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The purpose of this study is to investigate whether the organizational form of an investment management firm affects the performance of the mutual funds under its operation. More explicitly, this study aims to test whether funds managed by publicly listed firms achieve different risk-adjusted performance when compared with funds operated by privately held investment firms.

This study uses Jensen's alpha to measure funds’ performance based on the Carhart’s (1997) benchmarks and market timing factors. The researchers test the relation between fund performance and organizational form using regressions. It alleviates the reverse causality and endogeneity using propensity score matching (PSM) methodology. The study investigates the difference in performance of funds managed by public firms on the post- vs pre- initial public offering (IPO) basis. Alternatively, this study tests the performance change post-public listing of the parent firm. It computes the difference for a matched sample of funds managed by private firms that were likely to go public but did not. The researchers match funds using PSM methodology.

This paper provides robust evidence that publicly traded management companies administer relatively under-performing mutual funds in comparison to those managed by privately held firms. To the best of the authors’ knowledge, this is the first paper that confirms that organizational decision is endogenous to performance. The study finds that after a privately held company goes public, the performance of their mutual funds and the performance of the matched group funds, whose companies remained private at the same time, tends to decline, compared with companies prior to the public offering. However, the decline in mutual fund performance is larger for the companies who chose to pursue their IPO.

The contribution of this study to the literature is twofold. First, while there is a wealth of literature on the impact of ownership structures on corporate performance, there are very few studies focused on mutual fund markets, despite the evidence that supports a generally mixed effect. This study confirms that the performance of mutual funds managed by publicly traded investments firms is lower than that of funds managed by privately held firms. Second, the organizational decision (private vs public) is not exogenous but depends on the actual funds’ performance.

This paper aims to establish an appropriate annealing method, which is necessary for shape stability and to evaluate their potential degradation performance of 1-, 3- and 5-layer material extruded polylactic-acid specimens by enhancing their thermal and mechanical properties.

The distortion of each layered printed specimen subjected to degradation was calculated in x- and y-direction. Each layered specimen was subjected to annealing at 70°C, 80°C and 90°C for 2 h and at 80°C for 1, 4, 8 and 16 h. Thermal, molecular weight and mechanical properties were calculated using, differential scanning calorimetry, gel permeation chromatography and tensile testing machine, respectively.

In the x-direction, distortion was 16.08 mm for one-layer non-annealed printed specimens and decreased by 73% and 83% for 3- and 5-layer, respectively, while each layered non-annealed specimen subjected to degradation at 37°C for one month. Within the outlined study, annealing treatment enhances properties such as the degree of crystallinity (%χ) up to 34%, Young’s modulus (E) by 30% and ultimate tensile strength by 20% compared to the non-annealed specimens.

The future research accomplishments will be concentrated on the design, development and optimisation of degraded biomedical implants using material extrusion thin films including drug delivery system and fixation plates.

The printed thin specimens subjected to degradation were investigated. This research developed a new understanding of the effect of the annealing temperature and time on the mechanical, thermal and molecular weight properties for each layered specimen.

The purpose of this study is to further explore the effects of customer participation (CP) and service personal values (SPVs) on cruise customer satisfaction (CS) and customer loyalty (CL) by applying the empirical research approach.

A self-administered questionnaire was prepared and used to collect data. Exploratory factor analysis and structural equation modeling analysis was used to test the proposed model and hypotheses.

The empirical results indicate that CP positively influences SPVs, CS and CL. SPVs have a significant and positive impact on CS as well. Moreover, the study also finds that collectivism has a strong positive effect on CP. Price sensitivity negatively moderates the relationship among CP, CPV, CS and CL.

The generalizability of the current study findings should be considered or scrutinized in light of the fact that limited samples and cross-sectional data were used. This limitation positions the findings as a continuation of the developing path toward a better understanding of customer behavior rather than a definitive conclusion.

The study results show that CP has a positive direct effect on SPVs, CS and CL. Even though many researchers have verified the importance and function of CP, there is a lack of literature, which assesses the influence of CP in a cruise industry context. By focusing on this gap, this research makes it feasible to empirically analyze the different effects of CP in relation to SPVs, CS and CL in Chinese cruise preferences.

The study results suggest that CP is a new predictor of CS and CL in the cruise industry. Thus, creating a positive experience through participation is crucial. As customers are co-producers, it is beneficial for the cruise companies to raise labor productivity and reduce cost by guiding and stimulating them to take part in the service-producing process.

