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Article
Publication date: 30 March 2021

Liguang Zhang, Wanyi Chen and Ning Hu

The main purpose of this study is to examine whether economic policy uncertainty affects the stock liquidity. Furthermore, this study explores the influencing factors…

1190

Abstract

Purpose

The main purpose of this study is to examine whether economic policy uncertainty affects the stock liquidity. Furthermore, this study explores the influencing factors, transmission mechanism and solution path between economic policy uncertainty and the stock liquidity.

Design/methodology/approach

A data set comprising 97,729 firm-quarter observations of Chinese firms with A-shares listed on the Shenzhen and Shanghai stock exchanges was selected, China's economic policy uncertainty was measured by using the China Economic Policy Uncertainty Index and the impact of economic policy uncertainty on the stock liquidity over the period 2004–2017 was empirically tested. The empirical analysis was based on ordinary least square regression model, and mediation and moderation effect models were used in the further analysis.

Findings

The empirical results show that the higher the economic policy uncertainty, the lower the stock liquidity, which is more significant in firms with an opaque information environment, less investor attention and weak risk resistance ability. The authors argue that the transmission mechanism can be explained by the quality of information disclosure and investor sentiment. Moreover, the negative impact of economic policy uncertainty on the stock liquidity can be mitigated by increasing voluntary disclosures.

Originality/value

This study enriches the literature on factors affecting the stock liquidity from the perspective of macroeconomic policy and provides a reference for policymakers to formulate relevant measures to improve the stock liquidity in emerging markets.

Details

International Journal of Emerging Markets, vol. 18 no. 1
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 27 September 2024

Malak Hamade, Khaled Hussainey and Khaldoon Albitar

This systematic review aims to comprehensively explore the existing literature on the use of corporate communication within the realm of social media.

154

Abstract

Purpose

This systematic review aims to comprehensively explore the existing literature on the use of corporate communication within the realm of social media.

Design/methodology/approach

A total of 136 peer-reviewed journal articles are explored and analysed using both performance and bibliometric analysis.

Findings

This review identifies five main findings: (1) trends in corporate social media research that highlight the growth trajectory of research on social media use for corporate disclosure, (2) geographical coverage of studies indicating the concentration of research in certain regions, such as the USA, followed by China and the UK, with notable gaps in others, such as developing countries, (3) theoretical frameworks employed demonstrate that various theoretical frameworks are utilized, although a significant portion of the studies do not specify any theoretical underpinning, (4) social media platforms studied, confirming Twitter to be the most studied channel followed by Facebook and (5) thematic analysis of articles on disclosure type that categorized the articles using bibliometric analysis into five themes of disclosure: general disclosure, corporate social responsibility-related information, financial information, CEO announcements and strategic news communication. A subsequent cross-theme analysis classifies disclosure determinants and consequences of corporate social media usage.

Originality/value

Through a comprehensive and systematic analysis of existing research, this review offers novel insights into the current state of corporate communication on social media. It consolidates current knowledge, highlights under-explored areas in the existing literature and proposes new directions and potential avenues for future research.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 25 November 2020

Amr Metwally El-Kholy and Ahmed Yousry Akal

This research investigates the financial viability risk factors that threaten the private investor's economic scheme in the public private partnership (PPP) wastewater treatment…

Abstract

Purpose

This research investigates the financial viability risk factors that threaten the private investor's economic scheme in the public private partnership (PPP) wastewater treatment plant (WWTP) projects in Egypt. The aims of this study are to: (1) illustrate and cluster the financial viability risk factors in accordance with the PPP WWTP projects' nature, (2) assess the risk factors' criticality degrees according to their severity and frequency levels of the financial viability, and (3) pinpoint the suited allocation of the financial viability risk factors between the public and private parties.

Design/methodology/approach

Relying on the previous analysts' endeavors, the questionnaire method, the fuzzy synthetic evaluation approach and the hypothetical normal distribution curve model; the severity, frequency, criticality and allocation preference of 32 financial viability risk factors were assessed from 12 Egyptian PPP experts.

Findings

The data analysis yielded that foreign exchange risk, currency risk/inflation, license risk, construction cost-overrun and late site handover are the key factors in arising the financial viability risk issue in the PPP WWTP projects. Considering the discussion of these key risks, the study summarized that the financial viability's key risk factors are notably be affected by the economic, political and administrative circumstances of the host county. Additionally, the inflation lesion was found to be the core reason of most of the key risk factors.

