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This study aims to examine whether and how gender diversity on corporate boards is associated with voluntary nonfinancial disclosures, particularly water disclosures.

This study uses corporate water information disclosure data from Chinese listed firms between 2010 and 2018 to conduct regression analyses to examine the association between female directors and water information disclosure.

Empirical results show that female directors have a significantly positive association with corporate water information disclosure. Additionally, internal industry water sensitivity of firms moderates this significant relationship.

This study determined that female directors can promote not only water disclosure but also positive corporate water performance, reflecting the consistency of words and deeds of female directors in voluntary nonfinancial disclosures.

The 2008 global financial crisis stimulated the research interest in stock price crash risk. However, the determinants of stock price crash risk remain unclear, especially in transitional economies. The purpose of this paper is to investigate the association between corporate social responsibility (CSR) and stock price crash risk, as well as the moderating effects under different contexts.

Using firm-level data of listed firms in China from 2010 to 2019, this paper estimates with correlation analysis and multiple regression analysis.

This paper’s empirical results show that the constraint of CSR on bad news hoarding behavior can reduce stock price crash risk. Further research shows that internal CSR has a significant effect on crash risks, while external CSR has not. Additionally, CSR has a relatively weak impact on crash risk in state-owned enterprises, enterprises with higher internal control quality and enterprises with better regional financial development.

This paper contributes to the stock price crash risks literature by examining the CSR-stock price crash risk linkage in a Chinese context, revealing collective explanations under different contexts with important implications for the application of CSR in business practice.

The purpose of this paper is to investigate the effects of corporate dispersion on tax avoidance from geographical and institutional dispersion perspectives by using evidence from China.

Using a panel data of Chinese listed firms during 2003-2015, this paper estimates with correlation analysis and multiple regression analysis.

Both geographical and institutional dispersion are negatively associated with the degree of corporate tax avoidance. Furthermore, corporate governance mechanisms and female chief executive officers can mitigate the negative relation between corporate dispersion and tax avoidance. The results also indicate that ineffective internal control is one of the channels through which corporate dispersion reduces tax avoidance.

This is the first paper about the impact of firm dispersion on the degree of tax avoidance, complementing the research content of diversification and corporate decision-making.

The purpose of this paper is to illustrate and examine the effects of ultimate ownership, institutionality and their interactions on capital structure in a unified framework, based on evidence from China.

Using six years of panel data of Chinese non-financial listed firms between 2004 and 2009, this paper estimates with correlation analysis and multiple regression analysis.

This paper finds that debt financing facilitates the ultimate owner's expropriation behavior. The separation of control rights and cash flow rights is positively related to capital structure, while cash flow rights negatively affect it. Compared with private ultimate owners, state ultimate owners have less incentive to reap the benefits of expropriation, implying that the separation of control rights and cash flow rights has a smaller effect on the capital structure of state-owned firms. The improvement of institutionality can restrain ultimate owners' expropriation behavior, and regional institutional development is negatively related to capital structure. The separation of control rights and cash flow rights has a smaller positive effect on capital structure in regions with better-developed institutionality.

This paper incorporates ultimate ownership and institutionality into a unified analytical framework of capital structure. It not only enriches related studies on capital structure, but also helps us understand the institutional roots of irrational capital structure behaviors in China. This paper also provides further evidence on ultimate owners' expropriation of minority shareholders through debt financing.

The papers in this issue make a significant original contribution which will result in the better understanding of Chinese corporate finance management challenges from both theoretical and practical perspective. The paper aims to discuss these issues.

The papers of this issue have a wide range of coverage related to corporate finance, such as CSR disclosure, organizational structure, earnings management, ownership structure, media impact, corporate accidents, and institution background. Those papers selected are all based on empirical researches with the original designs of their modeling, by the real and fundamental data from the latest Chinese market and enterprises.

