The purpose of this paper is to apply what can be learned from the emergence of nature tourism to understand some current and future trends of tourism.
Abstract
Purpose
The purpose of this paper is to apply what can be learned from the emergence of nature tourism to understand some current and future trends of tourism.
Design/methodology/approach
This study adopted the evolutionary paradigm for investigation.
Findings
The emergence of nature tourism in early medieval China can be attributed to four major factors, including transformation of value orientations, seeking longevity, interest in suburbs and population migration.
Research limitations/implications
Historical studies help understand the current and future trends. When the contributing factors for nature tourism are linked to the contemporary world, it can be found that these factors are still playing a part in shaping tourism trends or patterns in their original or alternative forms. These trends or patterns are worthy of scholarly investigations.
Originality/value
This paper offers a comprehensive understanding of the origins of nature tourism.
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The paper aims to provide a comprehensive investigation of the relationship between corporate governance (CG) structure and firm performance in Chinese listed firms from 2001 to…
Abstract
Purpose
The paper aims to provide a comprehensive investigation of the relationship between corporate governance (CG) structure and firm performance in Chinese listed firms from 2001 to 2015. The authors’ motivation derives from the fact that the CG system in China is different from those in the US, the UK, Germany, Japan and other countries.
Design/methodology/approach
A large unbalanced sample, covering more than 22,700 observations in Chinese listed firms, was used to explore, by means of a system-generalized method-of-moments (GMM) estimator, the relationship between CG structure and firm performance to remove potential sources of endogeneity.
Findings
Results show that Chinese CG structure is endogenously determined by the CG mechanisms investigated: there is no relationship between board size (including independent directors) and firm performance; CEO duality has a significantly negative effect on firm performance; concentration of ownership has a significantly positive influence on firm performance; managerial ownership is negatively correlated with firm performance; state ownership has a significantly positive effect on firm performance; and a supervisory board is positively correlated with firm performance.
Practical implications
The findings provide policymakers and firm managers with useful empirical guidance concerning CG in China.
Originality/value
Few integrative studies have examined the impact of CG structure on firm performance in China. This study adds new empirical evidence that the relation between CG structure and performance in China is endogenous and dynamic when controlling for unobserved heterogeneity, simultaneity, and dynamic endogeneity.
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Paolo Canonico, Ernesto De Nito, Vincenza Esposito, Mario Pezzillo Iacono and Gianluigi Mangia
In this paper, we depart from extant conceptualisations of knowledge translation mechanisms to examine projects as a way to achieve effective knowledge transfer. Our empirical…
Abstract
Purpose
In this paper, we depart from extant conceptualisations of knowledge translation mechanisms to examine projects as a way to achieve effective knowledge transfer. Our empirical analysis focused on a university–industry research project in the automotive industry.
Design/methodology/approach
The empirical analysis was based on a qualitative investigation. We analysed material collected within a research project involving a partnership between two universities and Fiat-Chrysler Automotive (FCA), a multi-brand auto manufacturer with a product range covering several different market segments. We used three data collection techniques: internal document analysis, participant observation and semi-structured interviews.
Findings
Our findings show that, in a U-I research project, goals represent a key dimension to support knowledge translation. Defining the goal implies an ongoing negotiation process, where researchers and company employees work together, in order to converge towards a shared meaning of the goal. In this sense, goal orientation and goal-based interaction have significant implications for knowledge translation processes.
Originality/value
Studies to date have focussed on the concept of knowledge translation as a way to contextualise the transfer from the source of knowledge to the receiver and to interpret the knowledge to be exchanged. This study expands the understanding of knowledge translation mechanisms in university–industry research settings. It investigates the concept of projects as powerful knowledge translation mechanism in a dynamic and longitudinal perspective. Our contribution provides insight, reflecting on how the use of projects may represent a way to facilitate knowledge transfer and build up new ideas and solutions.
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Zheyao Pan, Guangli Zhang and Huixuan Zhang
The aim of this study is to investigate the impact of local political uncertainty on the asymmetric cost behavior (i.e. cost stickiness) for listed firms in China.
Abstract
Purpose
The aim of this study is to investigate the impact of local political uncertainty on the asymmetric cost behavior (i.e. cost stickiness) for listed firms in China.
Design/methodology/approach
In this study, the authors manually collect the turnover data of prefecture-city officials as a measure of exogenous fluctuations in political uncertainty and obtain firm-level financial information from the China Stock Market Accounting Research (CSMAR) database. To perform the analysis, the authors augment the traditional cost stickiness model by including the interaction terms of the prefecture-city official turnover, and firm-level and prefecture-city level control variables.
Findings
The authors find that political turnover leads to a higher degree of cost stickiness, implying that firms retain slack resources when political uncertainty is high. Moreover, the effect of political turnover on cost stickiness is more pronounced for firms residing in regions with weaker institutional environments, and firms that are privately owned and with smaller size. The authors further provide evidence that policy uncertainty and the threat of losing political connection are two underlying channels. Overall, this study documents that the local political process is an important channel that influences corporate operational decisions.
Originality/value
This study provides the first piece of evidence on the relation between political uncertainty and cost stickiness at the local government level. Moreover, the authors propose and demonstrate two underlying channels through which political uncertainty affects firms' asymmetric cost behavior.
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Romlah Jaffar and Zaleha Abdul-Shukor
Past studies show that companies’ connection with the government (or politically connected companies (PCCs)) contributed negatively to their financial performance. The grabbing…
Abstract
Purpose
Past studies show that companies’ connection with the government (or politically connected companies (PCCs)) contributed negatively to their financial performance. The grabbing hand theory suggests that political connection demand companies to serve political and social obligation that exhaust companies’ financial resources. The purpose of this paper is to extend the previous studies by examining the role of monitoring mechanisms, specifically corporate governance mechanism and institutional ownership (IO), whether they weaken or strengthen the financial performance of PCCs in Malaysia.
