Search results

The purpose of this paper is to investigate the mechanism of transmitting economic policy uncertainty (EPU) shocks to capital structure.

The authors adopt a novel approach that bridges the asset pricing implications of EPU and the debt-financing decisions of Chinese firms by introducing a variable “policy-risk-induced equity return” (PRER). PRER is the product of the EPU beta and the EPU shock. Differentiating firms as per the signs of the EPU beta helps to shed light on the deep questions of whether their respective leverage targets and speeds of adjustment are different and how the targets and speeds are determined.

The empirical evidence shows that it is the equity market that channels EPU shocks to capital structure through PRER in China. Firms with positive (negative) EPU betas have PRER impact negatively (positively) the leverage target, conforming to the market-timing theory. EPU and non-policy uncertainty shocks cause the speed of adjustment to change over time. Overall, the intertemporal relation between EPU and leverage is negative. These results are robust to alternative leverage measures and after controlling for non-policy uncertainty shocks and conventional firm characteristics and have implications for academic research, policymaking, market stability, and corporate financing.

This study is the first to probe for, and provide insights into, the underlying reason why EPU impacts capital structure by connecting asset pricing to corporate financing for a large sample of Chinese publicly traded firms.

Citizens often perceive surveillance by government authorities as oppressive and, hence, demonstrate reluctance in value co-creation from such services. This study aims to investigate the challenges and benefits of citizen empowerment through technology-driven surveillance or “smart surveillance.”

Guided by Dynamic Capability theory, the authors conduct in-depth interviews with officers in-charge of surveillance in smart cities. Given the contemporary advancements, this approach allows a retrospective and real-time understanding of interviewees’ experiences with smart surveillance.

The authors develop five propositions for citizen empowerment through smart surveillance to summarize the findings of this study.

This study advances the relevance of Dynamic Capability in public administration.

Smart city authorities and policymakers may leverage the insights provided in this study to design appropriate policies for smart surveillance.

The authors find that factors such as digital technology and infrastructure, information management, skill divide and perceived return on investment may influence citizen empowerment through smart surveillance.

This research aims to explore how consumers' local brand choices differ between air-polluted days and clean days, and why the difference occurs.

Two studies were conducted. Study 1 used the longitudinal consumption data of various yogurt brands and daily air quality indexes in 2014 and 2015. Study 2 conducted three rounds of surveys on a clean day, a general air-polluted day and a seriously air-polluted day.

The findings indicate that consumers show less tendency of attribution and compensatory consumption during air-polluted days, which in turn decrease their willingness to choose local brands.

Implications are provided for future research and marketing practice, especially for local companies that rely heavily on local consumers, and retailers in heavy air-polluted areas.

This paper is the first to illustrate the influence of air pollution on consumers' local brand choices, and it extends current understanding on air pollution and consumer choices by discovering psychological process underneath to explain the effect.

This study attempts to fill the research gap by extending sustainability literature and providing empirical evidence that considers sustainability marketing commitment (SMC) as a fundamental attribute of effective marketing strategy that consequently improves tourism service quality, as represented by service attractiveness.

In the current study, data was collected from 313 tourism and hospitality firms. To test the model, this study applied structural equation modeling (SEM) to investigate the relationships among environmental strategy, SMC, supplier trust and service attractiveness in a mediation-moderation setting.

The results indicate that the multiple mediation effects of environmental strategy may indirectly influence tourist attractiveness through SMC and tourism services. The two-way moderating effects reveal that supplier trust and socialization strengthen the service attractiveness development process, while three-way interaction discovered that socialization and supplier trust positively moderate the relationships between tourism services and service attractiveness.

Sustainable strategy is a future trend for tourism business management; however, unknown to most is the role of marketing and environmental strategy in tourism business due to lack of integration with concepts in marketing strategy, with the multidimensionality of tourism services, and with the function of trust and socialization, critically undermining analyses of service attractiveness. This paper combines corporate sustainability and sustainability marketing methods to explore how an environmental strategy can improve tourism services and enhance a destination's attractiveness based on a mediation-moderation mechanism.

Recently, electric vehicles have been widely used in the cold chain logistics sector to reduce the effects of excessive energy consumption and to support environmental friendliness. Considering the limited battery capacity of electric vehicles, it is vital to optimize battery charging during the distribution process.

