The purpose of this paper was to examine the antecedents of young adult tourists’ loyalty intentions. The study is concerned with the overall loyalty tendencies of individuals, comprising the two dimensions of revisit intentions (RVIs) and recommendation intentions (RIs), and thus does not explore their loyalty to a specific destination (as in most previous studies). The research uses an Internet questionnaire with a total sample of 305 university students recruited from two Polish universities. Statistical analysis with the partial least squares structural equation modeling method indicates that destination RI is mainly driven by social bonding, while RVI is influenced positively by risk and uncertainty avoidance and negatively by novelty and variety seeking. In addition, income is found to be a significant moderator in the relationship between risk and uncertainty perception and RIs, such that a transition from very low to very high incomes tends to reverse the focal relationship from positive to negative. In addition, the research demonstrates that there is no significant difference between male and female young tourist’s loyalty intention. Implications for tourism entrepreneurs and destinations are suggested in the concluding section of the article.
The aim of this paper is to identify basic relationships between intellectual capital efficiency in banks, their corporate governance, and their financial performance. Examining these relationships seems justified as up to now the topic has been investigated relatively rarely.
Structural Equation Modeling was used to accomplish the research objective. The structure of the research tool and the subject matter analysed in the study were drawn from reviews of the subject literature. Quarterly data for the years 2007–2017 published in reports and financial statements of banks listed on the Warsaw Stock Exchange formed the basis for the analysis.
The results of the conducted analysis do sustain the postulated hypothesis that corporate governance and intellectual capital of banks listed on the Warsaw Stock Exchange have a concurrent, positive impact on financial performance At the same time the relationship between intellectual capital efficiency and (selected features of) corporate governance turned out to be ambiguous and statistically insignificant.
The proposed model of structural equations may be used to identify the relationship in question, or its lack, in other areas of organisational activity. Furthermore, the study results provide guidelines for executives with respect to intellectual capital management and corporate governance.
SEM is a new, original proposal for measurement and presentation of the relationship between intellectual capital efficiency in banks, their corporate governance, and their financial performance.
The study aims at identifying the influence of interior pay gap between senior executives and ordinary employees on the organization’s future performance for listed Chinese firms. In addition, two other moderator variables have been included in the study referring management power as the percentage of senior managers holding “A” category shares for more than one position. The other one is managerial overconfidence defined as the change in management holdings by themselves (managers) positively. The paper is based on secondary data extracted from China’s ‘A’ listed companies in Shanghai and Shenzhen Stock Exchanges with a valid sample size of 1,189. After detailed analysis (Pearson correlation and regression) between the variables, it was found that there is a moderate positive relationship between the pay gap and firms’ future performance. The results further indicate that management power and overconfidence weaken the relationship between pay gap and corporate performance. The authors hope that this empirical study can guide the academicians intending to further excavate in this relatively uncharted area as well as the corporate body and top managers who seek some guidelines to formulate an effective pay plan.
The growth of total factor productivity (TFP) in advanced economies has slowed significantly after the 1970s. The global financial crisis (GFC) has resulted in the second productivity growth slowdown. This paper, on the basis of a broad literature review, identifies the structural forces and legacies of the financial crisis, explaining the productivity growth slowdown and providing possible policy solutions. The mismeasurement hypothesis is also discussed. The slowing pace of innovations, population aging, slowing human capital accumulation, limits of structural transformation, capital misallocation, and firm-level factors are identified as structural forces slowing TFP growth. Lack of capital deepening, financial frictions, and slowdown of international trade are the most important legacies of GFC affecting productivity growth.
Tokyo and Seoul, the two leading East Asian global cities, operate under “developmental states.” They often struggle for control over major urban initiatives against their strong state government agencies as they seek prominence in the global city hierarchy. Through comparative review of approaches to national policy development, this paper traces the similarities of the two countries in approaching national economic development and how that influences their capital city’s capacity to manage growth and urbanization pressures. We focus on some major urban development initiatives in Tokyo and Seoul between 1970 and 2010 to test the notion whether global cities get “disembedded” from their state or national context as they integrate into the globalized economy. We contend that national and local societal developments continue to drive the cities’ growth patterns, albeit influenced by overall global forces, while the global cities and their nation states evolve ways to compete and collaborate in the pursuit of common interests.
