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The purpose of this paper is to propose a novel and new direct measurement of small investor sentiment in the equity market. The sentiment is based on the individual investors’ internet search activity.

The author measures unexpected changes in the small investor sentiment with AR (1) process, where the residuals capture the unexpected changes in small investor sentiment. The author employs vector autoregressive, Granger causality and linear regression models to estimate the association between the unexpected changes in small investor sentiment and future equity market returns.

An unexpected increase in the search popularity of the term bear market is negatively associated with the following week’s equity market returns. An unexpected increase in the spread (the difference in popularities between a bull market and a bear market) is positively associated with the following week’s equity market returns. The author finds that these effects are stronger for small-sized companies.

By author’s knowledge, the paper is the first that measures the small investor sentiment that is based on the internet search activity for keywords used in the American Association of Individual Investor’s (AAII) survey questions. The paper proposes an alternative small investor sentiment measure that captures the changes in small investor sentiment in more timely fashion than the AAII survey.

Construction education rarely addressed the importance of disseminating knowledge on infrastructure equity, thus impeding progress toward creating equitable and sustainable developments. This study aims to investigate the existing sustainability courses under the American Council for Construction Education (ACCE) accredited construction management (CM) programs to examine the integration of infrastructure equity topics and assess improvement in CM students’ knowledge and awareness to address this issue through an intervention.

To achieve these objectives, this research reviewed the sustainability course descriptions of the ACCE-accredited undergraduate and graduate CM curricula. Furthermore, the study implemented a workshop within a CM sustainability course that taught the students about the key concepts of infrastructure equity as well as how to address this issue by leveraging the Envision infrastructure rating system.

The course review results showed that most sustainability courses lack topics such as infrastructure equity and social sustainability. Moreover, the analysis of pre- and postworkshop surveys indicated that guided training could improve the students’ understanding as well as boost their confidence to address and mitigate infrastructure inequity issues.

The findings of the study are valuable for increasing awareness of infrastructure equity and facilitating the future construction workforce with the required expertise to develop equitable infrastructure systems.

The purpose of this paper is to investigate the process of family equity creation and its role for transgenerational entrepreneurship.

This paper combines a systematic literature review on family equity with conceptual theory building, resulting in a model of family equity creation.

The proposed model contains three phases of equity creation that ulitmately leads to transgenerational entrepreneurship: harvesting, institutionalization (via a single family office) and reinvestment.

This paper conceptually introduces the family equity creation model, which may serve as integrative framework for future research on transgenerational value creation by entrepreneurial families. The presented findings are of relevance for family entrepreneurship scholars, entrepreneurial families, as well as for practitioners.

Enterprise information systems (EISs) are intricate technological artifacts with wide user base within organizations. While much is known about the adoption and implementation of EISs, little is known about what subsequently follows them, i.e. the assimilation of EISs. This article aims to examine the assimilation of the EISs which is consequential to realizing any benefits from such enterprise technology.

The author conceptually draws on the insights from the expectation confirmation theory, theory of reasoned action, equity theory, and prospect theory to examine the assimilation of the EISs. In doing so, the author generates competing testable hypotheses regarding the relationship between individual users' psychological and social influences through expectation (dis)confirmation and the users' intention to assimilate the EISs.

By conceptually articulating the individual users' psychological and social influences through expectation (dis)confirmation, the author offers a more complete account of the assimilation of EISs, and provide several avenues for future empirical and theoretical research on enterprise technology assimilation.

The extant research that there is on the assimilation of the EISs focuses more on the organizational – as opposed to individual – level determinants of EISs assimilation and largely considers the functional – rather than psychological and social – drivers. This article addresses these important, yet understudied, factors to offer a more nuanced account of EISs assimilation.

This study aims to investigate the role of three customer equity drivers on customer repurchase intent in business-to-business (B2B) markets. It also explores the interconnected nature of equity drivers, specifically, the effects of brand equity and value equity on relationship equity. Further, it investigates how perceived switching costs moderates the interrelationships between customer equity drivers. The authors explore the interrelationships between the customer equity drivers in a B2B context involving commodity products in a developing market.

Data collection was done from a pool of 184 institutional customers of a lubricant brand in a developing market. The sample had representations of buyer organizations across sectors, namely, automobile, cement, metal, fertilizer, railway, defence and mining, etc. The final data were subjected to partial least squares-based structural equation modeling to test the hypothesized model.

The study found a direct effect of brand equity, and value equity on relationship equity and an indirect effect on repurchase intent, namely, relationship equity. Perceived switching cost was found to moderate the interaction between brand equity and relationship equity as well as between value equity and relationship equity. The direct effect of relationship equity on repurchase intent was also significant.

The study implies that B2B firms should ground their marketing program on these customer equity drivers, especially when dealing with commodity products. The absence of any of these drivers would be detrimental in customer retention. The study also establishes the relevance of switching cost(s) and its impact on the underlying dynamics between the different equity drivers in the context of commodity products. The customer equity drivers along with switching costs, if managed well, may become switching barriers for customers and eventually would ensure recurring revenue through repeat purchases.

To the best of the authors’ knowledge, this is one of the first studies that focuses on the disaggregated effect of customer equity on customer outcomes in the B2B context. Furthermore, this study investigates how perceived switching costs moderates the interrelationships between customer equity drivers in the industrial sales context in an emerging market.

This study investigates the relationship between the individual’s levels of innovativeness (ILI) and the individual’s intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.

OLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).

Results show a positive relationship between individual’s levels of innovativeness and the individual’s intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.

Our findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.

Mianzi can powerfully influence tourists’ behavior. Compared with product brands, destination brands are more multidimensional, consisting of intangible and tangible elements. Therefore, this paper aims to explore the relationships among the Chinese culture-related variable mianzi, destination product quality, destination service quality, destination brand value, destination brand resonance, destination brand self-congruity and destination overall brand equity.

A questionnaire survey was conducted in 2021, yielding 475 valid responses from tourists who had traveled to Hainan, China. Data was analyzed using structural equation modeling.

The results showed that mianzi plays a significant role in shopping destination brand equity, and the mianzi effect shapes tourists’ positive perceptions of destination product and service quality. Meanwhile, destination product quality and service quality enhance shopping destinations’ overall brand equity through destination brand value, brand resonance and brand self-congruity.

This study, focusing on shopping destinations, presents a novel view of brand equity. The research also uncovers influencing factors (e.g. product quality and service quality) that further enrich the destination brand equity model. Finally, findings offer valuable insights for academic research and the practical development of shopping destinations.

面子能有力地影响游客的行为。与产品品牌相比, 目的地品牌更加多维, 由无形要素和有形要素构成。因此, 本文旨在探讨与中国文化相关的变量面子、目的地产品质量、目的地服务质量、目的地品牌价值、目的地品牌共鸣、目的地品牌自我一致和目的地整体品牌资产之间的关系。

2021年对去过中国海南旅游的游客进行问卷调查, 最终获取了 475 份有效问卷。

果表明, 结果表明面子在购物目的地品牌资产中发挥着重要作用, 面子效应塑造了游客对目的地产品和服务质量的积极认知。同时, 目的地产品质量和服务质量通过目的地品牌价值、品牌共鸣和品牌自我一致提升了购物目的地的整体品牌资产。

本研究以购物目的地为重点, 提出了一种新颖的品牌资产观点。研究还发现了一些影响因素（如产品质量和服务质量）, 进一步丰富了目的地品牌资产模型。最后, 研究结果为学术研究和购物目的地的实际发展提供了宝贵的见解。

Mianzi puede influir poderosamente en el comportamiento de los turistas. En comparación con las marcas de producto, las marcas de destino son más multidimensionales y constan de elementos intangibles y tangibles. Por lo tanto, este artículo pretende explorar las relaciones entre la variable mianzi relacionada con la cultura china, la calidad del producto del destino, la calidad del servicio del destino, el valor de la marca del destino, la resonancia de la marca del destino, la autocongruencia de la marca del destino y el valor general de la marca del destino.

En 2021 se llevó a cabo una encuesta por cuestionario, que arrojó 475 respuestas válidas de turistas que habían viajado a Hainan, China. Los datos se analizaron mediante un modelo de ecuaciones estructurales.

Los resultados mostraron que el mianzi desempeña un papel significativo en el valor de marca de los destinos de compras, y que el efecto mianzi determina las percepciones positivas de los turistas sobre la calidad de los productos y servicios del destino. Por su parte, la calidad de los productos y servicios del destino mejora el valor de marca global de los destinos de compras a través del valor de marca del destino, la resonancia de la marca y la autocongruencia de la marca.

Este estudio, centrado en los destinos de compras, presenta una visión novedosa del valor de marca. La investigación también descubre factores influyentes (por ejemplo, la calidad del producto y la calidad del servicio) que enriquecen aún más el modelo de valor de marca del destino. Por último, los resultados ofrecen valiosas perspectivas para la investigación académica y el desarrollo práctico de los destinos de compras.

This study is designed to examine the dynamic interrelationships between four cryptocurrencies (Bitcoin, Ethereum, Dogecoin and Cardano) and the Indian equity market. Additionally, the study seeks to investigate the potential safe haven, hedge and diversification uses of these digital currencies within the Indian equity market.

This study employs the wavelet approach to examine the time-varying volatility of the studied assets and the lead-lag relationship between stocks and cryptocurrencies. The authors execute the entire analysis using daily data from 1st October 2017 to 30th September 2023.

The result of the study shows that financial distress due to the pandemic and the Russian invasion of Ukraine have a negative effect on the Indian equities and cryptocurrency markets, escalating their price volatility. Also, the connectedness between the returns of stock and digital currency exhibits a strong positive relationship during periods of financial distress. Additionally, cryptocurrencies serve as a tool of diversification or hedging in the Indian equities markets during normal financial circumstances, but they do not serve as a diversifier or safe haven during periods of financial turmoil.

This study contributes to understanding the relationship between the Indian equity market and four cryptocurrencies using wavelet techniques in the time and frequency domains, considering both normal and crisis times. This can offer valuable insights into the potential of cryptocurrencies inside the Indian equities markets, mainly with respect to varying financial conditions and investment horizons.

This paper aims to examine and compare the dividend ratios’ statistical and economic ability to predict the equity premium in the UK and US markets and two US sub-indices (S&P 500 Growth and S&P 500 Value).

In this paper, the authors use the linear regression models to examine the dividend ratios’ statistical ability to predict the equity premium. The in-sample and out-of-sample approaches, including Diebold and Mariano (1995) statistics, and Goyal and Welch’s (2003) graphical approach, are used. Also, the mean-variance analysis is used to test the economic significance.

The paper findings indicate that the dividend ratios have in-sample and out-of-sample predictive abilities in both UK and US markets and both US sub-indices. However, the results show that the dividend ratios have a less impressive predictive ability in the US market compared to the UK market and less in the US value index than the US growth index. This could indicate that there is no relation between the number of companies that distribute dividends in each index and the informativeness of dividends ratios. Furthermore, the tests show the dividend ratios’ predictive ability departure during particular periods and in some indices.

Results and implications of this research are exclusively applied to the US and UK markets. These results can also be applied with caution to other markets, taking into consideration the distinctive characteristics of these markets.

Results revealed in this paper imply that the investors in any of the indices may experience economic gain by adopting a dynamic trading strategy using the information content of the dividend ratios prediction models instead of the benchmark model, which is the prevailing simple moving average model.

This paper adds value through testing the prediction models’ economic significance in two well-developed markets, in addition to exploring the relationship between the number of companies distributing cash dividends and the dividends ratio prediction ability. Unlike most of the previous studies in which dividend ratios’ prediction ability is attributed to the number of companies that distribute dividends in the market, this paper denied this interpretation by studying two S&P 500 sub-indices. To the best of the authors’ knowledge, this is the first study to test the prediction models’ ability for these sub-indices.

This paper aims to examine the relationship between the readability of annual reports and corporate performance in Chinese listed firms.

This research examined the annual report readability factors of Chinese listed companies by using a textual analysis method using Python to extract the text from the annual reports, convert it into numerical form to facilitate statistical analysis and then merge the results with data from the Chinese stock market to explain the impact on corporate performance and predict future earnings in the Chinese financial markets from 2008 to 2021.

Study findings indicate that firms with better financial reporting readability are more profitable, incur lower agency costs and have low earnings in the Chinese stock markets when readability is low (i.e. more complexity and length of annual reports). It was also found that when a listed company has a good performance, it prefers to use a short space to explain its operating and financial status. More generally, the means of the report length are short, and accounting terms are used less frequently; in the case of a poor company, the annual report is particularly long and accounting terms are more frequently used. In the context of the COVID-19 crisis, this study served as a proxy measure of returns prior to the announcement of the COVID-19 pandemic. In addition, an instrumental variable approach is used, which helps results to remain robust and control for fixed effects and potential endogeneity problems.

Although this study’s results cannot be generalised globally because of their limited scope, they can still be generalised across non-English speaking countries. Thus, future cross-country research is encouraged to examine the textual analysis of financial reports across those countries.

This study conveys two messages to investors and policymakers within the Chinese market. First, investors ought to pay greater attention to the nonfinancial information contained in annual reports to improve the accuracy of their predictions regarding future firm performance. Second, Chinese policymakers are encouraged to instate a policy for the use of plain English in annual reports to make them more readable by international investors.

This study contributes to the paucity of research that examines English-written annual reports in non-English speaking countries by examining the readability of annual reports in the Chinese market.