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The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.

After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.

Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.

This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).

Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.

The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.

To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.

The purpose of this study is to use the grounded theory to summarize the types of celebrity persona and to construct a theoretical model for celebrity persona on consumer purchase intention. Based on the study results, it provides better suggestions for merchants and live streamers and is an expansion of previous research on live-streaming e-commerce.

The grounded theory is recognized as the most scientific qualitative research method and is the ideal explorative method for generating theory. First, the participants were interviewed, and interview data were collected. Then the interview data were organized and analyzed. Finally, this paper summarizes the types of celebrity persona and constructes a theoretical model framework of celebrity persona on consumers' purchase intention.

The results show that the celebrity live streamer persona can be divided into two types: personalized persona and professional persona. Through emotional attachment, the celebrity's persona affects the consumer's purchase intentions. As well as, product type plays a moderating role between celebrity persona and consumer purchase intentions.

The contribution of this research is to start from the celebrity persona, link the celebrity persona with the consumer purchase intentions and expand the research scope of the celebrity persona. It opens the “black box” of the heterogeneity of celebrity live streamers' characteristics on consumer purchase intentions.

The aim of this research is to measure the impact of eWOM (electronic word of mouth) and brand celebrity use on the purchasing behavior of sports consumers.

To test the model hypotheses, sports consumers who use social media and have purchased at least one online sports product were selected as the research group. Online survey method was used, and 836 participants were reached. The model was tested with structural equation modeling (SEM) through smart PLS software.

As a result, the quality, credibility and usefulness of the information consumers encounter on online platforms cause them to adopt information about products or services, and then exhibit online purchase behavior. While the attractiveness and trustworthiness of celebrities are seen as important factors affecting consumers' online purchase of sports products, the effect of celebrity expertise was found to be ineffective in this study.

Marketers can develop more effective eWOM strategies by considering consumers' expectations. Businesses that want to implement an effective marketing strategy may prefer celebrities in product promotions or advertisements of their brands.

This research revealed the effect of eWOM and celebrity endorsement on the online purchase behavior of sports consumers in terms of the sports industry. Unlike previous studies, this study examined these variables together on sports consumers and contributed to the development of models.

Nowadays, star athletes are global brand personalities. The increased popularity of the professional sport has contributed to elevating exceptional athletes to international star status. This empirical study aims to assess the impact of athlete performance and brand social value on product involvement with the mediation effect of celebrity athlete endorsement.

A quantitative survey was conducted with 399 Chinese participants. PLS-SEM is adopted to examine the associated paths and the mediating effect of celebrity endorsement.

The results demonstrate the significant impact of athlete performance and brand social value on product involvement. Celebrity endorsement partially mediates the effects of athlete performance and brand social value on product involvement.

This study extends understanding of celebrity athlete endorsement and provides insight into the strategic implications for Chinese social media-based marketing initiatives in the context of the recent Olympic Game in Tokyo 2021.

Endorsement marketing has been widely used to generate consumer attention, interest and purchase decisions among targeted audiences. Internet celebrities who become famous on the Internet are dependent on strategic intimacy to appeal to their followers. Our study aims to examine how multiple exposures to Internet celebrity endorsements influence consumers’ click and purchase decisions in the context of influencer marketing.

Based on a unique and representative dataset, the authors first model consumers’ choices for clicks and purchases with two panel fixed-effect logit models linking clicks and purchases with the frequency of exposure to Internet celebrity endorsement. To further control the endogeneity produced by the intercorrelation between the click and purchase models, the authors also adopt the two-stage Heckman probit structure to jointly estimate the two models using Maximum Likelihood Estimation. Robustness checks confirm the effectiveness of the models.

The results suggest that Internet celebrity endorsement plays a significant role in bringing referral traffic to e-commerce sites but is less helpful in affecting conversion to sales. The impact of repetitive Internet celebrity endorsements on consumers’ click decisions is U-shaped, but the role of Internet celebrities as online retailers will “shape-flip” this relationship to a negative linear relation.

Our study is the first to investigate the repetitive exposure effect of Internet celebrity endorsement. The results show a contradictory pattern with a wear-out effect of repetition in the advertising literature. This is the first study to show how the endorsing self, which is a common business model in influencer marketing, moderates the effectiveness of influencer marketing.

Consumers are increasingly spending more time on social media platforms to cope with anxiety and loneliness resulting from the recent pandemic. The extraordinary times, characterised by isolation and lockdown, has placed increasing dependence on online technology as a coping mechanism in which social media influencers (SMIs) served as the human face of brands, helping both consumers and brands maintain human connection. How should practitioners navigate their social media campaigns in this changing environment?

To answer this question, the Source Connectedness Pyramid is proposed to help explain and compare the interactions between consumers and SMIs in ordinary and extraordinary times.

In their interactions with influencers during ordinary times, consumers are satiated with influencer source characteristics of attractiveness, trustworthiness and expertise. However, during extraordinary times, consumers substitute their usual preference to focus on connectedness, characterised by relatedness, belongingness and attachment.

The empirical study within this paper lends support to this proposition and offers additional insights. The proposed Source Connectedness Pyramid contributes to influencer communication theoretically and has strategic implications for practitioners when navigating their social media campaigns in these extraordinary times.

