Search results

The purpose of this paper is to explore corporate social responsibility (CSR) inequality, which is the inequality across different CSR categories. Higher inequality suggests a less balanced CSR policy. To determine if CSR inequality is beneficial or harmful, this paper investigates how independent directors view CSR inequality, using an exogenous regulatory shock introduced by the passage of the Sarbanes–Oxley Act.

To draw causality, this study relies on a quasi-natural experiment based on an exogenous regulatory shock that forced certain firms to raise board independence. This approach is significantly less vulnerable to endogeneity and is much more likely to show a causal effect. The results using propensity score matching, principal component analysis and instrumental-variable analysis are confirmed.

The difference-in-difference estimates show that independent directors view CSR inequality unfavorably. Specifically, board independence diminishes CSR inequality by approximately 34%-43%. Because the empirical strategy is based on a quasi-natural experiment, the results are more likely to show causality. The results also imply that CSR inequality is a crucially important aspect of CSR.

Although a substantial volume of research has examined CSR, one vital aspect of CSR has been largely unexplored. Filling this void in the literature, the CSR inequality is investigated. The study is the first to explore how independent directors view CSR inequality using a quasi-natural experiment.

This study aims to investigate the role of the market for corporate control as an external governance mechanism and its effect on executive risk-taking incentives. Managers tend to be risk-averse as they are more exposed to idiosyncratic risk, resulting in sub-optimal risk-taking that does not maximize shareholders’ wealth. The takeover market alleviates this problem, inducing managers to take more risk. Therefore, risk-taking incentives inside the firm are less powerful when the outside takeover market is more active.

Exploiting a novel measure of takeover vulnerability recently constructed by Cain et al. (2017), the authors explore how takeover vulnerability influences executive risk-taking incentives. Using a large sample of US firms, the authors use fixed-effects regressions, propensity score matching and instrumental variable analysis.

Consistent with this study’s hypothesis, a more active takeover market results in less powerful risk-taking incentives. Specifically, a rise in takeover vulnerability by one standard deviation diminishes executive risk-taking incentives by 22.39%, which is an economically meaningful magnitude.

To the best of the authors’ knowledge, this study is the first to explore the effect of the takeover market on managerial risk-taking incentives, using a novel measure of takeover susceptibility. The authors’ measure of takeover vulnerability is considerably less susceptible to endogeneity, enabling the authors to draw causal inferences with more confidence.

The purpose of this study is to contribute to the debate in the literature about generalist CEOs by exploring the effect of board governance on CEO general managerial ability, focusing on one of the most crucial aspects of the board of directors, board size. Prior research shows that smaller boards constitute a more effective governance mechanism and therefore are expected to reduce agency costs.

The authors estimate the effect of board size on CEO general managerial ability, using a fixed-effects regression analysis, propensity score matching, as well as an instrumental-variable analysis. These techniques mitigate endogeneity greatly and make the results much more likely to show causality.

The results show that firms with smaller board size are more likely to hire generalist CEOs. Specifically, a decline in board size by one standard deviation raises CEO general managerial ability by 15.62%. A lack of diverse experiences in a small board with fewer directors makes it more necessary to hire a CEO with a broad range of professional experiences. Furthermore, the agency costs associated with generalist CEOs are greatly diminished in firms with a smaller board. Hence, firms with a smaller board are more inclined to hire generalist CEOs.

Although prior research has explored the effects of board size on various corporate outcomes, strategies and policies, this study is the first to investigate the effect of board size on CEO general managerial ability. This study contributes to the literature both in corporate governance and on CEO general managerial ability.

Taking advantage of distinctive text-based measures of climate policy uncertainty and firm-specific exposure to climate change, this study aims to examine the impact of firm-specific vulnerability on dividend policy.

To mitigate endogeneity, the authors apply an instrumental-variable analysis based on climate policy uncertainty as well as use additional analysis using propensity score matching and entropy balancing.

The authors show that an increase in climate policy uncertainty exacerbates firm-specific exposure considerably. Exploiting climate policy uncertainty to generate exogenous variation in firm-specific exposure, the authors demonstrate that companies more susceptible to climate change are significantly less likely to pay dividends and those that do pay dividends pay significantly smaller dividends. For instance, a rise in firm-specific exposure by one standard deviation weakens the propensity to pay dividends by 5.11%. Climate policy uncertainty originates at the national level, beyond the control of individual firms and is thus plausibly exogenous, making endogeneity less likely.

