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This paper provides new evidence on Indian tourism firms by investigating the role of a firm's financial conditions typified by its leverage, earnings, size, cash holdings, and excess cash in moderating the pandemic-led idiosyncratic volatility in its stock prices.

The authors employ a firm-level panel comprising 82 publicly-listed tourism firms from India. Firm risk is estimated for the period beginning January 2020 to December 2020.

This paper finds non-linear effects of the pandemic on the idiosyncratic risk of the sample firms. Precisely, stock price volatility rises, but as the market absorbs this information, volatility subsides even as the disease spreads further. Further, lower levels of past debt and earnings and higher cash holdings ameliorate the pandemic's effects on tourism firms' risk. Contrasting the view that “excess” cash reflects poor operational performance, we show that “excess” cash firms are better prepared to face the adverse effects of the pandemic.

This study’s sample period fully encompasses the first wave of the pandemic (January–December 2020) of the novel coronavirus infection spread.

To the best of the authors’ knowledge, this is the first study to assess the moderating effects of company fundamentals on the risk of Indian tourism firms. In doing so, the authors account for non-linear effects of the pandemic on firms' idiosyncratic volatility over time.

This paper aims to assess the determinants of food certificate adoption and analyse the impacts of food certificates on e-commerce income among small online agri-food sellers in Indonesia.

The authors used data from an online survey of 228 small-online agri-food sellers in East Java, Indonesia. This study aims to focus on two food certificates: a mandatory Halal (Islamic dietary law) certificate and the P-IRT certificate, a food safety certificate for home-based businesses. A maximum simulated likelihood (MSL) estimator was employed to account for selection bias and endogeneity.

The study highlights the continued importance of certification in agri-food markets, including e-commerce and the need to consider the degree of substitutability and resource allocation between multiple food certificates. It finds that online agri-food sellers adopting the Halal certificate earn two to three times higher compared to non-adopters. Conversely, the gross income per month from e-commerce sales is 78% lower among those adopting the P-IRT certificate. Moreover, access to regulatory information sources motivates the likelihood of adopting food certificates. In contrast, the business size, marketing channels, contractual relationship and management capabilities are insignificant factors for the adoption of any of the Halal and P-IRT certificate combinations.

Results from this research might be specific to the context of the focus study area, thereby reducing their generalisability. In addition to gathering representative samples, future research should also capture more complex dimensions of food certificates. These include the cost of acquiring food certificates, online sellers' perceptions of food certificate adoption, and emerging topics such as group certification and the use of technology.

To the authors' knowledge, this research is one of the first studies investigating the adoption of food certificates within the e-commerce setting. This study also contributes to the small number of studies looking at multiple certificate adoption and food certificate issues from the retailers' perspectives

The purpose of this study is to reveal the dynamics of house prices and sales in spatial and temporal dimensions across British regions.

This paper incorporates two empirical approaches to describe the behaviour of property prices across British regions. The models are applied to two different data sets. The first empirical approach is to apply the price diffusion model proposed by Holly et al. (2011) to the UK house price index data set. The second empirical approach is to apply a bivariate global vector autoregression model without a time trend to house prices and transaction volumes retrieved from the nationwide building society.

Identifying shocks to London house prices in the GVAR model, based on the generalized impulse response functions framework, I find some heterogeneity in responses to house price changes; for example, South East England responds stronger than the remaining provincial regions. The main pattern detected in responses and characteristic for each region is the fairly rapid fading of the shock. The spatial-temporal diffusion model demonstrates the presence of a ripple effect: a shock emanating from London is dispersed contemporaneously and spatially to other regions, affecting prices in nondominant regions with a delay.

The main contribution of this work is the betterment in understanding how house price changes move across regions and time within a UK context.

The purpose of this study is to determine the factors that impact the trust of microenterprises in online selling platforms and cargo carriers and examine the consequences of a lack of trust.

This study adopts a qualitative exploratory approach and uses grounded theory to generate insights based on interviews with 27 microenterprise owners selling internationally on an online selling platform.

The results show that a lack of competence, an absence of an integrated claim system and a lack of transparency are the main factors affecting sellers’ trust in online selling platforms. The relationship between the sellers’ intention to continue to use the online selling platform and their trust in the platform was found to be moderated by switching costs.

This study is limited in that the results were mainly based on the sellers’ perspectives although the phenomenon of interest involves various actors. To mitigate this limitation and cross-check the data, the customer reviews and some of the sellers’ account statistics were also analyzed.

This study introduces the sellers’ perspectives on the dynamics of supply chain management in international micro trade. These dynamics provide a guideline for how to build and manage an online selling platform targeting microenterprises.

Unlike previous studies, this study examines online transaction behaviors from the standpoint of sellers, not buyers. Moreover, it is the first study examining the damaged or lost shipments within the context of online transactions in international micro trade.

This study examines the inverted U-shaped relationship between a live-streaming seller’s disclosure of two-sided product information and consumers’ trust in the seller and product. It also explores the interaction between these two types of information disclosure and their impact on purchase intention in the live-streaming sales context.

An e-questionnaire survey was conducted in China, followed by multiple regression and structural equation modeling analyses.

The disclosure of both negative and positive product information is positively correlated with consumers’ trust in the seller or product but does not directly affect their purchase intention. Negative information disclosure neither enhances nor diminishes the positive impact of disclosing positive information on consumer trust.

Live-streaming sellers (i.e. retailers or manufacturers) should disclose both positive and negative product information to form consumers’ trust toward them (or products) and enhance sales.

Live-streaming sellers often worry about the negative effects of excessive promotions or disclosure of positive or negative product information. However, these negative effects were not statistically significant.

Since some researchers have found nonlinear effects of two-sided product information in other contexts, this study is the first to focus on the impact of live-streaming sellers’ disclosure of two-sided product information on consumers’ trust in the live-streaming sales context rather than on the information per se.

The authors propose a dairy bundle, integrating strategies to jointly maximise producer revenue and consumer utility according to the latter's preferences.

An algorithm based on a nested logit model identifies the bundle maximising producer revenue based on factors affecting consumer purchase behaviour. The data are drawn from a mall-intercept survey administered in Iran, with consumers stating a hypothetical choice among a comprehensive set of dairy products.

Demographic characteristics and marketing mix elements significantly affect consumers' preferences. An algorithm based on the estimated dissimilarity parameter determines the best bundle of dairy products, simultaneously obtaining the highest utility and the highest expected revenue.

Consumer preference and maximum producer or retail seller income are considered simultaneously. The bundling promotion strategy is widely used for food offerings and fresh foods and can be extended to other products.

我們擬根據消費者偏好，提出一個整合了多個策略的捆綁包，以使生產製作者得到最高的收入和最佳的消費者效用。

研究人員根據巢式Logit 模型的演算法確認了一個捆綁包，以使生產製作者能得到最高的收入，而這均建基於會影響消費者購買行為的各個因素。有關的數據取自於伊朗的商場內進行的攔截調查，而回應的消費者須假想他們從一整套乳製品中選擇他們會購買的產品。

研究結果顯示，人口特徵和市場營銷組合元素均會顯著地影響消費者的偏好，一個基於估算的相異性參數而建立的演算法可確認最佳的乳製品捆綁包，這演算法同時也可取得最佳的裨益和最高的預期收入。

於本研究中，研究人員同時考慮消費者的偏好和生產製作者或零售賣家的最高收入。捆綁式的促銷策略在食物供品和新鮮食品方面被廣泛使用，這策略可擴展至其他產品。

乳製品捆綁包、消費者偏好、最佳化演算法、巢式Logit 模型.

This paper aims to explore the promotion decisions of heterogeneous sellers on a decentralized platform under competitive conditions and analyze how seller behaviors impact platform profit, seller revenue, buyer surplus and social welfare.

This paper considers a Cournot model consisting of a platform charging a commission rate and two sellers with different conversion rates and browsing costs. Promotion efforts by sellers can increase traffic, but they also incur promotion costs for sellers. The sellers decide on promotion effort by weighing these two effects. The authors also explore the equilibrium when the platform charges a fixed usage fee.

The seller’s profit improves as its conversion rate increases and worsens as browsing costs increase. Also, increasing the commission rate charged by the platform makes the seller invest less in promotional efforts. Therefore, the platform must consider this trade-off to determine an optimal rate. The analysis shows that the seller with a high conversion rate and high browsing cost plays a greater role in generating more overall revenue. When the market favors such a seller, the platform tends to charge less in order not to impair its profitability.

This paper incorporates conversion rate, buyer’s browsing cost, unit promotion cost and the fee charged by the platform into the model to study sellers’ promotion decisions on decentralized platforms.

The purpose of this article is based on the unit patent license fee model in the closed-loop supply chain.

This paper analyzes the impact of the bundling strategy of the retailer selling new products and remanufactured products on the closed-loop supply chain under the condition that the original manufacturer produces new products and the remanufacturer produces remanufacturing products.

The results show that alternative products can be bundled, and in many cases, the bundling of remanufactured products and new products is better than selling alone.

If the retailer chooses bundling, for the remanufacturer, when certain conditions are met, the benefits of bundling are greater than the separate sales at that time; for the original manufacturer, when the recycling price sensitivity coefficient is high, the bundling is better than separate sales.

The purpose of this paper is to examine souvenir sellers as unconventional micro-entrepreneurs, focusing on non-economic motives for selling.

A qualitative methodology was used. Semi-structured interviews were undertaken with 20 souvenir sellers in the Romanian city of Timişoara. These were analysed using thematic analysis which identified four non-economic motives for selling souvenirs.

Souvenir selling was a matter of choice rather than economic necessity. While these sellers were entrepreneurs who were seeking to generate income, non-economic motives were also important. These included passion, hobbyism and interpersonal interactions with customers. Some sellers considered themselves as cultural intermediaries, representing place and tradition to their customers.

In a European context, selling souvenirs can be a matter of lifestyle choice rather than economic necessity. Micro-entrepreneurs are frequently motivated by passion, hobbyism and interpersonal rewards as much as financial profit. This represents a particular form of unconventional or lifestyle entrepreneurship.

The encouragement of on-street souvenir sellers by urban managers can add vibrancy to a city, enhancing the experiences of local communities and visitors. This can also encourage the development of an artisan class to enhance a city’s reputation as a creative place.

Souvenir sellers are little researched, and this is one of few studies that has investigated this group outside Developing World contexts. This study emphasises the importance of unconventional entrepreneurship and non-economic motives for selling souvenirs in a European context.

本研究将纪念品销售商这类非传统微型企业家群体作为研究对象, 重点关注其销售纪念品的非经济动机。

本研究主要采用定性的研究方法, 对20位罗马尼亚蒂米什瓦拉市的纪念品销售商进行了半结构化访谈。通过对访谈结果的主题分析, 本研究发现并提炼出了纪念品销售商的4种非经济动机。

纪念品销售并非经济上的必然选择, 而更多地体现为一种个体的自主决策。尽管这些销售商本质上仍是追求经济回报的企业家, 其销售活动背后的非经济动机同样重要。这些动机包括对事业的激情、业余爱好, 以及与顾客之间的人际互动等。一些销售商视自身为文化传播的中介, (在销售活动中)向顾客展示地域与传统的象征。

在欧洲的语境下, 纪念品销售通常被视为一种生活方式的选择而非经济的迫切需要。微型企业家的销售行为通常受到对事业的激情、业余爱好以及人际关系的多重因素的推动, 而非单纯由经济利益驱使。这呈现出一种独特的非传统生活方式创业形态。

城市管理者可以通过默许纪念品销售商在市区进行销售活动的方式为城市注入活力, 提升当地社区和游客的体验。这同时有助于培养手工艺术家阶层, 进一步增强城市作为创意之地的声誉。

纪念品销售商的相关研究相对比较有限, 本研究在探讨这一群体时跳脱了发展中国家的框架, 同时强调了在欧洲环境下非传统创业和销售纪念品的非经济动机的重要性。

Se utilizó una metodología cualitativa. Se realizaron entrevistas semiestructuradas a 20 minoristas de recuerdos (souvenirs) de la ciudad rumana de Timişoara. Las entrevistas se analizaron mediante un análisis temático que permitió identificar cuatro motivos no económicos para la comercialización de recuerdos.

Este artículo examina a los comerciantes de souvenirs como micro emprendedores no convencionales, centrándose en los motivos no económicos para su venta.

La venta de souvenirs era una cuestión de elección más que de necesidad económica. Aunque estos vendedores eran emprendedores que buscaban generar ingresos, los motivos no económicos también eran importantes. Entre ellos, la pasión, la afición y las interacciones interpersonales con los clientes. Algunos vendedores se consideraban intermediarios culturales que representaban el lugar y la tradición ante sus clientes.

En un contexto europeo, la venta de recuerdos puede ser una cuestión de elección de estilo de vida más que de necesidad económica. Los micro emprendedores suelen estar motivados por la pasión, la afición y las recompensas interpersonales tanto como por el beneficio económico. Esto representa una forma particular de espíritu empresarial no convencional o de estilo de vida.

El fomento de los vendedores ambulantes de souvenirs por parte de los gestores urbanos puede aportar dinamismo a una ciudad, mejorando las experiencias de las comunidades locales y de los visitantes. Esto también puede fomentar el desarrollo de una clase artesanal para mejorar la reputación de una ciudad como lugar creativo.

Los comerciantes de souvenirs están poco investigados, y éste es uno de los pocos estudios que ha investigado este grupo fuera de los contextos del mundo en desarrollo. Destaca la importancia del espíritu empresarial no convencional y de los motivos no económicos para la venta de recuerdos en un contexto europeo.

This paper aims to clarify the impact of information asymmetry on users' payment rates and examine the role of perceived uncertainty (PU) and acceptable price (AP) in the relationship between information asymmetry and users' payment rates.

To test the influences of information asymmetry on users' payment rates, this paper collects 18,489 transaction data from the Chinese knowledge payment platform Zhihu with a Python crawler. This paper constructs a mediation model to define the relationship between information asymmetry and users' payment rates by introducing PU and AP as the mediators.

Information asymmetry negatively affects users' payment rates. In addition, PU and AP mediate the information asymmetry in users' payment rates bond.

This study only explores the mediators of the information asymmetry users’ payment rates bond, ignoring the effect of potential moderators, which would be an important direction for future research.

The findings of this paper suggest that information communication is essential in knowledge market transactions. Knowledge providers, as well as knowledge platforms, should enhance information exchange with consumers in order to increase product sales.

This paper provides a new perspective for understanding how information asymmetry affects users' payment rates and helps to guide suppliers to improve product quality. The research framework of this paper is universal to a certain extent.

This paper is one of the first to propose using PU and AP to construct a mediation model to study the information asymmetry between users' payment rates relationship. It provides a new perspective for understanding the channel of information asymmetry in customer behavior.