Search Results (68)

Social media platforms like Instagram significantly shape destination images and influence tourist behavior. Understanding how different cities are represented and perceived on these platforms is crucial for effective tourism marketing. This study provides a comparative analysis of Instagram content and engagement patterns in Seoul and Tokyo, two major Asian metropolises, to derive actionable marketing insights. We collected and analyzed 59,944 public Instagram posts geotagged or location-tagged within Seoul (n = 29,985) and Tokyo (n = 29,959). We employed a mixed-methods approach involving content categorization using a fine-tuned convolutional neural network (CNN) model, engagement metric analysis (likes, comments), Valence Aware Dictionary and sEntiment Reasoner (VADER) sentiment analysis and thematic classification of comments, geospatial analysis (Kernel Density Estimation [KDE], Moran’s I), and predictive modeling (Gradient Boosting with SHapley Additive exPlanations [SHAP] value analysis). A validation analysis using balanced samples (n = 2000 each) was conducted to address Tokyo’s lower geotagged data proportion. While both cities showed ‘Person’ as the dominant content category, notable differences emerged. Tokyo exhibited higher like-based engagement across categories, particularly for ‘Animal’ and ‘Food’ content, while Seoul generated slightly more comments, often expressing stronger sentiment. Qualitative comment analysis revealed Seoul comments focused more on emotional reactions, whereas Tokyo comments were often shorter, appreciative remarks. Geospatial analysis identified distinct hotspots. The validation analysis confirmed these spatial patterns despite Tokyo’s data limitations. Predictive modeling highlighted hashtag counts as the key engagement driver in Seoul and the presence of people in Tokyo. Seoul and Tokyo project distinct visual narratives and elicit different engagement patterns on Instagram. These findings offer practical implications for destination marketers, suggesting tailored content strategies and location-based campaigns targeting identified hotspots and specific content themes. This study underscores the value of integrating quantitative and qualitative analyses of social media data for nuanced destination marketing insights. Full article

Extracellular vesicle (EV)-based therapies have attracted considerable attention as a novel class of biologics with broad clinical potential. However, their clinical translation is impeded by the fragmented and rapidly evolving regulatory landscape, with significant disparities between the United States, European Union, and key Asian jurisdictions. In this review, we systematically analyze regional guidelines and strategic frameworks governing EV therapeutics, emphasizing critical hurdles in quality control, safety evaluation, and efficacy demonstration. We further explore the implications of EVs’ heterogeneity on product characterization and the emerging direct-to-consumer market for EVs and secretome preparations. Drawing on these insights, in this review, we aim to provide a roadmap for harmonizing regulatory requirements, advancing standardized analytical approaches, and fostering ongoing collaboration among regulatory authorities, industry stakeholders, and academic investigators. Such coordinated efforts are essential to safeguard patient welfare, ensure product consistency, and accelerate the responsible integration of EV-based interventions into clinical practice. Full article

To examine the spillover of tail-risk information across global stock markets, we select nine major stock markets for the period spanning from June 2014 to May 2024 as the sample data. First, we employ effective Rényi transfer entropy to measure the tail-risk information spillover. Second, we construct a Diebold–Yilmaz connectedness table to explore the overall characteristics of tail-risk information spillover across the global stock markets. Third, we integrate wavelet analysis with effective Rényi transfer entropy to assess the multi-scale characteristics of the information spillover. Our findings lead to several key conclusions: (1) US and European stock markets are the primary sources of tail-risk information spillover, while Asian stock markets predominantly act as net information receivers; (2) the intensity of tail-risk information spillover is most pronounced between markets at the medium-high trading frequency, and as trading frequency decreases, information spillover becomes more complex; (3) across all trading frequencies, the US stock market emerges as the most influential, while the Japanese stock market is the most vulnerable. China’s stock market, in contrast, demonstrates relative independence. Full article

