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We examine whether the social capital of the area where a firm’s headquarters is located affects that firm’s credit rating. Given that credit rating agencies only infrequently visit a firm’s headquarters, it is pertinent to investigate whether this soft information is considered.

In order to test whether social capital affects firms’ credit ratings, we estimate the following model using an ordinary least squares regression: Rating_it = β₀ + β₁ Social Capital_it + ∑ Controls_it + Industry fixed Effects_i + State−year fixed effects_it + ε_it. We follow recent accounting and finance research and measure societal-level social capital at the county level (Jha & Chen, 2015; Cheng et al., 2017; Hasan et al., 2017a, b; Jha, 2017; Hossain et al., 2023). We use four inputs to calculate social capital: (1) voter turnout in presidential elections, (2) the census response rate, (3) the number of social and civic associations and (4) the number of nongovernmental organizations in each county.

W provide evidence that social capital has a causal effect on credit ratings. Interesting is that this effect is not merely localized to firms near credit rating agencies. We also find that the effect of social capital on credit ratings is concentrated among firms with moderate levels of default risk. For firms with extremely low or extremely high default risk, social capital appears irrelevant to credit ratings, suggesting that social capital plays a larger role in more ambiguous contexts or when greater judgment is required. We demonstrate that the effect of social capital on credit ratings disappears when the rating agency has extensive experience in a particular region. This result is consistent with rating agencies stereotyping certain regions of the USA and using that information to inform their ratings when they have less experience in the region. Finally, we find that while social capital is associated with credit ratings, it has no association with future defaults.

Though we cautiously followed prior studies and were confident in our data construction process, it is possible that we are measuring social capital with error.

Our findings suggest that credit rating agencies could benefit from reevaluating how they incorporate non-financial information, such as social capital, into their assessment processes, potentially leading to more nuanced and equitable credit ratings. Additionally, firms could use these insights to bolster their engagement with local communities and stakeholders, thereby enhancing their creditworthiness and attractiveness to investors as part of a broader corporate strategy. The findings also underline the need for regulatory frameworks that foster transparency and the inclusion of social factors in credit evaluations, which could lead to more comprehensive and fair financial reporting and rating systems.

Recognizing that social capital can influence economic outcomes like credit ratings may encourage both communities and firms to invest more in building and maintaining social networks, trust and civic engagement. By demonstrating how social capital impacts credit ratings, our research highlights the potential to address inequalities faced by regions with lower social capital, guiding targeted social and economic development initiatives. Moreover, understanding that regional social capital can influence credit ratings might affect public perception and trust in the impartiality and accuracy of these ratings, which is essential for maintaining market stability and integrity.

Our research provides fresh insights into how social capital, an intangible asset, influences credit ratings – a topic not extensively explored in existing literature. This sheds light on the dynamics between social structures and financial outcomes. Methodologically, our use of the 9/11 attacks as an exogenous shock to measure changes in social capital introduces a novel approach to study similar phenomena. Additionally, our findings contrast with prior studies such as Jha and Chen (2015) and Hossain et al. (2023), by delving deeper into how proximity and familiarity impact financial assessments differently, enriching academic discourse and refining existing theories on the role of local knowledge in financial decisions.

Based on social cognitive theory, this study aims to explore the influence of supervisor bottom-line mentality (SBLM) on employee knowledge behavior (knowledge territorial behavior and knowledge sabotage behavior). The study first investigates the role of an ethical decision-making mechanism (moral disengagement) in mediating this relationship. In addition, it considers the possible boundary conditions to supplement research on the influence of SBLM in the knowledge management field.

The authors collected 256 data points from employees across three stages using convenience sampling. The authors then tested the proposed hypothesis using hierarchical regression and bootstrap methods.

The results demonstrated that SBLM promotes employees’ moral disengagement, leading to more knowledge territorial behavior and knowledge sabotage behavior. Furthermore, high power distance orientation among employees exacerbates the ill effects of SBLM according to the first stage of a moderated mediation model. Employees with such an orientation are more likely to respond to a SBLM by exhibiting a higher level of moral disengagement, thus increasing their knowledge territorial behavior and knowledge sabotage behavior.

Research on the influence of SBLM in the knowledge management field is limited. This study not only clarifies the relationships between SBLM and two types of knowledge behavior (knowledge territorial behavior and knowledge sabotage behavior) but also enriches the research on the antecedents of these two types of knowledge behavior.

The brand logo, as a fundamental element of marketing communications, serves as a crucial visual representation of a brand. In the current era of mobile Internet, logo flatness has become a new trend in practice. However, there remains a scarcity of research that explores the effects of logo flatness on consumer perceptions and brand attitudes.

Across four studies, using both observational analyses of real brands and experimental manipulations of fictitious brands, the authors examined the impact of logo flatness on consumer perceptions and brand attitudes.

