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This chapter re-examines the Fama–French (FF) five-factor asset pricing model proposed by Fama and French (2015), since this model has a failure to capture the lower average returns on small stocks and its performance could not fully satisfy the original definitions of those considered factors. From the viewpoint of the econometrics analysis, we consider the inferior performance could be potentially caused by the spurious effect in the five-factor model, which could mislead the statistical inference and yield biased empirical results. We thus employ the CO-AR estimation by Wang and Hafner (2018) to prove the usefulness of the FF five-factor model. Empirical results demonstrate with the CO-AR estimation, the five-factor model indeed properly captures the lower average returns on small stocks and illustrate the sustainability of efficiency of the market, which is in contrast to the findings of Fama and French (2015). However, we propose a new perspective on the seminal five-factor model.

This study aims to investigate whether the zero-investment portfolio strategy generates higher excess returns for all listed companies in the Stock Exchange of Thailand (SET) or ESG100 stocks. The study period is from January 2016 to December 2020, a total of 60 months. The dividend yield is employed for categorizing the stock into value and growth stocks. The strategy of buying value stocks and short-selling growth stocks is then applied. The results show that investing using the zero-investment portfolio strategy can generate higher returns in an investment portfolio that consists of ESG100 stocks than in an investment portfolio that consists of all stocks in the SET. The optimal holding periods for investing in portfolios that consist of stocks in the SET are 6 months, 9 months, and 12 months, and the optimal holding periods for a portfolio that consists of ESG100 stocks is 6 months. To explain excess returns of stocks in the SET, the Fama and French (2015) five-factor model is employed. There is no relation between risk factors and excess returns for the holding period of 6 months and 12 months. However, excess return is found to have a negative relation with the market risk premium factor for a 9-month holding period. The excess returns of ESG100 stocks are also inversely correlated with investment factors for a holding period of 6 months.

This chapter examines a multifactor model for stock returns in nine Asian markets (Japan, China, South Korea, Hong Kong, Taiwan, Singapore, Indonesia, Malaysia, and Thailand). The authors develop a model using the market risk premium, size, book-to-market, profitability, investment, momentum, price-to-earnings ratio, and dividend yield factors for each market. The empirical results suggest that this eight-factor model can better explain the variations of stock returns than the original Fama–French three-factor model. Factor-based models using local data outperform those using data from US markets. In addition, the evidence suggests that the eight-factor model can better explain stock returns when the market is under stress.

We form portfolios based on return and liquidity and examine the effects of liquidity and other risk factors on asset pricing in the Chinese stock market. Our results show that the past loser-and-illiquid stock portfolios tend to outperform the past winner-and-liquid stock portfolios in the 1–12 months holding period. The excess return is significantly associated with the market-wide liquidity factor even when we control the three Fama-French and momentum factors. Cross-sectionally, the liquidity beta significantly affects the excess return even with control of other risk betas and other traditional liquidity proxies.

The purpose of this chapter was to develop a framework for comprehensive business diagnostics, which can be integrated into the management of small and medium-sized businesses.

The chapter proposes a multiloop model of comprehensive business diagnostics, which provides the company with timely and objective information about the dynamics of its key performance indicators. The model allows enterprises of the real sector to optimize the information acquiring process with the help of the express diagnostics indicators and ensure the high quality and efficiency of the obtained information. Testing of the multiloop model at the Pavlovo Posad Shawl Manufactory JSC involved three stages: express diagnostics (ED), general diagnostics (GD), and comprehensive diagnostics (CD).

The results determined the need to move to the comprehensive diagnostics (CD) loop of the model. The approbation of the suggested model at the shawl manufacture, particularly the CD loop, allowed the authors to identify the key factors influencing the company's main economic and financial indicators.

The proposed multiloop model can be used at enterprises with different forms of ownership, including small and medium-sized businesses, both in Russia and abroad.

A multiloop model of comprehensive business diagnostics provides managerial staff with qualitative real-time information that helps them make informed and effective management decisions.

The proposed multiloop model allows businesses to acquire data about the dynamics of key indicators, determine the factors' impacts on key financial and economic indicators, and ensure high efficiency of management decisions with minimal cost.

This study proposes a multilevel framework to test the mechanisms and boundary conditions of the relationships between positive group affective tone (PGAT) and individual/team creativity.

