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This study aims to analyze the efficient market hypothesis (EMH) of cryptocurrencies on multiple platforms by observing whether there is a discrepancy in the levels of efficiency between different exchanges. Additionally, EMH is tested in a multivariate way: whether the prices of the same cryptocurrencies traded on different exchanges are temporally related to each other. ADF and KPSS tests, whereas the vector autoregression model of order p – VAR(p) – for multivariate system.

Both Bitcoin and Ethereum show efficiency in the weak form on the main platforms in each market alone. However, when estimating a VAR(p) between prices among exchanges, there was evidence of Granger causality between cryptocurrencies in all exchanges, suggesting that EMH is not adequate due to cross information.

It is essential to assess the cryptocurrency market in a multivariate way, not only to favor its maturation process, but also to promote a broad understanding of its inherent risks. Thus, it will be possible to develop financial products that are actively managed in a more sophisticated cryptocurrency market.

There is a possibility of performing arbitrage on different exchanges and market assets through cross-exchanges. Thus, emphasizing the need for regulation of exchanges in the digital asset market, as an eventual price manipulation on a single platform can impact others, which generates various distortions.

This study is the first to find evidence of cross-information for the same (and other) cryptocurrencies among different exchanges.

This study aims to conduct a bibliometric analysis of previously published articles related to adventure tourism to assimilate the current trend, gaps in the literature and future research direction of this particular field.

A total of 585 documents were retrieved from the Scopus and Web of Science core collection for analysis using VOSviewer. Performance and science mapping analysis was performed to comprehensively review the adventure tourism publication.

The findings show that publication in this field is growing significantly. Cluster analysis using the co-citation of references method resulted in four broad research areas: risk in adventure tourism, adventure tourism motivation, adventure tourism experience and adventure tourism product development.

The study acts as an archive of adventure tourism publications. Potential authors can quickly comprehend what is expected and current happening in adventure tourism field. It can assist scholars in identifying gaps and possible future directions.

本研究旨在对之前发表的与探险旅游相关的文章进行文献计量分析, 以了解该特定领域的当前趋势、文献空白和未来研究方向。

从 Scopus 和 Web of Science (WOS) 核心合集中检索到总共 585 篇文献, 使用 VOSviewer 进行分析。 执行性能和科学制图分析以全面审查探险旅游出版物。

调查结果表明, 该领域的出版物正在显着增长。 使用参考文献共引法的聚类分析产生了四个广泛的研究领域：探险旅游中的风险、探险旅游动机、探险旅游体验和探险旅游产品开发。

该研究充当冒险旅游出版物的档案。 潜在的作者可以快速理解冒险旅游领域的预期和当前发生的事情。 它可以帮助学者找出差距和未来可能的方向。

este estudio tiene como objetivo realizar un análisis bibliométrico de artículos publicados anteriormente relacionados con el turismo de aventura para asimilar la tendencia actual, los vacíos en la literatura y la dirección futura de la investigación de este campo en particular.

se recuperó un total de 585 documentos de la colección principal de Scopus y Web of Science (WOS) para su análisis mediante VOSviewer. Se realizó un análisis de mapeo científico y de rendimiento para revisar exhaustivamente la publicación de turismo de aventura.

Los hallazgos muestran que la publicación en este campo está creciendo significativamente. El análisis de conglomerados utilizando el método de cita conjunta de referencias dio como resultado cuatro áreas amplias de investigación: riesgo en el turismo de aventura, motivación del turismo de aventura, experiencia en el turismo de aventura y desarrollo de productos de turismo de aventura.

El estudio actúa como un archivo de publicaciones de turismo de aventura. Los autores potenciales pueden comprender rápidamente lo que se espera y lo que sucede actualmente en el campo del turismo de aventura. Puede ayudar a los académicos a identificar brechas y posibles direcciones futuras.

This study aims to analyze and compare the relationship between international trade in global value chains (GVC) and greenhouse gas (GHG) emissions for Brazil and China from 2000 to 2016.

The input-output method apply to multiregional tables from Eora-26 to decompose the GHG emissions of the Brazilian and Chinese productive structure.

The data reveals that Chinese production and consumption emissions are associated with power generation and energy-intensive industries, a significant concern among national and international policymakers. For Brazil, the largest territorial emissions captured by the metrics come from services and traditional industry, which reveals room for improving energy efficiency. The analysis sought to emphasize how the productive structure and dynamics of international trade have repercussions on the environmental dimension, to promote arguments that guide the execution of a more sustainable, productive and commercial development strategy and offer inputs to advance discussions on the attribution of climate responsibility.

