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The authors make a fundamental initial effort to conduct a systematic review analysis on “cryptocurrency,” mainly to analyze the way it has been changing the “stereotype” financial transactions, and also identify the probable unexplored research avenues on this innovative investment regime. The study aims to draw the landscape of the current state, prospects, challenges, trends and possible agendas of cryptocurrency in the global market.

Using a quali-quantitative approach widely known as meta-literature review, the synthesis analysis on “cryptocurrency” is conducted. Methodologically, the authors review and analyze the most recent and relevant papers preferably published between 2016 and 2020 in leading business and finance journals of ISI Web of Science (ISI WOS) through bibliometric analysis particularly coupled with content analysis.

The findings of the meta-analysis summarize the relevant stylized facts of the cryptocurrency market: distinctive features of blockchain technology, decentralized payment method, low-cost facility, ensuring pseudo-anonymity, independence from central authority, double spending attack protection, organic and instantaneous nature, among others. In addition, the analysis identified several future research regimes: pricing model, prospect of investment regime, hedging properties, volatility dynamics, information asymmetry, underlying risk factors and bubble-like nature in global cryptocurrency market.

This academic novelty significantly contributes to enhance our knowledge on the current state-of-the-art of digital finance, outlines the research agenda and eventually provides important investment implications for financial managers, research analysts, investors, market practitioners, regulatory compliance professionals and policymakers. Therefore, the findings shed the lights on new investment opportunity in the global market.

Cryptocurrency, virtual currency or digital asset having cryptography for idiosyncratic security features, seems to be a persistent paradigm shift in the digitalized financial system. Despite the continuing growth, the academic research on cryptocurrency is still at nascent stage, particularly because researchers did not deeply draw attention at this financial innovation. In addition, the authors argue that none of the earlier studies yet conducted a meta-analysis on this latest investment regime. Therefore, this review study is the initial attempt to fill up the gap in the finance literature.

This study examines the impact of social media investor sentiment on the stock market performance through qualitative and quantitative proxies.

The authors use a sample of daily stock performance related to S&P 500 Index for the period from December 18, 2017, to December 18, 2018. The social media investor sentiment was assessed through qualitative and quantitative proxies. For qualitative proxies, the study relies on three social media resources”: Twitter, Trump Twitter account and StockTwits. The authors proposed 3 methods to reflect investor sentiment. For quantitative proxies, the number of daily messages published from Trump Twitter account and StockTwits is considered as a signal of investor sentiment. For regression model, the study adopts the autoregressive distributed lagged to determine the relationships between the nonstationary series.

Empirical findings provide evidence that quantitative measures of investor sentiment have significant effects on S&P’500 performances. The authors find that Trump's tweets should be interpreted with caution. The results also show that the number of Trump's tweets on t−1 day have a positive effect on performance on day t.

Social media sentiment contains information for predicting stock returns and transaction activity. Since, the arrival of new information in capital markets triggers investor sentiment on social media.

This study investigates the investors’ sentiment through social media and explores quantitative and qualitative measures. The amount of information on social media reflects more the investor sentiment than content analysis measures.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-12-2022-0818

This study aims to elucidate institutional analysis as an effective approach to investigating and designing the multilevel policymaking system of online social networks (OSN) for achieving a participatory model.

The institutional mapping approach has been used to analyze Iran’s OSN multilevel policymaking system. A combination of two matrices, including institutions-institutions and institutions-functions, was used to perform the institutional mapping. Two main steps were taken to draw the mentioned matrices. First, a review of related studies in Iran’s OSN policymaking system was conducted and the policy functions mentioned in these studies were identified and categorized using the meta-synthesis. Second, based on analyzing two policy documents of Iran’s OSN, institutions and their interactions were identified and policy functions were allocated to institutions.

Based on the results, the most important policy functions in the current OSN policymaking system in Iran are support, regulatory, monitoring and evaluation, business environment development, culture building and promotion, organizing licenses and permissions, policymaking and legislation. Also, the results show that there are shortcomings in this system, some of the most important of which are lack of transparency in regulatory, little work in culture building and promotion, neglect of the training of specialized human resources and research and development, slow development of the business environment and neglecting the role of nongovernmental organizations in policymaking.

By examining and analyzing how different institutions operate within a multilevel policymaking system, the policymaking process and its overall effectiveness can be enhanced. This analysis helps identify any inconsistencies, overlaps or conflicts in the roles and policies of these institutions, leading to a better understanding of how a multilevel policymaking system is organized.

This chapter provides a discussion on some issues in blockchain finance that regulators are concerned about – an area which bitcoin promoters have remained silent about. Blockchain technology in finance has several benefits for financial intermediation in the financial system; notwithstanding, several issues persist which if addressed can make the adoption of blockchain technology in finance easier and accepted by regulators. The blockchain issues discussed in this chapter are relevant for recent debates in blockchain finance.

The study's objectives are to conduct a comprehensive review of existing knowledge, thoroughly understand the present state of green finance, identify emerging research trends, perform content analysis and offer valuable guidance for advancing this field.

Data has been collected by selecting highly indexed databases, Scopus and Web of Science. These databases are well-known repositories of academic papers, journals and other scholarly publications related to various fields of study. This research uses the PRISMA methodology for conducting a structured literature review and employs a bibliometric approach to summarize the findings of the previous studies. “R” studio and Biblioshiny are used to clean the data and visualize the results. The TCCM framework is utilized to propose potential avenues for future research in the domain of green finance.

The research uncovers the potential areas in the domain of green finance for future work, encompassing green bonds, the green economy, connectivity, forces, constraints and sustainable development. Furthermore, this process enhances the theoretical underpinnings of scholarly investigations within the discipline by succinctly synthesizing and evaluating preexisting literature. This contribution could facilitate more informed and focused research endeavors in green finance.

The research findings have practical implications for researchers, practitioners, regulators, legislators, issuers and investors involved in green finance. The results can take initiatives to improve practices related to issuing and pricing green financial products and enhance the understanding of interconnectedness within the field.

This ground-breaking research sheds light on various emerging areas by taking a new approach, including the most widely read articles, authors and journals and the broader conceptual and intellectual framework. That includes finding and expanding original research streams, summarizing the most seminal works, and suggesting new research pathways.

Financial integration being an increasingly important part of ongoing trade liberalization requires an in-depth analysis. This study seeks to survey all the available studies that try to measure the magnitude of cross-country integration. We see that primarily there are two types of measure available, viz De jure and De facto. These measures can be further broken down into different subparts which lay emphasis on different aspects of financial integration. We see that there is no accepted single universal index to measure financial integration, each actually having its own pros and cons and it is upon the researcher to use one or more that best fit his/her purpose.

Capital structure is vital to every company because it has a huge impact on the company’s financial decisions. The ultimate goal of the company is to effectively mix the debt-to-equity ratio (DER) to maximize the shareholder value. When the Covid-19 pandemic was officially announced in early March 2020, widespread negative effects started to affect almost all industries in Indonesia. The hotel, restaurant, and tourism industry is considered to be one of the most severely affected industry categories. It is important to pay attention to the role of this industry in Indonesia’s overall economy as it contributes to Indonesia’s gross domestic product at 6.1% in 2019. The objective of this study was to address the effects on the formation of capital structure of firm-specific characteristics among a sample of 26 active hotels, restaurants, and tourism companies listed on the Indonesia Stock Exchange. The authors used the data from the second and third quarters of 2019 to represent the period before the pandemic. Meanwhile, the period during the pandemic is represented by the data from the second and third quarters of 2020. Using the random-effects model to test the hypotheses, the authors found that asset tangibility, tax shield, and earnings volatility had significant positive correlations with book leverage. Furthermore, tax shield and earnings volatility had significantly positive relationships with DER. The authors also detected that size and earnings volatility had significant negative correlations with net equity. However, the authors found no significant relationship between capital structure and the pandemic dummy. It was inferred from the results that the pandemic had no effect on capital structure within the research period.

The political influence on the determinants of capital structure has been under-researched for a long time. Taking the turnover of secretary of municipal committee as a political factor in China, this paper studies the effect of local government officials' turnover on firm's capital structure.

Starting with all A-shares listed firms in the Shanghai and Shenzhen Stock Exchanges from 2001 to 2018, this paper implements the OLS estimation, staggered difference-in-difference approach to investigate the effects of political turnover on the choice of capital structure.

The results show that, driven by government officials' turnover, firms will significantly reduce their leverage. When comparing between formal finance (bank loans) and informal finance (payables), the reduction of capital structure is mainly driven by banks, not by suppliers. Furthermore, two possible channels have been investigated. First, the reduction effects are mainly driven by the SOEs when classifying the types of corporate ownership into SOEs and non-SOEs. Second, the reduction effects exist in areas with the more intense government intervention when considering the heterogeneity of the development of institutional environment in provinces.

This paper first contributes to the literature on the determinants of corporate choice on capital structure. Second, this paper enriches the studies on the economic consequences of local government officials' turnover.

Introduction – Emerging markets are under the influence of many external factors in global market conditions. International interest rates and price fluctuations in major stock market indices are also among these factors. The FED policies shape the international capital movements in particular, which significantly affects the emerging markets. For this reason, emerging stock markets may show different reactions especially in times of crisis.

Purpose – The purpose of this study is to investigate whether the BIST30 index acted in accordance with the overreaction hypothesis (ORH) against the return changes in the Dow Jones Industrial Average (DJIA) index in the process of the 2008 global financial crisis.

Methodology – The data set of the study was analysed by dividing it into two periods. The first period is the monetary expansion period between 17 August 2007, when the Federal Reserve (FED) reduced the interest rate for the first time, until 22 May 2013 when the FED announced that it would reduce the bond purchases. The second period is the monetary contraction period including the dates between 23 May 2013 and 1 June 2017. An error correction model (ECM) was established in both periods for the indices, determined as cointegrated. The validity of the ORH was tested by Cumulative Abnormal Return (CAR) Analysis.

Findings – According to the ECM, the authors identified that the effect of short-term changes in the DJIA return in the monetary expansion period on BIST30 index return was higher than that in the monetary contraction period. However, according to the findings obtained from the CAR analysis results, the BIST30 index did not generally act in accordance with the ORH against the DJIA. Findings can be appreciated as a decision-making tool especially for investment specialists and investors interested in securities investments.

Financial contagion refers to the propagation of shocks that can generate widespread failures. The authors apply a financial contagion model proposed by Elliott, Golub, and Jackson (2014) to a cross-shareholding network of firms in Ecuador. The authors use a novel dataset to study the potential channels for contagion. Although diversification is not high, results reveal enough conditions for a contagion event to occur. However, the low level of integration attenuates the effects of shocks. The authors run simulations affecting a particular firm at the time, and find that two firms coming from the finance and trade industry cause the highest contagion. In addition, when an entire industry receives a shock, trade and manufacturing industries contagion more companies than the rest. Finally, the model can assist policymakers to monitor the market and evaluate the fragility of the network in different scenarios.