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1 – 10 of over 64000Psychological ownership has been a topic of intense debate for several decades, especially in the digital era. In addition, as part of the digital public domain, virtual…
Abstract
Purpose
Psychological ownership has been a topic of intense debate for several decades, especially in the digital era. In addition, as part of the digital public domain, virtual communities shape our digital lives. Unfortunately, few studies have examined the communication process in virtual communities from the perspective of psychological ownership. Moreover, information and organization are key aspects of virtual communities. This research aimed to explore the impact of psychological ownership on communication satisfaction from these two perspectives.
Design/methodology/approach
I collected 471 responses using a questionnaire. In terms of empirical methods, I developed a structural equation model (SEM) to examine the relationship between psychological ownership and communication satisfaction as well as the mechanism underlying this relationship – namely, information behavior. Specifically, I first examined the relationship between psychological ownership and information behavior. I then developed a comprehensive framework for the double-edged impact of psychological ownership in virtual communities on communication satisfaction.
Findings
I found that psychological ownership has a double-edged effect on communication satisfaction based on two types of information behavior in virtual communities. Specifically, organization-based psychological ownership (OPO) positively influences communication satisfaction through information exchange. In contrast, information-based psychological ownership (IPO) negatively impacts communication satisfaction through information-hiding.
Originality/value
The findings of this research demonstrate that psychological ownership has a double-edged effect on communication satisfaction. First, the findings of this study reveal the downsides of psychological ownership, which are not consistent with its beneficial role. Second, the negative effect of psychological ownership with regard to communication in virtual communities also helps explain communication failure in virtual communities. Finally, despite the downsides of psychological ownership in the context of a virtual community revealed by this study, this factor has an overall beneficial effect.
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Omar Farooq and Khondker Aktaruzzaman
The purpose of this paper is to provide empirical evidence on the informational role played by ownership concentration.
Abstract
Purpose
The purpose of this paper is to provide empirical evidence on the informational role played by ownership concentration.
Design/methodology/approach
The authors use bivariate vector autoregressive models to document the informational role of ownership concentration.
Findings
The findings suggest that the returns of firms with concentrated ownership structure lead the returns of firms with dispersed ownership structure in Morocco during the period between 2004 and 2014. The authors argue that this lead-lag relationship arises because a better information environment in firms with concentrated ownership structure enables quick incorporation of relevant information. The results are robust under different information regimes.
Originality/value
The authors believe that this paper is one of the first evidence on the informational role of ownership concentration in Morocco.
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Jani Simo Sakari Koskinen, Ville Matti Antero Kainu and Kai Kristian Kimppa
The purpose of this paper is to analyse the current status of ownership of patient information from a Lockean perspective and then present Datenherrschaft (German for “mastery…
Abstract
Purpose
The purpose of this paper is to analyse the current status of ownership of patient information from a Lockean perspective and then present Datenherrschaft (German for “mastery over information”) as a new model for patient ownership of patient information.
Design/methodology/approach
This paper is theoretical in approach. It is based on arguments derived from Locke’s Two Treatises of Government. Legal examples of the current situation are derived from Finnish, UK and Swedish legislation.
Findings
Current legislation concerning patient information is not clearly formulated and so recognising a new right on the part of the patient, Datenherrschaft, would be an ethically justifiable way of remedying the issue.
Research limitations/implications
The legal analysis was limited to Finland, the UK and Sweden, and so other legislation should be looked at in future research. Datenherrschaft is used as an example of an ethically justified way of regulating patient information ownership and should be analysed further.
Originality/value
Patient information ownership is an issue that is not unambiguously solved in many countries, nor has it, in our view, been ethically justified. The potential solution presented in this paper is clear and has strong ethical justifications.
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Jason Aaron Gabisch and George R. Milne
The question over who “owns” and controls consumer data on the internet is emerging as an important issue as individuals increasingly share more of their personal information with…
Abstract
Purpose
The question over who “owns” and controls consumer data on the internet is emerging as an important issue as individuals increasingly share more of their personal information with marketers in return for services and benefits. This paper aims to examine how compensating consumers for their personal information affects their expectations for data ownership and privacy control.
Design/methodology/approach
The authors conduct two online scenario-based experiments with a sample of adult consumers. The results were analyzed using multivariate and univariate analysis of variance.
Findings
The findings show that receiving compensation, especially when it is a monetary reward, reduces consumer expectations for privacy protection. These effects depend on whether the information provided to marketers is perceived to be sensitive in nature.
