劉景松

澳門創新發展研究會理事長

先後供職於汕頭大學、澳門大學、澳門理工學院及澳門科技大學，參與編著出版包括《澳門經濟社會發展報告》（澳門藍皮書）等5本；統籌編輯大型綜合性學術期刊《澳門研究》20多期約600萬字，已發表學術論文50餘篇。

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Responsible Investing in the Gaming Industry

Fu, Xiaoqing (Maggie); Lin, Yongjia; Zhang, Yang

Responsible Investing in the Gaming Industry

傅曉青;林永佳;張楊

The Chinese Female Tourist Gaze: A Netnography of Young Women’s Blogs on Macao

Yang Zhang; Michael John Hitchcock

The Chinese Female Tourist Gaze: A Netnography of Young Women’s Blogs on Macao

張楊;Hitchcock, Michael John

Responsible Investing in the Gaming Industry

Fu, Xiaoqing (Maggie); Lin, Yongjia; Zhang, Yang

The changing face of responsible investing (RI) raises an important question concerning whether social responsibility influences the decision making of institutional investors in the “sin” industries. This study addresses this issue by investigating whether and how the implementation of various government initiatives concerning environmental, social, and governance (ESG) issues affect the institutional ownership of casino firms in Macao, the world's gaming capital. Employing structural equation modeling, this study further examines whether and how RI makes financial sense in this special industry. The results show that the implementation of all four ESG-improving government initiatives (including an anticorruption campaign, visa restriction, smoking bans, and responsible gambling) leads to a significant increase in the institutional ownership of casino firms in general, demonstrating the presence and mechanism of RI in the “sin” industries. Such RI is then found to be conducive to a lower equity risk of casino firms in general. The results also illustrate that these intuitional investors are not one homogeneous group. The norm-constrained institutions are the prominent responsible investors and can help strengthen the equity risk management of casino companies whereas the natural arbitrageurs do not undertake any significant role in this regard. The results are robust across various estimation techniques, model specifications and alternative measures of firm risk.

Responsible Investing in the Gaming Industry

Fu, Xiaoqing (Maggie); Lin, Yongjia; Zhang, Yang

The Chinese Female Tourist Gaze: A Netnography of Young Women’s Blogs on Macao

Yang Zhang; Michael John Hitchcock

By conducting a careful reading of online travel writing by female bloggers, this paper offers insights into women travellers’ experiences and discusses the gendered views of female travellers originating from China on cross border trips to Macao. It also posits that travelling in Macao for them is not just a leisure practice but a means to improve and enhance personal relationships.

The Chinese Female Tourist Gaze: A Netnography of Young Women’s Blogs on Macao

Yang Zhang; Michael John Hitchcock

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