The relationships between the prices of major energy commodities have been a widely discussed topic in energy market analyses. This study examines whether the substantial changes observed in recent years have influenced the price linkages between coal and natural gas. By comparing selected price indices from European and Asian markets, we assess the evolving interdependencies between these fuels. The results indicate that the most significant changes in price linkages have occurred in European markets. Both VAR and ARDL model-based tests reveal a shift in the direction of causal relationships. Between 2006 and 2011, coal prices significantly influenced natural gas prices, with no strong evidence of reverse causality. However, in the more recent period (2018–2023), the relationship reversed—natural gas prices now have a significant impact on coal prices, while the reverse linkage has weakened. In Asian markets, the changes were less pronounced, particularly for Japanese import gas prices based on lagged average formulas. However, in the most recent period, a notable influence of Indonesian import gas prices on Australian coal prices emerged, mirroring trends observed in Europe. These findings highlight the increasing role of natural gas in shaping energy commodity prices, especially in Europe, where its growing importance in power generation has contributed to this shift. Additionally, the post-2018 period has been marked by significant supply disruptions, particularly in Europe, with geopolitical factors playing a crucial role in amplifying the importance of natural gas prices. Full article

Under global economic integration, firms are active in transnational operations, prompting all sectors to deepen their awareness of the role of enterprises and pay attention to the fulfillment of their social responsibility. Although the existing literature has explored the impact of firm internationalization (FI) on corporate social responsibility (CSR), there is a lack of comprehensive analysis focusing on the interactions between the different dimensions of the two and how they are influenced by the system of the sample’s country of origin. Therefore, this study aimed to comprehensively investigate the current developments, trends and hotspots of the relationship between FI and CSR, and at the same time summarize the current major theoretical perspectives and empirical findings in this area. This study utilized the Web of Science database to conduct a bibliometric analysis and a literature review analysis of 331 studies published up to 2024 in order to identify trends and patterns in the relationship between FI and CSR. Specifically, the bibliometric analysis utilized Cite Space 6.4.R1 and VOSviewer 1.6.19 to analyze the collected and screened literature data, clarify the distribution of the core research power, and discover hotspots and trends through keyword analysis, whereas the literature review analysis sorted out the complex relationship between FI and CSR through extensive reading of the literature and an analysis of it from both theoretical perspectives. The empirical results and their aspects are summarized. The findings demonstrate that the research in this field shows an increasing trend year by year, in which American and British universities and research institutes are in the leading position in this field, and Asian emerging economies are also emerging in this field. The current hotspot is still focused on the impact of the degree of internationalization on the fulfillment of social responsibility, but some scholars have begun to carry out interdisciplinary research, focusing on the emerging markets through micro case studies. At the same time, this study also found that there is a complex interaction between FI and CSR; on the one hand, this is due to the fact that scholars use different theoretical perspectives in different practice contexts, and on the other hand, it is because scholars use different research methods and samples, which leads to the heterogeneity of the final empirical results. This study provides a clear guideline for subsequent researchers to quickly grasp the research pattern through the bibliometric analysis, which greatly saves on exploration time and energy in the pre-study period, while the literature review analysis summarizes the framework of the previous studies for readers, and sorts out the complex relationship between FI and CSR clearly. Overall, this study provides ideas for firms to adopt CSR in their internationalization strategies, as well as a basis for relevant sectoral organizations to formulate policies and regulatory measures. Full article