The author believes that such in-depth analysis and discussion will enhance the understanding for both researches and practitioners on the behavior of managing corporate finance in China. Those findings will contribute to the establishment of Chinese management theories and to the building of a wide range of Chinese management practices.

Although the angle of each paper varies, they are all trying to have a deep analysis which may unveil the behavior of corporate finance decision. Some of such behaviors will be beneficial to the long-term sustainable growth of the company, while others, though, may have the negative impact on the corporate value creation.

This study aims to examine the influence of benefits and risks for young women travellers on their intention to visit other night tourism destinations. It also compares any path differences between evening and midnight travels.

A face-to-face survey was conducted in Macau. Multi-group analysis was used to explore the differences between evening and midnight travels.

Emotional and epistemic benefits positively affect behavioural intentions; security risk negatively affects behavioural intentions, but the risk of sexual harassment does not affect behavioural intentions. Evening travellers pay more attention to emotional benefits than midnight travellers.

This study contributes to tourism research related to women by helping to understand the perceptions of the benefits and risks of young women travellers’ night tourism, especially the gender risks. This study corrects the understanding that young women travellers do not feel that the risk of sexual harassment affects their decision to undertake night travels. It also contributes to night tourism research by distinguishing the proportion of benefits and risks in evening and midnight travels.

本研究旨在考察年轻女性旅游者在夜间旅游中的利益和风险感知对其访问其他夜间旅游目的地意向的影响, 比较女性游客上半夜出游和下半夜出游之间的感知差异。

线下问卷调查在澳门进行, 使用多组分析方法探讨女性上半夜出游与下半夜出游的感知差异。

情感和认知的益处对行为意向产生积极影响。虽然安全风险对行为意向会产生负面影响, 但性骚扰风险并不影响行为意向。上半夜旅游者比下半夜旅游者更关注旅行对情感的益处。

本研究让读者了解到年轻女性旅游者对夜间旅游的利益和风险感知因素的看法, 尤其是对性别风险感知的看法, 对女性相关的旅游研究做出了贡献。这项研究改变了以往的认知, 即年轻女性旅游者不觉得性骚扰的风险会影响她们进行夜间旅行的决定。它还通过区分上半夜出游和下半夜出游的利益和风险比较, 为夜间旅游研究做出了贡献。

Este estudio pretende examinar la influencia de los beneficios y riesgos que tiene, para las jóvenes viajeras, su intención de visitar otros destinos de turismo nocturno. Asimismo, se compara las diferencias de trayectoria entre los viajes nocturnos y los de medianoche.

Se realizó una encuesta personal en Macao. Se utilizó un análisis multigrupo para explorar las diferencias entre los viajes nocturnos y los de medianoche.

Los beneficios emocionales y epistémicos afectan positivamente las intenciones de comportamiento, el riesgo de seguridad afecta negativamente las intenciones de comportamiento, pero el riesgo de acoso sexual no influye en las intenciones de comportamiento. Los viajeros nocturnos prestan más atención a los beneficios emocionales que en los viajes a medianoche.

Este estudio contribuye a la investigación sobre el turismo relacionado con las mujeres al ayudarnos a comprender las percepciones de los beneficios y riesgos del turismo nocturno de las jóvenes viajeras, especialmente los riesgos de género. Este estudio corrige nuestra idea de que las jóvenes viajeras no creen que el riesgo de acoso sexual afecte a su decisión de emprender viajes nocturnos. También contribuye a la investigación del turismo nocturno al distinguir la proporción de beneficios y riesgos en los viajes nocturnos y de medianoche.

This study aims to conduct an empirical investigation of differing perceptions of nine types of urban space and nine visual elements among tourists in destination using a computer vision (CV) approach.

The data for this study was extracted from YFCC 100 M dataset. Nine types of urban space in Beijing were initially identified using a scene recognition model. Subsequently, a semantic segmentation model was applied, which yielded substantial evidence relating to nine visual elements that were used to elicit differing perceptions among tourists from different continents.

