Search results for: tourists and investors

Authors: Diego Saldo Alves, Marcelo Paveck Ayub

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The quality of accounting information is very important for the decision-making of managers, investors government and other information users. The opinion of the independent audit has a significant influence on the decision-making, especially the investors. Therefore, the aim of this study is to analyze the reasons that companies listed on Brazilian Stock Exchange B3, if they received qualified opinion and disclaimer of opinion of the independent auditors. We analyzed the reports of the independent auditors of 23 Brazilian companies listed in B3 that received qualified opinion and disclaimer of opinion between the years 2012 and 2017. The findings show that the companies do not comply the International Financial Reporting Standard, IFRS, also they did not provide documentation to prove the operations performed, did not account expenses, problems in corporate governance and internal controls.

Keywords: audit, disclaimer of opinion, independent auditors, qualified opinion

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Authors: Pimrawee Rocharungsat

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The study of Phetchaburi Local Food Image in order to Support Tourism aimed 1) to overview Phetchaburi tourism images; and 2) to clarify Phetchaburi local food image. Both quantitative and qualitative analysis were used in this study. Questionnaires were delivered to sample group of 1,489 tourists from 8 districts of Phetchaburi. Results were found that Phetchaburi local food image could be as tool for tourism promotion. Strong place images were within Phetchaburi center city (35%) and in the markets (34.50%). As for satisfaction of local food comparing in descending order of excellent level mean score were its eminence, identity, quality, taste, creativity, and sanitation. Results of prominent images of well-known local food of Phetchaburi were Thai custard dessert, other desserts, palm and sugar palm drink and rice in ice water. The results can be applied as promotional tools for future food tourism in Phetchaburi.

Keywords: food tourism, image, tourist, Phetchaburi province

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Authors: Jiraporn Prommaha

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The purpose of this research is to study the development of Thailand Brand Identity and the perception of its image in order to find any guidelines for the identity development and the image perception of Thailand Brand in Health and Wellness Tourism. The paper is conducted through mixed methods research, both the qualitative and quantitative researches. The qualitative focuses on the in-depth interview of executive administrations from public and private sectors involved scholars and experts in identity and image issue, main 11 people. The quantitative research was done by the questionnaires to collect data from foreign tourists 800; Chinese tourists 400 and UK tourists 400. The technique used for this was the Exploratory Factor Analysis (EFA), this was to determine the relation between the structures of the variables by categorizing the variables into group by applying the Varimax rotation technique. This technique showed recognition the Thailand brand image related to the 2 countries, China and UK. The results found that guidelines for brand identity development and image perception of health and wellness tourism in Thailand; as following (1) Develop communication in order to understanding of the meaning of the word 'Health and beauty tourism' throughout the country, (2) Develop human resources as a national agenda, (3) Develop awareness rising in the conservation and preservation of natural resources of the country, (4) Develop the cooperation of all stakeholders in Health and Wellness Businesses, (5) Develop digital communication throughout the country and (6) Develop safety in Tourism.

Keywords: brand identity, image perception, nation branding, health and wellness tourism, mixed methods research

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Authors: Min Wei

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The green hotel provides the products/services consistent with the full utilization of resources, protecting the ecological environment conducive to customers’ requirements and health. In order to better develop the green hospitality industry, this paper applies the game theory to analyze the intrinsic relationship and balanced interests among the stakeholders including government, hotels, and tourists during green hospitality development. Based on the hypothesis in game theory, this paper tries to construct a linkage mechanism in stakeholders, by which a theoretical basis for the interests’ balance can be realized. By using game theory and constructing a game model including tourists, hotels and government, this paper analyzes the relationship of the various stakeholders involved in the green hospitality development, and subsequently proposes the development model of green hospitality industry. On the one hand, this paper applies game theory to construct a green hotel development model and provides a theoretical basis for the interest balance of stakeholders based on theoretical perspective. On the other hand, the current development of green hospitality industry is still in initial phase, and the outcome of this research tries to guide tourists to form a green awareness and to establish the concept of green consumption for hotel development, so that green hotel products/services are provided. In addition, this paper provides a basis for decision making in the relevant government departments so that the interests of all stakeholders are promoted and cooperative game between stakeholders is established, for which the sustainable development of green hotels is achieved. The findings indicate that the process of achieving green hospitality industry development is to maximize the whole interests of stakeholders.

Keywords: green hospitality, game theory, stakeholders, development model

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Authors: Liming Chen, Baoxin Xu, Zhaoyun Ding, Bin Liu, Xianqiang Zhu

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In the era of big data, public investors are faced with more complicated information related to investment decisions than ever before. To survive in the fierce competition, it has become increasingly urgent for investors to combine multi-source knowledge and evaluate the companies’ true value efficiently. For this, a rule-based ontology reasoning method is proposed to support steel companies’ value assessment. Considering the delay in financial disclosure and based on cost-benefit analysis, this paper introduces the supply chain enterprises financial analysis and constructs the ontology model used to value the value of steel company. In addition, domain knowledge is formally expressed with the help of Web Ontology Language (OWL) language and SWRL (Semantic Web Rule Language) rules. Finally, a case study on a steel company in China proved the effectiveness of the method we proposed.

