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Article
Publication date: 24 April 2020

Lee M. Dunham and John Garcia

The purpose of this paper is to examine the effect of firm-level investor sentiment on a firm's share liquidity.

1300

Abstract

Purpose

The purpose of this paper is to examine the effect of firm-level investor sentiment on a firm's share liquidity.

Design/methodology/approach

The authors use Bloomberg's firm-level, daily investor sentiment scores derived from firm-level news and Twitter content in a regression model to explain the variability in a firm's share liquidity.

Findings

The results indicate that improvements (deterioration) in investor sentiment derived solely from Twitter content lead to a decrease (increase) in the average firm's share liquidity. Results, although not as strong, are opposite for investor sentiment derived solely from news articles: improvements (deterioration) in news sentiment leads to an increase (decrease) in the average firm's share liquidity.

Research limitations/implications

The proxy for share liquidity is the bid-ask spread, which may be an imperfect measure of liquidity. The Amihud illiquidity measure was used as an alternative proxy and yield similar results. The results have important implications for investors in assessing the determinants of share liquidity.

Practical implications

The sample period covers four years (2015–2018), which is determined by the availability of the Bloomberg sentiment data.

Social implications

Investors increasing use of social media to express views on particular stocks and seek information that might be used in the investment decision-making process. The study links investor sentiment derived from social media (Twitter) to share liquidity.

Originality/value

By examining the relationship between a firm's sentiment and the firm's share liquidity, this paper advances the authors' understanding of the factors that drive a firm's share liquidity. To the authors' knowledge, this is the first study to link investor sentiment derived from firm-level news and Twitter content to a firm's share liquidity.

Details

Managerial Finance, vol. 47 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 2 August 2021

Lee M. Dunham and John Garcia

This study examines the effect of firm-level investor sentiment on a firm's level of financial distress.

Abstract

Purpose

This study examines the effect of firm-level investor sentiment on a firm's level of financial distress.

Design/methodology/approach

The authors use Bloomberg's firm-level, daily investor sentiment scores derived from firm-level news and Twitter content in a beta-regression model to explain the variability in a firm's financial distress.

Findings

The results indicate that improvements (deterioration) in investor sentiment derived from both news articles and Twitter content lead to a decrease (increase) in the average firm's financial distress level. We also find that the effect of sentiment derived from Twitter on a firm's financial distress is significantly stronger than the sentiment derived from news articles.

Research limitations/implications

Our proxy for financial distress is Bloomberg's financial distress measures, which may be an imperfect measure of financial distress. Our results have important implications for market participants in assessing the determinants of financial distress.

Practical implications

Our sample period covers four years (2015–2019), which is determined by Bloomberg sentiment data availability.

Social implications

Market participants are increasingly using social media to express views on firms and seek information that might be used to determine a firm's level of financial distress. Our study links investor sentiment derived from social media (Twitter) and traditional news articles to financial distress.

Originality/value

By examining the relationship between a firm's sentiment and its financial distress, this paper advances our understanding of the factors that drive a firm's financial distress. To our knowledge, this is the first study to link US firms' investor sentiment derived from firm-level news and Twitter content to a firm's financial distress.

Details

Managerial Finance, vol. 47 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

Open Access
Article
Publication date: 2 August 2023

Jean Paolo Gomez Lacap, Mary Rose Maharlika Cruz, Antonino Jose Bayson, Richard Molano and John Gilbert Garcia

This paper aims to explore how parasocial relationships with Korean celebrity endorsers on social media result in brand credibility and loyalty.

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Abstract

Purpose

This paper aims to explore how parasocial relationships with Korean celebrity endorsers on social media result in brand credibility and loyalty.

Design/methodology/approach

The participants were identified through a purposive sampling approach, and they were composed of consumers who purchased Korean-celebrity-endorsed products and services of a telecommunications company. The hypothesized relationships were gauged using a predictive approach as a research design via partial least squares (PLS) path modeling.

Findings

The findings show that all hypothesized relationships are supported. In particular, social media interaction was found to have a substantial, positive and significant effect on self-disclosure. Moreover, self-disclosure has a considerably significant and direct effect on parasocial relationships and was found to indirectly affect the link between social media interactions and parasocial relationships. The results further reveal that social media interactions and parasocial relationships predict source trustworthiness, leading to brand credibility and loyalty.

Originality/value

To the best of the authors’ knowledge, the present undertaking is the only study that examined how parasocial relationships on social media are built when foreign celebrities, in this case, the well-known Korean popular group BTS, endorse telecommunications products and services.

Objetivo

La presente investigación explora cómo las relaciones parasociales con celebridades coreanas en las redes sociales generan credibilidad de marca y lealtad.

