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The assessment of interdependence between stock markets is an important aspect of international portfolio management. The purpose of this paper is to examine and highlight the diversification potential of South Asian stock markets vis-à-vis developed and European stock markets.

The developed stocks markets include USA and UK, and South Asian stock markets include India, Pakistan and Sri Lanka while DJ STOXX 600 index is used to represent the European stock markets. Monthly data are used to examine long-run relationship through ARDL bound testing approach and estimates are obtained using DLOS. Short-term dynamics are captured through vector error correction-based Granger causality.

South Asian stock markets are closely linked with each other; similarly, developed/European markets are interlinked. US stock market not only impacts European stock markets, it also Granger cause South Asian stock markets. The findings suggest increase in comovement of South Asian stock markets with the global markets after financial crises of 2007-2008.

The diversification benefits of South Asian stock markets for international investors are still evident due to their low relationship (in both long and short run) with developed/European stock markets.

Given the emergence of South Asian stock markets, new insight on their relationship with developed stock markets can provide interesting findings for international portfolio diversification. The South Asian equity markets are an important source of investment because of their immense growth and weak correlation with international markets.

The purpose of this paper is to quantitatively measure the vulnerability level of the whole rural social-ecological system in Yunnan Province and to analyze the spatial differences of the vulnerability in different regions.

Based on the “exposure-sensitivity-adaptability” vulnerability assessment framework, this paper establishes the index system of rural social-ecological system vulnerability to climate change. Combined with the questionnaire survey and meteorological data, the entropy method was used to measure and analyze the vulnerability level and influencing factors of the overall rural social-ecological system in Yunnan Province. At the same time, the vulnerability level of social-ecological system in Yunnan Province is divided into five levels, and the spatial differences of vulnerability level of 16 states (cities) in Yunnan Province are analyzed.

The results show that: the social-ecological system has high exposure to climate change (0.809), strong sensitivity (0.729), moderate adaptability (0.297) and overall system vulnerability is at a medium level (0.373). Yunnan Province is divided into five levels of social-ecological system vulnerable areas. The areas of extreme, severe, moderate, mild and slight vulnerability account for 21.45%, 24.65%, 36.82%, 13.18% and 3.90% of the whole province, respectively. The geographical division and vulnerability division of Yunnan Province are basically consistent in space.

Comprehensive evaluation of the vulnerability of the social-ecological system of Yunnan Province to climate change is the scientific basis for the country to formulate countermeasures against climate change, and it is also the need to improve the adaptability of the social and economic system of the fragile area, reduce the vulnerability and realize the sustainable development of national social economy. The research results can provide a basis for decision-making of climate adaptation in Yunnan and other regions and provide methods and indicators for the assessment of social-ecological system vulnerability under the background of climate change.

This case study aims to expect the following learning outcomes. A better understanding of the nature of a psychological contract being developed by employees in non-profit organizations, especially working in the areas of social development and the impact of this contract on employee commitment. Enhanced understanding of conflict of interest (personal versus public) in social development organizations and its implications. Identification of issues of task conflict versus interpersonal conflict and its impact on organizational functions. Identification of dynamics of exclusion of internal stakeholders from organizational strategic decision-making process along with its impact on organizational performance and sustainability. Devising a mechanism to avoid such conflicts in social development organizations, in particular, and organizations in general.

This case highlights five issues as follows: it identifies and discusses conflict of interest between privileged class possessing decision-making positions in the board of directors and implementers working at the grassroots level at ANMOL (a non-governmental organization working for poor girls education in Baluchistan-hub of China–Pakistan Economic Corridor); it discusses the basis for formulation of psychological contracts and impact of its violation on stakeholder’s commitment and motivation; it discusses the implications of difference of opinion of both stakeholders regarding organizational vision and possible drawbacks of converting task conflict into interpersonal conflict on individuals, organization and end-users; it explores implications of exclusion of key stakeholders from organizational decision-making and its impact on organizational smooth working and sustainability; and it suggests a mechanism to avoid conversion of task conflict into interpersonal conflict and smooth functioning of an organization. Hence, this case discusses theories of conflict of interest between top-leadership and workforce, psychological contract and implications of its breach on employee motivation and organizational sustainability in the context of social development organizations.

This case provides sufficient material to be discussed at master level courses (management sciences – master of business administration (MBA) level) such as human resource management (dynamics of psychological contract and conflict resolution), leadership and change management in social development organizations (social enterprises).

