Search results for: Chinese tourism market

Authors: Nour Eddine Nachouane, Aicha Knidiri

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The Hispano-Moorish art was born in 786 when Abd ar-Rahman built the first mosque in Cordoba. It is a still-living art in the trades of the big Moroccan cities. Everyone agrees that the different artistic forms of Arab-Muslim art find their full development in traditional Moroccan architecture, and this heritage allows artists and artisans to create magnificent masterpieces. Marrakech, by way of example, constitutes a symbolic city, which represents the reflection of a rich history of this art carried by a long artisanal tradition that is still living nowadays. Despite its ratification by UNESCO as intangible cultural heritage, and beyond official speeches, several of those craft trades are endangered, and with them the whole history of millennial savoir-faire. From the empirical study of the old historic center, 'the medina' of Marrakech, we explore in this article the opportunity offered by the tourism industry in order to protect these craft trades. We question artisans on the evolution of the sector and the challenges of the transmission of this heritage. We evoke the case of Spanish cities like Granada in a comparative reflection on the strategies and perceptions of the public administrations of a part, and, on the other hand, on the shared experience of artisans and tourists. In an interdisciplinary approach mixing anthropology, history, sociology, and even geography, we question the capacity of heritage processes to mobilize and involve a set of actors and activate a trajectory for the safeguarding of Andalusian arts and techniques. The basic assumption of this research is that the promotion of traditional craft trades through tourism and based on good scientific knowledge can present an original offer to cope with globalization and guarantee the transmission of that savoir-faire to new generations. Research in the field of Islamic arts does not constitute a retreat into the nationalist identity or a fixation on the past but an opening towards cultural diversity, free from any standardization.

Keywords: heritage, art andalusi, handcraft, tourism

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Authors: H. Florianová, J. Nešleha

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Financial derivatives are considered to be risky investment instruments which could possibly bring another financial crisis. As prevention, European Union and its member states have released new legal acts adjusting this area of law in recent years. There have been several cases in history of capital markets worldwide where it was shown that legislature may affect behavior of subjects on capital markets. In our paper we analyze main events on selected European stock exchanges in order to apply them on three chosen markets - Czech capital market represented by Prague Stock Exchange, German capital market represented by Deutsche Börse and Polish capital market represented by Warsaw Stock Exchange. We follow time series of development of the sum of listed derivatives on these three stock exchanges in order to evaluate popularity of those exchanges. Afterwards we compare newly listed derivatives in relation to the speed of development of these exchanges. We also make a comparison between trends in derivatives and shares development. We explain how a legal regulation may affect situation on capital markets. If the regulation is too strict, potential investors or traders are not willing to undertake it and move to other markets. On the other hand, if the regulation is too vague, trading scandals occur and the market is not reliable from the prospect of potential investors or issuers. We see that making the regulation stricter usually discourages subjects to stay on the market immediately although making the regulation vaguer to interest more subjects is usually much slower process.

Keywords: capital markets, financial derivatives, investors' behavior, regulation

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Authors: Carla Lopes

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It is clear nowadays that the proper performance of different speech acts is one of the most difficult obstacles that a foreign language learner has to overcome to be considered communicatively competent. This communication presents the results of an investigation on the pragmatic performance of Portuguese Language students at the University of Macau. The research discussed herein is based on a survey consisting of fourteen speaking situations to which the participants must respond in writing, and that includes different types of speech acts: apology, response to a compliment, refusal, complaint, disagreement and the understanding of the illocutionary force of indirect speech acts. The responses were classified in a five levels Likert scale (quantified from 1 to 5) according to their suitability for the particular situation. In general terms, we can summarize that about 45% of the respondents' answers were pragmatically competent, 10 % were acceptable and 45 % showed weaknesses at socio-pragmatic competence level. Given that the linguistic deviations were not taken into account, we can conclude that the faults are of cultural origin. It is natural that in the presence of orthogonal cultures, such as Chinese and Portuguese, there are failures of this type, barely solved in the four years of the undergraduate program. The target population, native speakers of Cantonese or Mandarin, make their first contact with the English language before joining the Bachelor of Portuguese Language. An analysis of the socio - pragmatic failures in the respondents’ answers suggests the conclusion that many of them are due to the lack of cultural knowledge. They try to compensate for this either using their native culture or resorting to a Western culture that they consider close to the Portuguese, that is the English or US culture, previously studied, and also widely present in the media and on the internet. This phenomenon, known as 'pragmatic transfer', can result in a linguistic behavior that may be considered inauthentic or pragmatically awkward. The resulting speech act is grammatically correct but is not pragmatically feasible, since it is not suitable to the culture of the target language, either because it does not exist or because the conditions of its use are in fact different. Analysis of the responses also supports the conclusion that these students present large deviations from the expected and stereotyped behavior of Chinese students. We can speculate while this linguistic behavior is the consequence of the Macao globalization that culturally casts the students, makes them more open, and distinguishes them from the typical Chinese students.