This study establishes an electric vehicle routing model for cold chain logistics with charging stations, which will integrate multiple distribution centers to achieve sustainable logistics. The suggested optimization model aimed at minimizing the overall cost of cold chain logistics, which incorporates fixed, damage, refrigeration, penalty, queuing, energy and carbon emission costs. In addition, the proposed model takes into accounts factors such as time-varying speed, time-varying electricity price, energy consumption and queuing at the charging station. In the proposed model, a hybrid crow search algorithm (CSA), which combines opposition-based learning (OBL) and taboo search (TS), is developed for optimization purposes. To evaluate the model, algorithms and model experiments are conducted based on a real case in Chongqing, China.

The result of algorithm experiments illustrate that hybrid CSA is effective in terms of both solution quality and speed compared to genetic algorithm (GA) and particle swarm optimization (PSO). In addition, the model experiments highlight the benefits of joint distribution over individual distribution in reducing costs and carbon emissions.

The optimization model of cold chain logistics routes based on electric vehicles provides a reference for managers to develop distribution plans, which contributes to the development of sustainable logistics.

In prior studies, many scholars have conducted related research on the subject of cold chain logistics vehicle routing problems and electric vehicle routing problems separately, but few have merged the above two subjects. In response, this study innovatively designs an electric vehicle routing model for cold chain logistics with consideration of time-varying speeds, time-varying electricity prices, energy consumption and queues at charging stations to make it consistent with the real world.

This research proposes and examines a theoretical model grounded in anthropomorphism theory considering the curvilinear and linear relationships between service robot anthropomorphism and consumer usage intention and explores the mediating effect of perceived risk.

To examine the developed model, two complementary studies are designed. In Study 1, multi-time data of 511 participants show that service robot anthropomorphism inverts U-shaped (curvilinear) relationship on consumer usage intention and perceived risk mediates this curvilinear relationship. In Study 2, multi-source data of 460 volunteers are used to confirm the findings of Study 1 and examine that consumer empathy moderates the complex nonlinear effect of service robot anthropomorphism on perceived risk, and the indirect curvilinear effect of service robot anthropomorphism on consumer usage intention through perceived risk.

This research provides preliminary and yet important findings on how service robot anthropomorphism most likely is positively associated with consumer usage intention, i.e. the positively influence mechanism of service robot anthropomorphism on consumer usage intention.

This research provides preliminary and yet important findings on how service robot anthropomorphism most likely is positively associated with consumer usage intention, i.e. the positively influence mechanism of service robot anthropomorphism on consumer usage intention.

This study aims to examine the role of authenticity in tourists’ destination selection, analyze the factors that influence tourists to form their initial opinions and explore how tourists construct the authenticity of traditional villages. The authors selected Chengkan village in Huizhou district, Huangshan city, as a case. In the study, the authors constructed an attribute-hardware-software research framework and analyzed tourists’ authentic emic experiences from the perspective of constructivism. The findings of this study suggest that tourists’ destination selection is influenced by authenticity. The destination culture brokers who interact with tourists play an essential role in forming authentic experiences. According to differences in how tourists construct authenticity, the study divided tourists into three types: primitive imagination, aesthetic reality and rational cognition. The results of this study provide a deeper understanding of various viewpoints about authenticity research and contribute to the academic discussion on how to understand the authenticity of unique cultural heritage sites such as traditional villages in the context of tourism development.

This study aims to propose an integrated moderated mediation model to examine the process by which hotels obtain competitive advantage from the perspective of hotel managers.

After obtaining the agreement of the participants, a total of 560 candidates, all of whom were hotel managers, completed a survey administered online over a three-month period from November 2020 to January 2021. Ultimately, 257 valid responses were obtained after data screening by research assistants, for a response rate of 45.89%.

By reference to the concepts of big data (BD) and sustainability, the results show that BD management is a foundational attribute with respect to the indirect effects of BD analytics capabilities via proactive market orientation and social media collaboration. Furthermore, sustainability commitments and marketing are found to affect the relationship between such analytics capabilities and competitive advantage. Additionally, information sharing and food services have positive moderating effects that strengthen the changes in critical attributes during the process of obtaining competitive advantage.

To date, despite the proliferation of the concepts of BD, social media and sustainability, there is a lack of adequate empirical evidence and systematic literature reviews to comprehensively synthesize the emerging body of literature in the fields of tourism and hospitality research.