Based on the perspective of service-dominant logic, the purpose of this study is to shed light on the formation process of loyalty behavior of Chinese cruise tourists. The empirical results indicate that CP positively influences SPVs, CS and CL. SPVs have a significant and positive impact on CS as well. Moreover, the study also finds that collectivism has a strong positive effect on CP. Price sensitivity negatively moderates the relationship among CP, CPV, CS and CL.

标题:中国邮轮游客的忠诚度:顾客参与和服务个人价值观的影响

本研究通过实证研究方法, 旨在深入探讨顾客参与(CP)与服务个人价值观(SPVs)对邮轮游客满意度(CS)与顾客忠诚度(CL)的影响。

本文编制了一份自填问卷用于收集数据。采用探索性因子分析(EFA)和结构方程模型(SEM)分析进行模型和假设检验。

结果表明, CP对SPVs、CS、CL均有正向影响。SPVs对CS也有显著的正向影响。此外, 本研究还发现, 集体主义对CP有很强的正向影响, 价格敏感性对CP、CPV、CS和CL之间的关系起负向调节作用。

鉴于样本有限和横断面数据的采用, 应仔细考虑和检查本文研究结果的普遍性。这一局限意味着本研究结果是顾客行为研究道路上的延续, 而不是一个确定的结论。

研究结果表明, CP对SPVs、CS、CL有直接的正向影响。尽管许多研究者已经证实了CP的重要性和作用, 但是对于CP在邮轮业中的影响的评价文献还很缺乏。基于对这一研究空白的关注, 本文通过实证研究, 分析在中国人的邮轮偏好中, CP对SPVs、CS、CL的不同影响。

研究结果表明, CP是邮轮行业CS和CL的一个新的预测因子。因此, 通过参与来创造积极体验是至关重要的。由于顾客是共同生产者, 通过引导和激励他们参与服务生产过程, 有利于提高邮轮公司的劳动生产率, 降低成本。

基于服务主导逻辑的视角, 本研究旨在揭示中国邮轮游客忠诚行为的形成过程。实证结果表明, 顾客参与(CP)对顾客个人价值(SPVs)、顾客满意度(CS)和顾客忠诚度(CL)具有正向影响。SPVs对CS也有显著的正向影响。此外, 本研究还发现, 集体主义对CP有很强的正向影响, 价格敏感性负向调节CP、CPV、CS和CL之间的关系。

关键词 顾客参与, 服务个人价值, 顾客忠诚度, 价格敏感度,中国邮轮游客

研究论文

La lealtad de los clientes chinos de cruceros: el impacto de la participación de los clientes y los valores personales del servicio

El propósito de este estudio es explorar, en profundidad, los efectos de la participación del cliente (CP) y los valores personales del servicio (SPV) en la satisfacción del cliente de cruceros (CS) y la lealtad del cliente (CL) aplicando el enfoque de la investigación empírica.

La obtención de datos se realizó a través de un cuestionario autoadministrado. El modelo y las hipótesis propuestas fueron contrastados a través del análisis factorial exploratorio (EFA) y el análisis de ecuaciones estructurales (SEM).

Los resultados empíricos indican que la CP influye positivamente en los SPV, CS y CL. Los SPVs también tienen un impacto significativo y positivo en la CS. Además, el estudio también encuentra que el colectivismo tiene un fuerte efecto positivo en el CP. La sensibilidad al precio modera negativamente la relación entre CP, CPV, CS y CL.

La posibilidad de generalizar las conclusiones del presente estudio debe considerarse teniendo en cuenta que se utilizaron muestras limitadas y datos transversales. Esta limitación hace que los hallazgos avancen en la senda para una mejor comprensión del comportamiento del cliente y no sean una conclusión definitiva.

Los resultados del estudio muestran que el CP tiene un efecto directo positivo en las SPVs, CS y CL. Aunque muchos investigadores han verificado la importancia y la función de la CP, falta literatura que evalúe la influencia de la CP en el contexto del sector de los cruceros. Al centrarse en esta carencia, esta investigación permite analizar empíricamente los diferentes efectos de la CP en relación con las SPVs, CS y CL en las preferencias de los cruceristas chinos.

Los resultados del estudio sugieren que la CP es un nuevo predictor de la CS y la CL en el sector de los cruceros. Por tanto, crear una experiencia positiva a través de la participación es crucial. Dado que los clientes son coproductores, es beneficioso para las compañías de cruceros aumentar la productividad laboral y reducir los costes guiándolos y estimulándolos a participar en el proceso de producción del servicio.