The relationship between race and labour has been analyzed from different theoretical perspectives. Some have focused on the connection between race and the extraction of surplus from people of colour, Black people in particular Others have integrated race within the context of capitalism as a world system or have focused on race as a category of exploitation that defines both feudalism and capitalism that is essential for the survival of capitalism. This paper argues that, to understand the relation between race and labour, race must be understood as legal status. Race is a set of legal rights given to or withheld from workers because of loosely defined and arbitrarily selected physical characteristics. By assigning different rights to workers based on race, their labour is racialized, and race becomes an important element to the functioning of capitalism because it defines the value of labour. As legal status, race is defined and enforced by the state. In addition, this paper analyses the development of US naturalization and immigration law from 1790 to 1964, selected as an example of the process of racialization of labour. Specifically, it discusses the process of racialization of labour by connecting it to the concept of Westphalian sovereignty and the differentiation between natural and political rights. It concludes that, between 1790 and 1965, race supported the development and stability of US capitalism through the development of three distinct highly racialized labour markets: the Northeast, mostly defined by the racialization of European workers along a scale of whiteness; the West, determined by the racialization of Asian and, later, Latino workers; and the South, characterized by the racialization of African Americans and selected southern European workers, Italians in particular, and, later, Latino workers. These three markets operated in symbiosis with each other and featured different forms of racialization of labour, as defined by different forms of enforcement of race as legal status, ranging from the Chinese Exclusion Act of 1882 on the West Coast to the Jim Crow System that emerged in the southern states after the Compromise of 1877 and the Immigration Act of 1924 that dramatically limited immigration from southern and Eastern Europe. Full article

In this study, we examine the critical question of whether global equity and bond assets (both green and non-green) offer effective hedging and safe haven properties against stock market risks in South Asia, with a focus on Bangladesh, India, Pakistan, and Sri Lanka. The increasing integration of global financial markets and the volatility experienced during recent economic crises raise important questions regarding the resilience of South Asian markets and the potential protective role of global assets. Drawing on methods like VaR and CVaR tail risk estimators, the DCC-GJR-GARCH time-varying connectedness approach, and cost-effectiveness tools for hedging, we analyze data spanning from 2014 to 2022 to assess these relationships comprehensively. Our findings demonstrate that stock markets in Bangladesh experience lower levels of downside risk in each quantile; however, safe haven properties from the global financial markets are effective for Bangladeshi, Indian, and Pakistani stock markets during the crisis period. Meanwhile, the Sri Lankan stock market neither receives hedging usefulness nor safe haven benefits from the same marketplaces. Additionally, global green assets, specifically green bond assets, are more reliable sources to ensure the safest investment for South Asian investors. Finally, the portfolio implications suggest that while traditional global equity assets offer ideal portfolio weights for South Asian investors, global equity and bond assets (both green and non-green) are the cheapest hedgers for equity investors, particularly in the Bangladeshi, Pakistani, and Sri Lankan stock markets. Moreover, these results hold significant implications for investors seeking to optimize portfolios and manage risk, as well as for policymakers aiming to strengthen regional market resilience. By clarifying the protective capacities of global assets, particularly green ones, our study contributes to a nuanced understanding of portfolio diversification and financial stability strategies within emerging markets in South Asia. Full article

This paper presents a comprehensive review of scientific papers and market reports analyzing the economic competitiveness of fuel cell electric buses (FCEBs) with respect to their conventional alternatives via the total cost of ownership (TCO) methodology. We discussed the variables and data taken into account and compared the resulting outcomes by year and geographical areas. It emerged that FCBs are not currently cost competitive. The decreasing trend in acquisition and fuel costs, however, indicates potential for future competitiveness. We find that the current TCO literature on FCEBs presents several areas of uncertainty and weakness. Potential improvements can be achieved by: (i) extending the geographic coverage to Asian and African developing countries; (ii) making use of real-world data instead of simulated data, in particular, concerning acquisition costs, hydrogen costs under different pathways, fuel efficiency, and maintenance costs; (iii) clarifying the role of infrastructural costs; (iv) exploring the existence of economies of scale at fleet level; (v) distinguishing among different bus sizes. Full article

