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The paper aims to analyze the impact of cyber attacks on stock returns of companies operating in the hospitality sector. The fast development of information and communication technologies has been posited as both an opportunity and a challenge to the United Nations Global Sustainable Development Goals. Digital technologies are significant tools for sustainable development, but if they are not addressed appropriately, they can potentially hinder the progress toward sustainability. Among negative impacts, it is necessary to consider cyber risk, a major concern today, in particular for industries which work with sensitive data, such as tourism businesses. Hospitality businesses have to adequately manage cyber insecurity and digital privacy issues, to prevent losses and contribute to socioeconomic sustainable growth.

Using event-study methodology, the paper provides empirical evidence on the effect of announcements of 170 information security breaches on the market value of firms operating in the hospitality sector in the past five years.

The study focuses on identifying potential threats of cyber attacks for the economic value of listed companies. The authors find that negative market returns occur following announcements of cyber attacks suffered by hospitality companies. Adequate investments in technology for cyber security and staff training are relevant in the hospitality sector to reduce cyber risk.

The paper contributes to identifying potential threats of cyber attacks for the economic value of listed companies operating in the hospitality sector. The analysis is carried out by collecting an original sample of global cyber attacks from newspaper announcements sourced from the LexisNexis database.

论酒店业的网络攻击：股票市场的反应

信息通讯技术的快速发展, 对UN全球可持续发展战略目标带来机遇和挑战。电子技术对可持续发展起到重要作用, 但是如果它们未被合理使用, 则对可持续性构成潜在威胁。在众多负面影响中, 网络攻击不可忽视, 成为现今重大担忧, 尤其是对于处理敏感数据的行业, 比如旅游产业。酒店业必须具备管理网络安全和处理电子隐私的能力, 以防止损失, 对社会经济可持续增长做出贡献。

本论文分析酒店业内因网络攻击而遭受股票的影响。借用事件分析法, 本论文研究了近五年来, 170项信息安全泄露消息对酒店市场价值的影响。

本论文主要确立了上市公司因网络攻击而受到的经济价值影响。我们发现, 酒店公司在宣布网络攻击后, 其市场收益受到负面影响。充足的网络安全技术投入和人员培训与酒店减少网络攻击有一定的联系。

本论文分析了酒店业中上市公司因网络攻击而带来的潜在经济价值的损失。研究分析样本来自Lexis Nexis数据库中的全球网络攻击的新闻报道。

The purpose of this paper is to focus on public guarantees granted to micro-, small- and medium-sized enterprises (SMEs) by the Italian national credit guarantee programme (Fondo Centrale di Garanzia – Central Guarantee Fund – (CGF)). The CGF provides a direct guarantee to banks granting loans or a counter-guarantee to mutual guarantee institutions (MGIs) acting as first-level guarantors. Because the behaviour of MGIs could affect the default risk of counter-guaranteed loans, it is vital to investigate their operating and structural characteristics in order to identify an optimal design for public credit guarantee schemes (PCGSs).

Using regression models, the paper analyses the determinants of default for 33,229 SME loans guaranteed by an MGI and counter-guaranteed by the Italian CGF. The dependent variable is the ex-post default risk of SMEs’ counter-guaranteed loans in the 2010-2011 period. The explanatory variables are certain characteristics of the MGI.

The authors demonstrate that increases in an MGI’s leverage and the size of the counter-guaranteed portfolios increase the default risk. When the counter-guaranteed portfolio increases, MGIs are more risk taking but take less risk than when local and specialized MGIs are at play. Finally, direct public aid is relevant.

An appropriate design of the PCGS becomes crucial to controlling moral hazard in financial institutions and ensuring the financial sustainability of public intervention in favour of SMEs.

The paper evaluates an original and confidential firm-level data set that is not available in public documents or supervisory board statistics but is collected directly from the MGIs that participated in this study.

The purpose of this paper is to investigate the drivers influencing the risk of default on mutual guaranteed loans. The authors aim to verify whether default is influenced by the specific business policies of mutual guarantee institutions (MGIs) and to recommend guidelines for directing their operating management.

The authors analyse the guaranteed portfolios of 19 Italian MGIs and investigate the determinants of the defaulted positions at the end of June 2011. The sample consists of 167,777 guaranteed loans, of which 11,349 are in default. Using regression models, we identify the variables related to the business model of MGIs that are significantly associated with default on their positions.

The defaulted positions of MGIs are significantly correlated with the type of issued guarantees. This condition should be considered in defining product and price policies.

