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This study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms.
Abstract
Purpose
This study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms.
Design/methodology/approach
Panel data analysis using the difference generalized method of moments (GMM) and fixed-effects ordinary least squares (FE-OLS) is conducted on annual data from publicly listed firms across a number of developing economies. The data cover the period from 2003 to 2019.
Findings
The findings indicate that financially dependent firms rely on TC to manage their growth, especially when they have exhausted their debt capacity. This dependence on TC displays a cyclical pattern. As firms enhance their financial position, they tend to scale back their dependence. Nevertheless, firms with significant growth opportunities continue utilizing TC for at least two years after their initial identification as financially dependent.
Practical implications
The author's conclusion highlights that TC can be a valuable and accessible source of funding, especially in developing economies where the real sector may require alternative financing channels. Hence, TC has the potential to play a very significant role in financing corporate growth in these economies.
Originality/value
The current study adds to the existing body of literature by revealing that access to alternative sources of finance is also critical for firms that are dependent on external sources and for firms that have exhausted their financial debt capacity.
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Keywords
Bona Kim and Sut Ieng Lei
The cruise industry has used technology to attract more millennials than ever before. The progression of social media has transformed the way young individuals gather information…
Abstract
Purpose
The cruise industry has used technology to attract more millennials than ever before. The progression of social media has transformed the way young individuals gather information for their travel decision-making. Hence, this study aims to investigate the effects of the characteristics of social media – Instagram – on millennials’ trust in and attitudes toward social media content and their behavioral intentions.
Design/methodology/approach
A self-administered survey was designed to test the study model, and 323 responses collected were deemed valid for main data analysis.
Findings
The results revealed that perceived enjoyment of content is a powerful antecedent of trust, attitudes and behavioral intentions. Content quality is a strong predictor of trust but has no meaningful effect on attitudes and behavioral intentions.
Originality/value
Theoretically, this study contributes to the research in the tourism literature on social media and cruise marketing based on integrating into the technology acceptance model, the characteristics of social media content and trust based on commitment-trust theory. This study can help cruise operators use Instagram to influence millennials and suggests significant implications based on social media interactions with millennials.
Details
Keywords
- Cruise tourism
- Characteristics of Instagram content
- Trust
- Extended technology acceptance model
- Millennials’ behavioral intentions
- 邮轮旅游、Instagram 内容特征、信任、扩展技术接受模型、千禧一代行为意向
- Turismo de cruceros
- Características del contenido de Instagram
- Confianza
- Modelo de Aceptación de la Tecnología ampliado
- Intenciones de comportamiento de los millennials
Giacomo 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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Peiyuan Gao, Yongjian Li, Weihua Liu, Chaolun Yuan, Paul Tae Woo Lee and Shangsong Long
Considering rapid digitalization development, this study examines the impacts of digital technology innovation on social responsibility in platform enterprises.
Abstract
Purpose
Considering rapid digitalization development, this study examines the impacts of digital technology innovation on social responsibility in platform enterprises.
Design/methodology/approach
The study applies the event study method and cross-sectional regression analysis, taking 168 digital technology innovations for social responsibility issued by 88 listed platform enterprises from 2011 to 2022 to study the impact of digital technology innovations for social responsibility announcements of different announcement content and platform attributes on the stock market value of platform enterprises.
Findings
The results show that, first, the positive stock market reaction is produced on the same day as the digital technology innovation announcement. Second, the announcement of the platform’s public social responsibility and the announcement of co-innovation and radical innovation bring more positive stock market reactions. In addition, the announcements mentioned above issued by trading platforms bring more positive stock market reactions. Finally, the social responsibility attribution characteristics of the announcement did not have a significant differentiated impact on the stock market reaction.
Originality/value
Most scholars have studied digital technology innovation for social responsibility through modeling rather than second-hand data to empirically examine. This study uses second-hand data with the instrumental stakeholder theory to provide a new research perspective on platform social responsibility. In addition, in order to explore the different impacts of digital technology innovation on social responsibility, this study has classified digital technology innovation for social responsibility according to its social responsibility and digital technology innovation characteristics.
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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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Keywords
Sha Zhou, Yaqin Su, Muhammad Aamir Shahzad and Zhengchi Liu
The integration of social media and e-commerce has resulted in a rising phenomenon among individual content providers (ICPs), who used to offer free content, to provide consumers…
Abstract
Purpose
The integration of social media and e-commerce has resulted in a rising phenomenon among individual content providers (ICPs), who used to offer free content, to provide consumers with paid content, such as online courses, Q&As or consultations. Despite the prevalence of ICPs’ content monetization, empirical research has rarely studied its underlying mechanism. This paper examines how the characteristics of free content contributed by ICPs on social media platforms influence their paid content sales, focusing on the perspective of human brand.
Design/methodology/approach
The empirical setting is an online knowledge exchange platform, where users are allowed to provide free content (e.g. answers) on the social media platform and launch paid content (e.g. lectures) on the e-commerce platform. A machine learning technique is employed to construct measures for the characteristics of free content, and fixed-effects estimation is presented to confirm which factors have a significant influence on the sales of paid content.
Findings
The empirical results show that the quality, diversity and expertness of free content have a significant positive impact on the sales of the ICP-paid content, with the brand popularity of ICP playing a mediating role.
Originality/value
This study is the first attempt to demystify the relationship between content contribution and ICPs’ content monetization from the perspective of human brand. The findings validate the effectiveness of the “Selling by Contribution” strategy and provide valuable insights for ICPs and social media platforms.
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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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Keywords
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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Diyana Sheharee Ranasinghe and Navodana Rodrigo
Blockchain for energy trading is a trending research area in the current context. However, a noticeable gap exists in the review articles focussing on solar energy trading with…
Abstract
Purpose
Blockchain for energy trading is a trending research area in the current context. However, a noticeable gap exists in the review articles focussing on solar energy trading with blockchain technology. Thus, this study aims to systematically examine and synthesise the existing research on implementing blockchain technology in sustainable solar energy trading.
Design/methodology/approach
The study pursued a systematic literature review to achieve its aim. The data extraction process focussed on the Scopus and Web of Science (WoS) databases, yielding an initial set of 129 articles. Subsequent screening and removal of duplicates led to 87 articles for bibliometric analysis, utilising VOSviewer software to discern evolutionary progress in the field. Following the establishment of inclusion and exclusion criteria, a manual content analysis was conducted on a subset of 19 articles.
Findings
The results indicated a rising interest in publications on solar energy trading with blockchain technology. Some studies are exploring the integration of new technologies like machine learning and artificial intelligence in this domain. However, challenges and limitations were identified, such as the absence of real-world solar energy trading projects.
Originality/value
This study offers a distinctive approach by integrating bibliometric and manual content analyses, a methodology seldom explored. It provides valuable recommendations for academia and industry, influencing future research and industry practices. Insights include integrating blockchain into solar energy trading and addressing knowledge gaps. These findings advance societal goals, such as transitioning to renewable energy sources (RES) and mitigating carbon emissions, fostering a sustainable future.
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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.
Details