Causative dynamics of overconfidence, optimism, framing effects and demographic attributes as capital structure determinants for publicly listed firms in Indonesia

This study examines whether capital structure determinations by Indonesian publicly listed firms (Tbks) are influenced by the behavioural biases of overconfidence and optimism, with the underlying rationality frameworks being framed by relevant financial information and impacted by decision-makers’ demographic attributes. Data were obtained from survey respondents and statistically analysed using partial least squares structural equation modelling to identify the indicators of causative dynamics within the hypothesised relationships. Sampled Tbks’ management (CEOs/CFOs) displayed the inherent behavioural traits of overconfidence and optimism in their capital structure determinations. However, such behavioural variables were not statistically proven to significantly influence capital structure decision-making and, hence, were not validated as capital structure determinants. The pecking order framework was revealed to have a significant framing effect on capital structure decision-making by sampled managers. Sampled managers’ demographic attributes and backgrounds were found to be capital structure determinants but did not have a mediating or moderating influence on the modelled relationship between behavioural variables and capital structure.

A Participatory Assessment of Perceived Neighbourhood Walkability in a Small Urban Environment

Walkability has become a research topic of great concern for preserving public health, especially in the era of the COVID-19 outbreak. Today more than ever, urban and transport policies, constrained by social distancing measures and travel restrictions, must be conceptualized and implemented with a particular emphasis on sustainable walkability. Most of the walkability models apply observation and subjective methods to measure walkability, whereas few studies address walkability based on sense perception. To fill this gap, we aim at investigating the perceived neighbourhood walkability (PNW) based on sense perception in a neighbourhood of Brussels. We designed a survey that integrates 22 items grouped into 5 dimensions (cleanness, visual aesthetics, landscape and nature, feeling of pressure, feeling of safety), as well as the socio-demographic attributes of the participants. Using various statistical methods, we show that socio-demographics have almost no effects on perceived neighbourhood walkability. Nonetheless, we found significant differences between groups of different educational backgrounds. Furthermore, using a binomial regression model, we found strong associations between PNW and at least one item from each grouping dimension. Finally, we show that based on a deep neural network for classification, the items have good predictive capabilities (78% of classification accuracy). These findings can help integrate sense perception into objective measurement methods of walkable environments. Additionally, policy recommendations should be targeted based on differences of perception across socio-demographic groups.

Factors Driving BIM Learning Performance: Research on China’s Sixth National BIM Graduation Design Innovation Competition of Colleges and Universities

With the popularization and rise in BIM technology usage, BIM education for undergraduate students in architecture, engineering, and construction (AEC) related disciplines has emerged as a priority. This study assesses the BIM learning outcomes of students participating in the National BIM Graduation Design Innovation Competition of Colleges and Universities. In total, 2777 valid questionnaire responses were obtained for this study. The Cronbach’s alpha coefficient method and principal component factor analysis method were used to verify the reliability of the data set (Cronbach’s alpha = 0.962, KMO = 0.965). The t-test (ANOVA) was used to verify that gender, school type, major, grade, study duration and use BIM related software, as well as other demographic attributes, displayed significant inter-group differences. Seven common factors affecting BIM learning performance were obtained by exploratory factor analysis: (1) ability of the instructor, (2) school (college) atmosphere, (3) teamwork, (4) individual ability, (5) understanding of BIM industry applications, (6) social environment incentives, and (7) achievement demand. Finally, the results of an ordered logistic regression revealed that the demographic attributes of participants, the comprehensive ability of the instructor, teamwork, individual ability, and achievement demand significantly affects BIM learning performance. Based on these findings, this paper puts forward suggestions for improving BIM learning performance and provides theoretical support for BIM education and learning in AEC related undergraduate majors.

