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This study aims to measure the magnitude of information asymmetry between insiders and outsiders in Indian equity market. The study also investigates the effect of major information sources that affect information asymmetry namely, the informativeness of financial statements, news reports about the company and analyst follow-up.

Six-month profitability of insider trade was used as the proxy to measure information asymmetry. Fama-MacBeth two-stage regression was used to analyse the effect of information sources upon information asymmetry.

The results of the analysis demonstrate that in comparison with findings of similar studies the level of information asymmetry is comparatively high in India. On an average, profitable insider traders in India earn 19.28 per cent return than outside investors. Purchase transactions are more profitable than sales transactions, while the size of company and information asymmetry is associated inversely. Further, news and analyst follow-up are inversely associated with information asymmetry whereas informativeness of financial statements has little effect on information asymmetry.

The study have important insights for corporates in insider information management and legal compliance of insiders’ market activities. Results pointing to the requirements of a deeper Regulatory monitoring and stringent legal framework.

The result validates the concerns of investor protection against informed trade.

The measurement of information asymmetry using profitability of insider trade is novel in Indian context even though the methodology is often used in the literature.

Purpose – The purpose of this study is to investigate whether a firm’s cost structure (specifically, its cost stickiness) is associated with environmental, social, and governance (ESG) sustainability factors of performance and disclosure.

Methodology/approach – This study uses MCSI Research KLD Stats (KLD) and Bloomberg databases for the 13-year period from 2003 to 2015 in constructing ESG performance and disclosure variables, respectively. The authors adopt the general cost stickiness models from Anderson, Banker, and Janakiraman (2003) and Banker, Basu, Byzalov, and Chen (2016) to perform the analysis.

Findings – The authors find that a firm’s level of cost stickiness is positively associated with certain sticky corporate social responsibility (CSR)/ESG activities (both overall and when separately classified as strengths or concerns) but not with other nonsticky CSR activities. The authors also show that the association between cost stickiness and ESG disclosure is incrementally stronger for firms with CSR activities classified as sticky. Furthermore, the authors provide evidence that ESG disclosure is greater when both cost stickiness and the degree of sticky CSR activities increase. The authors show that when cost stickiness is high and CSR activities are sticky, management has incentives to increase CSR/ESG sustainability disclosure to decrease information asymmetry.

Originality/value – The findings present new evidence to understand how management integrates cost management strategies with various dimensions of sustainability performance decisions and show that not all ESG activities are equally effective when it comes to cost stickiness. The authors also demonstrate that increased sustainability disclosure helps reduce information asymmetry incrementally more when both costs are sticky and CSR activities are sticky.

With its presence, which can create inefficiencies, uncertainties and risks, information asymmetry poses a significant challenge to successfully managing the agri-food supply chain (AFSC). Understanding the variables that influence information asymmetry is crucial for devising more effective strategies to mitigate it. This study, therefore, explores the variables that influence information asymmetry in the AFSC.

A qualitative analysis was conducted, relying on semi-structured interviews with 17 experts representing different actors in the AFSC (e.g. seed producers, retailers, etc.) in Germany. The collected data was analysed using the GABEK® method.

The study confirms that the influencing variables derived from the existing theory, such as price performance, digitalisation, environmental, process and quality measures, contribute to information asymmetry. It further reveals new variables that associate with information asymmetry, including documentation requirements, increasing regulation, consumer behaviour, incorrect data within the company as well as crises, political conflicts and supplier–buyer conflicts. Furthermore, the study shows that supply chain actors counteract asymmetry by focusing on social behaviour and monitoring suppliers through key performance indicators, employees and social aspects.

The study was limited to the universal influence of the variables on information asymmetry in the AFSC, making the magnitude of the influence and its context-specific nature unexplained.

This study is one of the very few that examines information asymmetry across the AFSC from the perspective of different actors, providing a more overarching and deeper understanding of information asymmetry.

This paper examines the role of the annual report’s linguistic tone in predicting future firm performance in an emerging market, Vietnam.

Both manual coding approach and the naïve Bayesian algorithm are employed to determine the annual report tone, which is then used to investigate its impact on future firm performance.

The study finds that tone can predict firm performance one year ahead. The predictability of tone is strengthened for firms that have a high degree of information asymmetry. Besides, the government’s regulatory reforms on corporate disclosures enhance the predictive ability of tone.

The study suggests the naïve Bayesian algorithm as a cost-efficient alternative for human coding in textual analysis. Also, information asymmetry and regulation changes should be modeled in future research on narrative disclosures.

