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Automating the welding process for the shipbuilding industry is very challenging and important, as this industry relies heavily on quality welds. Conventional robotic welding systems are seldom used because the welding tasks in shipyards are characterised by non‐standardised workpieces which are large but small in batch sizes. Furthermore, geometries and locations of the workpieces are uncertain. To tackle the problem, a Ship Welding Robot System (SWERS) has been developed for the welding process. The main features of the SWERS include a special teaching procedure that allows the human user to teach the robot welding paths at a much easier and faster pace. In addition, operation of the system is made easier through a custom designed man‐machine interface. Through this interface, only a few buttons need to be pressed to command the robot into different modes. Optimised welding parameters can be selected from a large database through a Graphical User Interface system.

Flexible automation robotic systems and off‐line programming methods have recently received much attention. Studies the problem of robot auto‐marking and auto‐cutting of shipbuilding panels, using an integrated computer aided design/manufacturing (CAD/CAM) system based on computer technology and off‐line programming of the robot. The following three points are focused on in this paper: marking and cutting information of the panel’s CAD model; measurement of the panel’s deformation and its compensation algorithm; robot auto‐making and auto‐cutting of the panel using the CAM system. Robot auto‐marking and auto‐cutting of shipbuilding panels solves the difficulty associated with panel marking and cutting by hand. Furthermore this system possesses high processing precision and automatically compensates for the deformation of the panel. Our experiments prove the feasibility and efficiency of this system at the end of this paper.

Offers a broad overview on Japanese prototype service robot R&D trends and examples.

Displays two examples of service robotics: the forestry robot WOODY‐1, and the android presenter and entertainer/informer/guide Repliee Q1.

More and more frequently robotics usage has expanded into more diverse areas that involve work outside the confines of the factory floor. The paper highlights interesting Japanese service robot prototypes, as well as identifies some new R&D trends and requirements.

The potential for new service robotics applications is enormous, ranging from childcare and nursing, to forestry.

The practical implications of the increased diversity of service robotics will reduce human workload and environmental strain.

Reveals examples of innovation in service robot design and application.

We compare the finite sample power of short- and long-horizon tests in nonlinear predictive regression models of regime switching between bull and bear markets, allowing for time varying transition probabilities. As a point of reference, we also provide a similar comparison in a linear predictive regression model without regime switching. Overall, our results do not support the contention of higher power in longer horizon tests in either the linear or nonlinear regime switching models. Nonetheless, it is possible that other plausible nonlinear models provide stronger justification for long-horizon tests.

Drawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages.

Using a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance.

It is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations.

This paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.

This study is the first to examine the role of idiosyncratic risk in the pricing of European real estate equities. The capital asset pricing model predicts that in equilibrium, investors should hold the market portfolio. As a result, investors should only be rewarded for carrying undiversifiable systematic risk and not for diversifiable idiosyncratic risk. The study is adding to the growing body of countering studies by first examining time trends of idiosyncratic risk and subsequently the pricing of idiosyncratic risk in European real estate equities. The paper aims to discuss these issues.

The study analyses 293 real estate equities from 16 European capital markets over the 1991-2011 period. The framework of Fama and MacBeth is employed. Regressions of the cross-section of expected equity excess returns on idiosyncratic risk and other firm characteristics such as beta, size, book-to-market equity (BE/ME), momentum, liquidity and co-skewness are performed. Due to recent evidence on the conditional pricing of European real estate equities, the pricing is also investigated using the conditional framework of Pettengill et al. Either realised or expected idiosyncratic volatility forecasted using a set of exponential generalized autoregressive conditional heteroskedasticity models are employed.

The initial analysis of time trends in idiosyncratic risk reveals that while the early 1990s are characterised by both high total and idiosyncratic volatility, a strong downward trend emerged in 1992 which was only interrupted by the burst of the dotcom bubble and the 9/11 attacks along with the global financial and economic crisis. The largest part of total volatility is idiosyncratic and therefore firm-specific in nature. Simple cross-correlations indicate that high beta, small size, high BE/ME, low momentum, low liquidity and high co-skewness equities have higher idiosyncratic risk. While size and BE/ME are priced unconditionally from 1991 to 2011, both measures of idiosyncratic risk fail to achieve significance at reasonable levels. However, once conditioned on the general equity market or real estate equity market, a strong positive relationship between idiosyncratic risk and expected returns emerges in up-markets, while the opposite relationship exists in down-markets. The relationship is robust to firm-specific factors and a series of robustness checks.

The results show that ignoring the conditional relationship between idiosyncratic risk and returns might result in the false realisation that idiosyncratic risk does not matter in the pricing of risky (real estate) assets.

