Search Results (74)

The COVID-19 pandemic has profoundly affected global economies, including the electricity sector. Governments implemented strict containment measures to mitigate the health crisis, including lockdowns, social distancing, and event cancelations. These interventions, while essential for public health, also disrupted energy demand and supply patterns. This study supports regulators by quantifying the short- and long-term impacts of the pandemic on local electricity prices (LEPs) in the Nord Pool market (Norway, Sweden, Denmark, Finland, Estonia, Latvia, and Lithuania) during 2020. The findings highlight a crucial link between crisis response strategies and the transition to sustainable energy systems. In times of uncertainty, governments tend to prioritize renewable energy investments, particularly wind power, which offers a clean and resilient alternative to fossil-fuel-based electricity generation. Using the PMG-ARDL estimator, our analysis reveals a significant long-term negative association between government interventions and LEP, as well as between wind energy production (WEP) and LEP. Specifically, an additional gigawatt of wind energy generation reduces local electricity prices by up to EUR 0.09, confirming the merit-order effect. These findings emphasize the environmental and economic benefits of expanding wind energy capacity as a stabilizing force in electricity markets. Moreover, while health-related news influenced LEP fluctuations in the long run, government restrictions had a limited short-term impact, likely due to the inelastic nature of electricity demand and supply. This study reinforces the argument that integrating more renewable energy sources can enhance market resilience, reduce price volatility, and contribute to long-term sustainable development, making the energy transition an essential pillar of post-pandemic recovery strategies. Full article

The objective of this study is to examine the impact of Chief Executive Officer (CEO) attributes on corporate performance in Jordan, a representative frontier market. The analysis focuses on four key CEO attributes, comprising two socio-demographic variables—age and educational—and two corporate governance-related ones—tenure and origin. Return on assets (ROA) and return on equity (ROE) are used as proxies for firm performance. Using a sample of 416 firm-year observations from companies listed on the Amman Stock Exchange (ASE) during 2015–2023, the study employs the system GMM methodology to estimate dynamic panel data models, addressing potential endogeneity and capturing the dynamic nature of firm performance. The results show that CEO age has a positive but insignificant effect, whereas CEO education and tenure significantly enhance firm performance. Conversely, CEO origin has a statistically negative impact on firm performance, reflecting the value of insider CEOs. The significant effects of CEO education, tenure, and origin—observed within the models that also incorporated firm- and country-level controls—reflect their incremental contribution to firm performance in frontier markets. Robustness checks, including controls for the COVID-19 pandemic and industry effects, confirm these findings. The study contributes to the literature by demonstrating the applicability of established theories—namely Upper Echelons, Stewardship, Resource Dependence, and Human Capital Theories—while identifying the CEO traits that drive success in frontier markets. It also offers practical guidance for shareholders, board directors, and policymakers in designing effective leadership and governance strategies. Full article

The COVID-19 pandemic and the implementation of strict lockdown measures have significantly impacted various dimensions of the global economy. This study examines the impact of COVID-19 and lockdown stringency on exchange rate volatility in India using three core variables, i.e., COVID-19 cases, the lockdown stringency index, and exchange rate volatility. To achieve the above objectives, we have employed advanced econometric techniques, such as wavelet coherence and a hybrid non-parametric quantile causality framework, on the dataset spanning from 30 December 2020 to 24 January 2022. Robustness is assessed using Troster–Granger causality in quantiles and Breitung–Candelon Spectral Causality tests. The wavelet coherence analysis indicates that the initial outbreak of COVID-19 increased the exchange rate volatility, while the enforcement of stringent lockdowns in the later phases helped reduce this volatility. Similarly, the hybrid quantile causality results indicate that both COVID-19 cases and lockdown measures possess predictive power over exchange rate fluctuations. The robustness checks confirm these findings and establish a causal relationship between the pandemic, policy responses, and currency market behaviour. This study helps clarify the complex, nonlinear dynamics between pandemic-related variables and exchange rate volatility in emerging markets. Based on the aforementioned result, it is recommended that policymakers implement targeted lockdown strategies coupled with timely monetary interventions (such as foreign exchange reserve management or interest rate adjustments) to mitigate volatility and maintain currency stability during future pandemic-induced shocks. Full article

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical function as portfolio diversifiers. Investing in Hospitality REITs exposes one to the hospitality sector; however, these investments carry notable risks and provide little protection, particularly during economic upheavals. Furthermore, the study reveals that Hospitality REITs underperform on a risk-adjusted basis relative to benchmark indexes. The monthly returns of REITs show significant volatility during the post-COVID-19 era, which causes return-to-risk ratios to be below those of benchmark indexes. Estimates from multi-factor models indicate negative alpha values across conditional models, indicating that macroeconomic variables cause unremunerated risks. This industry shows great sensitivity to market beta and size and value determinants. Hospitality REITs’ susceptibility comes from their showing the most possibility for exceptional losses across asset classes under Value at Risk (VaR) and Conditional Value at Risk (CvaR) downside risk assessments. The findings have implications for investors and portfolio managers, suggesting that Hospitality REITs may not offer consistent diversification benefits during downturns but can serve a tactical role in procyclical investment strategies. Full article

