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de Carvalho M, Huser R, Rubio R. Similarity‐based clustering for patterns of extreme values. Stat (Int Stat Inst) 2023. [DOI: 10.1002/sta4.560] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 04/09/2023]
Affiliation(s)
| | - Raphael Huser
- CEMSE Division King Abdullah University of Science and Technology Thuwal 23955 Saudi Arabia
| | - Rodrigo Rubio
- Data Analytics Section BCI Bank Santiago 8320000 Chile
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2
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Roger P, D’Hondt C, Plotkina D, Hoffmann A. Number 19: Another Victim of the COVID-19 Pandemic? J Gambl Stud 2023; 39:1417-1450. [PMID: 35851825 PMCID: PMC9294777 DOI: 10.1007/s10899-022-10145-3] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Download PDF] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Accepted: 06/05/2022] [Indexed: 11/02/2022]
Abstract
Conscious selection is the mental process by which lottery players select numbers nonrandomly. In this paper, we show that the number 19, which has been heard, read, seen, and googled countless times since March 2020, has become significantly less popular among Belgian lottery players after the World Health Organization named the disease caused by the coronavirus SARS-CoV-2 "COVID-19". We argue that the reduced popularity of the number 19 is due to its negative association with the COVID-19 pandemic. Our study triangulates evidence from field data from the Belgian National Lottery and survey data from a nationally representative sample of 500 Belgian individuals. The field data indicate that the number 19 has been played significantly less frequently since March 2020. However, a potential limitation of the field data is that an unknown proportion of players selects numbers randomly through the "Quick Pick" computer system. The survey data do not suffer from this limitation and reinforce our previous findings by showing that priming an increase in the salience of COVID-19 prior to the players' selection of lottery numbers reduces their preference for the number 19. The effect of priming is concentrated amongst those with high superstitious beliefs, further supporting our explanation for the reduced popularity of the number 19 during the COVID-19 pandemic.
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Affiliation(s)
- Patrick Roger
- LaRGE Research Center, EM Strasbourg Business School, University of Strasbourg, 61 avenue de la Forêt Noire, 67085 Strasbourg Cedex, France
| | - Catherine D’Hondt
- Louvain Finance (LIDAM), Louvain School of Management, UCLouvain, Chaussée de Binche 151, 7000 Mons, Belgium
| | - Daria Plotkina
- HuManiS Research Center, EM Strasbourg Business School, 61 avenue de la Forêt Noire, 67085 Strasbourg Cedex, France
| | - Arvid Hoffmann
- University of Adelaide Business School, 10 Pulteney Street, Adelaide, South Australia 5005 Australia
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Hao T, Cheng D, Cheng F. A dynamic trust consensus model considering individual overconfidence. Knowl Based Syst 2023. [DOI: 10.1016/j.knosys.2023.110503] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 04/07/2023]
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4
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Colombo MG, Guerini M, Hoisl K, Zeiner NM. The dark side of signals: Patents protecting radical inventions and venture capital investments. Research Policy 2023. [DOI: 10.1016/j.respol.2023.104741] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 02/11/2023]
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5
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Marin G, Vona F. Finance and the reallocation of scientific, engineering and mathematical talent. Research Policy 2023. [DOI: 10.1016/j.respol.2023.104757] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 02/25/2023]
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Phan HT, Nguyen NT, Hwang D. Fake news detection: A survey of graph neural network methods. Appl Soft Comput 2023; 139:110235. [PMID: 36999094 PMCID: PMC10036155 DOI: 10.1016/j.asoc.2023.110235] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 03/05/2022] [Revised: 08/03/2022] [Accepted: 03/19/2023] [Indexed: 04/01/2023]
Abstract
The emergence of various social networks has generated vast volumes of data. Efficient methods for capturing, distinguishing, and filtering real and fake news are becoming increasingly important, especially after the outbreak of the COVID-19 pandemic. This study conducts a multiaspect and systematic review of the current state and challenges of graph neural networks (GNNs) for fake news detection systems and outlines a comprehensive approach to implementing fake news detection systems using GNNs. Furthermore, advanced GNN-based techniques for implementing pragmatic fake news detection systems are discussed from multiple perspectives. First, we introduce the background and overview related to fake news, fake news detection, and GNNs. Second, we provide a GNN taxonomy-based fake news detection taxonomy and review and highlight models in categories. Subsequently, we compare critical ideas, advantages, and disadvantages of the methods in categories. Next, we discuss the possible challenges of fake news detection and GNNs. Finally, we present several open issues in this area and discuss potential directions for future research. We believe that this review can be utilized by systems practitioners and newcomers in surmounting current impediments and navigating future situations by deploying a fake news detection system using GNNs.
