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New Perspectives and Paradigms in Applied Economics and Business

Select Proceedings of the 7th International Conference on Applied Economics and Business, Copenhagen, Denmark, 2023

herausgegeben von: William C. Gartner

Verlag: Springer Nature Switzerland

Buchreihe : Springer Proceedings in Business and Economics

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book features a collection of high-quality and peer-reviewed papers from the 2023 7th International Conference on Applied Economics and Business, which was held in Copenhagen, Denmark, during August 24-26, 2023. ICAEB is held annually as a platform for the presentation of new advances and research results in the fields of applied economics and business. Applied economics is a way of dealing with esoteric economic concepts in a practical and analytical way. It allows for decisions to be made that are underlined by theoretical economic principles but utilized in such a way that they transform into real work applications.The contributors cover topics such as environment, development, finance, forensics, information, institutions, international, labor, management, mathematics, currency, tourism and many more. Applied Economics affects all aspects of life and science and it is brought to the forefront in this collection of papers. The conference, with its aim to bring together economists from different fields, lends itself to a natural and rich collection of scientific papers all focused on the practical application of economic principles. The scope of this collection of papers will be useful to academics and practitioners who look to economics to help solve problems.

Inhaltsverzeichnis

Frontmatter

Financial Market Analysis and Computational Economics

Frontmatter

Multi-period Portfolio Optimisation Using a Regime-Switching Predictive Framework

Abstract

Regime-switching poses both problems and opportunities for portfolio managers. If a switch in the behaviour of the markets is not quickly detected it can be a source of loss, since previous trading positions may be inappropriate in the new regime. However, if a regime-switch can be detected quickly, and especially if it can be predicted ahead of time, these changes in market behaviour can instead be a source of substantial profit. The work of this paper builds on two previous works by the authors, the first of these dealing with regime detection and the second, which is an extension of the first, with regime prediction. Specifically, this work uses our previous regime-prediction model (KMRF) within a framework of multi-period portfolio optimisation, achieved by model predictive control, (MPC), with the KMRF-derived return estimates accuracy-boosted by means of a novel use of a Kalman filter. The resulting proposed model, which we term the KMRF+MPC model, to reflect its constituent methodologies, is demonstrated to outperform industry-standard benchmarks, even though it is restricted, in order to be acceptable to the widest range of investors, to long-only positions.

Piotr Pomorski, Denise Gorse

Sensitivity Analysis of Taylor Curve Estimation: A Comparison of GARCH and Stochastic Volatility Models

Abstract

The Taylor curve is a concept in macroeconomic policy analysis that represents the efficiency frontier of monetary policy. Previous studies have used generalized autoregressive conditional heteroskedasticity (GARCH) models to estimate the conditional volatility of inflation and output gap, which are key inputs for estimating the Taylor curve. However, the sensitivity of these results to the choice of the volatility model can be substantial. The purpose of this study is to compare the performance of the GARCH and stochastic volatility models for estimating the conditional volatilities of output gap and inflation, which are key inputs to the time-varying parameter model used to empirically test the Taylor curve. Sensitivity analysis is conducted by estimating the conditional volatilities using both models and comparing the resulting estimates of the Taylor curve. The results show that the choice of the volatility model can have an impact on the estimated efficiency frontier for the evaluation of pre-financial crisis period in the United States.

Dominik Kavřík

On the Links Between Forecasting Performance and Statistical Features of Time Series Applied to the Cash Flow of Self-Employed Workers

Abstract

Proper cash flow forecasting is a complex task that can be done by modeling the cash flow data as a time series. Although parametric methods have been widely used to accomplish this task, they require some assumptions about the data that are difficult to hold. A well-founded alternative is the use of fuzzy inference systems, which have proven to be competitive in many practical problems. This paper presents a statistical study that compares the performance of fuzzy inference forecasting systems with that of a traditional parametric approach, in a cash flow forecasting problem based on the weekly income and expense data of 340 self-employed workers over a period of 338 weeks with 4 different time horizons (1, 4, 9, and 13 weeks). We also check for significant links between several statistical characteristics and observed performance, to determine which features might most affect the quality of the predictions. After finding that kurtosis is the most correlated feature, a more detailed exploration is performed on it.