Keywords: Portuguese foreign language, pragmatic failures, pragmatic transfer, pragmatic competence

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Authors: Lombuso P. Shabalala

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This research paper investigates the importance of community involvement in tourism development activities from the initial stage. Community is defined as a group of people living in the same area and practicing common ownership and practices or with a commonality such as norms, religion, values, customs, or identity. Globalisation has restructured economic, political, and social relationships at the local level, which impacts community involvement in activities taking place in their own space. Although social relationships and interests are no longer limited to local communities, the power of place remains. Whereas, tourism is considered as an activity essential to the life of nations because of its direct effects on the social, cultural, educational, and economic sectors of national societies and their international relations. The existing literature has indicated that the four types of motivation in community involvement are best differentiated by identifying the unique ultimate goal for each motivation. In a nutshell, the ultimate goal for egoism is to increase one's own welfare; altruism is to increase the welfare of another individual or individuals; collectivism is aimed at increasing the welfare of a group, and the principlism is to uphold one or more moral principles. As a base of community involvement, each of these four forms of motivation exhibits its own strengths and weaknesses to be acknowledged. Purposive sampling was suitable to select the fourteen descendant group representatives. The representatives included chief/s, headman, senior descendants’ member, and members of the traditional council who descends from MWCHS. The qualitative research design was adopted for the study in the form of semi-structured interviews. Community development is a social process involving residents in activities designed to improve their quality of life. The key finding of the research is the importance of involving communities, in particular, the immediate community members from the initial stage of any proposed tourism development activity. Without a doubt, the immediate communities are well informed about the dynamics of the area (economically, politically, and socially). Therefore, the finding suggests that communities are in a better position to advise project managers on possible potential tourism developments activities that can address the real needs and benefit the community, instead of investing resources in a development that will not benefit or add any value in the lives of the targeted communities. It must be noted that the power of the place where the development will be implemented remains with the community. Furthermore, community support and buy-in are crucial to the success of prospective tourism development. In conclusion, it cannot be denied that community involvement comes with its own challenges, contrary to greater sustainable benefits that can be realized prior to articulation. The study suggests for project managers to ensure a fair and transparent community involvement process. Fair distribution of meaningful roles could secure trust and result in these communities to view the proposed development as their own.

Keywords: communities, development, involvement, tourism

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Authors: Min-Ming Wen

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Applying the U.S. lodging and tourism industry as a research sample, we examine the relation between the corporate governance structure and managerial risk-taking behavior. In light of the global financial crisis, the importance of effective governance structures is essential in protecting claimholder interests. We propose a governance structure consisting of shareholder governance measured by anti-takeover provisions to examine whether the governance structure has a significant impact on managerial risk-taking behaviors in terms of the investment policy. We will use capital expenditure and R&D investment to measure managerial risk-taking and the firm’s investment policy. In addition, we will examine whether the effects of governance on investment policy differ significantly between speculative and investment-grade firms.

Keywords: corporate governance, risk-taking, firm value, lodging industry

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Authors: Claudia Troccoli

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Childbearing constitutes one of the key factors affecting labour market differences between men and women, accounting for almost a quarter of the gender wage gap. Family leave policies, such as maternity, paternity, and parental leave, represent potential key policy tools to address these inequalities, as they can promote mothers' job continuity and career progression. This paper analyses four major reforms implemented in Finland between the 1960s and the early 1980s. It studies the effects of these maternity and parental leave extensions on mothers' short- and long-run labour market outcomes. Eligibility to longer leave was determined on the basis of the child's date of birth. Therefore, estimation of the causal effects of the reforms is possible by exploiting random variation in children's birthdates and comparing the outcomes of mothers giving birth just before and just after the reform cutoff date. Overall, the three maternity leave reforms did not significantly improve mothers' earnings or employment rates. On the contrary, the estimates, although imprecise, seem to indicate negative effects on women's labour market outcomes. The extension of parental leave is, on the other hand, the only reform that improved mothers' short- and long-term labour market outcomes, both in terms of earnings and employment rate. At the same time, fathers appeared to be negatively affected by the reform. These results provide suggestive evidence that shareable parental leave might have more beneficial effects on mothers' job continuity, as it weakens the connotation of childcare as a task reserved for mothers.

Keywords: family policies, Finland, maternal labour market outcomes, maternity leave

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Authors: Andrea Paltrinieri, Alberto Dreassi, Stefano Miani, Alex Sclip

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The financial crises caused a collapse in prices of most asset classes, raising the attention on alternative investments such as Sukuk, a smaller, fast growing but often misunderstood market. We study diversification benefits of Sukuk, their correlation with other asset classes and the effects of their inclusion in investment portfolios of institutional and retail investors, through a comprehensive comparison of their risk/return profiles during and after the financial crisis. We find a beneficial performance adjusted for the specific volatility together with a lower correlation especially during the financial crisis. The distribution of Sukuk returns is positively skewed and leptokurtic, with a risk/return profile similarly to high yield bonds. Overall, our results suggest that Sukuk present diversification opportunities, a significant volatility-adjusted performance and lower correlations especially during the financial crisis. Our findings are relevant for a number of institutional investors. Long term investors, such as life insurers would benefit from Sukuk’s protective features during financial crisis yet keeping return and growth opportunities, whereas banks would gain due to their role of placers, advisors, market makers or underwriters.