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Affiliation(s)
- Huyen Trang Phan
- Department of Computer Engineering, Yeungnam University, Gyeongsan, South Korea
- Faculty of Information Technology, Nguyen Tat Thanh University, Ho Chi Minh, Vietnam
| | - Ngoc Thanh Nguyen
- Department of Applied Informatics, Wroclaw University of Science and Technology, Wroclaw, Poland
| | - Dosam Hwang
- Department of Computer Engineering, Yeungnam University, Gyeongsan, South Korea
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Zaleskiewicz T, Traczyk J, Sobkow A. Decision making and mental imagery: A conceptual synthesis and new research directions. Journal of Cognitive Psychology 2023. [DOI: 10.1080/20445911.2023.2198066] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 04/08/2023]
Affiliation(s)
- Tomasz Zaleskiewicz
- SWPS University of Social Sciences and Humanities, Center for Research in Economic Behavior (CREB), Wroclaw, Poland
| | - Jakub Traczyk
- SWPS University of Social Sciences and Humanities, Center for Research on Improving Decision Making, Wroclaw, Poland
| | - Agata Sobkow
- SWPS University of Social Sciences and Humanities, Center for Research on Improving Decision Making, Wroclaw, Poland
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Azuma K, Dahan NM, Doh J. Shareholder reaction to corporate philanthropy after a natural disaster: an empirical exploration of the “signaling financial prospects” explanation. Asia Pac J Manag 2023. [PMCID: PMC10074363 DOI: 10.1007/s10490-023-09876-7] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 04/07/2023]
Abstract
Corporate response to natural disaster in the forms of cash and/or in-kind donations (corporate philanthropic disaster response, or CPDR) is a growing form of corporate philanthropy. Through an event study methodology based on 1,775 firms listed on the Tokyo Stock Exchange, we analyze shareholder reaction to CPDR announcements after the 2016 Kumamoto earthquakes in Japan. Controlling for the possibility that the most common explanations (buying goodwill and corporate governance) are at play, our results provide an empirical test of a little-explored explanation for the positive shareholder reaction to CPDR: namely, that corporate philanthropy is a market signal to outside investors of the firm’s future financial prospects. We find this explanation to be significant. Of note are also the facts that shareholder reaction is only significantly positive in the case of cash donation (as opposed to in-kind), and is more positive when announced early. Overall, our results align with the “strategic philanthropy” view grounded in resource-dependence theory. But instead of the typical focus on non-financial stakeholders, we argue that philanthropic donations can be used to directly influence investors.
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Affiliation(s)
- Kentaro Azuma
- grid.262576.20000 0000 8863 9909Ritsumeikan University, Osaka, Japan
| | - Nicolas M. Dahan
- grid.253562.50000 0004 0385 7165California State University, Monterey Bay, Seaside, CA USA
| | - Jonathan Doh
- grid.267871.d0000 0001 0381 6134Herbert G. Rammrath Endowed Chair in International Business, Villanova University, Villanova, PA USA
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Bihari A, Dash M, Muduli K, Kumar A, Mulat-Weldemeskel E, Luthra S. Does cognitive biased knowledge influence investor decisions? An empirical investigation using machine learning and artificial neural network. VJIKMS 2023. [DOI: 10.1108/vjikms-08-2022-0253] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 04/03/2023]
Abstract
Purpose
Current research in the field of behavioural finance has attempted to discover behavioural biases and their characteristics in individual investors’ irrational decision-making. This study aims to find out how biases in information based on knowledge affect decisions about investments.