The metrics did not capture emissions related to land use and deforestation, which are representative of Brazilian emissions.

Comparative analysis of emissions embodied in traditional sectoral trade flows and GVC, on backward and forward sides, for developing countries with the main economic regions of the world.

This article aims to map the expectations of manufacturing companies towards suppliers in terms of implementing improvement activities. The article poses two research questions: RQ1: What kind of improvement of activities do the surveyed producers expect from their suppliers? RQ2: Do factors such as size, capital or implemented systems influence different assessments of the analyzed requirements toward suppliers?

The Computer Assisted Telephone Interview (CATI) technique was used to collect data. The sample consists of 150 producers (employing over 50 people) who were suppliers for enterprises from the automotive, electromechanical and chemical sectors operating in the Polish business-to-business (B2B) market. We analyzed 11 improvement activities, while their correlation structure was examined by exploratory factor analysis.

We have identified three latent factors – risk reduction, product innovation and increasing efficiency – which summarize the main expectations of manufacturing companies towards suppliers. Expectations for these factors are independent of the implemented management system, although the analysis showed higher expectations for product innovation in organizations with the implementation of Kaizen.

The article fills the research gap in the literature. The research results presented in the literature so far have focused on the expectations of enterprises towards suppliers in terms of meeting the criteria for their initial and periodic assessment. The research gap in the article is the result of empirical research presenting the expectations of manufacturers towards suppliers in terms of improving their processes. Based on the findings of the presented study, development trends and implications for managers responsible for purchasing processes and relationships with suppliers can be determined.

This study aims to examine how woman corporate leadership indicators and environmental, social and governance (ESG) disclosure in listed banks on Ghana Stock Exchange are related.

Data was obtained from the audited annual reports of the banks for the period 2006–2020. Empirical result estimation was achieved using Panel Corrected Standard Errors.

The result revealed that female chief executive officer (CEO), female board chairperson and board gender diversity are associated with higher disclosure of ESG issues in listed banks in Ghana in overall terms. However, in terms of individual disclosures, female board chairperson positively impacts social disclosure, whereas both female CEO and female board chairperson affect governance disclosure positively.

In this era of business where there is much emphasis on green business and investment by various stakeholders for purposes of ensuring business legitimacy, the result implies that banks must consider females to occupy the positions of CEO and board chairperson since that can help to improve ESG performance of banks.

In this era of business where there is much emphasis on green business, socially responsible investment and impact investment by various stakeholders, the result implies that banks must consider improving the representation of women in leadership since that can help to improve ESG performance of banks and hence ability to attract more investors.

To the best of the authors’ knowledge, this is the first study to provide empirical evidence from a developing country perspective in Sub-Saharan Africa that gender of bank leadership has implications for ESG disclosure.

This study aims to identify the groups of value cocreators in the context of social media in the retail banking industry and resources that predict customer membership among different groups of value cocreators.

This study reviewed the literature and developed measurement instruments for the constructs of interest. Data were collected from 406 customers in an emerging market in 2019 and analyzed using latent profile analysis.

This study identified three profiles of value cocreators on social media based on the actual practices of resource integration that enliven value cocreation. Second, this study explains the differences in the performance of resource integration practices to cocreate by the types of resources that customers integrate into social media. Third, this study fills the need for knowledge of value cocreation in different contexts and industries (e.g. banks).

This study analytically relates a set of resources to the variety and intensity of the value cocreation practices adopted by bank customers in interactive environments. The emphasis on how value cocreation practices in online environments combined with customer resources (e.g., a person-centered approach) allows to identify unique profiles of value cocreators on social media. The findings inform managers of the profiles of cocreators, which customers are more attractive as value cocreators on social media, and which resources managers should help customers develop to increase cocreation on social media.

Emphasizing the critical role of technology-enabled distribution in tourism, this study, a viewpoint, aims to highlight the potential of democratized technologies in readdressing the competitive imbalance between small- and medium-sized tourism enterprises (SMTEs) and their larger peers in today’s online marketplace. By enhancing competitiveness and performance, democratized technologies can strengthen the resilience, sustainability and competitive position of the SMTEs on which tourism depends, helping to support the Horizon 2050 agenda and UN’s Sustainable Development Goals.

