Liangjun Zhou, Jerred Junqi Wang, Xiaoying Chen, Chundong Lei, James J. Zhang and Xiao Meng
Building upon the framework of glocalization, the purpose of this paper is to summarize the development of National Basketball Association (NBA) in Chinese market, explore its…
Abstract
Purpose
Building upon the framework of glocalization, the purpose of this paper is to summarize the development of National Basketball Association (NBA) in Chinese market, explore its successful and unsuccessful places, and propose strategies of glocalization for the NBA as well as other overseas sport leagues.
Design/methodology/approach
The current case study was organized by summarizing the developmental history of NBA in China, analyzing its current promotional practices, investigating into its marketing strategies, and extrapolating practical references for other sport leagues aiming to penetrating into the Chinese marketplace.
Findings
The current case study concluded that when facing the current challenges, the NBA needs to bring authentic American cultural commodities while adding Chinese characteristics to accommodate local fans. Meanwhile, the NBA management needs to continue seeking ways to work out and through the differences in government models and cultural contexts between China and USA. In addition, this study suggested that the research framework of glocalization would be an ever intriguing inquiry needed for other sport organizations or leagues seeking expansion to overseas markets.
Originality/value
A thorough case study with the NBA that has achieved huge successes in Chinese markets will provide valuable implications for sport leagues to broaden their overseas markets.
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Xiaoying Chen and Nicholas Ray-Wang Gao
Since the introduction of VIX to measure the spot volatility in the stock market, VIX and its futures have been widely considered to be the standard of underlying investor…
Abstract
Purpose
Since the introduction of VIX to measure the spot volatility in the stock market, VIX and its futures have been widely considered to be the standard of underlying investor sentiment. This study aims to examine how the magnitude of contango or backwardation (MCB volatility risk factor) derived from VIX and VIX3M may affect the pricing of assets.
Design/methodology/approach
This paper focuses on the statistical inference of three defined MCB risk factors when cross-examined with Fama–French’s five factors: the market factor Rm–Rf, the size factor SMB (small minus big), the value factor HML (high minus low B/M), the profitability factor RMW (robust minus weak) and the investing factor CMA (conservative minus aggressive). Robustness checks are performed with the revised HML-Dev factor, as well as with daily data sets.
Findings
The inclusions of the MCB volatility risk factor, either defined as a spread of monthly VIX3M/VIX and its monthly MA(20), or as a monthly net return of VIX3M/VIX, generally enhance the explanatory power of all factors in the Fama and French’s model, in particular the market factor Rm–Rf and the value factor HML, and the investing factor CMA also displays a significant and positive correlation with the MCB risk factor. When the more in-time adjusted HML-Dev factor, suggested by Asness (2014), replaces the original HML factor, results are generally better and more intuitive, with a higher R2 for the market factor and more explanatory power with HML-Dev.
Originality/value
This paper introduces the term structure of VIX to Fama–French’s asset pricing model. The MCB risk factor identifies underlying configurations of investor sentiment. The sensitivities to this timing indicator will significantly relate to returns across individual stocks or portfolios.
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Liangjun Zhou, Jerred Junqi Wang, Xiaoying Chen, Beth Cianfrone and Nathan David Pifer
Since 2014, “sport for all” has been promoted as a new national strategy in China, which injects powerful dynamism and vitality for its development in numerous aspects. However…
Abstract
Purpose
Since 2014, “sport for all” has been promoted as a new national strategy in China, which injects powerful dynamism and vitality for its development in numerous aspects. However, there has been very little feedback on sport service provision in community, and the satisfaction level of community participants is largely unmeasured. To promote physical and mental health of residents and form a stronger foundation of sport culture, more attention should be directed to community sports. The purpose of this paper is to examine the impact of community-sport service provisions on participants’ satisfaction and, in turn, on their sport participation behavior.
Design/methodology/approach
Community-sport program participants in China (n=576) responded to a survey measuring the proposed concepts.
Findings
Structural equation modeling analyses revealed that community-sport services in the areas of sport facility, grassroots sport organizations and sport activity programs had strong influences on participant satisfaction and, in turn, their desire for participation, which highlighted the demand for high-quality sport service provision by community.
