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Article
Publication date: 6 July 2010

Keiichi Kubota and Hitoshi Takehara

The purpose of this paper is to determine the best conditional asset pricing model for the Tokyo Stock Exchange sample by utilizing long‐run daily data. It aims to…

Abstract

Purpose

The purpose of this paper is to determine the best conditional asset pricing model for the Tokyo Stock Exchange sample by utilizing long‐run daily data. It aims to investigate whether there are any other firm‐specific variables that can explain abnormal returns of the estimated asset pricing model.

Design/methodology/approach

The individual firm sample was used to conduct various cross‐sectional tests of conditional asset pricing models, at the same time as using test portfolios in order to confirm the mean variance efficiency of basic unconditional models.

Findings

The paper's multifactor models in unconditional forms are rejected, with the exception of the five‐factor model. Further, the five‐factor model is better overall than the Fama and French model and other alternative models, according to both the Gibbons, Ross, and Shanken test and the Hansen and Jagannathan distance measure test. Next, using the final conditional five‐factor model as the de facto model, it was determined that the turnover ratio and the size can consistently predict Jensen's alphas. The book‐to‐market ratio (BM) and the past one‐year returns can also significantly predict the alpha, albeit to a lesser extent.

Originality/value

In the literature related to Japanese data, there has never been a comprehensive test of conditional asset pricing models using the long‐run data of individual firms. The conditional asset pricing model derived for this study has led to new findings about the predictability of past one‐year returns and the turnover ratio.

Details

Managerial Finance, vol. 36 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 12 October 2015

Michikazu Aoi, Shigeru Asaba, Keiichi Kubota and Hitoshi Takehara

The purpose of this paper is to explore corporate social performance attained by listed family and non-family firms in Japan. They are measured by the composite CSP index…

Abstract

Purpose

The purpose of this paper is to explore corporate social performance attained by listed family and non-family firms in Japan. They are measured by the composite CSP index and five attributes composed of employ relations, social contributions (SCs), firm security and product safety, internal governance and risk control, and environment concern.

Design/methodology/approach

The authors employ univariate and regression analyses on the quantitatively aggregated CSP score data of Japanese firms from 2007 to 2009.

Findings

Japan non-family firms tend to perform better than family firms in terms of attaining corporate social performance overall. Family CEOs positively affect CSP in the foods, textiles and apparels, and pharmaceutical industries as well as in retail trade, wholesale, and services industries, but negatively affect CSP in the heavy manufacturing industry. In these industries the joint effect of the percentage of family shareholdings and the fraction of family members on the board also augments the positive role played by family CEO. The findings are robust when the sample is ranked by Tobin’s q.

Research limitations/implications

The observation period is short due to the data availability of CSP by Toyo Keizai Inc. This data covers all the listed firms which answered the questionnaire, which may also contain sample selection problems.

Practical implications

Positive role of CEO and negative effects of shareholdings among listed family firms in Japan call for attention and corrective measures for top management and family shareholders.

Social implications

While family firms in Japan may accumulate socioemotional wealth, they should exert more efforts to advance CSP and create social capital.

Originality/value

This is the first comprehensive quantitative study in the field, which explored CSP of all the listed family firms vs non-family firms in Japan with large sample.

Details

Journal of Family Business Management, vol. 5 no. 2
Type: Research Article
ISSN: 2043-6238

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Article
Publication date: 1 January 1994

Belverd E. Needles

This paper provides, first, a historical perspective of accounting research relating to Asian/Pacific countries as seen from the vantage of the leading international…

Abstract

This paper provides, first, a historical perspective of accounting research relating to Asian/Pacific countries as seen from the vantage of the leading international journal in the United States and, second, a bibliographical data base and index of twenty‐six years of articles on this region of the world. It accomplishes the first objective by presenting a tabular profile of research in international accounting as it pertains to countries in the Asian/Pacific Rim region as shown in articles published in the International Journal of Accounting (formerly, the International Journal of Accounting, Education and Research) and related publications which appeared from 1965 to 1990. The articles are classified according to country, research methodology, subject, and five‐year time periods. The paper accomplishes the second objective by providing an annotated bibliography of 125 articles on Asian/Pacific Rim countries and indices by country and methodology, and subject.

