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1 – 10 of over 2000Giacomo Pigatto, Lino Cinquini, Andrea Tenucci and John Dumay
This study is an analysis that aims to understand the rationale behind the concept of value creation contained in the integrated reporting (IR) framework. As such, the authors…
Abstract
Purpose
This study is an analysis that aims to understand the rationale behind the concept of value creation contained in the integrated reporting (IR) framework. As such, the authors examined the quality of the disclosures made in integrated reports by measuring the level to which the six capitals (6Cs) have been integrated into disclosures on value creation.
Design/methodology/approach
The IR framework’s value creation model focuses on six content elements and three guiding principles. Hence, the present analysis combines content analysis with quantitative measures in the form of a bespoke Integrated Disclosure Index. The index measures the level of integration found in the disclosures instead of the mere presence or absence of mentioned capitals, content elements and guiding principles in isolation. The present sample comprised the 2016 integrated/sustainability reports for 184 listed companies sourced from the Integrated Reporting Examples Database.
Findings
The 6Cs are well disclosed in form but only partially disclosed in substance. Further, overall levels of integration between the capitals, the content elements and the guiding principles are higher than average. Disclosures on materiality, business models and stakeholder relationships are somewhat lacking, as are the related medium- and long-term disclosures on outlook.
Practical implications
The paper contributes to the academic debate on IR by building a case for holistically assessing the substance of integrated reports. Considering that the IR value creation model can underpin and align with the 17 UN sustainable development goals, the authors show how the fundamental concept of the 6Cs sustaining value creation is understood and implemented differently across the various elements and principles of the IR framework.
Social implications
This research also provides guidance for overcoming some of the practical hurdles associated with assessing the quality of reports because the authors provide tools for spotlighting the substance of disclosures over their form.
Originality/value
This paper delves into the substance of integrated reports by assessing how well the 6Cs have been integrated into disclosures on the content elements and guiding principles of the IR framework. In contrast to previous IR research that has mainly analysed capital, elements and principles in isolation, the authors develop an index assessing the integration of these three fundamental concepts of IR.
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Prapaporn Kiattikulwattana and Ra-Pee Pattanapanyasat
This study examines whether investors value the timing and/or information of mandatory disclosures in a unique research setting of listed companies in Thailand.
Abstract
Purpose
This study examines whether investors value the timing and/or information of mandatory disclosures in a unique research setting of listed companies in Thailand.
Design/methodology/approach
The authors adopt an event-study based approach. Abnormal stock returns are calculated using an OLS market model to measure market reactions to three types of mandatory reports issued by listed Thai firms: financial statements, Form 56-1 and Form 56-2. These reports are released sequentially but contain overlapping information content. Multivariate regression models are employed to examine the market reactions to these regulatory reports and explore the characteristics of firms that affect the market response.
Findings
The stock market reacts differentially to these reports. The financial statements, which are filed the earliest and are the most concise, prompt the strongest reaction. Investors similarly react significantly to Form 56-1 and Form 56-2, although Form 56-2 provides additional information beyond Form 56-1. The market reactions to small firms are stronger. Collectively, equity investors focus on the timeliness of disclosures rather than the information disclosed in the mandatory reports.
Practical implications
The evidence provides support for ongoing regulatory initiatives aimed at improving the timeliness of mandatory disclosures in emerging economies.
Originality/value
Prior studies on disclosure regulation investigate either the effect of information content or the timing of mandatory disclosures in isolation. The authors differentiate the effect of information content from disclosure timing and extend the literature by suggesting that investors incrementally value timeliness of disclosures. Investors perceive the benefit of the timely release of quantitative information compared to subsequent narrative disclosures. Between Form 56-1 and Form 56-2, the earlier release of the narrative non-financial information is incrementally traded into share prices.