Originality/value
The study contributed to the literature by proposing two clear dimensions (core sport service and peripheral sport service) for the measurement of public sport service provision in community sports. A second theoretical contribution of the study relates to the clarification of the relationship between the two dimensions of community-sport service provision (both core and peripheral services) and community participants’ satisfaction levels.
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Charles C. Yang, Mulong Wang and Xiaoying Chen
Conventional wisdom states that catastrophe risk securities show no or little correlation with stock and bond markets, and offer significant attractions to investors providing a…
Abstract
Purpose
Conventional wisdom states that catastrophe risk securities show no or little correlation with stock and bond markets, and offer significant attractions to investors providing a good diversification of risks. This study examines the correlation between catastrophe risk securities and portfolios of other equities by analyzing catastrophe effects on the Japanese stock market.
Design/methodology/approach
Using catastrophe data from SwissRe Sigma publications and stock returns from the Pacific‐Basin Capital Markets database, this paper analyzes stock and abnormal returns in the Japanese stock market using event study methodology.
Findings
For the Japanese stock market as a whole, there is no significant catastrophe effect. The results indicate a significant negative correlation between catastrophe loss amount and the insurance industry's equity returns and abnormal returns, a significant positive correlation with the construction industry, but no significant correlation with the real estate industry. This paper also analyzes the impact of catastrophe causalities. The results show little evidence on the significance of these variables.
Originality/value
This study provides important insights to the insurance/reinsurance industry in the Japanese risk market for catastrophe property and mortality risk securitization and to investors who are interested in further improvement of their portfolio risk/return profile by including catastrophe risk securities.
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Elton Vakira, Ngoni Courage Shereni, Chantelle Masiko Ncube and Njabulo Ndlovu
This paper assesses the inclusive leadership and employee engagement nexus in the hospitality industry, using psychological safety as a mediator.
Abstract
Purpose
This paper assesses the inclusive leadership and employee engagement nexus in the hospitality industry, using psychological safety as a mediator.
Design/methodology/approach
The study conveniently sampled 247 employees from the hospitality industry in Zimbabwe. Data were collected using a self-administered structured questionnaire with the aid of trained research assistants. Descriptive and inferential statistics were generated using the Statistical Package for Social Sciences (SPSS) version 23. Regression analysis was used.
Findings
The findings of this study indicate that the predictor variable (inclusive leadership) directly affects the outcome variable (employee engagement) in the presence of the mediator. In addition, these findings depict that the indirect coefficient was partially significant, which shows that psychological safety partially affects employee engagement in the presence of inclusive leadership.
Research limitations/implications
The study came up with essential conclusions on the link between inclusive leadership and employee engagement in the hospitality industry. However, there is a need to exercise caution when generalising the findings to a different setting. The results represent the opinions of a sample drawn from Zimbabwe, a developing country in Southern Africa. Future research can carry out a comparative study on the same variables in the context of developed and developing countries. Further, future research can execute a longitudinal analysis to better understand if inclusive leadership directly affects employee engagement in the presence of psychological safety. This would help hospitality management to employ relevant leadership strategies that enhance employee engagement.
Practical implications
This research has pertinent implications for both academics and human resource practitioners. The study results revealed that there is a direct effect on inclusive leadership and employee engagement. Practically, if leaders avail themselves to work with employees and discuss business operations and social issues affecting them, employees will be committed to exerting more energy towards their work and productivity will be improved. Moreover, it is understandable that mistakes always happen, but errors will be minimised and controlled in such an environment. The results also revealed that the connection between inclusive leadership on employee engagement is partly enhanced by the moderator. This may be taken as a good strategy that can be employed by human resources practitioners in the hospitality industry.
Originality/value
The study significantly contributes to researchers and practitioners because it develops strategies for enhancing employee engagement in the hospitality sector. In addition, there is scant research that explores the mediating relationship of psychological safety between inclusive leadership and employee engagement in developing countries, particularly in the hospitality sector.