Examining the development of online and electronic distribution in tourism, the viewpoint identifies the key challenges to the successful use of technology-based distribution systems by SMTEs, as well as highlights the trend toward democratized technologies as a potential solution to help improve technology take-up and performance.

With no/low initial capital or operating costs, and little need for technical expertise, democratized technologies have the potential to overcome two of the three key challenges limiting the successful adoption and use of distribution technologies by SMTES. The key blockage remains one of managerial awareness and acceptability. With informal organization structures, little managerial or technical training and an ingrained reluctance to change, SMTE managers remain unfamiliar of the possibilities offered by this developing trend. While this challenge could be addressed by awareness building and training, in the longer run, it is likely that more substantial progress will arise from generational change in SMTE management, with digitally native successors more likely to exploit this development to improve competitiveness and performance.

Emphasizing the pivotal role that democratized technology can potentially play in redressing the competitive imbalance between SMTEs and their larger peers in the distribution space, this viewpoint serves as a call for action for tourism businesses to re-examine their approach to technology adoption and leverage democratized technologies to address current deficiencies in their distribution approach, helping to improve competitiveness and performance, thus supporting the Horizon 2050 initiative and furthering the UN’s Sustainable Development Goals.

这篇观点论文强调了技术驱动的分销在旅游业中的关键作用, 强调了民主化技术在重新解决中小旅游企业（SMTEs）与其大型同行在当今在线市场中的竞争失衡方面的潜力。通过提高竞争力和绩效, 民主化技术可以加强旅游业所依赖的SMTE的韧性、可持续性和竞争地位, 有助于支持地平线2050议程和联合国可持续发展目标。

该观点论文考察了在线和电子分销在旅游业的发展, 确定了SMTE成功使用基于技术的分销系统的关键挑战, 并强调了将民主化技术作为帮助提高技术使用率和性能的潜在解决方案的趋势。

由于没有/较低的初始资本或运营成本, 也几乎不需要技术专业知识, 民主化技术有可能克服限制SMTES成功采用和使用分销技术的三个关键挑战中的两个。关键的障碍仍然是管理意识和可接受性。由于非正式的组织结构、很少的管理或技术培训以及根深蒂固的不愿改变, SMTE的管理人员仍然不熟悉这一发展趋势所提供的可能性。虽然这一挑战可以通过提高认识和培训来解决, 但从长远来看, SMTE管理的代际变革可能会带来更大的进展, 数字原生继任者更有可能利用这一发展来提高竞争力和绩效。

强调民主化技术在纠正SMTE与其在分销领域的大型同行之间的竞争失衡方面可能发挥的关键作用, 本文呼吁旅游企业采取行动, 重新审视其采用技术的方法, 并利用民主化技术来解决其分销方法中的当前缺陷, 帮助提高竞争力和绩效, 从而支持地平线2050倡议, 推动联合国的可持续发展目标。

Haciendo hincapié en el papel fundamental de la distribución posibilitada por la tecnología en el turismo, este punto de vista destaca el potencial de las tecnologías democratizadas para corregir el desequilibrio competitivo entre las Pequeñas y Medianas Empresas Turísticas (PYMETs) y sus homólogas de mayor tamaño en el mercado online actual. Al mejorar la competitividad y el rendimiento, las tecnologías democratizadas pueden reforzar la resistencia, la sostenibilidad y la posición competitiva de las PYMETS de las que depende el turismo, contribuyendo así a apoyar la agenda Horizonte 2050 y los Objetivos de Desarrollo Sostenible de la ONU.

Examinando el desarrollo de la distribución online y electrónica en el turismo, el punto de vista identifica los desafíos clave para el uso exitoso de los sistemas de distribución basados en la tecnología por parte de las PYMETs, así como destaca la tendencia hacia las tecnologías democratizadas como una solución potencial para ayudar a mejorar la adopción y el rendimiento de la tecnología.

