Considers the role of pension funds′ real portfolio structure andthe role of property within that portfolio, discussing the need forestablishing parameters. Compares business risk…
Abstract
Considers the role of pension funds′ real portfolio structure and the role of property within that portfolio, discussing the need for establishing parameters. Compares business risk and investment risk, and discusses the problems faced by investment managers in reconciling their conflicting requirements. Highlights the potential conflict of interest between quoted securities managers and property advisors. Suggests, by reference to a historical summary, that, given sufficient information, property should be treated as all other assets.
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THE USE of engineering adhesives in manufacturing is seen to be a major area of growth, at the expense of conventional fastening techniques such as screwing, welding and riveting…
Abstract
THE USE of engineering adhesives in manufacturing is seen to be a major area of growth, at the expense of conventional fastening techniques such as screwing, welding and riveting. Similarly, flexible circuits are also seen to be set to grow in use as manufacturers seek to cram in more electronics and functions into ever‐smaller and more complex packages.
Describes the tenure and contract experience of approximately 300 UKchief executive officers (CEOs) in 1993. Draws on the results of aretrospective postal questionnaire and…
Abstract
Describes the tenure and contract experience of approximately 300 UK chief executive officers (CEOs) in 1993. Draws on the results of a retrospective postal questionnaire and examines whether the recommendations of the Cadbury report regarding contract provision of senior executives are being adhered to. The results of this descriptive exercise show that the median contract length of a typical UK CEO in a large company is three years. This is in line with the recommendations made by the Cadbury report. We find that on average such CEOs have been with their company for about five and a half years. Argues that, as a matter of good policy, companies should reveal the reasons for the length of the contract received by the CEO if this exceeds 12 months.
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In this series of extracts from the concluding chapter of Acharya’s book, Asset Management: Equities Demystified, the author argues that the major factor in future developments…
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In this series of extracts from the concluding chapter of Acharya’s book, Asset Management: Equities Demystified, the author argues that the major factor in future developments will be legislation and regulation. But she suggests that ultimately knowledge management will be the crucial competitive advantage. “As knowledge is power”, she says, “knowledge is more powerful today than ever before”.
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Roshini Nandasena, Alastair M. Morrison and J. Andres Coca-Stefaniak
This paper aims to examine critically the literature on transformational tourism and explore a research agenda for a post-COVID future.
Abstract
Purpose
This paper aims to examine critically the literature on transformational tourism and explore a research agenda for a post-COVID future.
Design/methodology/approach
A systematic review of the transformational tourism literature is performed over a 42-year period from 1978 to 2020.
Findings
Further research is required in terms of how transformative experiences should be calibrated and measured both in qualitative and quantitative terms, particularly from the perspective of how tourists are transformed by their experiences. Similarly, the nature and depth of these transformative processes remain poorly understood, particularly given the many different types of tourism associated with transformative experiences, which range from religious pilgrimages to backpacking and include several forms of ecotourism.
Practical implications
Future research directions for transformational tourism are discussed with regard to how COVID-19 will transform the dynamics of tourism and travel, including the role of new smart technologies in the creation of enhanced transformational experiences, and the changing expectations and perceptions of transformative travel in the post-COVID era. In addition, the researchers call for future studies on transformational tourism to explore the role of host communities in the delivery of meaningful visitor experiences.
Originality/value
Transformational tourism is an emerging body of research, which has attracted a growing level of interest among tourism scholars in recent years. However, to this date, a systematic review of published literature in this field has not been conducted yet in a holistic sense. This paper offers a framework for future research in this field.
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Hung-Chieh Chao, Alastair M. Morrison and Bihu Wu
The purpose of this paper is to construct and test an antecedent relationship path model for the leisure involvement of Taiwan expatriate managers working in Mainland China. A…
Abstract
Purpose
The purpose of this paper is to construct and test an antecedent relationship path model for the leisure involvement of Taiwan expatriate managers working in Mainland China. A leisure temporal-spatial involvement (LTSI) was developed.
Design/methodology/approach
Burnout, perceived freedom in leisure and leisure coping strategies were proposed in the conceptual model as antecedents of leisure involvement. A questionnaire survey gathered information on the characteristics of respondents, including demographic/socio-economic details, expatriate profile and leisure activity participation. Confirmatory factor analysis and structural equation modeling were used in this research to measure the relationships among the four scale variables (job burnout, perceived freedom in leisure, leisure coping strategies and leisure involvement).
