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The primary objective of this research is to conceptualize the integration of enterprise risk management (ERM) as a mechanism to enhance the connection between corporate sustainability (CS) reporting and financial performance. This study suggests that future researchers should validate the proposed conceptualization by conducting a comprehensive content analysis of sustainability reports of Malaysian oil and gas companies. This analysis will allow for the collection of pertinent data regarding CS reporting and ERM implementation. The present study takes a comprehensive approach by integrating legitimacy, stakeholder, and resource-based view (RBV) theories, proposing a robust conceptual design that emphasizes the role of ERM in the connection between CS reporting and firm performance. Drawing on theoretical foundations, this study proposes that CS reporting will have a direct effect on financial performance. Moreover, the integration of ERM serves to strengthen the nexus between CS reporting and financial performance. This study offers valuable insights for stakeholders in the oil and gas sector by providing strategic guidance to enhance financial performance not only through CS reporting but also by implementing ERM. Moreover, the framework proposed in this study is expected to bring tangible and intangible benefits to corporations, including reducing information asymmetry, improving the quality of disclosure, and creating value within the field of CS. The proposed conceptual framework holds great significance as it enhances the applicability of legitimacy, stakeholder, and RBV theories, while also creating value for stakeholders through CS reporting and the adoption of risk management practices to enhance financial performance.

By using higher moments, this paper extends the quadratic local risk-minimizing approach in a general discrete incomplete financial market. The local optimization subproblems are convex or nonconvex, depending on the moment variants used in the modeling. Inspired by Lai et al. (2006), the authors propose a new multiobjective approach for the combination of moments that is transformed into a multigoal programming problem.

The authors evaluate financial derivatives with American features using local risk-minimizing strategies. The financial structure is in line with Schweizer (1988): the market is discrete, self-financing is not guaranteed, but deviations are controlled and reduced by minimizing the second moment. As for the quadratic approach, the algorithm proceeds backwardly.

In the context of evaluating American option, a transposition of this multigoal programming leads not only to nonconvex optimization subproblems but also to the undesirable fact that local zero deviations from self-financing are penalized. The analysis shows that issuers should consider some higher moments when evaluating contingent claims because they help reshape the distribution of global cumulative deviations from self-financing.

A detailed numerical analysis that compares all the moments or some combinations of them is performed.

The quadratic approach is extended by exploring other higher moments, positive combinations of moments and variants to enforce asymmetry. This study also investigates the impact of two types of exercise decisions and multiple assets.

Under the carbon tax policy, the authors examine the operational decisions of the low-carbon supply chain with the triple bottom line.

This paper uses the Stackelberg game theory to obtain the optimal wholesale prices, retail prices, sales quantities and carbon emissions in different cases, and investigates the effect of the carbon tax policy.

This study’s main results are as follows: (1) the optimal retail price of the centralized supply chain is the lowest, while that of the decentralized supply chain where the manufacturer undertakes the carbon emission reduction (CER) responsibility and the corporate social responsibility (CSR) is the highest under certain conditions. (2) The sales quantity when the retailer undertakes the CER responsibility and the CSR is the largest. (3) The supply chain obtains the highest profits when the retailer undertakes the CER responsibility and the CSR. (4) The environmental performance impact decreases with the carbon tax.

The results of this study can provide decision-making suggestions for low-carbon supply chains. Besides, this paper provides implications for the government to promote the low-carbon market.

Most of the existing studies only consider economic responsibility and social responsibility or only consider economic responsibility and environmental responsibility. This paper is the first study that examines the operational decisions of low-carbon supply chains with the triple bottom line under the carbon tax policy.

This study aims to investigate the association of FinTech innovation (FinTechINN) and firm performance (FP) by considering the role of knowledge assets (KA) as a causal mechanism underlying the FinTechINN – FP association.

In this study, the authors consider panel data of 1,049 Chinese A-listed firm and construct a structural model for corporate FinTech innovation, knowledge assets and firm performance while considering endogeneity issues in analyses over the period of 2014–2022. The modified value added intellectual capital (VAIC) and research and development (R&D) expenses are used as a proxy measure for knowledge assets, considering governance and corporate performance measures.

According to the findings of this study FinTech innovation (FinTechINN) has a positive significant effect on firm performance. Particularly; the findings disclose that FinTech innovations has a link with knowledge assets, FinTech innovations indirectly affects firm performance, and the association between FinTech innovation and firm performance is partially mediated by knowledge assets (MVAIC and R&D expenses).

