Search results for: investors' perception

Authors: Sohanur Rahman, Elisabeth Sinnewe, Larelle (Ellie) Chapple, Sarah Osborne

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Greater political attention to global climate change exposes firms to a higher level of political uncertainty, which can lead to adverse capital market consequences. However, a higher level of discourse on environment-specific political risk (EPR) between management and investors can mitigate information asymmetry, followed by less stock price crash risk. This study examines whether EPR discourse in discourse in the earnings conference calls (ECC) reduces firm-level stock price crash risk in the US market. This research also explores if adverse disclosures via media channels further moderates the association between EPR on crash risk. Employing a dataset of 28,933 firm-year observations from 2002 to 2020, the empirical analysis reveals that EPR discourse in ECC reduces future stock price crash risk. However, adverse disclosures via media channels can offset the favourable effect of EPR discourse on crash risk. The results are robust to the potential endogeneity concern in a quasi-natural experiment setting.

Keywords: earnings conference calls, environment, environment-specific political risk discourse, environmental disclosures, information asymmetry, reputation risk, stock price crash risk

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Authors: Bharath Anantharamaiah, Tomas Bouda, Elke Deckers, Stijn Jonckheere, Wim Desmet, Juan J. Garcia

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Automotive tyres are gaining importance recently in terms of their noise emission, not only with respect to reduction in noise, but also their perception and detection. Tyres exhibit a mechanical noise generation mechanism up to 1 kHz. However, owing to the fact that tyre is a composite of several materials, it has been difficult to model it using finite elements to predict noise at high frequencies. The currently available FE models have a reliability of about 500 Hz, the limit which, however, is not enough to perceive the roughness or sharpness of noise from tyre. These noise components are important in order to alert pedestrians on the street about passing by slow, especially electric vehicles. In order to model tyre noise behaviour up to 1 kHz, its dynamic behaviour must be accurately developed up to a 1 kHz limit using finite elements. Materials play a vital role in modelling the dynamic tyre behaviour precisely. Since tyre is a composition of several components, their precise definition in finite element simulations is necessary. However, during the tyre manufacturing process, these components are subjected to various pressures and temperatures, due to which these properties could change. Hence, material definitions are better described based on the tyre responses. In this work, the hyperelasticity of tyre component rubbers is calibrated, using the design of experiments technique from the tyre characteristic responses that are measured on a stiffness measurement machine. The viscoelasticity of rubbers are defined by the Prony series for rubbers, which are determined from the loss factor relationship between the loss and storage moduli, assuming that the rubbers are excited within the linear viscoelasticity ranges. These values of loss factor are measured and theoretically expressed as a function of rubber shore hardness or hyperelasticities. From the results of the work, there exists a good correlation between test and simulation vibrational transfer function up to 1 kHz. The model also allows flexibility, i.e., the frequency limit can also be extended, if required, by calibrating the Prony parameters of rubbers corresponding to the frequency of interest. As future work, these tyre models are used for noise generation at high frequencies and thus for tyre noise perception.

Keywords: tyre dynamics, rubber materials, prony series, hyperelasticity

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Authors: Jayanta Pokharel, Gokarna Aryal, Netra Kanaal, Chris Tsokos

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Investment in stocks and shares aims to seek potential gains while weighing the risk of future needs, such as retirement, children's education etc. Analysis of the behavior of the stock market returns and making prediction is important for investors to mitigate risk on investment. Historically, the normal variance models have been used to describe the behavior of stock market returns. However, the returns of the financial assets are actually skewed with higher kurtosis, heavier tails, and a higher center than the normal distribution. The Laplace distribution and its family are natural candidates for modeling stock returns. The Variance-Gamma (VG) distribution is the most sought-after distributions for modeling asset returns and has been extensively discussed in financial literatures. In this paper, it explore the other Laplace family, such as Asymmetric Laplace, Skewed Laplace, Kumaraswamy Laplace (KS) together with Variance-Gamma to model the weekly returns of the S&P 500 Index and it's eleven business sector indices. The method of maximum likelihood is employed to estimate the parameters of the distributions and our empirical inquiry shows that the Kumaraswamy Laplace distribution performs much better for stock returns modeling among the choice of distributions used in this study and in practice, KS can be used as a strong alternative to VG distribution.

Keywords: stock returns, variance-gamma, kumaraswamy laplace, maximum likelihood

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Authors: Soumya Mishra, Elena Neiterman

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Aligned with the growing interest in the impact of the pandemic on academic experiences of university students, this study aimed to examine the challenges Canadian undergraduate students experienced during the university closures due to COVID-19. Using qualitative methodological approach, the study utilized semi-structured interviews conducted with 20 undergraduate students enrolled in an Ontario university to explore their thoughts and experience regarding online learning during the peak of the COVID-19 pandemic, from January 2021 to March 2021. The interviews yielded four major themes with the following associated subthemes: Personal Challenges Associated with Adapting to the Pandemic (Change in the Type of Stress Experienced, Unique Impact on Certain Groups of Students, Decreased Motivation, Crucial Role of Resilience), Social Challenges Associated with Adapting to the Pandemic (Increased Loneliness, Challenges Faced while Communicating, Perception of Group work, Role of Living Conditions), Challenges associated with Accessing University Resources (Crucial Role of Professors, Perception of Virtual Events, Importance of Physical Spaces). Overall, the analysis showed that the COVID-19 pandemic fostered resilience and psychological flexibility amongst all students. However, the mental health and social wellbeing of students deteriorated during the COVID-19 pandemic and they reported experiencing chronic stress, anxiety and loneliness. International students, first year and final year students experienced a unique set of challenges. It was hard for participants in our study to make strong new connections with their classmates and maintain existing friendships with their peers. The importance of professors in facilitating learning was amplified in the online environment due to the lack of in-person interaction with other students. Despite these challenges, most participants reported that they received high grades during online learning. The findings from this study could be helpful for organizations and individuals working towards fostering the wellbeing of undergraduate students. They can also help in making post-secondary institutions more resilient to future emergencies by creating contingency plans regarding online instructions and risk management techniques.