Contextualizing oppositional cultures: The variable significance of gender and ethnic minority status across schools

Different lines of research have argued that specific groups, such as boys or ethnic minorities, are more prone to develop an anti-school culture than others, leading to group differences in the social acceptance of high performers. Taking an ecological view, we ask to what extent the school context promotes or prevents the emergence of group-specific oppositional cultures. Theoretically, we argue that group-based oppositional cultures become more likely in schools with low socio-economic resources and in schools where socio-economic differences align with demographic attributes. We test our hypotheses based on data from a large-scale, four-wave network panel survey among more than 4,000 students in Germany. Applying stochastic actor-oriented models for the coevolution of networks and behavior, we find that group-based oppositional cultures in which students like high performers less are very rare. However, in line with theoretical expectations, the less resourceful a school is, the more boys tend to evaluate high-performing peers less positively than girls do. Moreover, the more ethnic minority boys are socioeconomically disadvantaged in a school, the more they tend to evaluate high performers less positively than majority boys do.

What Drives Commuters to Pay for Autonomous Vehicles?

Although commuters have been identified as potential early adopters of autonomous vehicles (AVs) that can boost the adoption rate of this technology, there is a lack of knowledge on their willingness to pay (WTP) for this technology and the attitude that influences this decision. Using data from a consumer survey conducted in the United States, this study presents a comprehensive analysis of the decision to pay for AVs among commuters. An integrated choice and latent variable (ICLV) model was applied in this study, considering its robust performance in modeling choice behavior for integrating users’ attitudes. The results showed that commuters with a favorable view toward multitasking tended to put a higher value on driverless cars. On the other hand, although a favorable view toward technology motivated commuters to pay more for AVs, data privacy and trust issues with the technology could outweigh this factor and discourage commuters from adopting and paying for AVs. This study also provides in-depth insights and comprehensive views on the impacts of commuters’ socioeconomic and demographic attributes on the decision to pay for AVs. Notably, although age and educational attainment did not directly affect WTP behavior, they played important roles in this decision, with significant effects mediated through latent attitudes. These in-depth analyses provide useful insights that can help develop customized marketing strategies for different market segments according to their specific and unique preferences and concerns.

Pausing the Pandemic: Understanding and Managing Traveler and Community Spread of COVID-19 in Hawaii

In the absence of a vaccine, nonpharmaceutical interventions such as social distancing and travel reductions were the only strategies for slowing the spread of the COVID-19 pandemic. Using survey data from Hawaii ( n = 22,200) collected in March through May of 2020 at the onset of the pandemic, the differences between traveler spreaders who brought the disease into the state and community spreaders were investigated. In addition to describing the demographic attributes and comparing them with attributes of those who were vulnerable to COVID-19, logit models explaining travel behaviors were developed and tested. Traveler spreaders were likely to be male, younger, and returning students. Community spreaders were more likely to be male, essential workers, first responders, and medical personnel at the highest risk of exposure. Using spatial statistics, clusters and hotspot locations of high-risk individuals were mapped. As transportation researchers are in a position to combine their critical analytical capabilities and experience with relevant databases on mobility and the spread of infectious diseases, this analysis could support efforts to respond to and slow the spread of the pandemic.