Data are collected from 122 research and development (R&D) teams (including 305 members and 122 team leaders). Hierarchical linear modeling analyses and hierarchical regression analyses are performed to test hypotheses.

The results show that PGAT facilitates individual creativity via enhanced work engagement, and increases team creativity via team information exchange. Supporting the substituting perspective, we found that the positive indirect effects of PGAT on individual/team creativity were attenuated when supervisory support is high.

Although all variables were collected at the same time and the individual-level variables were collected from the same source, our findings highlight the mechanisms explaining the beneficial effects of PGAT on individual/team creativity, and how supervisory support can substitute for such effects.

In order to make the individuals and teams more creative, the organizations need to promote PGAT via the selection of appropriated leader and members or team social events. Moreover, supervisors support is particularly salient in enhancing team creativity when PGAT is low.

This study is the one of the first study to test the motivational/social mechanisms linking the relationship between PGAT and individual/team creativity, and the competing theoretical perspectives regarding how supervisory support can moderate the PGAT–creativity linkage.

This study examines the effects of a firm’s corporate social responsibility (CSR) initiative on its employees’ organizational attachment and intent to leave. We propose that employees’ perceived authenticity of their firm’s CSR activity mediates the effects of a firm’s CSR initiative on employees’ attachment to the firm and intent to leave. We also hypothesize that employees understand the authenticity of their firm’s CSR initiative based on internal and external attribution mechanisms. We propose that internal attribution enhances authenticity, while external attribution reduces it.

We surveyed a sample of 450 employees from 38 Korean companies that were included in the 2009 Dow Jones Sustainability Index Korea (DJSI Korea). To test the theoretical model, we employed a linear structural equation modeling which allows the causal estimation of theoretical constructs after taking into account their measurement errors.

As predicted, internal attribution significantly increases employees’ perceptions of their firm’s CSR authenticity, whereas external attribution significantly reduces such perceptions. Employees’ perceptions of authenticity, in turn, increase their affective attachment and decrease their intent to leave. In addition, the effects of the two attribution mechanisms on organizational attachment and intent to leave were mediated by employees’ perceptions on authenticity.

Research on authenticity has been case studies or narrative ones. This is one of the first studies investigating the role of authentic management empirically.

We demonstrate that a firm’s CSR initiative is a double-edged sword. When employees perceive inauthenticity of their firm’s CSR initiative, the CSR initiative could be detrimental to employees’ attachment to the firm. This study calls attention to the importance of authentic management of CSR.

Informational transparency through social network services become the foundational reality to the contemporary management. To maintain competitive edge in this changing world, every stakeholder of a firm including managers, employees, customers, shareholders, government, and communities should collaborate and help each other live the principle of authenticity.

Work organizations and the employees within these organizations face considerable environmental pressures requiring adaptive change. Several forces have contributed to this need for great adaptation. These are described in many excellent sources (e.g., Cascio, 2003; Ilgen & Pulakos, 1999); here we briefly review their implications for individual adaptability.

Detached Concern and its core dimensions – employees’ concern toward and detachment from their clients – are important facets of the emotion-generative process during client interaction in people-oriented work environments. We studied the intra- and interpersonal effects of Detached Concern on professionals’ burnout (N = 1411) and patient-centered care quality (N = 332 patients; 43 physicians). Our findings indicate different Detached Concern types. Balanced employees (scoring high on concern and detachment) yielded lower burnout levels compared to imbalanced professionals. Patients’ perception of care quality was positively related to their physicians’ concern and detachment, and was significantly higher for the balanced than for the imbalanced physicians.

This chapter examines the effects of financial technology news on banks’ return, efficiency and profitability in China and Vietnam from 2011 to 2019. The authors use various asset pricing models to estimate the abnormal returns (AR) of various listed Chinese and Vietnamese banks following their announcements of FinTech adoption. The authors also use data envelopment analysis (DEA) to examine whether financial technology improves banks’ efficiency and profitability. The results of this study show that only six banks showed positive reactions, 15 banks experienced negative reactions, 11 banks exhibited mixed reactions and eight banks indicated no reactions to financial technology news in China. On the other hand, the authors find that financial technology is welcomed by Vietnamese banks whereby most of them experience mixed reactions with the domination of positive reactions. The authors also find a lower efficiency level in early adopters of financial technology and reduced profitability in the first year when they started applying financial technology.