Keywords: Canadian, COVID-19, university students, wellbeing

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Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

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Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

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Authors: Sreekanth Reddy Ballarapu

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The perception of the whole process of teaching and learning is undergoing a drastic and radical change. More and more student-centered, pragmatic, and flexible approaches are gradually replacing teacher-centered lecturing and structural-syllabus instruction. The issue of teaching English as a Foreign language is no exception in this regard. The traditional Present-Practice-Produce (P-P-P) method of teaching English is overtaken by Task-Based Teaching which is a subsidiary branch of Communicative Language Teaching. At this juncture this article strongly tries to convey that - Task-based learning, has an advantage over other traditional methods of teaching. All teachers of English must try to customize their texts into productive tasks, apply them, and evaluate the students as well as themselves. Task Based Learning is a double edged tool which can enhance the performance of both the teacher and the taught. The sample for this case study is a class of 35 students from Semester III - Network branch at TVTC College of Technology, Adhum - Kingdom of Saudi Arabia. The students are high school passed out and aged between 19-21years.For the present study the prescribed textbook Technical English 1 by David Bonamy was used and a number of language tasks were chalked out during the pre- task stage and the learners were made to participate voluntarily and actively. The Action Research methodology was adopted within the dual framework of Communicative Language Teaching and Task-Based Learning. The different tools such as questionnaires, feedback and interviews were used to collect data. This study provides information about various techniques of Communicative Language Teaching and Task Based Learning and focuses primarily on the advantages of using a Task Based Learning approach. This article presents in detail the objectives of the study, the planning and implementation of the action research, the challenges encountered during the execution of the plan, and the pedagogical outcome of this project. These research findings serve two purposes: first, it evaluates the effectiveness of Task Based Learning and, second, it empowers the teacher's professionalism in designing and implementing the tasks. In the end, the possibility of scope for further research is presented in brief.

Keywords: action research, communicative language teaching, task based learning, perception

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Authors: Joane Adeclas, Yoonyoung Kim, Taekyun Hur

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This study investigates individual’s intrinsic motivation to practice their leisure activities, as well as, how the cultural environment may influence their motivation to practice their activities. Focused on the positive psychology, the present study proposed redefinition of leisure activities considering two factors. First, leisure activities could be as any activities that provide pleasure or meaning to individuals. Second, they can be practiced alone or in groups. In fact, based on this definition, a four-dimensional model of leisure activities was developed, to measure individual’s perception of their leisure experience, based on four factors that are: personal pleasure, social pleasure, personal meaning and social meaning. Furthermore, recent studies have argued that leisure activities can be interpreted and understood differently across cultures. Therefore, the present study proposed to examine the possible role of the cultural context of individual’s leisure practices. To do so, two cultural groups (Koreans vs. French) were compared in terms of the four-dimensional model of leisure activities. Three hundred Koreans and three hundred French participants were asked to answer an online survey about their leisure activities. Participants had to respond to questions related to several aspects of leisure practices as followed: the reason why their practice their leisure activities, the reason why they fail to practice their leisure, and their obsession relate to their leisure activities. Factor analyses based on participant’s responses proposed a moderate fit of the four-dimensional model of leisure activities. Furthermore, significant cultural differences were also found. As a result, the cultural context seems to influence the reason why individuals practice their leisure activities based on our model. In fact, Koreans explained more than French, the practice of their leisure activities with social-pleasurable reasons. At a contrary, French explained more than Koreans, the practice of their leisure activities with social-meaningful reasons. The two cultural groups also significantly differ on their perception of failure. The results showed that French participants used more meaningful social factors to explain why they failed to practice their leisure activities than did Koreans participants. Finally, Koreans and French significantly differed regarding their obsession on their leisure activities. In general, French tend to have more obsession than Koreans about their leisure activities. Those results validated the four-dimensional model of leisure, as well as, the cultural differences in leisure practices. However, further studies are needed to validate this model at an individual and cultural level.