Diseño/metodología/enfoque

Los participantes se identificaron mediante un muestreo intencional y estaban compuestos por consumidores que compraban productos y servicios de una empresa de telecomunicaciones avalados por famosos coreanos. Las relaciones hipotetizadas se midieron utilizando un enfoque predictivo como diseño de investigación mediante un modelo de mínimos cuadrados parciales (PLS).

Resultados

Los resultados muestran que todas las relaciones hipotetizadas se confirman. En particular, la interacción con los medios sociales tiene un efecto sustancial, positivo y significativo en la autodivulgación. Además, la autodivulgación tiene un efecto considerablemente significativo y directo en las relaciones parasociales y se descubrió que afecta indirectamente al vínculo entre las interacciones en los medios sociales y las relaciones parasociales. Los resultados revelan además que las interacciones en los medios sociales y las relaciones parasociales predicen la fiabilidad de la fuente, lo que conduce a la credibilidad de la marca y a la lealtad.

Originalidad

El presente trabajo es el único estudio que examina cómo se construyen las relaciones parasociales en los medios sociales cuando celebridades extranjeras, en este caso, el conocido grupo popular coreano BTS, promocionan productos y servicios de telecomunicaciones.

目的

本研究探讨了在社交媒体上与韩国名人的寄生关系如何建立品牌可信度和忠诚度。

设计

通过目的性抽样确定参与者, 包括购买韩国名人代言的电信公司产品和服务的消费者。研究设计使用偏最小二乘法(PLS)模型对假设关系进行预测测量。

结果

研究结果表明, 所有假设关系都得到了证实。特别是, 社交媒体互动对自我披露具有实质性的、积极的和显著的影响。此外, 自我披露对寄生关系也有明显的直接影响, 并被发现间接影响社交媒体互动与寄生关系之间的联系。研究结果进一步揭示了社会化媒体互动和寄生关系能够预测来源的可信度, 从而提高品牌可信度和忠诚度。

结果

研究结果表明, 所有假设的关系都得到了证实。特别是, 社交媒体互动对自我披露具有实质性的、积极的和显著的影响。此外, 自我披露对寄生关系也有明显的直接影响, 并被发现间接影响社交媒体互动和寄生关系之间的联系。研究结果进一步揭示了社会化媒体互动和寄生关系能够预测来源的可信度, 从而提高品牌可信度和忠诚度。

独创性

本文是唯一一篇研究外国名人在社交媒体上推广电信产品和服务时如何建立寄生社会关系的研究。

Article
Publication date: 1 April 2014

Sarel Lavy, John A. Garcia and Manish K. Dixit

The purpose of this paper is to identify key variables that affect the quantifiable key performance indicators (KPIs) and to derive equations to measure these indicators…

2062

Abstract

Purpose

The purpose of this paper is to identify key variables that affect the quantifiable key performance indicators (KPIs) and to derive equations to measure these indicators. Qualitative KPIs are also discussed in terms of the aspects that need to be covered while carrying out qualitative performance assessment.

Design/methodology/approach

A combination of literature and an industry opinion-based qualitative approach is applied to develop equations to calculate the quantifiable KPIs. A facility asset management consulting firm is included in the process of deriving the equations. Key aspects of a facility's qualitative performance assessment are categorized and discussed by performing a literature review.

Findings

Mathematical expressions for core performance indicators are presented and discussed along with key variables. In addition, the information needed to quantify these core indicators is also discussed.

Research limitations/implications

This paper represents the second step towards establishment of a relevant list of quantifiable and measurable core KPIs, which were identified and categorized in Part I of this paper. In Part II, the authors derive equations to quantify the core KPIs. Future research is needed to use relevant information from industry for validating these equations.

Practical implications

A need for a concise and relevant list of KPIs was identified in Part I of this paper. Part II provides an approach to quantify the core KPIs based on information that is available in the industry. This research will help facility management professionals in not only selecting the indicators of choice, but also quantifying them based on available information yielding enhanced facility management decisions with measurable facility performance outcomes.

Originality/value

This paper provides equations and variables to measure a facility's physical, functional and financial performance using both quantitative and qualitative performance assessments.

Details

Facilities, vol. 32 no. 5/6
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 1 April 2014

Sarel Lavy, John A. Garcia and Manish K. Dixit

The purpose of this paper is to synthesize the previously established list of key performance indicators (KPIs), to identify and categorize the core performance indicators that…

2797

Abstract

Purpose

The purpose of this paper is to synthesize the previously established list of key performance indicators (KPIs), to identify and categorize the core performance indicators that are measurable and quantifiable.

Design/methodology/approach

A literature-based qualitative approach is adopted for accumulating desired information on identifying and categorizing the core indicators. The list of KPIs established in an earlier paper is narrowed down considering the future research needs suggested by the literature.

Findings

The quantifiable and measurable core indicators are identified and categorized in the form of a list. The core indicators are defined and the variables required to quantify them are described by citing peer-reviewed literature.

