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This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.

The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also address the role of exogenous factors, including the SEC, AIG, the credit rating agencies, Congress, business academia and the business media.

The study argues that the lack of criminal prosecutions of key financial executives has been a key factor in creating moral hazard. Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society.

An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2014). A study argues that the current corporate lobbying framework undermines societal expectations of political equality and consent (Alzola, 2013). The authors believe the Singapore model may be a useful starting point to restructure regulatory agencies so that they are more responsive to societal concerns and less responsive to special interests. Finally, the widespread perception is that the financial services sector, in particular, is ethically challenged (Ferguson, 2012); perhaps there would be some benefit from the implementation of ethical climate monitoring in firms that have been subject to deferred prosecution agreements for serious ethical violations (Arnaud, 2010).

The authors believe the paper makes a truly original contribution. They provide new insights via their analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.

Describes the contrast between the state of marketing in Romania before and after the fall of communism. Specifically evaluates the changes in the marketing mix components from 1989 to 1993. Presents details of a survey in Bucharest examining how Romanian consumers perceive the changes taking place in the market in terms of product, price, promotion and distribution. Gives recommendations for marketing in Romania in the future.

The purpose of this paper is to provide a comprehensive review of the literature and develop a model of the determinants, indicators and effects of destination competitiveness (DC), as well as several propositions.

This study thoroughly reviewed extant literature to develop a conceptual model and propositions.

Two key findings are listed below. First, 12 different environmental factors are identified and 12 propositions are developed linking these environmental factors to DC. Second, a new indicator of DC is developed, namely, Tourism Attractions-Basics-Context (TABC) model. The TABC model is simple and directly taps into the benefits tourists seek in a destination.

Directions for future research are discussed in detail in the paper.

Managerial implications are discussed in detail in the paper.

The extant research on the topic of DC has been rather fragmented and incomplete in scope. The research presented in this paper addresses these limitations.

Natural and cultural tourism are important motivators for international tourism. Spain has impressive tourist attractions that are outstanding on the natural and cultural tourism dimensions. The purpose of this paper is to identify traits of the most attractive destinations in Spain and to understand the relative importance of natural, cultural, and dual (natural and cultural) attractions to target consumers.

The authors compare the level of tourism in the 17 major regions of Spain and identify the key natural, cultural, and dual attractions using a two-step cluster analysis to ascertain the relative importance of the three types of attractions.

The findings of the cluster analysis suggest that natural attractions had the highest importance, followed by dual attractions, with cultural attractions having the lowest importance in affecting the level of tourism in a region. The study identified four categories of regions resulting from “high vs low” total number of attractions by “high vs low” levels of tourism (operationalized via the number of tourist-nights). The regions with high levels of tourism were either located in the bodies of water (a group of islands) or on ocean/sea(s) surrounding Spain. The study suggests placing greater emphasis on promoting cultural attractions in Spain.

The findings suggest that there is a need to put more emphasis on promoting the cultural attractions in Spain. Spain is a diverse country with huge potential for tourism from people all over the world, due to its diverse geography and rich history.

To the best of the authors’ knowledge, this is the first study that analyzes 17 regions of Spain in relation to their tourism characteristics, identifying attractions that are not sufficiently leveraged, and suggesting strategies for identifying opportunities for the tourism industry in Spain.

Torn between socially‐mandated dress conformity and the glitter of Western designers, consumers in Eastern Europe have always been interested in Western style. After the fall of Communism, fashion, led by Western brands, quickly conquered consumers, while local manufacturers started to offer quality goods. Exposure to Western brands and advertising affected consumer values: former collectivist values are gradually being replaced by individualism. These changes are occurring at different rates and vary in different market segments. Under these conditions, a study was conducted in Bulgaria, Hungary and Romania, comparing respondents on two dimensions of style: fashion‐consciousness (capturing individualism) and dress‐conformity (capturing collectivism). The findings support the hypothesis that fashion consciousness is highest for Westernized Hungarian respondents, who have the highest income and can afford fashionable clothing. Dress conformity was highest for Bulgarian respondents, who had setbacks in adopting a market economy and are less Westernized. The findings support demographic differences predictions: younger individuals are more fashion conscious than older individuals, whereas dress conformity is higher for older than for younger individuals. Finally, men are more fashion conscious than women. The findings on gender differences in dress conformity are mixed. Marketing implications of these findings and future research directions are discussed.

The marketing of food products to children through online media has grown rapidly in recent years, particularly in high‐income countries, where children spend considerable amounts of time on computers. Most food products marketed to children online are obesity‐causing, and childhood obesity has grown to epidemic proportions, with harmful effects on society. Marketers use creative methods to engage children online, entertaining them, offering rewards and promoting products through interactive activities. Online media is monitored much less than conventional media and little is known about online marketing of food to children. This study seeks to examine policies related to food marketing in three high‐income countries, France, Spain, and the USA, and their impact on the methods marketers use to engage children.

The paper presents a conceptual framework linking several aspects of the policies and the socio‐cultural environments in these countries with the design of the food companies' web sites. Six hypotheses are advanced based on this framework and tested using content analysis.

The findings of this study indicate that there are significant differences in online marketing of food products to children in the three countries studied in the authors' research, France, Spain, and the USA, and these differences are largely attributable to these countries' policies. The web sites of French food companies placed greater emphasis on nutrition‐related and interactions‐related features compared to the web sites of US and Spanish food companies. On the other hand, the web sites of US and Spanish food companies placed greater emphasis on games‐related, rewards‐related, attributes‐related, and brand‐related features compared to the web sites of French food companies. These differences in the web sites were conceptualized to result from the differences in the socio‐cultural and policy/regulatory environments of the three countries.

The study provides several useful insights related to understanding of consumer behavior, consumer policy, and design of food companies' web sites in the three countries. The design of food companies' web sites in terms of their emphasis on different categories of features reflects the companies' understanding of consumers in the respective country and government policy and enforcement of online communications. The article provides a conceptual framework that identifies six factors hypothesized to influence the design of food companies' web sites, three related to the socio‐cultural environment, namely attitudes toward health and nutrition, food and nutrition communication, and brand building, and three related to the policy/regulatory environment, namely, government regulatory agencies, self‐regulation by companies, and enforcement and compliance.

This paper explores the major factors influencing multinational companies’ (MNCs) propensity to change the level of resource commitments during financial crises in emerging markets. Favorable changes in the host government policies, market demand, firm strategy, and infrastructural conditions are hypothesized to influence the MNCs’ decision to increase resource commitments during a crisis. The hypotheses are tested with data collected in a survey of 82 MNCs during the recent Argentine financial crisis (late 2002). While all the above variables are considered by the respondents as generally important reasons for increasing resource commitments during a crisis, only favorable changes in government policies significantly influence MNCs’ decisions to change the level of resource commitments during the Argentine financial crisis. The research, managerial implications, and policy‐making implications are discussed.