Global Advances in Business Studies

Tourist flow and pure technical efficiency of critical infrastructure in Angola: a data envelopment approach using time series

Luzolo Sanches-António — 2026-08-18

This study analyzes the effect of tourism flow on the pure technical efficiency of critical health and energy infrastructure in Angola, from 2013 to 2023. The input-oriented DEA-VRS model and Spearman's coefficient were used as complementary analytical tools. Each year was treated as a distinct DMU (Detailed Management Unit) to ensure greater discretionary power in the resulting efficient frontier. The variables considered include public hospitals and energy production (inputs), overnight stays by foreign tourists and jobs in the tourism sector (outputs), in addition to tourism flow as a control variable. The results reveal a virtually negligible correlation between technical efficiency and international tourist arrivals, in line with international evidence. It is concluded that tourism was not a direct determinant of the technical efficiency of the analyzed infrastructure, suggesting the need to explore indirect mechanisms, such as complementary investments or economies of scale.

Board gender diversity and IPO underpricing: the moderating role of managerial ownership in the banking sector

Audia Zikra — 2026-09-22

This study examines whether board gender diversity affects IPO underpricing in the Indonesian banking sector, and whether managerial ownership moderates this relationship. The sample comprises 21 banks that conducted an IPO on the Indonesia Stock Exchange during 2010–2025, analyzed using moderated regression analysis across 12 models. Board gender diversity is measured by the presence, proportion, and number of female directors (GEND1, GEND2, GEND3). Underpricing is measured by the first-day and seventh-day initial return. GEND1 has a significant effect on underpricing. Nevertheless, GEND2 and GEND3 do not have significant effect on underpricing. Managerial ownership does not moderate the relationship between board gender diversity and underpricing. These findings inform issuers, underwriters, and regulators such as OJK on board gender composition as a governance signal in bank IPOs.

Electronic word of mouth, price perception, and purchase-related behavioral responses: evidence from Universitas Musamus students

Mohammad Rizki Andriono — 2026-10-11

This study examines the relationships of electronic word of mouth (E-WOM) and price perception with purchase-related behavioral response (PRBR) among Universitas Musamus students using Shopee in Merauke, South Papua. A quantitative cross-sectional associative design was employed with 191 respondents selected through purposive sampling. Data were collected using a five-point Likert-scale questionnaire and analyzed using multiple linear regression in IBM SPSS Statistics 25. The results show that E-WOM was positively associated with PRBR (β = 0.266, p < .001), while price perception demonstrated a stronger positive association (β = 0.686, p < .001). The model was statistically significant, F(2, 188) = 362.746, p < .001, with an adjusted R² of 0.792. These findings indicate that both social-digital information and economic evaluation are relevant to students’ purchase-related responses, with price perception showing the stronger relative contribution in the analyzed sample. The findings provide contextual evidence from an underrepresented Eastern Indonesian e-commerce setting.