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In past literature, employee has been extensively utilized as input in most data envelopment analysis (DEA) studies, but different labor types are identically defined to be the same input factor without a specific assumption for their heterogeneity. The influence of manual and non-manual labor utilization on performance also has not been investigated in hotel efficiency analyses. The purpose of this study is to assess inefficiency indices derived from manual and non-manual labor, and analyze the influence of labor utilization on hotel’s operational efficiency.

Based on the different features of the two labor types, performance indicators are evaluated through the hybrid DEA model.

More than 32 per cent of tourist hotels are evaluated as efficient and more than half the hotels have an efficiency score lower than the average. The author evaluated the inefficiency caused by radial inputs that have a greater influence on efficiency. This finding indicates that most hotels are efficient in their utilization of non-manual labor. The investigation of external factors shows that excessive utilization of non-manual labor results in a slight influence on operational efficiency across many non-chain hotels. The author also found the efficiency of non-manual labor utilization to be lower at hotels located in resort areas.

This study used the hybrid DEA model, in which non-manual and manual labors are assumed as non-radial and radial inputs, respectively, to evaluate efficiency. Finding the significance of heterogeneous assumptions for manual and non-manual labor types is the main contribution to the theory of hotel efficiency measurement.

A shared cognitive schema is the fundamental source of tacit understanding within a team. This study aims to address how such a shared cognitive schema emerges and evolves in an interdisciplinary research team.

This study uses an exploratory single case study to analyze the emergence and evolution of a shared cognitive schema in an interdisciplinary research team systematically. The authors spent more than two years collecting data from the IAM team via semistructured interviews, archival data and observation. Subsequently, a framework for the resulting mechanism model was developed by analyzing the data using a three-step process.

This study shows that as the interdisciplinary research team develops, the shared cognitive schema passes through three stages: overlapping cognitive schema, complementary cognitive schema and synergetic cognitive schema. The mechanisms of overlap, complement and synergy play important roles. The convergent roles of partner-based recruiting, knowledge categorization and following the existing institution facilitate the overlapping of knowledge structures. Complementary cognitive schema sharing is facilitated by interdisciplinary member selection, knowledge stock expansion and the effects of accomplished mentors. The synergetic behaviors of group voice, interactive cognition and adaptive learning facilitate synergetic cognitive schema sharing.

This study is the first to discuss the emergence and evolution of a shared cognitive schema at the microlevel of knowledge structure and belief structure. It offers a new theoretical perspective on the development rules of scientific research teams and provides practical enlightenment regarding the establishment and operation of interdisciplinary research teams.

This paper aims to examine the relevance of stock analysts’ opinions and institutional investors’ shareholding to the value of Chinese firms.

The authors use both internal and external corporate governance mechanism to investigate value relevance of analyst opinion and institutional shareholding to Chinese firms.

The authors find that Tobin’s Q is positively related to analysts’ consensus forecast optimism and institutional investors’ shareholding but negatively related to analyst forecast dispersions. Further analysis using subsamples of partially state-owned enterprises and non-state-owned firms indicate that institutional investors have significant impact on firm value for all firms irrespective of the ownership type, whereas analyst forecasts opinions appear to have significant effects on partially state-owned firms but insignificant effects on non-state-owned firms. The results also show that internal governance appears to be an important pre-requisite that affects analysts’ forecast opinions and that good internal governance reinforces external governance mechanism to create firm value.

Studies analysing the effects of both internal and external mechanisms on firm value in emerging economies are scant. This study attempts to extend and contribute to this line of research by investigating the relevance of institutional investors and stock analysts’ opinion to firm valuation.

Population aging was a global trend, and the most obvious thing after aging was the change in skin appearance. Therefore, the active ingredients that delay skin aging were particularly noticed. Past studies had pointed out that Chinese herbal extracts can improve skin elasticity, reduce wrinkles and melanin precipitation. The purpose of this paper is to explore whether combining hydrolyzed collagen with Chinese herbal extracts can improve skin conditions and achieve anti-inflammatory effects.

