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Article
Publication date: 3 June 2019

Chen Zheng (Jerry) and Henry Tsai

This study aims to empirically examine the relationship between industrial diversification and firm performance and the moderating effects exerted on that relationship by board…

964

Abstract

Purpose

This study aims to empirically examine the relationship between industrial diversification and firm performance and the moderating effects exerted on that relationship by board size and family representation on the board.

Design/methodology/approach

Secondary financial data were collected for hotel firms listed on the Hong Kong Stock Exchange during the period 2005-2016. Subsequently, a bivariate correlation and a fixed-effects panel regression analysis were performed on the data.

Findings

The empirical results showed that diversification positively influenced firm performance until firms reached an optimal level of diversification (0.34); beyond that level, the effect was negative. In addition, firms with a larger board tended to show better performance when the level of diversification increased from medium to high, and firms with lower family representation on the board tended to exhibit better performance when the level of diversification increased from low to medium.

Practical implications

Theoretical and managerial implications are suggested in terms of balancing the size of a firm’s board and with regard to family representation on a board from the perspectives of resource dependence theory (RDT) and socioemotional wealth (SEW), the diversification of hotel firms and future research.

Originality/value

A limited number of studies have considered diversification as a corporate-level strategy in the hospitality field and in the unique context in which a service-oriented economy is dominant, such as in Hong Kong. The role of board composition on the diversification–performance relation has rarely been investigated theoretically and empirically. Apart from providing managerial implications for corporate governance, this study also offers theoretical generalizability, from the perspectives of RDT and SEW, to examine the moderating roles of board size and family representation on the diversification–firm performance relation.

Details

International Journal of Contemporary Hospitality Management, vol. 31 no. 8
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 5 August 2021

Jialin Snow Wu, Shun Ye, Chen Jerry Zheng and Rob Law

To better understand how to retain hospitality customers in the fierce competition among mobile applications, this study aims to propose and empirically validates an integrative…

1488

Abstract

Purpose

To better understand how to retain hospitality customers in the fierce competition among mobile applications, this study aims to propose and empirically validates an integrative framework, which elaborates how conscious and subconscious factors, together with affective factors, may induce app loyalty and how brand viscosity moderates such effects.

Design/methodology/approach

The authors conducted an online survey to collect data and received a total of 268 valid responses. This study splits the data into two groups (brand viscosity vs non-viscosity). Then, the authors performed a multi-group structural equation modeling with Chi-square difference tests to compare the model between the two groups.

Findings

The findings support the integrative model and reveal that the influence of app satisfaction on loyalty is stronger for app users who do not stick to one brand across the website and mobile app channels. Moreover, for those with brand viscosity, habit and switching cost are two significant determinants that exert positive effects in inducing app loyalty.

Research limitations/implications

Brand viscosity across different channels matters for the effects of habit and switching costs in shaping app loyalty. E-commerce managers should elaborate on brand management among various booking channels and establish effective digital marketing strategies to facilitate the formation of usage habits and switching costs and to enhance brand viscosity across channels.

Originality/value

This research advances the knowledge of app loyalty in hospitality by providing a comprehensive explanatory framework from affective, conscious and subconscious lenses. This research is among the first to unveil the impact of brand viscosity on the links between loyalty and its determinants.

Details

International Journal of Contemporary Hospitality Management, vol. 33 no. 10
Type: Research Article
ISSN: 0959-6119

Keywords

Available. Content available
Article
Publication date: 12 January 2022

Jihong Chen, Renjie Zhao, Wenjing Xiong, Zheng Wan, Lang Xu and Weipan Zhang

The paper aims to identify the contributors to freight rate fluctuations in the Suezmax tanker market; this study selected the refinery output, crude oil price, one-year charter…

3338

Abstract

Purpose

The paper aims to identify the contributors to freight rate fluctuations in the Suezmax tanker market; this study selected the refinery output, crude oil price, one-year charter rate and fleet development as the main influencing factors for the market analysis.

Design/methodology/approach

The paper used the vector error correction model to evaluate the degree of impact of each influencing factor on Suezmax tanker freight rates, as well as the interplay between these factors.

Findings

The conclusion and results were tested using the 20-year data from 1999 to 2019, and the methodology and theory of this paper were proved to be effective. Results of this study provide effective reference for scholars to find the law of fluctuations in Suezmax tanker freight rates.

Originality/value

This paper provides a decision-making support tool for tanker operators to cope with fluctuation risks in the tanker shipping market.

Details

Maritime Business Review, vol. 8 no. 1
Type: Research Article
ISSN: 2397-3757

Keywords

Available. Content available
Book part
Publication date: 19 February 2024

Quoc Trung Tran

Free Access. Free Access

Abstract

Details

Dividend Policy
Type: Book
ISBN: 978-1-83797-988-2

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Article
Publication date: 27 July 2023

Mianzhi Yang, Qing Hui, Qingru Yang, Mengwei Fan and Xin Li

China has recently introduced a new audit law that aims to increase the scope of audit supervision and raise the standards for preventing risks in auditing national public…

242

Abstract

Purpose

China has recently introduced a new audit law that aims to increase the scope of audit supervision and raise the standards for preventing risks in auditing national public projects. This paper presents a systematic research study on the causes of audit risks in national public projects and discusses the process by which these causes contribute to the emergence of such risks. Furthermore, the paper investigates the core risk sources in various types of national construction project audit. This paper aims to provide theoretical support for auditors of national construction projects in risk avoidance when conducting audits.

Design/methodology/approach

In this study, the authors carefully selected five national public audit projects from China and performed a comprehensive analysis of 85 relevant audit documentation. The textual analysis was conducted using Nvivo12 software, and the grounded theory approach was adopted for generalization purposes.

