Tien Foo Sing, Kim Hiang Liow and Wei‐Jin Chan
Market critics often cited an apparent lack of relationship between corporate performance and stock prices as the main reason for a poor prediction of stock prices. This study…
Abstract
Market critics often cited an apparent lack of relationship between corporate performance and stock prices as the main reason for a poor prediction of stock prices. This study attempts to examine whether prices of 15 sample listed property stocks in Singapore reflect their corporate fundamental values over a ten‐year period from June 1989 to June 1999. Proxies for corporate fundamental values used in our study are earnings per share (EPS), dividends per share (DPS) and net asset values (NAV) of the individual property stocks listed in Singapore. From the Johansen’s cointegration test results, there were long‐run convergence relationships of stock prices with their fundamental values for nine of the 15 sample stocks, which implied some forms of mean reversion process of stock prices towards their fundamental values. For the nine sampled cointegrating stocks, NAV and EPS, particularly in the second‐lag orders, were the most significant fundamental values in explaining the short‐run dynamics of the stock price changes. The error correction mechanism (ECM) was also found to be statistically significant in the long‐run convergence relationships with four sample stock prices. DPSs and lagged changes in stock prices, in comparison, were statistically significant, but in only two of the sample vector ECM relationships. The results imply that institutional investors should pay more attention to the underlying performance of stocks, in particularly the EPS and NAV, in their stock selection process.
Wei Jin, Yongqiang Sun, Nan Wang and Xi Zhang
Prior studies on virtual product purchase have focused on external technological factor but have paid less attention to internal user factors. Thus, drawing upon the social…
Abstract
Purpose
Prior studies on virtual product purchase have focused on external technological factor but have paid less attention to internal user factors. Thus, drawing upon the social presence and user engagement theories, the purpose of this paper is to develop a research model considering both technological factors and user factors and empirically examine the validity of the proposed research model.
Design/methodology/approach
A survey from 214 World of Warcraft players was conducted to test the proposed research model, and structural equation modelling approach (specifically, PLS) was used to test the proposed hypotheses.
Findings
The data analysis results suggest that both social presence and user engagement positively influence the intention to purchase virtual products. Furthermore, two technological factors, interactivity and sociability, are found to affect social presence, and two social factors, social ties and social identity, are found to affect user engagement.
Originality/value
This study proposes a dual factor framework (i.e. technological and user factors) to investigate the factors influencing the intention to purchase by integrating the social presence perspective and user engagement perspective. The findings would be beneficial for service provider of massively multiplayer online role-playing games to recognize that triggering user demand is of equal importance with offering better technologies and suggest new ways to promote users’ virtual product purchase intentions.
Details
Keywords
This paper centers on the exploration of Chinese conflict management styles in the context of international joint ventures in the People's Republic of China (PRC). Based on…
Abstract
This paper centers on the exploration of Chinese conflict management styles in the context of international joint ventures in the People's Republic of China (PRC). Based on interviews conducted with directing managers in U.S.‐Chinese joint ventures and seminars held in China on conflict management in such ventures, major characteristics of Chinese conflict management styles are discussed. Influenced by the traditional Chinese values, norms, and philosophies, Chinese managers in joint ventures tend to adopt contingent, long‐term, contextual, and holistic approaches to conflict resolution.
Jue Huang, Jing Chu and Xialing Zhao
In light of the threat posed by the COVID-19 pandemic, Chinese authorities have called for the adoption of the individual dining style (IDS) as a preventive measure for the…
Abstract
Purpose
In light of the threat posed by the COVID-19 pandemic, Chinese authorities have called for the adoption of the individual dining style (IDS) as a preventive measure for the pandemic and a new norm for civilized code of conduct. Accordingly, this study aims to investigate the factors influencing the Chinese people’s intention to adopt the IDS.
Design/methodology/approach
The authors applied the capability, opportunity and motivation model of behavior (COM-B) and identified potential predictors influencing the intention to adopt the IDS through a review of the literature. Data were collected through an online survey, and structural equation modeling was applied to test the hypotheses.
Findings
The results indicated that the most influential predictors were subjective norm, social norm, perceived benefit and past behavior, while the other predictors (including breaking habits, communal dining culture, perceived behavioral control, perceived health risk and social risk) had insignificant effects on the intention to adopt IDS.
Practical implications
First, educational public health messages should communicate the benefits of IDS. Second, persuasive public communication should focus on how people are implementing the target behavior rather than drawing attention to a minority who are disregarding it. Moreover, given the highly significant effects of subjective norm, public health campaigns should emphasize that adoption of the desired behavior expresses care for significant others.
Originality/value
The findings advance understanding of an underexplored topic, namely, how deeply ingrained ways of dining may be transformed in the current context. Applying the COM-B, the authors tested multiple variables to explain the intention to adopt IDS. The results suggest that some social influences (subjective norm and social norm) and reflective cognitive processes (perceived benefit) had the greatest impacts on behavior intentions. Moreover, the results indicate that threat of COVID-19 may not prompt people to change their dining styles. However, the benefits of IDS to prevent the spread of infectious diseases could lead to its wider adoption.