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The purpose of this study is to compare market reactions to the change in the demand by index funds between large and small company stocks by examining the transition of the S&P 500, S&P 400 MidCap and S&P 600 SmallCap indexes from market capitalization to free-float weighting. This unique information-free event allows not only avoiding confounding information signaling and investor awareness effects but also comparing the effect of the decrease in demand on stocks of different sizes.

This study uses the event study methodology to calculate abnormal returns and trading volume around the full-float adjustment day. It also tests for significant changes in institutional ownership and liquidity. Multivariate regressions are used to examine the relation of liquidity changes and price elasticity of demand to the cumulative abnormal returns around the full-float adjustment day.

This study finds significant decreases in stock price accompanied with significant increases in trading volume on the full-float adjustment day, and significant gains in quasi-indexer institutional ownership and liquidity. The main finding is that cumulative abnormal returns around the event period are related to changes in the number of quasi-indexer and transient institutional shareholders, not to changes in liquidity or price elasticity of demand.

This study provides the first comprehensive comparison analysis of stock market reactions to the decline in demand between large and small company stocks. As an important implication for future studies of the index effect, changes in institutional ownership should be considered in the analysis.

The purpose of this study is to analyze the determinants influencing Japanese consumers’ behavior toward the purchase of 5G smartphones.

Empirical data was collected through an online survey of 320 Japanese respondents from ages 20 to 59. Data was analyzed by exploratory factor analysis, confirmatory factor analysis and multiple regression analysis.

The results indicate that hedonic value, user interface and price value (PV) positively influence attitude toward 5G smartphone purchase, while utilitarian value does not. In addition, the mediation effect of social influence (SI) is found to increase those positive effects. Male and female consumers displayed differences in the determinants, showcasing the effect of gender on attitude and behavior.

To the best of the authors’ knowledge, this study is the first research to analyze Japanese consumers’ behaviors’ toward 5G smartphone purchase. Past research for 3G/4G smartphones supported that usefulness positively influenced consumers’ behavior toward smartphones, so usefulness of 5G (e.g. high speed) was expected to be a factor to influence consumer behaviors’ toward 5G smartphones. However, this research reveals that a simple tagline emphasizing such usefulness may not be convincing enough to promote the 5G smartphones to Japanese consumers. Alternatively, the research indicates that introducing the concepts of joyfulness, improved HV and greater PV of the 5G smartphone could attract more consumers in Japan. In addition, SI could enhance the perception of the various benefits of 5G smartphones.

This study aims to propose an innovative model that integrates variables and examines the influence of internet usage expertise, perceived risk and attitude toward information control on privacy concerns (PC) and, consequently, in consumers’ willingness to disclose personal information online. The authors also propose to test the mediation role of trust between PCs and willingness to disclose information. Trust is not a predictor of PC but a causal mechanism – considering that the focus is to understand consumers’ attitudes and behavior regarding the virtual environment (not context-specific) (Martin, 2018).

The authors developed a survey questionnaire based on the constructs that compose the proposed model to collect data from 864 respondents. The survey questionnaire included the following scales: internet usage expertise from Ohanian (1990); perceived risk, attitude toward information control, trust and willingness to disclose personal information online from Malhotra et al. (2004); and PC from Castañeda and Montoro (2007). All items were measured on a Likert seven-point scale (1 = totally disagree; 7 = totally agree). To obtain Westin’s attitudinal categories toward privacy, respondents answered Westin’s three-item privacy index. For data analysis, the authors applied covariance-based structural equation modeling.

First, the proposed model explains the drivers of consumers’ disposition to provide personal information at a level that surpasses specific contexts (Martin, 2018), bringing the analysis to consumers’ level and considering their general perceptions toward data privacy. Second, the findings provide inputs to propose a better definition of Westin’s attitudinal categories toward privacy, which used to be defined only by individuals’ information privacy perception. Consumers’ perceptions about their abilities in using the internet, the risks, their beliefs toward information control and trust also help to delimitate and distinguish the fundamentalists, the pragmatics and the unconcerned.

Some limitations weigh the theoretical and practical implications of this study. The sample size of pragmatic and unconcerned respondents was substantially smaller than that of fundamentalists. It might be explained by applying Westin’s self-report index to classify the groups according to their score regarding PCs. Most individuals affirm having a great concern for their data privacy but still provide online information for the benefit of personalization – known as the privacy paradox (Zeng et al., 2021). It leads to another limitation of this research, given the lack of measures that classify respondents by considering their actual behavior toward privacy.

PC emerges as an important predictor of consumer trust and willingness to disclose their data online, and trust also influences this disposition. Managers need to implement actions that effectively reduce consumers’ concerns about privacy and increase their trust in the company – e.g. adopting a clear and transparent policy on how the data collected is stored, treated, protected and used to benefit the consumer. Regarding the perception of risk, if managers convince consumers that the data collected on the internet is protected, they tend to be less concerned about privacy.

The results suggest different aspects influencing the willingness to disclose personal information online, including different responses considering consumers’ PCs. Through their policies and legislation, the authors understand that governments must be attentive to this aspect, establishing regulations that protect consumers’ data in the virtual environment. In addition to regulatory policies, education campaigns can be carried out for both consumers and managers to raise the discussion about privacy and the availability of information in the online environment, demonstrating the importance of protecting personal data to benefit the government, consumers and organizations.