Rooted in the dynamic capability and resource-based view, this study pioneers an empirical exploration of the association of FinTech innovation with firm performance. Moreover, it introduces the novel dimension of knowledge assets (on firm-level), acting as a mediating factor with in this relationship.

Virtual reality (VR) technology is a potential tool for tourism marketers to maintain the attractiveness of their destinations and recover from the COVID-19 pandemic. However, the effectiveness of VR technology in motivating potential tourists' visit intention under lockdown conditions remains unknown. An integrated model based on the experience economy framework and mood management theory was, therefore, used to explain how tourists' VR experiences affect their mood management processes and subsequent behaviors. This research also examined how perceived travel risk influenced the relationship between mood management processes and future decisions.

This study used a cross-sectional design based on a sample collected from a Chinese survey company, Sojump. The author surveyed 285 respondents who had experienced VR tourism activities during the COVID-19 pandemic. The research model was tested using partial least squares–structural equation modeling.

The results demonstrated that the four dimensions of VR experiences differently affected mood management processes, while perceived travel risk differently moderated the influence of mood management processes on visit intention and VR stickiness. This provides insights for tourism marketers to adapt to the current tourism environment and develop recovery strategies.

In response to gaps in the literature, this research examined the effectiveness of VR technology in driving tourists' visit intention during the COVID-19 pandemic, providing insights for tourism marketers to successfully implement VR tourism and plan timely recovery strategies.

Green building education, an important aspect of sustainability in higher education, has rapidly expanded across the world. Yet, a bespoke pedagogical model integrating the essential elements of green building knowledge into a university course is lacking. To plug this deficiency, this study aims to develop an innovative pedagogical model that incorporates four types of teaching activities, namely, lecture, virtual reality (VR)-aided site visit, physical site visit and practicum-based project.

Based on an extensive review of the relevant literature and course materials, a pedagogical model was constructed for application to the teaching and learning activities of a university’s hospitality and real-estate programme. Using a case study approach involving in-depth interviews with green building professionals and a workshop coupled with an online survey on building professionals, the model’s transformative effectiveness was evaluated.

The study finds that the pedagogical model was able to effectively equip students with the essential green building knowledge pertinent to the different stages of a building life cycle. Concerns about wider applications of the model, including barriers to implementation in other academic programmes and resources for updating the VR platform, were identified.

The VR-aided and project-based pedagogy model is novel and effective in delivering green building education. Future work, particularly expanding the VR platform to cover more green building cases, thereby allowing multiple case studies to be conducted, is recommended for illustrating further contributions and implications of the model.

Sustainability is essential to the ongoing operations of banks, though it is much less clear how Islamic corporate governance (ICG) promotes economic sustainability (ES) and thereby prevents bankruptcy. To explore the unexplored, this study aims to examine the efficacy of ICG in preventing bankruptcy and enhancing the ES of Islamic banks operating in Pakistan.

The current study measures ES through Altman's Z-score to analyze the level of the industry's stability and consequently examines the effect of ICG on the ES of Islamic banks in Pakistan for the post-financial-crises period. Using the country-level data, this study utilized a fixed-effect model and two-stage least squares (2SLS) techniques on balanced panel data spanning from 2009 to 2020 to provide empirical evidence.

The empirical results unveiled that board size and meetings have a significant positive influence on the ES while managerial ownership demonstrated an unfavorable effect on ES. Interestingly, the insignificant effect of women directors became significant with the inclusion of controlled variables. Overall, the findings indicate that ICG is an efficient tool for promoting ES in Islamic banks and preventing them from the negative effects of emerging crises.

The findings provide concrete insights for policymakers, regulators and other concerned stakeholders to execute a sturdy corporate governance system that not only oversees the economic, social and ethical aspects but also provides measures to alleviate the impacts of potential risks like the COVID-19 pandemic.

Examining the role of ICG in alleviating bankruptcy risk is an informative and useful endeavor for all social actors.

To the best of the authors’ knowledge, this study is one of the first efforts to provide evidence-based insights on the role of ICG in preventing bankruptcy and offers a potential research direction for ES.

This study aims to understand the bi-directional relationship between residents’ perceived community-oriented factors and residents’ emotional solidarity with tourists. It compares the mutual influences between the human–place relationship and the resident–tourist relationship.

A research model with two arrows was constructed, presenting two sets of research hypotheses. Hypothesis A formalizes the effect of community-oriented factors on emotional solidarity, while Hypothesis B formalizes the effect of emotional solidarity on community-oriented factors. Using systematic sampling, this study received 462 valid questionnaires in Macau. These samples were used in confirmation factor analysis and stepwise multiple regression analysis.

In the one-way influence of community-oriented factors on emotional solidarity, residents’ community attachment, commitment and involvement have the greatest effect, respectively, on their welcoming nature, sympathetic understanding and emotional closeness to tourists. In the one-way influence of emotional solidarity on community-oriented factors, residents’ welcoming nature to tourists has the greatest impact on community attachment and commitment while residents’ emotional closeness has the greatest impact on community involvement. Besides, the impact of community-oriented factors on emotional solidarity has stronger explanatory power than the impact of emotional solidarity on community-oriented factors.

Contrary to most tourism studies on residents’ perspectives that only focus on one-way influence, this study suggested a dual-way approach that helps researchers further build complex models to better explain the complex relationships between places, residents and tourists. Furthermore, this study provides a contribution to tourism research on emotional solidarity by clarifying the flexible roles of community-oriented factors on residents’ emotional solidarity.

本研究旨在了解居民感知的社区导向因素与居民对游客情感团结之间的双向关系。它比较了人-地关系和居民-游客关系之间的相互影响。

本研究构建了一个有两套研究假设的双箭头模型。假设A确定了社区导向因素对情感团结的影响, 而假设B确定了情感团结对社区导向因素的影响。本研究通过系统抽样在澳门收到462份有效问卷。这些样本被用于确认因子分析和逐步多元回归分析。

在社区导向因素对情感团结的单向影响中, 居民的社区依恋、承诺和参与分别对他们对游客的欢迎本质、同情理解和情感亲密有最大影响。在情感团结对社区导向因素的单向影响中, 居民对游客的欢迎本质对社区依恋和承诺的影响最大, 而居民的情感亲密对社区参与的影响最大。此外, 社区导向因素对情感团结的影响比情感团结对社区导向因素的影响具有更强的解释力。

不同于大多数关于居民视角的旅游研究只关注单向影响, 本研究提出了一种双向的方法, 有助于研究者进一步建立复杂的模型, 以更好地解释地方、居民和游客之间的复杂关系。此外, 本研究通过阐明社区导向因素对居民情感团结的灵活作用, 为旅游业的情感团结研究提供了贡献。

Este estudio pretende comprender la relación bidireccional entre los factores orientados a la comunidad percibidos por los residentes y la solidaridad emocional de éstos con los turistas. Compara las influencias mutuas entre la relación persona-lugar y la relación residente-turista.

Se construyó un modelo de investigación con dos flechas, que presenta dos conjuntos de hipótesis de investigación. La hipótesis A formaliza el efecto de los factores orientados a la comunidad sobre la solidaridad emocional, mientras que la hipótesis B formaliza el efecto de la solidaridad emocional sobre los factores orientados a la comunidad. Mediante un muestreo sistemático, este estudio recibió 462 cuestionarios válidos en Macao. Estas muestras se utilizaron en el análisis factorial de confirmación y en el análisis de regresión múltiple por pasos.

en la influencia unidireccional de los factores orientados a la comunidad sobre la solidaridad emocional, el apego a la comunidad, el compromiso y la implicación de los residentes tienen el mayor efecto, respectivamente, sobre su carácter acogedor, su comprensión y su cercanía emocional a los turistas. En la influencia unidireccional de la solidaridad emocional sobre los factores orientados a la comunidad, el carácter acogedor de los residentes hacia los turistas tiene el mayor impacto sobre el apego y el compromiso comunitarios, mientras que la cercanía emocional de los residentes tiene el mayor impacto sobre la implicación comunitaria. Además, el impacto de los factores orientados a la comunidad en la solidaridad emocional tiene mayor poder explicativo que el impacto de la solidaridad emocional en los factores orientados a la comunidad.

A diferencia de la mayoría de los estudios turísticos sobre las perspectivas de los residentes que sólo se centran en la influencia unidireccional, este estudio sugiere un enfoque bidireccional que ayuda a los investigadores a seguir construyendo modelos complejos para explicar mejor las complejas relaciones entre lugares, residentes y turistas. Además, este estudio contribuye a la investigación turística sobre la solidaridad emocional aclarando el papel flexible de los factores orientados a la comunidad en la solidaridad emocional de los residentes.

The chapter is about the revamping of the hospitality and hotel industry in the South East Asian Region after the COVID-19 pandemic. The hotel industry contributes largely to the GDP of the economy. Therefore, the success of this industry is mandatory for the development of a country. The reconstruction of this sector depends upon the advanced techniques and practices to boost up this sector after crisis. Therefore, to implement such practices highly depends upon the highly educated and aware managers. This chapter focuses on how crisis management plan revamps this industry after the greatest destruction.