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Gong-Bing Bi, Wenjing Ye and Yang Xu
Existing literature demonstrates the important role of information transparency in enterprise development and market surveillance. However, little empirical research has examined…
Abstract
Purpose
Existing literature demonstrates the important role of information transparency in enterprise development and market surveillance. However, little empirical research has examined the information transparency effect in supply chain management. This study aims to fill this gap by exploring the significant role of information transparency on supply chain financing and its mechanism, taking trade credit as the starting point.
Design/methodology/approach
From the data set comprising 3,880 Chinese firms with A-shares listed on the Shenzhen and Shanghai Stock Exchanges from 2011 to 2020, we obtain the basic picture of information transparency and trade credit. Panel fixed effects regression is used to test the hypotheses concerning the antecedents to trade credit.
Findings
The empirical results show that: first, information transparency can significantly support corporate access to trade credit and is found to facilitate financing by mitigating perceived risk. Second, among companies with higher levels of financing constraints, weaker market power and more concentration of suppliers, information transparency promotes trade credit more markedly. Third, the outbreak of COVID-19 causes a substantial increase in uncertainty and risk in external circumstances and then the effect of information transparency is weakened. Fourth, the contribution to trade credit is likely to be stronger for disclosures containing management transparency elements compared to single financial transparency.
Originality/value
To the best of our knowledge, this study is one of the first to explore the positive role of information transparency to supply chain financing, which to a certain extent makes up for the lack of information transparency research in the supply chain. It provides new ideas for enterprises to obtain trade credit financing and promote the improvement of supervision departments’ disclosure policies.
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Xianchuan Yang, Yin Ma and Jiashi Han
The purpose of this paper is to identify the influence of product information on purchase intention and evaluate the moderated mediation effect of return policy leniency in…
Abstract
Purpose
The purpose of this paper is to identify the influence of product information on purchase intention and evaluate the moderated mediation effect of return policy leniency in cross-border e-commerce.
Design/methodology/approach
The methodology is to use multiple regression analysis on 406 qualified online survey responses to determine the influence of product description, product display, and product content on consumer purchasing intention through product involvement as well as the moderated mediation effect of return policy leniency.
Findings
The results show that product description and product content were positively associated with product involvement, while product display did not exhibit a significant relationship between it and product involvement. As hypothesized, product involvement mediated the relationship of product description and product content with consumer purchasing intention. The return policy leniency was also found to positively moderate the mediation path of product content on purchasing intention through product involvement.
Originality/value
This study bridges a gap in the literature on the influence of three kinds of product information on purchasing intention through product involvement in a cross-border e-commerce context. Especially the study is one of the first attempts to determine that good return policy do not apply universally due to implied boundary conditions. The results can be used to expand consumption in cross-border e-commerce.
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Mathew B. Fukuzawa, Brandon M. McConnell, Michael G. Kay, Kristin A. Thoney-Barletta and Donald P. Warsing
Demonstrate proof-of-concept for conducting NFL Draft trades on a blockchain network using smart contracts.
Abstract
Purpose
Demonstrate proof-of-concept for conducting NFL Draft trades on a blockchain network using smart contracts.
Design/methodology/approach
Using Ethereum smart contracts, the authors model several types of draft trades between teams. An example scenario is used to demonstrate contract interaction and draft results.
Findings
The authors show the feasibility of conducting draft-day trades using smart contracts. The entire negotiation process, including side deals, can be conducted digitally.
Research limitations/implications
Further work is required to incorporate the full-scale depth required to integrate the draft trading process into a decentralized user platform and experience.
Practical implications
Cutting time for the trade negotiation process buys decision time for team decision-makers. Gains are also made with accuracy and cost.
Social implications
Full-scale adoption may find resistance due to the level of fan involvement; the draft has evolved into an interactive experience for both fans and teams.
Originality/value
This research demonstrates the new application of smart contracts in the inter-section of sports management and blockchain technology.
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Peipei Liu and Wei-Qiang Huang
This study is the first that aims to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the…
Abstract
Purpose
This study is the first that aims to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.