Although there is increasing research on consumers’ privacy, studies have not considered their attitudinal classifications – high, moderate and low concern – as moderators of willingness to disclose information online. Researchers have also increased attention to the antecedents of PCs and disclosure of information but overlooked possible mechanisms that explain the relationship between them.

This case requires students to evaluate alternative dual-share-class corporate structures that allow companies and entrepreneurs to pursue profit with purpose. The case explores Impact Makers, an IT consulting company based in Richmond, Virginia. While original founders of the firm hold all voting rights, the cash flow rights belong to two nonprofits setting the stage for a Newman's Own model of management consulting. The case discusses whether and how the alternative corporate structure aids the firm's overall strategy to attract top-quality employees, pay them competitive salaries, and provide superior service to its clients while donating 100% of its lifetime value to charitable causes, largely through partnerships with various nonprofit organizations. More importantly, the case asks students to evaluate how such a dual-share-class and dual-purpose company can raise capital to fund continued growth.

The case opens with CEO Michael Pirron reminding himself of all the questions he had run through to execute a strategy to further grow Impact Makers' consulting business both through expanding a menu of services and through conquering new geographical markets. To do either, or both, the company needed a cash infusion. Internal cash was limited, as up to 40% of it flowed to charitable partners, demonstrating Impact Makers' commitment to its mission. Raising debt for a company without fixed assets was challenging and time consuming. Complicating it all was that being structured as a nonstock corporation rendered equity raising difficult. Could Impact Makers raise money to grow and stay true to community values at the same time?

The purpose of this study is to define and investigate the governance requirements of supply chain finance (SCF).

A qualitative analysis of 849 news articles published in UK newspapers (2000–2022) using the Gioia method.

SCF governance relies on developing capacities for reflexive scrutiny at two stages: (1) prior to entering into an SCF relationship and (2) during its operation. Based on the notion of SCF as a complex adaptive system, we theorise SCF governance requirements as a dual-layered semipermeable boundary. The semipermeability of the two layers allows for a dynamic exchange between the SCF system and its environment. The first layer is the capacity to selectively enable or control the entry and access of certain actors and practices into the SCF system. The second layer is a capacity for ongoing scrutiny of the SCF operation and its development. Further, we identify five aspects of governance to be enabled, i.e. enhancing adaptability, building confidence, improving efficiency, advancing technology and promoting transparency; and four aspects to be controlled, i.e. preventing abuse of power, curbing fraud risk, constraining operational risk and restricting risky extensions to SCF practices.

Our dynamic framework can guide supply chain (SC) members in making decisions about whether to participate, or continue to operate, in an SCF relationship. Moreover, the findings have implications for policymakers and authorities who oversee entry/access and the involvement of SCF providers, particularly, fintech firms.

The study contributes to both the SC and governance literature by providing a systematic analysis of what SCF governance has to accomplish. Our novel contribution lies in its analysis of SCF governance based on a complex adaptive system approach, which expands the existing literature where SCF is described in rather static terms. More specifically, it suggests a need for a dynamic duality of SCF governance through the semipermeable boundary that selectively enables and controls certain SCF actors and practices.

The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to investigate whether investors priced the effect of significant events before the Lehman Brothers' bankruptcy in European and Asia-Pacific banks. Abnormal returns on the event days range from −4.32% to 5.03% in Europe and −5.13% to 6.57% in Asia-Pacific countries. When Lehman Brothers went bankrupt on September 15, 2008, abnormal returns averaged the lowest at −4.32% in Europe and −5.13% in Asia-Pacific countries. The significant abnormal returns show that Lehman Brothers' collapse was a turning point, and investors paid attention to the precrisis events as warning signs of the oncoming crisis.

The purpose of this study is to extend the Fraud Diamond Theory to celebrity Special Purpose Acquisition Companies (SPACs) and investigate their post-Initial Public Offering (IPO) stock market performance.

After obtaining a sample of celebrity SPACs from the Spacresearch.com database, fraud risk characteristics were obtained from Lexis Nexus searches. Buy and hold abnormal returns were calculated for celebrity SPACs versus a small-cap equity benchmark for time intervals after IPO, and multiple regression analysis was performed to examine the relationship between fraud risk features and post-IPO returns.

Celebrity SPACs exhibit Fraud Diamond characteristics and significantly underperform a small-cap stock portfolio on a risk-adjusted basis after IPO.

This study only examines celebrity SPACs that conducted IPOs on the NYSE and NASDAQ/AMEX and does not include those that are traded on the Over the Counter Bulletin Board (OTCBB).

Celebrity endorsement of SPAC vehicles attracts investors who may not be properly informed regarding the risk characteristics of SPACs. Accordingly, investors should be warned that celebrity SPACs underperform a small-cap equity portfolio and exhibit significant elements of fraud risk.

The use of celebrity endorsement as a marketing device to attract investment in SPACs has regulatory implications.

To the best of the authors’ knowledge, this paper is the first to examine the fraud risk characteristics and post-IPO performance of celebrity SPACs.