Search results

Many developing countries have encountered frequent pollution accidents during their rapid development, while the previously weak environmental insurance systems could seriously undermine the progress of sustainable development. Some developing countries like China has initiated and strengthened environmental pollution liability insurance, so how effective this system would be in resolving enterprises environmental risks need to be further revealed.

This research identifies the possible consequence that compulsory environmental pollution liability insurance pilot (CEPLIP) policy would bring to the risk-taking capacity of heavy-polluting corporations of China by the Differences-in-Differences (DID) approach.

The result supports the implementation of CEPLIP policy in increasing corporate risk-taking capacity. Furthermore, the CEPLIP policy can promote the corporate’s risk-taking capacity by reducing financial distress constraints and enhancing trade credit, supporting its dual role of “fallback effect” as well as “external supervision effect” of environmental insurance. As a result of heterogeneity test, the policy is more pronounced in enterprise samples with mature life cycle stage or lower industrial concentration degree. Similarly, it is more significant in enterprise samples owned better environmental management capabilities or greater strategic deviance.

This paper verifies the effectiveness of the CEPLIP policy by strengthening its supervision mechanism and restraining opportunistic behavior tendency and provides implications for alleviating increasing environmental risk pressure and building more sustainable environmental protection management systems.

We review and synthesize the existing research on directors' and officers’ (D&O) liability insurance. Our objectives are (1) to examine the institutional forces and regulatory requirements that have influenced the development of D&O liability insurance; (2) to identify the factors that influence firms to purchase D&O liability insurance and explore the consequences associated with its usage and (3) to identify gaps in the current literature and provide recommendations for future research on D&O liability insurance.

We perform a systematic literature review (SLR) using the Preferred Reporting Items for a Systematic Review of Meta-Analysis (PRISMA) guidelines to examine archival studies that investigate the determinants and consequences of D&O liability insurance. Using a Boolean search strategy on the “Web of Science” (WoS) and PRISMA selection criteria, we review 64 published archival research articles and three working papers from 1987 to October 2023.

Our review reveals that disclosing detailed information regarding D&O liability insurance, such as total insurance premiums and coverage limit, is predominantly voluntary, except in Taiwan. Our findings suggest that the decision to purchase D&O liability insurance is influenced by litigation risk, which is determined by factors such as firm size, complexity and corporate governance variables. We also find that D&O liability insurance has implications for financial reporting, audit outcomes, investment behavior and capital market performance.

In the post-COVID era, where firms face pressure due to financial constraints, our research emphasizes the practical importance of carefully considering and understanding the impact of D&O liability insurance, particularly as it concerns the demand for such insurance.

To the best of our knowledge, this study represents the first systematic review of previous research on D&O liability insurance. Our review highlights some research gaps, particularly in relation to the implications for financial reporting practices, auditing outcomes, firm investment behavior and capital market consequences.

Literature has paid limited attention to narcissism’s influence on tourism. The pre-trip planning stage involves temporal psychological distance, where decision-making regarding the trip stretches over a period of time and occurs anytime during that period. Using narcissism theory and with temporal distance (6 months and 1 week before the trip) as the moderator, this study examines how tourists’ self-sacrificing self-enhancement and grandiose fantasy – grandiose narcissism facets – and travel motivations affect attraction visit intentions.

Partial least squares (PLS) analysis was applied on survey information obtained from 374 individuals (200 and 174 were six-months and one-week scenarios, respectively).

Grandiose narcissism facets affect motivations and visit intentions to various attractions at different temporal distances. The consequences of grandiose fantasy and self-sacrificing self-enhancement on motivation become evident as temporal distance decreases. At large temporal distances, grandiose fantasy positively influences social recognition motivation. At short temporal distances, it positively influences social recognition and ego and negatively influences scenery and relaxation motivations. Self-sacrificing self-enhancement positively influences socialization, exploration, scenery, relaxation and escape motivations at large temporal distances. At short temporal distances, self-sacrificing self-enhancement positively influences historical attraction visit intentions.

Grandiose narcissism facets’ influence on tourism is rarely examined. This study extends the temporal distance concept to the narcissism theory. It integrates the effects of grandiose narcissism and temporal distance on tourists’ motivations and different attraction type visit intentions and shows that motivation is temporally distance-specific.

In view of the rapid growth of micro vacation trend in post-pandemic era, this study aims to identify the underlying motivational factors for micro vacation by developing and validating a measurement scale, while explore the influence of micro vacation motivation on travel intention.