This study investigates how pandemic-induced emotional disruption has reshaped sustainable consumer behavior in the digital age, with a focus on the continued influence of safety measures in the restaurant industry. As societies transition beyond COVID-19 restrictions, health-related anxieties persist, driving consumers to prioritize hygiene and risk reduction in their decision-making. Drawing on large-scale data from TripAdvisor and OpenTable, we analyze the effects of digitally communicated safety protocols on restaurant booking behavior across major U.S. cities. Our findings reveal that safety communication remains a salient factor in consumer choice, even after the acute phase of the pandemic. This effect is particularly pronounced in lower-tier restaurants, where visible digital safety signals help build trust and compensate for weaker brand equity. Conversely, in upscale establishments, where baseline hygiene standards are presumed, the marginal benefit of safety signaling is reduced. The study also identifies enduring patterns of emotional expression and anxiety in online reviews, indicating the long-term psychological imprint of the pandemic on consumer sentiment. By situating safety communication as both a psychological reassurance mechanism and a strategic digital marketing tool, this research contributes to the emerging discourse on sustainable marketing in post-crisis contexts. The results offer theoretical and managerial insights into how businesses can integrate health assurance into long-term brand strategies, reinforcing trust and resilience in digitally mediated, post-pandemic consumption environments. Full article

This paper employs a Time-Varying Parameter Vector Autoregression Directional–Spillover (TVP-VAR-DY) model to investigate the dynamic spillover effects among China’s energy, real estate, and stock markets from 2013 to 2023, with a focus on the impact of extreme events. The findings show that the total conditional spillover index (TCI) typically remains below 40% in the absence of extreme events, but significantly increases during such events, reaching 51.09% during the 2015 stock market crisis and nearing 60% during the COVID-19 pandemic in 2020. Specifically, the oil and gas market exhibited a net spillover index of 4.61%, emerging as a major source of risk transmission. In contrast, the real estate market, which had a net spillover index of −9.38%, became a net risk absorber. The net spillover index indicates that the risk transmission role of different markets towards other markets is dynamically changing over time and is closely related to significant global or domestic economic events. These results indicate that extreme events not only directly impact specific markets but also rapidly propagate risks through complex inter-market linkages, exacerbating systemic risks. Therefore, it is recommended to enhance market monitoring, improve transparency, and optimize risk management strategies to cope with uncertainties in the global economy and financial markets. Full article

The global energy sector has been profoundly reshaped by the COVID-19 pandemic, triggering diverse reactions in energy demand patterns, accelerating the transition toward renewable energy sources, and amplifying concerns over global energy security and the digital safety of energy infrastructure. Five years after the pandemic’s onset, this study provides a taxonomy-based lesson-learned analysis, offering a comprehensive examination of the pandemic’s enduring effects on energy systems. It employs a detailed analytical framework to map short-, medium-, and long-term transformations across various energy-related sectors. Specifically, the study investigates significant shifts in the global energy landscape, including the electric and conventional vehicle markets, the upstream energy industry (oil, coal, and natural gas), conventional and renewable energy generation, aerial transportation, and the broader implications for global and continental energy security. Additionally, it highlights the growing importance of cybersecurity in the context of digital evolution and remote operations, which became critical during the pandemic. The study is structured to dissect the initial shock to energy supply and demand, the environmental consequences of reduced fossil fuel consumption, and the subsequent pivot toward sustainable recovery pathways. It also evaluates the strategic actions and policy measures implemented globally, providing a comparative analysis of recovery efforts and the evolving patterns of energy consumption. In the face of a global reduction in energy demand, the analysis reveals both spatial and temporal disparities, underscoring the complexity of the pandemic’s impact on the energy sector. Drawing on the lessons of COVID-19, this work emphasizes the need for flexible, forward-thinking strategies and deeper international collaboration to build energy systems that are both resilient and sustainable in the face of uncertainties. Full article

