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This study aims to examine market reactions to the Israel–Hamas conflict in neighboring countries, particularly focusing on the Middle East North Africa (MENA) region.

The study adopts an event study methodology, employing average abnormal return (AAR) and cumulative abnormal return as measures to assess market reactions. The sample for this study comprises 1,314 companies, with October 9, 2023, identified as the event day for analysis.

The results of our study indicate that countries in close proximity to Israel and Palestine encountered detrimental effects on their capital markets, as evidenced by negative responses observed across various sectors. Our analysis also reveals that countries in the midst of conflict, particularly Israel, experienced a decrease in their stock markets across various sectors, with the exception of materials and real estate. In addition, our investigation reveals disparities in market responses according to different categories of company size.

This research is the first to study market reactions to Israel–Hamas in the MENA region at the company level.

The purpose of this study is to provide a highly efficient method to obtain the kinetics of the hydrogen evolution reaction (HER) on metal electrodes in an alkaline solution and to analyze the effect of thiourea addition on HER under the same cathodic overpotential.

A novel method based on hydrogen permeation tests, potentiodynamic polarization tests and electrochemical impedance spectroscopy was put forward to characterize the HER kinetics on metal electrode.

The study found that adding thiourea accelerated the Volmer, Heyrovsky and Tafel reactions associated with HER. In addition, it reduced the hydrogen surface coverage and increased the hydrogen permeation steady-state current density. As a result, thiourea facilitated HER, promoted the diffusion of hydrogen atoms into iron and reduced the number of hydrogen atoms in the adsorbed state.

This work provides novel insights into the influence of thiourea on HER kinetics, demonstrating that thiourea addition can significantly enhance HER efficiency by altering reaction dynamics and promoting hydrogen atom diffusion into iron. This has implications for hydrogen energy applications, cathodic protection and understanding hydrogen embrittlement mechanisms.

As a disruptive technology, blockchain technology brings new opportunities and challenges to operations management. We aim to examine the influences of blockchain cooperation project announcements (BCPAs) on firms’ stock market reactions in an emerging market. From 2016 to 2021, a total of 113 BCPAs of listed firms from the Chinese A-share market are selected as samples.

This study is based on the loose coupling theory and uses the event study method and probit regression analysis.

We find BCPAs positively affect the firm’s stock price on the day they are released. Compared with vertical BCPAs in a supply chain, horizontal BCPAs exert a more positive market reaction. Moreover, a BCPA with a partner within a shorter geographical distance exerts a more positive influence on market reaction. Contrary to the intuition of the decentralized blockchain feature that one-to-many cooperation leads to better benefits, one-to-one BCPAs exert a more positive effect on market reaction than one-to-many BCPAs. We further find that (1) industry type has a certain impact on cooperation mode selection, and (2) manufacturing firms are more inclined to choose one-to-one cooperation than those in service industry.

We focus on the impact of blockchain cooperative announcements and additionally use the probit regression models to analyze the influencing factors of cooperation mode selection and find the critical role of the industry type, which complements the existing empirical research on blockchain announcements and is conducive to provide decision-making reference for managers.

This paper aims to study the direct synthesis of imino methyl ether amino resin using commercially available formaldehyde, melamine and methanol through one-step two-stage catalysis.

Initially, melamine undergoes a reaction with formaldehyde to form hydroxylmethylation melamine in a basic setting. Subsequently, hydrochloric acid is incorporated to facilitate the etherification process. The study delves into the impact of various factors during the etherification phase, including the quantity of methanol, the temperature at which etherification occurs, the number of etherification cycles and the amount of catalyst used, on the synthesis of imino methyl-etherified amino resins. Ultimately, the most favorable conditions for etherification are identified through comparative analysis to evaluate the resulting synthesized products.

The methyl-etherified amino resin, characterized by a stable structure and consistent performance, was efficiently synthesized through a one-step, two-stage catalytic process. Optimal conditions for the etherification stage were determined to be a reaction temperature of 35°C, a melamine to methanol ratio of 1:24 and an addition of hydrochloric acid ranging from 2.2 mL to 2.5 mL. Remarkably, the resulting resin notably enhanced the water resistance, salt resistance and gloss of the canned iron printing varnish coatings.

Amino resins, known for their broad applications across numerous industries, face sustainability and operational efficiency hurdles when produced through traditional methods, which predominantly involve the use of a 37% formaldehyde solution. To tackle these issues, our research introduces an innovative method that add 37% formaldehyde to facilitate industrial production. The use of 37% liquid formaldehyde in this paper has two benefits: first, it is convenient for industrial application and production; Second, it is convenient to provide mild reaction conditions at lower concentrations because the amino group is relatively active, which is convenient for the preservation of the amino group and integrates it with a one-step, two-stage catalytic process. The primary objective of our study is threefold: to reduce the environmental footprint of amino resin synthesis, to optimize the use of resources and to improve the economic viability for its large-scale production. By employing this new strategy, we try to provide a more sustainable and efficient manufacturing process for amino resins.

