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The purpose of this study is to examine the direction of intra‐industry information transfers assuming a monopolistic competition within the industry and profit maximizing behaviors of each firm. Accounting earnings are decomposed into expenses and revenues. Both expenses and revenues are again broken down to industry common factors and firm specific factors. And the effect of these four income components of a firm on profits and hence security returns of that firm as well as those of other firms in the same industry are addressed. The main conclusions are: the first, announcing firm's firm specific costs have a negative association with its own security returns but a positive association with silent‐competing firms' security returns. The second, announcing firm's firm specific revenues have a positive association with its own security returns but a negative association with silent‐competing firms' security returns. The third, industry common cost factors (e.g. industry average cost) have a negative association with security returns of announcing firm and silent‐competing firms. The fourth, industry common revenue factors (e.g. industry average revenue) have a positive association with security returns of announcing firm and silent‐competing firms.

The purpose of this paper is to investigate the effect of diversification on returns of firms in chemical and oil industries.

In order to control for market effect, industry effect, and effects of endogenous variables of a sample firm that lead the firm to decide to diversify or refocus on stock returns, three‐factor asset‐pricing models introduced by Fama and French are used in each industry.

It is found that diversified firms have significantly higher returns than focused firms in both chemical and oil industries. It is also found that the three‐factor model explains much of the variation in the average stock returns for both focused firms and diversified firms, which is consistent with Fama and French.

Provides new evidence for the effect of diversification on firm returns in oil and chemical industries.

This study aims to comprehend luxury brands' corporate social responsibility (CSR) strategies. In addition to facing a demand for new CSR strategies (consumer-centric CSR), changes in CSR discourse among luxury brands are observed. This study examines how CSR-related and luxury-related agendas relate in the news media, especially concerning the difference between traditional and new luxury brands.

A total of 117,171 fashion-related news articles were collected from January 2016 to December 2020. The word2vec method was used to determine the relationship between CSR and luxury agendas.

The results indicate that company-centric CSR is more prominent with traditional luxury brands, while consumer-centric CSR is more relevant for new luxury brands. In addition, specific CSR attributes and luxury-related attributes are associated with media discourse, which means that CSR and luxury are compatible.

Studies on CSR in the luxury industry are not extensive in the literature. This study addresses this gap through a unique framework that combines agenda-setting theory and existing CSR literature and applies them to the luxury industry. Specifically, this study captures the development of each construct (company-centric CSR to consumer-centric CSR and traditional luxury to new luxury) and identifies the specific relationships between them. This result provides a novel view of the luxury industry indicating that it has evolved to encompass CSR-related values. The empirical results also offer practical implications for luxury marketing.

Given its growing economic potential and social impact, this study aims to understand the motivations and concerns regarding metaverse usage. It identifies user needs and risks around the metaverse grounded on uses and gratifications theory and perceived risk theory.

The authors analyzed user reviews and rating data from Roblox, a representative modern metaverse platform. They applied BERTopic modeling to extract topics from reviews, identifying key motivations and risk aspects related to metaverse usage. They further constructed an explanatory model to assess how those affect user satisfaction and changes in these effects over time.

This study discovered that gratifications like entertainment, escapism, social interaction and avatar-based self-expression significantly influence user satisfaction in the metaverse. It also highlighted that users find satisfaction in self-expression and self-actualization through creating virtual spaces, items and video content. However, factors such as identity theft, fraud and child safety were identified as potential detriments to satisfaction. These influences fluctuated over time, indicating the dynamic nature of user needs and risk perceptions.

The novelty of this study lies in its dual application of the uses and gratifications theory and perceived risk theory to the metaverse. It provides a novel perspective on user motivations and concerns, shedding light on the distinct elements driving user satisfaction within the metaverse. This study unravels the metaverse’s unique capacity to assimilate features from established digital media while offering a distinctive user-generated experience. This research offers valuable insights for academics and practitioners in digital media and marketing.

This research pioneers the application of both uses and gratifications and perceived risk theories to understand factors influencing metaverse satisfaction. By establishing a comprehensive framework, it explores the metaverse’s unique value as a user-content creation platform, while encompassing existing digital platform characteristics. This study enriches the academic literature on the metaverse and offers invaluable insights for both metaverse platforms and brand marketers.