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Jin Zhang, Lingkui Cai and Xiaoying Zheng
This paper aims to explore whether, how and when influencers’ value co-creation behavior in a post – influencers investing operant resources to enhance the value gained from using…
Abstract
Purpose
This paper aims to explore whether, how and when influencers’ value co-creation behavior in a post – influencers investing operant resources to enhance the value gained from using the product – shapes consumers’ responses toward an influencer’s recommendation. Based on value co-creation theory and consumer inference, this paper proposes that consumers infer influencers have more expertise with and more favorable attitude toward the product from value co-creation. Consequently, such behavior can foster consumer engagement and favorable attitude toward the recommended product.
Design/methodology/approach
The authors collected real-world data and conducted four sets of experimental studies. In the experimental studies, the presence of an influencer’s value co-creation behavior (i.e. co-creation vs. control) was manipulated to test the causal effect and mechanisms of co-creation on engagement and product attitude.
Findings
Results show that influencers’ value co-creation behavior positively affects consumers’ engagement and attitudes toward the product. These effects are driven by perceived influencer’s expertise with and favorability toward the product (Studies 1 and 2). Co-creating utilitarian value is more effective than co-creating hedonic value (Studies 3A and 3B). In addition, influencers with a larger number of followers benefit more from co-creation behavior than those with fewer followers (Study 4).
Research limitations/implications
This research adds to the literature on value co-creation by investigating how, why and when influencers’ value co-creation enhances consumer responses to the post. Our investigation concretizes value co-creation behavior in the context of influencer marketing and demonstrates its signaling effect with nuanced role of value type in shaping the effect. The findings provide a novel cue that influencers can use to enhance consumer responses to their posts.
Practical implications
Brands should encourage influencers to focus on value-in-use co-creation when promoting their products. While emphasizing value co-creation in influencer partnership, brands should also carefully consider the type and size of influencers they collaborate with based on the nature of their products and target audience. The research findings also provide practical implications for influencers, offering guidance on how they can optimize their content creation strategies and enhance their effectiveness in influencer marketing collaborations.
Originality/value
This research enriches understanding of value co-creation in the context of influencer marketing and the role of content specifics in influencers’ posts. The findings provide a novel cue that influencers can use to enhance consumer responses to their posts.
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Dayu Cao, Yan Zheng, Chunnian Liu, Xiaoying Yao and Shiyue Chen
This study aims to identify and describe the relationships among different consumption values, anxiety and organic food purchase behaviour considering the moderating role of…
Abstract
Purpose
This study aims to identify and describe the relationships among different consumption values, anxiety and organic food purchase behaviour considering the moderating role of sustainable consumption attitude from the viewpoint of the theory of consumption values.
Design/methodology/approach
Data were collected using a structured questionnaire survey in first-tier cities in China. A total of 344 consumers of organic foods participated in the study. Structural equation modelling and hierarchical regression analysis were employed for data analysis.
Findings
The results indicated the significant association of functional value-price, emotional value, social value and epistemic value with purchase behaviour. Anxiety had a positively significant influence on functional (quality), functional (price), emotional, social, conditional and epistemic values. In addition, the results indicated that functional (price), emotional, social and epistemic values played mediating effects in the relationships between anxiety and purchase behaviour. Moreover, sustainable consumption attitude had a positive moderating effect on functional value-price and purchase behaviour.
Practical implications
The research not only provides novel and original insights for understanding organic consumption but also provides a reference for organic retailers to develop sales strategies and policymakers to formulate policies to guide organic consumption that are conducive to promoting sustainable consumption.
Originality/value
For the first time, this research attempts to explore the relationships among different consumption values, anxiety and purchase behaviour. It may improve the gap of inconsistency in attitude and behaviour in organic consumption, and provide a new perspective for the study of organic consumption.
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Gang Li and Xiaoying Jiao
The purpose of this paper is to provide a short review of tourism forecasting literature and general summary of the trends and developments in tourism forecasting and point out…
Abstract
Purpose
The purpose of this paper is to provide a short review of tourism forecasting literature and general summary of the trends and developments in tourism forecasting and point out directions for future research in the next 75 years.
Design/methodology/approach
This is a general literature overview.
Findings
Key trends are identified for next 75 years.
Originality/value
First overview in tourism forecasting that provides foresight on long-term future trends (over next 75 years).