Keywords: culture, leisure, meaning, pleasure

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Authors: Banu Hatice Gürcüm, Pınar Arslan, Mahmut Yalçın

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Fashion designers create lots of dresses, suits, shoes, and other clothing and accessories, which are purchased every year by consumers. Fashion trends, sketches of designs, accessories affect the apparel goods, but colors make the finishing touches to an outfit. In all fields of apparel men's, women's, and children's wear, including casual wear, suits, sportswear, formal wear, outerwear, maternity, and intimate apparel, color sells. Thus, specialization in color in apparel is a basic concern each season. The perception of color is the key to sales for every sector in textile business. Mechanism of color perception, cognition in brain and color emotion are unique subjects, which scientists have been investigating for many years. The parameters of color may not be corresponding to visual scales since human emotions induced by color are completely subjective. However, with a very few exception each manufacturer concern their top selling colors for each season through seasonal sales reports of apparel companies. This paper examines sensory and instrumental methods for quantifying color of fabrics and investigates the relationship between fabric color and sale numbers. 5 top selling colors for each season from 10 leading apparel companies in the same segment are taken. The compilation is based according to the sales of the companies for 5 to 10 years. The research’s main concern is the corelation with the magnitude of seasonal color selling figures and the CIE chromaticity coordinates. The colors are chosen from the globally accepted Pantone Textile Color System and the three-dimentional measurement system CIE L*a*b* (CIELAB) is used, L* representing the degree of lightness of color, a* the degree of color ranging from magenta to green, and b* the degree of color ranging from blue to yellow. The objective of this paper is to demonstrate the feasibility of relating color perceptance to a laboratory instrument yielding measurements in the CIELAB system. Our approach is to obtain a total of a hundred reference fabrics to be measured on a laboratory spectrophotometer calibrated to the CIELAB color system. Relationships between the CIE tristimulus (X, Y, Z) and CIELAB (L*, a*, b*) are examined and are reported herein.

Keywords: CIELAB, CIE tristimulus, color preference, fashion

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Authors: Sawan Kumar Jangid

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The paper attempts to study various facets of urbanization and regional planning in the framework of the present conditions and future needs. Urbanization is a dynamic system in which development and changes are prominent features; which implies population growth and changes in the primary, secondary and tertiary sector in the economy. Urban population is increasing day by day due to a natural increase in population and migration from rural areas, and the impact is bound to have in urban areas in terms of infrastructure, environment, water supply and other vital resources. For the organized way of planning and monitoring the implementation of Physical urban and regional plans high-resolution satellite imagery is the potential solution. Now the Remote Sensing data is widely used in urban as well as regional planning, infrastructure planning mainly telecommunication and transport network planning, highway development, accessibility to market area development in terms of catchment and population built-up area density. With Remote Sensing it is possible to identify urban growth, which falls outside the formal planning control. Remote Sensing and GIS technique combined together facilitate the planners, in making a decision, for general public and investors to have relevant data for their use in minimum time. This paper sketches out the Urbanization modal for the future development of Urban and Regional Planning. The paper suggests, a dynamic approach towards regional development strategy.

Keywords: development, dynamic, migration, resolution

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Authors: Pinn Tsin Isabel Yee

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Students are increasingly turning towards online learning materials to supplement their education. One such approach would be the gamified student engagement platforms (GSEPs) to instill a new learning culture. Data was collected from closed-ended questions via content analysis techniques. About 81.8% of college students from the Monash University Foundation Year agreed that GSEPs (Quizizz) was an effective tool for learning. Approximately 85.5% of students disagreed that games were a waste of time. GSEPs were highly effective among students to facilitate the learning process.

Keywords: engagement, gamified, Quizizz, technology

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Authors: Anna Bjällmark, Victoria Persson, Bodil Karlsson, May Bazzi

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Introduction: Interventional radiology (IR) is a continuously growing discipline that allows minimally invasive treatments of various medical conditions. The IR environment is, in several ways, comparable to the complex and accident-prone operation room (OR) environment. This implies that the IR environment may also be associated with various types of risks related to the work process and communication in the team. Patient safety is a central aspect of healthcare and involves the prevention and reduction of adverse events related to patient care. To maintain patient safety, it is crucial to build a safety culture where the staff are encouraged to report events and incidents that may have affected patient safety. It is also important to continuously evaluate the staff´s attitudes to patient safety. Despite the increasing number of IR procedures, research on the staff´s view regarding patients is lacking. Therefore, the main aim of the study was to describe and compare the IR team members' attitudes to patient safety. The secondary aim was to evaluate whether the WHO safety checklist was routinely used for IR procedures. Methods: An electronic survey was distributed to 25 interventional units in Sweden. The target population was the staff working in the IR team, i.e., physicians, radiographers, nurses, and assistant nurses. A modified version of the Safety Attitudes Questionnaire (SAQ) was used. Responses from 19 of 25 IR units (44 radiographers, 18 physicians, 5 assistant nurses, and 1 nurse) were received. The respondents rated their level of agreement for 27 items related to safety culture on a five-point Likert scale ranging from “Disagree strongly” to “Agree strongly.” Data were analyzed statistically using SPSS. The percentage of positive responses (PPR) was calculated by taking the percentage of respondents who got a scale score of 75 or higher. The respondents rated which corresponded to response options “Agree slightly” or “Agree strongly”. Thus, average scores ≥ 75% were classified as “positive” and average scores < 75% were classified as “non-positive”. Findings: The results indicated that the IR team had the highest factor scores and the highest percentages of positive responses in relation to job satisfaction (90/94%), followed by teamwork climate (85/92%). In contrast, stress recognition received the lowest ratings (54/25%). Attitudes related to these factors were relatively consistent between different professions, with only a few significant differences noted (Factor score: p=0.039 for job satisfaction, p=0.050 for working conditions. Percentage of positive responses: p=0.027 for perception of management). Radiographers tended to report slightly lower values compared to other professions for these factors (p<0.05). The respondents reported that the WHO safety checklist was not routinely used at their IR unit but acknowledged its importance for patient safety. Conclusion: This study reported high scores concerning job satisfaction and teamwork climate but lower scores concerning perception of management and stress recognition indicating that the latter are areas of improvement. Attitudes remained relatively consistent among the professions, but the radiographers reported slightly lower values in terms of job satisfaction and perception of the management. The WHO safety checklist was considered important for patient safety.

