ESG issues are gaining increasing attention from investors, but the environmental, social and governance (ESG) rating disagreement caused by different standards of rating agencies…
Abstract
Purpose
ESG issues are gaining increasing attention from investors, but the environmental, social and governance (ESG) rating disagreement caused by different standards of rating agencies misleads investors' investment decisions. This can lead to an increased risk of stock price crashes, causing turbulence in the financial markets and reducing investors' confidence. The paper investigates whether ESG rating disagreement of the current period increases stock price crash risk and the mechanism to mitigate this impact.
Design/methodology/approach
With the sample of the listed companies of Shanghai and Shenzhen Stock Exchanges from 2010 to 2022 this paper examines the impact of ESG rating disagreement itself on stock price crash risk. Moreover, this paper examines the mechanisms by analyzing the moderating effect of distraction of investors; digital economy and corporate intelligence maturity.
Findings
This paper finds that ESG rating disagreement itself would amplify the stock price crash risk. When exploring the moderating effect of institutional investors' distraction, digital economic development level and corporate intelligence, the paper found that they would mitigate the impact of ESG rating disagreement on stock price crash risk. The relationship between ESG rating disagreement and stock price crash risk is more pronounced in the context of heavily-polluted, state-owned enterprises (SOEs) and enterprises with star analysts.
Originality/value
Currently, few articles discuss ESG rating disagreement, especially the impact of current ESG rating disagreement on stock price crash risk. This paper focuses on this topic and provides strategies to mitigate the impact of current ESG rating divergence on stock price crash risk.
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Mushtaq Ahmad Darzi, Sheikh Basharul Islam, Syed Owais Khursheed and Suhail Ahmad Bhat
The purpose of this study is to summarize the available pool of literature on service quality to identify different dimensions of service quality in the healthcare industry and…
Abstract
Purpose
The purpose of this study is to summarize the available pool of literature on service quality to identify different dimensions of service quality in the healthcare industry and understand how it is measured. The study attempts to explore the research gaps in the literature about different service quality dimensions and patient satisfaction.
Design/methodology/approach
A systematic literature review process was followed to achieve the objectives of the study. Various inclusion and exclusion criteria were used to select relevant research articles from 2000–2020 for the study, and a total of 100 research articles were selected.
Findings
The study identified 41 different dimensions of healthcare service quality measurement and classified these dimensions into four categories, namely servicescape, personnel, hospital administration and patients. It can be concluded that SERVQUAL is the most widely used service quality measurement tool.
Originality/value
The study identified that a majority of the researchers deduced a positive relationship between SERVQUAL dimensions and the quality of healthcare services. The findings of study will assist hospital executives in formulating effective strategies to ensure that patients receive superior quality healthcare services.
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Fatemeh Fahimi, Wooi Boon Goh, Tih-Shih Lee and Cuntai Guan
This study aims to investigate the correlation between neural indexes of attention and behavioral indexes of attention and detect the most informative period of brain activity in…
Abstract
Purpose
This study aims to investigate the correlation between neural indexes of attention and behavioral indexes of attention and detect the most informative period of brain activity in which the strongest correlation with attentive performance (behavioral index) exists. Finally, to further validate the findings, this paper aims at the prediction of different levels of attention function based on the attention score obtained from repeatable battery for the assessment of neurophysiological status (RBANS).
Design/methodology/approach
The present paper analyzes electroencephalogram (EEG) signals recorded by a single prefrontal channel from 105 elderly subjects while they were responding to Stroop color test which is an attention-demanded task. Beside Stroop test, subjects also performed RBANS which provides their level of functionality in different domains including attention. After data acquisition (EEG during Stroop test and RBANS attention score), the authors extract the spectral features of EEG as neural indexes of attention and subjects’ reaction time in response to Stroop test as behavioral index of attention. Then, they explore the correlation between these post-cue frequency band oscillations of EEG with elderly response time (RT). Next, the authors exploit these findings to classify RBANS attention score.
Findings
The observations of this study suggest that there is significant negative correlation between alpha gamma ratio (AGR) and RT (p < 0.0001), theta beta ratio (TBR) is positively correlated with subjects’ RT (p < 0.0001), these correlations are stronger in a 500ms period right after triggering the cue (question onset in Stroop test), and 4) TBR and AGR can be effectively used to predict RBANS attention score.