Previous research acknowledges the importance of stakeholders for destination branding. However, there is a lack of studies examining which specific online user discourses are triggered by stakeholder responses to destination brand communication. To address this gap, the purpose of this study is to analyze online user discourses initiated by stakeholder’s reactions to a destination image video and thus enhance knowledge on brand communication and management.

The authors investigated 2,187 online comments to 19 medial stakeholder reactions to a destination management organization (DMO) image video both by running a manual as well as a software-based content analysis. The explorative empirical study identifies seven major categories reflecting online user discourses triggered by stakeholder reactions to destination brand communication.

The explorative study indicates that stakeholder reactions to destination brand communication trigger online comments evolving within both the inner and outer tourism system. The discourse subjects, in turn, reflect both user-generated content of brand cocreation and brand codestruction. The findings expand literature in that previous studies on brand cocreation mainly refer to service encounters.

By identifying which online user discourses are triggered by stakeholder reactions to DMO brand communication, the authors provide managerial implications. Specifically, the authors suggest guidelines for all stages of destination communication campaigns to support online user discourses reflecting brand value cocreation and preventing brand value codestruction.

The study responds to a lack of research on online user discourses initiated by stakeholder reactions to DMO brand communication. Contrary to previous studies, the authors identify specific online user discourses relating not only to the inner but also to the outer tourism interest system. Revealed discourses, in turn, reflect brand cocreation and brand codestruction.

先前的研究确认了利益相关者对于目的地品牌塑造的重要性。然而, 目前缺乏研究探讨利益相关者对目的地品牌传播的反应, 会引发哪些特定的线上使用者论述。针对这个缺口, 本研究分析由利益相关者对目的地形象影片的反应所引发的线上使用者论述, 进而增进品牌传播与管理的知识。

作者通过手动和软件内容分析, 调查了 2,187 条在线评论, 涉及 19 个媒体利益相关者对目的地管理组织形象视频的反应。这项探索性实证研究确定了七个主要类别, 反映了利益相关者对目的地品牌传播的反应所引发的在线用户讨论。

本探索性研究表明, 利益相关者对目的地品牌传播的反应, 引发了在旅游系统内部和外部演变的在线评论。话语主体反过来反映了用户生成的品牌共创和品牌共建内容。 以往关于品牌共创的研究主要涉及服务接触, 而我们的研究结果拓展了这一研究领域。

通过确定利益相关者对目的地管理组织品牌传播的反应引发的在线用户话语, 我们提供了管理方面的启示。具体来说, 我们为目的地传播活动的各个阶段提出了指导方针, 以支持反映品牌价值共创和防止品牌价值共毁的在线用户话语。

我们的研究回应了由利益相关者对目的地管理组织品牌传播的反应所引发的线上使用者论述研究的缺乏。与先前的研究相反, 我们发现特定的线上使用者论述不仅与内部旅游利益体系有关, 也与其外部有关。所揭示的论述反过来反映了品牌共创和品牌共建。

Investigaciones anteriores reconocen la importancia de las partes interesadas en la creación de marcas de destino. Sin embargo, faltan estudios que examinen si los discursos específicos de los usuarios en línea son desencadenados por las respuestas de las partes interesadas a la comunicación de la marca de destino. Para colmar esta laguna, el presente estudio analiza los discursos de los usuarios en línea iniciados por las reacciones de los grupos de interés a un vídeo de imagen de un destino, mejorando con esto los conocimientos sobre comunicación y gestión de marcas.

Los autores investigan 2.187 comentarios en línea a 19 reacciones de grupos de interés mediáticos a un vídeo de la imagen de una OMD mediante un análisis de contenido tanto manual como basado en software. El estudio empírico explorativo identifica siete categorías principales que reflejan los discursos de los usuarios en línea desencadenados por las reacciones de las partes interesadas a la comunicación de la marca de destino.

El estudio exploratorio indica que las reacciones de las partes interesadas a la comunicación de la marca del destino desencadenan comentarios en línea que evolucionan dentro del sistema turístico interno y externo. A su vez, los temas del discurso reflejan tanto el contenido generado por los usuarios como la cocreación y la codestrucción de la marca. Nuestros hallazgos amplían la literatura en el sentido de que los estudios anteriores sobre cocreación de marcas se refieren principalmente a encuentros de servicios.