Research limitations/implications

This paper represents the first step toward establishing a relevant list of quantifiable and measurable core KPIs. Future research papers could emphasize derivation of mathematical expressions for determining the identified core KPIs and validating these KPIs using simulation of real building data.

Practical implications

The need to establish a concise and relevant list of quantifiable and measurable KPIs that could express more than one type of information about a facility's performance is identified in this paper. This paper presents and describes a narrowed down list of core KPIs, which could be utilized by facility management industry professionals while performing a holistic performance assessment.

Originality/value

This paper provides a list of core KPIs that could express more than one aspect of a facility's performance and that is measurable and quantifiable.

Details

Facilities, vol. 32 no. 5/6
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 1 September 1997

Barbara A. Zsembik, Greg L. Drevenstedt and C. Preston McLane

Using data from the 1990 Latino sample of the Panel Study of Income Dynamics and the 1988 National Survey of Elderly Hispanics, this research examines ethnic variation in the…

Abstract

Using data from the 1990 Latino sample of the Panel Study of Income Dynamics and the 1988 National Survey of Elderly Hispanics, this research examines ethnic variation in the economic well‐being of older Latinos. Older Puerto Ricans are less economically secure than Cubans or Mexican Americans, reporting lower median incomes, higher rates of poverty, and disproportionate enrollments in the state health insurance program. We decompose household income into its sources to provide insight in ethnic differences in economic security and highlight how federal cutbacks in social programs for the elderly will uniquely impact each Latino ethnic group. The results show that older Puerto Ricans remain most vulnerable to the negative consequences of changing social policies. Health insurance coverage varies by ethnicity, revealing that access to health care is most limited among older Cubans. Clearly, each Latino ethnic group present a distinctive economic profile for older adults, profiles which call for policies guarding economic security to be tailored to each ethnic group.

Details

International Journal of Sociology and Social Policy, vol. 17 no. 9/10
Type: Research Article
ISSN: 0144-333X

Article
Publication date: 6 August 2020

Oscar Malca, Jean Pierre Bolaños, Francisco J. Acedo, Jorge Luis Rubio Donet and Jesus Peña-Vinces

The purpose of this study is to analyse the mediating and moderating effects of relational flexibility norms on relationship building capacities and export performance.

Abstract

Purpose

The purpose of this study is to analyse the mediating and moderating effects of relational flexibility norms on relationship building capacities and export performance.

Design/methodology/approach

The study followed a quantitative and cross-sectional approach. The analysis was applied to 95 Peruvian Exporting SMEs which were examined through structural equation modelling (SEM) using AMOS 24.0 statistical package. The responses were gathered through telephone and personal interviews which were tested using the Mann–Whitney U test, finding no statistically significant differences.

Findings

The main finding of the study is to demonstrate the indirect effect of relational flexibility norms on the export performance of SMEs through relationship-building capabilities. In this way, these capabilities become very important variables in the export management of SMEs, since they directly affect the relationship of the Exporter–Importer dyad.

Research limitations/implications

One of the limitations is the cross-sectional type study that applies to the short-term effects of relational norms. Organizational characteristics and other factors that may affect export performance should also be considered in future research, as well as longitudinal studies should be developed.

Practical implications

The study allows SMEs to focus management efforts on strengthening the relationship – building capabilities, which are very important given SMEs' resource constraints. Therefore, an adequate management of relations with importers can contribute to the reduction of control and coordination costs; and have a positive impact on export performance. Similarly, the study contributes to the management of export promotion by suggesting that one area to be prioritized is the strengthening of the relationship capacities of exporting SMEs.

Originality/value

The study provides the analysis of the mediating effect of the relationship-building capability between relational flexibility and export performance. In this way, it enriches the theoretical analysis and contributes with the empirical evidence of an emerging country like the case of Peru.

Details

International Journal of Emerging Markets, vol. 16 no. 8
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 17 April 2007

John Motloch, Pedro Pacheco and John Vann

To build awareness of an emergent global network of sustainability consortia, the network's Sustainability for the Americas (SFTA) regional cluster, its pilot US‐Brazil…

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Abstract

Purpose

To build awareness of an emergent global network of sustainability consortia, the network's Sustainability for the Americas (SFTA) regional cluster, its pilot US‐Brazil Sustainability Consortium (USBSC), its subsequent North American Sustainability, Housing and Community Consortium (NASHCC), the process through which these consortia are emerging and evolving to sustained implementation, planned parallel academic and project funding tracks, and models, tools and techniques used for knowledge transfer. To build awareness of an emergent global sustainability network of multi‐national consortia of universities and non‐institutional partners created to promote sustainability and innovation that connects people, ideas, and resources for a sustainable future; and to invite people interested in multi‐national partnering to enter into a dialogue that can lead to emergence of a multi‐national consortium.

