Hofstede’s Cultural Dimensions and Tourist Behaviors: A Review and Conceptual Framework

This paper develops a conceptual framework for analyzing tourist behaviors and identifies three categories of behaviors based on the applications of Hofstede’s cultural dimensions and the processes underlying these influences. Our findings indicate that tourist behaviors in the Before-Travel, During-Travel, and After-Travel stages differ significantly in terms of the applicability and process through which Hofstede’s cultural dimensions operate. The results of our analysis suggest three categories of behavioral patterns, namely, “Social Interaction Driven Travel Behaviors,” (SID), “Risk Tendencies Driven Travel Behaviors,” (RTD), and “Collectivity Orientation Driven Travel Behaviors,” (COD). SID relates to the evaluation of travel experiences in the after-travel stage. The dominant cultural values associated with SID are Individualism/Collectivism, Masculinity/Femininity, and Power Distance. These three values act either independently or in pairs or all three together. RTD relates to the consumption of travel products in the during-travel stage, and COD relates to the formation of travel preferences in the before-travel stage. Individualism/Collectivism and Uncertainty Avoidance are associated with both RTD and COD. However, the underlying processes differ for these two categories of travel behaviors. In addition to their independent influences on travel behaviors, these two values associated with RTD and COD also have an interactive effect. For RTD, the Uncertainty Avoidance motive determines the Individualism/Collectivism outcome, whereas, for COD, the opposite is true: the Individualism/Collectivism determines the Uncertainty Avoidance outcome. The paper also discusses the application of a fifth cultural dimension, Confucian Dynamism (short-term versus long-term orientation), for the study of tourists’ behaviors.Hofstede’s cultural dimensions; tourist behaviors; traveller’s behaviors; Confucian Dynamism

The financial services industry and society: the role of incentives/punishments, moral hazard, and conflicts of interests in the 2008 financial crisis

Purpose – This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis. Design/methodology/approach – The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also address the role of exogenous factors, including the SEC, AIG, the credit rating agencies, Congress, business academia and the business media. Findings – The study argues that the lack of criminal prosecutions of key financial executives has been a key factor in creating moral hazard. Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society. Practical implications – An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2014). A study argues that the current corporate lobbying framework undermines societal expectations of political equality and consent (Alzola, 2013). The authors believe the Singapore model may be a useful starting point to restructure regulatory agencies so that they are more responsive to societal concerns and less responsive to special interests. Finally, the widespread perception is that the financial services sector, in particular, is ethically challenged (Ferguson, 2012); perhaps there would be some benefit from the implementation of ethical climate monitoring in firms that have been subject to deferred prosecution agreements for serious ethical violations (Arnaud, 2010). Originality/value – The authors believe the paper makes a truly original contribution. They provide new insights via their analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.Propósito – Este artículo tiene como objetivo presentar un análisis del papel de los incentivos financieros, el riesgo moral y los conflictos de intereses que llevaron a la crisis financiera de 2008. Diseño / metodología / enfoque – El análisis del estudio ha identificado fallas estructurales comunes a lo largo de la cadena alimentaria de titulización. Estos defectos estructurales incluyen incentivos inapropiados, ausencia de castigo, riesgo moral y conflictos de intereses. Esta investigación ve el impacto total de estas fallas estructurales cuando se considera su coexistencia en todo el sistema financiero. Los autores abordan los defectos sistémicos en la cadena alimentaria de la titulización y examinan las interrelaciones entre los propietarios de viviendas, los originadores de hipotecas, los bancos de inversión y los inversores. Los autores también abordan el papel de factores exógenos, incluidos la SEC, AIG, las agencias de calificación crediticia, el Congreso, la academia empresarial y los medios comerciales. Recomendaciones – El estudio sostiene que la falta de procesos penales de ejecutivos financieros clave ha sido un factor clave en la creación de riesgo moral. Ocho años después de que terminara la Gran Recesión en los EE. UU., La industria de servicios financieros continúa sufriendo una crisis de confianza con la sociedad. Implicaciones prácticas – Una abrumadora mayoría de estadounidenses, el 89 por ciento, cree que el gobierno federal hace un mal trabajo en la regulación de la industria de servicios financieros (Puzzanghera, 2014). Un estudio sostiene que el actual marco de presión empresarial socava las expectativas sociales de igualdad política y consentimiento (Alzola, 2013). Los autores creen que el modelo de Singapur puede ser un punto de partida útil para reestructurar las agencias reguladoras para que sean más receptivas a las preocupaciones de la sociedad y menos receptivas a los intereses especiales. Por último, la percepción generalizada es que el sector de servicios financieros, en particular, tiene un desafío ético (Ferguson, 2012); quizás habría algún beneficio de la implementación del monitoreo ético del clima en empresas que han sido sujetas a acuerdos de enjuiciamiento diferido por graves violaciones éticas (Arnaud, 2010). Originalidad / valor – Los autores creen que el artículo hace una contribución verdaderamente original. Proporcionan nuevos conocimientos a través de su análisis del papel de los incentivos financieros, el riesgo moral y los conflictos de intereses que llevaron a la crisis financiera de 2008

How Super Are Video Supers? A Test Of Communication Efficacy

Interest in the role of video supers-superimposed video presentations of verbal information-has grouwn among consumers, advertisers, the television networks, and public policymakers, as supers have become prevalent in television commercials. The authors empirically address the communications efficacy of video supers in a sample of 200 different commercials that contain video supers Drawing on a theory of modality effects, the authors examine the comprehensive of video supers relative to commercial content. The authors develop hypotheses and analyze structural determinants of video super comprehension, such as presence of a voice-over, rate of presentation, and presentation size. The findings are supportive of the predictions and suggest that viewer opportunity to process information in a video super might be a critical element in any strategy to increase viewer comprehension rates