Al identificar qué discursos en línea de los usuarios desencadenan las reacciones de las partes interesadas a la comunicación de marca de los OMD, aportamos implicaciones para la gestión. En concreto, sugerimos directrices para todas las fases de las campañas de comunicación de los destinos, con el fin de apoyar los discursos en línea de los usuarios que reflejan la cocreación del valor de la marca y evitar la codestrucción de dicho valor.

Nuestro estudio responde a la falta de investigación sobre los discursos en línea de los usuarios iniciados por las reacciones de las partes interesadas a la comunicación de marca de las OMD. A diferencia de estudios anteriores, identificamos discursos específicos de usuarios en línea relacionados no sólo con el sistema de intereses turísticos interno, sino también con el externo. Los discursos revelados reflejan a su vez la cocreación y la codestrucción de la marca.

This study explores the immobilisation of enzymes within porous catalysts of various geometries, including spheres, cylinders and flat pellets. The objective is to understand the irreversible Michaelis-Menten kinetic process within immobilised enzymes through advanced mathematical modelling.

Mathematical models were developed based on reaction-diffusion equations incorporating nonlinear variables associated with Michaelis-Menten kinetics. This research introduces fractional derivatives to investigate enzyme reaction kinetics, addressing a significant gap in the existing literature. A novel approximation method, based on the independent polynomials of the complete bipartite graph, is employed to explore solutions for substrate concentration and effectiveness factor across a spectrum of parameter values. The analytical solutions generated through the bipartite polynomial approximation method (BPAM) are rigorously tested against established methods, including the Bernoulli wavelet method (BWM), Taylor series method (TSM), Adomian decomposition method (ADM) and fourth-order Runge-Kutta method (RKM).

The study identifies two main findings. Firstly, the behaviour of dimensionless substrate concentration with distance is analysed for planar, cylindrical and spherical catalysts using both integer and fractional order Michaelis-Menten modelling. Secondly, the research investigates the variability of the dimensionless effectiveness factor with the Thiele modulus.

The study primarily focuses on mathematical modelling and theoretical analysis, with limited experimental validation. Future research should involve more extensive experimental verification to corroborate the findings. Additionally, the study assumes ideal conditions and uniform catalyst properties, which may not fully reflect real-world complexities. Incorporating factors such as mass transfer limitations, non-uniform catalyst structures and enzyme deactivation kinetics could enhance the model’s accuracy and broaden its applicability. Furthermore, extending the analysis to include multi-enzyme systems and complex reaction networks would provide a more comprehensive understanding of biocatalytic processes.

The validated bipartite polynomial approximation method presents a practical tool for optimizing enzyme reactor design and operation in industrial settings. By accurately predicting substrate concentration and effectiveness factor, this approach enables efficient utilization of immobilised enzymes within porous catalysts. Implementation of these findings can lead to enhanced process efficiency, reduced operating costs and improved product yields in various biocatalytic applications such as pharmaceuticals, food processing and biofuel production. Additionally, this research fosters innovation in enzyme immobilisation techniques, offering practical insights for engineers and researchers striving to develop sustainable and economically viable bioprocesses.

The advancement of enzyme immobilisation techniques holds promise for addressing societal challenges such as sustainable production, environmental protection and healthcare. By enabling more efficient biocatalytic processes, this research contributes to reducing industrial waste, minimizing energy consumption and enhancing access to pharmaceuticals and bio-based products. Moreover, the development of eco-friendly manufacturing practices through biocatalysis aligns with global efforts towards sustainability and mitigating climate change. The widespread adoption of these technologies can foster a more environmentally conscious society while stimulating economic growth and innovation in biotechnology and related industries.

This study offers a pioneering approximation method using the independent polynomials of the complete bipartite graph to investigate enzyme reaction kinetics. The comprehensive validation of this method through comparison with established solution techniques ensures its reliability and accuracy. The findings hold promise for advancing the field of biocatalysts and provide valuable insights for designing efficient enzyme reactors.

This study aims to comprehensively understand market reactions to Bursa Malaysia's announcement on mandatory climate-change-related disclosures, exploring sector-specific dynamics and cross-sectional influences.

The study uses event study methodology on 412 listed firms to analyze market reactions around the announcement date. The sector-wise analysis further delves into variations across industries. Cross-sectional analysis explores the significance of environmental, social and governance (ESG) scores and firm controls in explaining the differences across sample firms.

The event study reveals initial negative market reactions on the event day, with a subsequent shift from positive to negative cumulative impact, indicating the evolving nature of investor sentiment. The sector-wise analysis highlights heterogeneous effects, emphasizing the need for tailored strategies based on industry-specific characteristics. The cross-sectional findings underscore the growing importance of ESG factors, with firm size and performance influencing market reactions. Financial leverage and liquidity prove insufficient to explain cumulative abnormal return (CAR) differences, while past returns and volatility are influential technical factors.