Design/methodology/approach
In step one, through existing research and consultation with specialists, 13 relevant items covering major aspects of bias were determined. In the second step, multiple linear regression and artificial neural network were used to analyse the data of 337 retail investors.
Findings
The investment choice was heavily impacted by regret aversion, followed by loss aversion, overconfidence and the Barnum effect. It was observed that the Barnum effect has a statistically significant negative link with investing choices. The research also found that investors’ fear of making mistakes and their tendency to be too sure of themselves were the most significant factors in their decisions about where to put their money.
Practical implications
This research contributes to the expansion of the knowledge base in behavioural finance theory by highlighting the significance of cognitive psychological traits in how leading investors end up making irrational decisions. Portfolio managers, financial institutions and investors in developing markets may all significantly benefit from the information offered.
Originality/value
This research is a one-of-a-kind study, as it analyses the emotional biases along with the cognitive biases of investor decision-making. Investor decisions generally consider the shadowy side of knowledge management.
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Yu K, Cadeaux J, Luo BN, Qian C. Process ambidexterity driven by environmental uncertainty: balancing flexibility and routine. IJOPM 2023. [DOI: 10.1108/ijopm-05-2022-0290] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/31/2023]
Abstract
PurposeThis study aims to extend ambidexterity theory from the perspective of organisational learning and examine how process ambidexterity, which comprises operational flexibility and operational routine, responds to environmental uncertainty and ultimately reduces organisational risks.Design/methodology/approachThis study tests the hypotheses by analysing 464 annual reports of 115 listed companies in the Chinese agricultural and food industry using content and secondary data analyses. Four case studies are also provided.FindingsThe results show that (1) environmental uncertainty has a positive effect on either operational flexibility or operational routine; (2) both operational flexibility and operational routine have negative effects on organisational risks, supporting the view that process ambidexterity mediates the relationship between environmental uncertainty and organisational risks; and (3) organisational slack plays the role of “double-edged sword” by negatively moderating the effect of environmental uncertainty on operational flexibility and positively moderating the effect of environmental uncertainty on operational routine.Originality/valueIn an uncertain environment, companies are exposed to greater risk. This study contributes to risk management in three ways: first, it extends ambidexterity theory to process management and proposes how process ambidexterity balances operational flexibility and routines. Second, it distinguishes between the different conditions under which flexibility or routines are superior. Third, it explains the mechanisms related to how organisations can resolve environmental uncertainty into risk through process ambidexterity.