Occurrence of COVID-19 in Kolkata slums during second surge

Background: The clobber of COVID-19 brought a coup-de-grace to humanity in this modern era. New-norms of COVID-19 prevention although appear promising yet often adjunct with non-congruent compliance. The WHO has advocated house-to-house case-linked study to acquire facts on epidemiological and transmissibility traits of COVID-19 in low-income communities. Kolkata experienced the first wave of COVID-19 till November 20, expected second splatter in March 21. Aims and Objectives: Thinking through a probable upswing of COVID-19 in Kolkata, it was felt prudent to study the occurrence of COVID-19 among residents of two different slums inter-alia study allied factors, if any. Materials and Methods: The study was carried out in two different slums having 395 and 428 members, respectively, in South Kolkata from March 21 to August 21. Sanction was obtained from administrative authority as well from each individual. Questionnaire containing personal details, awareness, and observance of personal protective measures (PPM) on COVID-19 were sent to members through e-mode; those demurred, contacted in-person under new-norm. Data assembled was coded, tabulated and analyzed. Details of COVID-19 (RT-PCR+ve) cases confirmed by Government/private hospitals were incorporated as and when surfaced. Results: Communities studied had comparable socio-demographic attributes including education, employment, and economic stand. About 93% of subjects from each slum knew most of the facets of PPM and stated practiced the same. Occurrence rates of COVID-19 were 15.2 and 16.2 per 1000 people of respective communities during study tenure. Majority of indisposed were smoker male (92%) from the lowest SES (53.8%), educated to primary/middle school (46%), and worked as vegetable seller (53.8%). All afflicted stated followed PPM except social distancing (77%) and sanitizer use (53.8%). All affected were smokers/quid-users and shared tobacco sticks/hand-smothered quid for mutual use regularly. The study unveiled unequivocal heterogeneity of COVID-19 transmission in Kolkata slums because of certain unattended socio-graphics besides optimistic reflective of PPM awareness/observance. PPM proffers protection no doubt but its effective role necessitates consistent conformity in the background of certain contextual considerations. Conclusion: Further research in urban slums is contemplated to enhance the present effort to extricate facts that may lend a hand in COVID-19 prevention tomorrow.

Acceptance of COVID-19 vaccines in sub-Saharan Africa: evidence from six national phone surveys

ObjectivesTo estimate the willingness to accept a COVID-19 vaccine in six sub-Saharan African countries and identify differences in acceptance across countries and population groups.DesignCross-country comparable, descriptive study based on a longitudinal survey.SettingSix national surveys from countries representing 38% of the sub-Saharan African population (Burkina Faso, Ethiopia, Malawi, Mali, Nigeria and Uganda).ParticipantsRespondents of national high-frequency phone surveys, aged 15 years and older, drawn from a nationally representative sample of households.Main outcome measuresWillingness to get vaccinated against COVID-19 if an approved vaccine is provided now and for free, disaggregated by demographic attributes and socioeconomic factors obtained from national household surveys. Correlates of and reasons for vaccine hesitancy.ResultsAcceptance rates in the six sub-Saharan African countries studied are generally high, with at least four in five people willing to be vaccinated in all but one country. Vaccine acceptance ranges from nearly universal in Ethiopia (97.9%, 95% CI 97.2% to 98.6%) to below what would likely be required for herd immunity in Mali (64.5%, 95% CI 61.3% to 67.8%). We find little evidence for systematic differences in vaccine hesitancy by sex or age but some clusters of hesitancy in urban areas, among the better educated, and in richer households. Safety concerns about the vaccine in general and its side effects specifically emerge as the primary reservations toward a COVID-19 vaccine across countries.ConclusionsOur findings suggest that inadequate demand is unlikely to represent the key bottleneck to reaching high COVID-19 vaccine coverage in sub-Saharan Africa. To turn intent into effective demand, targeted information, sensitisation and engagement campaigns bolstering confidence in the safety of approved vaccines and reducing concerns about side effects will be crucial to safeguard the swift progression of vaccine rollout in one of the world’s poorest regions.

Exploring residential characteristics as determinants of household adaptation to climate change in Lagos, Nigeria

