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Are franking credit balances priced? This paper aims to investigate the valuation of franking credit balances via a determinant analysis and value relevance analysis.

The determinant analysis examines the factors that contribute to the increasing cumulative level of franking credit balances. Value relevance studies explore whether franking credit balances are priced in the market.

The results provide strong evidence of a size effect that the level of franking credit balances increases with firm size and weak evidence of an international focus effect that the level of franking credit balances increases with international ownership. They also find an individual dividend clientele effect that the level of franking credit balances decreases with individual ownership. They find significant evidence that franking credit balances are priced in the market. One dollar of franking credit is worth 1.4 dollars in firm value. That franking balances are capitalized at more than their face value suggests that franking credits signal firms' future dividend policy. They also find that the market valuation of franking balances increases with firm size but decreases with international focus.

This study provides direct evidence that franking credit balances are capitalized into equity prices. In the determinant analysis, this paper improves Heaney's (2009) model by using the percentage of international ownership as the proxy of international focus, thus addressing the limitation of his measure. In the value relevance tests, the study uses a modified model that includes log-transformation to reduce the skewness of variables based on Tanza's (2014) value relevance model. Moreover, the study suggests that the market valuation of franking credit balances increases with firm size, which contradicts Heaney's (2009) findings.

Geography is an exciting discipline involving the interrogation of place, space, and mobility. Film is too powerful and assessable tool that engages audiences. Therefore, this article builds a rationale for utilizing film in the teaching of geography. Particularly geographic mobility, which is the study of spatial patterns of movement and viewing them with positive or negative social meaning and as embedded within structures of power.

This is not a research paper so there is no methodology to detail.

This is not a research paper so there are no findings to detail.

The article introduces three films (Selma, Hidden Figures, and The Green Book) and describes how they can be used to enrich the teaching of geographic mobility.

Information makes an important contribution to the promotion of the creativity of visual artists. This work aims to explore relevant research through a systematic review of the literature and discuss the impact of information on visual artists' creativity.

A systematic literature review was conducted through Preferred Reporting Items for Systematic reviews and Meta-Analyses method. The authors searched and retrieved 1,320 papers from which, after evaluation, 41 papers have been analyzed.

Two thematic categories were identified for visual artists' information needs: (1) the need for professional development and (2) the need for creative techniques and materials. In terms of information sources visual artists employ, the authors have also identified seven broad categories: (1) conventional resources (galleries, museums, etc.), (2) professional scholar sources, (3) digital art websites, (4) informal information online and colleagues, (5) libraries, (6) personal collections and (7) professional scholar social networks. In addition, the study proceeded to classify the obstacles faced by visual artists in their search for visual information into two general categories: (1) environmental barriers and (2) digital literacy barriers.

Although the investigation of the information needs satisfaction of visual artists as well as the evaluation of their information behavior patterns and information literacy competences is essential, it is understudied. This paper summarizes the relevant literature in a concrete and systematic way providing evidences to be considered in a variety of situations, i.e. developing lifelong learning programs, managing visual art library collections, library services development for artists, etc.

Social and environmental reports have become an increasingly regulated area of corporate reporting and communication. Nevertheless, the substance and level of detail present in such disclosures is largely at the discretion of companies, which has implications for the value of such disclosures to stakeholders. The purpose of this study is to shed light on social visibility as a determinant of the variation in substance found in social disclosures in order to understand underlying reasons for why some firms offer more substance than others in their social disclosures.

Based on a number of hypotheses, which are combined into social visibility, the paper investigates whether a firm's social visibility is a determinant of substance in social disclosures. To this end, the case of modern slavery statements is used as a recently introduced and legally mandated form of social sustainability disclosures.

The findings suggest that social visibility can explain part of the variation in the substance of social disclosures. However, for the remaining part, it is argued that substance in social disclosures can also be driven by institutional logics, which shape organizational outcomes in specific contexts, but are largely unobservable.

This article contributes new insights to the literature on the relationship between corporate social visibility and the substance of social disclosures.

The purpose of this study is to assess the presence of deceptive advertising practices in wine retailers’ e-mails and, if identified, to analyze the extent and content of these deceptive advertisements.