Con unos costes iniciales de capital o de funcionamiento nulos o bajos, y poca necesidad de conocimientos técnicos, las tecnologías democratizadas tienen el potencial de superar dos de los tres retos clave que limitan la adopción y el uso con éxito de las tecnologías de distribución por parte de las PYMETs. El bloqueo clave permanece en la concienciación y la aceptación por parte de los directivos. Con estructuras organizativas informales, escasa formación técnica o de gestión y una arraigada reticencia al cambio, los directivos de las PYMETs permanecen desconocedores de las posibilidades que ofrece esta tendencia en desarrollo. Aunque este reto podría abordarse mediante la concienciación y la formación, a largo plazo es probable que surjan progresos más sustanciales del cambio generacional en la gestión de las PYMETs, con sucesores nativos digitales más propensos a explotar este desarrollo para mejorar la competitividad y el rendimiento.

Haciendo especial hincapié en el potencial y fundamental papel que la tecnología democratizada puede desempeñar a la hora de corregir el desequilibrio competitivo entre las PYMETs y sus homólogas de mayor tamaño en el espacio de la distribución, este punto de vista sirve de llamada a la acción para que las empresas turísticas reexaminen su enfoque de la adopción de tecnología y aprovechen las tecnologías democratizadas para subsanar las deficiencias actuales en su enfoque de la distribución, ayudando a mejorar la competitividad y el rendimiento, apoyando así la iniciativa Horizonte 2050 y fomentando los Objetivos de Desarrollo Sostenible de la ONU.

Given the pressing global challenges underpinning the United Nations’ Sustainable Development Goals, marketing managers can no longer focus only on purely economic outcomes but must simultaneously respond to social and environmental concerns. This requires the teaching of new competencies in marketing education, as also reflected in today’s accreditation requirements for business schools. Therefore, this paper aims to explore how current research into marketing education incorporates sustainable development.

Through a bibliometric literature review – examining 71 publications using the bibliographic coupling method – the current research front in marketing education is analysed.

This paper identifies seven trending topics in marketing education research that both highlight a currently prevalent sustainability gap in marketing education research and – when combined into a framework – help marketing education researchers and educators to address this gap.

This paper extends the already established concept of education for sustainable development to include the concept of marketing education for sustainable development (MESD) for the first time. The MESD framework combines its raison d’être with guidance on how sustainable development should be taught and what the learning objectives should be for future marketing managers.

Dados los apremiantes retos mundiales que sustentan los Objetivos de Desarrollo Sostenible (ODS) de las Naciones Unidas, los directores de marketing ya no pueden centrarse únicamente en los resultados puramente económicos, sino que deben responder simultáneamente a las preocupaciones sociales y medioambientales. Esto requiere la enseñanza de nuevas competencias en la educación de marketing, como también se refleja en los requisitos de acreditación actuales para las escuelas de negocios. Por lo tanto, este documento explorará cómo la investigación actual sobre la educación en marketing incorpora el desarrollo sostenible.

A través de una revisión bibliométrica de la literatura -examinando 71 publicaciones mediante el método de acoplamiento bibliográfico- se analiza el frente actual de la investigación en educación en marketing.

En este artículo se identifican siete temas de tendencia en la investigación sobre educación en marketing que ponen de manifiesto una laguna en materia de sostenibilidad que prevalece actualmente en la investigación sobre educación en marketing y que, combinados en un marco, ayudan a los investigadores y educadores en educación en marketing a abordar esta laguna.

Este artículo amplía el concepto ya establecido de Educación para el Desarrollo Sostenible (EDS) para incluir por primera vez el concepto de Educación en Marketing para el Desarrollo Sostenible (EMDS). El marco EMDS combina su razón de ser con orientaciones sobre cómo debe enseñarse el desarrollo sostenible y cuáles deben ser los objetivos de aprendizaje para los futuros directores de marketing.

鉴于联合国可持续发展目标（SDG）所依据的紧迫的全球挑战, 营销经理不能再只关注纯粹的经济成果, 而必须同时应对社会和环境问题。这就要求在营销教育中教授新的能力, 这也反映在当今商学院的认证要求中。因此, 本文将探讨目前对市场营销教育的研究是如何纳入可持续发展的。

通过文献计量学文献综述–使用文献耦合法对71份出版物进行研究–分析了当前市场营销教育的研究前沿。

本文确定了营销教育研究中的七个趋势性课题, 这些课题既突出了当前营销教育研究中普遍存在的可持续发展差距, 又–当结合成一个框架–帮助营销教育研究者和教育者解决这一差距。

本文扩展了已经建立的可持续发展教育（ESD）的概念, 首次将可持续发展的营销教育（MESD）的概念纳入其中。MESD框架将其存在的理由与指导如何教授可持续发展以及未来营销经理的学习目标相结合。

This paper aims to explore the impact of live streamer authenticity (LSA) on purchase intention in tourism e-commerce live streaming, with a focus on boundary conditions and underlying mechanisms.