Findings

Based on the research results, the findings suggest that there are five key causes contributing to the audit risk of national construction projects: professional competence, risk awareness, management capacity, level of attention and deliberate fraud. The most critical factor identified is management capability, with 59.93% of the data supporting this view. This conclusion was based on an analysis of state-owned enterprises, administrative organs and public institutions. Building upon this, a framework titled “the mechanism of audit risk factors with management capability as the core” was constructed.

Originality/value

This paper employs qualitative analysis methods to examine national construction projects in China, contributing new literature to the theoretical study of audit risk management. The article also provides practical recommendations for auditors on how to mitigate audit risks and improve the quality of audit services in national project governance.

Details

Engineering, Construction and Architectural Management, vol. 32 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

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Article
Publication date: 19 June 2019

Shian-Yang Tzeng and Jerry Yuwen Shiu

The purpose of this paper is to investigate post-purchase regret and its relationships with complaint and risk aversion in a four-dimensional framework.

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Abstract

Purpose

The purpose of this paper is to investigate post-purchase regret and its relationships with complaint and risk aversion in a four-dimensional framework.

Design/methodology/approach

Using 548 effective samples, this study employed structural equation modeling to test proposed hypotheses.

Findings

Based on levels of perceived self-responsibility, post-purchase regret due to forgone alternatives, under consideration and over consideration was positively associated with customer complaining, whereas post-purchase regret due to significance change exhibited no such correlation. Moreover, a higher level of risk aversion increased the effect of utilitarian motivation on post-purchase regret due to over consideration but decreased this effect on post-purchase regret due to under consideration.

Research limitations/implications

First, regret can positively influence consumer complaints. Next, consumers are unlikely to complain to third parties unless they experience strong action regret. Finally, risk aversion can alleviate or reinforce the effect of utilitarian motivation on regret. Future research could examine the customer group who feel less or no regret of their purchases to contribute to regret theory.

Practical implications

To reduce regret among such consumers, marketers are advised to apply precision marketing techniques to reach their target consumers. Second, to forestall customer regret due to forgone alternatives, sellers should proactively provide target buyers with information regarding their products and those of competing brands. Third, another method of minimizing regret is to ensure that consumers’ risk-aversion activities are effective.

Originality/value

This study empirically demonstrated a multidimensional scale of regret to illuminate the multicausal role of regret in relation to consumers’ complaining and risk-aversion behaviors.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 31 no. 5
Type: Research Article
ISSN: 1355-5855

Keywords

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Book part
Publication date: 7 November 2022

Juan Antonio Fernandez, Emily M. David and Shaohui (Sophie) Chen

Abstract

Details

Innovative to the Core: Stories from China and the World
Type: Book
ISBN: 978-1-80455-084-7

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Abstract

Details

Innovative to the Core: Stories from China and the World
Type: Book
ISBN: 978-1-80455-084-7

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Book part
Publication date: 25 February 2016

Jana Hili, Desmond Pace and Simon Grima

The uncertainty as to whether investments in riskier and less efficient markets allow managers to ‘beat the market’ remains a question to which answers are required. Accordingly…

Abstract

Purpose

The uncertainty as to whether investments in riskier and less efficient markets allow managers to ‘beat the market’ remains a question to which answers are required. Accordingly, the purpose of this chapter is to offer new insights on portfolios of the US, European and Emerging Market (‘EM’) domiciled equity mutual funds whose objectives are the investment in emerging economies, and specifically analyses two main issues: alpha generation and the influence of the funds’ characteristics on their risk-adjusted performance.

Methodology/approach

The dataset is made up a survivorship-bias controlled sample of 137 equity funds over the period January 2004 to December 2014, which are then grouped into equally weighted portfolios according to the scheme’s origin. The Jensen’s (1968) Single-Factor model along with the Fama and French’s (1993) and Carhart’s (1997) multifactor models are employed to authenticate results and answer both research questions.

Findings

Research analysis reveals that EM exposed fund managers fail to collectively outperform the market. It thereby offers ground to believe that the emerging world is very close to being efficient, proving that the Efficient Market Hypothesis (‘EMH’) ideal exists in this scenario where market inefficiency might only be a perception of market participants as any apparent opportunity to achieve above-average returns is speedily snapped up by very active managers. Overall these managers take a conservative approach to portfolio construction, whereby they are more unperturbed investing in large cap equity funds so as to lessen somewhat the exposure towards risks associated with liquidity, stability and volatility.

Furthermore, the findings show that large-sized equity portfolios have the lead over the medium and small-sized competitors, whilst the high cost and mature collective investment vehicles enjoy an alpha which although is negative is superior to their peers. The riskiest funds generated the lowest alpha, and thereby produced doubts as to whether investors should accept a higher risk for the hope of earning higher returns, at least when aiming to gain an exposure into the emerging world.

Originality/value

Mutual fund performance is not an innovative topic so to speak. Nonetheless, researchers and academia have centred their efforts on appraising the behaviour of fund managers domiciled primarily in developed and more efficient economics, leaving the emerging region highly uncovered in this respect. This study, therefore aims at crafting meaningful contributions to the literature as well as to the practical perspective.

Details

Contemporary Issues in Bank Financial Management
Type: Book
ISBN: 978-1-78635-000-8

Keywords

Available. Content available
Book part
Publication date: 7 November 2022

Juan Antonio Fernandez, Emily M. David and Shaohui (Sophie) Chen

Free Access. Free Access

Abstract

Details

Innovative to the Core: Stories from China and the World
Type: Book
ISBN: 978-1-80455-084-7

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