Keywords: sukuk, zero beta asset, asset allocation, sukuk market

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

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Authors: Delia Gabriela Moisa, Demos Parapanos, Tim Heap

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The tourism sector is mainly comprised of small and medium-sized tourism enterprises (SMEs), representing approximately 80% of global businesses in this field. These entities require focused attention and support to address challenges, ensuring their competitiveness and relevance in a dynamic industry characterized by continuously changing customer preferences. To address these challenges, it becomes imperative to consider not only socio-demographic factors but also delve into the intricate interplay of psychological elements influencing consumer behavior. This study investigates the impact of personality traits and travel motivations on visitor activities in Cumbria, United Kingdom, an iconic region marked by UNESCO World Heritage Sites, including The Lake District National Park and Hadrian's Wall. With a £4.1 billion tourism industry primarily driven by SMEs, Cumbria serves as an ideal setting for examining the relationship between tourist psychology and activities. Employing the Big Five personality model and the Travel Career Pattern motivation theory, this study aims to explain the relationship between psychological factors and tourist activities. The study further explores SME perspectives on personality-based market segmentation, providing strategic insights into addressing evolving tourist preferences.This pioneering mixed-methods study integrates quantitative data from 330 visitor surveys, subsequently complemented by qualitative insights from tourism SME representatives. The findings unveil that socio-demographic factors do not exhibit statistically significant variations in the activities pursued by visitors in Cumbria. However, significant correlations emerge between personality traits and motivations with preferred visitor activities. Open-minded tourists gravitate towards events and cultural activities, while Conscientious individuals favor cultural pursuits. Extraverted tourists lean towards adventurous, recreational, and wellness activities, while Agreeable personalities opt for lake cruises. Interestingly, a contrasting trend emerges as Extraversion increases, leading to a decrease in interest in cultural activities. Similarly, heightened Agreeableness corresponds to a decrease in interest in adventurous activities. Furthermore, travel motivations, including nostalgia and building relationships, drive event participation, while self-improvement and novelty-seeking lead to adventurous activities. Additionally, qualitative insights from tourism SME representatives underscore the value of targeted messaging aligned with visitor personalities for enhancing loyalty and experiences. This study contributes significantly to scholarship through its novel framework, integrating tourist psychology with activities and industry perspectives. The proposed conceptual model holds substantial practical implications for SMEs to formulate personalized offerings, optimize marketing, and strategically allocate resources tailored to tourist personalities. While the focus is on Cumbria, the methodology's universal applicability offers valuable insights for destinations globally seeking a competitive advantage. Future research addressing scale reliability and geographic specificity limitations can further advance knowledge on this critical relationship between visitor psychology, individual preferences, and industry imperatives. Moreover, by extending the investigation to other districts, future studies could draw comparisons and contrasts in the results, providing a more nuanced understanding of the factors influencing visitor psychology and preferences.

Keywords: personality trait, SME, tourist behaviour, tourist motivation, visitor activity

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Authors: Utkrash Sarkar, Vineet Tiwari, Shailendra Singh

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The development of social media has brought about a tremendous change in the marketing scenario for every industry. It has become a new hybrid element of the promotional mix in the marketing segment. This paper tries to show some light on the fact that in today’s scenario social media is a platform that everyone should take in consideration for any type of marketing campaign. In this paper, we have formulated a questionnaire, and through it, we have tried to gather information from the respondents that how social media is influencing their decision when they choose their travel destinations for tourism purpose, does it help in creating any awareness about places which they don’t have an idea? As a result, guiding the state government and providing them with a marketing strategy that how they can use social media in a better manner so that they could help increase their revenue and can make people aware about the places of the state which the target audience can plan to go for their next vacation.