Research limitations/implications
Because of the experiment design, the pre-cue EEG of the next trail was very much overlapped with the post-cue EEG of the current trail. Therefore, the authors could analyze only post-cue EEG. In future study, it would be interesting to investigate the predictability of subject’s future performance from pre-cue EEG and mental preparation.
Practical implications
This study provides an insight into the research on detection of human attention level from EEG instead of conventional neurophysiological tests. It has also potential to be used in implementation of feasible and efficient EEG-based brain computer interface training systems for elderly.
Originality/value
To the best of the authors’ knowledge, this study is among very few attempts for early prediction of cognitive decline in the domain of attention from brain activity (EEG) instead of conventional tests which are prone to human errors.
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Both investors and the stock markets are believed to behave in a perfectly rational manner, where investors focus on utility maximization and are not subjected to cognitive biases…
Abstract
Purpose
Both investors and the stock markets are believed to behave in a perfectly rational manner, where investors focus on utility maximization and are not subjected to cognitive biases or any information processing errors. However, it has been discovered that the sentiment of the social mood has a significant impact on the stock market. This study aims to analyze how did the protest event of Tesla happened in April 2021 have a significant effect on the company's stock performance as well as its competitors, Nio, under the competitive effect.
Design/methodology/approach
The research is based on time series data collected from Tesla and Nio by employing 10 days, 15 days and 20 days anticipation and adjustment period for the event study. This study employed a text sentiment analysis to identify the polarity of the sentiment of the protest event using the Microsoft Azure machine learning tool which utilizes MPQA subjective lexicon.
Findings
The findings provide further evidence to show that a company-specific negative event has deteriorating effects on its stock performance, while having an opposite effect on its competitors.
Research limitations/implications
The paper argues that negative sentiments through social media word of mouth (SWOM) affect the stock market not just in the short run but potentially in the longer run. Such negative sentiments might create a snowball effect which causes the market to further scrutinize a company's operations and possibly lose confidence in the company.
Originality/value
This study explores how the Tesla's protest event at Shanghai Auto Show 2021 has a significant impact on Tesla's stock performance and prolonged negative impact although Tesla implemented immediate remedial actions. The remedial actions were not accepted positively and induced a wave of negative news which had a more persistent effect.
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Controversy exists about the shape of the relationship between loyalty and profitability. This paper aims to address the possibly nonlinear effects of behavioral loyalty (BLOY) on…
Abstract
Purpose
Controversy exists about the shape of the relationship between loyalty and profitability. This paper aims to address the possibly nonlinear effects of behavioral loyalty (BLOY) on customer spending (as a proxy for profitability). Building on social exchange theory and the norm of reciprocity, it examines the asymmetries between BLOY and customer spending and the moderating influence of personal communication (PCOMM) as a social reward and dispositional positive reciprocity as process evidence.
Design/methodology/approach
Study 1a (n = 309) gathered customer data from four restaurants and Study 1b (n = 252) data from hotel guests after they checked out. Study 2 is an experimental study with two manipulated factors (BLOY and PCOMM). In total, 295 participants from a large German online panel completed the study.
Findings
The results indicate an inverted-U shaped relationship between BLOY and customer spending: after reaching a turning point, customers gradually curb spending as their BLOY further increases. High PCOMM acts as a reciprocal response while triggering additional customer spending particularly at higher levels of behavioral loyalty; positive reciprocity adjusts the differences in customer spending when social rewards such as PCOMM are present.
Research limitations/implications
The asymmetric relationship between BLOY and customer spending is tested only for hedonic service settings.
Practical implications
Not all loyal customers spend more – companies need to meet their reciprocal obligations before they can benefit from increased customer spending.
Originality/value
The present research re-considers the nature of the relationship between BLOY and customer spending and reveals an inverted-U shaped relationship, with a turning point beyond which greater customer loyalty decreases customer spending. It finds converging process evidence for the mechanism of reciprocity underlying this relationship. This study also details the financial impact of BLOY on the firm by investigating actual customer spending.
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Muhammad Sabbir Rahman, Md Afnan Hossain, Md Rifayat Islam Rushan, Mohammad Tayeenul Hoque and Hasliza Hassan
This study aims to develop and validate a scale for measuring online fashion brand recognition (OFBR).
Abstract
Purpose
This study aims to develop and validate a scale for measuring online fashion brand recognition (OFBR).