Keywords: interventional radiology, patient safety, safety attitudes questionnaire, WHO safety checklist

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Authors: Jay Patel

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This Research is about investigating the ‘image’ of the city, and asks whether this ‘image’ holds any significance that can be changed. Kevin Lynch in the book ‘The image of the city’ develops a framework that breaks down the city’s image into five physical elements. These elements (Paths, Edge, Nodes, Districts, and Landmarks), according to Lynch assess the legibility of the urbanscapes, that emerged from his perception-based study in 3 different cities (New Jersey, Los Angeles, and Boston) in the USA. The aim of this research is to investigate whether Lynch’s framework can be applied within an Indian context or not. If so, what are the possibilities and whether the imageability of Indian cities can be depicted through the Lynch’s physical elements or it demands an extension to the framework by either adding or subtracting a physical attribute. For this research project, the walled city of Jaipur was selected, as it is considered one of the futuristic designed cities of all time in India. The other significant reason for choosing Jaipur was that it is a historically planned city with solid historical, touristic and local importance; allowing an opportunity to understand the application of Lynch's elements to the city's image. In other words, it provides an opportunity to examine how the disadvantages of a city's implicit programme (its relics of bygone eras) can be converted into assets by improving the imageability of the city. To obtain data, a structured semi-open ended interview method was chosen. The reason for selecting this method explicitly was to gain qualitative data from the users rather than collecting quantitative data from closed-ended questions. This allowed in-depth understanding and applicability of Kevin Lynch’s framework while assessing what needs to be added. The interviews were conducted in Jaipur that yielded varied inferences that were different from the expected learning outcomes, highlighting the need for extension on Lynch’s physical elements to achieve city’s image. Whilst analyzing the data, there were few attributes found that defined the image of Jaipur. These were categorized into two: a Physical aspect (streets and arcade entities, natural features, temples and temporary/ informal activities) and Associational aspects (History, Culture and Tradition, Medium of help in wayfinding, and intangible aspects).

Keywords: imageability, Kevin Lynch, people’s perception, assessment, associational aspects, physical aspects

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Authors: Mohsin Sadaqat, Hilal Anwar Butt

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Following the stock selection guidelines provided by the Sharia Board (SB), we segregate the firms listed at Pakistan Stock Exchange (PSX) into Sharia Compliant (SC) and Non-Sharia Compliant (NSC) stocks. Subsequently, we form portfolios within each group based on market capitalization and volatility. The purpose is to analyze and compare the performance of these two groups as the SC stocks have lesser diversification opportunities due to SB restrictions. Using data ranging from January 2004 until June 2016, our results indicate that in most of the cases the risk-adjusted returns (alphas) for the returns differential between SC and NCS firms are positive. In addition, the SC firms in comparison to their counterparts in PSX provides excess returns that are hedged against the market, size, and value-based systematic risks factors. Overall, these results reconcile with one prevailing notion that the SC stocks that have lower financial leverage and higher investment in real assets are lesser exposed to market-based risks. Further, the SC firms that are more capitalized and less volatile, perform better than lower capitalized and higher volatile SC and NSC firms. To sum up our results, we do not find any substantial evidence for opportunity loss due to limited diversification opportunities in case of SC firms. To optimally utilize scarce resources, investors should consider SC firms as a candidate in portfolio construction.

Keywords: diversification, performance, sharia compliant stocks, risk adjusted returns

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Authors: Ching-Feng Chen

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The floating photovoltaic (FPV) system highlights economic benefits and energy performance to carbon dioxide (CO₂) discharges. Due to land resource scarcity and many negligent water territories, such as reservoirs, dams, and lakes in Japan and Taiwan, both countries are actively developing FPV and responding to the pricing of the emissions trading systems (ETS). This paper performs a case study through a synthesis approach to compare the economic indicators between the FPVs of Taiwan’s Agongdian Reservoir and Japan’s Yamakura Dam. The research results show that the metrics of the system capacity, installation costs, bank interest rates, and ETS and Electricity Bills affect FPV operating gains. In the post-Feed-In-Tariff (FIT) phase, investing in FPV in Japan is more profitable than in Taiwan. The former’s positive net present value (NPV), eminent internal rate of return (IRR) (11.6%), and benefit-cost ratio (BCR) above 1 (2.0) at the discount rate of 10% indicate that investing the FPV in Japan is more favorable than in Taiwan. In addition, the breakeven point is modest (about 61.3%.). The presented methodology in the study helps investors evaluate schemes’ pros and cons and determine whether a decision is beneficial while funding PV or FPV projects.

