Search results

One of the crucial elements of addressing global climate challenges through urban tourism is the continuing existence of urban forests. The reasoning is that the ecological attraction of urban forests can impact visitors’ intention to conduct pro-environmental behavior, including low-carbon actions. Thus, more visitors to urban forests will positively affect enhancing the quality of the urban environment. However, the extent to which ecological attraction can influence pro-environmental behavior warrants further investigation due to the complexity of psychosocial factors that impact behavioral intention. The main objective of this research is to examine the effects of the ecological attractiveness of urban forests on the pro-environmental behavior of visitors by exploring motivation, ecological experience, perceived value and knowledge as mediators. Moreover, whether the nature of the urban forest and facilities attract visitors simultaneously is also studied.

Data were collected from 615 respondents who visited three urban forests in Bandung, the second-most populous city in Indonesia, by five-point Likert questionnaires. As an analytical tool, SEM PLS was applied to establish the effect of the ecological performance of the urban forest on the increase in environmentally conscious behavior among urban forest visitors.

The findings demonstrate that the attractiveness of an urban forest affects the growth of environmentally responsible behaviors. Nonetheless, the attractiveness of urban forests is dictated more by their infrastructure than their ecological function. On the contrary, the visitors’ knowledge level can improve their motivation, environmental experience and perceived environmental value. These findings show the significance of developing educational programs with an emphasis on the experience of the visitors so that their ecological performance can contribute to improved low-carbon behavior. In conclusion, this work contributes to the management of sustainable urban tourism.

This work also has some limitations. First, the medium R-square on intention behavior to low-carbon action suggests investigating other influential factors to produce a more robust conscious behavior. Mkono and Hughes (2020) mention that many complex factors that cause positive intention do not necessarily lead to environmental action. Thus, many psychosocial variables need to be explored in different models. Second, the convenient sampling used here does not represent the whole population, making generalization difficult. Thus, further work needs to apply more rigorous sampling techniques to validate the findings. Further investigations may also need to be conducted in other urban forests in another Asian country with a similar and different social context for benchmarking, as this study found that the type of attractive urban forest design is a more dense forest, which differs from other studies based in Europe. Exploring more influencing behavioral factors of pro-environmental action in the model is also suggested. Thus, we could contribute more to support recreational activities in urban forests.

As an implication for planning an urban forest to increase its recreational function, the authors illustrate the importance of producing educational programs. Although the improved knowledge of visitors has been shown to strengthen their commitment to perform pro-environmental actions, the mediating role of motivation, experience and perceived value reveals that some activities are required to achieve visitor motivation to actual behavior. Consequently, designing an urban forest requires not only the enhancement of eco-attractions and artificial elements for the convenience of visitors but also the development of an environmental education program that can improve visitors’ environmental experience and perception of ecological value. The designed educational program may use an experiential education approach incorporating objective knowledge of Earth’s current state. The urban forest education program must encourage visitors’ connection and participation with nature. Moreover, knowledge and information about Earth’s environmental quality can increase visitors’ perceived value, ensuring that their activities in the urban forest contribute to improved health, environmental quality and social environment. Thus, with well-managed and provided education, they are encouraged to adopt low-carbon action because it complements their contribution to a better quality environment.

The theoretical contribution of this research is generated through the role of urban forest attractiveness in the intention to conduct low-carbon action, which influences solutions to existing urban environmental problems. This work exhibits that both ecological attractiveness and attractiveness of artificial elements in urban forests can attract visitors and subsequently boost their outdoor recreation motivation, ecological experience and perceived value and then turn them to boost their intention to conduct low-carbon action. The physical characteristics of a site are behavioral stimuli that can increase a person’s motivation, experience and perception of the value of the environment, thereby increasing their intention to engage in low-carbon actions. This environment behavioral construction is fundamental in understanding that urban forests offer ecological benefits and influence the social quality of urban communities. Nevertheless, without visitor activity, urban forests are merely physical entities that become increasingly demanding to maintain. Due to this, an urban forest that is socially active and has an influence on promoting environmentally conscious behavior is needed, and its presence is becoming ever more crucial. This work shows the significance of integrating psychosocial approaches into managing tourism in urban forests.

This paper examines the relationship between the extent and quality of the four dimensions of corporate social responsibility disclosure (CSRD) namely community, environment, workplace and marketplace with the long-run share price performance of Malaysian initial public offering (IPO) companies.

This study utilised secondary data by the content analysis of the annual reports and Datastream of 115 IPOs listed from 2007 to 2015 in Malaysia. The IPO’s performance was determined by calculating the return measures under the equally weighted and value-weighted schemes of the mean abnormal returns and buy-and-hold abnormal returns covering the three years post-listing using the event-time approach.