Keywords: social media, marketing, information, decision making

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Authors: Hugh Battye

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In recent years, Muslim identity in China has strengthened against the backdrop of a worldwide Islamic revival. One discussion arising from this has been focused around the Hui, an ethnicity created by the Communist government in the 1950s covering the Chinese speaking 'Sino-Muslims' as opposed to those with their own language. While the term Hui in Chinese has traditionally meant 'Muslim', the strengthening of Hui identity in recent decades has led to a debate among scholars as to whether this identity is primarily ethnically or religiously driven. This article looks at the case of a mixed ethnic community in rural Gansu Province, Central Northwest China, which not only contains the official Hui ethnicity but also members of the smaller Muslim Salar and Bonan minority groups. In analyzing the close interaction between these groups, the paper will argue that, despite government attempts to promote the Hui as an ethnicity within its modern ethnic paradigm, in rural Gansu and the general region, Hui is still essentially seen as a religious identity. Having provided an overview of the historical evolution of the Hui ethnonym in China and presented the views of some of the important scholars involved in the discussion, the paper will then offer its findings based on participant observation and survey work in Gansu. The results will show that, firstly, for the local Muslims, religious identity clearly dominates ethnic identity. On the ground, the term Hui continues to be used as a catch-all term for Muslims, whether they belong to the official 'Hui' nationality or not, and against this backdrop, the ethnic importance of being 'Hui', 'Bonan' or 'Salar' within the Muslim community itself is by contrast minimal. Secondly, however, this local Muslim solidarity is not at present pointing towards some kind of national pan-ethnic Islamic movement that could potentially set itself up in opposition to the Chinese government; rather it is better seen as part of an ongoing negotiation by local Muslims with the state in the context of its ascribed ethnic categories. The findings of this study in a region where many of the Muslims are more conservative in their beliefs is not necessarily replicated in other contexts, such as in urban areas and in eastern and southern China, and hence reification of the term Hui as one idea extending all across China should be avoided, whether in terms of a united religious 'ummah' or of a real or imagined 'ethnic group.' Rather, this localized case study seeks to demonstrate ways in which Muslims of rural Central Northwest China are 'being Hui,' as a contribution to the broader discussion on what it means to be Muslim and Chinese in the reform era.

Keywords: China, ethnicity, Hui, identity, Muslims

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Authors: Ziwei Huang

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In order to promote Inventory development in Shenzhen, the market-oriented real estate development mode has occupied a dominant position in the urban renewal activities of Shenzhen. This research is based on the theory of role relationship and urban regime, taking the Mutoulong community as the research object. Carries on the case depth analysis found that: Under the situation of absence and dislocation of the government's role, land property rights disputes and lack of communication platforms is the main reason for the problems of nail households and market failures, and the long-term delay in the progress of old city reconstruction. Through the analysis of the cause of the transformation problem and the upper planning and interest coordination mechanism, the optimization strategy of the old city transformation is finally proposed as follows: the establishment of interest coordination platform, the risk assessment of the government's intervention in the preliminary construction of the land, the adaptive construction of laws and regulations, and the re-examination of the interest relationship between the government and the market.

Keywords: Shenzhen city, Mutoulong community, urban regeneration, urban regime theory, role relationship theory

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Authors: Simiso Fisokuhle Nyandeni

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Climate change has turned out to be a pandemic that has drawn the attention of many countries’ households around the globe, especially those whose livelihood and economic status depend on agricultural productivity. Hence, the agricultural sector is regarded as the sector that is most dependent on climate conditions for its productivity/harvest, yet in recent years this sector has been experiencing drought. However, adaptation seems to be a tool that every farmer looks upon as a solution to their challenges as their productivity keeps on being vulnerable to climate effects. Thus, exposure/access to the market seems to be a major challenge that faces especially small-scale farmers. We, therefore, examine the small-scale farmers’ constraints or challenges towards getting access to the market for them to get proper sales of their farming products. As a result, the adaptation capacity of every farm household varies on the financial status.

Keywords: climate change, small-scale farming, agriculture sector, adaptation

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Authors: Chonlada Choovanichchanon

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This research paper was aimed to investigate a relationship between the customer service marketing mix and the level of customers’ satisfaction from purchasing goods and service from small business around campus, Suan Sunandha Rajabhat University, Bangkok, Thailand. Based on the survey of 200 customers who frequently purchased goods and service around campus, the level of satisfaction for each factor of marketing mix was reached. An accidental random sampling was applied by using questionnaire in collecting the data. The findings revealed that the means values can help to rank these variables from high to low mean as follows: 1) forms and system of service, 2) physical environment of service center, 3) service from staff and employee, 4) product quality and service, 5) market channel and distribution, 6) market price, and 7) market promotion and distribution.

Keywords: service marketing mix, satisfaction, small business, survey

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Authors: Hasan Muslemani, Xi Liang, Kathi Kaesehage, Francisco Ascui, Jeffrey Wilson

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The creation of a market for lower-carbon steel products, here called ‘green steel’, has been identified as an important means to support the introduction of breakthrough emission reduction technologies into the steel sector. However, the definition of what ‘green’ entails in the context of steel production, the implications on the competitiveness of green steel products in local and international markets, and the necessary market mechanisms to support their successful market penetration remain poorly explored. This paper addresses this gap by holding semi-structured interviews with international sustainability experts and commercial managers from leading steel trade associations, research institutes and steelmakers. Our findings show that there is an urgent need to establish a set of standards to define what ‘greenness’ means in the steelmaking context; standards that avoid market disruptions, unintended consequences, and opportunities for greenwashing. We also highlight that the introduction of green steel products will have implications on product competitiveness on three different levels: 1) between primary and secondary steelmaking routes, 2) with traditional, lesser green steel, and 3) with other substitutable materials (e.g. cement and plastics). This paper emphasises the need for steelmakers to adopt a transitional approach in deploying different low-carbon technologies, based on their stage of technological maturity, applicability in certain country contexts, capacity to reduce emissions over time, and the ability of the investment community to support their deployment. We further identify market mechanisms to support green steel production, including carbon border adjustments and public procurement, highlighting a need for implementing a combination of complementary policies to ensure the products’ roll-out. The study further shows that the auto industry is a likely candidate for green steel consumption, where a market would be supported by price premiums paid by willing consumers, such as those of high-end luxury vehicles.

