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Article
Publication date: 6 April 2012

Lukasz Prorokowski

The current paper aims to expand an empirical assessment of correlations of the stock exchange in Poland with other stock markets and foreign economies. The paper attempts…

Abstract

Purpose

The current paper aims to expand an empirical assessment of correlations of the stock exchange in Poland with other stock markets and foreign economies. The paper attempts to explore international spillover effects during the current financial crisis.

Design/methodology/approach

The study builds upon questionnaires and interviews with practitioners associated with the Polish stock market. The interviewees represent both the advanced and emerging European economies. At this point, analyzing the notions of a cross‐section of experts from different geographical regions increases the value of the findings. The interviewees were asked to comment on a wide range of examples mirroring the reaction of the Warsaw Stock Exchange (WSE) to economic and financial information derived from foreign markets in times of the current financial crisis. An empirical model evaluating the cross‐border implications for the Polish stock market was specified. The model encompassed a wide range of variables and events influencing the performance of the Polish stock market and investors' uncertainty during the nascent financial crisis. Semi‐structured interviews complemented the quantitatively obtained findings and allowed for a gap between theory and practice to be bridged. The qualitative approach injected a dose of realism into the empirical model utilized in the paper and contributed to the value of general findings.

Findings

The current paper reports initial responses of the WIG20 indexed equity prices to 41 economic and financial information sets, originating from systemically significant markets. The influence of these sets is ranked in accordance with their influential powers. The ranking indicates which information events are more likely to be prioritized by investors associated with the WSE and which news are ignored in times of the current financial crisis. Henceforth, the findings outline the crisis‐induced changes in the uncertainty of equity investors and the implications for investment decision making processes. Comparing the responses to economic and financial information sets among different stock markets and industries delivers insight into the profitability of the international portfolio diversification based on either the country or industry specific factors.

Originality/value

The paper focuses on the Polish stock market, which is relatively under‐researched by the existing body of literate. However, Poland's stock market became a leading central European bourse during the current financial crisis. Reporting a number of useful and important implications for the practitioners associated with the WSE constitutes the core value of the paper.

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Book part
Publication date: 29 October 2018

Alexander P. Sukhodolov, Elena G. Popkova and Tatiana N. Litvinova

The purpose of this chapter is to study the conceptual provisions of the theory of information economy and to determine its notion and essence.

Abstract

Purpose

The purpose of this chapter is to study the conceptual provisions of the theory of information economy and to determine its notion and essence.

Methodology

The research methodology is based on the application of traditional methods of economic science, including the methods of systemic, problem, and comparative analysis, method of analysis of causal connections, systematization, classification, and formalization of scientific data.

Results

The authors systematize the existing conceptual provisions of the theory of information economy and classify the conceptual approaches to its study as process approach, resulting approach, and combined approach; a comparative analysis of these approaches is also conducted.

Recommendations

The authors conclude that the evolutional development of modern socio-economic systems is dominated by the information economy concept, which should be the basis of the future developmental model of the global economic system. This concept develops within the combined approach, based on the previous concepts of digital economy and internet economy, which is a part of the process approach proclaiming technological capital, the key factor of reproduction, by focusing on the development of socio-economic systems and the concept of knowledge economy, which is a part of the resulting approach that emphasizes human capital and innovations as a target result of the development of economic systems. The information economy concept includes the features of previous concepts, emphasizes the importance of technological and human capital, applies information and communication technologies, and achieves results that are connected to highly effective creation, storage, distribution, and usage of information. It also supplemented them with a new sense of proclaiming information on the most valuable resources as well as provision of free and continuous interaction of economic subjects – the highest priority of socio-economic systems.

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Article
Publication date: 6 February 2019

Hani Tadros and Michel Magnan

Focusing on a sample of firms from environmentally sensitive industries over several years, this study aims to reexamine the association between environmental disclosure…

Abstract

Purpose

Focusing on a sample of firms from environmentally sensitive industries over several years, this study aims to reexamine the association between environmental disclosure and environmental performance.

Design/methodology/approach

The authors use a panel data analysis to examine how the interaction between environmental performance and economic and legitimacy factors influence firms’ environmental disclosures.

Findings

Results suggest that environmental performance moderates the effect of economic and legitimacy incentives on firms’ propensity to provide proprietary environmental disclosure, with both sets of incentives being influential. More specifically, there appears to be a reporting bias based on the firm’s environmental performance whereas the high-performers disclose more environmental information in the three following vehicles: annual report, 10-K and sustainability reports combined. Results also show that economic and legitimacy factors influence the disclosure decisions of the low and high environmental performers differently.

Practical implications

Understanding the determinants of environmental disclosure for high and low environmental performers helps regulators to close the reporting gap between these firms.

Social implications

There is little evidence to suggest that firms with low-environmental performance attempt to use their disclosures to legitimize their environmental operations.

Originality/value

The study examines environmental disclosures of 78 firms over a period of 14 years in annual, 10-K and sustainability reports. The panel data analysis controls for significant cross-sectional and period effects.