This research adopts mixed methods. Nine dimensions with 38 items are initially yielded through extensive literature review and in-depth interview (n = 22). Expert panel review filters the scale into eight dimensions with 35 items. Principal component analysis (n = 376) purifies the measures into a 35-item and seven-dimension scale, further confirmed by confirmatory factor analysis (n = 616). Nomological validity test (n = 694) proved the positive effect of micro vacation motivation on travel intention.

The results present a measurement scale of micro vacation motivation and reveals its seven dimensions: self-presentation, spiritual satisfaction, bonding, convenience, sense of rituals, place attachment and perceived risk. All the motivational factors positively influence travel intention for a micro vacation.

Through profound comprehension of micro vacationers’ travel motivation, destination marketers and tourism providers can better design their products based on vacationers’ needs while stimulate potential market’s visiting intention by diverse marketing activities.

This study enriches the literature of micro vacation tourism and deepens the knowledge of travel motivation, filling the research gap of tourists’ motivation in micro vacation market.

鉴于疫情后时代微度假趋势的快速增长, 本研究旨在通过开发和验证测量量表来探索微度假的潜在动机因素, 同时探讨微度假动机对旅游意向的影响。

本研究采用混合方法。通过广泛的文献回顾和深度访谈（n = 22）, 初步得出九个维度 38 个题项。专家小组评审将量表筛选为八个维度, 共 35 个题项。主成分分析（n = 376）将其提纯为 35 个题项、七个维度的量表, 并通过确认性因子分析（n = 616）进一步确认。法则效度测试（n = 694）证明了微观度假动机对旅游意向的积极影响。

研究结果提出了微度假动机的测量量表, 并揭示了其七个维度：自我展示、精神满足、联系、便利、仪式感、地方依恋和感知风险。所有动机因素都会对微型度假的旅行意向产生积极影响。

本研究丰富了微度假旅游的文献, 加深了对旅游动机的认识, 填补了微度假市场中游客旅游动机的研究空白。

通过对微型度假者旅游动机的深刻理解, 旅游目的地营销者和旅游服务提供者可以更好地根据度假者的需求设计产品, 同时通过多样化的营销活动激发潜在市场的旅游意向。

Frente al rápido crecimiento de la tendencia a las microvacaciones en la era post pandemia, esta investigación pretende identificar los factores motivacionales subyacentes de las microvacaciones mediante el desarrollo y la validación de una escala de medición, así como analizar la influencia de la motivación de las microvacaciones en la intención de viajar.

Esta investigación adopta un método mixto. En primer lugar, se obtienen nueve dimensiones con 38 ítems a través de una amplia revisión bibliográfica y una entrevista en profundidad (n = 22). Un panel de expertos filtró la escala en ocho dimensiones con 35 ítems. El análisis de componentes principales (n = 376) depuró las medidas en una escala de 35 ítems y siete dimensiones, confirmada además por el análisis factorial confirmatorio (n = 616). La prueba de validez nomológica (n = 694) demostró el efecto positivo de la motivación microvacacional en la intención de viajar.

Los resultados presentan una escala de medición de la motivación para las microvacaciones y muestran sus siete dimensiones: autopresentación, satisfacción espiritual, vinculación, conveniencia, sentido de los rituales, apego al lugar y riesgo percibido. Todos los factores motivacionales influyen positivamente en la intención de viajar en microvacaciones.

Este estudio enriquece la literatura del turismo de microvacaciones y profundiza en el conocimiento de la motivación para viajar, llenando la laguna existente en la investigación de la motivación de los turistas en el mercado de las microvacaciones.

Mediante una comprensión profunda de la motivación de viaje de los microvacacionistas, los comercializadores de destinos y los proveedores turísticos pueden diseñar mejor sus productos basándose en las necesidades de los turistas, así como estimular la intención de visita del mercado potencial mediante diversas actividades de marketing.

Interdependence on the global economy and rapid technological changes raised the degree of uncertainty and complexity, leading to innovation challenges. Innovation depends on knowledge, and the solution might rest on how sound firms manage it, particularly in emerging markets such as India. The purpose of this paper is to examine how firms implement knowledge management (KM) in highly innovation-oriented firms (biotechnology and pharmaceuticals) and the factors affecting its implementation by examining knowledge interactions between individuals.

This study consists of a systematic literature review, a case study with embedded units and the use of grounded theory to analyse the data. The factors emerging from the results were examined from an individual and organisational lens. Next, complexity theory (CT) was used to understand the impact of these factors in KM by facilitating its incorporation as a system.