Keywords: green steel, decarbonisation, business model innovation, market analysis

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Authors: Shazia Ali, Yves Mard, Éric Severin

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To the best of our knowledge, this is the first study to have analyzed the impact of a) firm-specific product-market power and b) industry competition on earnings management behavior of European firms in distress versus healthy years while controlling for firm-level characteristics. We predicted a significant relationship between firms’ product market power and earnings management tools and their trade-off under the moderation effect of financial distress. We found that the firm-level market power hereinafter referred to as MP (proxied by the industry-adjusted Lerner Index) is positively associated with both real and accrual earnings management. However, MP is associated with a higher level of real earnings management compared to accrual earnings management in distress years compared to healthy years. On the other hand, industry product market power (representing low competition and proxied by the inverse of the total number of firms in an industry hereinafter referred to as NUMB) and firms product market power (proxied by firm market share hereinafter referred to as MS) are associated with lower inflationary accruals and higher deflationary accruals respectively. On the other hand, they are found to be linked with higher real earnings management in distress versus healthy years. When we divided the sample into small and big firms based on their respective industry-year median total assets, we found that all three measures of industry competition (Industry Median Lerner Index (hereinafter referred to as IMLI), NUMB, and Herfindahl–Hirschman Index (hereinafter referred to as HHI) indicate that small firms in low-competitive industries in financial distress are more likely to inflate their earnings through discretionary accruals. While big firms in this situation are more likely to lower the use of both inflationary and deflationary discretionary accruals as indicated by IMLI and HHI and trade-off accruals earnings management for real earnings management as indicated by NUMB. Moreover, IMLI and HHI did not show any interesting results when we divided the sample based on the firm Lerner Index/Market Power. However, the distressed firms with high market power (MP>industry median) are found to engage in income-decreasing discretionary accruals in low-competitive industries (high NUMB). Whereas firms with low market power in the same industry use downward discretionary accruals but inflate income using real activities (abnCFO). Our findings are robust across alternate measures of discretionary accruals and financial distress, such as the Altman Z-Score. The finding of the study is valuable for accounting standard setters, competition authorities, policymakers, and investors alike to help in informed decision-making.

Keywords: financial distress, earnings management, market competition

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Authors: George Lin

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This study examines a practice in which Chinese municipal governments actively pursue momentary and spectacular urbanism through the hosting of mega-events as an instrument to reproduce urban space for the enhancement of place competitiveness and advancement of political career. Practicing event-driven spectacular urbanism is found to have a short-term impact upon the economy and an effect upon the career advancement of the party secretary more than the mayor. Hosting mega-events has been used as a means to create “a harmonious society” and unified social space whereby grievance and discontents are grossed over, ignored, excluded and marginalized. Geographically, a new urban space has been created for the central city to reassert/consolidate its leading competitive position in the regional and national economy at the expense of the disadvantaged and marginalized. Findings of this research call for a critical re-evaluation of the sophisticated state-space inter-relations in the ongoing processes of planetary urbanization and global urban revolution in which China has taken an important part.

Keywords: Chinese cities, mega events, urbanism, urbanization

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Authors: Yun-Ru Tsai, Jo-Hui Lin

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The cultural interactions between tourists and destination communities have received increased attention. Tourists play an important role in constructing a rewarding intercultural experience and cultural understanding. Cultural literacy is the ability for tourists to negotiate different cultures, this research aimed to develop a measurement of Tourist Cultural Literacy (TCL), the result provides a theoretical framework to assess how tourists interact with different cultural destinations. A pilot qualitative research was conducted in order to generate the initial items. In this study, the procedure of developing the TCL scale was divided into two parts. First, an exploratory factor analysis was conducted, a 25-item TCL scale was developed and six factors were identified: cultural sensitivity, appreciation of the culture, respect for the culture, knowledge of the culture, participate in the culture, and empathy for the culture. Second, confirmatory factor analyses and structural equation modeling were employed, the six-factor model was verified, and was proven to have good fit, reliability, convergent validity, discriminant validity, and criterion-related validity. The study provides managerial implications for tourist management and education, the popularization of TCL might increase the respect and understanding between tourists and local societies as well as decrease the cultural shocks and negative social-cultural impacts derived from tourism activities, thereby reducing the maintenance cost of management and allowing tourists to obtain a better cultural experience. Future research suggestions are also provided.