Keywords: financial ontology, steel company, supply chain, ontology reasoning

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Fiffy Hanisdah Saikim, Bruce Prideaux

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One of the aims of wildlife tourism is to educate visitors about the threats facing wildlife, in general, and the actions needed to protect the environment and maintain biodiversity. Annually, millions of tourists visit natural areas and zoos primarily to view flagship species such as rhinos and elephants. Venues rely on the inherent charisma of these species to increase visitation and anchor conservation efforts. Expected visitor outcomes from the use of flagships include raised levels of awareness and pro-conservation behaviors. However, the role of flagships in wildlife tourism has been criticized for not delivering conservation benefits for species of interest or biodiversity and producing negative site impacts. Furthermore, little is known about how the connection to a species influences conservation behaviors. This paper addresses this gap in knowledge by extending previous work exploring wildlife tourism to include the emotional connection formed with wildlife species and pro-conservation behaviors for individual species and biodiversity. This paper represents a substantial contribution to the field because (a) it incorporates the role of the experience in understanding how tourists connect with a species and how this connection influences pro-conservation behaviors; and (b) is the first attempt to operationalize Conservation Caring as a measure of tourists’ connection with a species. Existing studies have investigated how specific elements, such as interpretation or species’ morphology may influence programmatic goals or awareness. However, awareness is a poor measure of an emotional connection with an animal. Furthermore, there has not been work done to address the holistic nature of the wildlife viewing experience, and its subsequent influence on behaviors. Results based on the structural equation modelling, support the validity of Conservation Caring as a factor; the ability of wildlife tourism to influence Conservation Caring; and that this connection is a strong predictor of conservation awareness behaviors. These findings suggest wildlife tourism can deliver conservation outcomes. The studies in this paper also provide a valuable framework for structuring wildlife tourism experiences to align with flagship related conservation outcomes, and exploring a wider assemblage of species as potential flagships.

Keywords: wildlife tourism, conservation caring, conservation awareness, structural equation modelling

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Authors: Joao Ferreira Do Rosario, Nuno Gustavo, Ana Machado, Lurdes Calisto, Luisa Carvalho, Georgette Andraz

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Currently, tourism small and medium enterprises (TSMEs) face serious economic and financial problems, making recovery efforts difficult. How the pandemic will affect tourists' behavior is still to be known. Will tourists be even more cautious regarding their choices or, on the contrary, will they be more adventurers with an enormous desire to travel in search of the lost freedom? Tourists may become even more demanding when traveling, more austere, or less concerned and eager to socialize. Adjusting to this "new tourist" is an added challenge for tourism service providers. Generation Z made up of individuals born in 1995 and following years, currently tends to assume a particular role and meaning in the present and future economic and social context, considering that we are facing the youngest workforce as well as tomorrow's consumers. This generation is distinguished from others as it is the first generation to combine a high level of education and technological knowledge and to fully experience the digital world. These young people are framed by a new value system that can explain new behaviours and consumption, namely, in the context of tourism. All these considerations point to the importance of investigating this target group as it is essential to understand how these individuals perceive, understand, act, and can be involved in a new environment built around a society regulated by new priorities and challenges of a sustainable nature. This leads not only to a focus on short-term market choices but mainly to predict future choices from a longer-term perspective. Together with the social background of a person, values are considered a stable antecedent of behavior and might therefore predict not just immediate, but also future choices. Furthermore, the meaning attributed to travel has a general connotation and goes beyond a specific travel choice or experience. In other words, values and travel's meaning form a chain of influences on the present and future travel behavior. This study explores the social background and values of Generation Z travelers vs the meaning these tourists give to travel. The aim is to discover in their present behavior cues to predict travel choices so that the future of tourism can be secured. This study also provides data for predicting the tourism choices of youngsters in the more immediate future. Methodologically, a quantitative approach was adopted based on the collection of data through a survey. Since academic research on Generation Z of tourists is still scarce, it is expected to contribute to deepening scientific knowledge in this area. Furthermore, it is expected that this research will support tourism professionals in defining differentiated marketing strategies and adapted to the requirements of this target, in a new time.