Findings
The expatriate managers experienced high burnout levels, particularly in the form of exhaustion. Their leisure involvement was mainly influenced by perceived freedom in leisure.
Research limitations/implications
This work contributes to the research on leisure and expatriation in several ways. It is one of the first empirical studies to examine prominent leisure concepts (freedom, coping and involvement) within the milieu of expatriation. The findings provide further support to the notion of the “presumed cultural similarity paradox,” in that expatriates of Chinese ethnicity still had significant adjustment difficulties in Mainland China. The research again confirms the challenges of Mainland China as an expatriation destination.
Practical implications
The research results have significant practical value and may assist Taiwan-capital enterprises in improving expatriates’ leisure life management. The section on Managerial and policy implications outlines the implications for the actors involved.
Social implications
This work has social implications since the Taiwan expatriate managers are not effectively adjusting to their work–life environments in Guangzhou. Greater social contact between locals and these managers is recommended in the future.
Originality/value
A new scale for leisure involvement (LTSI), expressed in temporal and spatial dimensions, is developed to fit the particular situations faced by expatriates. This is also one of only a few empirical research studies to consider leisure involvement within an expatriation framework.
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Alastair M. Morrison, Sudin Bag and Kousik Mandal
This paper aims to investigate the effects of virtual reality experiences (VREs) and emotions on holiday destination visit intentions by applying the stimulus-organism-response…
Abstract
Purpose
This paper aims to investigate the effects of virtual reality experiences (VREs) and emotions on holiday destination visit intentions by applying the stimulus-organism-response (S-O-R) framework. It also examined the role of amateur photography as a moderator in the relationship between VREs, emotions and visit intentions.
Design/methodology/approach
Primary data were collected through a structured survey questionnaire administered in India, and structural equation modelling (SEM) was used to examine relationships among variables. The formal survey was preceded by a pilot study. The partial least squares-SEM product indicator technique was applied to measure the moderation effect of amateur photography.
Findings
When people have high levels of positive emotions in the pre-travel stage with VRE participation, their intentions to visit destinations are stronger. Amateur photography moderated the relationships between user interactivity, memorable experiences, mental imagery and visit intentions. No significant moderating effect was found between emotional experiences and visit intentions.
Practical implications
The results indicate that creators of virtual reality (VR) communications should concentrate on producing interactive and visually striking VR content, as the research found that VR experiences with tourism-related activities have a significant impact on potential visitor emotions. Therefore, VR producers should incorporate authentic and distinctive elements into contents, giving viewers realistic and trustworthy VR tourism experiences. Destination marketers should evoke emotions in people to increase motivations to visit the VR-presented places. Destination marketers should create VR content with hedonic elements, fostering a connection and desire to visit the destination presented in the VR. For example, destination marketers can enhance the sensory aspects of VR content with audio, video, haptics and artificial intelligence, encouraging people to be emotionally captivated and fully immersed. The findings indicate that amateur photography has a significant moderating effect on prospective tourists’ intentions to visit a place presented in VR. Thus, destination marketers are advised to provide photogenic and relevant content to users. By using amateur photography, destinations can market their attractions to potential visitors in a more interactive and relatable manner. Showcasing images taken by amateur photographers presents a genuine perspective of the offerings, thereby increasing visit intentions among prospective visitors. Additionally, amateur photography helps promote the destination in a positive light, emphasizing the attractions and other offerings, and this encourages potential visitors to consider the destination as a travel option, thereby increasing visit intentions. Encouraging amateur photographers to take and share images also increases their engagement with the destination, creating a sense of community and connection and ultimately driving visit intentions. Destination marketers should embrace VR tourism content as a means of promoting their destinations to potential customers by considering the three crucial elements of memorable experiences, emotional experiences and mental imagery. In essence, destination management organizations and other decision makers should develop complete VR communication plans that incorporate interactive and visually striking activities. This can be done by creating VR experiences for prospective tourists, which will enable them to pick their preferred destinations at the pre-travel stage. Through this approach, an effective destination marketing strategy can be established.
Originality/value
This research has value in making several potential contributions to the tourism applications of VR. It is the first study to use and test the S-O-R framework to analyse tourist behaviour from the perspective of emotions generated by VR applications. The analysis focuses on India’s tourism market, which has not been explored much in the context of VR and from the perspective of a developing country. The research emphasizes the use of VR as a tool to understand tourist behaviour rather than just focusing on visit intentions. The findings provide valuable insights into the importance of VR in tourism. The knowledge generated will contribute to the understanding of the impact of VR experiences on emotions and visit intentions and the moderating effect of amateur photography. It has practical implications for destination marketers in developing effective marketing strategies that enhance tourists’ emotions and motivate visit intentions.