Design/methodology/approach

The paper establishes the need for key universities to lead society to a sustainable future. It builds understanding of the role of international partnering, global networking, global media networking, multi‐sector partnering, and sustainability consortia in this leadership. It identifies efforts of the Land Design Institute (LDI) at Ball State University and key partners to facilitate emergence of a global network of sustainability consortia. It reviews the model through which these consortia are emerging and evolving to sustained implementation, including the model's parallel academic and project funding streams. It focuses on the SFTA initiative, including its pilot consortium, as a case‐study in phased emergence and evolution to sustained implementation of these consortia. It presents the consortia model for integrating internal and external knowledge networks; and processes, tools, and techniques used by consortia to lead society to a sustainable future. It reviews the model's nested curricula and international collaborative partnership approach to building sustainability leadership. It builds on experiences to date in this pilot consortium to make suggestions for future consortia.

Findings

Paper findings include the relative ease of consortium emergence, seeding, implementation start‐up, and acquiring academic funding; relative difficulty of achieving sustained implementation and project funding; increased awareness of the need for project seeding; and a new understanding of the catalytic benefits of consortia, including increased faculty interaction, development, and productivity including professional papers, journal articles, and proposals for external funding.

Originality/value

The paper fulfills the need for effective models, processes, tools and techniques for international partnering to lead society to a sustainable future.

Details

International Journal of Sustainability in Higher Education, vol. 8 no. 2
Type: Research Article
ISSN: 1467-6370

Keywords

Article
Publication date: 6 July 2010

Sarel Lavy, John A. Garcia and Manish K. Dixit

The purpose of this paper is to identify key performance indicators (KPIs) and categorize them based on specific aspects of facility performance measurement in order to facilitate…

7781

Abstract

Purpose

The purpose of this paper is to identify key performance indicators (KPIs) and categorize them based on specific aspects of facility performance measurement in order to facilitate a holistic performance assessment.

Design/methodology/approach

A qualitative approach, based on the literature, is adopted. This approach relies on an extensive literature search of extant research papers, assessment reports, surveys and presentations to identify KPIs. The KPIs are arranged in appropriate categories based on their purpose and content.

Findings

The paper identifies indicators for performance measurement and classifies them into four major categories: financial, physical, functional, and survey‐based. Indicators are arranged from general to the most specific indicators. The list presents indicators with their description, units of measurement, and literature sources.

Research limitations/implications

Future research could focus on further analysis of the list of KPIs in order to generate a more concise list of easily measurable indicators that exhibit wide applicability and valid categorization.

Practical implications

The lack of proper categorization hampers frequent and widespread use of performance metrics by the industry. This study proposes a list of KPIs and presents it in appropriate categories so it can be used more practically by facility management practitioners.

Originality/value

The list of KPIs generated covers aspects of facility performance assessment and shows wider applicability; thus, it could be utilized by practitioners for a holistic assessment of a wide range of facilities.

Details

Facilities, vol. 28 no. 9/10
Type: Research Article
ISSN: 0263-2772

Keywords

Article
Publication date: 3 August 2022

Oscar Malca, Jorge Luis Rubio Donet, Miguel Marcilla-Vigo and Francisco J. Acedo

This study aims to analyse the joint impact of institutional distance (ID) and the generation of commercial intelligence (GCI) on export proactivity and coordination capacity, as…

Abstract

Purpose

This study aims to analyse the joint impact of institutional distance (ID) and the generation of commercial intelligence (GCI) on export proactivity and coordination capacity, as well as the effect of these last ones on the export performance.

Design/methodology/approach

This analysis was carried out by using structural equation modelling for 89 Peruvian agro-exporting small and medium enterprises (SMEs).

Findings

This study demonstrates the positive impact of relational norms on intelligence generation, and that of the latter on coordination capacity and export proactivity. Likewise, ID has a negative impact on coordination capacity, revealing its inverse effect on this relationship.

Research limitations/implications

The paper has limitations due to its cross-sectional nature. In addition, future studies could increase the sample size and studies in other sectors for comparison purposes. Also, studies on ID in emerging countries should be deepened.

Practical implications

Managerial implications are reported and show the influence of the institutional context on the coordination capacity and export proactivity of the firm.

Originality/value

In the literature review on exporting SMEs in emerging countries, it has been little studied the impact of activities such as relationship management and ID from markets as antecedents to the GCI, export proactivity and coordination capacity as well as their effect on their export performance. Therefore, the originality relies on the insights provided by Peru, because this country bases its exports on its comparative advantages and the reactive behaviour of most of its small and medium enterprises (SMEs).

Details

Review of International Business and Strategy, vol. 33 no. 3
Type: Research Article
ISSN: 2059-6014

Keywords

1 – 10 of over 5000