Keywords: Generation Z, travel behavior, travel meaning, Generation Z Values

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Authors: L. Mota, O. Frausto

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Marine Protected Areas can benefit from nature based tourism, monitoring environmental impacts and also become target for human presence. From more than 3 million tourists visiting Cozumel Island every year, an average of 2,8 million arrive by cruise ship, and 41% are estimated to have motivation for water activities. The destination is relying so much on the tourism activity, that scuba diving and snorkeling in the National Park Reef of Cozumel sustain the major economic activity. In order to achieve the sustainable development indicator designed for regional environmental development, the PNAC offers a training course for tourism providers acceding the protected area. This way, the update of the last 5 years of such training is directed to diving staff, boat crew and professionals, making them able to assist in managing the natural resource. Moreover, the case study is an example to be used for raising awareness among tourists visiting protected areas.

Keywords: education, marine protected area, scuba diving, sustainability, tourism

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Authors: Giulia Dal Maso

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Within the contemporary financial capitalist configuration, the interplay of Chinese statecraft and financialization has shaped a new ‘ecology of financial expertise.’ This indicates the emergence of a new financial technocratic governance; that is increasingly changing the Chinese economy, reducing the state’s administrative and fiscal functions and increasing state assets in accordance with a new shareholder logic. In this shift, the creation of the stock market by the state was conceived not only as a new redistributor of wealth but as a ‘clearing house’ for social discontent resulting from work casualization, wage repression and a lack of social welfare. Since its inception in the wake of Deng Xiaoping’s reforms, the Chinese state has used the stock market as a means of securing social legitimation by providing a prearranged space where the disaggregated and vulnerable subjects left behind by the dismantlement of the collective work units of the Maoist period (danwei) can congregate. However, fieldwork which included both participant observation as well as interviews with investors in brokerage rooms in Shanghai (where one of only two mainland Chinese stock exchanges is situated) reveals that both new formal and informal financial experts—namely the haigui (Chinese returnees with a financial degree abroad) and sanhu (individual Chinese scattered players), are equally dissatisfied with their investing activities. They express discontent with the state, which they hold responsible for the summer 2015 financial crisis and for the financial turmoil that jeopardizes China’s financial and political project. What the investors want is a state that will guarantee the continuation of the current gupiaore ‘stock fever’. This paper holds that, by embracing financialization, the state is undermining the contract at the base of its legitimacy.

Keywords: Chinese state, Deng Xiaoping, financial capitalism, individual investors

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Authors: Miju Choi

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Shopping tourism is an emerging concept in tourism research, thus contradicting the notion that shopping is not a novel idea. Tourists have long been performing shopping activities, such as purchasing authentic handicrafts and souvenirs, to benefit from a pleasant tourism experience. Some scholars regarded shopping as one of the oldest tourist activities and stressed that a trip is incomplete without shopping. Others then asserted that shopping is inseparable from other activities in tourist destinations and may in fact be considered a main purpose for travel. In other words, shopping is regarded as an incidental tourist activity, thereby indicating its potential as a primary travel motivation. The current study investigates the personal values of shopping tourists and their satisfaction levels. Via convenience sampling, 230 samples were collected. The software packages SPSS Statistics 20.0 and AMOS 20.0 were used for statistical analysis. Findings showed that both hedonic and utilitarian values positively influence tourist satisfaction and positive word of mouth. Therefore, this research deepens understanding regarding tourist behavior in the context of shopping tourism research.

Keywords: shopping tourism, hedonic value, utilitarian value, tourist satisfaction

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Authors: Merhawit Fisseha Gebremariam, Yohannes Yebabe Tesfay

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This study focuses on the formulation of a sustainable, effective, and efficient supply chain strategy framework that will enable Ethiopian privatized firms. The study examined the role of privatization in productive sourcing, production, and delivery to Ethiopian firm’s performances. To analyze our hypothesis, the authors applied the concepts of Key Performance Indicator (KPI), strategic outsourcing, purchasing portfolio analysis, and Porter's marketing analysis. The authors selected ten privatized companies and compared their financial, market expansion, and sustainability performances. The Chi-Square Test showed that at the 5% level of significance, privatization and outsourcing activities can assist the business performances of Ethiopian firms in terms of product promotion and new market expansion. At the 5% level of significance, the independent t-test result showed that firms that were privatized by Ethiopian investors showed stronger financial performance than those that were privatized by foreign investors. Furthermore, it is better if Ethiopian firms apply both cost leadership and differentiated strategy to enhance thriving in their business area. Ethiopian firms need to implement the supply chain operations reference (SCOR) model for an exclusive framework that supports communication links the supply chain partners, and enhances productivity. The government of Ethiopia should be aware that the privatization of firms by Ethiopian investors will strengthen the economy. Otherwise, the privatization process will be risky for the country, and therefore, the government of Ethiopia should stop doing those activities.