Originality/value
While a number of privacy studies have investigated the effects of compensation on encouraging self-disclosure on the internet, there is a lack of research that examines the effect of compensation on privacy expectations. To the authors' knowledge, this is the first paper to test empirically the construct of information ownership in the context of privacy exchanges.
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Ethiopia has enacted laws on transparency and disclosure of information in state-owned enterprises (SOEs). However, these laws are not strict enough, with the transparency and…
Abstract
Purpose
Ethiopia has enacted laws on transparency and disclosure of information in state-owned enterprises (SOEs). However, these laws are not strict enough, with the transparency and disclosure practices disappointing in the country. Thus, this study aims to investigate the legal framework governing transparency and disclosure in SOEs.
Design/methodology/approach
This study uses doctrinal, qualitative and comparative approaches. Domestic legal texts are appraised based on the organization for economic co-operation and development Guideline on Corporate Governance of State-owned Enterprises, the World Bank Toolkit on Corporate Governance of State-owned Enterprises and best national practices. This approach has been further corroborated by qualitative analysis of the basic principles of transparency and disclosure.
Findings
The finding reveals that the laws on transparency and disclosure do not comply with global practices and are inadequate to ensure transparency and discourse in SOEs. They fail to establish appropriate disclosure frameworks and practices at the SOE and state-ownership entity levels. They also indiscriminately subject enterprises to multiple auditing functions and conflicting responsibilities.
Originality/value
To the author’s knowledge, this study is the first legal literature on transparency and disclosure in Ethiopian SOEs. This study assists the state as owner in reforming the laws and uplifting SOEs from their current unpleasant condition. It can also become a reference for future research.
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Jianbiao Li, Guangrong Wang, Juan Sun and Gulin Liu
The purpose of this paper is to investigate the relationship among ownership structure, information disclosure and benefits of control under Lab‐experimental frame, based on the…
Abstract
Purpose
The purpose of this paper is to investigate the relationship among ownership structure, information disclosure and benefits of control under Lab‐experimental frame, based on the ownership structure in China's stock market.
Design/methodology/approach
Theoretical Shapley value of shareholders was used as the representative of control right, and benefits of control in different experimental treatments were studied.
Findings
Experimental results show: first, more counterbalance of shareholders' control rights, less benefits of their control right. Accordingly, more chance to form core alliance for the major shareholder with small shareholders, less chance for them to get control right; second, the effect of information on benefits of control are mainly reflected in forming and maintaining the alliance; third, Shapley value of the major shareholder and the information determine the alliance type; fourth, control premium may be the cost of keeping the major shareholder's benefits safe and fifth, imperfect information is not always bad, concealing information partly can improve the distribution efficiency of a corporation.
Originality/value
The paper provides experimental analysis of the behavioral logic behind the benefits of control, which would help to explain the relationship among ownership structure, information disclosure and benefits of control.
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Hichem Khlif, Khaled Samaha and Islam Azzam
The purpose of this paper is to examine the effect of voluntary disclosure, ownership structure attributes and timely disclosure on cost of equity capital in the emerging Egyptian…
Abstract
Purpose
The purpose of this paper is to examine the effect of voluntary disclosure, ownership structure attributes and timely disclosure on cost of equity capital in the emerging Egyptian capital market.
Design/methodology/approach
A content analysis of annual reports is used to measure the extent of voluntary disclosure. Earnings announcement lag (EAL) is used to measure the quality of voluntary disclosure (i.e. timely disclosure). Finally, the Capital Asset Pricing Model (CAPM) framework is used to estimate cost of equity capital.
Findings
The authors find a negative relationship between the level of voluntary disclosure and cost of equity capital. More specifically, the authors document that this association is strongly significant under high ownership dispersion, low government ownership and shorter EAL. Finally, EAL is positively associated with cost of equity capital.
Research limitations/implications
The authors use the CAPM framework as a proxy for the cost of equity since forecasted earnings per share are not communicated by financial analysts in the Egyptian Stock Exchange.
Practical implications
The findings demonstrate for managers that the increased levels of voluntary and timely disclosure reduce the cost of external finance and improve the marketability of firms’ equities, which may directly impact growth opportunities especially when information is communicated to investors in a timely fashion. For regulators, it provides evidence that high government ownership reduces the value relevance of voluntary disclosure among investors, while free float as a proxy for high ownership dispersion improves it.
Originality/value
The findings show that corporate disclosure policy depends more on the managers’ incentives to provide informative annual reports than on standards and regulations. The study also represents a first attempt that demonstrates how ownership structure and timely disclosure influence the relationship between disclosure and cost of equity capital.