Purpose The purpose of this paper is to examine the factors influencing residents’ adaptation strategies to climate change effects in Lagos Metropolis, Nigeria. Design/methodology/approach The metropolis was stratified into low, medium and high residential densities. Across the residential densities, questionnaires were administered on 384 residents. The questionnaire addressed issues on resident’s socio-economic and demographic attributes, awareness of climate change and factors influencing residents’ adaptation to climate change. Data were analysed using both descriptive and inferential statistics. Findings Result indicated that the adaptation strategies adopted by residents in the different residential areas were similar but varied in magnitude as denoted by the resident response index RRI (RRIh = 3.32, RRIm = 3.39 and RRIl = 3.41). The multiple regression analysis computed indicated the residential characteristics such as education, average monthly income, age, house type and house ownership (p < 0.05) were significant factors influencing resident’s level of climate change adaptation strategies adopted. Research limitations/implications The study could be strengthened by looking at specific climate change effects such as floods or drought in major cities of Nigeria. Hence, the view presented in this paper may not be considered generalizable to the impacts of climate change in the study area. Originality/value In recent years, research studies on human adaptation and coping strategies to climate change have generated considerable development interest. This study contributed to this growing area of research by examining the factors influencing residents’ adaptation strategies to climate change in Lagos Metropolis, Nigeria.

A fish for all seasons: Spatial and temporal variation in patterns of demographic heterogeneity for Retropinna retropinna

<p>Demographic heterogeneity can have big effects on population dynamics, but for most species we have limited understanding of how and why individuals vary. Variation among individuals is of particular importance for stage-structured populations, and/or where species have ‘complex life-cycles’. This is especially relevant in the case of amphidromous fishes that typically spawn in river mouths and estuaries, develop at sea and return to freshwater to finish development. These fish face strong selection pressures as they negotiate challenges around dispersal and development in order to reproduce successfully. Quantifying variation amongst individual fish can improve understanding of their population dynamics and suggest possible drivers of variation. I evaluate patterns and sources of variation in demographic attributes of the New Zealand smelt (Retropinna retropinna). R. retropinna is an amphidromous fish that is endemic to New Zealand. While most populations have a sea-going larval stage, a number of landlocked freshwater populations occur, with the largest landlocked population residing in Lake Taupo. Here R. retropinna are presented with a variety of littoral feeding/spawning habitats and environmental conditions that may vary across distinct regions of the lake. In addition, the protracted spawning period for this species in Lake Taupo (occurring over eight months of the year) provides additional scope for seasonal variation to influence demographic attributes of individuals. I sampled R. retropinna from discrete coastal habitats (beach or river) that were located in the eastern, southern and western regions of the lake. I evaluated patterns of variation in the size-structure, age-structure and morphology of R. retropinna among habitats and/or regions across Lake Taupo. I used otoliths to reconstruct demographic histories (ages, growth rates, hatch dates) of individuals, and used a set of statistical models to infer spatial variation in demographic histories. I found differences in size and age structure between regions, and a temporal effect of hatch date on larval/juvenile growth rates. In addition, I obtained samples of R. retropinna from a sea-going population at the Hutt river mouth (sampled fish were presumed to be migrating upstream after their development period in Wellington Harbour and/or adjacent coastal environments). While Lake Taupo is large, deep, fresh, oligotrophic and strongly stratified for 8-9 months outside of winter, Wellington Harbour is less than a sixth of the area, shallow, saline, eutrophic and never stratified. These greatly differing environmental conditions led me to expect that these systems’ R. retropinna populations would carry significantly different demographic attributes. I compared the hatching phenology, recruitment age, body morphology, and individual growth histories (reconstructed from otoliths) of R. retropinna sampled from Lake Taupo and Wellington Harbour. I explored the relationships between demographic variation and environmental variation (water temperature, chlorophyll a) for the two systems and found that this additional environmental information could account for much of the seasonal variation in daily otolith increment widths of R. retropinna. My results also suggest that while the two sampled populations likely share similar hatching and spawning phenologies, individuals from Lake Taupo tend to grow more slowly, particularly during winter, and end up smaller than sea-going fish sampled near Wellington. I speculate that these differences reflect variation in food supply (zooplankton may be limited in Lake Taupo over winter). Overall, my results demonstrate a high degree of variation in morphological and life-history traits within a single species, potentially driven by an interaction between environmental variation and timing of development. My work contributes to a growing body of literature on demographic heterogeneity, and may help to inform the management of landlocked populations of R. retropinna in Lake Taupo.</p>