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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 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.

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。

The purpose of this paper is to examine the impact of corporate governance, investor sentiment and financial liberalization on downside systematic risk and the interplay of socio-political turbulence on this relationship through static and dynamic panel estimation models.

The evidence is based on a sample of 230 publicly listed non-financial firms from Pakistan Stock Exchange (PSX) over the period 2008–2018. Furthermore, this study analyzes the data through Blundell and Bond (1998) technique in the full sample as well sub-samples (big and small firms).

The authors document that corporate governance mechanism reduces the downside risk, whereas investor sentiment and financial liberalization increase the investors’ exposure toward downside risk. Particularly, the results provide some new insights that the socio-political turbulence as a moderator weakens the impact of corporate governance and strengthens the effect of investor sentiment and financial liberalization on downside risk. Consistent with prior studies, the analysis of sub-samples reveals some statistical variations in large and small-size sampled firms. Theoretically, the findings mainly support agency theory, noise trader theory and the Keynesians hypothesis.

Stock market volatility has become a prime area of concern for investors, policymakers and regulators in emerging economies. Primarily, the existence of market volatility is attributed to weak governance, irrational behavior of market participants, the liberation of financial policies and sociopolitical turbulence. Therefore, the present study provides simultaneous empirical evidence to determine whether corporate governance, investor sentiment and financial liberalization hinder or spur downside risk in an emerging economy. Furthermore, the work relates to a small number of studies that examine the role of socio-political turbulence as a moderator on the relationship of corporate governance, investor sentiment and financial liberalization with downside systematic risk.

The purpose of this paper is to investigate how conventional and Islamic commercial banks in Pakistan choose their capital structure and what are the most significant factors that affect their choice of capital structure.

The authors collected the data from the annual reports of commercial banks listed on Karachi Stock Exchange Pakistan during 2004-2014. Panel data techniques, namely, pooled ordinary least squares, fixed effects and random effects, were used to estimate the relationship between book leverage and bank-specific variables such as profitability, size, growth, tangibility and earnings volatility.

Descriptive statistics indicate that conventional commercial banks are more levered than Islamic commercial banks. Moreover, conventional commercial banks are larger, profitable and have relatively safe earnings than Islamic commercial banks. In contrast, Islamic commercial banks have relatively more fixed operating assets and growth in total assets compared to the conventional commercial banks. Regression results indicate that profitability, growth and tangibility are negatively, whereas bank size and earnings volatility are positively, related to book leverage of conventional commercial banks. On the other hand, only three variables, namely, profitability, bank size and tangibility, have material effects on capital structure choice of Islamic commercial banks. Profitability and tangibility are negatively while bank size is positively related to book leverage of the Islamic banks. In sum, results of the study indicate that Islamic and conventional commercial banks have their own way to choose the capital structure than the non-financial firms; however, their choice is affected by the similar variables as identified for non-financial firms in Pakistan.

Results of this study provide support to bank managers to understand the effects of bank-specific variables on capital structure and make them able to determine a balanced capital structure considering the regulations framed by the central bank of the country.

This is the first study that investigates the factors that affect the capital structure of conventional and Islamic commercial banks in Pakistan. Moreover, findings of this study lay some foundation upon which a more detail analysis of capital structure of banks could be based.

The recent decade has described the role of HR practitioners as more strategic to advance in environmental management (EM), technology and change management competencies. The study aims to identify the HR professionals' changing strategies and challenges and barriers in sustainability performance (SP) through green HRM, which have become an emerging topic.

Data collection was conducted through six semi-structured face-to-face interviews with senior HR representatives through purposive sampling. The grounded theory (GT) method was applied, followed by an iterative process for codes and themes.

The results indicated the highly significant challenges and barriers (C&B) proposing a 5 × 4 framework in adopting GHRM practices. Examples of the challenges included (1) lack of knowledge, orientation and awareness; (2) corporate social responsibility as an integral part of the organization strategy; (3) environmental concerns internally required from top-bottom and bottom-top approach; (4) budget and cost that remain an issue for the top management, and; (5) HR department's responsibility to build competencies for their entire team.

The findings help the top management and policymakers maintain a balance between economic, environmental and social sustainability performance agendas. Furthermore, the environmental goals and values of the hotel are key ingredients in seeking the solution to environmental sustainability, which requires continuous training programs to enhance awareness at all levels.

The results are presented as future directions to enrich the literature and make significant contributions to the existing body of knowledge. Moreover, the research benefits the managers from the results intended in accomplishing sustainable development approaches.