Basado en la perspectiva de la lógica dominante del servicio, el propósito de este estudio es arrojar luz sobre el proceso de formación de la lealtad de los turistas chinos de cruceros. Los resultados empíricos indican que la participación del cliente (CP) influye positivamente en los valores personales del servicio (SPV), la satisfacción del cliente (CS) y la lealtad del cliente (CL). Los SPVs también tienen un impacto significativo y positivo en la CS. Además, el estudio también encuentra que el colectivismo tiene un fuerte efecto positivo en el CP. La sensibilidad al precio modera negativamente la relación entre CP, CPV, CS y CL.

participación del cliente, valores personales del servicio, lealtad del cliente, sensibilidad al precio, turistas chinos de cruceros.

Trabajo de investigación

This study aims to investigate diners’ self-presentation mechanism as manifested in foodstagramming. Drawing upon the social cognitive and self-presentation theories, this study develops a conceptual model to examine the relationships among food experiential value (i.e. extrinsic value and intrinsic value), self-efficacy, strategic self-presentation and self-presentation outcomes.

The authors adopt a multi-study approach with two empirical studies (Study 1: tourists, n = 254; Study 2: residents, n = 252) and use partial least squares structural equation modeling to test the proposed model.

The results consistently show significant effects of extrinsic value, intrinsic value and self-efficacy on strategic self-presentation, which subsequently evokes perceived enjoyment and behavioral intention. The impact of food experiential value on self-efficacy varies between tourists and residents. The mediating effects of self-efficacy and strategic self-presentation are also confirmed.

Restaurant managers and destination marketers should acknowledge the importance of food experience as expressive capital and recognize self-presentation as a meaningful tool that links restaurant food experience with consumers’ personal branding. Businesses should strive to create a desired experiential setting shaped by food price, restaurant service, food aesthetics and consumers’ feelings, allowing diners to translate these stimuli into self-presentational resources.

This study dives into an important, yet under-examined, phenomenon of foodstagramming. To the best of the authors’ knowledge, this study is the first to theoretically link food experience to foodstagramming behavior via a self-presentation mechanism. Findings provide important theoretical and managerial implications.

This study aims to meta-analyze the moderating roles of Hofstede’s four cultural values in the antecedent–tourist loyalty link.

Based on 35 independent studies, a meta-regression was conducted to determine whether the heterogeneity of 11 antecedent–tourist loyalty relationships could be explained by four dimensions of Hofstede’s cultural values. Furthermore, this study tested how these relationships were contingent on each cultural value dimension, reinforced by robustness tests involving subgroup analyses.

The intensity of all associations significantly varied by at least one cultural value dimension, namely, power distance, individualism, masculinity or uncertainty avoidance.

This meta-analytic study enriches the relevant literature by referring to a large, diverse sample to enhance the robustness of the moderating role of tourists’ national culture in loyalty formation and revealing the moderating effect of national culture in 11 antecedent–tourist loyalty links more than in extant literature.

For the body of knowledge of culture-moderated tourist loyalty formation, to the best of the authors’ knowledge, this study is the pioneering meta-analytic effort. It also first offers an original contribution to moderator analysis meta-analytic studies of tourist loyalty by identifying a new moderator, i.e. national culture.

Accurately judging the quality of marine economic development is the premise of grasping the level and status of marine economic development. In order to scientifically evaluate the development quality of regional marine economy, the purpose of this paper is to select the marine area of Qingdao as the research object, and construct a marine economic development quality evaluation index system with 16 indicators.

The raw data is normalized by the range conversion method, and the weight of the index is determined by the information entropy model. Further, the grey relational analysis (GRA) method is used to evaluate the quality of marine economic development of Qingdao from 2012 to 2017.

The results show that the marine economic development capacity of Qingdao is with the generally increasing trend, the total marine economy is with on the rising trend, the marine storage and transportation capacity, and marine ecological environment are first decreased, and then increased. The utilization of marine resources is generally decreasing, and the comprehensive management of oceans varies with the changes of environment and economy. Therefore, in view of the development capacity of marine economy, the coordinated development of economy and environment should be carried out.

This paper uses the GRA to evaluate the quality of marine economic development and provides a reference for the development of marine economy in Qingdao.

This study aims to investigate the antecedents of frontline employees’ boundary-spanning behaviors in the hospitality industry. Anchored in transactional stress theory, affective events theory and motivation theories, a conceptual model was built to explore the impacts of hindrance stressors on boundary-spanning behavior.

Data were collected from frontline employees in the hospitality industry in the USA. Confirmatory factor analysis and structural equation modeling were used.

The findings revealed that despite hindrance stressors’ negative indirect impact on frontline employees’ boundary-spanning behaviors, intrinsic motivation worked effectively to reduce hindrance stress and influence subsequent emotions leading to boundary-spanning behaviors.

