To assess the time-varying dynamics in value-at-risk (VaR) estimation, this study has employed an integrated approach of dynamic conditional correlation (DCC) and generalized autoregressive conditional heteroscedasticity (GARCH) models on daily stock return of the emerging markets. A daily log-returns of three leading indices such as KSE100, KSE30, and KSE-ALL from Pakistan Stock Exchange and SSE180, SSE50 and SSE-Composite from Shanghai Stock Exchange during the period of 2009–2019 are used in DCC-GARCH modeling. Joint DCC parametric results of stock indices show that even in the highly volatile stock markets, the bivariate time-varying DCC model provides better performance than traditional VaR models. Thus, the parametric results in the DCC-GRACH model indicate the effectiveness of the model in the dynamic stock markets. This study is helpful to the stockbrokers and investors to understand the actual behavior of stocks in dynamic markets. Subsequently, the results can also provide better insights into forecasting VaR while considering the combined correlational effect of all stocks.

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Purpose The public health emergency of COVID-19 (Corona-virus disease) pandemic has greatly impacted tourism industry, especially in the rural tourism. This paper aims to study how rural tourism practitioners can get out of the mire of the pandemic. By analyzing the behaviors of various stakeholders and the logic of the impact of the pandemic, the behaviors of participants and future development were sorted out. The key elements that promote the recovery of rural tourism were discovered. Design/methodology/approach Based on the framework of institute analysis and development (IAD), this research selected six rural tourist communities in China as subjects for the studies. Based on the seven basic principles of hermeneutics and the inductive research method, following the analysis method of “first-order coding, second-order coding, aggregated dimensions,” the texts obtained through in-depth interview and work reports were analyzed and concepts were extracted. Findings The paper extracted 44 first-order concepts and 14 second-order concepts, and obtained 7 aggregation dimensions, including policy formulation and implementation, improvement of integrated marketing capabilities, improvement of tourism product quality, restrictions on rural tourism development, protection and optimization of environmental resources, industrial integration strategies and improvement of managerial and coordinating capabilities. During the pandemic, the government, enterprises and associations, as the service providers of rural tourism, can optimize the environmental resources and industrial resources of rural tourism by formulating policies, refining products and strengthening marketing in the action arena, to promote the industrial integration of rural tourism and provide better products and services for tourists. Originality/value This paper uses the IAD framework to study how rural tourism communities can successfully recover from the impact of the pandemic. It is found that the rapid recovery of rural tourism is the result of collective action. The core of establishing the collective action mechanism of rural tourism is consensus mechanism, co-construction mechanism and sharing mechanism. By studying the path and possibility of collective action of rural tourism communities, this paper explores the approach of multi-center governance of rural tourism communities to promote the imminent recovery of rural tourism.

Persistent with the problem of quantifying the risk associated with securities, this study examines the applicability and validity of Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT) while evaluating the stock prices and returns of listed companies in the Pakistan stock exchange. While examining the applicability of CAPM and APT, this study considers the stock return of top ten sectors listed in stock exchange from the period of 2014 to 2019. The result shows that the application of APT for risk estimations may not be showing satisfactory results from the observed data. On average, the p-value is more than 30% for all factors which should be less than 5%. Therefore, in order to compare the application of methods and find out the stock risk, it can be concluded that CAPM approach is more reliable than APT. Thus, it is suggested to adopt the CAPM approach to estimate the realistic stock returns. Additionally, the investor can also consider different indigenous and exogenous economic factors according for calculating market risk and maximizing the return. Contribution/Originality:This study contributes in the existing literature in a way to show that CAPM is still a valid tool to estimate the return in Pakistani capital market, which implies that the market risk can better be estimated by the companies. Investors must consider the market index performance for realistic stock return rather to follow other economic indicators.

Purpose This study aims to examine the relationship between an ownership structure with multiple large shareholders and corporate social responsibility (CSR) with regard to Chinese-listed companies. Design/methodology/approach Multiple regression analysis was used on 4,940 samples of 884 listed companies in China for the period 2009–2017, to empirically test the influence of an ownership structure on enterprises’ fulfillment of social responsibility. Moreover, the propensity score matching–difference in differences and Heckman two-stage approaches were used for the robustness of the regression results. Findings The results show that ownership structures with multiple large shareholders can promote social responsibility. The check-and-balance ability of non-controlling large shareholders, corporate information transparency and corporate system environment moderate the relationship between multiple large shareholders and CSR engagement. Originality/value This paper complements prior studies on the ownership structure of multiple large shareholders. The findings enrich the literature on corporate governance and CSR. The results also reveal information about the situational factors, helping identify the mechanism through which the ownership structure of multiple large shareholders affects CSR.