The study follows an observational research design to examine the accuracy of two claims that were made in 258 marketing e-mails from two major wine retailers in New Jersey, USA: (1) that all wines have 90+ scores; and (2) that these wines are offered at a deeply discounted price.

The study found that only 3.9% of cases accurately supported both major claims made: the wines having 90+ scores and being offered at a discounted price. Both claims were inaccurate in 64.7% of cases. Nearly half (49.3%) of the advertised wines had concealed critic’s scores below 90 points. Recipients were told they could save 37.2% by purchasing from the advertising retailer, but they could have actually saved 12.7% more by buying the wines elsewhere.

The study’s limitations include the small sample size. Variations between different wine retailers and their advertising practices require further investigation.

Advertised discounts and scores may be inaccurate or incomplete, causing consumer confusion and disappointment, erosion of wine advertisements’ as well as wine retailers’ and wine experts’ credibility.

Deceptive advertising can erode consumer trust and lead to unfair practices. Consumers may make purchasing decisions based on misleading information. Deceptive practices create an uneven playing field, giving businesses that engage in them an unfair advantage, hindering market transparency and ethical businesses. Policymakers should develop regulations to protect consumers and ensure fair competition.

An investigation of deceptive advertising practices in the wine industry has not been done before. This exploratory study contributes to consumer awareness and highlights the importance of truthful and transparent marketing practices.

The corporate communications literature recently focused on corporate board gender diversity, specifically looking at two central aspects: gender quotas and equitable target percentages for women on corporate boards. This paper extends the debate by focusing on board gender diversity and critical mass theory.

The paper gives a conceptual viewpoint on the issues raised in the literature on board gender diversity through a critical mass theory lens.

Following the 2022 European Union (EU) directive, all EU member states will have to attain a 40% women representation on large corporate boards to achieve board gender diversity and what has been termed a “critical mass”. However, the literature indicates that gender diversity benefits may not be achieved if a critical mass is not composed of independent women directors who create a voice that produces a collective action. The authors highlight why a critical mass may not be achieved. The inconsistency in prior research linking corporate board gender diversity to economic performance may result from the critical mass of women directors not reflecting an independent collective action. However, as gender-diverse boards evolve, the authors argue that women will not just be seen as female directors but will be accepted on equal terms with their male counterparts and have an equal voice; gender will no longer be an issue and critical mass theory may then become irrelevant.

From a corporate communications perspective, this study will focus the minds of human resources (HR) professionals on the importance of the composition of women on corporate boards if the HR professionals wish to obtain the full potential benefits of board gender diversity. Theoretically, this study highlights the importance of critical mass and collective action when researching the economic benefits of corporate board gender diversity. Investment analysts may wish to look more closely at the structure of corporate boards and not just the numbers.

This paper gives a conceptual viewpoint on the critical mass theory and corporate board gender diversity, identifying that it is not just the numbers that are important but also the issue of minority independence and collective action, and this is, therefore, unique in this respect. Future research should identify if a critical mass (not just numbers) of women on corporate boards has been achieved. Only then that the linkage, based on critical mass theory, between board gender diversity and corporate performance/profitability can be made. Knowing whether board sizes are being increased to accommodate the added female directors would be also interesting, or will the new female directors replace existing male directors? However, the most important research question, once gender diversity has been achieved, could be: Is critical mass theory relevant with respect to board gender diversity?

This chapter presents the current research status of family constitutions from an economics perspective. It locates the family constitution as part of the family and business governance structure of a family firm and the owner family. The typical structure and content of a family constitution are introduced. The chapter focuses on the status of research about family constitutions and provides a structured map for future research. With regard to extant research, it must be stated that the stock of literature is small. The contributions to literature are categorized in surveys; conceptual contributions; survey data; small sample, qualitative, empirical studies; and big sample, quantitative, empirical studies. The latter group includes three studies with a separate family constitution variable. This small number symbolizes that the family constitution still is an under-researched area. Therefore, family constitution research is far away from being able to answer central questions of advice-seeking owner families like, for example, whether a family constitution affects family performance, firm performance, or both; or whether the development process of a family constitutions disposes of an effect on family or firm performance separately from the hypothesized effect of the family constitution document.

This paper aims to seek the perceptions of potential future corporate managers and directors on the issues raised in the literature, especially recent articles in the corporate communications literature, concerning corporate board gender quotas. It focusses on the Czech Republic, where research on board gender diversity is sparse.