Details

Sustainability Accounting, Management and Policy Journal, vol. 10 no. 1
Type: Research Article
ISSN: 2040-8021

Keywords

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Article
Publication date: 15 May 2021

Syed Hassan Raza, Ogadimma C. Emenyeonu, Muhammad Yousaf and Moneeba Iftikhar

Citizen journalism practices through social networking sites are increasingly becoming an imperative source of public opinion formation. Given the increase in the volume…

Abstract

Purpose

Citizen journalism practices through social networking sites are increasingly becoming an imperative source of public opinion formation. Given the increase in the volume of information sharing on social media during COVID-19, this study aims to grasp the largely unknown interaction of the individual’s trust in citizen journalism practices and public perception formulation. Drawing on this idea, the study has twofold objectives: first, to examine the influence of user-generated information about economic policies of government during COVID-19 as the antecedent of public perception about government performance and second, to identify the moderating role of trust in citizen journalism practices during COVID-19 through social networking sites.

Design/methodology/approach

The study used a survey method and a sample of 464 adults were collected through an online administrated questionnaire.

Findings

The findings specify that user-generated content that is pro-government economic policies during COVID-19 positively influenced the perception of government performance. On the other hand, user-generated information that criticized government economic policies had a negative influence on public perception.

Originality/value

This study seeks to intensify the understudied phenomenon of how nature and source of the information could interact to influence one’s information processing during a crisis such as pandemic COVID-19. Furthermore, only a little research has been conducted in this area focusing on two mechanisms, namely; citizen journalism and trust in social media user-generated information about prevailing economic insecurities during crisis provided through citizen journalism.

Details

Information Discovery and Delivery, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-6247

Keywords

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Book part
Publication date: 29 October 2018

Yulia I. Dubova

The purpose of the work is to verify the offered hypothesis and to develop a new model of macro-economic balance, adapted to peculiarities of information economy.

Abstract

Purpose

The purpose of the work is to verify the offered hypothesis and to develop a new model of macro-economic balance, adapted to peculiarities of information economy.

Methodology

The methodology of the research is based on equilibrium approach to studying socio-economic phenomena and processes. According to this approach, in order to determine the balance in information economy, the methods of abstracting and modeling of economic systems are used. The theoretical basis of the chapter is the classical macro-economic balance in “AD–AS” model (aggregate demand–aggregate supply model).

Results

The research concluded that information economy envisages high specificity of the main commodity market – market of information as a product – and that behavior of sellers and buyers cannot be described correctly with the help of the classical two-dimensional model of demand and offer in macro-economics. In order to solve this problem, the author presents a new three-dimensional model of balance, which is adapted to peculiarities of information economy. This model shows that the aggregate demand and supply of information as a product in information economy depends not only on the level of market price for information but also on its value and preservation of its uniqueness. So apart from striving for lowest prices, consumers are interested in purchasing the most valuable information, which is not sold by sellers and is not available in the market. The market has only information that has no critical value for its owners and economy on the whole.

Recommendations

The author’s three-dimensional model of balance, adapted to peculiarities of information economy, is recommended for application.

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Article
Publication date: 30 March 2021

Liguang Zhang, Wanyi Chen and Ning Hu

The main purpose of this study is to examine whether economic policy uncertainty affects the stock liquidity. Furthermore, this study explores the influencing factors…

Abstract

Purpose

The main purpose of this study is to examine whether economic policy uncertainty affects the stock liquidity. Furthermore, this study explores the influencing factors, transmission mechanism and solution path between economic policy uncertainty and the stock liquidity.

Design/methodology/approach

A data set comprising 97,729 firm-quarter observations of Chinese firms with A-shares listed on the Shenzhen and Shanghai stock exchanges was selected, China's economic policy uncertainty was measured by using the China Economic Policy Uncertainty Index and the impact of economic policy uncertainty on the stock liquidity over the period 2004–2017 was empirically tested. The empirical analysis was based on ordinary least square regression model, and mediation and moderation effect models were used in the further analysis.

Findings

The empirical results show that the higher the economic policy uncertainty, the lower the stock liquidity, which is more significant in firms with an opaque information environment, less investor attention and weak risk resistance ability. The authors argue that the transmission mechanism can be explained by the quality of information disclosure and investor sentiment. Moreover, the negative impact of economic policy uncertainty on the stock liquidity can be mitigated by increasing voluntary disclosures.

Originality/value

This study enriches the literature on factors affecting the stock liquidity from the perspective of macroeconomic policy and provides a reference for policymakers to formulate relevant measures to improve the stock liquidity in emerging markets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

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Article
Publication date: 8 January 2014

Beatriz Cuadrado-Ballesteros, José Frías-Aceituno and Jennifer Martínez-Ferrero

The aim of this study is to analyse the level of environmental, economic, and social engagement disclosed by local governments, taking into account factors such as…

Abstract

Purpose

The aim of this study is to analyse the level of environmental, economic, and social engagement disclosed by local governments, taking into account factors such as political ideology and media pressure.