Keywords: correlation analysis, market strategies, KPIs, privatization, risk and Ethiopia

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Authors: Ling Chen, Lanyan Peng

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In the new round of institutional reform of the State Council, Ministry of Culture and Ministry of Tourism were formed into a new department, Ministry of Culture and Tourism, which embodied the idea of the fusion development of cultural and tourism industries. At the same time, domestic tourists pay more attention to the tourism experience and tourism quality. The tourism patterns have been changed from the sightseeing mode of the individual scenic spot to the lifestyle mode of feeling the cultural atmosphere of the tourist destination. Therefore, this paper focuses on the tourism pattern based on lifestyle, studies the development status, content, and implementation measures of the tourism pattern. As the tourism pattern based on lifestyle integrating cultural and tourism industries in-depth, tourists can experience the living atmosphere, living conditions and living quality of the tourist destination, and deeply understand the urban cultural connotation during the trip. Suzhou has taken a series of measures to build up a tourism pattern based on lifestyle-'Suzhou life' tourism, including regional planning of tourism, integration of cultural resources, construction of urban atmosphere, and upgrading infrastructure. 'Suzhou life' tourism is based on the Suzhou food (cooked wheaten food, dim sum, specialty snacks), tourist attractions (Suzhou gardens, the ancient city) and characteristic recreational ways (appreciating Kun opera, enjoying Suzhou Pingtan, tea drinking). And the continuous integration of the three components above meet the spiritual, cultural needs of tourists and upgrade the tourism pattern based on lifestyle. Finally, the paper puts forward the tourism pattern planning suggestions.

Keywords: tourism pattern, lifestyle, integration of cultural and tourism industries, Suzhou life

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Authors: Dorota Rucińska

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This theoretical paper combines the academic discourse regarding a specific part of dark tourism. Based on the literature analysis, distinction of natural disasters in thanatourism was investigated, which is connected with dynamic geographical conditions. Natural disasters used to play an important role in social life by their appearance in myths and religions. Nowadays, tourists pursuing natural hazards can be divided into three groups: Those interested in natural hazards themselves; those interested in landscape deformation and experiencing emotions shortly after extreme events - natural disasters - occur; and finally those interested in historic places log after an extreme event takes place. An important element of the natural disaster tourism is quick access to information on the location of a disaster and the destination of a potential excursion. Natural disaster tourism suits alternative tourism, yet it is opposed culture tourism, and sustainable tourism. The paper compares types and groups of tourists. It also considers the contradictions that describe dualism, which exists in dark tourism.

Keywords: dark tourism, dualism, natural disasters, natural hazards, thanatoursim

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Authors: Razan Salem

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Gender plays a vital role in the stock markets because men and women differ in their behavior when investing in stocks. Accordingly, the role of gender differences in investment behavior is an increasingly important strand in the field of behavioral finance research. The investment behaviors of women relative to men have been examined in the behavioral finance literature, mainly for comparison purposes. Women's roles in the stock market have not been examined in the behavioral finance literature, however, particularly with respect to the Arab region. This study aims to contribute towards a better understanding of the investment behavior of Arab women (in regards to their risk tolerance, investment confidence, and investment literacy levels) relative to Arab men; using a sample from Arab women and men investors living in Saudi Arabia and Jordan. In order to achieve the study's main aim, the researcher used non-parametric tests, as Mann-Whitney U test, along with frequency distribution analysis to analyze the study’s primary data. The researcher distributed close-ended online questionnaires to a sample of 550 Arab male and female individuals investing in stocks in both Saudi Arabia and Jordan. The results confirm that the sample Arab women invest less in stocks compared to Arab men due to their risk-averse behaviors and limited confidence levels. The results also reveal that due to Arab women’s very low investment literacy levels, they fear from taking the risk and invest often in stocks relative to Arab men. Overall, the study’s main variables (risk tolerance, investment confidence, and investment literacy levels) have a combined effect on the investment behavior of Arab women and their limited participation in the stock market. Hence, this study is one of the very first studies that indicate the combined effect of the three main variables (which are usually studied separately in the existing literature) on the investment behavior of women, particularly Arab women. This study makes three important contributions to the growing literature on gender differences in investment behavior. First, while the behavioral finance literature documents evidence on gender differences in investment behaviors in many developed countries, there are very limited studies that investigate such differences in Arab countries. Arab women investors, generally, are ignored from the behavioral finance literature due probably to cultural barriers and data collection difficulties. Thus, this study extends the literature to include Arab women and their investment behaviors when trading stock relative to Arab men. Moreover, the study associates women investment literacy and confidence levels with their financial risk behaviors and participation in the stock market. This study provides direct evidence on Arab women's investment behaviors when trading stocks. Overall, studying Arab women investors is important to investigate whether the investment behavior identified for Western women investors are also found in Arab women investors.