To the best of the authors’ knowledge, this study is the first attempt in the literature to investigate the effect of firm-specific exposure on dividend policy using a rigorous empirical framework that is less vulnerable to endogeneity and is more likely to show a causal influence, rather than a mere correlation.

Intention to re-participate in co-creation (IRCC) is an essential indication of customers to their deal proneness. Therefore, this study aims to focus on the role of trust in the relationship between tourists’ motivation for IRCC activities and the perceived service outputs in the tourism research.

This study applies a quantitative method approach to achieve perceptions into this unfamiliar phenomenon of IRCC. A total of 305 valid questionnaires were collected from October 10 to October 30, 2020 in Istanbul, then analyzed with covariance-based structural equation modeling using the linear structural relations (LISREL) software package.

The findings of the study showed that the tourists’ IRCC is categorized under four factors: learning benefit, social interaction benefit, hedonic benefit and financial benefit. In the context of IRCC, organizational trust partially mediates the relationship between tourist intention and deal proneness motivation for IRRC.

The scope of research was limited to domestic tourists visiting Istanbul. Research must be conducted on tourists visiting other destinations and who differ in terms of cultural features to make assessments on a larger scale. Furthermore, when considering that co-creation is the consequence of the collaboration between the business and the customers, researching businesses’ initiatives based on promoting the participation in co-creation will make a contribution both for the managers and to the literature to formalize the co-creation process. In addition, social networks are one of the main platforms where tourists motivation to participate in co-creation, but tourists can both create and destroy value on social media regarding the businesses and touristic experience. In this respect, future research should analyze tourists’ motivation elements that urge them to co-create and co-destroy value on social networks, contributing to understanding and evaluating the co-creation process in all aspects.

In contrast with prior research, this study offers a model that integrates the antecedents and consequences of the IRCC process. In this perception, insight tourist motivational factors to IRCC activities provides a path for tourism businesses to strategically manage their activities. This study mostly uncovers the role of organizational trust positively in effect the re-participation.

IRCC is an issue that should be evaluated with its antecedents and outputs. In the literature, several studies evaluate co-creation outputs but research on antecedents promoting IRCC is limited. In this study, the antecedents (motivation to re-participate) and outputs of co-creation (trust and perceived benefit) are evaluated together.

应用量化分析方法研究再参与共创这一不熟悉的现象。2020年10月10日−30日在土耳其搜集了305份调查问卷。使用LISREL软件, 通过协方差结构方程模型（CB-SEM）进行分析。

再参与共创（IRCC）的意向是了解顾客交易倾向的重要标志。本文聚焦信任在游客再参与共创活动的动机与旅游研究方面的服务产出的关系之间所扮演的角色。

研究成果表明游客再参与共创的意向分为四个因素：1. 学习收益; 2. 社会互动收益; 3. 享乐收益 4. 财务收益。组织信任一定程度上调解了对于再参与共创的意向而言游客意向和交易倾向之间的关系。

本研究的范围仅限于访问伊斯坦布尔的国内游客。未来研究需对到访其他目的地、文化特征不同的游客进行研究, 以进行更大范围的评估。此外, 当考虑到共创是企业与客户合作的结果时, 研究企业在促进共创参与的基础上的举措将有助于管理者和学者将共创过程具体化。此外, 社交网络是游客 MPCC 的主要平台之一, 但游客可以在社交媒体上创造和破坏关于商业和旅游体验的价值。在这方面, 未来的研究应该分析游客在社交网络上共创和共毁价值的动机因素, 有助于从各个方面理解和评估共创过程。

不同于以前的研究, 本研究建立了综合再参与共创过程因果关系的模型。洞察游客再参与共创活动动机的因素为旅游业战略管理提供了一个路径。本研究基本上揭示了组织信任角色与再参与正向影响的关系。

再参与共创意向问题应该基于其因果进行评估。以前的研究虽然评估了共创产出, 但是, 对于促进再参与共创原因的研究有局限。本文同时研究了原因（再参与的动机）和共创的结果（信任与收益）

Se aplica una metodología cuantitativa para analizar las percepciones de un nuevo concepto, intención de volver a participar en la co-creación (Intention to Re-participate in Co-Creation, IRCC). Se recogieron un total de 305 cuestionarios válidos, en el período comprendido entre el 10 y 30 de octubre de 2020 en Estambul, y se analizaron con un modelo de ecuaciones estructurales basado en la covarianza (CB-SEM) utilizando el software LISREL.