Teaching Notes are available for educators only.

CSS 7: Management Science.

This paper aims to propose a new multi-layered optimal navigation system that jointly optimizes the energy consumption, improves the robustness and raises the performance of a quadrotor unmanned aerial vehicle (UAV).

The proposed system is designed as a multi-layered system. First, the control architecture layer links the input and the output spaces via quaternion-based differential flatness equations. Then, the trajectory generation layer determines the optimal reference path and avoids obstacles to secure the UAV from collisions. Finally, the control layer allows the quadrotor to track the generated path and guarantees the stability using a double loop non-linear optimal backstepping controller (OBS).

All the obtained results are confirmed using several scenarios in different situations to prove the accuracy, energy optimization and the robustness of the designed system.

The proposed controllers are easily implementable on-board and are computationally efficient.

The originality of this research is the design of a multi-layered optimal navigation system for quadrotor UAV. The proposed control architecture presents a direct relation between the states and their derivatives, which then simplifies the trajectory generation problem. Furthermore, the derived differentially flat equations allow optimization to occur within the output space as opposed to the control space. This is beneficial because constraints such as obstacle avoidance occur in the output space; hence, the computation time for constraint handling is reduced. For the OBS, the novelty is that all controller parameters are derived using the multi-objective genetic algorithm (MO-GA) that optimizes all the quadrotor state’s cost functions jointly.

The purpose of this paper is to propose a new approach for robust control of an autonomous quadrotor unmanned aerial vehicle (UAV) in automatic take-off, hovering and landing mission and also to improve the stabilizing performance of the quadrotor with inherent time-varying disturbance.

First, the dynamic model of the aerial vehicle is mathematically formulated. Then, a combination of a nonlinear backstepping scheme with the intelligent fuzzy system as a new key idea to generate a robust controller is designed for the stabilization and altitude tracking of the vehicle. For the problem of determining the backstepping control parameters, a new heuristic algorithm, namely, Gravitational Search Algorithm has been used.

The control law design utilizes the backstepping control methodology that uses Lyapunov function which can guarantee the stability of the nominal model system, whereas the intelligent system is used as a compensator to attenuate the effects caused by external disturbances. Simulation results demonstrate that the proposed control scheme can achieve favorable control performances for automatic take-off, hovering and landing mission of quadrotor UAV even in the presence of unknown perturbations.

This paper propose a new robust control design approach which incorporates the backstepping control with fuzzy system for quadrotor UAV with inherent time-varying disturbance. The originality of this work relies on the technique to compensate the disturbances acting on the quadrotor UAV. In this new approach, the fuzzy system is introduced as an auxiliary control effort to compensate the effect of disturbances. Because the proposed control technique has the capability of robustness against disturbance, thus, it is also suitable to be applied for a broad class of uncertain nonlinear systems.

Dhaka is one of the most populated megacities in the world with a total population of over 12 million and an area of 276sqkm (DCC, 2004). The city is situated at the center of the country and is surrounded by a river system comprising Buriganga, Balu, Turag, and Shitalakhya. The city has a long history dating from the Pre-Mughal, to the Mughal, and, finally, to the Bangladesh period. The growth of Dhaka basically started from the current extreme south and along Buriganga River and then it expanded earlier to the West (Hazaribagh) and the East (Gandaria) and later to the North (Mirpur). However, in the last few decades, the city experienced huge population growth and rapid industrial, commercial, business, residential, and infrastructure development, which have significantly expanded the physical feature of Dhaka. Still many of the development activities are taking place in an informal way within the Dhaka City Corporation (DCC) area, the main part of the megacity.

The purpose of this study is to investigate the moderating impact of corporate governance (CG) on the relationship between economic policy uncertainty (EPU) and the sustainable growth (SG) of Chinese firms.

The study collects data of 975 Chinese non-financial listed firms for the period from 2010 to 2017. The study measures SG using a comprehensive index based on nine financial indicators and applies industry and year fixed effects regression to investigate the direct and moderating impact of CG on the relationship between EPU and SG of Chinese firms.

The results of the study explain that EPU negatively affects SG, while concentrated ownership, board independence and board gender diversity (BGD) positively contribute to the SG of the Chinese firms. The results also explain that concentrated ownership and BGD reduce the negative impact of EPU on the SG of the Chinese firms.

