The NASCAR phenomenon: Auto racing sponsorships and shareholder wealth

This study presents the first analysis of the impact of NASCAR sponsorship announcements on the stock prices of sponsoring firms. The primary finding of the study-that NASCAR sponsorship announcements were accompanied by the largest increases in shareholder wealth ever recorded in the marketing literature in response to a voluntary marketing program-represents a striking and unambiguous stock market endorsement of the sponsorships. Indeed, the 24 sponsors analyzed in this study experienced mean increases in shareholder wealth of over $300 million dollars, net of all of the costs associated with the sponsorships. A multiple regression analysis of firm-specific stock price changes and select corporate and sponsorship attributes indicates that NASCAR sponsorships with more successful racing teams, corporate (as opposed to product or divisional) sponsorships, and sponsorships with direct ties to the consumer automotive industry are all positively correlated with perceived sponsorship success, while corporate cash flow per share (a well-known proxy for agency conflicts within the firm) is negatively related with shareholder approval.

Relationship between franking credits and the market risk premium

In a dividend imputation tax system, equity investors have three potential sources of return: dividends, capital gains and franking (tax) credits. However, the standard procedures for estimating the market risk premium (MRP) for use in the capital asset pricing model, ignore the value of franking credits. Officer (1994) notes that if franking credits do affect the corporate cost of capital, their value must be added to the standard estimates of MRP. In the present paper, we explicitly derive the relationship between the value of franking credits (gamma) and the MRP. We show that the standard parameter estimates that have been adopted in practice (especially by Australian regulators) violate this deterministic mathematical relationship. We also show how information on dividend yields and effective tax rates bounds the values that can be reasonably used for gamma and the MRP. We make recommendations for how estimates of the MRP should be adjusted to reflect the value of franking credits in an internally consistent manner.

Sustainable tourism planning: A content analysis of local tourism plans

Tourism planning has been advocated by many as a possible means of alleviating some of the negative impacts of tourism. While a number of approaches have evolved, tourism planning based on the philosophies of sustainability has emerged as the most comprehensive approaches. To investigate the tourism planning approaches of local tourism destinations in Queensland, particularly the extent to which tourism plans exhibit the sustainable approach to tourism planning, 30 local tourism planning documents have been reviewed. Despite claims that sustainable tourism planning is one of the most accepted approaches the study has shown that this is not necessarily the case in practice. It was found that although a number of plans addressed the issue of sustainability, the subsequent strategies and actions suggest that the sustainable approach is not the dominant planning approach, but in fact the economic and infrastructure approaches are the primary planning methods.

Achieving key dimensions of sustainability: Strategic visioning as a tourism destination planning tool

Tourism has had, and is continuing to have, a profound impact upon destinations, economically, environmentally and socially. The negative impacts of tourism have been attributed, among other things, to inadequate or non-existent planning frameworks for tourism development, and it has therefore been advocated that tourism planning is vital to offset some of these negative impacts. While several different approaches have been supported over the years, tourism planning based on the philosophies of sustainability has emerged as one ofthe most comprehensive approaches. However, two critical concepts have been identified as precursors to sustainable development: a strategic Qrientation towards tourism planning and enhanced levels of multiple stakeholder participation in the tourism planning process (Simpson 2001 ). While both strategic tourism planning and stakeholder participation and collaboration, have received considerable attention in the academic literature, there has been relatively little written about its practical application. However, the somewhat recent emergence of the strategic visioning concept as a destination planning tool may provide the necessary practical framework for incorporating stakeholder collaboration into destination strategic planning and management. This paper will provide a synthesis of the stakeholder collaboration, strategic planning and strategic visioning literatures, before conceptually examining the potential applicability._ of the strategic visioning process in achieving meaningful stakeholder participation and collaboration in destination planning.

Emotions in organizations: A multi-level perspective

Recent years have seen an upsurge of interest in the study of emotions in organizations. Research, however, has been hampered by the ephemeral nature of emotions and a lack of an integrated multi-level model. This article therefore presents a five-level model of emotions in organizations. At the lowest level is within-person variation, defined in terms of affective events theory. Levels of the model then proceed through individual, dyadic relationship, group, and organization-wide perspectives. The article also outlines the neurophysiological processes that underlie the experience, perception, and communication of emotion; it concludes with a discussion of implications for research and practice.