Design/methodology/approach
Multiple spatial weight matrices can capture the contiguity of spatial units from various dimensions, which could be exploited to improve the precision of inference as well as prediction accuracy. To the best of the authors’ knowledge, this is the first study to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.
Findings
With network structure analysis, this study finds that they contain different information content from the perspective of graphical display, node strength and correlation. Developed and emerging countries all play major roles in trade connection, while only developed countries play major roles in financial linkage. Second, by applying the multidimensional SAR model, only the spatial autocorrelation coefficients for trade and financial linkages are significant during the full sample period, which is in sharp contrast to published studies using the SAR model with a single matrix. Third, the spillover channels that play major roles in various periods are different. Only trade channel plays a role during crisis periods and it is the most important. Fourth, the spatial correlation among countries greatly amplifies the shock’s impacts on one market. And spatial effect for developed countries is larger than those for emerging countries, while the mean spatial effect of a unit shock in the USA on emerging countries is slightly greater than that on developed countries.
Originality/value
Multiple spatial weight matrices can capture the contiguity of spatial units from various dimensions, which could be exploited to improve the precision of inference as well as prediction accuracy. To the best of the authors’ knowledge, this is the first study to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.
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Weihua Liu, Zhixuan Chen, Tsan-Ming Choi, Paul Tae-Woo Lee, Hing Kai Chan and Yongzheng Gao
This study aims to explore the impact of carbon neutral announcements on “stock market value” of publicly listed companies in China.
Abstract
Purpose
This study aims to explore the impact of carbon neutral announcements on “stock market value” of publicly listed companies in China.
Design/methodology/approach
The event study approach is adopted. Market, market-adjusted, Carhart four-factor model and a cross-sectional regression model are employed to examine the impacts of carbon neutral announcements on “stock market value” of Chinese companies based on data from 188 carbon neutral announcements.
Findings
Carbon neutral announcements positively impact Chinese shareholder value. Carbon neutral announcements at the strategic level have a more positive and significant impact on Chinese stock market value. Innovative carbon neutral announcements do not significantly cause Chinese stock market reactions. Companies have more positive and significant stock market reactions when the companies make carbon neutral announcements that reflect high supply chain network resilience and heterogeneity and strong supply chain network relationships.
Practical implications
The findings uncover the business value of carbon neutral activities and provide operations managers in developing countries insights into how to improve enterprises' market value by actively implementing carbon neutral activities.
Originality/value
This paper is the first trial to apply an event study to examine the relationship between carbon neutral announcements and Chinese stock market value from the perspective of announcement level and type and supply chain networks. This paper introduces corporate reputation theory and enriches the application of corporate reputation theory in the field of low-carbon environmental protections and supply chains.
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Abhishek Behl, Vijay Pereira, Achint Nigam, Samuel Wamba and Rahul Sindhwani
The purpose of this paper is to investigate the potential of NFTs in revolutionizing innovation management and information systems. Innovations done by firms are blatantly used by…
Abstract
Purpose
The purpose of this paper is to investigate the potential of NFTs in revolutionizing innovation management and information systems. Innovations done by firms are blatantly used by other firms to develop cheap knock-off. This leads to huge economic loses to the firm investing in research and development activities. Firms are in need of trusted, immutable and verifiable means of storing information which cannot be used by others, even if publically available without their consent. Non-fungible tokens (NFTs) appear to be one such solution to this problem that has recently attracted a lot of investor interest. Using NFTs the information is tokenized and is stored in a secure manner.
Design/methodology/approach
Through this scoping review, the authors investigate the influence of NFTs towards the innovation management from the dual aspects of management and information systems. This scoping review is underpinned by the five-stage framework by Arksey and O’Malley. The five stages of Arksey and O’Malley’s framework were used in this analysis to classify the literature through five stages of identifying the initial research questions; locating relevant studies; study selection; charting the data; and compiling, summarizing and reporting the results.