During the COVID-19 pandemic, the tourism sector encountered multiple challenges. Numerous governments chose to lock down their cities and countries. Despite this, many companies found their online businesses making the greatest leaps in their portfolios, and social media platforms became one of the most valuable sources of information for purchase decisions. There have been numerous studies on the effects of social media reviews—a form of electronic word-of-mouth (eWOM)—on consumer behavior. Few were found to be related to their impact on group package tours (GPTs) while considering mixed eWOM, that is, both the positive and negative forms present in word-of-mouth communication. As the tourism sector gradually revives, the need to further explore how tourism and hospitality service providers can adapt to changes in post-pandemic consumer behavior has become imperative. The influence of social media reviews on consumers’ value perceptions of a GPT to Japan, allowing for the influence of the marketing mix element of advertised price, was examined through online experiments in this study. Positive, negative, and mixed eWOM were examined. It was found that eWOM was more influential on consumers’ value perceptions than the advertised price for all price acceptability levels. Mixed eWOM was found to negatively affect consumers’ final price perceptions which override the impact of quality perceptions in value formations. The value perceptions of the GPT became less acceptable when eWOM was mixed compared to when eWOM was absent or was positive. Mixed eWOM had a negative effect on value perceptions but not as great as when negative eWOM was present, and this was consistently found to apply for all price acceptability levels of the GPT. This study’s contribution to eWOM research and implications for the post-pandemic recovery of tourism and hospitality service providers are made, together with suggested strategies using innovative technologies and communications to enhance their adaptive resilience in the new normal. Full article

Background/Objectives: Vaccination against SARS-CoV-2 remains a key measure to control COVID-19. Nuvaxovid, a recombinant Matrix-M–adjuvanted protein-based vaccine, showed similar efficacy to mRNA vaccines in clinical trials and real-world studies, with lower rates of reactogenicity. Methods: To support decision making on UK vaccine selection, a population-based compartmental dynamic transmission model with a cost-utility component was developed to evaluate the cost-effectiveness of Nuvaxovid compared with mRNA vaccines from a UK National Health Service perspective. The model was calibrated to official epidemiology statistics for mortality, incidence, and hospitalisation. Scenario and sensitivity analyses were conducted. Results: In the probabilistic base case, a Nuvaxovid-only strategy provided total incremental cost savings of GBP 1,338,323 and 1558 additional quality-adjusted life years (QALYs) compared with an mRNA-only vaccination strategy. Cost savings were driven by reduced cold chain-related operational costs and vaccine wastage, while QALY gains were driven by potential differences in vaccine tolerability. Probabilistic sensitivity analysis indicated an approximately 70% probability of cost-effectiveness with Nuvaxovid-only versus mRNA-only vaccination across most cost-effectiveness thresholds (up to GBP 300,000/QALY gained). Conclusions: Nuvaxovid remained dominant over mRNA vaccines in scenario analyses assessing vaccine efficacy waning, Nuvaxovid market shares, and the vaccinated population. Full article

In the context of a low-carbon economic transition and escalating uncertainties in financial markets, understanding the relationship between the long-term benefits of ESG (Environmental, Social, and Governance) investments and the stability of China’s financial markets emerges as a critical issue. This paper analyzes the risk contagion mechanisms within China’s financial system from the perspective of volatility spillovers associated with ESG investments. Initially, the study employs the Time-Varying Parameter Vector Autoregression (TVP-VAR) model to calculate the variance decomposition spillover index, contrasting the dynamics and risk transmission mechanisms of market volatility between portfolios composed of ESG and conventional stocks. Building upon the analysis of risk spillover relations among financial sub-markets, the study utilizes the generalized forecast error variance decomposition method to construct a complex network of financial system risk spillovers, investigating the risk contagion characteristics within both financial systems through network topology. Empirical findings indicate a significant reduction in the risk and net spillover effects of China’s financial system when ESG stock indices replace conventional stock indices, with a notable mutation in the volatility spillover network structure during extreme risk events and even more substantial changes during the COVID-19 pandemic. Furthermore, based on volatility spillover analysis, the study computes optimal weights and hedging strategies for portfolios incorporating the ESG volatility index and other market volatility indices. The conclusions of this research are instrumental for regulatory authorities in establishing early warning mechanisms and for investors in avoiding financial investment risks. Full article

This study examines the intricate relationship between ESG considerations and risk profiles of firms by presenting a comprehensive analysis of total, systematic, and idiosyncratic risks. Using 7834 firm-year observations from 2011 to 2022 in the Korean market, the findings reveal that ESG engagement effectively reduces total, systematic, and idiosyncratic risks. Especially noteworthy is the fact that the reduction in systematic risk, a discovery associated with ESG engagement in medium-sized firms, remains concealed when examining only the total risk. During the COVID-19 crisis, ESG remained valuable in lowering total and idiosyncratic risks but paradoxically increased systematic risk in certain circumstances. These findings emphasize the risk-mitigating potential of ESG, advocating customized strategies based on firm size. They also underscore the resilience of firms that are dedicated to ESG practices during a crisis. Investors may enhance risk-adjusted returns and mitigate overall portfolio risk by integrating ESG factors into their investment strategies, with the importance of tailoring such strategies emphasized, while governments should develop policies incentivizing ESG engagement and allocating resources for ESG-related initiatives. Full article

