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Purpose: This study examines how the importance of external investment environment factors affects stock market perception, and how stock market perception affects stock investments after stock market crash witnessed by individual investors in one of the emerging stock markets. Design/methodology/approach: A cross-sectional survey was administrated among 223 individual investors who experienced stock market crash in 2010–2011 in Bangladesh, and the proposed model was tested by the partial least squares-structural equation modeling PLS-SEM model. Findings: Findings show that the importance of Bangladesh's stock market performance, government policy, economic issues and neighboring country's stock market performance have effects on investors' stock market perception. This perception, in turn, decreases monthly stock trading and short-term investment horizon. The findings further show the mediating effect of stock market perception. Practical implications: Investors need to carefully consider the external investment environment when they form their stock market perception, as this perception drives stock investments. Analogously, regulators should ensure releasing timely and updated statistics on external investment factors. Originality/value: Addressing those investors who encountered stock market crash, a set of external investment environment issues, stock market perception and stock investments are new in the literature. [ABSTRACT FROM AUTHOR]

Sustainable development is the ultimate goal for policy‐makers and place‐makers to develop a place. Nevertheless, although many approaches, such as exogenous, endogenous, neo‐endogenous, creative cities, and creative place‐making, have been studied, realizing a place‐based approach requires further research. This study addresses the gaps in these approaches by exploring how a place might be made from a local's perspective. A grounded theory approach was employed to understand the phenomena, and theoretical sampling was applied. Data were collected through interviews, online sharing sessions, and secondary sources. A total of 71 documents were collected and analyzed. Hundreds of open codes were refined to 52 concepts, which later were categorized under 20 sub‐dimensions. Next, these sub‐dimensions were grouped under eight dimensions and later integrated into three themes – "a creation of stories, a rise of wellbeing, and a sustainable goal". Lastly, these themes construct a framework for creative place‐making. This framework addresses the lacunas of previous studies by illustrating a creative place‐making process with the creation of stories, the generations of sense of place and wellbeing, and lastly, addressing the local's problems; this process helps to create a place branding which will motivate more locals to create the stories of their place. [ABSTRACT FROM AUTHOR]

The present study investigates the impact of climate change on biodiversity loss using global data consisting of 115 countries. In this study, we measure biodiversity loss using data on the total number of threatened species of amphibians, birds, fishes, mammals, mollusks, plants, and reptiles. The data were compiled from the Red List published by the International Union for Conservation of Nature (IUCN). For climate change variables, we have included temperature, precipitation, and the number of natural disaster occurrences. As for the control variable, we have considered governance indicator and the level of economic development. By employing ordinary least square with robust standard error and robust regression (M-estimation), our results suggest that all three climate change variables – temperature, precipitation, and the number of natural disasters occurrences – increase biodiversity loss. Higher economic development also impacted biodiversity loss positively. On the other hand, good governance such as the control of corruption, regulatory quality, and rule of law reduces biodiversity loss. Thus, practicing good governance, promoting conservation of the environment, and the control of greenhouse gasses would able to mitigate biodiversity loss. [ABSTRACT FROM AUTHOR]

The acceptance of assistive robots in eldercare is an emerging field of research, particularly due to the longevity of the ageing population. This study aimed to advance the modelling of the value-based adoption model to assess assistive robots' acceptance in eldercare. A group of 387 informal caregivers was surveyed. Perceived ease of use, financial risk, perceived usefulness and well-being were found to be the drivers of perceived value in the proposed model, whereas performance risk had no significant effect. Trust, well-being and perceived value were significant drivers of assistive robots' acceptance by informal caregivers. The findings hold potential implications for policy and practice, suggesting specific measures that assistive robot firms and relevant parties could adopt. The findings offer feasible recommendations for assistive robot firms and other relevant parties to enhance trust, promote well-being and maximise perceived value in the design and implementation of assistive robot technologies. These practical measures can contribute to more successful adoption of assistive robots, benefiting informal caregivers, eldercare service providers and policymakers alike. [ABSTRACT FROM AUTHOR]