The lack of a universally accepted definition of a pandemic hinders a comprehensive understanding of and effective response to these global health crises. Current definitions often lack quantitative criteria, rendering them vague and limiting their utility. Here, we propose a refined definition that considers the likelihood of susceptible individuals contracting an infectious disease that culminates in widespread global transmission, increased morbidity and mortality, and profound societal, economic, and political consequences. Applying this definition retrospectively, we identify 22 pandemics that occurred between 165 and 2024 AD and were caused by a variety of diseases, including smallpox (Antonine and American), plague (Justinian, Black Death, and Third Plague), cholera (seven pandemics), influenza (two Russian, Spanish, Asian, Hong Kong, and swine), AIDS, and coronaviruses (SARS, MERS, and COVID-19). This work presents a comprehensive analysis of past pandemics caused by both emerging and re-emerging pathogens, along with their epidemiological characteristics, societal impact, and evolution of public health responses. We also highlight the need for proactive measures to reduce the risk of future pandemics. These strategies include prioritizing surveillance of emerging zoonotic pathogens, conserving biodiversity to counter wildlife trafficking, and minimizing the potential for zoonotic spillover events. In addition, interventions such as promoting alternative protein sources, enforcing the closure of live animal markets in biodiversity-rich regions, and fostering global collaboration among diverse stakeholders are critical to preventing future pandemics. Crucially, improving wildlife surveillance systems will require the concerted efforts of local, national and international entities, including laboratories, field researchers, wildlife conservationists, government agencies and other stakeholders. By fostering collaborative networks and establishing robust biorepositories, we can strengthen our collective capacity to detect, monitor, and mitigate the emergence and transmission of zoonotic pathogens. Full article

Due to COVID-19, the shipping market has faced uncertainty, and the possibility of changes in port routes has increased. The purpose of this study was to analyze the network of container liner shipping routes between Asia and Europe. In particular, this research focused on a global risky situation—the COVID-19 pandemic. The data examined encompassed Asia–Europe route schedules from January 2018 to October 2021, which exhibited significant fluctuations due to the COVID-19 pandemic originating in 2019. To access this problem, utilizing concepts of centrality from social network analysis (SNA), namely degree centrality and betweenness centrality, this analysis incorporated route capacity as a weighted factor. The findings revealed that the port of Rotterdam held the highest degree of centrality in 2018, 2019, and 2021, while Shanghai claimed the highest degree of centrality in 2020. Singapore exhibited the highest betweenness centrality. Asian ports wielded greater influence during the COVID-19 pandemic compared to European ports. Furthermore, Singapore emerged as a pivotal mediator in the Asia–Europe routes, playing a significant role within the global supply chain. Results showed that the port could be put into an unstable situation. Therefore, the managers of port and shipping companies should be ready to minimize risk. From an academic perspective, it is difficult to integrate and analyze container liner schedules as they are monthly updated. This study therefore analyzed continuous schedules to examine dynamic changes in schedules. By adopting SNA, we presented changes in connectivity over multiple periods. This study addressed questions stakeholders may have had about route changes during the global crisis, contributing to sustainable container transportation. This study provides a general understanding of Asia–Europe container scheduling for decision makers. Using market schedules, this research analyzed the connections, and evaluated and compared each port. Full article

Loop-Mediated Isothermal Amplification (LAMP) technology is emerging as a rapid pathogen testing method, potentially challenging the RT-PCR “gold standard”. Despite recent advancements, LAMP’s widespread adoption remains limited. This study provides a comprehensive market overview and assesses future growth prospects to aid stakeholders in strategic decision-making and policy formulation. Using a dataset of 1134 LAMP patent documents, we analyzed lifecycle and geographic distribution, applicant profiles, CPC code classifications, and patent claims. Additionally, we examined clinical developments from 21 curated clinical trials, focusing on trends, geographic engagement, sponsor types, and the conditions and pathogens investigated. Our analysis highlights LAMP’s potential as a promising rapid pathogen testing alternative, especially in resource-limited areas. It also reveals a gap between clinical research, which targets bacterial and parasitic diseases like malaria, leishmaniasis, and tuberculosis, and basic research and commercial efforts that prioritize viral diseases such as SARS-CoV-2 and influenza. European stakeholders emphasize the societal impact of addressing unmet needs in resource-limited areas, while American and Asian organizations focus more on research, innovation, and commercialization. Full article