The study sends messages to both investors and policymakers in emerging markets. Investors should pay more attention to the tone of annual reports for improving the accuracy of future firm performance prediction. Policymakers should regularly revise and update regulations on qualitative disclosure to reduce information asymmetry.

This study enhances understanding of the annual report’s role in a non-Western country that has been under-investigated. The research also provides original evidence of the link between annual report tone and future firm performance under different information asymmetry degrees. Furthermore, this study justifies the effectiveness of the governments’ regulatory reforms on corporate disclosure in developing countries. Finally, by applying both the human coding and machine learning approach, this research contributes to the literature on textual analysis methodology.

The aim of this paper is to describe and apply a new three‐step approach to prioritizing service attributes in formulating quality‐improvement strategies. In particular, the paper seels to demonstrate the value of impact range‐performance analysis (IRPA) and impact‐asymmetry analysis (IAA) in prioritizing quality attributes for improvement.

The proposed new analytical framework is developed and presented. Data from a survey on satisfaction with airport passenger services are then used to demonstrate the proposed approach. Improvement priorities are derived using a three‐step analytical framework.

This paper raises several conceptual issues concerning importance‐performance analysis (IPA). In particular, the study contends that direct and indirect measures of the “importance” of an attribute are not measuring the same construct.

Managers who use IPA to prioritize the improvement of service attributes might obtain misleading recommendations. In particular, managers should be aware that the impact of an attribute on overall customer satisfaction can vary significantly with different levels of performance of that attribute.

The study proposes a revised approach to IPA in which the traditional measure of “attribute‐importance” is replaced by a measure of the range of attribute‐impact on overall customer satisfaction (RIOCS). Moreover, a new analysis provides detailed information on asymmetric relationships between attribute‐level performance and overall customer satisfaction (OCS).

Recent studies explore how chief executive officer (CEO) social capital affects corporate decision-making. Well-connected CEOs can have greater access to information, which can lead to better corporate decisions or permit them to amass power from hierarchy status and make self-serving decisions. This study examines whether investors perceive CEO social capital as a signal of good decision-making (assuming information asymmetry) surrounding asset sell-off events.

The authors use multivariate regression analysis to examine the effect of CEO social capital on the cumulative abnormal returns (CARs) of the asset buyers and sellers. CARs are estimated using a market model in the period proximate to asset sell-off announcements.

The authors find that CEO social capital is positively associated with announcement returns of the asset sellers. Moreover, the positive effect of CEO social capital on announcement returns is more pronounced for sellers facing greater information asymmetry. An analysis of post-announcement stock performance reveals that the seller CEO social capital is associated with additional value generated for the shareholders of the seller after a month from the announcement date, especially if the transaction price is disclosed. Overall, findings are consistent with the argument that CEO social capital provides value in high information asymmetry environment.

To the authors' knowledge this is the first study to examine the effect of CEO social capital on the shareholders' wealth created by divestitures.

Despite the growth of hotel guests’ mobile application use, limited studies identify hotel mobile application attributes and their roles in mobile application satisfaction and dissatisfaction. Therefore, drawing onto the information system success model and the two-factor theory, this study aims to establish a comprehensive framework of hotel mobile application attributes categorized into system, information and service attributes and investigate their roles in mobile application satisfaction and dissatisfaction.

A comprehensive framework of hotel mobile application attributes has been developed, drawing on the information system success model and using text analytics. A total of 88,309 mobile application reviews were collected for analysis. Furthermore, an impact asymmetry analysis was conducted to examine the extent of influence of mobile application attributes on satisfaction and dissatisfaction, thereby elucidating the contribution of mobile application attributes to both outcomes and expanding upon the two-factor theory.

Research findings present a holistic mobile application attributes framework and their roles in mobile application satisfaction and dissatisfaction by integrating theories and methodologies. Regarding the information quality, relevance emerged as the key factor for enhancing customer satisfaction, serving as a satisfier. In the realm of system quality, features stood out as the principal attribute leading to dissatisfaction. For the aspects of service quality, reliability was identified as the critical factor for achieving satisfaction. Overall, the findings confirm that mobile application attributes have unique roles in developing mobile application (dis)satisfaction.

The study extends an understanding of hotel mobile application attributes’ roles, providing rigorous and practical guidance for improving customers’ mobile application experience in the hotel industry. The study sheds light on the importance of considering mobile applications from various perspectives. However, the current study is limited to using text analytics as its methodological approach. Therefore, future research can benefit from including interviews to achieve a deeper comprehension of the underlying factors contributing to the outcomes of this research.

The novel theoretical and methodological approach enhances the application of existing theories and uses of impact asymmetry analysis. Such an approach uncovers hidden patterns of the roles of mobile applications in customer satisfaction and dissatisfaction. The study also sheds light on the importance of considering mobile applications from various perspectives, such as information, system and service quality.