Luis Palomero, Vicente García, J. Salvador Sánchez

Airbnb Dynamic Pricing Using Machine Learning

Abstract

Airbnb is a leading home and apartment-sharing company which have large number of listings. However, how to set an optimal price is a big challenge. While it also involves a large number of data. Thus, we consider dynamic pricing with machine learning techniques to solve this problem. This paper investigates the dynamic pricing on Airbnb using machine learning-based models. Linear regression, random forest, K-nearest neighborhood, AdaBoost Classifier, and Naïve Bayes are trained and tuned on the open dataset of Airbnb listings from New York in 2022. The main contribution of our paper is to find the most suitable price in Airbnb. The resulting models are compared based on R-squared (R²) and root mean square error (RMSE). Experiments show that the random forest model achieves an R² of 0.997 and an RMSE of 0.038, which is the best model among these five models. The R² of Naïve Bayes classifier is also ideal, but its RMSE is different from random forest.

Yuhan Wang

Monte Carlo Value-At-Risk and Expected Shortfall of Efficient-Frontier Investment Portfolios: Testing Gaussian Versus Vine Copulas and Normal Versus Empirical Marginals

Abstract

We examined historical return distributions of 60 global investment funds, generated mean–variance efficient frontier “funds of funds”, and compared the industry-standard risk metrics, notably Value-at-Risk (VaR) and Expected Shortfall (ES), obtained from parametric Monte Carlo simulations under 3 sets of assumptions, namely multivariate normality, Gaussian copula with empirical marginals, and vine copula with empirical marginals, to see which came closest to results from historical Monte Carlo simulations, herewith taken as ground truth. We found that multivariate normality runs got closest to historical simulation in terms of mean and standard deviation (quite a surprise) but fared worst in terms of VaR and ES (to be expected). In addition, vine copula runs outperformed Gaussian copula runs, albeit the performance differentials were less dramatic when compared with the gain from ditching Gaussian marginals in favour of empirical marginals.

Poomjai Nacaskul, Kongkan Kalakan, Napat Tonglongya

E-commerce and Consumer Behavior

Frontmatter

The Effect of Video Reviews on Consumers of Generation Z in Vietnam

Abstract

The term “Online Shopping” has grown in popularity among young people, particularly Generation Z, who are highly inquisitive and adapt quickly to new changes. However, they are very thoughtful people when it comes to making online purchasing decisions, and video reviews serve as the foundation for them to make the final purchase decision. Therefore, in this study, we analyze 4 factors: (1) Perceived credibility of the information in the videos (PC); (2) Perceived useful-ness of information in the videos (PU); (3) Visual appeal (VA); (4) Perceived video characteristics (PVC) to investigate its impact on buying intent on the purchase intention of Generation Z in Vietnam. This research was based on a survey of 745 candidates. Simultaneously, the collected data was analyzed using SPSS software version 20. According to the findings of the study, all of the aforementioned factors have a positive impact on the purchasing intentions of Generation Z. In this instance at least, PC is the most powerful influencing factor. The study's new findings help enterprise understand how important it is to provide information in video reviews. Ensuring that this information is trans-parent, it should be spoken by influential people in society, particularly those who have a positive influence on young people.

Nguyen Trong Luan

Impact of Digital Image Advertising on Impulsive Buying Behavior in the Tourism Industry: The Role of Personality Traits and Emotions

Abstract

The growing use of digital advertising in the tourism industry has led to more precise and effective ways of attaining potential customers. However, excessive exposure to digital image advertising can result in impulsive buying behavior, which may be affected by individual differences in personality traits and emotional states. Despite this issue being mentioned in the literature, few studies have fully explored the relationship between exposure to digital image advertising, impulsive buying behavior, and the possible role of personality traits and emotions. To address this gap, the present study proposes a model to investigate the mediating role of emotions in the relationship between exposure to tourism's digital images and impulsive buying behavior and to explore whether personality traits moderate this relationship. Confirmatory factor analysis and Structural Equation Modeling (SEM) techniques were used to test the hypothesis and to draw insights from 143 respondents. The results support the direct influence of tourism image exposure on impulsive buying behavior, the mediating role of positive emotions, and the moderating role of personality traits. This study can assist researchers and practitioners in developing ethical marketing strategies that promote their products and services while minimizing the risk of consumers engaging in impulsive buying behavior.

