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1 – 10 of 23Hannah R. Marston and Rachel Kowert
Video games are often thought of as trite activities for younger generations. However, research in game studies over the last few decades have revealed that games can be valuable…
Abstract
Video games are often thought of as trite activities for younger generations. However, research in game studies over the last few decades have revealed that games can be valuable tools for growth and connection, particularly among older generations. Exploring the ways digital games can be used as tools for connection has gained increased attention in recent months with global quarantines as a result of COVID-19. This article reviews the research that has examined the utility of digital games for older adults, focusing specifically on the ways in which games can be tools for social connectedness and psychological healing for older adults and intergenerationally. Special focus will be placed on the role games can play for post-traumatic stress among first responders.
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The main purpose of the research is to determine if the relationship between trading volume and price changes is connected to market effectiveness and to use the volume-price…
Abstract
Purpose
The main purpose of the research is to determine if the relationship between trading volume and price changes is connected to market effectiveness and to use the volume-price relationship to compare the efficiency levels of foreign markets. The degree of the relationship is determined in this study, and the efficiency levels of different countries' capital markets are compared.
Design/methodology/approach
In this study, 1,024 observations are used as a data set, which includes daily closing prices and trading volume in the stock market indices of 25 countries between the dates of 01.12.2016 and 31.12.2020. In the first step of the analysis, descriptive statistics of price and volume series are examined. The stationarity of the series is then controlled using the ADF unit root test. Simple linear regression models with the dependent variable of trading volume are generated for all stock market indices after each series has reached stationarity, and the ARCH heteroscedasticity test is used to determine whether these models contain the ARCH effect. Because all models have the ARCH effect, autoregressive models are chosen, and EGARCH models are conducted for all indices to see whether there is an asymmetry in the price-volume relationship.
Findings
The study concludes that the stock market in the United States is the most effective, since it has the strongest relationship between trading volume and price changes. However, because of the financial distress caused by the COVID-19 pandemic, the relationship between price and trading volume is lower in Eurozone countries. The price-volume relationship could not be observed in some shallow markets. Furthermore, whereas the majority of countries have a negative relationship between price changes and transaction volume, China, the United Arab Emirates and Qatar have a positive relationship. When prices rise in these countries, investors buy with the sense of hope provided by the optimistic atmosphere, and when prices fall, they sell with the fear of losing money.
Research limitations/implications
The study's most significant limitation is that it is difficult to ascertain a definitive conclusion about the subject under investigation. In reality, if the same research is done using data from different countries and time periods, the results are quite likely to vary.
Practical implications
As a result of the study, investors can decide which market to enter by comparing and analyzing the price-volume relationship of several markets. According to the study's findings, investors are advised to examine the price-volume relationship in a market before beginning to trade in that market. In this way, investors can understand the market's efficiency and whether it is overpriced.
Social implications
The relationship between price movements and trade volume gives crucial information about a capital market's internal structure. Some concerns can be answered by assessing this relationship, such as whether the market has a speculative pricing problem, how information flows to the market, and whether investment decisions are rational and homogenous. Empirical studies on modeling this relationship, on the other hand, have not reached a definite outcome. The main reason for this is that the price-to-volume relationship fluctuates depending on the market structure. The purpose of this study is to fill a gap in the literature by presenting the reasons why this critical issue in the literature cannot be answered, as well as empirical findings.
Originality/value
The significance and originality of this research are that it examines the price-volume relationship to evaluate the efficiency levels of various markets. This relationship is being investigated in a number of multinational studies. These researches, on the other hand, were conducted to see if there is a relationship between trading volume and market volatility, and if so, how that interaction is formed. The size of the price and volume relationship is emphasized in this study, unlike previous studies in the literature.
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Ahmad Arslan, Samppa Kamara, Nadia Zahoor, Pushpa Rani and Zaheer Khan
This paper explores the survival strategies and coping mechanisms of ethnic minority entrepreneurs operating in the hospitality sector in northern Finland during the ongoing…
Abstract
Purpose
This paper explores the survival strategies and coping mechanisms of ethnic minority entrepreneurs operating in the hospitality sector in northern Finland during the ongoing COVID-19 pandemic.
Design/methodology/approach
The paper utilizes qualitative research approach based on six exploratory case studies. The in-depth interviews in two phases were conducted with owners/mangers of ethnic minority entrepreneurial restaurants.