La intención de volver a participar en la cocreación (IRCC) es un indicador esencial de los clientes para su propensión al trato. Por tanto, la finalidad de este estudio es centrarse en el papel de la confianza en la relación entre la motivación de los turistas para las actividades de IRCC y los resultados percibidos del servicio en la investigación en turismo

Los resultados del estudio mostraron que el IRCC de los turistas se agrupa en cuatro factores: (i) beneficio del aprendizaje, (ii) beneficio de la interacción social, (iii) beneficio hedónico y (iv) beneficio financiero. En el contexto del IRCC, la confianza organizativa media parcialmente en la relación entre la intención del turista y la motivación de propensión al trato para el IRCC.

El alcance de la investigación se limitó a los turistas nacionales que visitan Estambul. Es necesario investigar a los turistas que visitan otros destinos y que difieren en cuanto a sus características culturales para realizar evaluaciones a mayor escala. Además, al considerar que la cocreación es la consecuencia de la colaboración entre la empresa y los clientes, el análisis de las iniciativas de las empresas basadas en la promoción de la participación en la co-creación supondrá una contribución tanto para los gestores como para la literatura para formalizar el proceso de co-creación. Además, las redes sociales son una de las principales plataformas en las que los turistas están motivados para participar en co-creación de valor (MPCC), pero los turistas pueden tanto crear como destruir valor en los medios sociales en relación con las empresas y la experiencia turística. En este sentido, futuras investigaciones, deberían analizar los elementos de motivación de los turistas que les impulsan a co-crear y co-destruir valor en las redes sociales, contribuyendo a la comprensión y evaluación del proceso de co-creación en todos sus aspectos.

A diferencia de las investigaciones anteriores, el estudio ofrece un modelo que integra los antecedentes y las consecuencias del proceso del IRCC. En esta percepción, el conocimiento de los factores de motivación de los turistas hacia las actividades de IRCC proporciona una vía para que las empresas turísticas gestionen estratégicamente sus actividades. Este estudio se centra en el papel de la confianza organizativa en el efecto de la re-participación.

El IRCC es un tema que debe ser evaluado con sus antecedentes y resultados. En la literatura, varios estudios evalúan los resultados de la cocreación, pero la investigación sobre los antecedentes que promueven el IRCC es limitada. En este estudio se evalúan conjuntamente los antecedentes (motivación para volver a participar) y los resultados de la cocreación (confianza y beneficio percibido).

The purpose of this study is to investigate the associations among hotel website quality, telepresence, websites’ utilitarian and hedonic performance and customers’ behavioral intentions.

An online survey was used to collect the data from 683 respondents. Data was analyzed by using the two-stage modeling technique through Partial Least Squares-Structural Equation Modeling (PLS-SEM).

Findings indicate a significantly positive impact of hotel website quality on telepresence, utilitarian and hedonic performance. In addition, telepresence has a significantly positive impact on utilitarian and hedonic performance. Finally, telepresence, utilitarian and hedonic performance have a significantly positive impact on customers’ behavioral intentions.

Based on the findings of this study, theoretical and practical implications for hospitality and tourism researchers are provided.

This study is one of the very few studies integrating hotel website quality scale to examine the hotel website features that influence telepresence and perceived utilitarian and hedonic performance leading to positive behavioral intentions.

本文旨在探究酒店网站的质量、网真技术、实用属性和享乐属性与客户行为意图之间的关系。

本研究对在线调查收集的683名受访者数据, 采用基于偏最小二乘的结构方程模型（PLS-SEM）分析了理论框架并检验了假设.