Keywords: carbon border adjustment mechanism, floating photovoltaic, emissions trading systems, net present value, internal rate of return, benefit-cost ratio

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Authors: Wai Ha Leung

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Mother tongue language (MTL) curriculum is core to school education in most countries/regions' school curriculum. Through mother tongue language learning, students are expected to enhance their understanding of the nation's culture and foster the sense of cultural and ethnic identity. However, MTL education in Hong Kong is complicated by the colonial history. This study examines Hong Kong Chinese language teachers' perceptions of MTL education, and the implication on MTL curriculum development. The questionnaire was administrated to 97 teachers, and interviews were carried out on 17 teachers. Usually, MTL is both the tool with which knowledge and skills are taught and learned and the vehicle for students to learn about the traditions of the countries' literature and culture. In Hong Kong, 95% of the population is of Chinese descent. Traditionally, education in China was a mixture of philosophy, history, politics and literacy. Chinese as an MTL subject in pre-colonial Hong Kong has always been assigned the mission of developing students' cultural identity in addition to the development of linguistic proficiency. During the colonial period, the Chinese Language curriculum shifted to be more language skills based with less emphasis on Chinese culture and moral education. After the sovereignty of Hong Kong was returned to China in 1997, although a new curriculum was implemented in 2002, teaching and learning in school as well as public examinations seem to be remaining language skills oriented instead of culturally based. This deviation from the trend of both Chinese traditional education and global mother tongue language education makes some Chinese language teachers feel confused. In addition, there is comment that in general Hong Kong students' Chinese language proficiency is becoming weaker and weaker in recent years. Thus, effectiveness of the skills oriented language curriculum has come under question. How a language teacher views the aims and objectives of the language subject he or she is teaching has a direct effect on the curriculum delivery and pedagogies used. It is, therefore, important to investigate what is the language teachers' perception of MTL education, and whether the current school curriculum can meet the teachers' expectation as well as achieve the aims of MTL education. Given this context, this study explored the views of Hong Kong Chinese language teachers on MTL education. The data indicate that teachers showed a strong resentment towards the current curriculum. Results may have implications on mother tongue language curriculum development.

Keywords: Chinese language education, curriculum development, mother tongue language education, teachers' perception

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Authors: Silvia Platania, Martina Morando, Giuseppe Santisi

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Introduction: In the last thirty years, there is constant talk of sustainable consumption and a "transition" of consumer lifestyles towards greater awareness of consumer choices (United Nation, 1992). The 2019 coronavirus (COVID-19) epidemic that has hit the world population since 2020 has had significant consequences in all areas of people's lives; individuals have been forced to change their behaviors, to redefine their owngoals, priorities, practices, and lifestyles, to rebuild themselves in the new situation dictated by the pandemic. Method(Participants and procedure ): The data were collected through an online survey; moreover, we used convenience sampling from the general population. The participants were 669 Italians consumers (Female= 514, 76.8%; Male=155, 23.2%) that choice sustainability brands, aged between 18 and 65 years (Mₐ𝓰ₑ = 35.45; Standard Deviation, SD = 9.51).(Measure ): The following measures were used: The Muncy–Vitell Consumer Ethics Scale; Attitude Toward Business Scale; Perceived Consumer Effectiveness Scale; Consumers Perception on Sustainable Brand Attitudes. Results: Preliminary analyses were conducted to test our model. Pearson's bivariate correlation between variables shows that all variables of our model correlate significantly and positively, PCE with CPSBA (r = .56, p <.001). Furthermore, a CFA, according to Harman's single-factor test, was used to diagnose the extent to which common-method variance was a problem. A comparison between the hypothesised model and a model with one factor (with all items loading on a unique factor) revealed that the former provided a better fit for the data in all the CFA fit measures [χ² [6, n = 669] = 7.228, p = 0.024, χ² / df = 1.20, RMSEA = 0.07 (CI = 0.051-0.067), CFI = 0.95, GFI = 0.95, SRMR = 0.04, AIC = 66.501; BIC = 132,150). Next, amulti mediation was conducted to test our hypotheses. The results show that there is a direct effect of PCE on ethical consumption behavior (β = .38) and on ATB (β = .23); furthermore, there is a direct effect on the CPSBA outcome (β = .34). In addition, there is a mediating effect by ATB (C.I. =. 022-.119, 95% interval confidence) and by CES (C.I. =. 136-.328, 95% interval confidence). Conclusion: The spread of the COVID-19 pandemic has affected consumer consumption styles and has led to an increase in online shopping and purchases of sustainable products. Several theoretical and practical considerations emerge from the results of the study.

Keywords: decision making, sustainability, pandemic, multimediation model

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Authors: Shuk Ting Kinnia Yau

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As China has become more and more influential in the global and geo-political arena, mutual understanding between Japan and China has also become a topic of paramount importance. There have always been tensions between the two countries, but unfortunately, each country tends to blame the other for fanning emotions. This research will investigate portrayals of China and the Chinese people in Japanese media such as newspapers, TV news, TV drama, and cinema over this period, focusing on media sources that have particularly wide viewership or readership. By doing so, it attempts to detect any general trends in the positive or negative character of such portrayals and to see if they correlate with the results of surveys of attitudes among the general population. To the degree that correlations may be found, the question arises as to whether the media portrayals are a reflection of societal attitudes towards the Chinese, on one hand, or may be playing a role in promoting such attitudes, on the other. The relationship here is, without doubt, more complex than a simple one-way relationship of cause and effect, but indications of some direction of causality may be suggested by trends in one occurring before or after the other. Evidence will also be sought of possible longer-term trends in media portrayals of China and the Chinese people in Japan during the post-2012 period, i.e., Abe Shinzo’s second term as prime minister, in comparison to earlier periods. Perceptions of Japan’s view of China and the Chinese, both inside and outside the scholarly world, tend to be oversimplified and are often incomprehensive. This research calls attention to the role played by the media in promoting or de-promoting Sino-Japanese relations. By analyzing the nature and background of images of China and the Chinese people presented in the Japanese media, especially under the new Abe Regime, this research seeks to promote a more balanced and comprehensive understanding of attitudes in Japanese society towards its gigantic neighbor. Scholars have seen the increasingly fragile Sino-Japanese relationship as inseparable from the real-world political conflicts that have become more frequent in recent years and have sought to draw a correlation between the two. The influence of the media, however, remains a mostly under-explored domain in the academic world. Against this background, this research aims to provide an enriched scholarly understanding of Japan’s perception of China by investigating to what extent such perception can be seen to be affected by subjective or selective forms of presentation of China found in the Japanese media, or vice versa.