本研究于2020年11月到2021年1月的三个月期间, 在取得560位饭店管理者的同意后, 让他们完成了在线问卷调查。最终, 经过研究助理的数据筛选后, 收集到257份有效问卷, 有效回收率为45.89%。

本研究提出了一个调节式中介模型, 透过酒店管理者的角度来探讨酒店获得竞争优势的过程。

研究结果显示, 大数据管理透过参考大数据和永续的概念, 探讨主动式市场导向和社交媒体协作对大数据分析能力产生间接影响的基本重要归因。此外, 永续承诺和行销会影响分析能力与竞争优势之间的关系。再者, 信息共享和食品服务的关系起着显著的调节作用, 在获得竞争优势的过程中加强了关键属性间的关系。

迄今为止, 尽管大数据、社交媒体和永续的概念逐渐受到重视, 但仍缺乏足够的实证和系统性文献综整来阐逑观光餐旅研究文献缺憾。

Tras obtener el consentimiento de los participantes, un total de 560 candidatos, todos directores de hotel, completaron una encuesta online en un período de tres meses, desde noviembre de 2020 hasta enero de 2021. Finalmente, se obtuvieron 257 respuestas válidas tras un proceso de comprobación por los técnicos de investigación, lo que supone una tasa de respuesta del 45,89%.

Este estudio propone un modelo de mediación moderado integrado para examinar el proceso por el cual los hoteles obtienen ventajas competitivas desde la perspectiva de los directores de hotel.

Haciendo referencia a los conceptos de macrodatos y sostenibilidad, los resultados muestran que la gestión de macrodatos es un atributo fundamental para los efectos indirectos de las capacidades analíticas de macrodatos a través de la orientación proactiva al mercado y la colaboración en los medios sociales. Además, se observa que los compromisos de sostenibilidad y el marketing afectan a la relación entre dichas capacidades analíticas y la ventaja competitiva. Asimismo, el intercambio de información y los servicios de alimentación tienen efectos moderadores positivos que fortalecen los cambios en los atributos críticos durante el proceso de obtención de una ventaja competitiva.

Hasta la fecha, a pesar de la proliferación de los conceptos de macrodatos, medios sociales y sostenibilidad, se carece de evidencia empírica adecuada y de revisiones bibliográficas sistemáticas que sinteticen de forma exhaustiva la literatura emergente en los campos de investigación del turismo y la industria hotelera.

The purpose of this study is to investigate the main effect of top executive smog risk perception on green innovation and to examine the mediating role of corporate social responsibility (CSR) in the positive relationship between smog risk perception and green innovation along with the moderating role of smog knowledge.

A theoretical framework is developed based on the upper echelons theory to argue that top executive smog risk perception can be closely related to green innovation. Hierarchical analysis is conducted using a sample of eight firms in China.

Hypothesis testing indicates that physical health risk perception and mental health risk perception positively affect green innovation, and that these effects are positively mediated by CSR. In addition, smog knowledge moderates the relationship between physical health risk perception and green innovation.

The findings extend current studies on green innovation by highlighting the role of top executives’ perceptions beyond studying top executives’ attributes. The findings suggest that top executives should actively respond to smog pollution and fulfill CSR.

Previous studies have suggested that top executives’ demographic characteristics are the determining factors of green innovation. This empirical paper fills a gap in the literature by exploring the impact of top executive smog risk perception on green innovation within the framework of the upper echelons theory.

This study aims to explore the relationship between financing constraints and the innovation performance of Internet enterprises in the cross-border innovation cooperation network. The study also analyzes the moderating effect of the location of the cross-border innovation cooperation network.

The authors selected patent data, related transaction data and other data of A-share listed companies on Shanghai and Shenzhen stock exchanges from 2014 to 2019. The generalized moment estimation method of instrumental variables (IV-GMM) method was used to analyze the relationship between financing constraints and the innovation performance of Internet firms and the moderating effect of the cross-border innovation cooperation network location. The threshold value of the moderating effect of the network structure hole was calculated with the threshold model.

The empirical results show a significant inverted U-shaped relationship between financing constraints and the innovation performance in the cross-border innovation cooperation network of Internet enterprises. Network centrality positively moderates this relationship. There is a threshold for the adjustment effect of network-structural holes, and the adjustment intensity of structural holes changes before and after the threshold.

This study provides a new perspective for Internet firms in innovation cooperation networks to alleviate the negative impact of financing constraints on innovation performance. The inverted U-shaped relationship between financing constraints and the innovation performance of Internet enterprises is in two stages. The moderating range of network centrality and the structural hole besides the threshold of the moderating effect of a structural hole are detailed.