Juan Tao, Wu Yingying and Zhang Jingyi
The purpose of this paper is to re-examine the effectiveness of price limits on stock volatilities in China over a more recent time period spanning from 2007 to 2012. The…
Abstract
Purpose
The purpose of this paper is to re-examine the effectiveness of price limits on stock volatilities in China over a more recent time period spanning from 2007 to 2012. The motivation stems from the fact that very high stock market volatilities are observed in China and we are sceptical of the volatility mitigating effect claimed by advocates of price limits.
Design/methodology/approach
The effectiveness of price limits on volatilities is examined using an event study methodology and within an expanded framework of volatility-volume relationships. The sample stocks include the 300 component stocks of the CSI300 Index.
Findings
Both event study and regression analysis suggest that price limits exaggerate market volatilities by causing volatility spillovers. The destabilising effect is much more pronounced for small firm stocks and when the market falls. In addition to the informational source of volatilities (represented by volume), price limits create another non-trivial frictional source of volatilities in China’s stock market.
Originality/value
This research is the first to re-examine the price limit effect in China’s stock market in an expanded framework of volatility-volume relationships. It identifies price limits, in addition to information, as another non-trivial frictional source of volatilities. The findings derived from a recent sample period confirm the conventional view of inefficiency of price limits raised by Fama (1989) and provide evidence in support of the pervasive trend of stock market deregulations.
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Qi Dai and Jingyi Zhang
The purpose of this paper is to investigate the interaction effect between customer satisfaction and monetary incentives on online reviews and test the moderating effect of…
Abstract
Purpose
The purpose of this paper is to investigate the interaction effect between customer satisfaction and monetary incentives on online reviews and test the moderating effect of personal characteristics, filling the research gap in online review behavior from the senders.
Design/methodology/approach
Using a project role-playing technique that is widely applied in the marketing field, the authors conducted two experimental studies in a laboratory setting with student subjects and collected 390 and 362 acceptable samples for analysis in Studies 1 and 2, respectively.
Findings
This research confirms the positive effects of satisfaction and incentives on review scores and tests the interaction effect between satisfaction and incentives on review scores with the moderating effects of moral judgment and sensitivity of promotion. Incentives could strengthen customers’ review scores except under small incentives situation where dissatisfied customers decrease scores instead. Additionally, the moderating effects of moral judgment and sensitivity of promotion are more significant in the case of dissatisfaction.
Research limitations/implications
As this study focuses exclusively on a single service context and uses student samples, limitations persist regarding the generalizability of the results.
Practical implications
The research provides new insights for marketers on designing effective incentive programs, as well as how to better balance costs and benefits in promotion strategies.
Originality/value
This is one of the first studies to explore the interaction effect between satisfaction and incentives on online reviews considering the moderating effects of moral judgment and sensitivity of promotion. As a result, a new model is forwarded.
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Abstract
Purpose
The emergence and rapid expansion of social media platforms have transformed the dynamics of consumer–brand communication. While consumer–brand relationship is driven on marketing campaigns in regular manner, social media (e.g. WeChat groups) creates boundaryless connections between external forces (e.g. customer community engagement) and internal resources (e.g. sales force). Therefore, this paper aims to provide a firm–customer synergistic perspective to explain service performance (SP) through service customization, which is significantly contributing to the research of consumer–brand relationship field in the current era.
Design/methodology/approach
A survey including two sets of questionnaires are employed for data collection, with one completed by frontline salesperson of Casarte and the other by their customers. A total of 242 dyadic-level data are adopted to test the hypothesis.
Findings
The findings shed light on the mechanism that drive SP by firm–customer interactions. These insights hold distinct managerial implications for firms seeking to leverage digital tools to efficiently meet customer demands.
Originality/value
This study contributes to understanding consumer–brand relationship within social media environment. It offers a synergistic perspective combined both outside-in and inside-out thinking, and explains how consumer–brand relationship can be fostered from both customers and salespeople. It highlights the significance of customer community engagement and salespeople dynamic learning capability as crucial factors in building strong consumer–brand relationship.
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Yuqing Zhao, Xi Zhang, Jingyi Wang, Kaihua Zhang and Patricia Ordóñez de Pablos
The purpose of this paper is to verify the relationship between the features of social media and knowledge sharing, and to examine how ambient awareness mediates this relationship.