调查结果表明酒店网站质量对网真技术、实用属性和享乐属性具有积极显著的影响。此外, 网真技术对实用属性和享乐属性也有积极显著的影响。最后, 网真技术、实用属性和享乐属性对客户的行为意图也会产生积极显著的影响。

本文的调查结果对酒店旅游业学术研究提供理论和实践意义。

本文是现阶段极少数结合酒店网站质量等级来探究酒店网站性能的研究之一。这些酒店网站性能影响网真技术以及客户感知的实用属性和享乐属性, 从而影响客户的行为意图。

酒店网站质量、网真技术、实用属性和享乐属性、酒店

El objetivo de este estudio es examinar las relaciones entre la calidad de los sitios web de los hoteles, la telepresencia, el rendimento hedónico en utilitario de los sitios web y las intenciones de comportamiento de los clientes.

Se utilizó una encuesta en línea para recopilar los datos de 683 encuestados. Se adoptó el modelo de ecuaciones estructurales basadas en mínimos cuadrados parciales (PLS-SEM) para analizar el marco teórico y probar las hipótesis.

Los resultados indican un impacto significativamente positivo de la calidad del sitio web del hotel sobre la telepresencia, del rendimento hedónico en utilitario. Además, la telepresencia tiene un impacto significativamente positivo en el rendimento hedónico en utilitario. Por último, la telepresencia, el rendimiento hedónico en utilitário tienen un impacto significativamente positivo en las intenciones de comportamiento de los clientes.

Basándose en los resultados de este estudio, se presentan las implicaciones teóricas y prácticas para los investigadores de la hotelería y el turismo.

Este estudio es uno de los pocos que integran la escala de calidad del sitio web del hotel para examinar las características que influyen en la telepresencia y el rendimento hedónico y utilitario percibido, lo que conduce a intenciones de comportamiento positivas.

Calidad del sitio web del hotel, Telepresencia, Características utilitarias e idónias, Hoteles

Exploiting novel measures of climate change exposure and corporate culture generated by a powerful textual analysis of earnings conference calls, this study aims to explore the effect of firm-specific climate change exposure on corporate innovation through the lens of corporate culture.

The authors apply the standard regression analysis as well as a variety of sophisticated techniques, namely, propensity score matching, entropy balancing and an instrumental-variable analysis with multiple alternative instruments.

The authors find that more exposure to climate change risk results in more innovation, as indicated by a significantly stronger culture of innovation. The findings are consistent with the notion that firms more exposed to climate change risk are pressed to be more innovative to adapt to the numerous changes caused by climate change. Finally, the authors also find that the effect of firm-level exposure on innovation is considerably less pronounced during uncertain times.

The authors are among the first studies to take advantage of a novel measure of firm-specific exposure to climate change and investigate how climate change exposure influences an innovative culture. Since climate change is a timely issue, the findings offer important implication to several stakeholders, such as shareholders, executives and investors in general.

This study aims to investigate Generation Z’s perception of and experience with restaurant service robots.

Established on the servicescape theoretical framework and following Zaltman Metaphoric Elicitation Technique, 34 in-depth interviews were conducted with Generation Z consumers.

The results showed that Generation Z consumers had a generally positive attitude toward the usage of service robots in restaurants. Research participants also indicated aspects that can be improved: the service robot’s appearance design and functionality, and the human service facilitating the robotic service process.

This paper provides a holistic understanding of the Generation Z’s mind maps about robot service restaurants presenting practical suggestions for restaurants.

This research offers an in-depth understanding of how the young consumption power perceives and expects the innovative service robots employed in restaurants. The research findings provide industry practitioners with timely guidelines to improve the usage of robotic services in restaurants to satisfy the emerging consumer group of Generation Z.

The current research contributes to the servicescape literature by extending this long-standing theory to the emerging robotic service contexts for updating discoveries. Particularly, the study focuses on the young consumers of Generation Z, shedding lights on the generational cohort research.

本研究调查了 Z 世代对餐厅服务机器人的看法和体验。

建立在服务场景理论框架之上, 并遵循 Zaltman 隐喻启发技术, 对 Z 世代消费者进行了 34 次深入访谈。

结果表明, Z 世代消费者对在餐厅使用服务机器人持普遍积极态度。 研究参与者还指出了可以改进的方面：服务机器人的外观设计和功能, 以及促进机器人服务过程的人工服务。

这项研究深入了解了年轻的消费力量如何看待和期望在餐厅使用的创新服务机器人。 研究结果为行业从业者提供了及时的指导方针, 以改善机器人服务在餐厅的使用, 以满足 Z 世代的新兴消费群体。

当前的研究通过将这一长期存在的理论扩展到新兴的机器人服务环境以更新发现, 从而为服务景观文献做出贡献。 特别是, 该研究侧重于 Z 世代的年轻消费者, 阐明了世代队列研究。

This study aims to extend the technology acceptance model (TAM) to examine whether the introduction of robots influences employees’ behavioral intentions to use robots and awareness of robots to promote human–robot collaboration (HRC). Besides, the role of strategic human resource management (HRM) involvement as a moderator in the perception of robots as a team member was investigated.