Keywords: Abe Shinzo, China, Japan, media

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Authors: Atefeh Bagherianziarat, Dana Hamplova

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The inverse social gradient in life satisfaction (LS) is a well-established research finding. To estimate the influence of inequality on LS, most of the studies have explored the effect of the objective aspects of inequality or individuals’ socioeconomic status (SES). However, relatively fewer studies have confirmed recently the significant effect of the subjective aspect of inequality or subjective socioeconomic status (SSS) on life satisfaction over and above SES. In other words, it is confirmed by some studies that individuals’ perception of their unequal status in society or SSS can moderate the impact of their absolute unequal status on their life satisfaction. Nevertheless, this newly confirmed moderating link has not been affirmed to work likewise in societies with different levels of social inequality and also for people who believe in the value of equality, at different levels. In this study, we compared the moderative influence of subjective inequality on the link between objective inequality and life satisfaction. In particular, we focus on differences across welfare state regimes based on Esping-Andersen's theory. Also, we explored the moderative role of believing in the value of equality on the link between objective and subjective inequality on LS in the given societies. Since our studied variables were measured at both individual and country levels, we applied a multilevel analysis to the European Social Survey data (round 9). The results showed that people in deferent regimes reported statistically meaningful different levels of life satisfaction that is explained to different extends by their household income and their perception of their income inequality. The findings of the study supported the previous findings of the moderator influence of perceived inequality on the link between objective inequality and LS. However, this link is different in various welfare state regimes. The results of the multilevel modeling showed that country-level subjective equality is a positive predictor for individuals’ life satisfaction, while the GINI coefficient that was considered as the indicator of absolute inequality has a smaller effect on life satisfaction. Also, country-level subjective equality moderates the confirmed link between individuals’ income and their life satisfaction. It can be concluded that both individual and country-level subjective inequality slightly moderate the effect of individuals’ income on their life satisfaction.

Keywords: individual values, life satisfaction, multilevel analysis, objective inequality, subjective inequality, welfare regimes status

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Authors: Natalia Polkanova, Sergey Kazakov

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In the research, we proposed the set of factors of tourist destinations attractiveness in Spain and determined the factors that have the greatest impact on the positive perception of the tourist destination by Russian tourists; also, we examined what factors create the willingness for Russians to recommend this tourist destination to their friends and relatives. The tourists' comments on the Russian travel sites have been analyzed in order to determine the frequency of attractiveness characteristics references. Additionally, the study will reflect the relationship of variables.

Keywords: tourism destination, destination attractiveness, destination competitiveness, content analysis, unstructured image

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Authors: Abdullah Karaman, Kursad Sayin

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In this research, which information technologies are used in small hotel businesses, and the information technologies-performance perception of the managers are pointed out. During the research, the questionnaire was prepared and the small scale hotel managers were interviewed face to face and they filled out the questionnaire and the answers acquired were evaluated. As the result of the research, it was obtained that the managers do not care much about the information technologies usage in practice even though they accepted that the information technologies are important in terms of performance.

Keywords: information technologies, managers, performance, small hotels

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Authors: Sulaiman Almutairy, Trevor Davies, Yota Dimitriadi

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This paper presents study investigating how to understand better the psychological readiness for mobile learning (m-learning) among Saudi students, while also evaluating m-learning in Saudi Arabia-a topic that has not yet received adequate attention from researchers. Data was acquired through a questionnaire administered to 131 Saudi students at UK universities, in July 2013. The study confirmed that students are confident using mobile devices in their daily lives and that they would welcome more opportunities for mobile learning. The findings indicated that Saudi higher education students are highly familiar with, and are psychologically ready for, m-learning.

Keywords: m-learning, mobile technologies, psychological readiness, higher education

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Authors: Nashrawan Naser Taha, Andrew M. Cox

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In a multi-cultural learning context, where ties are weak and dynamic, combining qualitative with quantitative research methods may be more effective. Such a combination may also allow us to answer different types of question, such as about people’s perception of the network. In this study the use of observation, interviews and photos were explored as ways of enhancing data from social network questionnaires. Integrating all of these methods was found to enhance the quality of data collected and its accuracy, also providing a richer story of the network dynamics and the factors that shaped these changes over time.

Keywords: mixed methods, social network analysis, multi-cultural learning, social network dynamics

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Authors: Abootaleb Shirvani, Svetlozar Rachev

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ESG stands for Environmental, Social, and Governance and is a non-financial factor that investors use to specify material risks and growth opportunities in their analysis process. ESG ratings provide a quantitative measure of socially responsible investment, and it is essential to incorporate ESG ratings when modeling the dynamics of asset returns. In this article, we propose a triple subordinated Lévy process for incorporating numeric ESG ratings into dynamic asset pricing theory to model the time series properties of the stock returns. The motivation for introducing three layers of subordinator is twofold. The first two layers of subordinator capture the skew and fat-tailed properties of the stock return distribution that cannot be explained well by the existing Lévy subordinated model. The third layer of the subordinator introduces ESG valuation and incorporates numeric ESG ratings into dynamic asset pricing theory and option pricing. We employ the triple subordinator Lévy model for developing the ESG-valued stock return model, derive the implied ESG score surfaces for Microsoft, Apple, and Amazon stock returns, and compare the shape of the ESG implied surface scores for these stocks.

