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The authors investigate whether the effects of stock buyback announcements on credit default swap (CDS) spread changes for US firms depend on macroeconomic conditions. The authors find that abnormal CDS spreads increase for small-sized firms announced to repurchase a higher share ratio during the normal period. In contrast, abnormal CDS spreads decrease for big-sized firms regardless of the magnitude of the repurchase ratio during the crisis period. The results of this study suggest that the wealth transfer effect dominates the signaling effect for small-sized firms with higher target ratios during the normal period. In contrast, the signaling effect is stronger for bondholders of big-sized firms during the crisis period.

The purpose of this paper is to analyse the influence of the confirmation of the motivations of tourists in changing image of a tourist destination pre- and post-visit. That is, considering whether once the tourist has made the trip, depending on whether their expectations have been met and confirmed motivations, will have a more or less image gap.

The authors conducted an empirical study with a representative sample of leisure tourists to Tenerife (Canary Islands, Spain) of both sexes, 16 or more years of age, and visiting the island of Tenerife for the first time from abroad and from the rest of Spain. The final sample was 411 participants.

The results verify that the confirmation of the intellectual and escape motivations influences directly and positively change cognitive image pre- and post-visit. The fact that the affiliation motivations do not influence the cognitive image gap may be due to that tourists who visit a destination stay with friends or family and for this they interact less with the destination, which will imply that the cognitive image pre- and post-visit do not vary.

This research has sought to contribute towards a better understanding of the area, which is concerned, with the image of destinations and, more specifically, the concept of how the image changes after a visit to the destination. In this sense, and given the of lack empirical evidence about how confirmation of motivations influences on destination image gap, this research aims to contribute to the improvement of knowledge about the personal factors that influence the change of the pre- and post-visit destination image.

Accomplishing the United Nations’ Sustainable Development Goals (SDGs) is imperative for societies to meet their grand challenges. Achieving these goals by 2030 requires sustainability change agents with a can-do-attitude. This study aims to show how institutions of higher education can become partners for social marketing in bringing forward such change agents.

Taking a case study approach, this paper examines a master’s programme to identify factors relevant to educating sustainability change agents that can serve as a basis for a social marketing planning primer to foster the SDGs.

This study presents the social marketing discipline with a viable option for supporting the achievement of the SDGs through higher education. Its contributions are twofold. First, it is shown that when interdisciplinarity and a project-based approach are conceptualized and organized to create a motivating and meaningful learning environment with the SDGs as guiding principles, students, as sustainability change agents, can increase awareness and have the potential to generate impacts regarding the SDGs at the individual, organizational and institutional levels. Second, based on this, the paper provides guidance to social marketers regarding the planning of a campaign targeting higher education institutions. The authors argue that the aim of this campaign should be to promote the implementation of the SDGs as guiding principles above all, as this can facilitate the process of students becoming sustainability change agents who help achieve the goals in a timely manner.

Whilst single case studies are usually limited in drawing generalizations, the present study offers a starting point for investigating the role of universities as a target group for social marketing in fostering further sustainable development. Building on its findings, future research could test the proposed social marketing planning primer and evaluate the impact on the SDGs at a larger scale than only one university.

It is proposed to use the findings of the study to model a social marketing campaign aimed at universities to motivate them to help develop sustainability change agents in all disciplines by integrating the SDGs as guiding principles for study programmes.

Students’ impacts range from leading peers to buy sustainable products and consume less to influencing a company to adopt sustainable packaging, thereby contributing to social change.

This study is among the first to examine the possible effect of a study programme on the SDGs at different societal levels by taking the perspectives of multiple stakeholders into account and combining the theory of higher education with sustainability and social marketing.