Tourists from three continents had different perceptions about corridors, old buildings, overlooks and traffic spaces, reflecting their cultural convention. Asians, Europeans and North Americans diversely gazed at the landscape element of buildings, foliage, sky and people in urban space. All those provided evidence to contribute to the tourist gaze theory's construction.

This study firstly depicted how tourists perceive the tourism symbol of urban space. The novel approach of employing two CV models offer methodological insights to tourism research relevant to visual perception.

游客对城市空间的感知:计算机视觉途径

本研究采用计算机视觉方法, 探究游客对旅游目的地九种城市空间类型及九种视觉元素的感知差异。

本研究数据提取自YFCC 100M图片数据集。首先, 利用场景识别模型识别了游客图片中的九种城市空间类型。其次, 应用语义分割模型识别了游客图片的九个视觉元素。这些分析结果被用于探究不同大洲游客的视觉感知差异。

来自不同大洲的游客对城市空间有不同的感知偏好。亚洲人更喜欢拍摄自己与著名的城市建筑, 欧洲人和北美人更喜欢自然元素, 如水、树叶和天空。不同大洲游客对视觉元素的偏好佐证了旅游凝视理论。

本研究选取了独特的城市空间为研究对象, 来验证游客凝视理论。此外, 两种计算机视觉模型为旅游研究提供了新的方法论视角。

La percepción de los turistas del espacio urbano: Un enfoque de vision artificial

Resumen

Los datos para este estudio se extrajeron del conjunto de datos YFCC 100 M. Inicialmente se identificaron nueve tipos de espacio urbano en Pekín mediante un modelo de reconocimiento de escenas. Posteriormente, se aplicó un modelo de segmentación semántica, que aportó pruebas sustanciales en relación con nueve elementos visuales que se utilizaron para suscitar percepciones diferentes entre turistas de distintos continentes.

El objetivo de este estudio es llevar a cabo una investigación empírica sobre las diferentes percepciones de nueve tipos de espacio urbano y nueve elementos visuales entre los turistas en destino, utilizando un enfoque de visión artificial (CV).

Los turistas de tres continentes tenían percepciones diferentes sobre los pasillos, los edificios antiguos, los miradores y los espacios de tráfico, lo que refleja su convención cultural. Los asiáticos, los europeos y los norteamericanos observaron de forma diversa el elemento paisajístico de los edificios, el follaje, el cielo y las personas en el espacio urbano. Todos ellos aportaron pruebas para contribuir a la construcción de la teoría de la mirada turística.

Este estudio describe por primera vez cómo los turistas perciben el símbolo turístico del espacio urbano. El novedoso enfoque de emplear dos modelos de vision artificial ofrece conocimientos metodológicos para la investigación del turismo relacionados con la percepción visual.

This paper aims to answer the following four research questions: Where do tourists gaze at the destination? What do tourists gaze at the destination? How do tourists gaze differently? Why do tourists gaze differently referring to relevant theory?

With a computer vision approach, this study illustrated a series of maps that reflect where and what do tourists gaze at and compared the differences in the visual perceptions among Asian, European and North American tourists in Hong Kong.

The findings confirm that the “tourist gaze” is influenced by geographical and cultural conditions. The conclusions provided three types of implementations for destination management strategies and advocated a high engagement with computer vision technology.

In theory, this study proves that the “tourist gaze” is influenced by geographical and cultural conditions. The study’s methodological contribution lies in applying advanced technology of visual content analysis for big data relevant to the issue of the tourist gaze. Practically, the finding that has not been achieved via previous questionnaire surveys will serve as a reference for tourism recommendations and precision marketing. In addition, its practical contribution is that it offers a means by which to explore tourists’ perceptions of destinations and understand the attractiveness of destinations to tourists.

