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Battery electric vehicles (BEVs) are living up to their claims as consumers choose them more frequently. The increasing demand for sustainable vehicles translates into the global need for specific components, materials, and infrastructures and drives the regulatory frameworks in each country. While BEVs offer environmental benefits and global business opportunities, the technology has not yet gained mainstream acceptance. Thus, this work aims to investigate the characteristics of BEV users and their role in the diffusion of products to larger segments, as this may vary from country to country. For this purpose, a survey based on the Unified Theory of Acceptance and Use of Technology 2 (UTAUT-2) (Venkatesh et al., 2012) framework and structural equation modeling (SmartPLS) was adopted. The results indicated that, except for the constructs of effort expectancy (EE) and social influence (SI), the predictors in the model performed well in this context. Current users are satisfied with their vehicles and are supportive of BEVs in the future. The analysis also revealed that in addition to the availability of financial resources, early adopters are attracted by new technologies in a way that leads them to make decisions outside of the traditional influence of the other members of society. It is suggested to leverage the perceived benefits of status, differentiation, or uniqueness motives, to appeal to those seeking to appear trendy and tech-savvy in society. Companies and policymakers should acknowledge the peculiarities of early customers in their communication strategies to reach a wider audience around the globe and encourage the adoption of BEV technology.
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A growing number of people are becoming aware of the environmental footprint that our actions have on the environment. Research indicates that a key factor leading to the adoption of an electric vehicle is consumers’ high environmental concern. Indeed, the environmental concern (EC) construct is commonly associated with the purchase of sustainable and eco-friendly products in literature. Our study challenges this assumption. We examined how the environmental factor influenced the behavioral intention of Macau residents to adopt battery-electric vehicle (BEV) technology. For this purpose, we conducted a study based on the UTAUT-2 framework and used structural equation modeling (SmartPLS) to analyze the data. As a result, the choice of vehicles did not depend on the consumers’ level of concern. It appeared that consumers strongly perceived the benefits of a cleaner environment, however, when it comes to technology, environmental benefits are nice to have, rather than the primary incentive to purchase BEVs. Researchers should consider the role of environmental concern as a background factor in technology acceptance models, rather than a direct predictor of behavior. It is also recommended that marketers correctly consider this element when developing their product communications strategies, to appeal to the desired segment of customers.
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Technology research offers several theories and models to explain how individuals accept and use technology innovations. While these often focus on the technical aspects of the innovation, they tend to downplay the affective component of technology. Recognizing that the adoption of technology is also determined by what it means and represents to the users, this paper aims to fill the gap in the literature by studying the effects of social influence and image on the behavioral intention to adopt a technology. We used structural equation modeling (SmartPLS) to analyze data collected from 238 self-administrated surveys regarding the behavioral intention of Macau residents to use battery electric vehicles. The result showed significant relationships among the variables in the model and depicted the construct of image as a strong factor in the adoption decision. Our findings suggest that social influence may not exhibit substantial impact in the case of innovations in their initial phase and, more importantly, the construct of image could be included as a key predictor of behavioral intention in technology acceptance models, particularly in contexts where the choices that consumers make are public, and therefore subject to judgments from the members of the community.
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Despite the general good intentions towards the environment, individuals tend to adopt traditional internal combustion vehicles. Drawing from technology research, this study focuses on the impact of society - in the form of subjective norm and image – on the behavioral intention to adopt a technology. More precisely, this study seeks to explore to which extent societal influences drive the behavioral intention to adopt battery electric vehicles (BEV) technology. A self-administered survey was used for this purpose. The analysis of the data from a sample of 111 respondents showed significant relationships between the predictors and the target behavioral outcome. The study also revealed that subjective norm and image are particularly significant factors for the segment of BEV owners. The findings suggest that marketers and practitioners incorporate social elements into their product communication strategies in order to encourage the uptake of environmentally-sound technologies.
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Purpose Research on battery electric vehicles (BEVs) has typically considered environmental concern a key determinant of behavioral intention that leads individuals to prefer electric vehicles. This paper challenges this assumption and argues that technology frameworks may require new variables to capture consumers' preferences. A UTAUT2-based study has been developed to assess the role of environmental concern in the BEVs context and put forward the technology show-off (TS) concept to explain the technology's acceptance. Design/methodology/approach A quantitative and cross-sectional look at behavioral intention is adopted. The study uses structural equation modeling to analyze a sample of 236 Macau residents to determine the relevance of the factors behind the choice to adopt BEVs. Findings The findings indicate that environmental concern and price may be relevant to explain behavioral intention to adopt the BEVs technology. Furthermore, the UTAUT2 framework seems to benefit from adding new variables, with TS playing a pertinent role in explaining technology acceptance. Social implications The findings show that environmental concern fails to build an argument for the shift to full electric mobility and promote the desired behavioral change toward adopting BEVs. Herein lies the necessity to consider new variables that can better describe the characteristics of modern society. Originality/value This paper proposes the TS construct, combining visibility and trialability as significant determinants of behavioral intention to use technology. The study also stresses the need to reconsider the role of environmental concerns' impact on consumer decision-making.
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Substitute foods are increasingly popular to reduce our environmental footprint and promote food security. As the world population is expected to grow and food resources become scarce, insects as food have recently gained attention as a viable alternative. In the present study, a model grounded on the Theory of Planned Behavior (TPB) is proposed and analyzed through structural equation modeling software (SmartPLS) to assess consumers intentions toward insects as food. Except for subjective norm, both attitude and perceived behavioral control were key determinants of intention and, in turn, of actual use behaviour. Despite insects being consumed in nearly 1/4 of the sample (for instance in Chinese medicine), the study found that respondents were on average relatively unwilling to use them as a dietary habit. Also, it appeared that men were more likely to consume insects as food than women. The insights of our study have important implications for practitioners and policymakers seeking to promote sustainable nutritional practices among consumers. This study is particularly relevant for Macau, as the city positions itself as a "UNESCO Creative City of Gastronomy" with the aim to develop internationally a unique and sustainable food image.
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info:eu-repo/semantics/publishedVersion
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Objective: As a world tourist destination, Macao is inevitably under the impact of the COVID-19 pandemic. However, the market of integrated resorts in Macao are shared by only a few casino concessionaries, together forming an oligopoly. While the firms attempted to adjust price, quantity and quality of their hotel services in response to the pandemic, they could not overlook the strategic interactions with other players in the market. Hence, this paper aims to investigate the possible impact of the pandemic on the oligopolistic strategies in the integrated resort market in Macao. Methodology: Application of a theoretical model of differentiated oligopoly to this six-firm case shows that price differences across firms depend on their quality differentiation. In order to analyze these price differences empirically, this paper collects data of hotel room rates of the integrated resorts from November, 2019 to mid-August, 2020, covering the periods before and after the outbreak of COVID-19. Originality: In the existing literature, there is a lack of studies of the oligopoly in the hospitality industry of Macao. Furthermore, the effect of COVID-19 is still ongoing, so this present paper is one of the first to perform such analysis. Results: The regression of each of the hotel price differentials on the COVID-19 dummy variable shows that COVID-19 has statistically significant impacts on almost all the price differentials. Intuitively, MGM and Wynn were in the high-price segment before and after the outbreak, while other firms switched positions in the low-price segment during the pandemic. One obvious downstream movement was by Conrad. According to the proposition derived from the theory, these imply that COVID-19 should have significant impact on the quality differentiation of the firms. Practical implications: The results are in line with the observations that the integrated resorts have rolled out staycation packages according to preferences of local residents. These quality adjustments observed in Macao’s hospitality industry currently only involved variable inputs rather than fixed inputs of production; therefore, the impact of COVID-19 should be seen as short-term effects. Keywords: Covid-19; Differentiated oligopoly; Hospitality industry; Hotel room rate; Oligopolistic market structure; Pricing strategy.
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This paper is motivated by two observations in the large civil aircraft (LCA) industry. (1) Boeing and Airbus are significantly different in the degree of offshoring. (2) The degree of offshoring also changes among different aircraft models. To offer an explanation, this paper focuses on issues related to fragmentation. Existing literature has established the tie between fragmented technology and offshoring. However, it is assumed that production can be fragmented readily and at no cost; and only exogenous global economic factors have impact on the degree of fragmentation. This model distinguishes itself from others by incorporating endogeneity in fragmentation. A final-good firm can spend on R&D specifically for its own fragmented technology. As a result, the final-good firm can optimally choose the portion of components to be offshored. A strategic trade policy model is used to show that the degree of offshoring depends on the firm's own cost of production, the host country's cost of production, the global state of technology as well as the government trade policies. In particular, export subsidy and subsidy on R&D of fragmented technology are shown to be policy substitutes. Keywords: Fragmentation; Offshoring; Outsourcing; Aircraft; Export subsidy; R&D subsidy; Boeing; Airbus JEL classification: F12; F13; F23; L13
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This book is a compilation of the best papers presented at the APEF 2019 conference which was held on 25th and 26th July 2019 at the Grand Copthorne Waterfront in Singapore. With a great number of submissions, it presents the latest research findings in economics and finance and discusses relevant issues in today's world. The book is a useful resource for readers who want access to economics, finance and business research focusing on the Asia-Pacific region.
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This dissertation consists of three essays, covering the topics of foreign trade, offshoring and international rivalry. In particular, Chapter 1 analyzes the strategic capacity allocation of an international oligopoly. Because a line of products shares specific inputs that are fixed in the short run, a multiproduct oligopolist faces a capacity constraint in the production. Not being able to produce the desirable quantities to meet demand, an oligopolist strategically allocates its capacity among different products against its rival. If the market were monopolistic, a firm would mainly concern the effective profitability of a product when allocating its capacity and when responding to a capacity expansion. Identical duopolists that compete in a Cournot fashion should have identical capacity allocation. However, in a sequential game, while the Stackelberg leader allocates all its scarce capacity towards the more profitable product, the follower should still allocate some capacity towards the unprofitable product. This matches the observation that Boeing, the incumbent in the large commercial aircrafts (LCA) industry, specializes in smaller planes, while Airbus allocates resources more evenly towards both superjumbo planes and smaller planes. Chapter 2 provides an explanation to the observation that international oligopolists, which are similar in many ways (subject to the same state of technology, have equal market shares, etc.), may engage in significantly different degrees of offshoring. Different from previous studies, which considered fragmentation to be affected by global exogenous factors only, this essay sees fragmentation as an endogenous variable. A firm can invest on R&D of its own fragmentation technology to enable certain degrees of fragmentation, so that offshoring of those fragmented subparts can be achieved. An important implication of endogenous fragmentation is that the government now has a policy alternative to export subsidy. Very often, when export subsidy is prohibited under an FTA, a government has incentive to subsidize fragmentation of a firm, which can stimulate both export and offshoring. Chapter 3 investigates Macao's and Singapore's questionable goal to diversify among two tourism services—gambling and convention. Macao has a cost advantage in gambling while Singapore has a cost advantage in convention. When a city operates as a regional monopoly, the simple multiproduct model shows that it is optimal for a city to diversify in response to an expansion in the markets of the tourism services. If the two cities operate as a Cournot duopoly instead, there will be a higher degree of product differentiation between the cities. Yet, both cities diversify more when there is a market expansion. On the other hand, Osaka is a potential entrant. The three-city model shows that if Osaka's relative cost of producing convention is even lower than Singapore’s, both Macao and Singapore will produce greater proportions of gambling compared to the two-city case. In general, Macao and Singapore respond to Osaka’s rivalry by strategizing their product mixes to avoid head-on competition with Osaka.
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The degree of economic integration in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), as reflected in the mobility of trade and capital flows, has been strengthened by free trade agreements, but obstacles including border effects, capital controls, differences of exchange rate systems and inadequate cross-regional coordination remain. Digital renminbi (e-CNY) has been tested in Shenzhen, a core GBA city since April 2020. If e-CNY is adopted in the GBA, the area will effectively become a single currency zone. Whether the GBA constitutes an “optimum currency area” (OCA) depends on its degree of economic integration. This paper computes real interest rate differential (RID), uncovered interest rate differential (UID) and deviation from purchasing power parity (PPD) of each regional pair based on data of interest rates, exchange rates and price indexes from 2016M2 to 2022M7. All UID, PPD and RID series have means within about 1 percent point from 0, indicating high degrees of financial integration, real integration and economic integration. With the exception of Guangdong-Macau RID, all series are stationary, implying mean-reverting behavior. Hence, the parities are expected to hold both in the short run and in the long run, which is a condition for an OCA in the GBA. Furthermore, the regression analysis finds that the test launch of e-CNY in Shenzhen (adjusted for the COVID-19 outbreak) has significant impacts on all RIDs, Guangdong-Macau PPD and Hong Kong-Macau PPD. With merely two and a half years of test launch, the introduction of e-CNY already had impacts on overall economic integration in the GBA.
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