Details

Asian Review of Accounting, vol. 2 no. 1
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 27 November 2019

Stanislav Ivanov, Ulrike Gretzel, Katerina Berezina, Marianna Sigala and Craig Webster

This paper aims to provide a comprehensive review of research on robotics in travel, tourism and hospitality, and to identify research gaps and directions for future research.

Abstract

Purpose

This paper aims to provide a comprehensive review of research on robotics in travel, tourism and hospitality, and to identify research gaps and directions for future research.

Design/methodology/approach

This paper analyzes 131 publications published during 1993-2019, identified via Scopus, Web of Science, ResearchGate, Academia.edu and Google Scholar. It offers quantitative analysis of frequencies and cross-tables and qualitative thematic analysis of the publications within each of seven identified domains.

Findings

The paper identifies “Robot,” “Human,” “Robot manufacturer,” “Travel/tourism/hospitality company,” “Servicescape,” “External environment” and “Education, training and research” as the research domains. Most research studies are dedicated to robots in restaurants, airports, hotels and bars. Papers tend to apply engineering methods, but experiments and surveys grow in popularity. Asia-Pacific countries account for much of the empirical research.

Research limitations/implications

The analysis was limited to publications indexed in four databases and one search engine. Only publications in English were considered. Growing opportunities for those who are anxious to publish in the field are identified. Importantly, emerging research is branching out from the engineering of robots to the possibilities for human/robot interactions and their use for service providers, opening up new avenues of research for tourism and hospitality scholars.

Practical implications

The paper identified a myriad of application areas for robots across various tourism and hospitality sectors. Service providers must critically think about how robots affect the servicescape and how it needs to be adjusted or re-imagined to ensure that robots and employees can augment the service experiences (co-)created within it.

Originality/value

This is the first study to systematically analyze research publications on robotics in travel, tourism and hospitality.

研究目的

本论文全面评论了在旅游酒店业中的机器人技术的研究, 并指出文献缺口和未来研究方向。

研究设计/方法/途径

本论文分析了在1993年至2019年发布在Scopus、Web of Science、ResearchGate、Academia.edu、和Google Scholar的131篇文献。本论文对文献做了一系列定量分析, 包括频率分析、交叉表、定性文本分析、在七大确立的领域中对每个领域的文献进行分析。

研究结果

本论文确立了七个研究领域:机器人、人类、机器生产者、旅游酒店企业、Servicescape、外部环境、和教育培训和研究。大多数文献集中在对饭店、机场、酒店、和酒吧的机器人研究。文献往往采用工程手段进行研究, 但是实验和问卷方式正在呈增长趋势。亚太国家占据大多数实证研究作品。

研究理论限制/意义

本论文样本库局限于四个数据库和一个搜索引擎。只有英文文献被采样。本论文为对相关领域感兴趣的学者指出研究方向。重要的是, 本论文发现用工程角度研究机器人的文献有了分支, 有一小部分文献开始着手研究人/机器人交互和其在服务过程中的使用的研究, 这对旅游酒店学者提供新研究视角。

研究实践意义

本论文指出了一系列有关旅游酒店领域中机器人的应用。服务商必须重视机器人如何影响Servicescape以及如何审视机器人与人的交互, 确保其与员工加强消费者的服务体验(价值共创)。

研究原创性/价值

本论文是首篇系统评论旅游酒店领域中机器人研究文献的文章。

关键词:机器人、机器人经济、机器人设计、机器人使用、Servicescape、rService、人-机器人交互、研究议程

Details

Journal of Hospitality and Tourism Technology, vol. 10 no. 4
Type: Research Article
ISSN: 1757-9880

Keywords

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