目的
本研究运用刺激-机体-反应(S-O-R)框架, 探讨虚拟现实体验(VREs)和情绪对度假目的地旅游意向的影响。还研究了业余摄影在VREs、情感和访问意图之间的关系中的调节作用。
设计/方法/方法
通过在印度进行的结构化调查问卷收集原始数据, 并使用结构方程模型(SEM)来检查变量之间的关系。在正式调查之前进行了一项试点研究。采用PLS-SEM结果指标方法测量业余摄影的调节效果。
研究发现
当人们在旅行前的VRE参与阶段拥有高水平的积极情绪时, 他们访问目的地的意愿会更强。业余摄影调节了用户交互性、纪念体验、心理意象和访问意图之间的关系。情绪体验与访问意向之间无显著调节作用。
原创性/价值
本研究对虚拟现实的旅游应用有几个可能的贡献。这是第一个使用并测试刺激-生物-反应(S-O-R)框架的研究, 从VR应用产生的情感角度分析游客行为。分析集中于印度的旅游市场, 而在VR的背景下和从一个发展中国家的角度来看, 印度的旅游市场还没有得到太多的探索。该研究强调将VR作为一种了解游客行为的工具, 而不仅仅是关注游客的意图。这些发现为VR在旅游业中的重要性提供了有价值的见解。所产生的知识将有助于理解VR体验对情绪和访问意图的影响以及业余摄影的调节作用。这对目的地营销人员制定有效的营销策略, 增强游客的情绪和激发旅游意图具有实际启示。
Finalidad
Esta investigación analizó los efectos de las experiencias de realidad virtual (VREs) y las emociones en las intenciones de visita a destinos vacacionales aplicando el modelo estímulo-organismo-respuesta (S-O-R). También examinó el papel de la fotografía amateur como moderador en la relación entre las VREs, las emociones y las intenciones de visita.
Diseño/metodología/enfoque
Los datos primarios se recogieron mediante una encuesta con cuestionario estructurado administrado en la India, y se utilizó la modelización de ecuaciones estructurales (SEM) para examinar las relaciones entre las variables. La encuesta principal fue precedida de un estudio piloto. Se aplicó la técnica PLS-SEM para medir el efecto moderador de la fotografía amateur.
Resultados
Cuando las personas poseen un alto nivel de emociones positivas en la etapa previa al viaje con participación en VRE, sus intenciones de visitar destinos son más fuertes. La fotografía amateur moderó las relaciones entre la interactividad del usuario, las experiencias memorables, las imágenes mentales y las intenciones de visita. No se encontró ningún efecto moderador significativo entre las experiencias emocionales y las intenciones de visita.
Originalidad/valor
Esta investigación tiene el valor de hacer varias contribuciones potenciales a las aplicaciones turísticas de la realidad virtual. Es el primer estudio que utiliza y pone a prueba el marco estímulo-organismo-respuesta (S-O-R) para analizar el comportamiento de los turistas desde la perspectiva de las emociones generadas por las aplicaciones de RV. El análisis se centra en el mercado turístico de la India, poco explorado en el contexto de la RV y desde la perspectiva de un país en desarrollo. La investigación hace hincapié en el uso de la RV como herramienta para comprender el comportamiento de los turistas, en lugar de centrarse únicamente en las intenciones de visita. Las conclusiones aportan valiosas ideas sobre la importancia de la RV en el turismo. Los conocimientos generados contribuirán a comprender el impacto de las experiencias de RV en las emociones y las intenciones de visita, así como el efecto moderador de la fotografía amateur. Se presentan implicaciones prácticas para los responsables de marketing de los destinos turísticos a la hora de desarrollar estrategias de marketing eficaces que potencien las emociones de los turistas y motiven las intenciones de visita.
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Keywords
- Virtual reality experiences
- Emotional experiences
- Visit intentions
- Holiday destinations
- Amateur photography
- S-O-R framework
- Structural equation modelling
- 虚拟现实体验
- 情感体验
- 旅游意向
- 度假目的地
- 业余摄影
- S-O-R框架
- 结构方程模型
- Experiencias de realidad virtual
- Experiencias emocionales
- Intenciones de visita
- Destinos vacacionales
- Fotografía amateur
- Marco S-O-R
- Modelización de ecuaciones estructurales