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This study aims to provide empirical evidence on the impact of foreign share ownership on the liquidity of the Tunisian Stock Exchange (TSE).

The authors hypothesize in the first strand that stock liquidity could be positively affected by foreign ownership based on the real friction channel. The authors then hypothesize in the second strand, based on the information friction channel, that foreign ownership's impact on stock liquidity could be insignificant or negative and that foreign investors raise the level of information asymmetry. A sample of 318 firm-year observations from Tunisia over the 2012–2017 period and a random-effects estimation were used. Moreover, using the 2SLS estimator, a robustness check framework was applied in order to address any potential reverse causality concerns.

The authors find strong evidence that higher foreign ownership improves stock liquidity. More specifically, firms with higher foreign ownership engender a lower bid-ask spread, a better stock ability to absorb a large amount of trading volume, and a larger depth. These findings are still valid when reverse causality concerns are addressed through the use of the 2SLS estimator.

The paper contributes to the existing literature by focusing on the ownership–liquidity relationship on a frontier market. It provides further empirical support that higher corporate governance quality reduces the information asymmetry problem and enhances stock market liquidity.

The purpose of this study is to investigate the presence of psychological barriers both in the main stock market indices of the Baltic states and the most actively traded individual stocks. A psychological barrier refers to a specific price point, often at round numbers (i.e. powers of 10), that investors believe is challenging to breach, influencing their behavior and trading decisions.

We conduct uniformity tests and barrier tests, such as barrier proximity tests and barrier hump tests, to evaluate the presence of psychological barriers. Additionally, we explore variations in means and variances near these potential barriers using regression and GARCH analysis.

The findings reveal that psychological barriers do exist in the Baltic stock markets, particularly within market indices. The Estonian market index stands out with the most pronounced indications of psychological barriers. Individual stocks also display significant changes in means and variances related to potential barriers, albeit with less uniformity.

Collectively, our findings challenge the traditional assumption of random returns within the Baltic stock markets. For practitioners, the finding that psychological barriers exist opens up opportunities for investment strategies that can capitalize on them.

This study is the first to comprehensively investigate psychological barriers in the Baltic stock markets. Our results provide a valuable contribution to understanding the impact of that phenomenon on pricing dynamics, which is particularly pertinent in less-researched frontier markets like the Baltic states.

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.

This study investigates the effect of entrepreneurial orientation and government support on the innovation openness of South Korean manufacturing firms. By compartmentalizing entrepreneurial orientation and government support, this study seeks to elucidate their effects on the breadth and depth of firms' knowledge searches.

The study utilizes Poisson regression analysis with empirical data from 2,353 South Korean manufacturing firms collected from Korean Innovation Survey data.

Analysis reveals nuanced influences of various factors on firms' open innovation activities. Innovativeness positively affects knowledge search breadth and depth, highlighting the role of innovation-oriented processes, while competitive aggressiveness influences depth, thereby underscoring the pursuit of specialized knowledge acquisition. Proactiveness positively affects breadth but negatively affects depth, suggesting the importance of maintaining broad perspectives. Government support scope positively affects both breadth and depth, reflecting the significance of external support in encouraging inclusive knowledge exploration. The importance of government support positively influences depth, emphasizing its vital role in establishing collaborative relationships to enhance in-depth knowledge acquisition.

This study provides novel insights by exploring the nuanced implementation of open innovation in latecomer economies, especially South Korea, which experienced rapid economic development by leveraging innovation. The identification of specific factors influencing knowledge search breadth and depth contributes to the literature on open innovation by providing strategic guidelines for firms and policymakers. This practical implications of this study suggest that firms should align their strategies with entrepreneurial orientation while leveraging pertinent government support.

The wine market has witnessed intensified competition across all aspects. However, there is a limited systematic assessment of wine marketing literature. This study employs bibliometric and thematic content evaluation methodologies to present a comprehensive summary and trend of the existing research in wine marketing.

This integrates bibliometric and thematic content analytical techniques to trace the evolutionary arc of wine marketing research, underpinned by a framework-based evaluation - the 4 Ws (what, where, why, and how) to give a thorough overview of wine marketing literature. We draw on the thematic structure of wine marketing research by conducting keyword co-occurrence, thematic, social network, and cluster-based content analyses. A total of 291 publications from peer-reviewed journals, spanning the years 2001–2023, were examined in the present study.

The bibliometric analysis is used to determine the most notable journals, authors, nations, articles, and themes, thereby offering a comprehensive understanding of the publication trends within the sphere of wine marketing. Based on the findings, this study advocates a research agenda to extend further contributions to the field of wine marketing.