Keywords: ESG scores, dynamic asset pricing theory, multiple subordinated modeling, Lévy processes, option pricing

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Authors: Norbert Csizmadia

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The paper is based on a thorough investigation regarding the recent global, social and geographical processes. The ‘Geofusion’ book series by the author guides the readers with the help of newly illustrated “associative” geographic maps of the global world in the 21st century through the quest for the winning nations, communities, leaders and powers of this age. Hence, the above mentioned represent the research objectives, the preliminary findings of which are presented in this paper. The most significant recognition is that scientists who are recognized as explorers, geostrategists of this century, in this case, are expected to present guidelines for our new world full of global social and economic challenges. To do so, new maps are needed which do not miss the wisdom and tools of the old but complement them with the new structure of knowledge. Using the lately discovered geographic and economic interrelations, the study behind this presentation tries to give a prognosis of the global processes. The methodology applied contains the survey and analysis of many recent publications worldwide regarding geostrategic, cultural, geographical, social, and economic surveys structured into global networks. In conclusion, the author presents the result of the study, which is a collage of the global map of the 21st century as mentioned above, and it can be considered as a potential contribution to the recent scientific literature on the topic. In summary, this paper displays the results of several-year-long research giving the audience an image of how economic navigation tools can help investors, politicians and travelers to get along in the changing new world.

Keywords: geography, economic geography, geo-fusion, geostrategy

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Authors: Pedro Felgueiras, Ana Miguel, Nélson Almeida, Raquel Silva

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Objective: Through the study of a clinical case of delusional somatic disorder secondary to phantogeusia, we aim to highlight the importance of considering psychosomatic conditions in differential diagnosis, as well as to emphasize the complexity of its comprehension, treatment, and respective impact on patients’ functioning. Methods: Bearing this in mind, we conducted a critical analysis of a case series based on patient observations, clinical data, and complementary diagnostic methods, as well as a non-systematic review of the literature on the subject. Results: A 61-year-old female patient with no history of psychiatric conditions. Family psychiatric history of mood disorder (depression), with psychotic features found in her mother. Medical history of many comorbidities affecting different organ systems (endocrine, gastrointestinal, genitourinary, ophthalmological). Documented neuroticism traits of personality. The patient’s family described a persistent concern about several physical symptoms across her life, with a continuous effort to obtain explanations about any sensation out of her normal perception. Since being subjected to endoscopy in 2018, she started complaints of persistent phantogeusia (acid taste) and developed excessive thoughts, feelings, and behaviors associated with this somatic symptom. The patient was evaluated by several medical specialties, and an extensive panel of medical exams was carried out, excluding any disease. Besides all the investigation and with no evidence of disease signs, acute anxiety, time, and energy dispended to this symptom culminated in severe psychosocial impairment. The patient was admitted to a psychiatric ward for investigation and treatment of this clinical picture, leading to the diagnosis of the delusional somatic disorder. In order to exclude the acute organic etiology of this psychotic disorder, an analytic panel was carried out with no abnormal results. In the context of a psychotic clinical picture, a CT scan was performed, which revealed a right cortical vascular lesion. Neuropsychological evaluation was made, with the description of cognitive functioning being globally normative. During treatment with an antipsychotic (pimozide), a complete remission of the somatic delusion was associated with the disappearance of gustative perception disturbance. In follow-up, a relapse of gustative sensation was documented, and her thoughts and speech were dominated by concerns about multiple somatic symptoms. Conclusion: In terms of abnormal bodily sensations, the oral cavity is one of the frequent sites of delusional disorder. Patients with these gustatory perception distortions complain about unusual sensations without corresponding abnormal findings in the oral area. Its pathophysiology has not been fully elucidated yet. In terms of its comprehensive psychopathology, this case was hypothesized as a paranoid development of a delusional somatic disorder triggered by a post-invasive procedure phantogeusia (which is described as a possible side effect of an endoscopy) in a patient with an anankastic personality. This case presents interesting psychopathology, reinforcing the complexity of psychosomatic disorders in terms of their etiopathogenesis, clinical treatment, and long-term prognosis.

Keywords: psychosomatics, delusional somatic disorder, phantogeusia, paranoid development

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Authors: Raihan Zahirah Mauludy Ridwan, Frisca Devi Choirina

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Indonesia with its former presidents has enhanced the bilateral cooperation also multilateral cooperation in terms of economy but the result was not significant towards eradicating poverty, unemployment, income inequality, and economic growth. To eradicate these problems, President Joko Widodo through his several points of Nawacita wants to boost Indonesia’s economic relationship and cooperation which manifested in “Economic Diplomacy” as one of Indonesia’s foreign policy priority and he pitches it in international forums. The economic diplomacy does not only attracts prospective countries but also attracts the foreign businessman and investors. The economic diplomacy includes four sectors which are vital for economic growth, one of them is investment. This paper would like to answer how economic diplomacy can have significant impact towards social welfare, equity and economic growth especially in Indonesia. The purpose of this paper is to explore the role of economic diplomacy and its impact toward Indonesia’s welfare, equity, and economic growth. This paper uses the theory of economic diplomacy to link the current international political economic sphere and the impact of economic diplomacy for Indonesia through case study method. The paper affirms that economic diplomacy in investment sector does have significant impact, especially in the development of infrastructures, foreign direct investment in several sectors, and food security.

