Xinyuan (Roy) Zhao, Fujin Wang, Anna S. Mattila, Aliana Man Wai Leong, Zhenzhen Cui and Huan Yang
Customer misbehavior has a negative impact on frontline employees. However, the underlying mechanisms from customer misbehavior to employees’ negative outcomes need to be further…
Abstract
Purpose
Customer misbehavior has a negative impact on frontline employees. However, the underlying mechanisms from customer misbehavior to employees’ negative outcomes need to be further unfolded and examined. This study aims to propose that employees’ affective rumination and problem-solving pondering could be the explanatory processes of customer misbehavior influencing employee attitudes in which coworker support could be a moderator.
Design/methodology/approach
A mixed-method approach was designed to test this study’s predictions. Study 1 conducted a scenario-based experiment among 215 full-time hospitality employees, and Study 2 used a two-wave, longitudinal survey of 305 participants.
Findings
The results demonstrate the impact of customer misbehavior on work–family conflict and withdrawal behaviors. The mediating role of affective rumination is supported and coworker support moderates the processes.
Practical implications
Customer misbehavior leads to negative outcomes among frontline employees both at work and family domains. Hotel managers should help frontline employees to cope with customer misbehavior by avoiding negative affective spillover and providing support properly.
Originality/value
The studies have unfolded the processes of affective rumination and problem-solving pondering through which customer misbehavior influences work–family conflict and withdrawal behaviors among frontline employees. The surprising findings that coworker support magnified the negative effects have also been discussed.
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Huan Yang, Jun Cai and Robert Webb
We aim to examine two issues. First, we intend to identify the best performing expected return proxies. Second, we investigate whether the expected return proxies for individual…
Abstract
Purpose
We aim to examine two issues. First, we intend to identify the best performing expected return proxies. Second, we investigate whether the expected return proxies for individual stocks can track the corresponding realized returns during extremely good or extremely bad times of the economic environment related to business conditions, stock market valuation and broad market performance.
Design/methodology/approach
We construct four sets of expected return proxies, including: (1) characteristic-based proxies; (2) standard risk-factor-based proxies; (3) risk-factor-based proxies that allow betas to vary with firm characteristics and (4) macroeconomic-variable-based proxies. First, we estimate expected returns for individual stocks using newly developed methods and evaluate the performance of these expected return proxies based on the minimum variance criterion of Lee et al. (2020). Second, we regress expected return proxies and realized returns on indicator variables that capture the extreme phases of the economic environment. Then we compare the estimated coefficients from these two sets of regressions and see if they are similar in magnitude via formal hypothesis testing.
Findings
We find that characteristic-based proxies and risk-factor-based proxies that allow betas to vary with firm characteristics are the two best performing proxies. Therefore, it is important to allow betas to vary with firm characteristics in constructing expected return proxies. We also find that model-based expected return proxies do a reasonably good job capturing actual returns during extremely bad and extremely good phases of business cycles measured by leading economic indicators, consumer confidence and business confidence. However, there is a large gap between the adjustment of model-based expected returns and realized returns during extreme episodes of stock market valuation or broad market performance.
Originality/value
We examine four types of expected return proxies and use the newly developed methodology as in Lee et al. (2020) to see which one is the best. In addition, we document whether model-based expected returns from individual stocks adjust partially or fully to keep pace with actual returns in response to changing economic conditions. No prior studies have examined these two issues.
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The question is whether debt market investors see through managers' attempts to hide their pension obligations. The authors establish a robust relation between understated pension…
Abstract
Purpose
The question is whether debt market investors see through managers' attempts to hide their pension obligations. The authors establish a robust relation between understated pension liabilities and corporate bond yield spreads after controlling for factors that have been previously identified as having a significant impact on firms' cost of borrowing. The results support the idea that bond market investors are not being misled by the use of high pension liability discount rates by some companies to lower their reported pension obligations. For a small fraction of debt issuers, the reported pension liabilities are larger than the pension liabilities valued at the stipulated interest rate benchmarks. For these issuers with overstated pension liabilities, bond investors adjust their borrowing costs downward.
Design/methodology/approach
The authors investigate the relation between corporate bond yield spreads and understated pension liabilities relative to long-term Treasury and high-grade corporate bond yields. They aim to answer two questions. First, what are the sizes of over or understated pension liabilities relative to guideline benchmarks? Second, do debt market investors see through the potential management manipulation of pension discount rates? The authors find that firms with large understated pension liabilities face higher marginal borrowing costs after taking into account issue-specific features, firm characteristics, macroeconomic conditions and other pension information such as funded status and mandatory contributions.