Keywords: cultural literacy, cultural tourism, scale development, tourism contact

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Authors: Mingook Lee, Sungjoo Lee

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As technology-based service industries grow drastically worldwide; companies are recognizing the importance of market preoccupancy and have made an effort to capture a large market to gain the upper hand. To this end, a focus on patents can be used to determine the properties of a technology, as well as to capture advantages in technical skills, in comparison with the firm’s competitors. However, technology-based services largely depend not only on their technological value but also their economic value, due to the recognized worth that is passed to a plurality of users. Thus, it is important to determine whether there are any competitors in the target areas and what services they provide in any field. Despite this importance, little effort has been made to systematically benchmark competitors in order to identify business opportunities. Thus, this study aims to not only identify each position of technology-centered service companies in complex market dynamics, but also to discover new business opportunities. For this, we try to consider both technology and market environments simultaneously by utilizing patent data as a representative proxy for technology and trademark dates as an index for a firm’s target goods and services. Theoretically, this is one of the earliest attempts to combine patent data and trademark data to analyze corporate strategies. In practice, the research results are expected to be used as a decision criterion to diagnose the economic value that companies can obtain by entering the market, as well as the technological value to be passed onto their customers. Thus, the proposed approach can be useful to support effective technology and business strategies in a firm.

Keywords: business opportunity, patent, Portfolio analysis, trademark

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Authors: Abdullah M. Alodhaiani, Yasir A. Alturki, Mohamed A. Elkady

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Complex power flow distribution factors, which relate line complex power flows to the bus injected complex powers, have been widely used in various power system planning and analysis studies. In particular, AC distribution factors have been used extensively in the recent power and energy pricing studies in free electricity market field. As was demonstrated in the existing literature, many of the electricity market related costing studies rely on the use of the distribution factors. These known distribution factors, whether the injection shift factors (ISF’s) or power transfer distribution factors (PTDF’s), are linear approximations of the first order sensitivities of the active power flows with respect to various variables. This paper presents a novel model for evaluating the universal distribution factors (UDF’s), which are appropriate for an extensive range of power systems analysis and free electricity market studies. These distribution factors are used for the calculations of lines complex power flows and its independent of bus power injections, they are compact matrix-form expressions with total flexibility in determining the position on the line at which line flows are measured. The proposed approach was tested on IEEE 9-Bus system. Numerical results demonstrate that the proposed approach is very accurate compared with exact method.

Keywords: distribution factors, power system, sensitivity factors, electricity market

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Authors: Adedeji Tejumola Olugboja

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Night markets are physical locations in residential neighbourhoods where market parties interact. It is a kind of market where marketing activities commence by 6pm until after midnight. The problem of the study is to assess marketing activities in the night markets. Specific objectives for this study include determining volume of business activities, numbers of market parties etc in the selected night markets. The purposive sampling technique is adopted for this study and the four night markets in the area of study are selected as sample: Aggregate of 173 retailers and an average of 2583 consumers daily operate in these night markets. The use of tables, simple percentage and descriptive statistics were employed for data analysis and presentation. Findings revealed volume of marketing activities, sales per night, profit per night and savings per day in each of these night markets. Government should erect street lights and repair damaged ones in these night markets to make night markets more lucrative.

Keywords: marketing activities, night markets, Nigerian economy

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Authors: Amir M. Shikhli, Refaat H. Abdel-Razek, Salaheddine Bendak

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Innovation is considered to be one of the key factors that influence long-term success of any company. The problem of many organizations in developing countries is trying to implement innovation without a strong basis within the organizational culture to support it. The objective of this study is to assess the effects of organizational culture on innovation in one of the biggest information technology organizations in UAE, Injazat Data System. First, an Organizational Culture Assessment Instrument (OCAI) was used as a survey and Competing Value Framework as a model to analyze the existing culture within the organization and determine its characteristics. Following that, a modified version of the Community Innovation Survey (CIS) was used to determine innovation types introduced by the organization. Then multiple linear regression analysis was used to find out the effects of existing organizational culture on innovation. Results show that existing organizational culture is composed of a combination of Hierarchy (29.4%), Clan (25.8%), Market (24.9%) and Adhocracy (19.9%). Results of the second survey show that the organization focuses on organizational innovation (26.8%) followed by market and product innovations (25.6%) and finally process innovation (22.0%). Regression analysis results reveal that for each innovation type there is a recommended combination of the four culture types. For product innovation, the combination is 47.4% Clan, 17.9% Adhocracy, 1.0% Market and 33.3% Hierarchy; for process innovation it is 19.7% Clan, 45.2% Adhocracy, 32.0% Market and 3.1% Hierarchy; for organizational innovation the combination is 5.4% Clan, 32.7% Adhocracy, 6.0% Market and 55.9% Hierarchy; and for market innovation it is 25.5% Clan, 42.6% Adhocracy, 32.6% Market and 8.4% Hierarchy. Based on these recommended combinations, this study suggests two ways to enhance the innovation culture in the organization. First, if the management decides on the innovation type to be enhanced, a comparison between the existing culture and the recommended combination of selected innovation types will lead to difference in percentages of each culture type. Then further analysis should show how to modify the existing culture to match the recommended combination. Second, if the innovation type is not selected, but the management wants to enhance innovation culture in the organization, the difference in percentages of each culture type will lead to finding out the recommended combination of culture types that gives the narrowest gap between existing culture and recommended combination.