The aim of this paper is to evaluate changes in Italy’s competitiveness in the global wood products market, with a particular focus on wooden furniture and wood panels, both final and intermediate products of the crucial wooden furniture supply chain. The analysis is conducted through a cross-country comparison using trade flow matrices and various descriptive indices: Market Share, Trade Competitiveness Index, Balassa’s Revealed Comparative Advantage Index, and the Symmetric Balassa Index. Furthermore, this study also examines intra-industry trade using the Grubel–Lloyd Index. While each index has its limitations when used individually, their combined analysis can provide a more comprehensive view. The study covers the period from 1996 to 2019, using data from FAO and COMTRADE sources. The results show that Italy maintains a significant position in the international furniture market, although this position has deteriorated over time. Conversely, Italy remains a net importer of wood panels. Trade flows have become more concentrated, with Canada and Germany still holding importance in the international market. However, Asian countries have now become the core of the commercial network. China has emerged as the leading exporting country in all product categories considered, with Vietnam and Malaysia also increasing in importance. Noteworthy progress has also been recorded by Russia and Poland in Europe. Additionally, the study discusses the implications of these findings for rural development, particularly in regions dependent on the wood-product sectors. Full article

With the soaring interest in art as an alternative investment approach and an asset class, there has been a remarkable rise in the volume of artwork transactions globally. However, trading in the art market differs from the traditional financial market; the cost of taxes, logistics, storage, and other transaction services is enormous for collectors, stimulating the emergence of related businesses, such as warehousing, bonded exhibitions, and art financial services. As an exceptional area serving the offshore economy, art freeports have become an essential venue for art trading and a ‘one-stop-shop’ centre that converges all art market participants. This article critically analyses the current literature and conducts empirical research on Shanghai FTZ International Culture Investment and Development Co., Ltd. (FTZART). It can be concluded that the current research on art freeports is limited and excludes FTZART from those that specialise in storing artworks, overlooking its potential influence in the Asian market. The art freeport has distinctive features that differ from traditional freeport models, and the context, business model, and operations of FTZART match these characteristics. Therefore, as a hub in the art market, the global art freeport agenda should not overlook FTZART, and it is essential to complement this gap in knowledge. Full article

In 2022, the Russian forest sector was severely affected by the government’s ban on the export of unprocessed timber and trade sanctions imposed by several countries. It is generally recognized that the regions of the Russian North-West are the most affected by trade barriers that have emerged. Against this background, the impact of bilateral trade restrictions on timber companies in the Asian part of Russia is not discussed. Nevertheless, the forest industry is an important sector of the Siberian economy that has an economic, social and environmental impact on the life of local communities. This paper analyzes the differences among Siberian timber companies in their response to the crisis depending on three factors: industrial specialization, scale of revenue and regional location. The results show that in 2022 the highest median revenues and net profits were generated by small firms that were focused on the domestic market and benefited from reduced competition due to sanctions. There is also evidence that spatial heterogeneity in the response to the crisis may be due to the different support measures of regional authorities and the proximity of the region to border points. We argue that the current conditions may become a new driver for the timber industry development, aimed at the growth of added value and expansion of domestic demand for wood products. Full article

Research conducted on individuals with depression reveals that major depressive disorders (MDDs) coincide with diminished levels of the inhibitory neurotransmitter γ-aminobutyric acid (GABA) in the brain, as well as modifications in the subunit composition of the primary receptors (GABA_A receptors) responsible for mediating GABAergic inhibition. Furthermore, there is substantial evidence supporting the significant role of GABA in regulating stress within the brain, which is a pivotal vulnerability factor in mood disorders. GABA is readily available and approved as a food supplement in many countries. Although there is substantial evidence indicating that orally ingested GABA may affect GABA receptors in peripheral tissues, there is comparatively less evidence supporting its direct action within the brain. Emerging evidence highlights that oral GABA intake may exert beneficial effects on the brain and psyche through the gut–brain axis. While GABA enjoys wide consumer acceptance in Eastern Asian markets, with many consumers reporting favorable effects on stress regulation, mood, and sleep, rigorous independent research is still largely lacking. Basic research, coupled with initial clinical findings, makes GABA an intriguing neuro-nutritional compound deserving of clinical studies in individuals with depression and other psychological problems. Full article