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Kuldeep Singh and Shailesh Rastogi
Corporate governance across small and medium enterprises (SMEs) is undergoing unremitting changes, primarily due to the listing of SMEs on SME exchanges. The changing aspects of…
Abstract
Purpose
Corporate governance across small and medium enterprises (SMEs) is undergoing unremitting changes, primarily due to the listing of SMEs on SME exchanges. The changing aspects of governance may influence the financial performance of SMEs. This paper examines how corporate governance influences the financial performance of listed SMEs in the context of developing economies like India. Ownership concentration (promoters' holding) and information disclosures measure corporate governance in this examination.
Design/methodology/approach
The sample for this study includes 88 listed SMEs from the Bombay Stock Exchange (BSE) SME platform in India. The data are collected for the period between 2018 and 2020. The study employs panel data analysis. The fixed effects model, coupled with the computation of cluster robust standard errors, is used to test the relationship between variables.
Findings
The results demonstrate that ownership concentration is not significantly related to financial performance. Further, information disclosures are inversely significant for financial performance. The results show that agency problems and information asymmetry plague the sampled firms. Further, the results of the study are indicative of inefficiencies in the governance structures of SMEs. Thus, it is evident that listed SMEs fail to reap the benefits of corporate governance.
Practical implications
The study's findings should enlighten SME owners and managers on the benefits of corporate governance for SMEs. This is a pressing need at current times as the listing of SMEs is shifting the landscape of SME governance. Today, all firms, including SMEs, are expected to adopt and maintain near internationally benchmarked corporate governance standards. Secondly, the study's implications on how the ownership and information disclosures can be used to influence the financial outcomes of SMEs will benefit the overall business ecosystem. The policyholders and academics can use this study to boost the regulations and research in line with each other.
Originality/value
Reforming monitoring mechanisms of firm activities and restructuring disclosure practices are essential for SMEs to produce better financial outcomes. The true benefits of corporate governance cannot be realized without attention to financial performance. The study is relevant to practitioners, lawmakers and academics to advance corporate governance for SMEs.
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Ijaz Ur Rehman, Syeda Khiraza Naqvi, Faisal Shahzad and Ahmed Jamil
This paper aims to examine the moderating effect of ownership concentration on the relationship between corporate social responsibility performance (CSRP) and information…
Abstract
Purpose
This paper aims to examine the moderating effect of ownership concentration on the relationship between corporate social responsibility performance (CSRP) and information asymmetry using a sample of Chinese firms.
Design/methodology/approach
The authors use a sample of 208 listed firms from nine different sectors in China over the period of 2008–2018. They use the generalized method of moment approach to examine the dynamic relationship between CSRP, information asymmetry and ownership concentration. CSRP index is constructed using environmental performance, social performance and corporate governance performance measures.
Findings
The results indicate that CSRP positively affects the information asymmetry. Moreover, by taking ownership concentration as a moderating variable, the results indicate that ownership concentration negatively moderates the association between CSRP and information asymmetry.
Research limitations/implications
The findings of the study advance the understanding of CSR practices in China. The findings have important implications for the regulators and managers in China for adopting socially responsible activities for the improvement of firm performance and protecting shareholder rights.
Originality/value
The study extends the existing research on the association between CSRP and information asymmetry by including the ownership concentration as a moderating variable. The research showed that CSR plays an important role in reducing the informational gap between managers and outside stakeholders. However, the relationship between CSR and information asymmetry is not studied yet with the moderating role of ownership concentration.
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SHANTARAM P. HEGDE and SANJAY B. VARSHNEY
We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary…
Abstract
We argue that uninformed subscribers to an initial public offering (IPO) of common stocks are exposed to greater ex ante risk of trading against informed traders in the secondary market because the advent of public trading conveys hitherto private information and thereby mitigates adverse selection. The going‐public firm underprices the new issue to compensate uninformed subscribers for this added secondary market adverse selection risk. We test this market liquidity‐based explanation by investigating the ex‐post consequences of ownership structure choice on the initial pricing and the secondary market liquidity of a sample of initial public offerings on the New York Stock Exchange (NYSE). Consistent with our argument, we find that initial underpricing varies directly with the ex post trading costs in the secondary market. Further, initial underpricing is related positively to the concentration of institutional shareholdings and negatively to the proportional equity ownership retained by the founding shareholders. Finally, the secondary market illiquidity of new issues is positively related to institutional ownership concentration and negatively to ownership retention and underwriter reputation. Thus, the evidence based on our NYSE sample supports the view that the entrepreneurs' choice of ownership structure affects both the initial pricing and the subsequent market liquidity of new issues.