Results show that logo flatness promotes the perception of modernity due to the simplicity it presents. Consumers will evaluate the brand more positively when their perception of the logo association is congruent with the brand image. Notably, traditional brands using skeuomorphic logos and modern brands employing flat logos can effectively enhance consumers' brand attitudes.

The findings of this study have significant implications for businesses seeking to enhance consumers' brand attitude and foster brand renewal through the strategic selection and design of logos that align with their brand image.

This study provides a theoretical and empirical test of the influence of logo flatness on consumers' perception of brand image, thereby enriching the existing research on brand management.

Recently, short-form video apps, as a new form of social media, have attracted users and rapidly emerged by virtue of their personalized recommendation algorithms, interesting forms of live interaction, and diverse interactive functions, which may lead to excessive use. From the perspective of IT affordances, this study combines the cognitive-affective-behavioral model and perceived values theory to examine the formation mechanism of the excessive use of short-form video apps.

We surveyed a total of 351 users who have used Tiktok, a typical short-form video app, and used their questionnaires to test the research model.

Searching affordance has a positive impact on perceived information value and perceived entertainment value. Furthermore, meta-voicing, recommending, and livestreaming affordance have a positive impact on perceived information value, perceived entertainment value, and perceived social networking value, which also have a positive impact on negative affect anticipation. In addition, negative affect anticipation is significantly positively correlated with excessive use.

In terms of theory, this study introduces the theory of IT affordances and perceived values into the cognitive-affective-behavioral model, to the best of our knowledge, for the first time. Furthermore, it conducts situational research on the formation mechanism of excessive use of short-form video apps and makes up for the lack of studying of excessive use behavior from the perspective of technical factors.

Emotional intelligence (EI) has a profound effect on the performance of tour guides, though past studies on the subject have neglected to examine the effects of EI on neither the overall nor specific pattern of tour guides' performance. This study examines the overall link between four dimensions of EI (self-emotion appraisal [SEA], others' emotion appraisal [OEA], use of emotions [UOEs] and regulation of emotions [ROEs]) and five dimensions of citizenship performance (helping, self-development, initiative, compliance and adaptability), ultimately identifying the relationship between EI factors and each dimension of tour guides' citizenship performance.

The data from 244 Jordanian tour guides were gathered through a quantitative survey. A confirmatory factor analysis (CFA) and multiple regression analysis were performed to analyze the data.

The results reveal that emotionally intelligent tour guides are more likely to have higher levels of citizenship performance. The most significant factors in determining extra-role behaviors by tour guides are “UOEs” and “others’ emotion appraisal (OEA)”.

This study equips different professional entities in the tour guide industry with useful, contextualized links between EI and citizenship performance. This assists in developing new accreditation policies and business practices to augment tour guides' citizenship professionalism, thereby maximizing their valuable contributions to tourism growth.

This study advances the tourism studies by establishing a new theoretical link between tour guides' EI and citizenship performance. The study also uncovers unique factors of EI that significantly determine tour guides' citizenship behaviors.

Amidst the rapid development of the global digital economy, digital transformation has become a strategic choice that firms must use to respond to the changing times. This study analyzes the impact of digital transformation on corporate environmental, social and governance (ESG) performance.

This study analyzes the impact of digital transformation on corporate ESG performance.

Using panel data from Chinese A-share-listed companies from 2010 to 2019, the authors found that digital transformation has a positive impact on corporate ESG performance, especially for high-tech firms and state-owned firms. In particular, the authors find that the digital production and digital marketing exert a positive effect on corporate ESG performance. Mechanism tests showed that digital transformation helps promote corporate green innovation, improve information transparency and improve corporate governance, thus enhancing ESG performance. A moderating effect analysis revealed that the positive impact of digital transformation on ESG performance is more significant in firms with government subsidies and chief executive officers (CEOs) with rich career experience.

Most existing research has confirmed the positive effect of digital transformation on firms' financial performance, whereas fewer studies have focused on the impact of digital transformation on the non-financial performance of firms.

Using the Stimulus-Organism-Response (SOR) model as a theoretical guide, this study employed a conceptual model involving residents’ place attachment (S) to the destination in which they live and emotional solidarity with tourists (O) as precursors to their involvement in tourism (R). The purpose of this paper is threefold: To determine (1) whether residents’ place attachment explains their emotional solidarity with tourists, (2) if emotional solidarity is an effective predictor of residents’ involvement in tourism planning and development and (3) if emotional solidarity dimensions mediate the relationship between place attachment and involvement.

Data were collected from 378 permanent resident heads of households living in, or adjacent to, central Orlando, using a self-administered survey with a census-guided systematic sampling method. Data were subjected to tests of normality and common method bias, followed by a two-step confirmatory factor analysis and structural equation modeling.