This study examines the underlying mechanisms that lead to sustainable fashion consumption in the post-COVID-19 pandemic era. Particularly, this study explores the complex relations between resilient coping mechanisms, consumer life goals, and sustainable fashion consumption, combining Goal Content Theory and the Consumer Sustainability Orientation framework. The findings obtained from partial least squares structural equation modeling analysis using 503 responses confirm that resilient coping positively influenced both intrinsic and extrinsic life goals. While intrinsic goals reinforce all aspects of sustainability orientation (ecological, social, and economic), extrinsic goals show a contrasting effect—positively affecting economic orientation but negatively impacting ecological and social dimensions. Among sustainability orientations, the ecological dimension had a significant positive effect on sustainable fashion consumption behavior. The research also reveals that resilient coping directly improves social and economic dimensions of sustainability orientations, but it does not significantly influence ecological orientation. This study offers insight into differentiated marketing communication strategies for retailers depending on consumers’ goals—intrinsic or extrinsic—and implies the importance of the dynamic impact of each dimension of sustainability orientation on consumers’ sustainable fashion consumption choices. Full article

During the first year of the COVID-19 pandemic, heritage sites, which protect natural and cultural resources, experienced the dauting task of sustaining business operations during the pandemic while serving the public by preserving and conserving resources. These businesses undertook risk reduction measures, conceptualized as adjustments, to mitigate the spread of disease while maintaining business operations. By engaging with Gilbert White’s (1942) Adjustment Theory, this study examines the adjustments made by Texas heritage sites in response to emerging risks associated with the COVID-19 pandemic. Specifically, we analyze adjustments made to reduce risk to visitors, financial stability, and programmatic offerings; explore the extent to which these adjustments facilitated sustainability, business expansion, and innovation; and identify what factors contributed to or hindered their recovery. This mixed-methods study employed an online survey and a follow-up semi-structured phone interview with heritage site managers. Our findings indicate Texas heritage sites implemented a range of fiscal and health related adjustments in response to the pandemic. Specific to fiscal adjustments, we found changes in visitors led to adjustments in business operations which also facilitated revenue generation for these entities. We also observed how new opportunities arose from the health adjustments in the form of remote offerings and new markets. Our findings emphasize the importance of adjustments made by heritage sites to continue their operations during the pandemic while also offering strategies to mitigate future risks. Full article

The COVID-19 pandemic has resulted in a growing number of patients experiencing persistent symptoms and physiological changes after recovering from acute SARS-CoV-2 infection, known as Long COVID. Long COVID is characterized by recurring symptoms and inflammation across multiple organ systems. Diagnosis can be challenging, influenced by factors like demographics, comorbidities, and immune responses. Long COVID impacts various organ systems and can have neuropsychological effects. Health disparities, particularly related to race, contribute to a higher burden of infection and ongoing symptoms in minority populations. Managing Long COVID entails addressing a spectrum of symptoms that encompass physical, cognitive, and psychological aspects. The recovery period for patients with Long COVID can vary significantly, influenced by factors like the severity of the disease, hospitalization, comorbidities, and age. Currently, there are no universally effective treatments, although certain interventions show promise, necessitating further research. Self-management and rehabilitation programs can provide relief, but more research is needed to establish their effectiveness. Preventive measures such as vaccination and the use of antiviral medications and metformin. It is imperative to conduct further research to develop evidence-based guidelines and gain a better understanding of the long-term implications of COVID-19. Long COVID could have substantial economic impact on the labor market, productivity, healthcare expenditures, and overall economic growth. To address the challenges patients with long-term complications face, there is a focus on strategies like promoting telework and flexible work arrangements to accommodate diverse symptoms, particularly chronic fatigue and other Long COVID effects. In conclusion, this review emphasizes the multifaceted complexity of Long COVID and the ongoing need to address its potential long-term health and economic impacts. Full article

This study aimed to identify changes in visitor behavior and visitor interest in healing forests before and after the COVID-19 pandemic. The study used text mining analysis techniques to identify changes in visitation behavior over time, divided into three periods, as follows: pre-COVID-19 (1 January to 31 December 2019), during the COVID-19 pandemic (1 November 2020 to 31 October 2022), and post-COVID-19 (1 November 2022 to 31 October 2023). After the COVID-19 outbreak, healing forest use behavior did not revert to pre-COVID-19 patterns. Moreover, the keywords “tourism” and “hiking” stood out as the main drivers of this change in behavior. Therefore, the Korea Forest Service and related authorities must examine the scalability of the functions, services, and programs of healing forests from a general healing space to a space for leisure and tourism. These findings will contribute to the development of future marketing strategies and programs for healing forests. Full article