Purpose: The purpose this paper is to investigate whether family affects financial outcomes and psychological biases in an under-researched context, Bangladeshi small investors. Design/methodology/approach: To achieve the stated research objective, the survey data were collected from 223 small investors from brokerage houses in Dhaka and estimated using regression analysis. Findings: The results indicate that learning from parents, discussion with parents about financial issues and father's education have the strongest impact on financial outcomes (i.e. financial wealth holding, portfolio value, investment strategy, technical indicator, past perceived and expected portfolio performance) and psychological biases (i.e. herding, risk tolerance and better-than-average). Furthermore, spouse's education, parental income, marital status and family size explain financial outcomes and psychological biases, but to a lesser extent. Practical implications: The implications have been discussed for small investors and the family's role in resulting positive financial outcomes and avoid biases. Originality/value: This is the first study to take into account a set of family background variables influencing various financial outcomes and psychological biases in the context of Bangladesh. [ABSTRACT FROM AUTHOR]

The purpose of this study is to understand the elements of creativity, as well as to what extent and how creativity serves as a tool in preserving the intangible cultural heritage (ICH) at World Heritage Sites (WHSs). A WHS will lose its uniqueness if the ICH disappears. Hence, it is important to determine how creativity may sustain the ICH. In-depth interviews, and participant and nonparticipant observations were conducted, and a 5As—actor, audience, affordance, artifact, and apprentice—cultural creativity interaction model was constructed. These elements of cultural creativity may serve as a guideline for different stakeholders in sustaining the status of a WHS. [ABSTRACT FROM AUTHOR]

This study aims to explore the potential mediating effect of risk perception between environmental consciousness, social trust and environmental knowledge to climate change mitigation behaviors and community green activity participation. The data were gathered from various categories of age strata in Klang Valley, Malaysia, from which 210 respondents participated in this study. Factor analysis, partial least squares and structural equation modeling tools were used to achieve these aims. The findings indicate that environmental consciousness and social trust are key predictors of risk perception. However, environment knowledge is not significantly related to risk perception. The proposed mediating influence of risk perceptions on mitigation behaviors and green activity participation are not supported. [ABSTRACT FROM AUTHOR]

Investors' perception of past portfolio returns predicts their investment behavior, but does this relationship mediate by overconfidence? Taking into account different aspects of overconfidence, this paper examines whether overconfidence manifested as illusion of control, miscalibration and better-than-average mediates the association between perception of past portfolio returns and investment behavior. In a survey study with individual and institutional investors from Malaysia, the results indicate that perception of higher past portfolio returns increases investors' trading, percentage of risky share investment and the number of financial asset holding, through the mediating channel of better-than-average effect. While individual investors are influenced by this overconfidence mechanism, institutional investors are not sensitive. This finding has theoretical implication for overconfidence model, house money effect and naïve reinforcement learning. Practically, the results imply that individual investors should be careful about underlying overconfidence biases as it can lead to inefficient decisions. [ABSTRACT FROM AUTHOR]