Keywords: developing countries, organizational culture, innovation types, product innovation, process innovation, organizational innovation, marketing innovation

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Authors: Mohammed Alghamdi, Ghanem Al-Ghamdi

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The Governorate of Al-Baha is known for a history of farming that focused on plant products such as Date Palm, olives, figs, pomegranate and cereals as well as raising cattle, sheep, goats and to some extent camels for many decades. However, farmers have been facing with very significant natural and artificial challenges lately. The goal of this study was to determine the most significant challenges facing farmers in the Governorate of Al-Baha. Sixty farms were surveyed during the year of 2013. Farm survey focused on the farm management, farm financial status and governmental support. Our results showed that most farms were dedicated to farming with limited number of farms used parts of its premises for recreation. About 90% of farms were engaged in exclusively farming business. The financial status was good in most of the farms (80%), stable in 16% and hardly standing in less than 5%. Nearly 60% of the farms marketed 1-3 products and 23% marketed up to 6 products, 14% of the farms marketed up to 9 products and 4% marketed more than 9 products. Less than 14% had a chance to market their products over seven times per year while about 11% market their products and 32% of farms market 3-4 per year and 43% of farms market 1-2 per year. Our data showed that most farmers are in good financial status producing healthy food.

Keywords: farming system, Al-Baha, healthy food, Saudi Arabia

Procedia PDF Downloads 280

Authors: Bartholomew Badar

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An NFT is a digital certificate with rights to own an asset, including various valuable digital goods such as art pieces, music items, collectibles, etc. The market for NFTs started developing in 2017 and has lately seen increased growth as crypto-currencies and the blockchain market continue to gain popularity. This study aims to understand potential uses for NFTs concerning the music industry and record labels. Independent artists struggle to distribute and sell their music without the help of a record label. The NFT marketplace could be a great tool to eliminate this problem. The research objective is to identify possibilities for independent artists to own their music rights and share value with an audience. We see a trend of new-school music artists trying to enter the music NFT market by creating visualizers, beats, cover art, etc. To analyze various existing music NFT assets and determine whether or not independent artists could monetize their music without a record label is the main focus of this scholarly paper.

Keywords: blockchain, crypto-currency, music, artist, NFT

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Authors: Mihai Gheorghe

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Freelancing in IT has seen an increased popularity during the last years mainly because of the fast Internet adoption in the countries with emerging economies, correlated with the continuous seek for reduced development costs as well with the rise of online platforms which address planning, coordination, and various development tasks. This paper conducts an overview of the most relevant Freelance Marketplaces available and studies the market structure, distribution of the workforce and trends in IT freelancing.

Keywords: freelancing in IT, freelance marketplaces, freelance market structure, globalization, online staffing, trends in freelancing

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Authors: Tamara Slišković, Tomislav Sekur

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This manuscript examines factors that affect demand and supply of the housing market in Croatia. The period from the beginning of this century, until 2008, was characterized by a strong expansion of construction, housing and real estate market in general. Demand for residential units was expanding, and this was supported by favorable lending conditions of banks. Indicators on the supply side, such as the number of newly built houses and the construction volume index were also increasing. Rapid growth of demand, along with the somewhat slower supply growth, led to the situation in which new apartments were sold before the completion of residential buildings. This resulted in a rise of housing price which was indication of a clear link between the housing prices with the supply and demand in the housing market. However, after 2008 general economic conditions in Croatia worsened and demand for housing has fallen dramatically, while supply descended at much slower pace. Given that there is a gap between supply and demand, it can be concluded that the housing market in Croatia is in imbalance. Such trend is accompanied by a relatively small decrease in housing price. The final result of such movements is the large number of unsold housing units at relatively high price levels. For this reason, it can be argued that housing prices are sticky and that, consequently, the price level in the aftermath of a crisis does not correspond to the discrepancy between supply and demand on the Croatian housing market. The degree of rigidity of the housing price can be determined by inclusion of the housing price as the explanatory variable in the housing demand function. Other independent variables are demographic variable (e.g. the number of households), the interest rate on housing loans, households' disposable income and rent. The equilibrium price is reached when the demand for housing equals its supply, and the speed of adjustment of actual prices to equilibrium prices reveals the extent to which the prices are rigid. The latter requires inclusion of the housing prices with time lag as an independent variable in estimating demand function. We also observe the supply side of the housing market, in order to explain to what extent housing prices explain the movement of new construction activity, and other variables that describe the supply. In this context, we test whether new construction on the Croatian market is dependent on current prices or prices with a time lag. Number of dwellings is used to approximate new construction (flow variable), while the housing prices (current or lagged), quantity of dwellings in the previous period (stock variable) and a series of costs related to new construction are independent variables. We conclude that the key reason for the imbalance in the Croatian housing market should be sought in the relative relationship of price elasticities of supply and demand.