Design/methodology/approach
Given the existing literature on brand, multiple stages of studies were conducted as a part of the scale development process. The OFBR scale was validated by a step-by-step process following the scale validation methodology suggested in the specialised literature.
Findings
The results demonstrate the 25 items of five unique factors that form the OFBR construct and confirm the strong validity of the construct. This finding suggests that the five-dimensional approach (online brand familiarity, online visual simplicity, online aesthetic attraction, online brand emotion and online social reputation) plays important role to form OFBR.
Practical implications
A valid and reliable OFBR scale provides a foundation for broadening the understanding on the important constructs that form OFBR, which is essential for online fashion retailing. Knowledge of the crucial antecedents that influence consumers towards online fashion products can enhance marketers’ capability to position their brands towards their target markets.
Originality/value
The relevance of this study lies in validating the scale for measuring OFBR for the first time in the literature on online fashion brand.
Propósito
Este estudio tiene como objetivo desarrollar y validar una escala para medir el reconocimiento de marcas de moda online (OFBR).
Metodología
Partiendo de la literatura de marca, se llevaron a cabo múltiples estudios como parte del proceso de desarrollo de la escala. La escala OFBR fue validada en un proceso de diversas etapas siguiendo la metodología de validación de escalas sugerida en la literatura especializada.
Hallazgos
Los resultados demuestran los veinticinco ítems de cinco factores únicos que forman el constructo OFBR y confirman la validez del constructo. Este hallazgo sugiere que el enfoque de cinco dimensiones (familiaridad con la marca online, simplicidad visual online, atracción estética online, emoción de la marca online y reputación social online) juega un papel importante en la formación de la OFBR.
Implicaciones prácticas
Una escala OFBR válida y fiable proporciona una base para ampliar la comprensión de los constructos importantes que forman OFBR, lo cual es esencial para la venta de moda online. Conocer los antecedentes que condicionan al consumidor al comprar productos de moda online puede mejorar la capacidad del vendedor para posicionar su marca en el mercado objetivo.
Originalidad/valor
El interés de este estudio radica en la validación de la escala para medir la OFBR por primera vez en la literatura sobre la marca de moda online.
Tipo de trabajo
Artículo de investigación
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Sheenam Jain and Malin Sundström
Today, customers’ perceived value does not only depend on the products, but also on the services provided by a firm. In e-commerce, it is important to shift the focus beyond the…
Abstract
Purpose
Today, customers’ perceived value does not only depend on the products, but also on the services provided by a firm. In e-commerce, it is important to shift the focus beyond the product and discuss the value of personalized services in the context of e-commerce fulfillment. Therefore, the purpose of this paper is twofold: to develop a conceptual framework proposing satisfaction through personalized services as a middle-range theory; and to suggest foundational premises supporting the theoretical framework, which in turn shape middle-range theory within the context of apparel e-commerce fulfillment.
Design/methodology/approach
In this theory-driven paper, the authors apply the scientific circle of enquiry, as it demonstrates the role of theorizing with the help of middle-range theory and empirical evidence and as such provides a methodological scaffolding that connects theory formulation and verification. The authors synthesize literature related to customer perceived value (CPV) and satisfaction, followed by abduction focusing on understanding the empirical domain as it occurred in practice from company cases. The presented case studies are based on semi-structured interviews with three Swedish online retailers within the apparel industry. The theory-driven analysis results in suggestions of foundational premises.
Findings
Based on the theoretical foundations and empirical generalizations, three propositions are suggested. The premises regarding satisfaction through personalized service applied in the domain of apparel e-commerce fulfillment are: to ensure customer satisfaction requires a value co-creation perspective using data during the pre-purchase phase; to ensure customer satisfaction and retention require added-value perspective during the post-purchase phase of the shopping journey; and to ensure satisfaction and convenience require an added-value perspective at the last mile.
Practical implications
The apparel firms lose a substantial amount of revenue because of poor online customer satisfaction, leading to e-commerce not reaching its full potential. To enhance customer value, online retailers need to find a resort in advanced technologies and analytics to address customer satisfaction, and it is suggested that retailers shift their focus beyond the products and find ways to improve personalized service offerings to gain market advantage, improve fulfillment, drive sales and increase CPV.
Originality/value
To consider personalized services as a source for improving e-commerce fulfillment and CPV, the main contribution of this study is conceptual as it presents a theoretical model developed from general theory, middle-range theory and verified with empirical claims.