Originality/value

This research originality stems from its contribution to address the gab in the PPP risk assessment literature of the concessionaire's financial viability in the WWTP projects in a country of developing economy as Egypt. This, first, enriches the scholarly based knowledge of the PPP projects' risk analysts of the developing countries. Accordingly, it moves the current PPP risk assessment research further to deeply apprehend these markets' risks. Second, it equips the policymakers in the public and private sectors of such projects with a map that clarifies their assigned risk factors and the responsibilities that each party should bear to generate a mutual stable investment environment for achieving their aims successfully. This, indeed, paves the way for more private investments to be involved in the developing markets' PPP projects with a profitable satisfactory level for the private concessionaire. In the same vein, more WWTP projects, which are highly needed for the public sector and its people, are executed.

Details

Engineering, Construction and Architectural Management, vol. 28 no. 10
Type: Research Article
ISSN: 0969-9988

Keywords

Open Access
Article
Publication date: 22 September 2021

Ademir M. Nascimento, Liguang Liu, João Ricardo Cumarú Silva Alves and Pierre Oriá

This paper seeks to analyze the relationship between China and the Northeast region of Brazil, aiming to identify how the renewable energy sector is being developed.

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Abstract

Purpose

This paper seeks to analyze the relationship between China and the Northeast region of Brazil, aiming to identify how the renewable energy sector is being developed.

Design/methodology/approach

The authors analyzed secondary data from the official databases from China-Brazil chambers of commerce to establish the main points related to renewable energy in Brazil's Northeast.

Findings

It is possible to notice the main investments, highlighting the wind energy as a more prominent source recently. The authors also point the huge influence from China on Brazil's Northeast energy sector.

Research limitations/implications

It is difficult to identify the amount of Chinese capital due to the large number of mergers and acquisitions that has been taking place in recent years.

Practical implications

Identification of regions that have been receiving investments and the main interests of Chinese investors in the renewable energy sector.

Social implications

Demonstration of how the renewable energy sector has taken an important turn in Brazil due to Chinese investment.

Originality/value

To evaluate a regional consortium, analyzing its strategies for partnerships with China to help each other in global questions, as is the case of renewable energy.

Details

Revista de Gestão, vol. 28 no. 4
Type: Research Article
ISSN: 1809-2276

Keywords

Article
Publication date: 7 July 2020

Yan-Chun Zhang, Wu-Zan Luo, Ming Shan, Dong-Wen Pan and Wen-Jie Mu

The aims of this study are to conduct a systematic review of public–private partnership (PPP) studies published from 2009 to 2019, to compare the results with Ke et al. (2009) who…

1045

Abstract

Purpose

The aims of this study are to conduct a systematic review of public–private partnership (PPP) studies published from 2009 to 2019, to compare the results with Ke et al. (2009) who reviewed the PPP literature published from 1998 to 2008, and to trace the evolution of the PPP knowledge in the past two decades. This study also presents the possible directions that the PPP research may go towards in the future, arguably.

Design/methodology/approach

This study carried out a top journal-based search to identify the quality PPP articles published from 2009 to 2019. A total of 12 top-tier construction journals were systematically searched in the database of web of science (WOS), from which 279 PPP articles were identified for review.

Findings

The number of the identified articles, the titles of the journals, institutions, the most cited papers, and prevalent research methods were analyzed and compared. The existing PPP studies in construction journals were classified into seven streams. Through analysis of the PPP research status and gaps, five future research directions were revealed.

Originality/value

This study contributes to the current body of knowledge by revealing the research trend of PPP from 2009 to 2019. It presents the change of PPP development trend in the past decade through comparison with Ke et al. (2009). It also reveals the major research streams and points out the directions that the PPP research may go towards in the future. Moreover, this study is helpful to the practice as well. It can enhance the practitioners' understanding of the PPP development in the past decade. In addition, it identified the research institutions contributing the most in the area of PPP, which may serve as valuable reference for practitioners to locate the best institutions for consultancy or collaboration.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 10
Type: Research Article
ISSN: 0969-9988

Keywords

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