Findings
The average understated projected benefit obligations (PBOs) are understated by $394.3 and $335.6, equivalent to 3.5 and 3.0% of the beginning of the fiscal year market value, respectively. The average understated accumulated benefit obligations (ABOs) are understated by $359.3 and $305.3 million, equivalent to 3.1 and 2.6%, of the beginning of the fiscal year market value, respectively. Relative to AA-grade corporate bond yields, the average difference between firm pension discount rates and benchmark yields becomes much smaller; the percentage of firm pension discount rates higher than benchmark yields is also much smaller. As a result, understated pension liabilities become negligible. The authors establish a robust relation between corporate bond yield spreads and measures of understated pension liabilities after controlling for issue-specific features, firm characteristics, other pension information (funded status and mandatory contributions), macroeconomic conditions, calendar effects and industry effects.
Originality/value
S&P Rating Services recognizes the issue that there is considerably more variability in discount rate assumptions among companies than in workforce demographics or the interest rate environment in which firms operate (Standard and Poor's, 2006). S&P also indicates that it would be desirable to normalize different discount rate assumptions but acknowledges that it is difficult to do so. In practice, S&P Rating Services conducts periodic surveys to see whether firms' assumed discount rates conform to the normal standard. The paper makes an initial attempt to quantify the size of understated pension liabilities and their impact on corporate bond yield spreads. This approach can be extended to study firms' costs of equity capital, the pricing of seasoned equity offerings and the pricing of merger and acquisition transaction deals, among other questions.
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Shaomin He, Huan Yang, Guangzhuo Li, Sideng Hu and Xiangning He
This paper aims to analyze the dominant stray parameters of the DC bus bar and focus on weakening the influence of the stray parameters instead of reducing the value of the stray…
Abstract
Purpose
This paper aims to analyze the dominant stray parameters of the DC bus bar and focus on weakening the influence of the stray parameters instead of reducing the value of the stray parameters in DC bus bar while switching. By finding the mechanisms to reduce the effects of stray parameters on switching transient, the simple and straightforward optimization methods could be given for the engineering designer.
Design/methodology/approach
The investigations are focused on the equivalent circuit by segmented impedance evaluation in the low-frequency band and the energy propagation by wave impedance evaluation in the high frequency band. This paper proposes an equivalent impedance calculation model to locate the dominant stray parameters in the DC bus bar and takes the energy propagation characteristics using wave impedance into consideration, which can simplify the optimization design of DC bus bar.
Findings
According to the equivalent circuit and electromagnetic field analysis, this paper proves the existence of the dominant stray parameters in DC bus bar that is widely used on high-power converters and certifies that not all the stray parameters in different areas of DC bus bar have the same effects on switching process, which can give a good guidance for the optimization design of DC bus bar.
Originality/value
The positions of DC-link capacitors, resulting in only part of stray parameters in DC bus bar has more impact during switching, are significant to the DC bus bar optimization design. These stray parameters named dominant stray parameters in this paper play a leading role in the switching transient process. The area of DC bus bar, which is close to IGBTs and far from DC-link capacitors, contains the dominant stray parameters in the switching transient process. Therefore, the distance between DC-link capacitors and IGBTs should be shortened as much as possible. Based on the results, the efficiency for the DC bus bar optimization design could be improved by weakening the influence of the stray parameters, such as reducing the dominant stray parameters only. Therefore, it can save the cost and time of DC bus bar optimization design.
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Shuhao Yu, Shoubao Su and Li Huang
– The purpose of this paper is to present a modified firefly algorithm (FA) considering the population diversity to avoid local optimum and improve the algorithm’s precision.
Abstract
Purpose
The purpose of this paper is to present a modified firefly algorithm (FA) considering the population diversity to avoid local optimum and improve the algorithm’s precision.
Design/methodology/approach
When the population diversity is below the given threshold value, the fireflies’ positions update according to the modified equation which can dynamically adjust the fireflies’ exploring and exploiting ability.
Findings
A novel metaheuristic algorithm called FA has emerged. It is inspired by the flashing behavior of fireflies. In basic FA, randomly generated solutions will be considered as fireflies, and brightness is associated with the objective function to be optimized. However, during the optimization process, the fireflies become more and more similar and gather into the neighborhood of the best firefly in the population, which may make the algorithm prematurely converged around the local solution.