Keywords: Arab women, gender differences, investment behavior, stock markets

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Authors: I. Teotónio, C.O. Cruz, C.M. Silva, M. Manso

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Diverse stakeholders show different concerns when choosing green roof systems. Also, green roof solutions vary in their cost and performance. Therefore, decision-makers continually face the difficult task of balancing benefits against green roofs costs. Decision analysis methods, as multicriteria analysis, can be used when the decision‑making process includes different perspectives, multiple objectives, and uncertainty. The present study adopts a multicriteria decision model to evaluate the installation of green roofs in buildings, determining the solution with the best trade-off between costs and benefits in agreement with the preferences of the users/investors. This methodology was applied to a real decision problem, assessing the preferences between different green roof systems in an existing building in Lisbon. This approach supports the decision-making process on green roofs and enables robust and informed decisions on urban planning while optimizing buildings retrofitting.

Keywords: decision making, green roofs, investors preferences, multicriteria analysis, sustainable development

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Authors: Yoo-Shik Yoon, Hae-Kyung Sohn, Young-Hae Yoon, Hai-Long Cui

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This study focused on tourist subjects who have experience visiting national parks in Korea. The reason for selecting national parks as the subject of this study was that many Koreans visit national parks on weekends, and their visits continue even as changes are made to the parks. The purpose of this study was to evaluate what type of value perceived by tourists who visit national parks positively influences their satisfaction. Concurrently, the relationship between satisfaction and future behavioral intention was also examined. The understanding and analysis of this relationship is very important for the success of destination tourism development. This analysis can contribute to the creation of a marketing strategy that will induce tourists to stay longer, revisit, and recommend a national park to others. If national park administrators fully utilize the study results, they will be able to increase the number of visitors to their national parks. Furthermore, the results of this study will contribute to the development of Korean national parks as a tourist destination.

Keywords: national park, visitor satisfaction, loyalty, tourism management

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Authors: Anuj Kumar Vaksha

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The research paper examines the trends and approaches of the international investment arbitral tribunals to the issues of environment and the exercise of states' regulatory power for the preservation of environment vis-à-vis the rights of the affected foreign investors. The paper analyses arbitral awards, decisions and orders in the leading cases of international investment arbitrations involving issues of environment and finds that there has been strong trend among the arbitral tribunals to balance the imperatives of the environmental regulation and the interest of the foreign investors. The arbitral tribunals have reflected deference to States' competence for regulation of environment to the extent they were genuine, relevant and in proportion to the legitimate objective sought to be achieved. The arbitral tribunals have at times been innovative and non-conservative in promoting the cause of environment through the mechanism of investor-state arbitration.

Keywords: International Investment Arbitration, environmental regulations, bilateral investment treaties, ICSID, NAFTA, amicus curiae, pollution havens hypothesis, environmental race to the bottom hypothesis

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: exchange traded products, financial market, investment, stock exchange

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Authors: Mouataz Zreika, Maria Estela Varua

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Stock investment decisions are often made based on current events of the global economy and the analysis of historical data. Conversely, visual representation could assist investors’ gain deeper understanding and better insight on stock market trends more efficiently. The trend analysis is based on long-term data collection. The study adopts a hybrid method that combines the Clustering algorithm and Force-directed algorithm to overcome the scalability problem when visualizing large data. This method exemplifies the potential relationships between each stock, as well as determining the degree of strength and connectivity, which will provide investors another understanding of the stock relationship for reference. Information derived from visualization will also help them make an informed decision. The results of the experiments show that the proposed method is able to produced visualized data aesthetically by providing clearer views for connectivity and edge weights.

Keywords: clustering, force-directed, graph drawing, stock investment analysis

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Authors: Xiaoxin Zhao

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Because of the long-time dual structure development in urban and rural areas, the rapid urbanization in China devours the rural resources and causes the unbalanced development of cities and the countryside. On one side, the urban sprawl is swallowing the villages in the peripheral area of cities and forms the ‘urban village’. On the other side, people from traditional and vernacular villages immigrate to the metropolis that their homeland becomes the ‘hollowed village’. In 2005, the national state council noticed the significance of rural development and promoted the ‘beautiful countryside’ project when Minsu was rising. In the 19th National Congress of the Communist Party of China (2017), president Xi Jinping announces the importance of ‘rural revitalization’ and states that the relationship between urban and rural areas should be an integrated development model. However, most Minsu projects in China was invested and managed by individual or group investors and focused on the profits but not the vernacular culture and rural development, and enhanced the urban-rural distinction. This paper introduces two Minsu projects in China designed by star-architects and advertised by social network media as case studies through photos and public comments collections. Architects as the servant to the investors, designed fancy houses, brings the urban life mode but expelled the real vernacular lifestyle as a cultural experience in rural areas. Moreover, to advertise the Minsu hotel, the social media propagates a distorted value that ‘luxury is good taste’ and motivates the vanity of people. Lastly, to maximize the profits, the investors set a high price that caused another unbalanced development in rural area since the price for one night in the Minsu hotel may exceed the monthly income of a local inhabitant. With these material, the author discusses the problems in Chinese Minsu industry and argues that the media, architects and investors play the negative role in the separation between Minsu cultural tourism and rural population. As a result, the author points out the significance of rural population participation that sharing the profits with them if we take Minsu industry as a method for rural revitalization in China.

