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Considering the frequency of extreme events, enhancing the global financial system's stability has become crucial. This study aims to investigate the contagion effects of extreme risk events in the international commodity market on China's financial industry. It highlights the significance of comprehending the origins, severity and potential impacts of extreme risks within China's financial market.

This study uses the tail-event driven network risk (TENET) model to construct a tail risk spillover network between China's financial market and the international commodity market. Combining with the characteristics of the network, this study employs an autoregressive distributed lag (ARDL) model to examine the factors influencing systemic risks in China's financial market and to explore the early identification of indicators for systemic risks in China's financial market.

The research reveals a strong tail risk contagion effect between China's financial market and the international commodity market, with a more pronounced impact from the latter to the former. Industrial raw materials, food, metals, oils, livestock and textiles notably influence China's currency market. The systemic risk in China's financial market is driven by systemic risks in the international commodity market and network centrality and can be accurately predicted with the ARDL-error correction model (ECM) model. Based on these, Chinese regulatory authorities can establish a monitoring and early warning mechanism to promptly identify contagion signs, issue timely warnings and adjust regulatory measures.

This study provides new insights into predicting systemic risk in China's financial market by revealing the tail risk spillover network structure between China's financial and international commodity markets.

This study aims to systematically review and critically assess research methods for studying aging populations in tourism and hospitality. It identifies gaps and provides recommendations for advancing methodological innovation in response to emerging research agendas.

Following Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, we conducted a systematic review of existing literature on aging populations in tourism and hospitality. Searches were performed in major databases, including Scopus and Web of Science, to collect peer-reviewed, English articles published in Social Sciences Citation Index (SSCI)-indexed tourism and hospitality journals from 1965 to 2025. The methodologies employed in the selected studies were thoroughly analyzed.

A total of 184 articles were included in the final analysis. The review revealed that current research methods predominantly rely on surveys and interviews, with limited methodological diversity. Gaps were identified, and a conceptual model was proposed to advance cross-disciplinary integration and foster innovative methods that could more comprehensively capture the complexities of senior tourists, particularly those with health conditions.

This paper is likely the first to synthesize research methodologies within this specific context, outlining a path forward for researchers to adopt more innovative, multidisciplinary approaches. This study lays the foundation for future empirical investigations into the behaviors and experiences of senior tourists, as well as the potential role of tourism in promoting healthy aging. Additionally, it provides valuable insights for tourism marketing practitioners to better accommodate this growing segment.

This study investigates the relationships among digital transformation, technological innovation, industry–university–research collaborations and labor income share in manufacturing firms.

The relationships are tested using an empirical method, constructing regression models, by collecting 1,240 manufacturing firms and 9,029 items listed on the A-share market in China from 2013 to 2020.

The results indicate that digital transformation has a positive effect on manufacturing companies’ labor income share. Technological innovation can mediate the effect of digital transformation on labor income share. Industry–university–research cooperation can positively moderate the promotion effect of digital transformation on labor income share but cannot moderate the mediating effect of technological innovation. Heterogeneity analysis also found that firms without service-based transformation and nonstate-owned firms are better able to increase their labor income share through digital transformation.

This study provides a new path to increase the labor income share of enterprises to achieve common prosperity, which is important for manufacturing enterprises to better transform and upgrade to achieve high-quality development.

The aim of this paper is to provide a narrative review of previous research on tourism demand modelling and forecasting and potential future developments.

A narrative approach is taken in this review of the current body of knowledge.

Significant methodological advancements in tourism demand modelling and forecasting over the past two decades are identified.

The distinct characteristics of the various methods applied in the field are summarised and a research agenda for future investigations is proposed.

本文旨在对先前关于旅游需求建模和预测的研究进行叙述性回顾并对未来潜在发展进行展望。

本文采用叙述性回顾方法对当前知识体系进行了评论。

本文确认了过去二十年旅游需求建模和预测方法论方面的重要进展。

本文总结了该领域应用的各种方法的独特特征, 并对未来研究提出了建议。

El objetivo de este documento es ofrecer una revisión narrativa de la investigación previa sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros.