Research limitations/implications
Due to different dimensions and different ranges, the population diversity is different undoubtedly. And how to determine the diversity threshold value is still required to be further researched.
Originality/value
This paper presents a modified FA which uses a diversity threshold value to guide the algorithm to alternate between exploring and exploiting behavior. Experiments on 17 benchmark functions show that the proposed algorithm can improve the performance of the basic FA.
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Xiaohua Yang, Chongli Di, Ying Mei, Yu-Qi Li and Jian-Qiang Li
The purpose of this paper is to reduce the computational burden and improve the precision of the parameter optimization in the convection-diffusion equation, a new algorithm, the…
Abstract
Purpose
The purpose of this paper is to reduce the computational burden and improve the precision of the parameter optimization in the convection-diffusion equation, a new algorithm, the refined gray-encoded evolution algorithm (RGEA), is proposed.
Design/methodology/approach
In the new algorithm, the differential evolution algorithm (DEA) is introduced to refine the solutions and to improve the search efficiency in the evolution process; the rapid cycle operation is also introduced to accelerate the convergence rate. The authors apply this algorithm to parameter optimization in convection-diffusion equations.
Findings
Two cases for parameter optimization in convection-diffusion equations are studied by using the new algorithm. The results indicate that the sum of absolute errors by the RGEA decreases from 74.14 to 99.29 percent and from 99.32 to 99.98 percent, respectively, compared to those by the gray-encoded genetic algorithm (GGA) and the DEA. And the RGEA has a faster convergent speed than does the GGA or DEA.
Research limitations/implications
A more complete convergence analysis of the method is under investigation. The authors will also explore the possibility of adapting the method to identify the initial condition and boundary condition in high-dimension convection-diffusion equations.
Practical implications
This paper will have an important impact on the applications of the parameter optimization in the field of environmental flow analysis.
Social implications
This paper will have an important significance for a sustainable social development.
Originality/value
The authors establish a new RGEA algorithm for parameter optimization in solving convection-diffusion equations. The application results make a valuable contribution to the parameter optimization in the field of environmental flow analysis.
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Huan Yang, Albert P.C. Chan and Qiming Li
The purpose of this paper is to test the density dependence theory and explain the deep changes that the Chinese construction industry is experiencing. Focusing on both…
Abstract
Purpose
The purpose of this paper is to test the density dependence theory and explain the deep changes that the Chinese construction industry is experiencing. Focusing on both organizational level and industry level, it aims to identify the factors and to show how these factors affect the mortality of the Chinese construction companies.
Design/methodology/approach
The Jiangsu construction industry is chosen as a proxy of the Chinese market. With the event history analysis method and life history data on all companies known to have operated during the period 1989‐2007 in Jiangsu, an expanded Cox model is established to achieve the purpose.
Findings
The construction industry level evolution plays an important role on exit rate of construction companies; however, this effect does not conform with density dependence as expected, and it interacts with organizational age. Besides, age and size of organizational level, and macro environment also act on mortality.
Research limitations/implications
Owing to the difficulty in data acquisition, only 19 years of the Jiangsu construction industry have been reported here, which may not provide the whole picture of the evolution process. Furthermore, the different ending events, such as disbanding and merge, have not been identified, which may affect the results to some extent.
Practical implications
The paper provides a new perspective to analyze the evolution of the Chinese construction industry and the mortality of construction companies.
Originality/value
This is the first article that applies the density dependence theory to analyze the evolution process of the construction industry. It is also the first attempt to analyze the interaction of density, macro factors and organizational age, which is a contribution to the organizational ecology theory and the study of construction industry development.
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Huan Yang, John F.Y. Yeung, Albert P.C. Chan, Y.H. Chiang and Daniel W.M. Chan
The purpose of this paper is to critically review the literature of performance measurement both in general and in the construction industry in particular. By doing so, it seeks…
Abstract
Purpose
The purpose of this paper is to critically review the literature of performance measurement both in general and in the construction industry in particular. By doing so, it seeks to provide valuable insights into how to construct a comprehensive performance measurement model for the construction industry.
Design/methodology/approach
Based on a comprehensive literature review on performance measurement, the paper presents a critical review of the development of performance measurement, with a special focus on the construction sector. The strengths and weaknesses of most previous measurement frameworks and techniques are investigated. Performance information that each can generate is analyzed in the context of the construction industry.