Keywords: Minsu, vernacular, rural development, rural population participation

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Authors: Shekhar Chatterjee

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Architectural marvels of the Patan stepwell in Gujarat state in India were studied, to look into the cultural and design attributes in them. Direct observation, photography and interviewing the local people (especially senior citizens) were the methodology adopted. The aim was to look for clues into how culture and design affected architectural marvels of a building and convey that to the tourists. These interpretations from this building can offer many ideas to the contemporary design world in the form of design of modern day garments for various occasions, ornaments or accessory products for daily usage like bags, shoes and similar products. These monuments currently lack proper information system for guiding a tourist. Absence of any qualified tourist guides at the site compounds the problem further. This project investigates the feasibility of making the space more interactive for the tourist through proper digital information design and installations at places. Along with this, illumination and sound are also being used to narrate the history of these ancient monuments so that tourists get a flavor of the medieval past. Most importantly, all these digital interventions are low cost and done with easily available throw-away materials and can be replicated for other monuments as well.

Keywords: interaction, well, building, context

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Authors: Montserrat Crespi-Vallbona; Oscar Mascarilla-Miró

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Mature destinations have different challenges trying to attract tourism and please its citizens. Hence, they have to maintain their touristic interest to standard demand and also not to undeceive those tourists with more advanced experiences. Second, they have to be concerned for the daily life of citizens and avoid the negative effects of touristification. This balance is quite delicate and often has to do with the sensitivity and commitment of the party in the local government. However, what is a general consensus is the need for destinations to differentiate from the homogeneous rest of regions and create new content, consumable resources or marketing events to guarantee their positioning. In this sense, the main responsibility of destinations is to satisfy users, tourists and citizens. Hence, its aim has to do with holistic experiences, which collect these wide approaches. Specifically, this research aims to analyze the volume and growth of tourist houses in the central touristic neighborhoods of Barcelona (this is Ciutat Vella) as the starting point to identify the behavior of tourists regarding their interests in searching for local heritage attractiveness and community atmosphere. Then, different cases are analyzed in order to show how Barcelona struggles to keep its attractive brand for the visitors, as well as for its inhabitants. Methodologically, secondary data used in this research comes from official registered tourist houses (Catalunya Government), Open Data (Barcelona municipality), the Airbnb tourist platform, from the Incasol Data and Municipal Register of Inhabitants. Primary data are collected through in-depth interviews with neighbors, social movement managers and political representatives from Turisme de Barcelona (local DMO, Destination Management Organization). Results show what the opportunities and priorities are for key actors to design policies to find a balance between all different interests.

Keywords: touristification, tourist houses, governance, tourism demand, airbnbfication

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Authors: Siphiwe P. Mandina, Tinashe Shamuyashe

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Tourism has become a topical issue amongst academics and practitioners due to its potential to contribute significantly towards an economy’s GDP. The problem underpinning this research is the fact that the major attraction, Victoria Falls, is being marketed in neighboring countries like South Africa, Botswana and Zambia with tour operators providing just day trips to the Victoria Falls. This has deprived Zimbabwe of income from tourism with tourists making day trips and actually not spending nights in Zimbabwe. This therefore calls for cutting edge marketing strategies that are superior to or inimitable by competing nations such as South Africa and Zambia. This study proposes a shift towards an experience management paradigm in the tourism sector. A qualitative research was adopted for this study, and findings of this study were generalized across different tourism contexts, therefore making the survey based research design more appropriate. The target population for this study is tourists visiting Zimbabwe over the period 2016 and ZTA visitor database acquired from the Department of Immigration will form the sampling frame for the purposes of this study.

Keywords: tourist experiences, Zimbabwe, tourist arrivals, competitiveness

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Authors: Magdalena Barbara Kaziuk