研究一方面使用计算机视觉深入学习模型对游客照片内容进行识别, 比较了亚洲、欧洲和北美游客在香港不同空间场景的视觉感知差异。另一方面, 研究借助ArcGIS软件对游客凝视地点和内容差异进行了具体可视化分析。

这项研究有四个研究子问题：

• （1） 游客在哪里凝视？

• （2） 游客凝视了什么？

• （3） 游客凝视内容有什么不同？

  （4） 为什么游客凝视不同？

（1） 游客在哪里凝视？

（2） 游客凝视了什么？

（3） 游客凝视内容有什么不同？

（4） 为什么游客凝视不同？

不同游客在旅游目的地的“凝视”存在差异, 差异表征具体体现在地点选择和内容偏好等维度。同时, 研究结果显示计算机视觉技术在旅游研究领域呈现较好的应用潜力。

理论上, 本研究佐证了”游客凝视”受地理和文化条件影响的理论。技术上, 本研究探索了视觉分析技术在游客凝视议题上应用, 为旅游目的地感知评估提供了新的视角。应用层面, 研究结论为旅游目的地精准营销提供了参考。

Resumen

Con un enfoque de visión artificial, este estudio ilustra una serie de mapas que reflejan dónde y qué miran los turistas, y compara las diferencias en las percepciones visuales entre los turistas asiáticos, europeos y norteamericanos en Hong Kong.

El estudio tiene cuatro preguntas de investigación:

• (1) ¿Dónde miran los turistas en el destino?

• (2) ¿Qué miran los turistas en el destino?

• (3) ¿Cómo miran los turistas de forma diferente?

• (4) ¿Por qué los turistas miran de forma diferente en referencia a la teoría pertinente?

(1) ¿Dónde miran los turistas en el destino?

(2) ¿Qué miran los turistas en el destino?

(3) ¿Cómo miran los turistas de forma diferente?

(4) ¿Por qué los turistas miran de forma diferente en referencia a la teoría pertinente?

Las conclusiones confirman que la “mirada del turista” está influida por las condiciones geográficas y culturales. Las conclusiones aportan tres tipos de aplicaciones para las estrategias de gestión de destinos y abogan por un alto compromiso con la tecnología de visión artificial.

En teoría, este estudio demuestra que la “mirada del turista” está influenciada por las condiciones geográficas y culturales. La contribución metodológica del estudio radica en la aplicación de tecnología avanzada de análisis de contenido visual para big data relevante para el tema de la mirada del turista. En la práctica, los hallazgos que no se han logrado a través de encuestas anteriores servirán de referencia para las recomendaciones turísticas y el marketing de precisión. Además, su contribución práctica es que ofrece un medio para explorar las percepciones de los turistas sobre los destinos, y comprender el atractivo de los mismos para los turistas.

Based on the analysis of the data of the landscape live performances which have already been performed, this paper combs the development process of the live performances and other information of the performance types so that the public can have a clearer and clearer understanding of the live performances. Through time-frequency domain analysis method, the characteristic elements of waveform music are extracted and classified into sub-music segments in different rough emotional domains according to certain classification methods. And the application weights of the feature values of each music feature are defined in different emotion domains, which makes the input of the system more rational. For the output of the light action control data, this article has a certain interpretation of the DMX512 data, making the interpretation of the output more intuitive. The basic characteristics of music include speed, mode, beat, tone, volume, and the pitch, pitch, and length of notes. Therefore, in the future, the method of realizing music visualization in architectural lighting design and the method of realizing interaction with people will have more possibilities.

This study presents an effective means of applying neural networks to achieve robust design with dynamic characteristic considerations. Two neural networks are constructed to train the data set in the Taguchi’s orthogonal array (OA): one to search for the optimal condition, and the other to forecast the system’s response value. A measuring system employed in semiconductor manufacturing demonstrates the proposed approach’s effectiveness. According to those results, the proposed approach outperforms the conventional Taguchi method. By using the proposed approach, the adjustment factors are not a prerequisite for the dynamic characteristic problem. Moreover, the proposed approach enhances the generalization capability.