Findings
The research findings showed that performance measurement studies in construction can be divided into three levels: project, organizational, and stakeholder levels. In addition, the major frameworks of performance measurement in construction were found to be: European Foundation for Quality Management excellence model, balanced scorecard model, and key performance indicators model. The most frequently applied research techniques of performance measurement in construction included: gap analysis, integrated performance index, statistical methods, and data envelopment analysis method. The performance information generated from the measurement encompasses frameworks and hierarchical indicators, and functions and score.
Research limitations/implications
The research focuses on the performance measurement of construction. Further research work should be conducted to cover other industries.
Practical implications
The paper provides an innovative and useful approach to defining the process of performance measurement in construction, which can be of great use to both the research community and industrial practitioners.
Originality/value
The paper summarizes the recent performance measurement research studies in construction, integrates the whole process of the performance measurement, and offers useful insights into future areas of research in this field.
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Dongmin Zhang, Zihui Fang and Min Liao
Educational accountability and student achievement polarization, which result in high dropout rates, pose significant challenges and pressures on teachers' pedagogical leadership…
Abstract
Purpose
Educational accountability and student achievement polarization, which result in high dropout rates, pose significant challenges and pressures on teachers' pedagogical leadership. Whether pedagogical leadership, which originates in the Western educational environment, can significantly improve student achievement in Chinese high schools remains unclear. This concept has not yet been fully explored in the Chinese educational environment, and its direct impact on student achievement and the mediating role of English teaching methods remain to be investigated. However, existing research has concentrated on the effectiveness of principals' pedagogical leadership, with variations in teachers' pedagogical leadership practices. Many reform measures have been implemented in China to improve student achievement, but past educational practices have analyzed the impact on student achievement from a single instructional leadership, school capital or teaching method perspective. Furthermore, there is a lack of multidimensional and systematic assessments of the direct effects of teacher pedagogical leadership on student achievement and the mediating effects of English teaching methods.
Design/methodology/approach
To address this gap, this study analyzed the impact of teachers' pedagogical leadership on student achievement and the mediating effect of English teaching methods with the support of the theory of action for teacher leadership, specifically using pedagogical leadership and English teaching methods models.This study conducted a questionnaire survey of 968 participants in Taian City, China, and quantitatively analyzed the data using SmartPLS structural equation modeling (SEM).
Findings
This study revealed that pedagogical leadership has a positive direct effect on student achievement. Meanwhile, among the four mediating factors, the Direct Method, Audio-Lingual Method and Communicative Language Teaching had significant mediating effects.
Originality/value
This study shows that the effective use of academic and professional capital allocation in pedagogical leadership, combined with effective measures of using multiple effective English teaching methods, helps achieve high-quality student achievement.
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Vanessa Gaffar, Wenda Wahyu Christiyanto, Rivaldi Arissaputra, Abror Abror, Nurman Achmad, Esa Fajar Fajar Hidayat, Qoriah A Siregar and Aslinda Shahril
This paper aims to explore the influence of digital halal literacy and halal destination attributes on revisiting intention through satisfaction and trust as mediating variables.
Abstract
Purpose
This paper aims to explore the influence of digital halal literacy and halal destination attributes on revisiting intention through satisfaction and trust as mediating variables.
Design/methodology/approach
The study collected data from 308 domestic tourists in Indonesia who visited urban tourist destinations using a Likert-scale questionnaire, conducted between June and July 2023, and analysed using PLS-SEM for comprehensive data collection.
Findings
Digital halal literacy and halal destination attributes significantly impact tourist satisfaction and trust, potentially leading to the desire to revisit previously visited destinations. The higher the digital halal literacy and halal destination attributes, the higher the satisfaction and trust of tourists towards these destinations, potentially resulting in their intention to revisit.
Research limitations/implications
This study focused on the Greater Bandung area in western Indonesia, a popular tourist destination. Future studies should explore the eastern region and its surroundings, as they do not differentiate between nature-based and man-made tourism.
Practical implications
The absence of information on halal tourism destinations hinders travellers' understanding and decision-making, particularly considering the preference for symbols as a means of communication, a crucial factor that destination managers must consider.
Social implications
Visual elements, such as symbols and signage, significantly influence tourist behaviour and experiences, leading to the decision to revisit the destination.
Originality/value
The integration of digital halal literacy and halal destination attributes offers a comprehensive understanding of halal tourism, particularly in terms of revisit intentions.