En esta revisión del marco actual de conocimientos sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros,se adopta un enfoque narrativo.

Se identifican avances metodológicos significativos en la modelización y previsión de la demanda turística en las dos últimas décadas.

Se resumen las características propias de los diversos métodos aplicados en este campo y se propone una agenda de investigación para futuros trabajos.

Salt rock from salt lakes can serve as a cost-effective material for subgrade filling, as demonstrated in projects like the Qarhan Salt Lake section of the Qinghai-Tibet Railway and the Qarhan Salt Lake section of the G215 Highway. This state-of-the-art paper aims to summarize the engineering properties of salt rock filling and present the advances of its utilization.

This paper collects and analyzes laboratory and field data of salt rock filling from previous studies to present a comprehensive analysis of the engineering properties and utilization of salt rock fillings.

Salt rock primarily contains minerals such as halite and glauberite, which contribute to its unique phase-changing behavior under varying environmental conditions, impacting its mechanical properties. Salt rock filling shrinks when in contact with vapor or unsaturated brine and expands under cooling or evaporation. Its use is particularly recommended for arid regions, with specific restrictions depending on the structure type. This paper discusses suggested countermeasures to mitigate these issues, as well as key quality acceptance indices for salt rock filling compaction. Moisture content after air-drying is recommended as a crucial parameter for construction quality control.

This review aims to support future research and engineering practices in salt rock subgrade applications.

In the context of macroeconomic fluctuations and uncertainty in policy changes, it is essential to understand how companies adapt their environmental strategies and marketing tactics to ensure survival and growth. This study, therefore, examines the impact of perceived economic policy uncertainty on corporate greenwashing.

Based on panel data from listed companies on the Chinese A-share market between 2013 and 2022, this paper employs a high-dimensional fixed effects model to explore the impact of perceived economic policy uncertainty (PEPU) on corporate greenwashing behavior.

The results show that higher PEPU increases greenwashing, with agency costs and investor sentiment mediating the relationship. Corporate credit availability and managerial short-sightedness positively moderate this effect. Heterogeneity analysis reveals that non-state-owned enterprises in central and western regions, particularly those with weak environmental regulation and high pollution, are most impacted by PEPU.

This paper provides practical guidance for how to avoid the phenomenon of green reshuffle in economic and environmental policies and encourages enterprises to take more real and effective environmental protection measures.

These findings highlight the importance of considering corporate responses to policy uncertainty when formulating economic and environmental policies. They provide valuable insights for emerging economies in fostering genuine corporate environmental behavior and promoting sustainable development.

Purpose: This chapter identifies performance factors that have the strongest impact on companies’ sustainable outcomes and compares the obtained results across different sectors.

Methodology: About 3,384 observations were gathered from 2015 to 2022 from companies in communication services, energy, financials, real estate, and utilities sectors that comprise the ‘STOXX Global ESG Leaders Select 50’ index. The multiple regression model is constructed with companies’ ESG scores as dependent variables and independent variables representing operational, financial, and market performance.

Findings: Companies that tend to have higher operational and financial performance in the financial sector are more likely to have higher ESG performance. The financial performance results of companies showed the strongest statistically significant relationship with environmental and the weakest with governance scores.

Implications: Results benefit private and institutional investors aiming to create more sustainable portfolios. The obtained results indicate that these investors should focus on companies operating in the financial and energy sectors with higher performance results. Better ROE, ROA, and Tobin’s Q may have a negative impact on sustainable outcomes for companies operating in the real estate and utility sectors.

Limitations: Firstly, not all ESG index providers disclose information about their index constituents. Secondly, within the chosen ‘STOXX Global ESG Leaders Select 50’ index, not all constituents had complete ESG data available on the Bloomberg platform. When selecting the analysis period, it was observed that the accessible ESG data on Bloomberg covers a relatively short time span, only from 2015 onwards.