Design/methodology/approach

The authors analysed 102 large Spanish municipalities, using data from 2011. An econometric model was used based on dependency techniques for cross-sectional data. The Tobit technique is suitable, since it enables the authors to address particular considerations of extreme scores on the dependent variable.

Findings

The results show that local governments report less strategic and socio-economic information when subjected to strong media pressure, because the press tends to focus on unusual, negative news, and ignores other issues such as the environment. However, in municipalities governed by left-wing parties, media pressure actually promotes disclosure of this type of information.

Research limitations/implications

It would be interesting to create an information index which includes local governments' disclosure, spanning a period of several years.

Practical implications

Particularly in municipalities governed by a left-wing party, media pressure favours the disclosure of sustainability information, including information about the municipal corporation and strategic and social issues.

Originality/value

This study analyses the impact of the press on the disclosure of sustainability information by local governments and also tests the moderating effect of the ruling party's political ideology. The authors did not find any paper that had analysed this impact before.

Details

Online Information Review, vol. 38 no. 1
Type: Research Article
ISSN: 1468-4527

Keywords

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Book part
Publication date: 29 October 2018

Karina V. Kuznetsova, Elena N. Klochkova, Tatiana L. Lukyanchikova and Mikhail S. Shmarkov

The purpose of this chapter is to determine the basic characteristics of information economy, including consideration of the theoretical features and distinguishing the…

Abstract

Purpose

The purpose of this chapter is to determine the basic characteristics of information economy, including consideration of the theoretical features and distinguishing the analytical aspects of functioning of this phenomenon under modern conditions. The authors offer a hypothesis that basic characteristics of information economy are transformed under the influence of digitization and the change in telecommunication interaction.

Methodology

The following methodological tools were used: analytical introspection (determining estimate phenomena of the studied object with the help of practical materials analysis), theoretical cognition (grouping and synthesis of scientific studies of foreign and Russian scholars in the sphere of information economy), and group evaluation of phenomena (studying the modern regularities of information economy development).

Results

The following conclusions are made: the theory of information economy is based on presenting information as a tool of economy management (information is the main economic value that creates national wealth); the modern idea of information economy is connected to the aspects of digital and telecommunication interaction; the information economy of the twenty-first century is aimed at monetization of information on households; and a new basic direction of information economy is information and program economy.

Recommendations

The sphere of application of the received results is rather wide. They will be of interest for practitioners, government employees, and researchers in the sphere of macro-economic development of the country during the period of transformation of the paradigm of economic growth. The main direction of future research is substantiation of approaches to formation of a new economic thought based on information and digital technologies.

Details

Models of Modern Information Economy
Type: Book
ISBN: 978-1-78756-287-5

Keywords

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Article
Publication date: 1 June 2000

Lewis Guodo Liu

The emergence of business information resources and services on the Internet is discussed and its impact on business librarianship. Important resources in various business…

Abstract

The emergence of business information resources and services on the Internet is discussed and its impact on business librarianship. Important resources in various business areas are identified, such as economics, finance, marketing, international business, and real estate. It is argued that business information on the Internet has become a very important part of business information services and that it poses great challenges to business librarianship. Subject knowledge in business has become increasingly crucial for business librarians to effectively identify, evaluate, select, and organise business information on the Internet. Without subject knowledge, or with a lack of subject knowledge in business, business librarians will not be able to maintain the quality of business information services. The article further argues that, given the fact that a large percentage of business librarians in the USA do not have formal training in business, it is time for library and information science schools and libraries to address this issue by setting high standards for recruiting instructors in business information and by setting high standards for employing business librarians.

Details

Online Information Review, vol. 24 no. 3
Type: Research Article
ISSN: 1468-4527

Keywords

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Article
Publication date: 1 December 1998

Graham P. Cornish

Discusses the fact that access to published information is essential to human development. This applies to social, cultural, economic, political and spiritual dimensions…

Abstract

Discusses the fact that access to published information is essential to human development. This applies to social, cultural, economic, political and spiritual dimensions. Information needs to be accurate, timely and relevant Information provision is not a cheap function to manage. The library is unique in providing access to a wide range of published information in the content of which it has no economic interest. Communities need access to information, some has real commercial worth but much has no obvious marketable value. The value of information is determined by its value to the user. Anyone searching for economic growth or regeneration needs information of highly variable nature and value. The essence of regeneration is that a community is changing direction, not merely trying to revitalise the past. The information needs of anyone in this situation are many and varied and will require material from areas of knowledge not previously required. The essential role of any library is to be a neutral provider of access. This neutrality marks it out from other organisations. Co‐operation among library providers to ensure maximum access for all clients in the community is essential. Failure to develop a wide range of library services for communities seeking regeneration will seriously hamper their growth and change.

Details

Library Management, vol. 19 no. 8
Type: Research Article
ISSN: 0143-5124

Keywords

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