In recent years, negative spokesperson incidents have raised significant concerns in academia and industry. While several studies have addressed celebrity endorser scandals, comprehensive analyses of current knowledge are lacking. Therefore, this study systematically reviewed the related literature to better understand trends and suggest future research directions for advancing this field.

This study employs the theory–context–characteristics–methodology (TCCM) framework to examine 76 articles on celebrity endorser scandals.

Utilizing the TCCM framework, this study presents a comprehensive research framework, revealing that (1) the celebrity endorser scandal effect primarily includes associative learning, attribution of responsibility, and moral reasoning; (2) entertainment celebrities and athletes have received significant research attention; (3) both individual- and relationship-level characteristics serve as crucial moderators, with focal brand and related brand being the primary outcome variables. Additionally, this study outlines enterprise response strategies, encompassing the reformation of existing spokesperson relationships and the establishment of future spokesperson connections; and (4) quantitative approaches dominate the field.

This study integrates and expands existing research on celebrity endorser scandals while proposing future research opportunities to advance the field.

The purpose of this study is to investigate the effects of celebrity endorsers on consumer advocacy, customization and entertainment intentions based on the notion of the stimulus–organism–response (SOR) framework. In addition, this study aims to examine the mediating and moderating role of customization and entertainment intentions on the proposed relationships. The authors also intend to highlight the comparative effects between male and female young social media consumers on those proposed associations.

In the pursuit of comprehensive and rigorous data collection, this study adopted a quantitative methodology using a meticulously crafted questionnaire. The questionnaire survey was conducted in major cities of Malaysia using the convenience and snowball sampling techniques. A total of 576 responses were collected, even though 549 retorts were used for data analysis. In this investigation, the authors strategically used covariance-based structural equation modeling through the use of AMOS v. 24 as the primary data analysis tool. Augmenting the analytical depth, the authors also conducted a supplementary bootstrap analysis. The additional layers of examination were crucial for appraising the mediating and moderating effects inherent within the model, in which the PROCESS MACRO v.4.20 was used.

The results of this study revealed the significant direct positive effects of celebrity endorsers on consumer customization, entertainment and advocacy intentions. Consumer customization and entertainment intentions also found significant direct affirmative effects on consumer advocacy intention, along with the significant direct positive effects of consumer entertainment intention on consumer customization intention. The results further revealed that consumer customization and entertainment intentions cannot mediate the relationship between celebrity endorsers and advocacy intention. The entertainment intention also declined the mediating effects between celebrity endorsers and consumer customization intention. On the contrary, consumer customization intention significantly and positively, and entertainment intention also significantly but negatively, moderate the association between celebrity endorsers and consumer advocacy intention. This study also illustrates that the effects of those examined relationships differ between male and female young social media consumers.

This study investigates the impact of celebrity endorsers on consumer behavior, focusing on their customization, entertainment and advocacy intentions. It extends current SOR framework, enhances source credibility theory, fills gaps in the literature on social media brand engagement and underscores the significance of customization and entertainment intentions. The findings provide insights for managers aiming to harness consumer brand advocacy through celebrity endorsers effectively.

The current study aims to examine the joint impact of consumers' need for status (NFS), celebrity's star power and consumer-celebrity image match on consumers' attitudes toward the celebrity endorsement.

A factorial design was employed to test the research model. Consumer-celebrity image match was manipulated, and consumers' NFS and celebrity's star power was captured using existing measurement scales. A total of 365 responses were collected via Qualtrics. Hayes's (2013) PROCESS procedure was used to analyze the data and test hypotheses.

Results indicate that consumers with high (vs low) NFS have more favorable attitudes toward the endorsed brand. More importantly, consumers high in NFS, in an endorsement where celebrity-consumer image matches, have more favorable attitudes toward the brand endorsed by a celebrity with more (vs less) star power. In contrast, in an endorsement where celebrity-consumer image mismatches, they react the same regardless of the endorser's star power.

This study offers suggestions to hospitality marketing professionals in strategically using celebrity endorsers in their marketing campaigns and strategies that allows firms to further formulate positive and enduring brand images while encouraging favorable consumer behaviors.

While most hospitality studies have focused on the traits of celebrity endorsers, little attention has been paid to the impact of consumers' characteristics on celebrity endorsement. This study advances the growing literature on hospitality celebrity endorsement by providing empirical evidence to delineate the relationship among celebrities, endorsed brands and consumers.

With the development of social media, live-streaming has become an indispensable marketing activity for firms, especially in China. From the initial cooperation with the influencer, firms begin to create their own live-streaming channel, namely, the brands' self-built live-streaming. The purpose of this study is to explore the process of consumer engagement in the brands' self-built live-streaming.

This research comprises two experimental studies. Study 1 examined the effect of streamer types (CEO vs. celebrity) on consumer engagement. Study 2 investigated the moderating effects of product innovativeness.

Results showed that CEO streamers could enhance consumer engagement by increasing consumers' cognitive trust, and celebrity streamers could enhance consumer engagement by increasing consumers' emotional trust. In addition, consumer engagement was higher for really new products (vs. incremental new products) in CEO streamers' (vs. celebrity streamers') live-streaming.

Compared with previous studies that focused on streamers based on the influencer marketing, this study expands the scope of research on the live-streaming ecosystem by exploring the effect of different streamer types on the brands' self-built live-streaming. By investigating consumer engagement, this study gives implications for the sustainable traffic issue in live-streaming e-commerce.