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Using social network theory (SNT), this study empirically examines the impact of digital supply chain announcements disclosing corporate social responsibility (CSR) information on stock market value.

Based on 172 digital supply chain announcements disclosing CSR information from Chinese A-share listed companies, this study uses event study method to test the hypotheses.

First, digital supply chain announcements disclosing CSR information generate positive and significant market reactions, which is timely. Second, strategic CSR and value-based CSR disclosed in digital supply chain announcements have a more positive impact on stock market, however there is no significant difference when the CSR orientation is either towards internal or external stakeholders. Third, in terms of digital supply chain network characteristics, announcements reflecting higher relationship embeddedness and higher digital breadth and depth lead to more positive increases of stock value.

First, the authors consider the value of CSR information in digital supply chain announcements, using an event study approach to fill the gap in the related area. This study is the first examination of the joint impact of digital supply chain and CSR on market reactions. Second, compared to the previous studies on the single dimension of digital supply chain technology application, the authors innovatively consider supply chain network relationship and network structure based on social network theory and integrate several factors that may affect the market reaction. This study improves the understanding of the mechanism between digital supply chain announcements disclosing CSR information and stock market, and informs future research.

We examine the stock market reaction to the Tax Cuts and Jobs Act (TCJA) of 2017 during its enactment process, focusing on its international provisions. Consistent with extant evidence, we find lower returns for high-foreign-activity firms, indicating a negative market reaction to the international provisions overall. Considering specific international provisions, we find that the market reaction was more positive (negative) for firms likely most affected by the shift to a quasi-territorial system for taxing foreign earnings (the transition tax on existing unrepatriated earnings, the tax on global intangible low-taxed income, and/or the base erosion and antiabuse tax) than for other firms. Our findings imply that investors are able to disentangle the economic implications of complex and interactive tax law changes.

Misconduct allegations have been found to not only affect the alleged firm but also other, unalleged firms in form of reputational and financial spillover effects. It has remained unexplored, however, how the number of prior allegations against other firms matters for an individual firm currently facing an allegation. Building on behavioral decision theory, we argue that the relationship between allegation prevalence among other firms and investor reaction to a focal allegation is inverted U-shaped. The inverted U-shaped effect is theorized to emerge from the combination of two effects: In the absence of prior allegations against other firms, investors fail to anticipate the focal allegation, and hence react particularly negatively (“anticipation effect”). In the case of many prior allegations against other firms, investors also react particularly negatively because investors perceive the focal allegation as more warranted (“evaluation effect”). The multi-industry, empirical analysis of 8,802 misconduct allegations against US firms between 2007 and 2017 provides support for our predicted, inverted U-shaped effect. Our study complements recent misconduct research on spillover effects by highlighting that not only a current allegation against an individual firm can “contaminate” other, unalleged firms but that also prior allegations against other firms can “contaminate” investor reaction to a focal allegation against an individual firm.

The purpose of this study was to examine the influence of adding a small amount of Ti to a Cu-based alloy, specifically the commercial Hyper Titanium Copper alloy (C1990 HP), which contains Cu-3.28 wt.% Ti, on its interfacial reaction with Sn-9.0 wt.% Zn (SnZn) solder, using the liquid/solid reaction couple technique.

The SnZn/C1990 HP couples were subjected to a reaction temperature of 240–270°C for a duration of 0.5–5 h. The resulting reaction couple was characterized using a scanning electron microscope, energy dispersive spectrometer, electron probe microanalyzer and X-ray diffractometer.

It was observed that the scallop-shaped CuZn5 and planar Cu5Zn8 phases were formed in almost all SnZn/C1990 HP couples. With increased reaction duration and temperature, the Cu-rich intermetallic compound (IMC)-Cu5Zn8 phase became a dominant IMC formed at the interface. The total thickness of the IMCs was increased with the increase in the reaction duration and temperature. The IMC growth obeyed the parabolic law, and the IMC growth mechanism was diffusion controlled. The activation energy of the SnZn/C1990 HP couple was 64.71 kJ/mol.

This article presents an analysis of the IMC thickness in each sample using ImageJ software, followed by kinetic analysis using Origin software at various reaction temperatures of SnZn/C1990 HP in liquid/solid couples. The study also includes detailed reports on the morphology, interface composition and X-ray diffraction analysis, as well as the activation energy. The findings can serve as a valuable reference for electronic packaging companies that utilize C1990 HP substrates.

This study aims to investigate the market reaction to the Russian invasion of Ukraine, specifically in the banking sector.

The research uses an event study and cross-sectional analysis, with market reaction measured by cumulative abnormal return (CAR). The sample comprised 1,126 banks.

The results show that the market reacted negatively to the invasion both before and after its announcement. Developed and emerging markets saw a negative impact from the invasion, while frontier markets experienced only a slight impact. The authors also find that the banking markets of North Atlantic Treaty Organization (NATO) members reacted significantly and negatively both before and after the invasion was announced. This demonstrates that the negative market reaction of NATO members was more impactful than that of other markets. Overall, this study shows that investors in the banking market are very sensitive to war.