This study is the first to examine the role of idiosyncratic risk in the pricing of European real estate equities. The study reveals differences in the pricing of European real estate equities and US REITs. The study highlights that ignoring the conditional relationship between idiosyncratic risk and returns might result in the false realisation that idiosyncratic risk does not matter in the pricing of risky assets.

The relationship between idiosyncratic risk and stock return has been debated for decades; this study reexamined this relationship in the Pakistani stock market by using the quantile regression approach along with the prospect theory.

The present study is quantitative, and secondary data obtained from an emerging market are used. The quantile regression method allows the estimates of idiosyncratic risk to vary across the entire distribution of stock returns, i.e. the dependent variable. In this study, the standard deviation of regression residuals from the Fama and French three-factor model was used to measure idiosyncratic risk. Convenience sampling is employed; the sample consists of 82 firms listed on the KSE-100 index, with 820 annual observations for the ten years from 2011 to 2020. After computing results by using quantile regression, the study's findings, ordinary least squares (OLS) and least sum of absolute deviation (LAD) regression techniques are also compared.

The quantile regression estimation results indicate that idiosyncratic risk is positively correlated with stock returns and that this relationship is contingent on whether prices are rising or falling. Consistent with the prospect theory, the finding suggests that stock investors tend to avoid risk when they anticipate a loss but are more willing to take risks when they anticipate a profit. The results of the OLS and LAD regressions indicate that the method typically employed in previous studies does not adequately describe the relationship between idiosyncratic risk and stock return at extreme points or across the entire distribution of stock return.

These empirical findings shed new light on the relationship between idiosyncratic risk and stock return in Pakistani stock market literature.

Established in 1967 by the National Service (Amendment) Bill, National Service (NS) makes it compulsory for most young Singaporean males to enlist in the armed forces, typically for a two-year period. NS comes at a critical juncture in most Singaporean mens’ adolescence, disrupting their lives and isolating them in a foreign environment just as they are beginning to form a firm sense of identity. Recruits are expected to go through grueling training and endure harsh scoldings to prove their worth as both soldiers and men. Through an interview with 14 individuals who have served or are serving NS, it is found that the hegemonic masculinity present in NS relies on norms of strength, leadership, and suppression of emotion. However, its impact on enlistees is inconsistent, and dependent on one’s vocation, personal encounters, and expectations prior to enlisting.

Most of the past studies have considered social and personal factors in relation to counterfeit product purchase intention. However, there is a dearth of research that linked ethical aspects with such kind of product purchase intention. Considering this gap, the purpose of this paper is to investigate the direct as well as indirect effect of ethical aspects on the attitude of consumers’ counterfeit product purchase in the Malaysian market.

A total of 737 questionnaires were distributed in China Town, Low Yat Plaza, as well as a few “pasar malam” (night markets), which yielded 400 completed usable responses. Partial Least Square Smart PLS software and SPSS were utilised in order to analyse the data.

The results revealed that the ethical aspect in term of religiosity, ethical concern, and perception of lawfulness directly and indirectly affect consumers’ behavioural intention to purchase counterfeit products.

It is expected that the study findings will enhance the understanding of marketers as well as policymakers about consumers’ purchase intention of such fake products. Eventually, it will help them to come up with better marketing strategies to purchase counterfeit products and to encourage them to purchase the original product.

This is relatively a pioneer study that examines the effect of ethical aspects of consumers in term of their religiosity, ethical concern, and perception of lawfulness on their attitude towards buying counterfeit products. Additionally, this study examines the mediating role of consumer attitude to purchase counterfeit product between ethical aspects and behavioural intention, which is comparatively new to the existing body of knowledge. Last, but not the least, this research has examined these relationships in a new research context i.e., Malaysian market, which can advance the knowledge about consumer behaviour in the East Asian context.

In recent years, there has been a significant increase in the number of green residential properties. This phenomenon indicates that the demand for environmentally friendly residential properties is rising. However, the true reasons behind the growing interest and investment in green residential properties remain poorly understood. When it comes to residential properties, assessing these benefits becomes more challenging and complex, as it is crucial to understand the motivations to invest in green residential properties. Therefore, the purpose of this study is to identify the component factors that motivate homebuyers to invest in green residential properties.

This research aims to address a research gap by identifying the component factors that motivate individuals to invest in green residential properties using a factor analysis approach. The authors gathered data by distributing an online questionnaire among 161 certified green residential owners in Selangor, Malaysia.

The results from the factor analysis revealed three components as the primary factors that motivate individuals to invest in green residential properties. The findings contribute significantly to the growing yet limited literature in this area of research.

This research, however, set out to provide a context-specific motivation in Selangor as a limitation.

By understanding the motivations behind these investments, the research can encourage greater adoption of sustainable housing investment and guide developers and policymakers in offering better solutions for the green property market. The authors could facilitate informed decision-making and inspire positive change towards a future where sustainable housing becomes the norm.