Sharing economy is a very broad term, covering various areas and forms of human activity. It includes activities of individuals, social groups, and enterprises, as well as local and state authorities, which aim to enable, facilitate, or even organize the sharing of resources. Sharing economy has an increasing importance and is accompanied by large-scale changes of revolutionary character embodied in innovative thinking. In this paper, a multidimensional assessment of the sharing economy from the perspective of various groups of stakeholders is undertaken. In order to analyze this phenomenon in more depth, the analyzed field of sharing economy has been narrowed subjectively (to the sphere of operations of for-profit corporations from this sector) and territorially (to the area of cities, as special places attracting sharing economy start-ups). The analysis has found that although the idea of sharing creates new opportunities, it also causes new challenges for cities’ functioning and development, especially when considering the influence of large sharing economy companies on other stakeholders. The findings also show that not only does sharing economy have an uneven impact on the functioning of different cities but it also has heterogeneous consequences for different groups of stakeholders in the same city.
This study aims to investigate the short-run and long-run relationship between economic variables and the unemployment rate in South Asian countries. A panel vector error correction model is used to establish the long-run and the short-run relationship between the unemployment rate and the selected economic variables. Data were collected from WDI, WGI, and FDSD for the years 1994–2016. In order to determine the direction of the relationship, the Granger causality test was used. Impulse response functions (IRFs) and forecast error variance decomposition were used to assess the stability of the relationship between the unemployment rate and economic variables over time. The finding of the study showed a negative and significant relationship at the 5% level of significance between governance, internet users, mobile cellular subscriptions, fixed broadband subscriptions, and human capital and the unemployment rate of South Asian economies. On the other hand, financial activity (credit) and population growth had a positive and significant relationship with the unemployment rate. Finally, the Granger causality test showed bidirectional causality between governance and unemployment rate, while internet users and fixed broadband subscriptions showed unidirectional causality with the unemployment rate; furthermore, population growth, financial activity (credit), mobile cellular subscriptions, and human capital showed no causality in the short run.
This study aims at presenting the legally, technically, and economically empowered suggestion for a clear definition of a competitive market of gas fuels and electricity of a Member State in order to be utilized within trans-border trade of these utilities, as required by the European Union (EU) legislation. Thus, this study addresses, first of all, the issue of the division of the national gas fuel and electricity market into sections and separating these market segments that are more susceptible to the existence of competition in the trans-border dimension. This division is a model that reflects every internal market that is self-sufficient and distinguished in technical terms which has been established and is functioning within one or more Member States. The suggested structural, subject-related division of the market into sections, a competitive one (with its segments), a balancing one, and a technical one, makes it possible to determine which fragments of the market prevail over merely the technical security of ensuring continuity and quality of electricity supplies at the national level. Public forms of electricity and gas fuel trading take first place. Thus, second, the issues of legal and business conditions for operation in the energy section of the commodity exchange, regulated market, or open tenders for purchase of energy and interdependence between public forms of electricity or fuel gas trading and standards in the common electricity market have become the subject of this study. The advantage of a commodity exchange that establishes transparent conditions for public trading transactions involving these goods and provides pricing information for actors in the market cannot be overestimated. A commodity exchange enhances competition and is instrumental in the reduction of prices for ultimate clients. The completed analysis aims at reviewing public forms of trading as the instruments for achievement of the objectives of the national energy law and a component for a common energy market in the perspective of development of trans-border transmission capabilities. Legal multi-centricity and multi-aspectual nature of the addressed issues form a structure of relations that has affected the selection of the research methodology. Three research methods were adopted as the main principles that, bearing in mind a different context in which they are used, are treated to be complementary. The first one is an interdisciplinary research analysis, taking account of the context of functioning in the EU law environment in the interpretation of the national law provisions and technical sciences (and thus, e.g., laws of physics, properties of energy, technical aspects of functioning of the power industry as a system of interdependent relations of installations and grids) and economic sciences (e.g., a concept of the market, competition, operation of the commodity exchange). References to technical or economic sciences allowed to maintain the clarity of the above considerations and render the addressed issues better in practice. The legal and dogmatic method is an indispensable supplement of the above method; in this method, the process of interpretation of legal regulations is based on the jurisprudence and case law which should be referred, in particular, to the national law; it is made complete by the analysis of the economic practice. The selection of the concept analysis method (a linguistic one) as the third method should be justified by the undertaken attempts to define in a precise manner the content and the scope of meaning of general, generic concepts making references, as a rule, to a broad spectrum of business operations, the application of which in the EU legislation is a feature of this legal order established on the basis of the elements of the continental (established, statute) law and flexible common law.