Hajar Elkhoulaly, Sandra Camus, Aurely Lao

Marketing Communications in the Sharing Economy: Is the Brand of the Car Important to Car-Sharing Users?

Abstract

This study focused on examining the impact of the sharing economy on the content of car-sharing marketing communications. In the traditional economy, product manufacturers usually communicate their brand and its features to induce customers to buy. The question that arises is whether in the sharing economy, P2P platforms will focus their marketing communication on the brand of the shared assets. We found that customers in the sharing economy will prefer different parameters for car sharing than brand. The research focused on three generations of respondents (X, Y, Z) to determine whether preferences for car-sharing attributes would differ. We found statistically significant differences across generations concerning car-sharing brand, price, equipment, appearance, propulsion, gearbox, consumption, maintenance and insurance, carefree parking, and availability only in some variables. We rated availability and price as the most important attributes of the car sharing. The brand of the car is the last attribute that car-sharing users care about. It means that the platforms must adapt their marketing communication and try to attract customers in the sharing economy by using attributes other than a car-sharing brand. This study contributes, academically and practically, to other important insights related to the impact of the sharing economy on marketing communications. This case changes the current approach to branding from a marketing perspective and shows that the car-sharing brand will be insignificant to customers. We used the Kruskal–Wallis test, CHAID analysis, and descriptive statistics to evaluate the research. We conducted the research from December 2021 to March 2022, and 694 respondents were participated.

Pavel Pelech

Modeling Digital Television Service Quality and Testing the Relationship Between Service Quality and Behavioral Intention: The Mediating Role of Satisfaction

Abstract

The purpose of this research was to examine the mediation impact of customer satisfaction on the relationship between service quality and customer behavioral intention in digital television services. Quantitative research method is used for this study; Structural Equation Modeling was used to test the correlation between components in the research model. The research results have systematically modeled seven components of digital television service quality, including content attractiveness, content characteristics, performance quality, transmission quality, program structure, advertising program, and multiple platform. This study's findings confirm that content attractiveness, performance quality, transmission quality, program structure, and multiple platforms are the five of the seven components of digital television service quality that have a significant positive impact on customer satisfaction and behavioral intention. The favorable effect of digital television service quality on behavioral intention has been amplified, and this astonishing discovery verifies the mediating function of pleasure in this process. Theoretically, the study's findings help model the quality of digital television service and reveal a link between these factors and viewer pleasure and behavior change intentions. This useful finding supports the argument that efforts are being made to enhance advertising programs, which in turn improves audiences’ acceptance of advertising programs on digital entertainment platforms and mitigates the detrimental effects of advertising on audience satisfaction and behavioral intention. The study's managerial contribution is a set of recommendations for companies offering digital television service to increase customer satisfaction and positive behavioral intention.

Vo Minh Sang, Truong Hong Vo Tuan Kiet

Tourism Economy and Management

Frontmatter

The Image of the Emerging Cycling Landscape in the Philippines and Its Challenges

Abstract

The recent COVID-19 pandemic has altered conventional systems including mobility. Between the mobility limitation imposed by the pandemic and the increasing demand for tourism and travel, the interest in bike recreation is peaking as the importance of health and well-being is being realized. In this light, landscape development for bike use is called for. Timely knowledge to cater to this demand comes from academic studies which are continuously produced for a better understanding of landscapes for cycling. Ideally, through research, current developments are properly investigated, reviewed, and enhanced. Unfortunately, in the case of the Philippines, only the latter statement holds. While there has been an interest in bike recreation, local research generated toward bike mobility is still limited. This slows down progress toward suitable cycling infrastructure development as managers lack guidance with the knowledge of literature to support their mobility strategies. Additionally, as the country relies on tourism as a major source of growth, the potential of active mobility to improve the local tourism industry and the lives of the people are stunted. This research investigated the emerging cycling landscape in the Philippines. Since the Philippine research on bike recreation is limited, academic studies globally were critiqued toward their practicality in the local context. Research data were then cross-referenced with practical experiences from seven Filipino cyclists through a focus group discussion. The discussion revolved around six emergent themes from Scopus-indexed journals (N = 148) during the past decade on bike recreation. Six themes (primary bikeway character; immediate bikeway environment; landscape impacts; policy and regulations; cyclist preparation; cycling activity) provided points for conversation. The participants were asked to also provide images of what they define to be a bike landscape for verification with content analysis. A better context of the emerging cycling landscape was formulated which could hopefully guide future development.