The study considers only non-financial firms; therefore, the results of this study cannot be generalized for financial firms. Future research can be carried out while considering financial firms as a unit of analysis.

The investigation of the negative impact of policy uncertainty on SG is essential for the government and policymakers to devise policies to reduce uncertainty. The investigation of the moderating effect of CG enriches the literature on corporates’ response to policy uncertainty. It provides valuable insights for corporates regarding CG mechanisms to attain SG.

To the best of the authors’ knowledge, this is the first study that investigates the moderating impact of CG on the SG of Chinese firms using an index-based measurement of SG.

The paper aims to find the preferences of different tourist type. Since, COVID-19 pandemic has brought the international hospitality industry to a standstill, there are some early signs of recovery. For this industry’s long-term recovery, the tourists’ changing preferences need to be analyzed. Moreover, with different types of tourists, a more nuanced and in-depth study is required to analyze the preferences of each tourist type.

The research focuses on the changing preferences of the tourist by comparatively analyzing the pre-COVID-19 and current COVID-19 phase. The study extracted online data from TripAdvisor and identified themes by applying Latent Dirichlet Allocation (LDA).

The study’s findings confirmed the change in preferences of the different types of tourists during the COVID-19 pandemic by performing thematic analysis. New themes emerged in the pandemic phase, providing more insights into tourists’ changing preferences in the current COVID-19 phase. The study also found that specific dominant themes in the pre-COVID-19 phase were replaced by new themes in the current COVID-19 phase.

To the best of the authors’ knowledge, this study is the first to compare the pre-COVID-19 and current COVID-19 phase themes to decipher the new themes that managers of the hotels should consider to win back tourists’ confidence during the pandemic. The unraveling of changing preferences of the different tourist types in the current COVID-19 pandemic is the novel contribution of the study.

在 COVID-19 大流行期间改变游客对酒店业的偏好

COVID-19 大流行使国际酒店业陷入停顿。虽然有一些复苏的早期迹象, 但对于这个行业的长期复苏, 还需要分析游客不断变化的偏好。此外, 针对不同类型的游客, 需要进行更细致和深入的研究来分析每种游客类型的偏好。

该研究通过比较分析 COVID-19 之前和当前 COVID-19 阶段, 重点关注游客不断变化的偏好。该研究从 TripAdvisor 提取在线数据, 并通过应用隐含狄利克雷分布 (LDA) 确定主题。

该研究的调查结果通过进行主题分析证实了不同类型游客在 COVID-19 大流行期间偏好的变化。大流行阶段出现了新主题, 为游客在当前 COVID-19 阶段不断变化的偏好提供了更多见解。该研究还发现, COVID-19之前阶段的特定主导主题被当前 COVID-19 阶段的新主题所取代。

该研究首次比较了 COVID-19 之前和当前 COVID-19 阶段的主题, 从而为酒店管理者在大流行期间赢回游客的信心提供了应该考虑的新主题。研究发现在当前的 COVID-19 大流行中不同游客类型的偏好的变化是该研究的新贡献。

This study investigates the impact of economic policy uncertainty (EPU) on corporate sustainability [environmental, social and governance (ESG)] performance and aims to explore whether uncertainty-induced sustainability performance is influenced by the firm's life cycle (LC).

The study uses data from European non-financial firms listed during the period from 2002 to 2022 to extend the nascent literature regarding EPU and sustainability performance while applying a dynamic panel data regression analysis (Generalized Method of Moments - GMM System) on 11,462 firm-year observations of 1,869 European firms.

The authors find overwhelming evidence that policy uncertainty affects the sustainability performance of European firms. The firms restrict their environmental and governance-related activities and address immediate issues to survive during periods of high EPU. Conversely, the firms increase their social engagements to decrease uncertainty-induced information asymmetry. The authors' results show that the intensity and type of sustainability performance are also influenced by the firm's LC. The results imply that board gender diversity (BGD) increases while power concentration with the chief executive officer (CEO) decreases sustainability performance.

These findings have important implications for policymakers, potential investors, firm management and other stakeholders given the firms' access to resources and preferences to encounter uncertainty vary across different LC stages.

To the best of the authors' knowledge, this is the first study that investigates the role of the firm's LC in the relationship between policy uncertainty and sustainability performance in the European context.