Among the many factors fueling the inflationary tendencies in an economy such as monetary shocks, structural shocks, demand shocks, external shocks and demographic changes, the issue of inflation (INF) has also been found to be related to fiscal policy decisions of the government. The purpose of this study is to investigate the inflationary tendencies in India particularly from the fiscal point of view. The study also examines the influence of other potential determinants such as output growth rate, interest rate, trade-openness (TO) and oil price inflation (OPI).

To examine the dynamic nature of association between fiscal deficit and inflation, the study applies the Toda-Yamamoto (1995) test and Breitung and Candelon (2006) test to investigate the nature of causality in time and frequency domain frameworks. In addition, to scrutinize the possibility of a long-run association, that too from an asymmetric point of view, the study applies a Non-linear Autoregressive Distributed lag model (NARDL) given by Shin et al. (2014). Finally, non-linear cumulative dynamic multipliers are used to trace the traverse between disequilibrium position of short-run and subsequent long-run equilibrium of the system.

The authors found a unidirectional causality from fiscal deficit to inflation in case of time domain analysis and no feedback causality is reported. However, in case of frequency domain design, causality from fiscal deficit to inflation is found at low frequencies only, i.e. no short-run causality is established and hence dynamic nature of the relationship between the two variables is vindicated. Using NARDL model, the results document the existence of an asymmetric long-run direct association between fiscal deficit and inflation. However, an increase in deficit is found to be more inflationary and a decrease affects the inflation with a lower magnitude. The asymmetric impact of fiscal deficit on inflation can be explained through the existence of liquidity constraints, consumption-investment downward inflexibility and the downward price stickiness. Contractionary monetary policy action is found to be more effective than an expansionary one, signifying the asymmetric influence of monetary policy actions on the inflation of India. Similarly, in a supply-constrained economy with downward price rigidity, the authors found an asymmetric impact of output growth and output decline on inflation. As regard to the trade-openness, although an asymmetry is reported, the signs refute the validation of Romer (1993) hypothesis. Finally, the impact of oil price inflation on the inflationary pressures is according to theory but the coefficients are devoid of statistical significance.

These results indicate some important policy recommendations. Fiscal consolidation strategy should be executed in an appreciable manner to achieve the sound fiscal health and lower INF. The disciplined fiscal strategy would also be imperative for an effective monetary policy. Monetary authorities should possess noticeable credibility to manage the macroeconomic system and policy stances should be implemented according to requirements of the economy. Growth in output should be encouraged to have two-fold benefits to the economy – reducing INF on the one hand and fiscal deficits on the other.

The study contributes to the existing literature in the following ways. First, taking note of dynamic nature of the relationship between these two variables, the study examined the deficit INF nexus in a dynamic and asymmetric framework. The novelty of the study is ensured by the very nature of it is the first study in case of India to identify the fiscal INF in an asymmetric configuration. The authors applied a NARDL model, given by Shin et al. (2014) to examine the existence of any cointegrating relationship in an asymmetric paradigm. Second, the nature of causality between fiscal deficit and INF has been examined in a time domain and FD framework to portray precisely the casual interactions between these two variables in the short-run and long run. The study will, therefore, enrich the existing literature along the asymmetric lines.

This paper examines the development of customer-based brand equity through communication consistency in a luxury hotel segment. Communication consistency is considered as a basic principle of the integrated marketing communications (IMC) approach.

The empirical research was conducted among 223 guests during their stay in five-star deluxe luxury hotels in a Mediterranean country. Data are analyzed through the PLS technique and impact-asymmetry analysis.

Communication consistency is found to have a strong positive impact on all brand equity dimensions, especially on brand trust, brand image and perceived quality. The impact-asymmetry analysis further revealed negatively asymmetric relationships between communication consistency and six out of seven brand equity dimensions, except for affective commitment.

Some restrictions related to the measurement scales should be mitigated in future research.

Communication consistency is confirmed as a core management practice in luxury hotel business. Marketing professionals operating in this industry are therefore confronted with increasing challenges of efficient management of IMC.

This work addresses several research calls from the most recent marketing and hospitality literature. The analysis of the impact of communication consistency has extended our knowledge on the potential of IMC in creation of a strong brand. Obtained insights into the shape of the relationship between communication consistency and seven different brand equity dimensions help to better understand the process of brand equity building in a luxury hotel setting.

Underpinned by three-factor theory, this study aims to: examine the dynamics (asymmetry) of multi-quality low-carbon attributes towards the Thai tourists’ perception and prioritise carbon-tourism attributes on the basis of impact-range performance and asymmetric analysis.