Fifty subjects were randomly divided into collagen or placebo groups, and one bottle of collagen or placebo drink was used every day for four weeks, after which skin and inflammatory factors were tested.

In comparison with the baseline results, the skin parameters were improving after four-week intervention. In addition, the IL-6, IL-8, TNF-a were significantly decreased and tissue inhibitor matrix metalloproteinase 1 (TIMP-1) was increased after four-week hydrolyzed collagen intervention.

This study showed that hydrolyzed collagen combined with Chinese herbal extracts can improve the condition of the skin, and can also reduce inflammatory associated factors, thereby achieving anti-aging effects.

The purpose of this paper is to examine the association between the cost of debt (COD) and auditor industry expertise using Taiwanese data. Since previous studies (Li et al., 2010) have only examined the relation between industry specialization and COD at the audit firm level in western countries, the authors further examine the association between industry specialization and COD at the individual auditor level in an Asian context.

The authors use the interest rate on the firm’s debt as a proxy variable for the COD (Francis, Khurana and Pereira, 2005). The authors adopt three different methods to measure industry specialization, which consist of the auditors’ market share in terms of client sales and number of clients, and client assets.

The results indicate that the clients of industry specialists at individual auditor levels have a lower COD.

First, the authors extend the research of Li et al. (2010) and find that the clients of individual auditor industry specialists also have a lower COD. Second, the authors also believe the evidence on the effects of industry expertise at the individual auditor level may have policy implications for regulators and public investors. Finally, in contrast to works carried out in the US market, the authors provide empirical evidence for the relation between industry specialization and COD in an Asian market.

This study updates and extends the current work on the issue of accuracy of property valuation. The paper investigates the factors that contribute to property valuation inaccuracy and examines different strategies to achieve greater accuracy in practice.

An online questionnaire was designed and administered on the Australian Property Institute (API) registered valuers, attempting to examine their perceptions on the current state of valuation accuracy in Australia. The variables/statements from responses are ranked overall and compared for differences by the characteristics of respondents.

Using mean rating point, the survey ranked three factors; inexperience valuers, the selection, interpretation and use of comparable evidence in property valuation exercise and the complexity of the subject property in terms of design, age, material specification and state of repairs as the most significant factors currently affecting valuation inaccuracy. The results of a Chi-square test did not, however, show a significant statistical relationship between respondents' profile and the perception on the comparative importance of the factors identified. Except for valuers' age and inexperience valuers and valuers' educational qualification and inexperience valuers and the selection, interpretation and use of comparable evidence in property valuation exercise. Also, the three highly ranked strategies for reducing the level of inaccuracy are: developing a global mindset, use of advanced methodology and training valuers on market forecasting skills.

In order for valuers to provide state-of-the-art service to the public and to remain relevant, there is a need to accurately and reliably estimate valuation figures. Hence, the strategies highlighted in this study could be considered in a bid to reduce property valuation inaccuracy in practice.

This study provides an updated overview of the issue of property valuation inaccuracy in the Australia valuation practice and examines the strategies to reduce it.

This paper aims to prevent oil starvation and improve the service life of the rolling bearings.

A thrust ball bearing with magnetic circuit structure is proposed for ferrofluid lubrication. With the aid of magnetic field, ferrofluid can be maintained in the contact area of rolling bodies to delay lubricant loss. Experiments are performed to ensure the validity of the designed bearing.

Compared with conventional lubricant, service life of the ferrofluid lubricated bearing can be prolonged under magnetic field. In addition, with a proper magnetic field distribution, lubricant starvation may be limited under the conditions of present experiments.

This work provides a method to control the starved lubrication of rolling bearings with restricted lubricant supply.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-04-2020-0132/

The purpose of this paper is to review “institutional experimentation” for protecting workers in response to the contraction of the standard employment relationship and the corresponding rise of “non-standard” forms of paid work.

The paper draws on the existing research and knowledge base of the authors as well as a thorough review of the extant literature relating to: non-standard employment contracts; sources of labour supply engaging in non-standard work; exogenous pressures on the employment relationship; intermediaries that separate the management from the control of labour; and entities that subvert the employment relationship.

