Xiaochen Zhang and Huifang Yin
The aim of this paper is to examine the effect of information disclosure by unlisted bond issuers on the stock price informativeness of listed firms in the same industry.
Abstract
Purpose
The aim of this paper is to examine the effect of information disclosure by unlisted bond issuers on the stock price informativeness of listed firms in the same industry.
Design/methodology/approach
This paper takes advantage of information disclosure during the bond issuance and examines the spillover effect of unlisted bond issuers' information disclosure on listed firms in the stock market. The sample is composed of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2018. All the data are obtained from the China Stock Market and Accounting Research and WIND databases. The impact of bond market information disclosure on price informativeness of listed firms in the same industry is identified through multivariate regression analyses.
Findings
Empirical results show that price informativeness of listed firms has a significantly positive association with the information disclosure of same-industry unlisted bond issuers. Further analyses show that the above finding is more significant when information disclosure of bond issuers is a more important channel for acquiring industry information (i.e. when industry is more concentrated, when economic uncertainty is high, and when industry information is less transparent) and understanding the industry competitive landscape (i.e. when bond issuers are relatively large, when bond issuers and listed firms have more direct product competition, when bond issuance firms are large-scale state-owned business groups), and when there are more cross-market information intermediaries (i.e. more cross-market institutional investors and more sell-side analysts). This paper indicates that information disclosure of bond issuers has a positive spillover effect on the stock market.
Originality/value
The novelty of the research is that the authors examine industry information spillover from unlisted firms to listed firms leveraging on unlisted firms' information disclosure in bond markets.
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Laura Kauppinen, Petteri Annunen and Harri Haapasalo
Industrialized construction has brought about expectations of improved productivity in the construction industry. However, the lack of a commonly accepted definition has created…
Abstract
Purpose
Industrialized construction has brought about expectations of improved productivity in the construction industry. However, the lack of a commonly accepted definition has created confusion regarding the types of development covered by the industrialized construction umbrella. These inconsistent definitions convoluted the discussion on this phenomenon. This study aims to clarify the definition of industrialized construction through a systematic literature review.
Design/methodology/approach
This systematic literature review was conducted according to PRISMA principles. Records were gathered from Scopus and Web of Science. Following the scientometric analysis, content analysis was conducted according to the template analysis approach.
Findings
The analysis of 121 articles revealed four main themes related to industrialized construction: 1) the construction concept, 2) construction methodologies, 3) systematization, rationalization and automatization and 4) societal and industrial change processes. Definitions of industrialized construction can be analyzed with seven clusters: 1) prefabrication, 2) standardization, 3) sector, 4) integration, 5) manufacturing practices, 6) technological investment and 7) none. Based on the content analysis, the proposed definition is: industrialized construction is the adoption of practices that minimize project-specific work in construction from the start of the design to the end of the building’s life cycle.
Originality/value
This study proposes a definition for industrialized construction following content analysis of broadly sampled literature. The proposed definition can provide a basis on which developments in the construction industry can be reflected.
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Hao Zhang, Qingyue Lin, Chenyue Qi and Xiaoning Liang
This study aims to explore how online reviews and users’ social network centrality interact to influence idea popularity in open innovation communities (OICs).
Abstract
Purpose
This study aims to explore how online reviews and users’ social network centrality interact to influence idea popularity in open innovation communities (OICs).
Design/methodology/approach
This study used Python to obtain data from the LEGO Innovation Community. In total, 285,849 reviews across 4,475 user designs between March 2019 and March 2021 were extracted to test this study’s hypotheses.
Findings
The ordinary least square regression analysis results show that review volume, review valence, review variance and review length all positively influence idea popularity. In addition, users’ in-degree centrality positively interacts with review valence, review variance and review length to influence idea popularity, while their out-degree centrality negatively interacts with such effects.
Research limitations/implications
Drawing on the interactive marketing perspective, this study employs a large sample from the LEGO community and examines user design and idea popularity from a community member’s point of view. Moreover, this study is the first to confirm the role of online reviews and user network centrality in influencing idea popularity in OICs from a social network perspective. Furthermore, by integrating social network analysis and persuasion theories, this study confirms the interaction effects of review characteristics and users’ social network centrality on idea popularity.
Practical implications
This study’s results highlight that users should actively interact and share with reviewers their professional product design knowledge and/or the journey of their design to improve the volume of reviews on their user designs. Moreover, users could also draw more attention from other users by actively responding to heterogeneous reviews. In addition, users should be cautious with the number of people they follow and ensure that they improve their in-degree rather than out-degree centrality in their social networks.