Findings
This study suggests that NFTs on the blockchain have significant potential to revolutionize innovation management and information systems. Theoretical frameworks used in investigating the role of digital tokens in blockchain management are mainly based on contracts, diversity theory, portfolio theory and faking likelihood theory. The study reveals gaps in the literature, particularly in the under-researched areas of behavioural psychology and social psychology theories. The appropriate regulation and regulation authority for different types of digital tokens are required. The study also presents archetypes that represent patterns in the current landscape of blockchain tokens, which have significant potential for future research and practical applications.
Originality/value
This study is unique in its approach to assessing the future of NFTs in the field of innovation and information management. While many existing reviews have focused on describing the progress and development of NFTs in the past, this study takes a forward-looking perspective and projects the future potential of NFTs. This innovative approach allows for a deeper understanding of the potential impact of NFTs in various fields such as entrepreneurship, innovation management and tokenomics. Therefore, this study contributes to the literature on NFTs by providing insights and recommendations for future research and practical applications.
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Dyliane Mouri Silva de Souza and Orleans Silva Martins
This study identified how investor sentiment on Twitter is associated with Brazilian stock market return and trading volume.
Abstract
Purpose
This study identified how investor sentiment on Twitter is associated with Brazilian stock market return and trading volume.
Design/methodology/approach
The study analyzes 314,864 tweets between January 1, 2017, to December 31, 2018, collected with the Tweepy library. The companies’ financial data were obtained from Refinitiv Eikon. Using the netnographic method, a Twitter Investor Sentiment Index (ISI) was constructed based on terms associated with the stocks. This Twitter sentiment was attributed through machine learning using the Google Cloud Natural Language API. The associations between Twitter sentiment and market performance were performed using quantile regressions and vector auto-regression (VAR) models, because the variables of interest are heterogeneous and non-normal, even as relationships can be dynamic.
Findings
In the contemporary period, the ISI is positively correlated with stock market returns, but negatively correlated with trading volume. The autoregressive analysis did not confirm the expectation of a dynamic relationship between sentiment and market variables. The quantile analysis showed that the ISI explains the stock market return, however, only at times of lower returns. It is possible to state that this effect is due to the informational content of the tweets (sentiment), and not to the volume of tweets.
Originality/value
The study presents unprecedented evidence for the Brazilian market that investor sentiment can be identified on Twitter, and that this sentiment can be useful for the formation of an investment strategy, especially in times of lower returns. These findings are original and relevant to market agents, such as investors, managers and regulators, as they can be used to obtain abnormal returns.
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The regional comprehensive economic partnership (RCEP) is promising as per the claims and can be revolutionary for the Asia–Pacific Region. The member countries will get a boost…
Abstract
Purpose
The regional comprehensive economic partnership (RCEP) is promising as per the claims and can be revolutionary for the Asia–Pacific Region. The member countries will get a boost in the post-pandemic world due to the RCEP. According to Brookings, the RCEP is going to be an agreement reshaping the global economics. This study aims to clarify the aspects related to the RCEP and how it can boost global economics.
Design/methodology/approach
The study employs qualitative descriptive analysis to address the status of RCEP in the region and the consequences of such main transnational partnership. The study is based on economic reports, official documents and data directly related to the subject of the study.
Findings
Findings show that the RCEP will be a significant driver of regional trade despite its faults. The RCEP's tariff benefits and rules of origin, notwithstanding their relatively restricted scope, will encourage enterprises to source products and services from RCEP members, and in combination, RCEP and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are anticipated to replace at least some competing US commodities, services and farm exports. For items that integrate parts and components from inside the area, such as from China, the RCEP is projected to reduce tax and trade facilitation costs, allowing enterprises to avoid US Section 301 tariffs.
Originality/value
By examining how the RCEP operates within the framework of domestic and international trade, this study contributes to a deeper understanding of RCEP and analyses its nature based on data and official reports.
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