Keywords: Croatian housing market, economic crisis, housing prices, supply imbalance, demand imbalance

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Authors: Massimiliano Frezza, Sergio Bianchi, Augusto Pianese

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The relation between stock price volatility and trading volume represents a controversial issue which has received a remarkable attention over the past decades. In fact, an extensive literature shows a positive relation between price volatility and trading volume in the financial markets, but the causal relationship which originates such association is an open question, from both a theoretical and empirical point of view. In this regard, various models, which can be considered as complementary rather than competitive, have been introduced to explain this relationship. They include the long debated Mixture of Distributions Hypothesis (MDH); the Sequential Arrival of Information Hypothesis (SAIH); the Dispersion of Beliefs Hypothesis (DBH); the Noise Trader Hypothesis (NTH). In this work, we analyze whether stock market efficiency can explain the diversity of results achieved during the years. For this purpose, we propose an alternative measure of market efficiency, based on the pointwise regularity of a stochastic process, which is the Hurst–H¨older dynamic exponent. In particular, we model the stock market by means of the multifractional Brownian motion (mBm) that displays the property of a time-changing regularity. Mostly, such models have in common the fact that they locally behave as a fractional Brownian motion, in the sense that their local regularity at time t0 (measured by the local Hurst–H¨older exponent in a neighborhood of t0 equals the exponent of a fractional Brownian motion of parameter H(t0)). Assuming that the stock price follows an mBm, we introduce and theoretically justify the Hurst–H¨older dynamical exponent as a measure of market efficiency. This allows to measure, at any time t, markets’ departures from the martingale property, i.e. from efficiency as stated by the Efficient Market Hypothesis. This approach is applied to financial markets; using data for the SP500 index from 1978 to 2017, on the one hand we find that when efficiency is not accounted for, a positive contemporaneous relationship emerges and is stable over time. Conversely, it disappears as soon as efficiency is taken into account. In particular, this association is more pronounced during time frames of high volatility and tends to disappear when market becomes fully efficient.

Keywords: volume–volatility relationship, efficient market hypothesis, martingale model, Hurst–Hölder exponent

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Authors: Bandojo Paula Maria Noella, Bernardo Bea Samantha B., Del Rosario Hanassa Mae S., Gomez Marian Louise D., Gomez Rome Voltaire M., Reyes Alessa Anne Therese A.

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The purpose of this study is to determine if there is a significant difference between the training program of Pan Pacific Hotel to other Five Star Hotels in terms of the technical, professional and personal competencies before and after their training. The theoretical framework of this study is the practicum manual of the University of Santo Tomas College of Tourism and Hospitality Management, Hotel and Restaurant Management Program Practicum Manual. This study was conducted using survey questionnaires that were distributed to 50 respondents. The results showed that there is a significant difference with the level of competencies of the practicum trainee before and after the training regardless if the training is structured or unstructured. Results also showed that the structured training program of Pan Pacific Hotel significantly improved the Technical Competencies in the different departments of the hotel industry. On the other hand, the findings also showed that there is no difference between the structured and unstructured training program in terms of Professional Competencies and Personal Competencies. The proponents concluded the study by providing recommendations to the partner hotels of the University of Santo Tomas College of Tourism and Hospitality Management that there should be a structured training program for the practicum trainees.

Keywords: structured and structured training program, practicum trainees, competencies, tourism

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Authors: Yungeng Xie, Cong Liu, Yi Liu, Xuanao Wan

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The study aims to explore microblog users’ emotion expression and sharing behaviors on the Chinese microblog (Weibo). The first theme of study analyzed whether microblog emotions impact readers’ message sharing behaviors, specifically, how the strength of emotion (positive and negative) in microblog messages facilitate/inhibit readers’ sharing behaviors. The second theme compared the differences among the three types of microblog users (i.e., verified enterprise users, verified individual users and unverified users) in terms of their profiles and microblog behaviors. A total of 7114 microblog messages about 24 hot public events in China were sampled from Sina Weibo. The first study results show that strength of negative emotions that microblog messages carry significantly increase the possibility of the message being shared. The second study results indicate that there are significant differences across the three types of users in terms of their emotion expression and its influence on microblog behaviors.

Keywords: emotion expression, information diffusion, microblog, sharing

Procedia PDF Downloads 239

Authors: Anna Savchenko

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The dissolution of the Soviet Union brought about a wave of decolonisation throughout the Soviet space in the 1990s. While this emancipation ushered in an era of reform in the newly independent states, it also opened up the opportunity for countries such as Ukraine to be (re)colonised by a different ruling power: the European Union. Ukraine’s relationship with the EU has been further complicated by the fact that the country’s political leadership has aligned itself with a Western agenda of democratisation. This article challenges the neoliberal belief that the global market can spurn democratisation by analysing the way in which market privatisation in Ukraine has allowed for mass corruption to flourish. I submit that neoliberalism, or the sheer force of the global market, is just as colonising as modern-day imperialism has proven to be by providing an analytical synthesis of Russia and Ukraine’s century-old conflict. The EU’s demonstrated inability to mediate cross-border conflict in the region foreshadows that Ukraine may have been economically colonised by another failing state.

Keywords: neoliberalism, imperealism, Russian-Ukrainian conflict, democratisation, colonisation

Procedia PDF Downloads 183