Abstract
Purpose
The purpose of this paper is to verify the relationship between the features of social media and knowledge sharing, and to examine how ambient awareness mediates this relationship.
Design/methodology/approach
An experiment is designed to stimulate the knowledge work in a famous Chinese business college and 156 valid samples were obtained. AMOS was used in this paper to examine the theoretical model.
Findings
There is a correlation among features of social media, ambient awareness and knowledge sharing. Surprisingly, network translucence, which indicates individuals’ meta-knowledge of others’ connections, has no influence on knowledge sharing. Although this is inconsistent with conjecture of the existing literature, it can be well explained by the phenomenon in real life, such as privacy setting in social media.
Practical implications
For employees who use social media to promote knowledge sharing within organizations, this study reminds them of the importance of ambient awareness. For managers, this study can give them some suggestions to make employees take full advantage of social media to achieve optimal benefits of knowledge sharing, thus improving organizational performance and innovation. For social media designers, they can make social media more useful in knowledge work by improving its specific features.
Originality/value
This paper proposes that ambient awareness is the mediator of the effect path between communication and knowledge sharing. And the status perception of coworkers’ exchanging information is closely related to knowledge sharing.
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Feng Yang, Jingyi Peng and Zihao Zhang
This paper aims to explore the promotion decisions of heterogeneous sellers on a decentralized platform under competitive conditions and analyze how seller behaviors impact…
Abstract
Purpose
This paper aims to explore the promotion decisions of heterogeneous sellers on a decentralized platform under competitive conditions and analyze how seller behaviors impact platform profit, seller revenue, buyer surplus and social welfare.
Design/methodology/approach
This paper considers a Cournot model consisting of a platform charging a commission rate and two sellers with different conversion rates and browsing costs. Promotion efforts by sellers can increase traffic, but they also incur promotion costs for sellers. The sellers decide on promotion effort by weighing these two effects. The authors also explore the equilibrium when the platform charges a fixed usage fee.
Findings
The seller’s profit improves as its conversion rate increases and worsens as browsing costs increase. Also, increasing the commission rate charged by the platform makes the seller invest less in promotional efforts. Therefore, the platform must consider this trade-off to determine an optimal rate. The analysis shows that the seller with a high conversion rate and high browsing cost plays a greater role in generating more overall revenue. When the market favors such a seller, the platform tends to charge less in order not to impair its profitability.
Originality/value
This paper incorporates conversion rate, buyer’s browsing cost, unit promotion cost and the fee charged by the platform into the model to study sellers’ promotion decisions on decentralized platforms.
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Guang Zhang and Jingyi Ge
This paper aims to study the establishment of cooperative supply game model considering transportation hub location, and design the profit allocation rule of the cooperative…
Abstract
Purpose
This paper aims to study the establishment of cooperative supply game model considering transportation hub location, and design the profit allocation rule of the cooperative supply coalition.
Design/methodology/approach
Based on the economic lost-sizing (ELS) game model and considering the location of transportation hub and the topology design of basic traffic network, we build a supply game model to maximize the profit of cooperative supply coalition. Based on the principle of proportion and the method of process allocation, we suppose the procedural proportional solution of the supplier cooperative supply game.
Findings
Through numerical examples, the validity and applicability of the proposed model and the procedural proportional solution were verified by comparing the procedural proportional solution with the weighted Shapley value, the equal division solution and the proportional rule.
Originality/value
This paper constructs a feasible mixed integer programming model for cooperative supply game. We also provide the algorithm of the allocation rule of cooperative supply game and the property analysis of the allocation rule.
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Yi Zhang, Jingyi Zhao and Jian Qin
In the era of the service economy, the personalized needs of customers are increasing rapidly. It often occurs that front-line employees bend organizational rules to help…
Abstract
Purpose
In the era of the service economy, the personalized needs of customers are increasing rapidly. It often occurs that front-line employees bend organizational rules to help customers. The study sought to explore the influence mechanism of servant leadership on specific dimensions of customer-oriented deviance from the manager’s perspective, examine the mediating role of psychological security, and the moderating role of error management climate in the process.
Design/methodology/approach
We conducted an online survey study in China from April 10 to 29, 2023. We use online survey questionnaire technique and random sampling method for data collection. The authors collected 385 questionnaires from China and tested the model by SPSS 26.0 and AMOS 24.0.