The study is part of much more comprehensive research into board gender diversity. It adopts a questionnaire approach, with this paper focussing on 13 research statements. A Likert Scale of 1–4 (Strongly Agree; Agree; Disagree; Strongly Disagree) was applied to the perceived views expressed. The questionnaires were completed by university students at a public university in the Czech Republic during March–April 2023. A pilot questionnaire was conducted in February 2023, resulting in minor changes being made. The data is analysed using SPSS and MedCalc® statistical software.

There is overwhelming opposition to quotas, even from women. The opinions expressed by the respondents to this research, in many respects, support the literature, but there is unmistakable evidence of gender bias. Regarding the positive female benefits of quotas, male respondents disagreed; regarding the negative issues of quotas, male respondents agreed more than their female counterparts.

The research findings have important implications for how women recruited through quotas may be received onto corporate boards – what challenges will they likely face? Some current female candidates for directorship, who would have been selected on merit and perceived as such by their male counterparts, may now be hesitant to apply for such positions if they are seen as being appointed due to quotas. Therefore, the selection procedure must continue to be based on merit and seen as such.

One of the important aspects of the paper is that it focusses on a country that has, until recently, resisted pressures to implement mandatory corporate board gender quotas; in this respect, it has a corpus of originality and value. The Czech Republic and other European countries will also be affected by the recent EU law on gender balance or corporate boards. The paper also highlights the perceptions of potential future directors on various issues of board gender quotas.

This study aims to examine the behaviour of institutional and retail investors in response to news about industry leaders (peer firms) and to determine its impact on the stock prices of other firms (focal firms) within the same industry.

The study investigates the impact of peer news on investor behaviour of Chinese A-shares listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2019. The media coverage of industry leaders is sourced from prominent Chinese online financial outlets and the Chinese Financial Press. Support vector machine is applied to identify the positive, neutral and negative news within the articles. The study uses event study and logistic regression to examine the effects of peer news on focal firms’ investor behaviour.

The results show that both good and bad news about leaders cause peers’ stock prices to increase initially, but then reverse within one quarter. Further analysis reveals that when leaders’ shares receive positive news coverage, institutional investors tend to exert excessive abnormal buying pressure on peers’ shares, resulting in overreactions. Conversely, retail investors do not actively trade on peers on leaders’ news day due to limited attention. In addition, the study shows that short-selling constraint inhibits bad news from reflecting in the stock prices.

The study highlights differences in investor behaviour. The finding that institutional investors tend to overreact more to peer firms’ news when focal firms are smaller and have a lower frequency of information disclosure supports the salient theory. This is consistent with the previous framework that suggests overreaction is more pronounced when it is difficult to combine external sources of information to evaluate the focal firms. In contrast, retail investors do not engage in active trading on peers on leaders’ news day due to the limited attention theory.

The objective of this study is to examine current business and management research on “Industry 4.0 base technologies” and “business models” to shed light on this vast literature and to point out future research agenda.

The authors conducted a bibliometric analysis of scientific publications based on 482 documents collected from the Scopus database and a co-citation analysis to provide an overview of business model studies related to Industry 4.0 base technologies. After that a qualitative analysis of the articles was also conducted to identify research trends and trajectories.

The results reveal the existence of five research themes: smart products (cluster 1); business model innovation (cluster 2); technological platforms (cluster 3); value creation and appropriation (cluster 4); and digital business models (cluster 5). A qualitative analysis of the articles was also conducted to identify research trends and trajectories.

First, the dataset was collected through Scopus. The authors are aware that other databases, such as Web of Science, can be used to deepen the focus of quantitative bibliometric analysis. Second, the authors based this analysis on the Industry 4.0 base technologies identified by Frank et al. (2019). The authors recognize that Industry 4.0 comprises other technologies beyond IoT, cloud computing, big data and analytics.

Drawing on these analyses, the authors submit a useful baseline for developing Industry 4.0 base technologies and considering their implications for business models.

In this paper, the authors focus their attention on the relationship between technologies underlying the fourth industrial revolution, identified by Frank et al. (2019), and the business model, with a particular focus on the developments that have occurred over the last decade and the authors performed a bibliometric analysis to consider all the burgeoning literature on the topic.