Design/methodology/approach
The sample consists of all companies listed on the Main Board of Bursa Malaysia (previously known as Kuala Lumpur Stock Exchange) for the year of 2004-2007. The time periods were chosen because there were no significant economic and political events that could possibly distorted the financial and non-financial data.
Findings
The findings show that companies’ political connection (the presence of political figure or government representative as members of board of director) has consistently showing negative relationship with performance. The result is consistent with the grabbing hand theory that argues that companies’ connection with government would actually destroy companies’ value. The monitoring role of corporate governance as measured by the percentage of independent board members does not have any significant effect on firm’s performance. The monitoring role of corporate governance as measured by the composition of independent board members have shown a positive significant effect on the company’s performance. However the second monitoring mechanism, the percentage of institutional investors, have a tendency to weaken the company’s performance.
Originality/value
The findings of this study provide an additional understanding of the consequence of government intervention on companies’ performance. This study also highlights the role of monitoring mechanism (independence board members and IO) in strengthening or weakening the performance. The findings suggest that the proper appointment criteria for board members should be seriously considered to ensure better corporate governance structure. Therefore, the formation of the nomination committee as suggested by the current Malaysian Code of Corporate Governance play an important contribution to ensure candidates nominated as board members have proper credentials and qualifications to carry out responsibilities as board members.
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Diego Asensio-López, Laura Cabeza-García and Nuria González-Álvarez
The purpose of this paper is to present a review of the literature on two lines of research, corporate governance and innovation, explaining how different internal corporate…
Abstract
Purpose
The purpose of this paper is to present a review of the literature on two lines of research, corporate governance and innovation, explaining how different internal corporate governance mechanisms may be determinants of business innovation.
Design/methodology/approach
It explores the theoretical background and the empirical evidence regarding the influence of both ownership structure and the board of directors on company innovation. Then, conclusions are drawn and possible future research lines are presented.
Findings
No consensus was observed regarding the relation between corporate governance and innovation, with both positive and negative arguments being found, and with empirical evidence not always pointing in the same direction. Thus, new studies trying to clarify this relationship are needed.
Originality/value
Over recent years, interest has grown in the influence of governance mechanisms on innovation decisions taken by the management. Innovation efforts and results depend on factors that are influenced by corporate governance, such as ownership structure or the functioning of the board of directors. Thus, the paper shows an updated state of the art in this field proposing future lines for empirical research.
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Nhung Le Thi Kim, Daphné Duvernay and Huyen Le Thanh
This article studies the impact of micro and macro factors on firm performance in the context of an emerging economy just changed from a subsidized economy to a market economy.
Abstract
Purpose
This article studies the impact of micro and macro factors on firm performance in the context of an emerging economy just changed from a subsidized economy to a market economy.
Design/methodology/approach
The authors carried out an investigation into 30 listed food processing companies in Vietnam from 2014 to 2019. The data are analyzed by using STATA software. In this study, beside the regression analytical technique, the Blinder–Oaxaca decomposition analysis is used to study more deeply the effect of variables on financial performance of food processing companies, so its results are reliable base to give suggestions.
Findings
The results of empirical research help us to have some following conclusion. First, two variables consisting of total assets turnover ratio (ATR) and growth in sales significantly influence financial performance, when it is measured by return on equity (ROE) or return on sales (ROS). Second, leverage significantly negatively impacts return on sale. Third, there are difference in financial performance and the effect of predictors on dependent variable “ROS” between state-owned enterprises (SOEs) and non SOEs, and the causes come from the component effect.
Originality/value
In fact, although a range of previous researches on that topic have been carried out, none of them dig deeper reasons resulting to the differences in financial performance between SOEs and non SOEs, whereas Vietnamese economy has just changed to a market economy since 1986, making impacts of State ownership totally different from other countries. In this study, the authors use the t-test and analysis to have more accurate conclusions about that problem.
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Meng Ye, Fumin Deng, Li Yang and Xuedong Liang
This paper aims to build a scientific evaluation index system for regional low-carbon circular economic development. Taking Sichuan Province as the empirical research object, the…
Abstract
Purpose
This paper aims to build a scientific evaluation index system for regional low-carbon circular economic development. Taking Sichuan Province as the empirical research object, the paper evaluates its low-carbon circular economy (LCCE) development level and proposes policy recommendations for climate change improvement based on the evaluation results.
Design/methodology/approach
This paper, first, built an evaluation index system with 30 indicators within six subsystems, namely, economic development, social progress, energy consumption, low-carbon emissions, carbon sink capacity and environmental carrying capacity. Second, develop an “entropy weight-grey correlation” evaluation method. Finally, from a practical point of view, measure the development level of LCCE in Sichuan Province, China, from 2008 to 2018.
Findings
It was found that Sichuan LCCE development had a general downward trend from 2008 to 2012 and a steady upward trend from 2012 to 2018; however, the overall level was low. The main factors affecting the LCCE development are lagging energy consumption and environmental carrying capacity subsystem developments.
Research limitations/implications
This paper puts forward relevant suggestions for improving the development of a low-carbon economy and climate change for the reference of policymakers.
Originality/value
This paper built an evaluation index system with 30 indicators for regional low carbon circular economic development. The evaluation method of “entropy weight-grey correlation” is used to measure the development level of regional LCCE in Sichuan Province, China.