The findings of this paper suggest that constant technology adoption increases human-to-technology interaction, higher circulation of existing knowledge and more controlled environments, discouraging individuals from learning or sharing knowledge. From a system perspective, results of this paper suggest that firms self-organise around technology, indicating that innovation decreases as knowledge creation and sharing tend to reduce with lesser social interactions. This study shows the usefulness of using CT in analysing KM for innovation. The performance of the system is analysed based on its constituents and interactions.

This study contributes to advancing CT in KM in the context of innovation in highly knowledge-intensive firms, as few studies were found in the literature.

This tourism study delves into the universal impact of authenticity on tourists' preferences. This study aims to enhance understanding and present a model delineating authenticity's intricate relationship with behavioral intention, involvement and nostalgia.

The research entails administering a sample survey to travelers located in the departure lounge of Macau International Airport. Ultimately, 499 fully completed questionnaires are obtained through convenience sampling. The analysis of the collected data incorporates an innovative method, using a quadratic model.

Results undeniably validate that a destination's perceived authenticity significantly influences tourists' intentions, engagement and nostalgic sentiments. Findings strongly support the assertion that this authenticity demonstrates a nonlinear pattern in its association with behavioral intention, involvement and nostalgia.

Through quantitative analysis and interpretation, this study has advanced the comprehension of the interplay between authenticity and tourism. It introduces a novel perspective that adds depth to the broader understanding in this domain. This foundational research is crucial for acknowledging the unique contributions made by this study to the fields of tourism and authenticity.

这项旅游研究深入探讨了真实性对游客偏好的普遍影响。它旨在增强理解并提出一个模型来描述真实性与行为意图、参与和怀旧之间的复杂关系。

该研究需要对位于澳门国际机场候机室的旅客进行抽样调查。最终通过便利抽样获得完整填写的问卷499份。对收集的数据的分析采用了一种创新方法, 利用二次方模型。

结果无可否认地证实, 目的地的感知真实性会显着影响游客的意图、参与度和怀旧情绪。研究结果有力地支持了这一主张, 即这种真实性在其与行为意图、参与和怀旧的关联中表现出一种非线性模式。

通过定量分析和解释, 这项研究增进了我们对真实性与旅游之间的回应的理解。它引入了一种新颖的视角, 加深了我们对这一领域更广泛的理解。这一基础研究为承认本研究对旅游和真实性领域做出了独特贡献。

Este estudio turístico profundiza en el impacto universal de la autenticidad en las preferencias de los turistas. Pretende mejorar la comprensión y presentar un modelo que delinee la intrincada relación de la autenticidad con la intención conductual, la implicación y la nostalgia.

La investigación consistió en administrar una encuesta por muestreo a los viajeros situados en la sala de embarque del Aeropuerto Internacional de Macao. Finalmente, se obtuvieron 499 cuestionarios totalmente cumplimentados mediante un muestreo de conveniencia. El análisis de los datos recogidos incorpora un método innovador, utilizando un modelo cuadrático.

Los resultados validan sin lugar a duda que la autenticidad percibida de un destino influye significativamente en las intenciones, la implicación y los sentimientos nostálgicos de los turistas. Los hallazgos apoyan firmemente la afirmación de que esta autenticidad demuestra un patrón no lineal en su asociación con la intención conductual, la implicación y la nostalgia.

Mediante el análisis cuantitativo y la interpretación, este estudio ha hecho avanzar nuestra comprensión de la interacción entre autenticidad y turismo. Introduce una perspectiva novedosa que añade profundidad a nuestra comprensión más amplia en este ámbito. Esta investigación fundacional es crucial para reconocer las contribuciones únicas de este estudio a los campos del turismo y la autenticidad.

Share repurchase programs are the most important form of payout, yet the implications of incomplete share repurchase programs have not been examined in previous literature. This study tests whether incomplete share repurchase programs are seen as a positive or as a negative signal by investors.

The perception of incomplete share repurchase programs by algorithmic traders, institutional investors and analysts is analyzed with structural equation models, seemingly unrelated regressions, propensity score matching and buy-and-hold abnormal returns on data from share repurchase programs in the United States. In contrast to previous literature, algorithmic trading is appropriately estimated as a latent variable, leading to more reliable results. Furthermore, decisions about share repurchases and dividends are appropriately modeled simultaneously and iteratively, based on findings from previous literature.

The results show that sophisticated investors such as algorithmic traders, institutional investors and financial analysts avoid incomplete share repurchase programs over a long-term investment horizon. Thus, incomplete share repurchase programs are interpreted as negative signals. Additional analyses reveal that share repurchase programs are not completed due to insufficient cash flow, as a result of financial difficulties. Overall, this implies that financial managers should be careful to announce share repurchase programs they know cannot be completed, similar to dividends that cannot be maintained over a long-term horizon.