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Introduction: In December 2019, the first case of an acute infectious disease of the respiratory system caused by the SARS-CoV-2 virus was recorded in Wuhan in Central China. On March 11, 2020, the World Health Organization restrictions, among others, in the travel industry. Aim: The aim of the study was the assessment of the preparedness of European cultural institutions and catering establishments within the sanitary and epidemiological dimension during the COVID-19 pandemic by Polish tourists and their sense of safety in selected destinations. Material and methods: The study involved 300 Polish tourists (125 females, 175 males, age 46.5+/-12.9 years) who traveled during the COVID-19 pandemic to Southern European countries. 5 most popular travel destinations were selected: Italy, Austria, Greece, Croatia, and Mediterranean islands. The tourists assessed cultural institutions and catering establishments with the use of a proprietary questionnaire which concerned the preparedness regarding the sanitary and epidemiological requirements and the tourists' sense of safety. The number of respondents was deliberate - 60 persons per each country. Results: The more stringent sanitary regimes, the higher the sense of safety in the study group of females aged 45-50 (p<0.005), while the more stringent sanitary and epidemiological issues are implemented, the shorter the stay (p<0.001). Less stringent restrictions resulted in increased sense of freedom and mental rest in the group of studied males (p<0.005). Conclusions: The respondents' opinions revealed that the highest level of safety with regard to sanitary and epidemiological requirements (masks covering mouth and nose worn by both personnel and society, the necessity to present the COVID passport, the possibility to disinfect hands) was observed in Austria and Italy, while shorter length of the stay in these countries resulted from high prices, particularly in catering establishments. According to the respondents, less stringent restrictions, among others lack of the necessity to own the COVID passport, were linked to Croatia and Mediterranean islands. The sense of safety was satisfying, while the sense of freedom and mental rest was high. declared a string of COVID-19 cases a pandemic. Most countries implemented numerous sanitary and epidemiological

Keywords: sanitary and epidemiological regimes, tourist facilities, COVID-19 pandemic, sense of safety

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Authors: Atif Alenezi

Abstract:

The low global oil price poses economic challenges for Saudi Arabia, as oil revenues still make up a great percentage of its Gross Domestic Product (GDP). At the end of 2014, the Consultative Assembly considered a report from the Committee on Economic Affairs and Energy which highlights that the economy had not been successfully diversified. There thus exist ample reasons for modernising the Foreign Direct Investment (FDI) regime, primarily to achieve and maintain prosperity and facilitate peace in the region. Therefore, this paper aims at identifying specific problems with the existing FDI regime in Saudi Arabia and subsequently some solutions to those problems. Saudi Arabia adopted its first specific legislation in 1956, which imposed significant restrictions on foreign ownership. Since then, Saudi Arabia has modernised its FDI framework with the passing of the Foreign Capital Investment Act 1979 and the Foreign Investment Law2000 and the accompanying Executive Rules 2000 and the recently adopted Implementing Regulations 2014.Nonetheless, the legislative provisions contain various gaps and the failure to address these gaps creates risks and uncertainty for investors. For instance, the important topic of mergers and acquisitions has not been addressed in the Foreign Investment Law 2000. The circumstances in which expropriation can be considered to be in the public interest have not been defined. Moreover, Saudi Arabia has not entered into many bilateral investment treaties (BITs). This has an effect on the investment climate, as foreign investors are not afforded typical rights. An analysis of the BITs which have been entered into reveals that the national treatment standard and stabilisation, umbrella or renegotiation provisions have not been included. This is problematic since the 2000 Act does not spell out the applicable standard in accordance with which foreign investors should be treated. Moreover, the most-favoured-nation (MFN) or fair and equitable treatment (FET) standards have not been put on a statutory footing. Whilst the Arbitration Act 2012 permits that investment disputes can be internationalised, restrictions have been retained. The effectiveness of international arbitration is further undermined because Saudi Arabia does not enforce non-domestic arbitral awards which contravene public policy. Furthermore, the reservation to the Convention on the Settlement of Investment Disputes allows Saudi Arabia to exclude petroleum and sovereign disputes. Interviews with foreign investors, who operate in Saudi Arabia highlight additional issues. Saudi Arabia ought not to procrastinate far-reaching structural reforms.

Keywords: FDI, Saudi, BITs, law

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Authors: Bita Mashayekhi, Marjan Fayyazi, Parisa Sefati

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Audit quality is a popular topic in accounting and auditing research because recent decades’ financial crises reduce the reliability of financial reports to public investors and cause significant doubt about the audit profession. Therefore, doing research to identify effective factors in improving audit quality is necessary for bringing back public investors’ trust to financial statements as well as audit reports. In this study, we explore the relationship between audit rotation and audit quality. For this purpose, we employ the Duff (2009) model of audit quality to measure audit quality and use a questionnaire survey of 27 audit service quality attributes. Our results show that there is a negative relationship between auditor’s rotation and audit quality as we consider the auditor’s reputation, capability, assurance, experience, and responsiveness as surrogates for audit quality. There is no evidence for verifying a same relationship when we use the auditor’s independence and expertise for measuring audit quality.