The findings demonstrate that Malaysian IPOs experience substantial overperformance and underperformance when both the IPO performance measures are benchmarked against the matched companies and market. The results indicated that the extent and quality of the community and environment CSRD dimensions are positively and significantly correlated to the IPO’s performance. On the other hand, the extent and quality of the workplace and marketplace CSRD dimensions are negatively and significantly correlated to the IPO performance.

Malaysian regulators could benefit from these findings in their endeavour to carry out a reform process on CSRD to improve its quality. The results of this study are important to investors, regulators, non-government organisations, communities and policymakers. They also enhance the understanding of companies about the importance of disclosing greater CSR information to improve their performance and profitability.

To the researchers' best knowledge, this study provides new insights into the association between CSRD and the performance of Malaysian IPO companies, which is considered important.

In this study, we investigate what drives the MAX effect in the South Korean stock market. We find that the MAX effect is significant only for overpriced stocks categorized by the composite mispricing index. Our results suggest that investors' demand for the lottery and the arbitrage risk effect of MAX may overlap and negate each other. Furthermore, MAX itself has independent information apart from idiosyncratic volatility (IVOL), which assures that the high positive correlation between IVOL and MAX does not directly cause our empirical findings. Finally, by analyzing the direct trading behavior of investors, our results suggest that investors' buying pressure for lottery-like stocks is concentrated among overpriced stocks.

This paper delves into the ex ante rates of return demanded by the private sector in Indonesian public–private partnership (PPP) infrastructure projects and the manifold factors emanating from project attributes that can influence these rates.

This paper analyzes feasibility studies of 37 PPP projects across different sectors. The studies were carefully selected based on relevance, completeness and validity of data. The analysis uses statistical techniques, including Levene’s tests, t-tests, ANOVA tests, Cohen’s effect size and Pearson correlations, to explore differences in cost of capital and excess returns across various attributes.

Based on the statistical analysis, no significant difference exists between the excess return of 200 basis points (bps) and the equity excess return of 0 bps. This suggests that the eligibility criteria for PPP projects require an internal rate of return (IRR) equal to the weighted average cost of capital plus 200 bps or an equity IRR equal to the cost of equity. The variations in the tested variables among diverse project attributes do not exhibit statistically significant disparities, even though specific attributes display moderate to high effect sizes.

This paper represents one of the first attempts to examine the rates of return demanded by the private sector in the context of Indonesian PPP projects. It comprehensively explores the factors that influence these rates, drawing on insights derived from feasibility studies.

This study aims to examine whether the newly available auditor tenure information is associated with non-GAAP earnings, as the recent requirement to disclose the initial year of auditor-client relationship in audit reports may give the impression that longer auditor tenure may be related to lower audit quality.

Using a sample of firm-quarters from 2017 to 2020, the authors conduct both univariate and regression analyses. We use hand-collected data for auditor tenure, SEC comment letters, and non-GAAP variables.

First, the authors find that the likelihood of disclosing non-GAAP earnings monotonically increases with auditor tenure on a univariate basis. Second, auditor tenure is negatively associated with aggressive non-GAAP reporting. Third, the authors document evidence of aggressive reporting in general; that is, items excluded in calculating non-GAAP earnings are associated with future performance. However, the association declines with longer auditor tenure. Finally, the authors report evidence that the likelihood of receiving an SEC comment letter that contains non-GAAP comments decreases with longer auditor tenure.

The results show that regulators need to consider both GAAP and non-GAAP disclosures’ costs and benefits when enacting auditor tenure regulation. Investors can benefit from the findings in evaluating the quality of non-GAAP earnings. The findings are also relevant to the SEC when allocating limited resources in monitoring non-GAAP reporting.

To the best of the authors’ knowledge, this is the first study showing that auditor tenure is associated with the quality of non-GAAP earnings. Given that financial reporting quality should be understood as a comprehensive system comprising both mandatory and voluntary disclosures, this study complements the literature that examines the effect of auditor tenure on financial reporting quality using GAAP reporting.

This chapter examines the influence of external public borrowing resources on economic progress in Tunisia. The study focuses on two stages: First, the influence is studied in a direct sense and then in an indirect sense, i.e., through a transmission channel of this influence. By applying the autoregressive distributed technique with staggered lags (ARDL), over a period ranging from 1986 to 2019, the results showed that the influence of external borrowing resources on growth seems to be unfavorable in the short term but positive in the long term, hence the importance of the empirical technique chosen. Second, three interaction variables were tested, namely total government expenditure, government investment expenditure, and the real effective exchange rate. The results obtained call for better attention to the channels identified to maximize the positive influence of external public debt on the country's economic progress.

The current study aimed to examine the moderating role of perceived supervisor support in the nexus between employee empowerment and organizational commitment in the Ghanaian hospitality industry.