Findings
The findings reveal that all studied case firms undertook quick adjustments in response to the COVID-19 pandemic. For example, staff working hours were reduced through mutual consultation, and readjustments to the supply chain were made so that critical ingredients remain available despite the forced lockdown and supply chain bottlenecks. However, the readjustment of the supply chain was not visible in all case firms. Some of the owner-managers who were interviewed decided to keep doing business with the ethnic minority suppliers, despite some transportation problems due to lockdowns, especially in the early phases of COVID-19. Findings also suggest that the support grants announced by the state appeared not to be particularly useful for these restaurants due to restrictive eligibility criteria that many microbusinesses potentially fail to meet. Finally, the sample microbusinesses (restaurants) entrepreneurs recognize the importance of home delivery for their business survival, although they were critical of online food delivery service providers (apps) due to their high charges. Some of the case restaurants gave customers incentives for directly ordering from them, as an alternative strategy.
Originality/value
This paper is one of the first studies to specifically highlight the peculiarities of ethnic minority entrepreneurship and survival dynamics in northern Finland, where running the restaurant operations, including ensuring the supply chain management, is more complex than in the case of ethnic minority restaurants in more well-connected European countries and cities with an established history of immigrant businesses. This study is also novel in terms of specifying the strategies adopted by ethnic minority businesses in adjusting to the disruptions caused by the COVID-19 pandemic and surviving through it. At the same time, it has shown limitations and some problems associated with accessing state support announced for the hospitality industry in response to COVID-19. Finally, it offers a new angle by explicitly highlighting the power dynamics between restaurants and food ordering platforms (apps) and the potential alternatives in this specific context.
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The turn-of-the-month (TOM) effect is observed as one of the seasonalities in many markets. The author examines the TOM effect in the KOSDAQ market and finds that the effect is…
Abstract
The turn-of-the-month (TOM) effect is observed as one of the seasonalities in many markets. The author examines the TOM effect in the KOSDAQ market and finds that the effect is significant. The TOM effect in the KOSDAQ market is not due to size, turn-of-the-year, turn-of-the-quarter or index rebalancing effect. The author also finds that individual and institutional traders do not trade and buy more stocks at the TOM than on the rest days, not consistent with existing explanations of the increased liquidity by individual investors or institutional window-dressing activity. When the author investigated the net buying volume and net turnover of each investor, the net volume and turnover of individual investors at the TOM were significantly lower than those on the other days, rejecting the hypothesis of their increased demand. Interestingly, net foreign volumes at the TOM are significantly higher than on the other days. Finally, using panel regressions, the author finds that stocks with a higher net buying volume of foreigners for the TOM period tend to have higher returns, while stocks with a higher net buying volume of individual traders for the TOM period are likely to have lower returns. The results confirm that the TOM effect is not due to the increased demand of individual investors. Instead, higher net buying volume by foreigners may partially cause the TOM effect. Therefore, this study contributes to the literature by revealing the presence of the TOM effect in the KOSDAQ market and the foreign role in the anomaly in the market even mainly traded by retail investors.
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Mohamed Fawzi Afifi, Asad Mohsin and Mustafa Farouk
The study investigates perceptions and debate that are linked to the relationship between religion, alcohol, tourism and hospitality within the context of an Islamic tourist…
Abstract
Purpose
The study investigates perceptions and debate that are linked to the relationship between religion, alcohol, tourism and hospitality within the context of an Islamic tourist destination. An analytical approach involving a review of literature, assessment of conservationists’ attitude representing Islam and Christianity, and current trends using a student sample to determine intentions is used. The study findings suggest that alcohol and religiosity are not compatible, use, abuse and dependency are more common among non-believers than believers. A tense dispute continues in the Arab World around alcohol. The study contributes to the literature by highlighting economics, social practice, theoretical and managerial implications related to alcohol service in Egypt and suggests a way forward for global Muslim staff working in the hospitality, tourism, and travel industries.
Design/methodology/approach
The study uses an analytical approach involving a review of literature, assessment of conservationists’ attitude representing Islam and Christianity and current trends using a student sample to determine intentions.
Findings
The study findings suggest that alcohol and religiosity are not compatible, use, abuse and dependency are more common among non-believers than believers. A tense dispute continues in the Arab World around alcohol.