The study applies a multi-method approach to derive the low-carbon tourism (LCT) items before conducting exploratory factor analysis to identify the underlying dimensions. Impact range performance analysis and impact asymmetry analysis were carried out to explore the asymmetric or symmetric relationship associated with tourists’ perception of LCT.

Findings reveal the three dimensions of the LCT attributes. Out of the 29 attributes, nine are regarded as “must-have” categories, such that tourists will be disappointed at the efforts of a low-carbon destination if these attributes are missing, but they will feel neutral if the attributes are present. Six LCT attributes fall into the “hybrid” category, such that tourists will appreciate if they perceive these attributes to be available for LCT and feel disappointed if these attributes are not or poorly offered. Fourteen attributes are considered under the “value-added” category, meaning tourists will only appreciate if they encounter these attributes at the destination, and the lack thereof will not cause any dissatisfaction or negative perception from tourists.

Through the multi-quality asymmetric analysis, the study provides deep insights into the degree of perception of the 29 LCT attributes. The study offers tangible guidelines to destination authorities and pinpoints the necessity to provide attributes, especially in the “hybrid” and “must-have” categories, to avoid tourists’ negative perceptions when they visit a low-carbon destination.

目的-本研究基于三因素理论, 旨在: 1) 探讨多质量低碳属性对泰国游客的积极认知的动态性（即非对称性）; 2) 基于影响范围性能和非对称分析确定低碳旅游属性的优先次序。

本研究在进行探索性因素分析以确定潜在维度之前, 采用了多方法途径推导出低碳旅游（LCT）项目。通过影响范围性能分析(IRPA)和影响非对称性分析(IAA) , 来探索与游客对LCT的积极认知相关的不对称或对称关系。

研究结果显示了LCT属性的三个维度。在29个属性中, 有9个被视为“必备”类别, 这意味着如果这些属性缺失, 游客就会对低碳旅游目的地的努力感到失望, 但如果这些属性存在, 则会保持中立。6个LCT属性属于"混合 “类别, 这意味着如果游客认为LCT有这些属性, 他们会很赞赏, 但如果没有这些属性或提供的属性不佳, 他们则会感到失望。14个属性被认为属于"增值 “类别, 这意味着游客只有在旅游目的地遇到这些属性时才会感到赞赏, 而缺乏这些属性则不会引起游客的不满或负面看法。

通过多质量非对称性分析, 本研究对理解29个LCT属性的认知程度提供了深刻的见解。该研究为旅游目的地管理机构提供了切实的指导, 并明确指出了提供属性的必要性, 特别是在"混合"和"必备"类别中, 以避免游客在前往低碳旅游目的地时产生负面看法。

El estudio aplica un enfoque multimétodo para obtener los elementos del turismo bajo en carbono (TBC) antes de realizar un análisis factorial exploratorio para identificar las dimensiones subyacentes. Se llevó a cabo un análisis de rendimiento del rango de impacto y un análisis de asimetría del impacto para explorar la relación asimétrica o simétrica asociada a la percepción de los turistas sobre el TBC.

Apoyándose en la teoría de los tres factores, el estudio pretende 1) examinar la dinámica (asimetría) de los atributos de baja emisión de carbono de múltiples calidades con respecto a la percepción de los turistas tailandeses y 2) priorizar los atributos del turismo de carbono sobre la base del rendimiento del rango de impacto y el análisis asimétrico.

Los resultados revelan las tres dimensiones de los atributos del turismo de carbono. De los 29 atributos, nueve se consideran categorías “imprescindibles”, de modo que los turistas se sentirán decepcionados por los esfuerzos de un destino con bajas emisiones de carbono si estos atributos faltan, pero se sentirán neutrales si los atributos están presentes. Seis atributos de los TBC entran en la categoría “híbrida”, de manera que los turistas apreciarán si perciben que estos atributos están disponibles para los TBC y se sentirán decepcionados si estos atributos no se ofrecen o se ofrecen de manera deficiente. Catorce atributos se consideran en la categoría de “valor añadido”, lo que significa que los turistas sólo apreciarán si encuentran estos atributos en el destino, y la falta de ellos no causará ninguna insatisfacción o percepción negativa por parte de los turistas.

A través del análisis asimétrico de la calidad múltiple, el estudio proporciona una visión profunda del grado de percepción de los 29 atributos del TBC. El estudio ofrece directrices tangibles a las autoridades de los destinos y señala la necesidad de proporcionar atributos, especialmente en las categorías “híbrida” e “imprescindible”, para evitar la percepción negativa de los turistas cuando visitan un destino con bajas emisiones de carbono.