Post-war industrial relations scholars characterised the traditional regulatory model of collective bargaining and the standard employment contract as a “web of rules”. As work relations have become more market mediated, new institutional arrangements have developed to govern these relations and regulate the terms of engagement. The paper argues that these are indicative of an emergent “patchwork of rules” which are instructive for scholars, policymakers, workers’ representatives and employers seeking solutions to the contraction of the traditional regulatory model.

While the review of the institutional experimentation is potentially instructive for developing solutions to gaps in labour regulation, a drawback of this approach is that there are limits to the realisation of policy transfer. Some of the initiatives discussed in the paper may be more effective than others for protecting workers on non-standard contracts, but further research is necessary to test their effectiveness including in different contexts.

The findings indicate that a task ahead for the representatives of government, labour and business is to determine how to adapt the emergent patchwork of rules to protect workers from the new vulnerabilities created by, for example, employer extraction and exploitation of their individual bio data, social media data and, not far off, their personal genome sequence.

The paper addresses calls to examine the “institutional intersections” that have informed the changing ways that work is conducted and regulated. These intersections transcend international, national, sectoral and local units of analysis, as well as supply chains, fissured organisational dynamics, intermediaries and online platforms. The analysis also encompasses the broad range of stakeholders including businesses, labour and community groups, nongovernmental organisations and online communities that have influenced changing institutional approaches to employment protection.

This paper aims to develop a barrier cap option model, i.e. a cap option model where default can occur at any time before the maturity date, to evaluate the equity and the default risk of a bank. The model implies the bank as a liquidity provider that one institution carriers out both lending and deposit-taking functions under the same roof. This paper studies the impacts of demand deposits and capital regulation on the optimal bank interest margin, i.e. the spread between the loan rate and the deposit rate.

This paper characterizes the bank’s equity value by a barrier cap option framework. In the model, default can occur at any time before the maturity and loan markets are imperfectly competitive.

This paper has two main results. First, increases in demand deposits reduce the bank’s interest margin and further increase the bank’s default risk. The negative effect on the optimal bank interest margin which ignores the barrier leads to significant overestimation; the positive effect on the default risk which ignores the barrier leads to underestimation. Second, the same pattern of capital regulation as previously applies. Capital regulation as such makes the bank more prone to loan risk-taking, thereby adversely affecting the stability of banking system.

This paper reintroduces the knock-out value and bank interest margin determination within a synergy banking function to the cap option model. The results confirm the need to model bank equity as a barrier cap option and demonstrate its usefulness in capital regulation.

The purpose of this paper is to develop a theoretical framework to answer the following question: What are the consequences of sunflower behavior as well as spread behavior for how asset-liability management is administrated in a life insurance company?

This paper takes into account the following: the chief executive officer (CEO) of a life insurance company confirms the board of directors’ belief – the preference of the like of higher return relative to the dislike of higher risk; the authors call such behavior sunflower management; the life insurance policyholder is entitled to a guaranteed interest rate and a participation percentage of the company’s investment surplus; and the authors examine the optimal insurer interest margin, i.e., the spread between the loan rate and the guaranteed rate.

Sunflower management translates into lower utility for the CEO and makes the CEO more prudent to risk-taking at an increased insurer interest margin for the provision of life insurance contracts. The effect of the guaranteed rate on the margin is ambiguous and depends on the level of guarantee itself. An increase in the participation level decreases the CEO’s loan risk-taking at an increased margin. It is shown that a trend toward higher return like of the board’s belief produces a corresponding trend toward the CEO’s decreasing risk-taking when the return like is revealed strongly. The results indicate that sunflower management as such is an important determinant in ensuring a safe insurance system.

This is the first paper to construct a contingent claim model to evaluate the expected value of the CEO’s utility function defined in terms of the equity returns and the equity risks of a life insurance company. The model explicitly considers CEO sunflower behavior, CEO spread behavior and the limited liability of shareholders.