This is the first study to provide international evidence, specifically on the banking sector's reaction during the Russian invasion of Ukraine.

This study aims to explain why low social conduct in corporate social responsibility (SC-CSR), especially employee exploitation, has a stronger negative impact on consumer reactions for service firms than for manufacturing firms.

Five experiments compared consumer reactions to service and manufacturing firms with low SC-CSR. Study 1 used a choice-based conjoint design to examine the relative importance of various shared attributes when consumers chose services versus goods. Study 2 revealed that low SC-CSR led to more pronounced negative consumers reactions toward service firms. Studies 3A and 3B explained this difference through a serial mediation analysis. Study 4 ruled out an alternative explanation regarding the differentiated effects.

The results reveal that consumer reactions to employee exploitation in service firms are more negative compared to manufacturing firms. This is because consumers’ sense of presence (i.e. feeling of being there) is stronger in a service setting, leading to more intense empathetic emotions toward service employees.

This research contributes to the CSR literature by challenging the conventional notion that sweatshops are more problematic for manufacturing firms. By contrast, the results indicate a stronger negative effect on service firms. It contributes to the services marketing literature by conceptualizing a novel cognitive mechanism. Traditionally, consumers’ negative reactions are driven by anger. However, the authors show that empathetic feelings toward mistreated employees play a predominant role. While it is imperative for all firms to ensure fair treatment of their employees, the findings underscore the heightened significance of this aspect for service firms, given their susceptibility to more pronounced negative effects.

When smelting Al-Li alloy, the material inevitably comes into contact with various oxide-refractories. These refractories are subjected to varying degrees of melt-corrosion at high temperatures. The purpose of this study is to find stable oxide refractories at casting temperature.

Four materials were selected for evaluation, and their corrosion by the Al-Li alloy at casting temperature and different holding times was measured. Subsequently, scanning electron microscopy and energy-dispersive spectroscopy were used to study the interfaces. Stable refractory materials were selected by comparing the thicknesses of the reaction layers.

The thickness of the Al-Li/ZrO₂ reaction layer varies linearly with the square root of the holding duration. Therefore, the growth of the reaction layer is controlled by diffusion. The reaction layer of Al-Li/Al₂O₃ is thinner, and its growth is also controlled by diffusion. However, there were no obvious reaction layers between the Al-Li alloy and MgO or Y₂O₃. By comparing these reaction-layer thicknesses, the order of stability was found to be ZrO₂ < Al₂O₃ < MgO and Y₂O₃.

These results provide a scientific basis for the optimal selection of refractory materials for Al-Li alloy smelting.

This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.

This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.

The global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.

This result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.

This study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.

This paper aims to examine whether the audit committee moderates the relationship between audit quality and market reactions.

Using fixed effects and the GMM model for robustness, the study used 472 publicly listed firms on South Africa’s Johannesburg stock exchange spanning a period of six years from 2014 to 2019.

Results obtained show that audit quality impacts market reactions through share price and adjusted market returns. And, that the audit committee moderates the relationship between audit quality and market reactions in South Africa’s publicly listed firms. An effective audit committee is expected to play a crucial role in overseeing the audit process, ensuring the independence of auditors and promoting transparency and accountability which in turn impacts asset prices.

The study implies that governments and regulatory bodies in other developing economies could strengthen regulations about companies’ Acts, how firms regulate themselves and more so audit committees. Firms can also strive to make sure that audit committees are staffed with experts to promote higher audit quality and investor attention to get access to the much-alluded capital.

To the best of the authors’ knowledge, the study adds value by being the first to explore the subject matter of the importance of audit committees in defining audit quality and market reactions in publicly listed firms. The research adds to the body of knowledge on corporate governance and audit quality. It provides a case study specific to the South African context, contributing to the global literature on these topics.

This paper aims to determine whether audit opinions in Morocco, an emerging market, are value relevant to the stock market, through the investigation of the market reaction to the issuance of modified audit opinions (MAOs).

The event study approach is used. The data are derived from the financial reports of listed companies on the Casablanca Stock Exchange over a period of 10 years from 2010 to 2019.

This paper does not find evidence that the market reacts to the issuance of MAOs when grouped together. When partitioning the sample by types, there is an evidence of a stock market reaction to qualified audit opinions and the qualified audit opinions with observation paragraph when they are combined with a negative variation of earnings per share. Examination of the impact of different natures of qualifications shows no consistent results and that the market does not distinguish between natures of qualifications.

These results may be due to the fact that some investors have information about the audit opinion long before it is made public, due to privileged access to audit opinions, or that investors underestimate audit opinions relative to other financial indicators.

This study contributes to the existing literature by investigating an emerging market, not previously tested, after the introduction of several regulatory reforms in Moroccan market aimed at enhancing transparency in financial reporting. It refines the market reaction models used in previous studies by using both ordinary least squares and the Scholes–Williams techniques that correct for the effect of thin trading on the market index. In addition, special attention is given to studying the market reaction to each type of MAOs and to each natures of qualifications.