This study is the first to consider incomplete share repurchase programs. The findings are of interest to scholars and practitioners, as this study goes beyond narrow repurchase program announcement windows, and instead focuses on the longer-term investment horizon over the life of the share repurchase program, which is often ignored in prior research.

This study aims to investigate the evolving travel intentions of tourists in the aftermath of the relaxation of international mobility restrictions in 2022. It aims to understand how the concept of “revenge travel” – travelling with the intent to make up for lost time during crisis periods – impacts tourists' travel intentions in the post-crisis era.

Employing a quantitative approach, the study uses Structural Equation Modelling (SEM). Data were collected through a survey of 320 respondents in 2022. This methodology enables a comprehensive understanding of travel intentions, including motivations, perceptions of destination safety and the influence of revenge travel.

The findings reveal that revenge travel is a significant predictor of travel intentions post-crisis. The results indicate that tourists are less concerned with health and safety and are more driven by the desire to compensate for lost travel opportunities. This shift suggests that travel intentions in the post-crisis era are not predominantly fear-induced. The study also offers insights into how these intentions can inform the recovery and sustainable planning of the tourism industry.

This paper recognises the impact of revenge travel on travel intentions following the lifting of crisis-related mobility restrictions. It provides novel insights into tourists' post-crisis travel behaviour, extending the understanding of travel motivations in extraordinary circumstances. The findings are valuable for tourism practitioners and researchers, offering guidance for future tourism development and marketing strategies within a post-crisis context.

This paper investigates the usage and trust of Chinese social media in the travel planning process (pre-trip, during-trip and post-trip) of Chinese tourists.

Through a combination of structured online survey (n = 406) and follow-up interviews, the research identifies the diversification of the demand-and-supply patterns of social media users in China, as well as the allocation of functions of social media as tools before, during and after travel.

Social media users are diverse in terms of their adoption of social media, use behaviour and scope; the levels of trust and influence; and their ultimate travel decisions and actions. Correlations between the level of trust, influence of social media and the intended changes in travel decisions are observed. Destination marketers and tourism industries should observe and adapt to the needs of social media users and potential tourist markets by understanding more about user segmentation between platforms or apps and conducting marketing campaigns on social media platforms to attract a higher number of visitors.

This paper demonstrated the case of social media usage in mainland China, which has been regarded as one of the fastest growing and influential tourist-generating markets and social media expansions in the world. This study further addressed the knowledge gap by correlating social media usage and travel planning process of Chinese tourists. The research findings suggested diversification of the demand-and-supply pattern of social media users in China, as well as the use of social media as tools before, during and after travel. Users were diversified in terms of their adoption of social media, use behaviour, scope, the levels of trust, influence and the ultimate travel decisions.

Destination marketing organizations should note that some overseas social media platforms that are not accessible in China like TripAdvisor, Yelp, Facebook and Instagram are still valued by some Chinese tourists, especially during-trip period in journeys to Western countries. Some tactics for specific user segments should be carefully observed. When promoting specific tourism products to Chinese tourists, it is necessary to understand the user segmentation between platforms or apps.

Social media is a powerful tool for tourism development and sustainability in creating smart tourists and destinations worldwide. In China, the use of social media has stimulated the development of both information and communication technology and tourism.

This study aims to identify motivations for visiting Kyoto's prominent religious attractions using latent Dirichlet allocation (LDA) text analysis of online reviews; establish linkages between push motivational factors and pull factors of the religious sites, forming distinct tourist typologies; and suggest strategies for Kyoto's destination marketing based on the findings.

This study analyzed 37,772 TripAdvisor reviews for Kyoto's top 25 religious sites from the pre-pandemic period (March 2020). LDA topic modeling extracts 18 underlying thematic dimensions from the review texts. Axial coding of these dimensions revealed five distinct tourist motivation typologies.

Five motivation typologies emerged: cultural seekers drawn to Japan's unique heritage, nature lovers attracted by scenic landscapes, chrono-seasonal experiencers seeking distinct seasonal views, crowd-avoiders prioritizing less congested visits and city wanderers engaging in local activities.

The findings offer valuable guidance for destination marketers and managers in Kyoto, enabling the development of targeted strategies to enhance visitor experiences and manage overcrowding at popular religious sites.

This research provides novel insights into nonreligious tourists' motivations for visiting religious sites in a crowded destination. By identifying distinct motivation-based tourist typologies, the study informs strategies for enhancing visitor experiences tailored to diverse needs, contributing to tourism literature and practical destination management.