Future research: A larger number of companies by choosing a more comprehensive available ESG index.

Generation Z (Gen Z) is entering the hotel workforce and will soon become the dominant group. This has called for a better understanding of this workforce’s attitudes and perceptions towards working in the hotel industry. This study aims to examine the effect of organizational socialization on the retention of Chinese Gen Z employees, the mediating role of person–environment fit (P-E fit) and the moderating effect of career commitment.

Time-lagged data were collected from 426 Gen Z new employees from 20 upscale hotels at two different times (2 weeks and 12 weeks after the employees entered the hotel). Confirmatory factor analysis, structural equation modeling, bootstrapping analysis and moderated hierarchical regression analyses were used for data analysis.

Organizational socialization positively affects employee retention via person–environment fit. Moreover, career commitment positively moderates the relationship between person–environment fit and employee retention.

Hotels must view organizational socialization as a long-term investment in Gen Z talent management by offering effective training through diverse methods, creating a collaborative environment and helping them develop career plans to enhance their career commitment.

This study unpacks the four dimensions of organizational socialization and investigates their differential effects on Gen Z employees’ retention through P-E fit. The moderating role of career commitment is also examined. This study contributes to the growing body of hospitality human resources management research on this new generation of workforce in China.

Purpose: In this chapter of this book, the role and contributions of blockchain in Industry 5.0 are examined. Especially, the advantages offered by blockchain in mass customization, hyper-personalization, human–robot collaboration and cognitive systems, which constitute the main theme of Industry 5.0, are mentioned.

Need for the study: With developing technology, revolutions are taking place in the industry. While these revolutions are occurring, various technologies serve as enablers. In this chapter, one of these technologies, blockchain, is examined.

Methodology: Industrial revolutions represent important technological developments for societies. In this chapter, Industry 5.0, one of these revolutions, is discussed. In the first section, the main themes of Industry 5.0 were examined. Afterward, the transition from Industry 4.0 to Industry 5.0 was analyzed. Then, the opportunities offered by Industry 5.0 were reviewed. Subsequently, the contributions of blockchain to Industry 5.0 were examined. Finally, the role of blockchain in Industry 5.0 is summarized.

Findings: The main themes of Industry 5.0 enable customized processes and smart production approaches. Blockchain makes significant contributions to these processes with its security and traceability features. In addition, smart contracts can increase transparency, traceability and security among stakeholders in the production process with their distributed ledger structure and immutability features. In blockchain networks, each transaction is carried out and approved by consensus. This consensus, provided by smart contracts, also secures transactions by reducing administrative costs. With these contributions, blockchain meets the security and smart management requirements of Industry 5.0.

Previous research has predominantly concentrated on examining risk spillovers through single-layer networks, neglecting the multi-related and multilayer network characteristics of the economic system. This study constructs multilayer connectedness networks, including return, volatility and extreme risk layers, to systematically analyze the risk spillovers across Chinese industries at the system and industry levels.

Previous studies have constructed multilayer networks using Diebold and Yilmaz’s (2012) approach or the time-varying parameter vector autoregressive (TVP-VAR) connectedness model. In this study, we employ the TVP-VAR-extended joint connectedness approach, which improves these methods and captures risk spillovers more accurately.

At the system level, the risk spillover across industries exhibits distinct network structures and dynamic evolution behaviors across different layers. During extreme events, the intensity, scope and speed of risk spillovers increase markedly across all layers, with volatility and extreme risk layers demonstrating greater sensitivity to crises. At the industry level, industrial and optional consumption typically serve as risk transmitters, while medicine and health, as well as financial real estate, tend to be risk receivers across three layers. Moreover, industrial, optional consumption and materials exhibit significant systemic importance.

To the best of our knowledge, this is the first study to apply multilayer networks with return, volatility and extreme risk layers to systematically examine risk spillovers between Chinese industries.