A quantitative research design was adopted, and data were collected from 274 frontline workers from 4-star and 5-star hotels at two different waves within a 7-month interval. The data received were analyzed using descriptive and inferential statistics with the aid of Statistical Package for Social Sciences (SPSS V. 23.0) and SmartPLS (V.4.0), respectively.

As hypothesized in the study, employee empowerment was significantly related to organizational commitment. Furthermore, the results revealed that perceived supervisor support moderated the nexus between employee empowerment and affective and continuance commitment but did not moderate the nexus between employee empowerment and normative commitment.

Arguably, support from supervisors has been theoretically identified as a key construct in enhancing subordinates' commitment to an organization. However, less is known in the literature about the moderating role of perceived supervisory support in the nexus between employee empowerment and organizational commitment, especially in the Ghanaian hospitality industry.

Prior studies use two measures of firm-specific return variation (FSRV): idiosyncratic volatility in absolute and relative terms, the latter of which is also termed stock price nonsynchronicity. Whereas most research focuses on investigating the idiosyncratic volatility puzzle, the authors carry out comparison of these two measures and further investigate which of the two constituents of nonsynchronicity explain the association between FSRV and stock returns, emphasising the importance of assessing which component drives stock returns.

The authors use the US individual stock returns from 1925 to 2016 and define the two measures of FRSV based on the Fama and French (1993) model. Specifically, the authors decompose the relative measure into two components: (i) absolute idiosyncratic volatility and (ii) systematic volatility. The authors conduct various tests based on high-minus-low, zero-investment quintile portfolio sorts and perform the Fama–MacBeth analysis by singling out each component.

The authors find a positive return on the portfolio sorted on relative idiosyncratic volatility or on systematic volatility, but find a negative return sorted on absolute idiosyncratic volatility. The results are robust after controlling for size, BM and other risk characteristics using a double-sorting approach. The Fama–MacBeth regression results show that a positive association between the relative measure and stock returns is driven primarily by the low-systematic-volatility anomaly across firms. The findings are robust to controlling for return residual momentum, skewness, jumps and information discreteness.

Extant research posits the idiosyncratic volatility puzzle and the low-volatility anomaly. The authors emphasize the importance of integrating these two streams of research. This study enhances the understanding of the driving force underlying the relationship between FSRV and cross-sectional stock returns.

The purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP), exchange rate, unemployment and wage.

The hedonic pricing model has been adopted as econometric model for this research to investigate the relationship between residential property price against macroeconomics indicator. The data for residential property price and macroeconomic variables were collected from 1991 to 2019. Multiple linear regression had been adopted to find the relationship between the dependent and independent variables.

The result shows that the GDP has a significant positive impact on residential property price, while exchange rate has no significant impact although it was positive. In addition, the unemployment rate has a significant impact on the residential property price and has a negative relationship. Similar to the wage that shows the negative relationship with residential property prices. Moreover, during the pandemic COVID-19 in Malaysia, this research shows a more transparent view of the relationship between residential property price and the macroeconomic issues of GDP, exchange rate, unemployment and wage.

The findings of this research found that macroeconomics issue cannot be eliminated due to Malaysia is a developing country, and there will always be an issue that will happen, but the issues can be reduced to maximise the advantages, e.g. during COVID-19, the solution to fight against COVID-19 were crucial and weaken the macroeconomics issues.

Children’s sensory involvement refers to the degree to which children engage their senses, such as sight, touch, taste, smell and hearing, in their interactions with the environment. In the context of parents' purchase decisions, children’s sensory involvement pertains to how children's sensory involvement influences the purchasing decisions made by their parents. The aim of this study was to evaluate the effect of children's sensory involvement on parents’ purchase decisions considering the mediating role of the parent’s attitude.

In this study, a structured questionnaire survey was conducted with parents of children aged 7–12 in Isfahan, Iran. The sample consisted of 210 parents, aimed at elucidating the relationship between variables. Structural equation modeling (SEM) was employed to analyze the relationship between variables.

Results showed a significant relationship between children’s sensory involvement and parents’ purchase decisions, children’s sensory involvement and parents’ attitudes and parents’ attitudes and purchase decisions. It was concluded that children’s sensory involvement could indirectly influence the parents’ purchase decisions considering the mediating role of parents' attitudes.

In today's business landscape, it is imperative for organizations to discern the multitude of factors influencing consumers' purchasing decisions. Among these, family dynamics play a substantial role, with children often exerting a strong influence on their parents' buying choices. Despite the acknowledged importance of this dynamic in existing literature, the specific impact of children's sensory involvement on parental purchasing decisions remains largely unexplored. Therefore, this paper aims to fill this gap in the literature by shedding light on the role of children's sensory involvement in shaping parental buying behaviors.