Keywords: economic diplomacy, economic growth, equity, Indonesia, Joko Widodo, social welfare

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Authors: Helena Susana Afonso Alves, Natália Maria Rafael Canadas, Ana Maria Rodrigues

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We examined the impact of governance rules on information asymmetry, using the turnover ratio and the bid-ask spread as proxies for the information asymmetry. We used a SEM model and analyzed the indirect relations through the voluntary disclosure of information and the organizational performance. We built a voluntary disclosure index based on the information firms provided in their annual reports and divided the governance characteristics in two constructs: directors’ and supervisors’ structures and ownership structure. We concluded that the ownership structure exerts a direct influence on share price and share liquidity, Otherwise, the directors’ and supervisors’ structures exert an indirect influence, through the organizational performance and the voluntary disclosure of information. The results also show that for firms with high levels of disclosure the bid-ask spread is lower. However, in firms with a high ownership concentration investors tend to increase the bid-ask spreads and trade less, which, in this case, reduces the liquidity of the stock. The failure to find the relationship between voluntary disclosure of information and the turnover ratio shows us that the liquidity of shares is more related to the greater or lesser concentration of shareholders, with the performance of their companies than with the access to information. Moreover, it is clear that the role that information disclosure plays is mainly at the level of price formation.

Keywords: corporate governance, information asymmetry, voluntary disclosure, structural equation modelling, SEM

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Authors: Lev Bertovsky

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The purpose of this study was to determine the reasons for the formation of false testimony from witnesses and make recommendations on the recognition of such cases. During the studies, which were based on the achievements of professionals in the field of psychology, as well as personal investigative practice, the stages of perception of the information were studied, as well as the process of its reclaim from the memory and transmission to the communicator upon request. Based on the principles of the human brain, kinds of conscientious witness mistakes were systematized. Proposals were formulated for the optimization of investigative actions in cases where the witnesses make an honest mistake with respect to the effects previously observed by them.

Keywords: criminology, eyewitness testimony, honest mistake, information, investigator, investigation, questioning

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Authors: Joanna Estkowska

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The Sensory Integration Method is aimed primarily at children with learning disabilities. It can also be used as a complementary method in treatment of children with cerebral palsy, autistic, mentally handicapped, blind and deaf. Autism is holistic development disorder that manifests itself in the specific functioning of a child. The most characteristic are: disorders in communication, difficulties in social relations, rigid patterns of behavior and impairment in sensory processing. In addition to these disorders may occur abnormal intellectual development, attention deficit disorders, perceptual disorders and others. This study was focused on the application sensory integration techniques in science education of autistic students. The lack of proper sensory integration causes problems with complicated processes such as motor coordination, movement planning, visual or auditory perception, speech, writing, reading or counting. Good functioning and cooperation of proprioceptive, tactile and vestibular sense affect the child’s mastery of skills that require coordination of both sides of the body and synchronization of the cerebral hemispheres. These include, for example, all sports activities, precise manual skills such writing, as well as, reading and counting skills. All this takes place in stages. Achieving skills from the first stage determines the development of fitness from the next level. Any deficit in the scope of the first three stages can affect the development of new skills. This ultimately reflects on the achievements at school and in further professional and personal life. After careful analysis symptoms from the emotional and social spheres appear to be secondary to deficits of sensory integration. During our research, the students gained knowledge and skills in the classroom of experience by learning biology, chemistry and physics with application sensory integration techniques. Sensory integration therapy aims to teach the child an adequate response to stimuli coming to him from both the outside world and the body. Thanks to properly selected exercises, a child can improve perception and interpretation skills, motor skills, coordination of movements, attention and concentration or self-awareness, as well as social and emotional functioning.

Keywords: autism spectrum disorder, science education, sensory integration, special educational needs

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Authors: Khawla Hlel

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Purpose: This study aims to examine whether critical audit matters (CAM) affect financial information quality. We also investigate the moderating role of the audit committee on the association between CAM and financial information quality. Design/Methodology/Approach: The analysis is based on GLS and GMM regressions explaining the absolute value of discretionary accruals by using 52 Tunisian listed firms on the Tunisia Stock Exchange (TSE) for the period 2017-2020. Findings: We find evidence that managers react to the CAM by increasing the quality of financial disclosures. This study provides insights into how a change in the auditor’s report model might impact the quality of financial information. It suggests that external auditors and audit committees serve as a beneficial mechanism for enhancing financial information quality by reducing information asymmetry. In addition, our results indicate that CAM is an efficient monitoring mechanism that increases financial reporting quality and supervises managers. Originality: This study is important for potential investors who should assess CAM when evaluating firms. Furthermore, the authors expect the findings to be interesting to firms, as this study highlights the effectiveness of the auditor in reducing managerial opportunistic behavior and improving information quality. The results could encourage audit regulators to ameliorate the standards, as this research reinforces the role of the auditor in increasing the quality of financial disclosure by offering the required information for shareholders.

Keywords: critical audit matters, audit committee, information quality, Tunisian firms

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