Research limitations/Implications
The study is assessing the relationship between religion, alcohol, hospitality and tourism within the context of Egypt, advances knowledge about halal tourism and hospitality by explicitly linking religious obligations and the implication on tourism. The findings should be used with caution considering the subjectivity of responses and the size of the sample.
Practical implications
The service/hospitality industry managers could be Muslims or non-Muslims representing major airlines, hotels and restaurants where alcohol is served by Muslim employees. These managers should consider avoiding the sale or serving of alcohol completely, and if not, they must not force their workers to serve alcohol if they chose not to.
Social implications
Faith-based (e.g. Muslims, Seventh Day Adventists and Mormons), ideological or ethically driven alternative services should be created for the staff concerned with alcohol service/consumption. Employment is to be provided to adherents of these faiths or ideologies as an alternative resort.
Xuan Ji, Jiachen Wang and Zhijun Yan
Stock price prediction is a hot topic and traditional prediction methods are usually based on statistical and econometric models. However, these models are difficult to deal with…
Abstract
Purpose
Stock price prediction is a hot topic and traditional prediction methods are usually based on statistical and econometric models. However, these models are difficult to deal with nonstationary time series data. With the rapid development of the internet and the increasing popularity of social media, online news and comments often reflect investors’ emotions and attitudes toward stocks, which contains a lot of important information for predicting stock price. This paper aims to develop a stock price prediction method by taking full advantage of social media data.
Design/methodology/approach
This study proposes a new prediction method based on deep learning technology, which integrates traditional stock financial index variables and social media text features as inputs of the prediction model. This study uses Doc2Vec to build long text feature vectors from social media and then reduce the dimensions of the text feature vectors by stacked auto-encoder to balance the dimensions between text feature variables and stock financial index variables. Meanwhile, based on wavelet transform, the time series data of stock price is decomposed to eliminate the random noise caused by stock market fluctuation. Finally, this study uses long short-term memory model to predict the stock price.
Findings
The experiment results show that the method performs better than all three benchmark models in all kinds of evaluation indicators and can effectively predict stock price.
Originality/value
In this paper, this study proposes a new stock price prediction model that incorporates traditional financial features and social media text features which are derived from social media based on deep learning technology.
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Minna Martikainen, Antti Miihkinen and Luke Watson
Negative disclosure tone in 10-K annual reports has economic consequences, yet relatively little is known about how it is generated. Boards of directors play an important…
Abstract
Purpose
Negative disclosure tone in 10-K annual reports has economic consequences, yet relatively little is known about how it is generated. Boards of directors play an important governance role with respect to mandatory disclosures and personally sign off on Form 10-K, leading us to expect directors to influence financial reporting narratives. This study investigates whether the negative tone of firms' narrative annual report disclosures is associated with the human and social capital of its board of directors.
Design/methodology/approach
Multivariate regression analyses of negative disclosure tone (Loughran and McDonald, 2011) on board members' average age, gender, education, financial expertise and turnover is performed. A host of supplemental tests to corroborate our primary analysis, including using Sarbanes-Oxley's financial expert mandate as an exogenous shock to board composition, impact threshold for a confounding variable, placebo analysis, portfolio tests of more and less negative disclosing firms and portfolio tests of “loud” versus “quiet” boards are conducted.
Findings
Evidence that directors' gender, education, financial expertise and board turnover are associated with more negative disclosure tone, while directors' age is associated with less negative disclosure tone is found. The study also looked within the board to differentiate whether these findings are driven by characteristics of inside directors or outside directors serving on the audit committee, or both, as these are the specific groups of directors we would expect to play a role in disclosure. It was found that negative disclosure tone is associated with a lower bid-ask spread, so this study interpreted more negative tone as containing more descriptive information.
Originality/value
This study helps decode the “black box” of annual report disclosure tone, which Loughran and McDonald (2011) show has important economic implications. The results help inform stakeholders such as policymakers, executives and capital market participants as to how board member traits are associated with disclosure. The findings are particularly important as this study bears witness to the increasing prominence of gender/diversity mandates (e.g. Israel, Norway, California) and financial expertise mandates (e.g. Sarbanes-Oxley).