The economic significance of the results indicates a growing trend where investors prioritize companies with more substantial ESG scores, potentially driving shifts in corporate strategies toward sustainability. Better ESG performance signifies improved risk management and long-term resilience in the face of market dynamics. Regulatory bodies may respond by enhancing ESG reporting requirements, while financial institutions integrate ESG factors into their models, emphasizing the benefits of sustainability and financial performance.

This research contributes to the existing literature by providing a nuanced analysis of market responses to climate-related disclosures, incorporating sector-specific dynamics and cross-sectional influences. The findings offer valuable insights for businesses and policymakers, emphasizing the need for tailored approaches to climate-related disclosure management.

By focussing on the anticipated emotional reactions of volunteers and drawing on theories of motivation and identity, this study investigates how volunteers react to different options of the entrepreneurial model of Amigos for Children Foundation (ACF). The paper proposes a hypothetical model for volunteer’s emotional reactions to potential business model changes. We suggest the relative importance of intrinsic motivational factors, professional identity and attitudes towards business organisations as mediating variables. ACF works exclusively with university students as volunteers, so their specific characteristics may limit some of the conclusions and propositions of this qualitative research, but public policy consequences of supporting similar entrepreneurial transitions can be generally relevant.

Based on the qualitative analysis of semi-structured interviews with volunteers of ACF, a Hungarian non-profit organisation, we explore the challenges of transitioning into a social enterprise.

Previous research showed controversial results about the impact of pay on the motivations of volunteers. For a non-profit organisation that would like to utilise the competencies of its volunteers, introducing a market-based service may mean additional financial resources and the potential loss of human resources. Understanding the moderating factors of volunteers' reactions might help build better theories for managing the non-profit-social enterprise transition and designing public policies to support scaling up the impact of successful social purpose organisations.

For practitioners, the research underlines the importance of participatory mechanisms in volunteer management. By managing transitions better, non-profit organisations can expand their social impact by acquiring more financial resources through market-based activities closely related to their original activities and keeping their volunteers. The study elucidates the relevance of the crowding-out effect and indicates some hypothetical moderating variables influencing its potential degree.

This paper examines the reaction of the Egyptian stock market to two substantial devaluations of the Egyptian pound (EGP) in 2022 and tests the informational efficiency of the Egyptian market.

The paper uses the event study framework to analyze the significance and direction of abnormal returns of the leading index of the Egyptian stock market (EGX30) on and around the devaluation days. It employs both the constant mean model and the market model to estimate the normal returns of the EGX30. Additionally, the paper uses data on two equity indices, one global and one for emerging markets, as benchmarks for normal returns.

The paper finds that the Egyptian stock market experienced significant positive abnormal returns on the devaluation days of the EGP in March and October of 2022, indicating a positive market reaction to the devaluation. Furthermore, evidence suggests that the Egyptian market may not be informationally efficient as significant positive abnormal returns were observed two weeks before and two weeks after the devaluation day, suggesting news leaks and delayed reactions, respectively.

This study is the first to examine the impact of the recent two devaluations of the EGP in 2022 on the Egyptian stock market. It complements existing literature by analyzing the immediate market reaction to two consecutive devaluations in an African country. Furthermore, the paper evaluates the efficiency of the Egyptian market in processing information related to exchange rates.

Supply chain revamping (SCR) is an important strategy for firms to improve their supply chain operations in a rapidly changing environment. The purpose of this study is to shed light on the impact of SCR on shareholder value.

Based on Signaling Theory and 184 SCR announcements published by US-listed firms from 2013 to 2018, this study employs event study methodology and empirically examines three issues: Antecedents of SCRs; Primary purposes and actions of SCRs; In addition to the impact of SCRs on shareholder value using stock returns, we also examined the factors that can influence the extent of stock returns.

Firstly, our results indicate that SCRs are primarily driven by firms’ poor prior performance, CEO turnover and external control threats (ECTs). Secondly, the stock market favors SCRs aiming to meet customer needs and those accomplished through network remodel. However, the market reacts negatively to SCRs aiming at cutting costs, improving poor performance, and those implemented through network trim. Finally, the cross-sectional analysis indicates that shareholders prefer firms operating in more competitive or faster-growing industries and those adopting an expansionist strategy than those adopting a streamlining strategy.

Our study provides managers with valuable insights into when firms can benefit from initiating SCRs not only by examining the purposes and actions of SCRs but also by examining the industry- and strategy-specific moderators. Our study illuminates the conditions under which SCR will positively affect shareholder value. Additionally, this study contributes to the existing literature by deepening the understanding of the impact of supply chain decisions on firm performance and identifying the marginal conditions under which the stock market will react positively to SCR announcements.