorable tourism experiences, destination cognitive and affective images, and satisfaction on revisit intention and their mechanisms from a cognitive–affective perspective. Results show that destination cognitive image, destination affective image, and satisfaction, respectively, play a mediating effect on the relationship between memorable tourism experiences and revisit intention. Memorable tourism experience is the most important predictor of revisit intention, and it mainly affects the cognitive image of a destination. In line with previous studies, this research has shown that memorable tourism experiences have significant impact on the destination image and tourists' revisit intention, which can provide significant implications for tourism practitioners and destination managers in the South Pacific islands.

With the development of tourism industry, online travel agencies (OTA) have gradually become an important channel for tourism product supplies and sales. Some OTAs provide consumers with a platform for tourism guidance and online travel sharing. They not only satisfy some tourists’ desire to share their experiences but also provide reference for more consumers to choose travel products. This process is the process of value co-creation by customers and online travel companies. This study is conducted under DART theory, a theoretical framework of value co-creation composed of four dimensions, namely dialog, access, risk-assessment, and transparency. Brand equity is divided into four aspects: brand loyalty, brand awareness, customer perceived value, and brand image. This study uses the structural equation model to investigate the impact of customer value co-creation behavior on brand equity of online travel enterprises and interprets the process and mechanism of customer value co-creation behaviors for online travel business brand equity, which provides more efficient strategies and methods for platform interaction and value co-creation.

Purpose – The relation between research and development (R&D) expenditures and bondholder wealth is examined.

Methodology/approach – A sample of firms that increase R&D expenditures is partitioned into two subsamples: firms with high default risk versus firms with low default risk. For each subsample, we examine the effect of R&D increases on bond returns and default risks.

Findings – For firms with high default risk, R&D increases have a negative impact on bond returns and default risk. Further, there is a wealth transfer from bondholders to stockholders surrounding R&D increases. Neither of these results is found for firms with low default risk.

Research limitations/implications – The present study highlights the importance of assessing firm's existing default risk to understand the effects that R&D expenditures have on bondholders.

Social implications – The study reveals a potential social welfare and economic cost, as it reveals that stockholders may be able to gain wealth at the expense of bondholders.

Originality/value – The study provides important insights to bondholders on how firms’ investment policies, such as R&D expenditures, may affect their wealth.

SNS, namely social networking sites, has become one of the most effective and fast channels of information diffusion and dissemination. As an influential way of online marketing, SNS has been increasingly used by tourism organizations and enterprises to shape their destination image. On the basis of previews literature of destination image and SNS, this paper used the text analysis software ROST Content Mining (ROST CM) System to do a case study of the SNS destination marketing of Singapore on Chinese market. The authors analyze the text related to Singapore tourism on the major SNS in mainland China: Renren, Sina Weibo, and Douban, through word frequency analysis and the social semantic network, to summarize the destination image of Singapore on SNS. The paper also focuses on the difference of image building by official and individual SNS. Results found by this paper can be used by the relevant tourism organizations and enterprises to improve their destination marketing and image building on SNS channels.