Purpose This paper aims to examine how board composition, political connections and sustainability practices affect risk-taking and performance of firms.Design/methodology/approach This paper used secondary data and regression technique to analyse the relationship. A sample consisting of 290 firm-year observations was applied in the analysis.Findings The findings show that a larger board size contributes to greater financial risk; however, this risk can be reduced with more independent directors in the boardroom. An optimal board size with appropriate number of independent directors is desired, as a large board size can be harmful to firm performance. Politically connected firms also generate lower risk-taking and performance, and the double-edged sword effect of political connections needs to be considered. In terms of sustainability practices, firms have to engage in sustainable development to maximise the firms’ value, not ignoring the vital role of women in strategising business performance. However, the effect of sustainability practices on firms’ risk-taking is still not noticeable.Research limitations/implications Even though the sample size is not large because of the limited availability of data, the findings, to a certain extent, could be generalised to emerging markets, as most emerging markets do have similar financial and economic developments.Practical implications The findings from this paper can be used to support the implementation of sustainability practices, especially in those countries where sustainability initiatives are yet to be widely accepted.Originality/value This is one of the first few studies that examined the effect of non-financial information on risk-taking and performance of firms. This study concludes the positive effect of sustainability practices on firm performance. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to investigate who trade actively in the Malaysian stock market and what determines investors’ active trading decisions.Design/methodology/approach Using a cross-sectional survey on individual investors, the study identifies active and inactive investors and then, investigates active trading by estimating binary logistic regression.Findings Active investors in Malaysia are more likely to be male, working in non-finance-related sectors and are more experienced. The likelihood of active trading increases with the number of hours spent on researching investment, very short-term favorable unemployment and economic growth expectations (three-month) and past investment outcomes, whereas this probability decreases with higher cognitive ability and short-term unemployment expectations.Practical implications The results imply that regulators may focus on certain groups of investors, based on the result of this study, and provide them training to reduce inactivity in this market. As active trading in response to past investment outcomes indicate rational response, regulators therefore may inform investors to learn about their ability and skill from their prior investment outcome, through educational program. Educational program may also include the role of macroeconomic indicators in active investing decisions.Originality/value This is the first study to combine a list of demographic and socio-economic characteristics, investment characteristics, macroeconomic expectations and past investment outcomes together to explain the likelihood of active trading. [ABSTRACT FROM AUTHOR]

With the aim being to have an integrated and efficient management system, Malaysia is currently facing a remarkable waste issue with a massive increase in waste generated per day. This study collected 400 survey responses to assess the satisfaction and awareness of households about various issues of solid waste management. This study revealed that the majority of the respondents were satisfied with their waste management services. However, there was concern about providing a more diverse waste management facility. This study found a strong positive relationship between age and waste reduction behaviours. The majority of the respondents agreed that their lifestyle affected waste minimisation. Almost half of the respondents indicated that they lacked knowledge to practise waste sorting. Age and education were positively correlated to reuse and recycling behaviours. Overall, a holistic waste management education is vital for Malaysia to build an efficient waste management system. [ABSTRACT FROM AUTHOR]

Purpose Given the special feature of institutional investors in Malaysia, the purpose of this paper is to explore how these investors acquire and employ different information sources in their investing decisions.Design/methodology/approach The study uses self-reported information sources collected via a survey of 66 institutional investors following convenience sampling, and estimates the relationship via Smart-PLS (Partial Least Squares) path modeling.Findings The results suggest that although investors place greater importance on fundamental and technical indicators, they do not implement these information sources in their decisions. Rather, gathering information from economic statistics and ratios, discussion with colleagues, historical returns of the Malaysian stock market, decisions of other market players, specialized press and stock exchange bulletins, and statements of opinion leaders are more closely related to trading, risk taking, and financial asset holding. This finding supports the limited information processing of bounded rationality, irrespective of the type of information source.Practical implications Institutional investors should critically assess the information sources upon which they rely to collect information as irrational information processing may adversely affect the stock market efficiency.Originality/value To the authors’ knowledge, this is the first study to explore the unique features of institutional investors in Malaysia in conjunction with their sources of information, and to identify which sources matter when making investing decisions. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to test the competing explanations of stated preferences for firm characteristics, optimism and overconfidence for trading activities in a single framework.Design/methodology/approach A survey methodology is followed to collect the data among retail investors in Malaysia using simple random sampling.Findings The findings show simultaneous identification of stated preferences for firm characteristics, optimism and overconfidence as determinants of trading activities. Preferences for firm’s profitability characteristics, management and product-related attributes and risky characteristics are likely to decrease investors’ trading activities. On the other hand, preferences for firm’s liquidity and trading volume characteristics with relative financial-domain optimism, personal investment optimism and better-than-average aspect of overconfidence are likely to increase investors’ trading activities.Practical implications This finding implies that investors should be careful not only in assessing firm’s characteristics but also need to understand the effects of optimism and overconfidence in trading decisions.Originality/value The study considers various aspects of optimism and overconfidence, and the stated preferences for firm characteristics, unlike one aspect of these behavioral biases and indirect observation of preferences for firm characteristics. Furthermore, the study considers trading frequency, annual portfolio turnover and trading intention, whereas earlier studies considered only one or two of these trading decisions. [ABSTRACT FROM AUTHOR]