The authors identify some critical issues in the risk-taking processes of MGIs. The tested hypothesis highlights the opportunities for the optimisation of guaranteed loan portfolios, which is necessary for reducing the profitability/liquidity pressures of these financial institutions and enhancing their efficiency as instruments for mitigating the effects of credit rationing and promoting the revitalisation of small-and medium-sized enterprises.

The results are based on an original and reserved dataset, which is not available in public financial statements or public statistics, but is collected directly from the MGIs that are part of the study.

This study aims to assess the influence of partial and simultaneous substitution of fat and sodium by hydrolyzed collagen and mix of herbs (MH) in chicken hamburgers, on the physical properties and proximal composition.

Five formulations were developed: (1) HCON–without adding collagen and MH; (2) C25M25–adding 25% of collagen and 25% of MH; (3) C25M50–adding 25% of collagen and 50% of MH; (4) C50M25–adding 50% of collagen and 25% of MH and (5) C50M50–adding 50% of collagen and 50% of MH. Chicken hamburgers were analyzed by proximal composition, sodium content, collagen and color analysis. The influence of treatments on texture profile, cooking performance and lipid oxidation of chicken hamburger was also investigated.

There was reduction in lipid and sodium for modified formulations compared with the HCON. There was great influence for some parameters, such as luminosity, cooking performance and texture profile. The formulation C50M50 showed the best cooking performance when compared to the others.

The formulation adding 50% of collagen and 50% of MH showed the highest yield and water retention (WR), with the least reduction in diameter and shrinkage, as well as presenting the best indexes of the texture profile and the lowest oxidation index, being recommended as the best combination of fat and sodium replacement.

This study aims to investigate the Big Social Data (BSD) paradigm, which still lacks a clear and shared definition, and causes a lack of clarity and understanding about its beneficial opportunities for practitioners. In the knowledge management (KM) domain, a clear characterization of the BSD paradigm can lead to more effective and efficient KM strategies, processes and systems that leverage a huge amount of structured and unstructured data sources.

The study adopts a systematic literature review (SLR) methodology based on a mixed analysis approach (unsupervised machine learning and human-based) applied to 199 research articles on BSD topics extracted from Scopus and Web of Science. In particular, machine learning processing has been implemented by using topic extraction and hierarchical clustering techniques.

The paper provides a threefold contribution: a conceptualization and a consensual definition of the BSD paradigm through the identification of four key conceptual pillars (i.e. sources, properties, technology and value exploitation); a characterization of the taxonomy of BSD data type that extends previous works on this topic; a research agenda for future research studies on BSD and its applications along with a KM perspective.

The main limits of the research rely on the list of articles considered for the literature review that could be enlarged by considering further sources (in addition to Scopus and Web of Science) and/or further languages (in addition to English) and/or further years (the review considers papers published until 2018). Research implications concern the development of a research agenda organized along with five thematic issues, which can feed future research to deepen the paradigm of BSD and explore linkages with the KM field.

Practical implications concern the usage of the proposed definition of BSD to purposefully design applications and services based on BSD in knowledge-intensive domains to generate value for citizens, individuals, companies and territories.

The original contribution concerns the definition of the big data social paradigm built through an SLR the combines machine learning processing and human-based processing. Moreover, the research agenda deriving from the study contributes to investigate the BSD paradigm in the wider domain of KM.

The contribution of this study aims to twofold: First, it provides an overview of the current state of research on cyberattacks on Chinese supply chains (SCs). Second, it offers a look at the Chinese Government’s approach to fighting cyberattacks on Chinese SCs and its calls for global governance.

A comprehensive literature review was conducted on Clarivate Analytics’ Web of Science, in Social Sciences Citation Index journals, Scopus and Google Scholar, published between 2010–2021. A systematic review of practitioner literature was also conducted.

Chinese SCs have become a matter of national security, especially in the era of cyber warfare. The risks to SC have been outlined. Cybersecurity regulations are increasing as China aims to build a robust environment for cyberspace development. Using the Technology-organization-environment (TOE) framework, the results show that the top five factors influencing the adoption process in firms are as follows: relative advantage and technological readiness (Technology context); top management support and firm size (Organization context) and government policy and regulations (Environment context).

This review focuses on cyberattacks on Chinese SCs and great care was taken when selecting search terms. However, the author acknowledges that the choice of databases/terms may have excluded a few articles on cyberattacks from this review.

This review provides managerial insights for SC practitioners into how cyberattacks have the potential to disrupt the global SC network.

Past researchers proposed a taxonomic approach to evaluate progress with SC integration into Industry 4.0; in contrast, this study is one of the first steps toward an enhanced understanding of cyberattacks on Chinese SCs and their contribution to the global SC network using the TOE framework.