Keywords: audit quality, auditor’s rotation, reputation, capability, assurance, experience, responsiveness, independence, expertise

Procedia PDF Downloads 193

Authors: Nico Rosamilia

Abstract:

The study evaluates the importance of non-financial disclosure practices for regulators, investors, businesses, and markets. It aims to create a sector-specific set of indicators for environmental, social, and governance (ESG) performances alternative to the ratings of the agencies. The existing literature extensively studies the implementation of ESG rating systems. Conversely, this study has a twofold outcome. Firstly, it should generalize incentive systems and governance policies for ESG and sustainable principles. Therefore, it should contribute to the EU Sustainable Finance Disclosure Regulation. Secondly, it concerns the market and the investors by highlighting successful sustainable investing. Indeed, the study contemplates the effect of ESG adoption practices on corporate value. The research explores the asset pricing angle in order to shed light on the fragmented argument on the finance of ESG. Investors may be misguided about the positive or negative effects of ESG on performances. The paper proposes a different method to evaluate ESG performances. By comparing the results of a traditional econometric approach (Lasso) with a machine learning algorithm (Random Forest), the study establishes a set of indicators for ESG performance. Therefore, the research also empirically contributes to the theoretical strands of literature regarding model selection and variable importance in a finance framework. The algorithms will spit out sector-specific indicators. This set of indicators defines an alternative to the compounded scores of ESG rating agencies and avoids the possible offsetting effect of scores. With this approach, the paper defines a sector-specific set of indicators to standardize ESG disclosure. Additionally, it tries to shed light on the absence of a clear understanding of the direction of the ESG effect on corporate value (the problem of endogeneity).

Keywords: ESG ratings, non-financial information, value of firms, sustainable finance

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Authors: Supasak Ngaoprasertwong

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The purpose of this research was to develop a model for Muay Thai competition management for promoting sport tourism in the next decade. Moreover, the model was appropriately initiated for practical use. This study also combined several methodologies, both quantitative research and qualitative research, to entirely cover all aspects of data, especially the tourists’ satisfaction toward Muay Thai competition. The data were collected from 400 tourists watching Muay Thai competition in 4 stadiums to create the model for Muay Thai competition to support the sport tourism in the next decade. Besides, Ethnographic Delphi Futures Research (EDFR) was applied to gather the data from certain experts in boxing industry or having significant role in Muay Thai competition in both public sector and private sector. The first step of data collection was an in-depth interview with 27 experts associated with Muay Thai competition, Muay Thai management, and tourism. The second step and the third step of data collection were conducted to confirm the experts’ opinions toward various elements. When the 3 steps of data collection were completely accomplished, all data were assembled to draft the model. Then the model was proposed to 8 experts to conduct a brainstorming to affirm it. According to the results of quantitative research, it found that the tourists were satisfied with personnel of competition at high level (x=3.87), followed by facilities, services, and safe high level (x=3.67). Furthermore, they were satisfied with operation in competition field at high level (x=3.62).Regarding the qualitative methodology including literature review, theories, concepts and analysis of qualitative research development of the model for Muay Thai competition to promote the sport tourism in the next decade, the findings indicated that there were 2 data sets as follows: The first one was related to Muay Thai competition to encourage the sport tourism and the second one was associated with Muay Thai stadium management to support the sport tourism. After the brain storming, “EE Muay Thai Model” was finally developed for promoting the sport tourism in the next decade (2015-2024).

Keywords: Muay Thai competition management, Muay Thai sport tourism, Muay Thai, Muay Thai for sport tourism management

Procedia PDF Downloads 290

Authors: Fay A. Al-Khalifa, Fariel Khan, Anamika Jiwane

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Responding to some governmentally enforced building sustainability criteria is today becoming an unavoidable challenge to the real estate development industry and is no longer an extra that allows developers to gain competitive advantages. Previous studies suggested that using green technologies, if done under the right circumstances, could lead to positive incentives, tax breaks, higher rents, cost savings and higher property values in the long run. This is all in addition to the marketing benefits of the green label. There are, however, still countries, mostly in the developing world, that lack the implementation of such sustainability guidelines and assessment tools. This research aspires to investigate the market’s readiness to implement such criteria, its perception of sustainable architecture and building users motivation to use and/or invest in sustainable buildings. The study showed via a survey administered to 385 inhabitants and investors in commercial real estate in Bahrain that the respondents have a limited understanding of the benefits of green buildings and are unlikely to want to occupy or invest in a green building under the current social, economic and industrial conditions. Reliability of green technology, effectiveness, price and the questionable long-term financial benefits were among the major concerns. The study suggests that the promotion of sustainable architecture should respond to the current market concerns in a more direct way to trigger an interest in investors and users of commercial real estate project. This stimulated attention should consequently encourage developers to consider incorporating sustainability measures, apply for green building assessment programs and invest in green technologies, all of which need higher capitals that are nonetheless financially justifiable on the long run.

Keywords: investment, real estate, sustainability, clients perception, Bahrain

Procedia PDF Downloads 125