The study performs a comprehensive analysis of the publication patterns, influential authors, and emerging trends within the wine marketing research field. It provides a unique insight into the evolution and development of wine marketing as a scholarly discipline, facilitating future research directions and knowledge advancement.

This paper aims to investigate the trading behavior of insider investors before and after information releases, identifying information-based manipulation in the stock market and the characteristics of companies whose stock prices are manipulated.

This paper employs logit regression method and an event study approach, utilizing hand-collected data from 2010 to 2022, with information categorized into negative and positive types.

The results show no evidence of insider trading or negative information-based manipulation in both high and low transparency firms. However, in highly transparent companies, the Board of Directors (BOD) avoids direct manipulation by using relatives to evade market supervisors. In low transparency companies, both the BOD and family members (FM) exploit positive information to benefit personally by buying shares before releasing favorable news, causing a sharp stock increase, and selling afterward. Continued buying by the BOD and FM also suggests likely positive news announcements.

The characteristics of information-based manipulation in companies, as provided by this study, help individual investors avoid investing in stocks that are highly susceptible to manipulation.

Empirical research on information-based manipulation is scarce due to limited secondary data. Our study uses transaction data from insider investors in a frontier market with low transparency and high information asymmetry. This enables us to analyze information-based stock price manipulation. We identify manipulation by comparing insiders' trading behavior with their market information releases, resulting in stock price fluctuations greater than 5%.

This study aims to conduct a rigorous bibliometric analysis of impulse buying research trends and patterns, map the conceptual landscape of the field, identify significant themes and propose a roadmap for future studies in this domain.

This study used Snyder’s (2019) four-step systematic review approach. By using a specific search string, articles from the past 21 years (2003–2023) were retrieved from the Scopus and Web of Science databases. Performance analysis and science mapping were conducted using Biblioshiny to analyze the field’s knowledge base.

The volume and influence of impulse buying research have surged over the past two decades. The factorial analysis identified three main sub-themes within the impulse buying literature. In addition, Bradford’s law confirmed that the top five journals account for a significant portion of the relevant research. Despite the increased publications, author productivity diverges from Lotka’s law, indicating a few influential authors. This study provides a detailed conceptual map of the research landscape and proposes targeted future research questions by highlighting untapped opportunities.

This study offers insights for refining marketing strategies and highlights the importance of ethical considerations in marketing, especially during crises. It also strengthens the theoretical foundation of impulse buying by mapping core themes and identifying unexplored areas.

This study introduces an innovative approach by using factorial analysis with the multiple correspondence analysis technique to develop a detailed conceptual structure map of impulse buying research. It applies bibliometric laws such as Bradford’s law and Lotka’s law to explain the dispersion of research articles. By identifying core themes, this study charts a roadmap for future inquiry, addressing significant gaps and uncovering new research directions.

While government is known to provide political guidance and exercising its executive function, it is also has regulatory powers through laws it enacts. In fostering sustainability, it is important to inquire how government's role can be innovated to facilitate sustainability, particularly in the travel and tourism industry. By reviewing tourism governance literature and mapping governance roles in the travel and tourism industry, this chapter creates a policy framework that underscores a new approach to tourism governance. We underscore that government's role must pivot toward being more developmental than regulatory so that it can effectively stimulate the market to sustainability by fostering value creation, supporting manpower capacitation, ensuring health and safety, and protecting the environment. This can be done if government will not fix the market and promote free market policymaking.

Sports advertisements such as the Super Bowl showcase products and brands that have invested increasingly large sums financially to gain viewers’ attention. However, how audio features in advertisements impact viewers' behavior remains unexplored.

Using the lens of signaling theory, this research uses advanced data analytics of voice and music audio in Super Bowl advertisements to examine its impacts on viewers.

Results show that advertisement viewers prefer more voiced frames and have a greater liking behavior of voiced frames with a low intensity (less loud) and a higher F1 frequency, which is typically associated with male vocal tracts. A fast music tempo works better for longer advertisements. The model controls for various types of ad appeals. The research underlines the importance of voice and music in signaling successful brand features that are likely to increase the ad-liking behavior of consumers (positive effect).

The current research implies that brands advertising through sports ads must carefully select voice actors and music in order to provide the most positive signals for a brand to have the most significant effect and, thus, a greater return on the high sums invested in the ads.

First, this research contributes in terms of a new research process for using audio analytics in advertising. The detailed research process outlined can be used for future research examining audio and music from advertisements. Second, our findings provide additional support to the important role of voice features (e.g. intensity and frequency) as signals in inducing responses from consumers (Biswas et al., 2019; Hagtvedt and Brasel, 2016). Third, the study surfaces a new theoretical association: the effect of tempo in moderating the relationship between duration and propensity to like an ad.