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.
Based on the city integration and the overview of the Greater Bay Area (GBA), this book discusses the impact of city integration on the development of tourism, and the trend of city integration and tourism development. It summarizes the integration of Chinese cities and the GBA in the context of globalization, focusing on the impact of city integration in GBA on tourism development. Taking Macao as the case study, it explores the behavior and attitude of residents in the GBA towards city integration and tourism development and gives advices for improvement.
Comparing Crisis Management Practices in the Hotel Industry between Initial and Pandemic Stages of COVID-19
Purpose – Given the increasing number of travel restrictions, the COVID-19 outbreak has dealt a crippling blow to the hotel industry, and the crisis management practices supporting the industry needs are changing as the pandemic continues. This study aims to compare how the hotel industry has responded to this crisis at the initial stage and the pandemic stage.
Design/methodology/approach – Data were collected from hotel managers in Macau in two occasions, namely, early February and early April 2020. Importance-usage-performance analysis was conducted to classify six categories of practices (pricing, marketing, maintenance, human resources, government assistance and epidemic prevention) into four executable crisis management strategies (priority, maintain, low priority and possible overkill) for each stage. Follow-up in-person interviews were conducted to validate the results of the study.
Findings – In the initial stage, priority strategies should be applied in all epidemic prevention, pricing and maintenance practices and in two governmental assistance and human resources practices. In the pandemic stage, all epidemic prevention practices remain at the priority quadrant, but two pricing practices are downgraded. Hotels tended to force labour into unpaid vacations (furlough) and postpone office and system maintenance. Governmental assistance should be at a low priority.
Originality/value – This study contributes to the knowledge of contingency planning for crisis management across crisis periods. It also demonstrates the processes of importance-usage-performance analysis for researchers to undertake further studies in tourism crisis management. Timely recommendations for governments and hotel industry stakeholders are provided to cope with this crisis.
The goal of this study is to assess the symmetric and asymmetric effects of value co-creation activities performed by exhibitors that affect their satisfaction and dissatisfaction with exhibitions. This study encompasses two types of value co-creation activities: participation and partnership activities. An enhanced impact-asymmetry analysis method is introduced to identify the three-factor structure of satisfaction for participation and partnership value co-creation activities in exhibitions. The results of analyzing 437 exhibitors surveyed at four exhibitions in Macao indicate that ‘engagement’ is a delighter; ‘information sharing’ is a satisfier; ‘information seeking’ and ‘resolving conflict’ are dissatisfiers; and ‘responsibility’, ‘situational awareness’, ‘knowledge transfer’, and ‘commitment’ are hybrids. These findings assist exhibition organizers in formulating co-creation strategies to increase the value of their exhibitions. This study also enriches our knowledge of the theory of value co-creation using the three-factor theory.
Exploring the Determinants of Consumers’ WTB and WTP for Electric Motorcycles Using CVM Method in Macau
As an important part of alternative fuel vehicles, electric vehicles are attracting more and more attentions worldwide. This study is designed to identify the key influencing factors of consumers' willingness to buy (WTB) and willingness to pay (WTP) for electric motorcycle (EM) based on questionnaire survey. The results show that the respondents have relatively less understanding of the EM. When purchasing the EM, the respondents often pay more attentions to the EM's actual cost (sale price, charging fee, repair fee, and tax incentives, etc.), while the driving speed and load capacity of EM attract very little attention. The respondents' knowledge of EM as well as their education level and income level will promote the WTB and WTP behaviors significantly. While, their consideration on charging fee and family members present a negative influence on WTB and WTP. Using the contingent valuation method (CVM), it is estimated that the mean WTP value for EM is 1315.54 Macau Pataca (MOP), far lower than the current market price gap of 8000 MOP between EM and ordinary fuel motorcycle. The obtained results will help policy makers to understand consumer's purchase behavior of EM, and can provide some effective supports for EM development in Macau.
本文首先提出了一個基於特徵定價模型法(Hedonic Pricing Model)的計算地價指數框架。隨後，基於現有的資料，本文應用該框架計算和比較了2011-2015年粵港澳大灣區廣東城市群土地價格指數和澳門地區的地價指數。在此基礎上，進一步提出若干關於土地市場的政策意見以供思考。
Experiential Learning for Children at World Heritage Sites: The Joint Moderating Effect of Brand Awareness and Generation of Chinese Family Travelers