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Andreas Lindén, Othmar M. Lehner, Heimo Losbichler and Minna Martikainen
This paper examines whether ownership type has a moderating influence on dividend payouts during the COVID-19 pandemic crisis with respect to changes in profits. Future…
Abstract
Purpose
This paper examines whether ownership type has a moderating influence on dividend payouts during the COVID-19 pandemic crisis with respect to changes in profits. Future uncertainties because of the pandemic will result in a perceived need for liquidity within the company, but retaining cash may be risky for shareholders who could look for less risky alternatives. The dividend payout strategy is thus even more closely related to the overall type concentration and strategy of the owners during the crisis.
Design/methodology/approach
The effects are explored and tested on early data from 2019 to 2020 of Finnish companies using ANCOVA while controlling for profitability and sector variables.
Findings
A significant effect on dividend payout during the COVID crisis was found when the companies are dominantly held by individual owners validating early suggestions on such an influence. Therefore, this study contributes further to the academic debates on the influence of ownership concentration in times of crises. This study lists certain sectors which experience diminished profits during such a crisis which pinpoints sector separation in future discussions.
Research limitations/implications
This study explores early data from a specific context in the Nordic countries. However, it does so out of purpose as explained in the paper.
Practical implications
Ownership type and concentration matters when it comes to dividend payout decisions under uncertainty with regard to changes in profit. Investors need to accept these behavioural insights into their decisions.
Originality/value
This study examines the signalling effect of dividends by analysing how actual or anticipated change in profitability due to a crisis is reflected by owners and leads to dividend payout decisions under uncertainty.
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This study investigates the moderating effect of CEO power on the relationship between labor productivity and financial performance in the Tehran Stock Exchange (TSE).
Abstract
Purpose
This study investigates the moderating effect of CEO power on the relationship between labor productivity and financial performance in the Tehran Stock Exchange (TSE).
Design/methodology/approach
In this study, the power of the CEO variable was measured using the power index method and its effect on the relationship between labor productivity and financial performance was tested using a multivariate regression. The study sample consisted of 1,040 observations and 130 firms listed on the TSE over an eight-year period between 2012 and 2019. Panel data and appropriate statistical techniques were applied to estimate models. In this study, Tobin’s Q and return on assets (ROA) are the two variables used to measure financial performance.
Findings
The results of the hypotheses show that the link between labor productivity and financial performance based on Tobin’s Q and ROA strengthens with increasing CEO power. Thus, the stewardship theory is approved on the TSE. In addition, CEO power and labor productivity have a positive impact on firm performance.
Research limitations/implications
To the best of the author’s knowledge, this is the first study to examine the moderating impact of CEO power on the relationship between labor productivity and firms' financial performance in emerging capital markets. Therefore, the results of this study can be used by investors, board of directors, policymakers and regulations.
Practical implications
Taking into consideration the sanctions on Iran's economy during the study period and to increase the productivity and financial performance of the company, the results of this study can provide a practical guide for the board of directors to consider the characteristics of CEO power and how to choose it in the emerging capital market. Additionally, the study results show that investors should choose companies with strong CEO to invest in the Iranian capital market.
Originality/value
The current study is the first study conducted in an emerging economy to examine the moderating impact of CEO power on the link between labor productivity and financial performance.
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Judith Vergara Garavito and Sergio J. Chión
This paper aims to examine the relationship between cash holdings (CH) and expected equity return in a sample of firms of Pacific alliance countries.
Abstract
Purpose
This paper aims to examine the relationship between cash holdings (CH) and expected equity return in a sample of firms of Pacific alliance countries.
Design/methodology/approach
This paper constructed a panel of Pacific alliance firms for the period ranging from 2010 to 2016. This paper estimated different specification models using multivariate regression, and the statistical technique used to validate the hypothesis was panel data.
Findings
Results showed that there is a positive relationship between CH and expected equity return (r). The relationship between CH and systematic risk (ß) was estimated and this paper found a positive and statistically significant association. Findings suggest that corporate liquidity contains underlying information that contributes to explain the expected equity return, which, if ignored, can produce quite misleading results.
Originality/value
The results of this study have both academic and practical implications. First, the findings of the research contribute to a better understanding of the asset pricing models in emerging countries. On the other hand, the results obtained in this study can serve shareholders to make better estimations of the expected equity return, so investors can improve the risk-return trade-off due to the model allow a better estimation of the risk-return relation.
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