Jose Antonio Bimbao, Sheng Jung Ou

The Mode and Effect of Tourism Industry Convergence Based on Tourist’s Perceived Value

Abstract

Tourism is increasingly integrating with other industries due to the rapid growth of the experience economy. Therefore, it is essential to establish a fundamental theory and methodology for evaluating the effectiveness of industrial convergence. This paper proposes to understand how to evaluate the effects of industrial convergence on the tourism industry by examining customers’ perceived value. A survey of 392 tourists in Macau found that the industry convergence mode positively affects the industry convergence effect and significantly influences perceived value. The study presented that the industry convergence effect and perceived value mediated the relationship between convergence mode and travel intention. This study confirms the model of regional industrial convergence within the tourism sector. The article also contributes a theoretical framework for evaluating industry convergence effects on customer perceptions and travel intentions. It offers theoretical and practical development and enhances Macao’s tourism industry and industrial convergence theory.

Jinquan Zhou, Wenjin He

Strategies of Differentiation and Sustainable Tourism: The Case of the Gulf Countries

Abstract

The Gulf Cooperation Council (GCC) states are the most competitive touristic destinations in the Middle East and North Africa, mostly due to their stability which contrasts with the turmoil of other places in the region, especially after the Arab Spring. A number of cities and countries in that area compete to distinguish themselves as touristic destinations through branding in order to ultimately increase their soft power. This paper thus investigates strategies of differentiation to establish a competitive identity in tourism in the context of the Gulf countries and how their branding as sustainable touristic destinations is embedded in these strategies of differentiation.

I. Ajala, M. Rodrigo, A. K. Irhanida

Strategies for Conservation and Utilization of Shudao Linear Cultural Heritage Based on Digital Twin Technology

Abstract

As an important linear cultural heritage, the conservation and utilization of the Shudao face challenges in neglecting its integrity and dynamism, particularly in the aspects of conservation, management, and presentation. With the rise of heritage digitalization, digital twin technology opens up new perspectives on the integrity and dynamic preservation and utilization of the Shudao. This technology encompasses the creation of digital twins, the establishment of digital management platforms, and innovative digital showcasing, contributing to a comprehensive approach for the conservation and utilization of the Shudao.

Jie Zhang, Niao Xu

Applied Economics and National Economic Development

Frontmatter

Cross-Industry M&A and Target Output: Impact on Acquirors’ Performance

Abstract

Mergers and acquisitions (M&A) are highly significant economic activities. Despite the hundreds of academic studies investigating firm performance around and after an M&A, the targets’ characteristics which influence the consequences of a deal are still not well understood. Using OLS and double fixed effects models, we find that there are significant differences between acquirors and targets. Specifically, the acquirors’ earnings before interest, number of employees, PPE (property, plant and equipment) and sales/turnover are all significantly higher than those of the target. Besides, we also find that the size of the acquiror increases significantly after M&A. Most importantly, the cross-industry and output per capita of the targets affect the post-acquisition performance of acquirors significantly. Our study highlights the importance of target choice and M&A decision.

Yiyan Hu

Analysis of the Implementation of Enterprise Risk Management (ERM) on the Performance of Financial Statements in Real Estate Company

Abstract

Enterprise Risk Management (ERM) can provide added value to companies by helping to facilitate management in controlling various types of risks caused by uncertain conditions through integrating all types of risks that arise using integrated tools and techniques, then coordinating the activities of these risks to all units. With proper ERM implementation, company goals will be more easily achieved, through effective and efficient use of resources without violating applicable laws or economic regulations. Each company will produce financial reports that reflect the company's performance or operations. The proper implementation of ERM will also enable companies to improve financial reporting performance. The application of ERM is seen as a positive signal by investors so that the positive response given by investors can provide added value to the company. When viewed from the perspective of regulations governing ERM, the banking industry has many regulations governing the implementation of ERM, but if we look at it from the real estate industry perspective, regulations governing ERM are still relatively few. Therefore, this paper is focused on discussing more deeply the application of ERM in the real estate industry.

Albert, Muhammad Naufal Williand, Ignatius Edward Riantono

ICT Diffusion and Economic Growth in Southern African Development Community (SADC) Countries

Abstract

Technological innovations ensure leapfrogging the development process of emerging and frontier economies with speed and accuracy in economic growth transition. Southern African Development Community (SADC) gains from the increasing inventions of ICT infrastructures, which spurs economic growth in the bloc. The inconclusive assertions in the arguments on ICT-growth nexus motivated this study. It evaluates the causal-effect nexus between ICT and growth in the SADC bloc as a framework for sub-Saharan African countries using panel vector autoregression (PVAR) and generalized method of moments (GMM) approaches. The panel data of sixteen SADC countries from 2000 to 2017 are used for analysis. The study proxied growth with real gross output and ICT diffusion proxied by the index of penetration of fixed-line telephony, mobile telephony and the internet. Other indicators are level of employment as a proxy for employed labor, gross fixed capital formation as a proxy for physical capital stock, secondary school enrolment as a proxy for human capital development, net foreign direct investment as a proxy for technology transfer and trade share as a proxy for trade openness. The Dumitrescu–Hurlin causality test revealed that mutual interactions exist between growth and ICT diffusion in the SADC sub-region. Findings further show that ICT diffusion is statistically meaningful to growth. Since the less spread ICT components are internet, thus there is a need to ensure affordable internet access for research and development to increase growth.

Oladipo Olalekan David

Analysis of Factors that Affect the Economic Growth in Developing Countries: A Case Study of Latin America

Abstract

This study investigates the effects of various factors on economic growth in Latin America. We use Gross Domestic Product (GDP) to measure the performance of economic growth as it is one of the most important determinants of a country’s economic growth. We analyze the effects of five factors: export, import, foreign direct investment, educational investment, and the rate of inflation on the economy of four countries in Latin America: Ecuador, Peru, Paraguay, and Chile. Data is collected from 1990 to 2020, and a regression model is used for analysis. After analyzing the coefficients in the model, we get the results. The results show that export, import, and education have a significantly positive influence on GDP in most of the countries in Latin America, but foreign direct investment has a significantly negative influence mostly. The relationship between inflation and GDP is complex, as it is positive in some countries and negative in others.

Su Yue

Entrepreneurship, Business Ethics, and Enterprise Management

Frontmatter

A Comparison of Ethical Perceptions of Business Students in MENA

Abstract

The main purpose of this article is to explore the ethical values of accounting students at Universities and Business Managers. Financial fraud (earnings management) is continuing to exist and published in literature and social media. However, irrespective of extensive publication, and academic research, financial fraud is still happening or still being committed. The student of today may be the manager in the future. In a study by Bruns and Merchant, the authors found that the morality of short-term earnings management was of little concern to researchers and accounting practitioners. However, in the light of increased financial frauds and failures, new and increased emphasis has been placed on the importance of the concepts of earnings quality, earnings management practices, and the inclusion of business ethics in accounting syllabi. This study uses a quantitative analysis related to the Bruns and Merchant survey of accounting students. 59 accounting students in the MENA area were surveyed in 2022 to measure their ethical values regarding earnings management practices in organizations. The results of this survey were compared to the surveys in 2013 to determine if courses in business ethics offered at the university influenced the perceptions of students on unethical behaviour in business practices. For the data analysis, the mean values and significant differences were calculated and compared. Overall, the results showed that there was hardly any significant difference between the two surveys.

Leonie Jooste

Application of Tableau de Bord in the Key Accounts Department of a Fuel Trading Company: The Case of PRIO Supply

Abstract

Key Accounts Managers are responsible in an organization for the management of large clients requiring Management Information Systems that provide them in real-time accurate and timely information for decision-making. This project arises, therefore, as a response to this need and its main objective is to provide the Key Accounts Managers of a fuel trading company with an effective management control tool, having been chosen the Tableau de Bord. As contributions of this project to the academic and practical community, we have the systematization of Key Performance Indicators for the Key Accounts Department using the OVAR (Objectifs-Variables d’Action-Responsables) method and their availability in dashboards that constitute the Tableau de Bord.

Mónica Rodrigues, Rosa Nunes, António Trigo

Financial Attitude Towards Entrepreneur Intention Among Youth in Agriculture Sector

Abstract

Only 15% of the 13.9 million young people in Malaysia are employed in the agriculture sector. Because it may foster innovation, job creation, the development of human potential and the fulfilment of new client expectations, technology adoption is seen as one of the most crucial drivers to economic advancement. The findings of this study demonstrated that teenagers who become international entrepreneurs and financial literacy (attitude) are positively impacted by technology adoption (t-test = 3.769). This study also concentrated on the agricultural industry, which has the ability to alleviate the problem of youth unemployment. It seems that young people do not support this sector, despite the fact that it has the capacity to address these problems, which, according to a number of local research, is because they have negative opinions of the risk, vulnerabilities, prices and labour-intensive nature of the industry. The community, whether formally or informally involved, can improve young people's perceptions of the agriculture business by using this discovery, independent of the financial position or generally. Additionally, this research may help in refining some of the policies previously developed, such as the 11th Malaysian Plan: 2016–2020 and the National Key Economic Areas (NKEA), which have the ability to spur economic growth by boosting employment and farmer income.

Intan Maizura Abdul Rashid, Syahril Iman Faisal, Noraznira Abd Razak, Mohd Rasdi Zaini, Irza Hanie Abu Samah, Noorazeela Zainol Abidin

Sustainable Supply Chain and Project Management

Frontmatter

Sustainability, Resource Efficiency, and Recyclability in EV Battery Supply Chains: An Exploratory Study of Challenges and Key Enablers

Abstract

The development of electro-mobility has been a primary cornerstone for many countries to reduce carbon emissions and increase the quality of life in cities. The battery, specifically the lithium-ion battery, is one of the most vital components of an electric vehicle. However, the availability and sourcing of essential rare materials used in EV battery production present considerable challenges due to their limited quantity and potential environmental challenges. Using exploratory research of a leading EV producer, we study the drivers, enablers, and barriers of sustainable sourcing and recyclability in EV battery supply chains in this paper. This research reveals five key enablers for responsible sourcing and seven key enablers for recyclability programs in EV battery supply chains. Additionally, we identified four different categories of challenges that companies may experience in designing and operating end-of-life EV battery programs.

Md Sohel Mollah, Behzad Behdani

Green Supply Chain Management: A Guide

Abstract

A green supply chain is a network of organizations that provides products and services to satisfy customers while striving to have the least possible negative impact on the environment and assure the implementation of socially responsible practices. Thanks to a literature analysis, this paper identifies the structures, the primary strategic and the operational elements to form a framework to help managers and researchers in the evaluation of green supply chain management alternatives.

Atour Taghipour, Xiao Wen Lu

A Comprehensive Overview of Multicriteria Evaluations of Renewable Energy Projects

Abstract

Renewable energy projects (REPs) are vital to address the world's expanding electricity demand while mitigating the environmental challenges associated with conventional sources of energy such as coal, oil, and natural gas. This paper presents a comprehensive overview of the evaluation of renewable energy projects using a multicriteria decision-making (MCDM) approach. First, we present the environmental challenges associated with renewable energy projects and introduce the five flagship technologies in the field, namely wind, solar, biomass, geothermal, and hydropower, with a focus on different aspects of evaluation. Next, we discuss the most frequent criteria and sub-criteria used in the domain, and also the incorporation of fuzzy set theory in order to improve the accuracy and handle the uncertainties in the evaluation process. As such, our contribution provides valuable insights for decision-makers and researchers involved in the evaluation of renewable energy projects using multicriteria decision-making-based methods.

Bilal En-Nouaary, Aziz Hmioui, Lhoussaine Alla

Backmatter

Titel: New Perspectives and Paradigms in Applied Economics and Business
herausgegeben von: William C. Gartner
Verlag: Springer Nature Switzerland
Electronic ISBN: 978-3-031-49951-7
Print ISBN: 978-3-031-49950-0
DOI: https://doi.org/10.1007/978-3-031-49951-7