The data collected from 451 participants were analyzed using structural equation modeling.

This paper found that four dimensions of LSA – sincerity, truthfulness endorsement, expertise and uniqueness – positively influenced purchase intention, while visibility did not. In addition, sincerity, truthfulness endorsement and uniqueness had an indirect influence on purchase intention through flow experience, while sincerity, truthfulness endorsement, expertise and uniqueness had an indirect effect through perceived trust. Furthermore, self-construal moderated the effect of sincerity and truthfulness endorsement on purchase intention, with the positive effect being stronger for the dependent self-construal.

To the best of the authors’ knowledge, it is the first study to examine LSA dimensions and their consequences. This paper not only provides a better and more detailed understanding of the complexity of LSA but also contributes to the development of authenticity theory by responding to individual authenticity studies.

本文旨在研究旅游直播电商中主播真实性对旅游购买意向的影响, 及其内在机制和边界条件。

本文采用问卷调查的方法收集451名参与者的数据。然后用结构方程模型（SEM）对收集的数据进行分析。

本文发现, 主播真实性的四个维度–真诚性、真实背书、专业性和独特性–对购买意愿有积极影响, 而主播的透明性没有影响。此外, 真诚性、真实背书和独特性通过心流体验对购买意愿产生间接影响, 此外真诚性、真实背书、专业性和独特性还通过感知信任产生间接影响。此外, 自我建构调节了真诚性和真实背书对购买意向的影响。对于依赖型自我建构, 真诚性和真实背书对购买意愿的影响更强。

本文是最早探讨主播真实性维度及其后果影响的研究之一。本文不仅对主播真实性的复杂性有了更好更详细的了解, 而且响应了对个体真实性研究的呼吁, 为真实性理论的发展做出了贡献。

Este artículo explora el impacto de la autenticidad del streamer en la intención de compra en la retransmisión en directo de comercio electrónico turístico, centrándose en las limitaciones y los procesos subyacentes.

Se analizaron los datos recopilados de 451 participantes utilizando un modelo de ecuaciones estructurales (SEM).

Este trabajo halló que cuatro dimensiones de la autenticidad de los streamers en directo -la sinceridad, el respaldo a la veracidad, la pericia y la singularidad- influían positivamente en la intención de compra, mientras que la visibilidad no lo hacía. Además, la sinceridad, el respaldo de veracidad y la singularidad influyeron indirectamente en la intención de compra a través de la experiencia de flujo, mientras que la sinceridad, el respaldo de veracidad, la pericia y la singularidad tuvieron un efecto indirecto a través de la confianza percibida. Además, la autoconstrucción moderó el efecto de la sinceridad y el respaldo de veracidad sobre la intención de compra, siendo el efecto positivo más fuerte para la autoconstrucción dependiente.

Es el primer estudio que examina las dimensiones de la autenticidad de los retransmisores en directo y sus consecuencias. Este trabajo no sólo proporciona una comprensión mejor y más detallada de la complejidad de la autenticidad de los streamers en directo, sino que también contribuye al desarrollo de la teoría de la autenticidad al responder a los estudios sobre autenticidad individual.

This paper aims to examine the impact of online reviews on behavioral intentions via perceived risk. Perceived risk is both analytical and emotional. Stimulus–organism–response (S–O–R) framework guided this study to explore the interaction between online reviews, perceived risk and behavioral intentions.

The conceptual model proposed in this research has been validated using confirmatory factor analysis (CFA) and structural equation modeling to assess the measurement model and the validity of the scale, based on primary responses collected from 473 travelers.

Findings of this study suggest the role of online consumer reviews in reducing the perceived risk associated with experience dominant services like tourism. Process model test proves the mediating role of perceived risk between online reviews and behavioral intentions. Results indicate the significance of online review in lowering the perceived risk leading to positive behavioral intentions.

Destination marketing organizations (DMOs) should understand the role of online reviews in effectively reducing risk and uncertainty, thereby influencing behavioral intentions.

This paper is unique in attempting to empirically examine the mediating role of perceived risk between online reviews and behavioral intentions. The study is a forerunner in using S–O–R framework to test the interaction between online review, perceived risk and behavioral intention.