BIG DATA IN MARKETING & RETAILING

Data is increasingly being created, stored, analyzed, and applied. Big Data is becoming an everyday phrase that appears in popular media and people’s daily conversations. This paper provides a framework to define Big Data from technical and business perspectives, to present its enormous value in different fields, to share its applications in marketing and retailing, market segmentation, targeting and positioning as well in developing marketing mix. We also provide some real life industry examples, to shed light on the challenges in harnessing the potential of Big Data, and to discuss its future. Big Data will separate the winners from the losers in the business field in the future. The leading companies in the Big Data field, such as Google, Amazon, and Wal-Mart, will continue to build their competitive advantage, both in marketing and other areas, by acting on the insights developed from Big Data analysis

A cluster analysis of tourist attractions in Spain: Natural and cultural traits and implications for global tourism

Purpose - Natural and cultural tourism are important motivators for international tourism. Spain has impressive tourist attractions that are outstanding on the natural and cultural tourism dimensions. The purpose of this paper is to identify traits of the most attractive destinations in Spain and to understand the relative importance of natural, cultural, and dual (natural and cultural) attractions to target consumers. Design/methodology/approach - The authors compare the level of tourism in the 17 major regions of Spain and identify the key natural, cultural, and dual attractions using a two-step cluster analysis to ascertain the relative importance of the three types of attractions. Findings - The findings of the cluster analysis suggest that natural attractions had the highest importance, followed by dual attractions, with cultural attractions having the lowest importance in affecting the level of tourism in a region. The study identified four categories of regions resulting from “high vs low” total number of attractions by “high vs low” levels of tourism (operationalized via the number of tourist-nights). The regions with high levels of tourism were either located in the bodies of water (a group of islands) or on ocean/sea(s) surrounding Spain. The study suggests placing greater emphasis on promoting cultural attractions in Spain. Practical implications - The findings suggest that there is a need to put more emphasis on promoting the cultural attractions in Spain. Spain is a diverse country with huge potential for tourism from people all over the world, due to its diverse geography and rich history. Originality/value - To the best of the authors’ knowledge, this is the first study that analyzes 17 regions of Spain in relation to their tourism characteristics, identifying attractions that are not sufficiently leveraged, and suggesting strategies for identifying opportunities for the tourism industry in Spain

Tscale: A new multidimensional scaling procedure based on tversky's contrast model

Tversky's contrast model of proximity was initially formulated to account for the observed violations of the metric axioms often found in empirical proximity data. This set-theoretic approach models the similarity/dissimilarity between any two stimuli as a linear (or ratio) combination of measures of the common and distinctive features of the two stimuli. This paper proposes a new spatial multidimensional scaling (MDS) procedure called TSCALE based on Tversky's linear contrast model for the analysis of generally asymmetric three-way, two-mode proximity data. We first review the basic structure of Tversky's conceptual contrast model. A brief discussion of alternative MDS procedures to accommodate asymmetric proximity data is also provided. The technical details of the TSCALE procedure are given, as well as the program options that allow for the estimation of a number of different model specifications. The nonlinear estimation framework is discussed, as are the results of a modest Monte Carlo analysis. Two consumer psychology applications are provided: one involving perceptions of fast-food restaurants and the other regarding perceptions of various competitive brands of cola soft-drinks. Finally, other applications and directions for future research are mentioned.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/45750/1/11336_2005_Article_BF02294658.pd

A nonspatial methodology for the analysis of two-way proximity data incorporating the distance-density hypothesis

This paper presents a nonspatial operationalization of the Krumhansl (1978, 1982) distancedensity model of similarity. This model assumes that the similarity between two objects i and j is a function of both the interpoint distance between i and j and the density of other stimulus points in the regions surrounding i and j . We review this conceptual model and associated empirical evidence for such a specification. A nonspatial, tree-fitting methodology is described which is sufficiently flexible to fit a number of competing hypotheses of similarity formation. A sequential, unconstrained minimization algorithm is technically presented together with various program options. Three applications are provided which demonstrate the flexibility of the methodology. Finally, extensions to spatial models, three-way analyses, and hybrid models are discussed.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/45746/1/11336_2005_Article_BF02295285.pd

The Financial Services Industry and Society: The Role of Incentives/Punishments, Moral Hazard, and Conflicts of Interests in the 2008 Financial Crisis

Purpose This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis. Design/methodology/approach The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also address the role of exogenous factors, including the SEC, AIG, the credit rating agencies, Congress, business academia and the business media. Findings The study argues that the lack of criminal prosecutions of key financial executives has been a key factor in creating moral hazard. Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society. Practical implications An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2014). A study argues that the current corporate lobbying framework undermines societal expectations of political equality and consent (Alzola, 2013). The authors believe the Singapore model may be a useful starting point to restructure regulatory agencies so that they are more responsive to societal concerns and less responsive to special interests. Finally, the widespread perception is that the financial services sector, in particular, is ethically challenged (Ferguson, 2012); perhaps there would be some benefit from the implementation of ethical climate monitoring in firms that have been subject to deferred prosecution agreements for serious ethical violations (Arnaud, 2010). Originality/value The authors believe the paper makes a truly original contribution. They provide new insights via their analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis