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In early 2020, the COVID-19 virus spread rapidly around the world within months. After countries around the world announced the outbreak of COVID-19, many industries suffered a severe recession, but a few industries were able to buck the trend and maintain good performance. The outbreak has driven strong demand for medical products and pharmaceuticals. As the epidemic continues to spread, people are in urgent need of drugs and vaccines to treat COVID-19, which directly promotes the development of the pharmaceutical industry (Alam et al., 2021). This study aims to explore the impact of announcements from the World Health Organization (WHO) or similar official agencies on the development of the epidemic during the COVID-19 epidemic on the stock prices of specific pharmaceutical companies. The study uses event study methodology to analyze the impact of events in the COVID-19 pandemic on these companies. Through an event study on 7 major events during the COVID-19 pandemic, this study found that the stock price changes of different pharmaceutical companies are not uniform. The WHO announcement of a global pandemic and the emergency authorization announcement of drugs have had different significant impacts on different types of pharmaceutical companies. This study provides new information for understanding the stock return change of specific pharmaceutical companies during the COVID-19 epidemic

The rapid development of counselling began after World War II. Meanwhile, texting services became available in the 1980s. Texting has been widely applied in both health area and mental health areas. A chatbot is a specific type of artificial intelligence (AI) that can have conversations with humans through texting. The combination of counselling and texting is known as chat counselling. The effectiveness of chatbots in alleviating psychological symptoms was supported by scientific research. Nonetheless, people hold different perceptions towards chatbots. Some common factors in counselling, including empathy and warmth, were also important in evaluating AI chatbots. Other important factors included acceptability, satisfaction and trust. The current study is the first to use AI as a counsellor. This study investigates people’s perceptions of human and AI counsellors (ChatGPT) and whether people can differentiate between human and AI. Participants needed to rate the counsellors in three scenarios: the original scenario taken from a training book, the human counsellor scenario generated from a text conversation with a human counsellor and the AI counsellor scenario produced by texting with ChatGPT, which acts as the counsellor. Prompts used to generate conversation with ChatGPT are included. The dialogues were parts of the conversations containing similar client responses and were presented using the WhatsApp interface. Questionnaires were delivered both online and in paper form. Results demonstrated that people’s ratings of human counsellors and AI counsellors did not differ in perceived empathy, acceptability, and satisfaction. While the warmth and trustworthiness of AI counsellors were perceived to be higher than those of human counsellors. On the other hand, people were unable to differentiate between human and AI counsellors in uncertain conditions. Younger people and the general population are more accurate in identifying between humans and AI, while people above 40 and psychologists or counsellors are less capable of doing so. The current study supports the potential of utilising ChatGPT in counselling. Having people experience and evaluate real chat counselling with human and AI counsellors can potentially eliminate some limitations of the current studies. Future studies can investigate how prior knowledge contributes to AI detection and examine AI counsellors' efficiency in longitudinal studies

The current study examined responses from 342 full-time and part-time employees in Macau’s gaming and public sector. The intention was to examine the relationship and explore the effect of organizational culture (innovative, supportive, and bureaucratic) and organizational leadership (transformational and transactional) on employee work engagement (cognitive, emotional, and physical) with the moderating role of organizational commitment (affective and continuance). The objectives of this study are mainly: 1) to explore the relationship between organizational culture and leadership with employee engagement respectively; 2) to further investigate employee engagement and the difference between the gaming sector and the public sector, and 3) to explore the moderating role of organizational commitment between the organizational culture and leadership to employee engagement respectively. Understanding the relationship between these essential elements is crucial for the individual and organization which ultimately leads to a sustainable and utmost performance for the benefit of Macau's constant economic development. While regression analysis represented transformational leadership as the powerful predictor of the three facets of work engagement to employees in both sectors. Though there was no relationship between the variables and the moderators, there was a positive interaction between transformational leadership, affective commitment (TFL x AC), and emotional and physical work engagement of the employees from the gaming sector, there was a positive interaction between innovative culture, affective commitment (IC x AC) and cognitive work engagement and a negative interaction between transactional leadership, continuance commitment (TL x CC) and emotional work engagement in the public sector subgroup. Results were interpreted concerning the organizations, leaders, and employees in both sectors in Macau, followed by a discussion on the implications of enhancing work engagement

This research is to assess the current status quo, strengths, and weaknesses of financial consumer protection mechanisms in Macao. According to the World Bank, financial consumer protection can bring positive impact on the development of financial sector, broadening financial inclusion and fostering economic growth. In 2022, under the backdrop of COVID-19 and downturn in economy, Macao Government announced its ambition to recover and diversify the economy of Macao by leveraging “1+4” Diversified Development Strategy, in which developing modern finance is one of the main priorities. The new Financial System Act took into effect on 1st November 2023 and this Act will enable non-financial institutions to apply for temporary licenses on fin-tech innovations within a controllable risk area. In the local context, does Macao have a strong financial consumer protection mechanism in place to goal for developing modern finance and face challenges brought by fin-tech? In this research, a mixed method consisting of doctrinal legal research method and comparative legal research method is adopted. 10 jurisdictions (Ireland, Singapore, Australia, United Kingdom, Malaysia, Hong Kong, China, European Union, Canada, and United States) were selected in comparison of rights for financial consumer protection based on the G20/OECD High-Level Principles on Financial Consumer Protection and the results of which were then compared to the rights for financial consumer protection in Macao. The findings of this study show that the main strength of financial consumer protection mechanisms in Macao lies on the supervision of the Monetary Authority of Macao (AMCM) on the banking sector and insurance sector, other financial institutions according to international principles; however, the in-depthness of work done by Macao in financial consumer protection is not as much as those done by other jurisdictions: in Macao, there is no policyholder protection scheme in the event of failure of insurance companies; no mystery shopping and consumer survey done by oversight bodies; narrow range of definition of vulnerable consumers; no financial literacy survey; no in-depth competition law; no in-depth guidelines to monitor advertising materials for financial products; no database for consumers to search for unregulated firms and scammers; no in-depth financial educational materials about the rights of financial consumers. It is recommended that Macao Government can learn from United Kingdom, Canada and European Union to adopt behavioural insights in developing financial consumer protection policy to protect financial consumers from being exploited by the financial service providers based on the consumers’ behavioural biases. Some literature suggested that consumers are vulnerable in digital landscape. Therefore, it is strongly recommended that Macao Government shall take proactive actions to strengthen the current financial consumer protection mechanism by adhering to the G20/OECD High-Level Principles on Financial Consumer Protection, in order to develop modern finance and protect consumers from the risks posed by fin-tech

The extent of citizens' trust in government determines the success or failure of e-government initiatives. Nevertheless, the idiosyncrasies of the concept and the broad spectrum of its approach still present relevant challenges. This work presents a systematic literature review on e-government trust while elaborating and summarizing a conceptual analysis of trust, introducing evaluation methods for government trust, and compiling relevant research on e-government trust and intentional behavior. A total of 26 key factors that constitute trust have been identified and classified into six categories: Government trust, Trust in Internet and technology (TiIT), Trust in e-government (TiEG), Personal Beliefs, Trustworthiness, and Trust of intermediary (ToI). The value added of this work consists of developing a conceptual framework of TiEG to provide a significant reference for future in-depth studies and research on e-government trust.

The understanding of how people accept and embrace new policies is vital in today's world. This paper introduces an original way of looking at this by adapting the widely recognized Unified Theory of Acceptance and Use of Technology 2 (UTAUT-2). The goal is to provide a foundational model for assessing policy acceptance. More specifically, we adapted the UTAUT-2 framework to study how Macau residents perceive the "Northbound Travel for Macau Vehicles" policy, which allows cars with Macau registration plates to enter China. Using structural equation modeling software (SmartPLS), we analyze data collected from 136 respondents who experienced the policy.Our findings reveal that Performance Expectancy (PE) and Habit (HB) significantly influence individuals' intention to take advantage of the policy. In other words, people are more likely to embrace policies they perceive as beneficial and that align with their existing habits. Effort Expectancy (EE) and Facilitating Conditions (FC) do not significantly impact acceptance, perhaps as a result of participants' familiarity with the policy and their resource availability. Surprisingly, while not directly tied to usage, Social Influence (SI) shows a high mean value, suggesting its potential role in policy acceptance when influential individuals adopt the policy. This pioneering research contributes to the field by bridging the gap between technology acceptance models and policy studies. Most importantly, it validates the use of the UTAUT-2 as a technology framework that is adapted for assessing policy acceptance.

In a world where sustainable food choices are becoming increasingly important, this study explores the connection between food neophilia — the desire to experiment with new foods — and people's willingness to include insects in their diets. Using the Theory of Planned Behavior (TPB), our research delves into how neophilia (NP) moderates respondents’ attitude (ATT), social norms (SN), and perceived behavioral control (PBC) concerning the adoption of insects as a food source. The analysis draws from 160 self-administered surveys and employs structural equation modeling. Conducted in the context of Macau SAR (China), our study reveals the pivotal role that neophilia plays in shaping consumer attitudes and intentions. Notably, respondents generally expressed a willingness to explore novel culinary experiences. A positive moderating effect of neophilia on attitudes toward insect consumption is observed, suggesting that individuals with higher neophilia scores are more inclined to hold favorable intentions regarding insects as food. However, neophilia's influence on moderating SN and PBC exhibits contrasting effects, implying that a strong inclination for food neophilia may not necessarily leadto increased social pressure or perceived control in adopting insect-based diets. In light of these findings, this study recommends that practitioners and policymakers promote insect consumptionas an innovative and adventurous means of achieving sustainable nutrition. While the primary focus is on the impact of food neophilia on people's intention to consume insects as food, the study underscores the urgent need for diversified and sustainable dietary choices to address escalating environmental concerns and secure a resilient food supply for future generations.

Integrating financial technologies with green initiatives is critical to the sustainable development agenda. This is particularly true for newly developed smart cities like Tongzhou, the sub-city center of Beijing. To assess the adoption of green fintech in Tongzhou, this paper extends the EnergyAugmented Technology Acceptance Model (EA-TAM) to incorporate two green factors – environmental awareness and green knowledge. This paper applies structural equation modeling techniques to analyze data from 403 respondents who live, work, or study in Tongzhou and finds allhypothesized constructs significant. Since green knowledge is significant to the adoption of green fintech, this paper further divides the sample into a high-education group (162 respondents with university-or-above degrees) and a low-education group (251 respondents with post-secondary-orlower degrees) to evaluate the impact of education. All the hypothesized factors are significant to the high-education group,but environmental awareness and perceived usefulness are insignificant to the low- education group. Hence, the results provide evidence that people in the newly developed smart city adopt green fintech due to their environmental sensitivity. The adoption of green fintech is more environmentally sensitive for people with high education levels.

An increasing number of countries have launched their central bank digital currencies (CBDC) in recent years, but the economic impacts of CBDC adoption are underexplored. To empirically assess how CBDC adoption influences regional economic integration, this paper investigates the Greater Bay Area, where China carried out one of its first digital renminbi pilot programs. The Greater Bay Area provides a good example because the growing acceptance of digital renminbi in the area can potentially mitigate transaction costs and risks due to the exchange rate volatility of the Chinese renminbi, Hong Kong dollar, and Macao pataca. CBDC adoption can lead to greater real and financial integrations by facilitating cross-border trade in goods and services. This paper evaluates deviations from uncovered interest rate parity, purchasing power parity, and real interest rate parity across Guangdong, Hong Kong, and Macao based on monthly interest rate and price data from January 2016 to December 2022. The time series have mean values near zero, which validate the parity conditions and indicate high degrees of financial, real, and economic integrations. The Markov regime-switching regression model identifies three regimes: (1) pre-Covid, (2) post-Covid, and (3) post-CBDC. The Covid-19 outbreak brought lower integration and stability, but the launch of the CBDC restored some of the pre-Covid integration and stability. Regimes 1 and 2 are persistent, and transitions from Regime 3 back to Regime 1 are probable. Hence, this study finds evidence that CBDC adoption improves regional economic integration in the short and long run.

This study explores the attitudes of students at Macau Baptist College toward social media usage and its influence on their relationships and academic performance. The research utilized mixed methods to incorporate focus group discussions, in-depth interviews with eight students, eleven teachers, and seven parents, and an online questionnaire administered to 341 students across all college levels. Findings reveal that WeChat is the primary communication tool among college members, significantly facilitating relationships within the school community. Students reported spending extensive time online, especially during holidays, which raises concerns about its impact on academic performance and mental well-being. While many students acknowledge the potential benefits of social media for learning, they also express skepticism regarding the reliability of online information and experience challenges in seeking help due to fears of judgment. The study highlights students' mixed attitudes toward social media, emphasizing the need for digital literacy and guidance to navigate online interactions safely. Ultimately, this research underscores the importance of fostering a supportive environment for students, enabling them to balance their digital engagements with academic responsibilities. Recommendations for parents, educators, and policymakers include: - Promoting responsible social media use. - Enhancing media literacy education. - Facilitating open communication to address online challenges. By addressing these aspects, stakeholders can optimize the positive effects of social media while mitigating its potential drawbacks on students' well-being and academic success

The global food industry generates substantial waste, posing significant environmental, economic, and social challenges. This dissertation explores circular business strategies for food waste management, aiming to develop an efficient model that integrates circular economy principles and innovative technologies. Key research questions include: What are current food waste management practices? How can circular economy principles reduce food waste effectively? What role can technology play in improving these systems? The study also examines barriers to implementation and identifies gaps in existing literature. The methodology involves a comprehensive literature review, case studies, and the development of a detailed mathematical model. The literature review covers circular economy concepts, current food waste treatment technologies, machine learning and Al applications in waste management. Case studies from various countries provide insights into regulatory frameworks and innovative solutions. Central to this research is the mathematical modelling of food waste management systems. The model employs Hamiltonian and/or Lagrangian formulations to optimise waste transportation and processing. This approach allows for the simulation of various scenarios, helping to identify the most efficient pathways for food waste reduction and resource recovery. The model also incorporates phase transitions better to understand the dynamics of waste generation and treatment processes. Phase transitions mark changes on tendencies and in this case they help us to evaluate the viability of the construction of a fast track for the transportation of food waste in any city. Results indicate that adopting circular economy principles in food waste management is feasible and beneficial. Effective strategies include bioplastics, insectutilisation, and machine learning models for waste prediction and management. The developed mathematical model suggests efficient waste transportation through a coupled network approach, ensuring rapid and effective waste evacuation. The research highlights the importance of technological integration and cross-sector collaboration for sustainable food waste management. It also stresses the need for robust regulatory frameworks and consumer education to drive behavioural changes and support circular practices