Tom 55 (2019): Zeszyt 4 (December 2019)

The study aims at identifying the influence of interior pay gap between senior executives and ordinary employees on the organization’s future performance for listed Chinese firms. In addition, two other moderator variables have been included in the study referring management power as the percentage of senior managers holding “A” category shares for more than one position. The other one is managerial overconfidence defined as the change in management holdings by themselves (managers) positively. The paper is based on secondary data extracted from China’s ‘A’ listed companies in Shanghai and Shenzhen Stock Exchanges with a valid sample size of 1,189. After detailed analysis (Pearson correlation and regression) between the variables, it was found that there is a moderate positive relationship between the pay gap and firms’ future performance. The results further indicate that management power and overconfidence weaken the relationship between pay gap and corporate performance. The authors hope that this empirical study can guide the academicians intending to further excavate in this relatively uncharted area as well as the corporate body and top managers who seek some guidelines to formulate an effective pay plan.

The purpose of this paper was to examine the antecedents of young adult tourists’ loyalty intentions. The study is concerned with the overall loyalty tendencies of individuals, comprising the two dimensions of revisit intentions (RVIs) and recommendation intentions (RIs), and thus does not explore their loyalty to a specific destination (as in most previous studies). The research uses an Internet questionnaire with a total sample of 305 university students recruited from two Polish universities. Statistical analysis with the partial least squares structural equation modeling method indicates that destination RI is mainly driven by social bonding, while RVI is influenced positively by risk and uncertainty avoidance and negatively by novelty and variety seeking. In addition, income is found to be a significant moderator in the relationship between risk and uncertainty perception and RIs, such that a transition from very low to very high incomes tends to reverse the focal relationship from positive to negative. In addition, the research demonstrates that there is no significant difference between male and female young tourist’s loyalty intention. Implications for tourism entrepreneurs and destinations are suggested in the concluding section of the article.

Sharing economy is a very broad term, covering various areas and forms of human activity. It includes activities of individuals, social groups, and enterprises, as well as local and state authorities, which aim to enable, facilitate, or even organize the sharing of resources. Sharing economy has an increasing importance and is accompanied by large-scale changes of revolutionary character embodied in innovative thinking. In this paper, a multidimensional assessment of the sharing economy from the perspective of various groups of stakeholders is undertaken. In order to analyze this phenomenon in more depth, the analyzed field of sharing economy has been narrowed subjectively (to the sphere of operations of for-profit corporations from this sector) and territorially (to the area of cities, as special places attracting sharing economy start-ups). The analysis has found that although the idea of sharing creates new opportunities, it also causes new challenges for cities’ functioning and development, especially when considering the influence of large sharing economy companies on other stakeholders. The findings also show that not only does sharing economy have an uneven impact on the functioning of different cities but it also has heterogeneous consequences for different groups of stakeholders in the same city.

Tokyo and Seoul, the two leading East Asian global cities, operate under “developmental states.” They often struggle for control over major urban initiatives against their strong state government agencies as they seek prominence in the global city hierarchy. Through comparative review of approaches to national policy development, this paper traces the similarities of the two countries in approaching national economic development and how that influences their capital city’s capacity to manage growth and urbanization pressures. We focus on some major urban development initiatives in Tokyo and Seoul between 1970 and 2010 to test the notion whether global cities get “disembedded” from their state or national context as they integrate into the globalized economy. We contend that national and local societal developments continue to drive the cities’ growth patterns, albeit influenced by overall global forces, while the global cities and their nation states evolve ways to compete and collaborate in the pursuit of common interests.

The growth of total factor productivity (TFP) in advanced economies has slowed significantly after the 1970s. The global financial crisis (GFC) has resulted in the second productivity growth slowdown. This paper, on the basis of a broad literature review, identifies the structural forces and legacies of the financial crisis, explaining the productivity growth slowdown and providing possible policy solutions. The mismeasurement hypothesis is also discussed. The slowing pace of innovations, population aging, slowing human capital accumulation, limits of structural transformation, capital misallocation, and firm-level factors are identified as structural forces slowing TFP growth. Lack of capital deepening, financial frictions, and slowdown of international trade are the most important legacies of GFC affecting productivity growth.