This study provides substantial and detailed strategies for hospitality practitioners who are pressed to alleviate the hindrance stressors from which frontline employees frequently suffer, foster employees’ positive emotions and ease negative emotions while promoting boundary-spanning behaviors. Cultivation of employees’ intrinsic motivation and emotional management is encouraged, as is effective organizational structure and management intervention. All of these are deemed helpful in buffering employees’ work-related stress while motivating them to go above and beyond their nominal duties.

Very few studies have examined how “bad” hindrance stressors affect boundary-spanning behaviors. Rather than suggesting that hindrance stressors are relevant only to counterproductive behaviors, this study extends both the stress and boundary-spanning literature by uncovering the impact of hindrance stressors on frontline employees’ boundary-spanning behaviors while accounting for the roles of workers’ motivation and emotion.

This paper aims to explore the relationships among local food consumption experience, cultural competence, eudaimonia, and behavioral intention. Building upon acculturation theory, need hierarchy theory and self-determination theory, the current study develops a conceptual model of local food consumption as international tourists’ acculturation process.

This study collects data from 305 Chinese outbound tourists and uses partial least squares-structural equation modeling to examine the developed model.

The findings reveal a significant effect of the local food consumption experience, consisting of novel, authentic, sensory and social dimensions, on cultural competence, which subsequently evokes eudaimonia and behavioral response toward local food. The mediating effect of cultural competence is also confirmed.

Destination marketers and restaurant managers should recognize local food consumption as a meaningful tool that contributes to tourists’ cultural competence and eudaimonic well-being during travel. They should strive to craft an indigenous consumption setting and provide employee training on the history and culture of local food, helping tourists understand local food customs and embrace different food cultures.

To the best of the authors’ knowledge, very few studies have attempted to examine the meaningful consequences of local food consumption through the theoretical lens of acculturation. This study dives into international tourists’ local food consumption and pioneers a conceptual model to capture how local food consumption experience provokes their eudaimonia and behavioral desires through the mechanism of cultural competence.

Drawn upon the perspective of implicit voice theory, the purpose of this paper is to explore the underlying mechanism as well as the boundary effect in the relationship between paternalistic leadership and voice behavior.

Multiple-wave survey data from a sample of 368 employees in China were used to test the hypothesized moderated mediation model.

The findings show that both benevolent leadership and moral leadership related positively to voice behavior, whereas authoritative leadership played a negative role in influencing voice behavior. Employees’ implicit voice belief played a partial mediating role between paternalistic leadership and voice behavior. Furthermore, perceived HRM strength weakens both the mediation relationship among benevolent leadership, implicit voice belief and voice behavior, and the mediation relationship among moral leadership, implicit voice belief and voice behavior. However, the moderated mediation effect of implicit voice belief on the relationship between authoritative leadership and voice behavior is not significant.

Leaders are encouraged to behave benevolently and morally whereas to avoid excessive authoritative style at work, so that employees can be encouraged to speak out. Organizations are advised to introduce management practices like training and development sessions and to improve employees’ perceived HRM strength so that the implicit voice belief can be reduced, and the voice behavior can be stimulated.

The research provided a fresh theoretical perspective on the underlying mechanism between paternalistic leadership and employees’ voice behavior by unveiling employee implicit voice belief’s partial mediating role between paternalistic leadership and employee voice behavior. Furthermore, the study contributed to the literature of voice by adopting a more integrative perspective and exploring the role of the implementation of the organization’s system, i.e., perceived HRM strength that provided a boundary condition in the above mediation model.

Crowdsourcing communities enable companies to post challenges that are completed by solvers (workers); their success depends on engagement, requiring both creativity and effort. This study explores solver engagement in online crowdsourcing communities, advancing the theory of trait engagement by investigating the mediating roles of: (a) task-related self-efficacy in linking conscientiousness, neuroticism and extraversion, with solver engagement, and (b) task complexity in influencing the mediation.

215 valid responses were obtained from solvers engaged in the popular Chinese crowdsourcing community, Epwk.com, using an online questionnaire. PLS was then used to analyze the data.

Results show that self-efficacy mediates the relationships for conscientiousness, neuroticism and extraversion, with solver engagement. Moderated mediation analysis revealed that self-efficacy mediates the relationships for: (a) conscientiousness and extraversion, for only solvers with high task complexity; and (b) neuroticism, for only solvers with low task complexity.

The authors’ findings underscore the importance of accounting for solvers' situational contexts when examining the relationships between personality, self-efficacy and solver engagement in online crowdsourcing communities.