Originality/value
This study integrates social network analysis and persuasion theories to explore the effects of online reviews and users’ centrality on idea popularity in OICs, a vital research issue that has been overlooked.
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Jeongsoo Han and Mina Jun
The purpose of this paper is to investigate how the characteristic of mobile devices, particularly high accessibility, influences a consumer's intention to post an online review…
Abstract
Purpose
The purpose of this paper is to investigate how the characteristic of mobile devices, particularly high accessibility, influences a consumer's intention to post an online review depending on the valence of consumption experiences.
Design/methodology/approach
This paper employs a between-subject design of experimental study based on different scenarios with 378 participants. A pretest is conducted to confirm that participants perceive the experimental scenarios as intended prior to proceeding with the main experimental study.
Findings
The authors’ experimental analysis shows that the intention to post a review of extreme positive and negative experiences is significantly higher when the level of accessibility for review-posting is high. By contrast, the intention to post a review of neutral consumption experiences is neither higher nor lower regardless of the level of accessibility.
Originality/value
The findings of this paper contribute to a better understanding of online reviews by demonstrating how high accessibility for review-posting have differential influences on the intentions to post online reviews depending on the valence of consumer experiences. The findings provide important theoretical and managerial implications.
研究目的
本文旨在探討移動設備的特徵,特別是其高可及性,如何因應消費者的消費體驗效價影響他們在網上發佈評論的意慾。
研究設計/方法/理念
:本文採用實驗研究的被試間設計,基於不同情景,並涵蓋378名參與者。研究人員在主要的實驗研究前進行了預先測試、以確認參與者對實驗情景的理解是和預期的一樣。
研究結果
我們的實驗分析顯示、當發佈評論的可及性水平是高的時候,消費者發佈關於他們極良好或極負面的消費體驗的評論意慾會顯著提升。相比之下、他們發佈中性消費體驗的意慾則不會因可及性的水平而有所增減。
研究的原創性/價值
本文的研究結果有助我們更了解網上的評論,這是由於研究結果顯示了消費者在網上發佈評論的意慾如何因應其消費體驗效價、受發佈評論的高可及性水平影響。這研究結果在理論及管理方面具有重要的意義。
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Hasan A. Abbas, Kamel Rouibah and Nabeel Al-Qirim
This study aims to explore the antecedent factors that directly and indirectly influence electronic word of mouth (eWoM) for social commerce (s-commerce) in two developing…
Abstract
Purpose
This study aims to explore the antecedent factors that directly and indirectly influence electronic word of mouth (eWoM) for social commerce (s-commerce) in two developing countries (e.g. Kuwait and the United Arab Emirates [UAE]) by extending social cognitive theory.
Design/methodology/approach
This study uses a previous robust model (Rouibah et al., 2021) as theoretical background to investigate and compares the antecedents (trust in Instagram, perceived risks) on eWoM for s-commerce through the mediation of three mediators (perceived enjoyment, perceived value and customer satisfaction) among two Arab countries. Data was collected from Kuwait (n = 1,132) and the UAE (n = 190). Different statistical analyses and structured equation modeling-based analysis of moment structure are used to test the robustness of the research model.
Findings
This study found customer satisfaction to be most important factor that mediates the effect independent factors on eWoM for s-commerce in both countries. Surprisingly, perceived enjoyment has no effect, and trust in Instagram and perceived risks are the most important factors that are considered imperative for customer satisfaction and positive feedback.
Research limitations/implications
One limitation of this study is that the author does not focus on the difference between the effects of textual and graphical information on customers’ decisions and trust in buying merchandise. Another limitation is that this study focuses on Kuwait and the UAE. Other Gulf Cooperation Council countries are also growing exponentially, and mobile and internet penetration rates are booming; they could be a trigger for more studies on whether differences occur among all of them.
Practical implications
The first implication is that it is the first in its field to extend the effects of eWoM. To the best of the author’s knowledge, compared to the online research this study is unique because the authors examine six factors for eWoM in s-commerce using the Instagram platform as opposed to other platforms.
Social implications
The third implication of this study is that the previous ones have applied eWoM to different subjects of e-commerce such as tourism and marketing but have concentrated less on s-commerce, where in-depth research is needed much more to explore factors and theories that explain human behavior.
Originality/value
Furthermore, most of these studies have focused on the intention to use (Dincer and Dincer, 2023; X. Hu, Chen, Davison, and Liu, 2022; Zhou et al., 2023). However, the attention in this research is on the actual use.