Seven of the 11 proposed model hypotheses were supported, with moderate variances explained in each of the four outcome variables: welcoming nature (R² = 19.3%), emotional closeness (R² = 24.5%), sympathetic understanding (R² = 39.4%) and involvement (R² = 36.8%). Though both place identity and place dependence (as two dimensions of place attachment) were partial mediators, the former proved to be more pronounced.

This study employed non-economic measures—place attachment and emotional solidarity—in determining residents’ involvement in tourism within their community. Such an approach provides fresh insights into how such symbolic constructs can contribute to residents’ positive, actionable involvement in tourism. This research is one of the few that have incorporated emotional solidarity as a construct within the SOR model and the first to examine the indirect effects (through mediation) of emotional solidarity.

Many countries and regions have recognised the potential of automated transport as a solution to cover mobility needs in a sustainable way. They have implemented dedicated strategies and allowed trial operations of Automated Vehicles (AVs) within their national frameworks.

This chapter conducts an analysis of the legal frameworks for AV trial operations in 11 European countries. It reviews existing laws and regulations and includes results from an online survey with national stakeholders and experts experienced in AV testing.

The results reveal very different approaches among European countries. Moreover, results indicate a stronger focus on technical safety aspects of the vehicles rather than on operational procedures and mobility integration, such as incorporating AV services into existing public transport systems.

This high level of disparity between the different European legal frameworks poses a considerable barrier to a rollout of the technologies and methodologies for AVs without cross-border and cross-supplier conflicts. Furthermore, when moving to the deployment of real services in the near future a common European framework and a stronger focus on operational procedures are essential for the implementation of automated transport services in order to cover the mobility needs of people in a more sustainable way (e.g. first/last mile to public transport).

European countries should further integrate operational aspects in the terms of services that are integrated in public transport, align deployment of AVs with national and local sustainability goals and focus on use cases beyond private vehicles to foster the transition to a more sustainable future of transport.

This study explores the spatial and temporal relationship between tourism activities and transportation-related carbon dioxide (CO₂) emissions in the United States (US) from 2003 to 2022 using advanced geospatial modeling techniques.

The research integrated geographic information systems (GIS) to map tourist attractions against high-resolution annual emissions data. The analysis covered 3,108 US counties, focusing on county-level attraction densities and annual on-road CO₂ emission patterns. Advanced spatial analysis techniques, including bivariate mapping and local bivariate relationship testing, were employed to assess potential correlations.

The findings reveal limited evidence of significant associations between tourism activities and transportation-based CO₂ emissions around major urban centers, with decreases observed in Eastern states and the Midwest, particularly in non-coastal areas, from 2003 to 2022. Most counties (86.03%) show no statistically significant relationship between changes in tourism density and on-road CO₂ emissions. However, 1.90% of counties show a positive linear relationship, 2.64% a negative linear relationship, 0.29% a concave relationship, 1.61% a convex relationship and 7.63% a complex, undefined relationship. Despite this, the 110% national growth in tourism output and resource consumption from 2003–2022 raises potential sustainability concerns.

To tackle sustainability issues in tourism, policymakers and stakeholders can integrate emissions accounting, climate modeling and sustainability governance. Effective interventions are vital for balancing tourism demands with climate resilience efforts promoting social equity and environmental justice.

This study’s innovative application of geospatial modeling and comprehensive spatial analysis provides new insights into the complex relationship between tourism activities and CO₂ emissions. The research highlights the challenges in isolating tourism’s specific impacts on emissions and underscores the need for more granular geographic assessments or comprehensive emission inventories to fully understand tourism’s environmental footprint.

Past research is mixed on family small and medium-sized enterprises’ (SMEs) use of external advisors and the limited empirical evidence is confined to developed markets. Drawing on the knowledge-based view of the firm, this research focuses on the “familiness” characteristic of SMEs and their use of external accountants as advisors in an emerging marketplace. Using internal resources for basic tasks is proposed to strengthen this relationship from a managerial cognition lens. Focusing also on SME internalization, this research probes the performance ramifications of using external accountants as advisors.

Hierarchical regression is used to test the hypotheses. The mediation hypothesis is tested by bootstrapping the indirect effect. The interaction hypothesis is visualized with simple slope analysis.

The results indicate that the familiness of SMEs is positively associated with the use of external advisors, and thereby, with high performance. SMEs with higher international exposure also use these external advisors to a greater degree. Family SMEs that have a focused use of internal resources for basic tasks benefit more from the use of external accountants for advising tasks.

This research sheds light on how family involvement in management influences firm performance, showing the moderating role of the use of internal advisors for basic tasks and the mediating role of the use of external accountants for advising. We add to the knowledge-based view by describing how family SMEs can utilize internal and external knowledge resources simultaneously.