Data were collected from 500 respondents via the Amazon Mechanical Turk platform. After data cleaning, 329 valid responses were analyzed. Partial least squares structural equation modeling was applied using Smart PLS Ver. 3.0 to test the study’s measurement and proposed research model.

The study results show that robots’ perceived usefulness and ease of use positively influence employees’ behavioral intentions to use robots. In addition, the advantages and disadvantages of robots have a positive impact on robot awareness. Employees’ behavioral intentions and awareness contribute positively to HRC. On the other hand, the moderating role of strategic human resources (HR’s) involvement in the relationships was insignificant.

This study provides an exclusively applied understanding of robot presence and embodiment relevant to real-world HRC. In the travel, tourism and hospitality (TTH) industry, employees’ intention to use robots and robot awareness are significant factors. However, HRM involvement without the acceptance of robots could not enhance HRC.

Based on the literature review, to the best of the authors’ knowledge, this study is one of the first on this topic and extends TAM with new antecedents related to robot use, robot awareness and HRC in the TTH industry. In addition, this model attempts to determine the factors that favor HRC in the industry. This study also assessed the moderating role of strategic HR’s involvement in the behavioral intention of robot use, robot awareness and HRC.

由于高科技领域的快速扩张, 机器人成为旅行、旅游和酒店业的传统。因此, 本文旨在研究是否机器人的采用会影响员工的离职意愿和人机协作和人力资源管理在激励员工与机器人团队合作方面的作用。

本研究采用定量方法。总共 500本研究的数据是通过 MTurk 平台收集, 但其中, （n = 329）是最终确定样本量, 并应用基于偏最小二乘的结构方程模型（PLS-SEM）使用 Smart PLS Ver. 3 检验研究的测量和关系模型

该研究的结果确定了机器人的有用性和易用性人机协作对员工行为意向的积极影响, 除此之外, 机器人的优势和劣势尽管对意识产生积极影响, 但员工的意识不影响人机协作。以及 HRM 战略参与的角色对员工意愿的影响并不充分且积极。

这项研究对员工的机器人的使用意图和人力资源管理在机器人采用和激励决策中的员工进行协作提供了应用性的理解。意识是对员工离职的一项动态担忧; 因此, 人力资源管理应该确保采用机器人对员工有帮助

这是第一项有条不紊地研究人力资源管理在旅行、旅游和酒店研究中的人机协作。这项研究对员工重要性以及先进的旅游技术进行了传播。

This paper aims to explore the effect of corporate social responsibility (CSR) on shareholder value using the stock market reactions to a terrorist attack. This paper exploits the September 11 terrorist attack as an unanticipated exogenous shock that reduced shareholder wealth suddenly and unexpectedly. Based on the risk-mitigation hypothesis, the argument is that more socially responsible firms should suffer less negative market reactions.

This paper uses the standard event study methodology to estimate the stock market reactions to the 9/11 terrorist attack. Then, the study executes a cross-section analysis to determine whether CSR offers any protection in the presence of a sudden negative shock. Additional analysis includes propensity score matching, instrumental-variable analysis and using Oster’s (2019) method for testing coefficient stability.

The results show that the negative stock market reactions to the shock are significantly alleviated for firms with strong social responsibility. A rise in CSR by one standard deviation improves the market reactions by 22.56% of the average decline. This is consistent with the prediction of the risk mitigation hypothesis, where CSR spawns moral capital or goodwill that functions as an insurance-like defense in case of an adverse event.

The study focuses on short-term market reactions because this method is more likely to show a causal effect. Future research may investigate long-term effects.

While prior research has investigated the effect of CSR on firm value, it has been challenging to establish causality. The approach is more likely to show causality as it is based on a sudden and unanticipated negative shock. This paper also uses several methods to reduce endogeneity, making it more likely that the results show causality, rather than merely an association.