This study explores the interactions of tourists with their surrounding socio-material factors at creative tourism sites in Taiwan. Creativity is generated through the interactions of tourists with the tutor, activity, or the environment; and there is a close relationship between individuals and these socio-material factors. However, how these factors interact has been understudied. Q-methodology was employed to uncover the various perspectives of tourists to determine the important factors that are concerned about when participating in creative activities. Three groups of tourists were identified: relaxers, sensation-seekers, and existential-type. Relaxers emphasize environmental issues and characteristics of the activity, sensation-seekers emphasize tutor-related issues, and existential-type tourists emphasize the characteristics of the activity itself. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to study gender differences in preferences for firm characteristics across various groups of investors in Malaysia. Design/methodology/approach – Self-declared preferences are elicited through a survey of 520 investors comprising retail, financial professionals and institutional investors in the Malaysian stock market. Non-parametric (Mann-Whitney and Kruskal-Wallis) tests are computed to achieve the stated objective. Findings – Results reveal that female investors display higher preferences for the liquidity of a firm, dividend payments, trading volume of a firm, stock price and firm’s age than male investors across investor’s groups. Research limitations/implications – Findings imply that the gender gap in investing behaviour can be partly attributed to gender differences in preferences for firm characteristics. Practical/implications – The findings suggest that the gender gap can be mitigated by giving more priority to the choices of female investors with respect to firm characteristics. In turn, this may reduce a part of the gender gap in investing. Moreover, the findings would assist companies to understand and know how their shareholder’s preferences vary with respect to gender and investor’s groups. Originality/value – This paper provides evidence concerning the gender gap in investor’s self-declared preferences for firm characteristics across retail, financial professionals and institutional investors in Malaysia, which complements previous studies that used equity holdings data and only two groups of investors. [ABSTRACT FROM AUTHOR]

This study aims to test if the impact of shocks to Singapore's tourism industry is permanent or transitory by investigating the unit root properties of international tourist arrivals to Singapore from 20 source markets. The results reveal that the tourist arrivals to Singapore are stationary with multiple structural breaks, implying any shocks will have only a transitory effect. Based on the break dates identified, a growth rate analysis is performed. Specifically, the growth rates for tourist arrivals to Singapore from 13 out of the 20 source markets have decreased after the break in 2005. The results provide some implications for policy-makers. [ABSTRACT FROM AUTHOR]

This paper examined the behavior of institutional and retail investors in Malaysia during the bulls and bears. The results revealed significant differences in behavioral patterns between these two groups of investors. For the institutional investors, obvious differences were found in the areas of overconfidence, liquidity preference, and price anchoring between these two distinct market trends. As for the retail investors, there were no obvious difference in investing behavior except in terms of liquidity preference and self-control. The overall results indicated that both investors exhibited overconfidence during both periods; nonetheless, they were somewhat rational by exercising self-control and being concerned with liquidity when making investment decisions. Both investors ranked dividend yield as the most important fundamental variable particularly during bearish market outlook. On the other hand, trend analysis was rated as the most important variable closely watched technical indicator during bullish market outlook. Consistent with the findings of both surveys, we provide evidence that dividend yield appeared to be significant risk factor as well. [ABSTRACT FROM AUTHOR]

This research note tests whether or not Singapore's 15 major tourist source markets are converging. The study uses monthly data for the period January 1994 to June 2011, and the results are as follows: (a) univariate unit root tests without any structural breaks show that 13 out of the 15 tourist markets are diverging; (b) 80% of the tourism markets support the evidence for convergence when multiple structural breaks are incorporated; (c) the evidence of convergence is strongly supported under different panel settings, leading to the conclusion that policies to boost the total tourists arrivals in Singapore have been successful. [ABSTRACT FROM AUTHOR]