Findings
The results show that servant leadership significantly promotes employees' deviant customer-oriented behaviors, psychological security plays a mediating role between servant leadership and deviant customer-oriented behaviors, and error management climate has a positive moderating effect between servant leadership and deviant customer-oriented behaviors.
Originality/value
This study explores the influence mechanism of servant leadership on deviant customer-oriented behaviors. The results of this study not only enrich the theoretical research on the formation mechanism of deviant customer-oriented behaviors but also provide a reference for leaders to correctly view and effectively manage employees' deviant customer-oriented behaviors.
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This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of…
Abstract
Purpose
This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.
Design/methodology/approach
The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.
Findings
ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.
Practical implications
Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.
Social implications
Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.
Originality/value
This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.
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Chen Wang, Ran Zhang, Taiwen Feng and Jingyi Tao
This study aims to investigate the impact of environmental responsibility (ER) on consumers' green customization intention (GCI), as well as the separate and joint moderating…
Abstract
Purpose
This study aims to investigate the impact of environmental responsibility (ER) on consumers' green customization intention (GCI), as well as the separate and joint moderating effects of consumers' negative perceptions and environmental claim type (ECT) on the relationship between ER and GCI.
Design/methodology/approach
In this study, two online experimental questionnaires and one between-subject lab experiment were conducted to test all hypotheses.
Findings
This study found that high-ER consumers are more likely to choose environmental options in the product customization process (versus low ER). The effect of ER on consumers' GCI is moderated by consumers' negative perceptions of green consumption (e.g. green skepticism and perceived environmental premium (PEP)). Additionally, ECT's joint moderating effect and consumers' negative perception of green customization consumption can be decreased by a substantive (versus associative) claim type in message framing.
Practical implications
The findings provide new insights into the factors affecting consumers' GCIs and have significant practical implications. First, consumers' different ER levels should not be neglected when examining the value of green customization. Second, consumers' green skepticism and PEP could reduce consumers' GCI. Third, the use of substantive environmental claims may also be particularly helpful for companies' communication strategies regarding consumers' low-level negative perceptions of green options.
Originality/value
While previous studies state “environmental responsibility” as a key characteristic of general green consumption, the authors extend that to a green customization process and connect that with consumers' negative perceptions and ECT. In addition, the separate and joint moderating effects of consumers' negative perceptions and ECT were examined. Thus, these findings refine the existing understanding of the relationship between ER and green customization.
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Xu Wang, Xin Feng and Jingyi Zhao
The online Question and Answer community is full of a large number of science and technology topics, the discussion and dissemination of which play an important role in promoting…
Abstract
Purpose
The online Question and Answer community is full of a large number of science and technology topics, the discussion and dissemination of which play an important role in promoting the popularization of new technologies and cultivating public enthusiasm for science. However, the spread of false information and rumors weakens the community's positive effect, making the community more difficult for people to obtain useful information on such topics. Research on the influencing factors and governance of the spread of false information on science and technology topics has become the key to the spread of popular science.
Design/methodology/approach
Therefore, this paper uses the Elaboration Likelihood Model as the theoretical framework to examine the role of the factors influencing the spread of false information on science and technology topics in Zhihu community on the information persuasion and the impact on public behavior attitude from the core path and the edge path. This paper compiles a crawler program to capture 12,893 response information under the “Metaverse” topic in Zhihu community as an empirical sample and uses text mining and conducts visual correlation analysis to explore the key factors affecting the persuasive transmission path of information on science and technology topics.
Findings
The research finds that the content specialization, content consistency and content coherence of science and technology topics affect personal judgment from the aspect of information content through the core path and have a positive correlation with information persuasion; the number of comments, the length of the text and the publishing authors' influence from the edge image characteristics through the edge path are positively correlated with the information persuasion. Then, from the perspective of topic platform, government and topic participants, this paper puts forward a general plan to improve the information persuasion of science and technology topics so as to deal with false information.
Originality/value
Compared with the small data set of the traditional questionnaire survey, the research based on community empirical big data is more reliable. The model takes into account the attitude and behavior of users and is more suitable for the research on the transmission path of scientific and technological information in the internet era. This research provides a direction for analyzing the text characteristics and development trends of information in the field of science and technology and is conducive to promoting the optimization of the network information environment and building a good ecology, with the spread of rumors about science and technology topics curbed and the governance of false information strengthened.