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Li Q, Xiong H, Luo R, Cao GH, Zhang J. Impact of revised accounting standards for government subsidies on firm innovation. Technology Analysis & Strategic Management 2023. [DOI: 10.1080/09537325.2023.2196587] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 04/05/2023]
Affiliation(s)
- Qi Li
- School of Finance, Chongqing Technology and Business University, Chongqing, People’s Republic of China
- Big Data Research Center, University of Electronic Science and Technology of China, Chengdu, People’s Republic of China
| | - Haitang Xiong
- School of Finance, Chongqing Technology and Business University, Chongqing, People’s Republic of China
| | - Rui Luo
- Chongqing Lvyouyun Information Technology Co., Ltd., Chongqing, People’s Republic of China
| | - Guo-Hua Cao
- Business School, Southwest University of Political Science and Law, Chongqing, People’s Republic of China
| | - Jing Zhang
- Business School, Southwest University of Political Science and Law, Chongqing, People’s Republic of China
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Nguyen HH, Ngo VM, Le TTP, Nguyen PV. Do investors’ personalities predict market winners? Experimental setting and machine learning analysis. Heliyon 2023; 9:e15273. [PMID: 37077682 PMCID: PMC10106518 DOI: 10.1016/j.heliyon.2023.e15273] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 09/20/2022] [Revised: 03/30/2023] [Accepted: 03/31/2023] [Indexed: 04/07/2023] Open
Abstract
This study uses experiments and surveys from 146 participants who participated in equity trading to explore the predictive power of the Big-five personality traits, social behaviours, along with self-attribution and demographic characteristics on trading performance. Interestingly, we found that investors who are more open and neurotic gain higher returns compared to the market benchmark. We also found that other social traits are associated with the effectiveness of stock trading, such as awareness of social and ethical virtues (fairness and politeness). Moreover, instead of using separate characteristics, this study employs machine learning to cluster these personal features to understand the interconnection between socioeconomic determinants and financial decisions. This study contributes new evidence to the existing literature that personalities could explain trading performance.
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Abstract
INTRODUCTION COVID-19 pandemic may contribute to mental state worsening. Mental health disorders in pregnancy are known to have adverse outcomes both for mothers and their children. It is the first study in Poland to investigate the impact of the pandemic on stress level and general mental state in pregnant women. METHODS Three hundred sixteen pregnant women completed an online survey containing four instruments. The main research questions were investigated with Bayesian regression analyses. RESULTS We found that 37% of pregnant women presented with some mental state disorders and almost 46% with elevated emotional tension. Seventeen % had elevated stress level, 11% elevated intrapsychic stress level and 13% elevated outward stress level. Both 'being scared of lack of social support...' and 'being scared of infection...' have an impact on stress level, however the first factor is a more substantial stressor. CONCLUSIONS Multiple pregnant women during the Coronavirus SARS-CoV-2 pandemic presented with mental state disorders and elevated stress levels. As mental state disorders contribute to adverse neonatal outcomes and maternal mortality, it is imperative to focus on pregnant women's psychological and psychiatric conditions during the pandemic. It seems crucial to use screening tests to make early psychiatric diagnoses.
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Affiliation(s)
- Agata Mikolajkow
- Department and Clinic of Psychiatry, Wroclaw Medical University, Wroclaw, Poland
| | - Krzysztof Małyszczak
- Department and Clinic of Psychiatry, Wroclaw Medical University, Wroclaw, Poland
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Hernández C, Possamaï D. Me, myself and I: A general theory of non-Markovian time-inconsistent stochastic control for sophisticated agents. ANN APPL PROBAB 2023. [DOI: 10.1214/22-aap1845] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 04/04/2023]
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15
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Ju X, Jiang S, Zhao Q. Innovation effects of academic executives: Evidence from China. Research Policy 2023; 52:104711. [DOI: 10.1016/j.respol.2022.104711] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 12/24/2022]
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16
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Pessiglione M, Heerema R, Daunizeau J, Vinckier F. Origins and consequences of mood flexibility: a computational perspective. Neurosci Biobehav Rev 2023; 147:105084. [PMID: 36764635 DOI: 10.1016/j.neubiorev.2023.105084] [Citation(s) in RCA: 4] [Impact Index Per Article: 4.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 09/24/2022] [Revised: 01/21/2023] [Accepted: 02/02/2023] [Indexed: 02/11/2023]
Abstract
A stable and neutral mood (euthymia) is commended by both economic and clinical perspectives, because it enables rational decisions and avoids mental illnesses. Here we suggest, on the contrary, that a flexible mood responsive to life events may be more adaptive for natural selection, because it can help adjust the behavior to fluctuations in the environment. In our model (dubbed MAGNETO), mood represents a global expected value that biases decisions to forage for a particular reward. When flexible, mood is updated every time an action is taken, by aggregating incurred costs and obtained rewards. Model simulations show that, across a large range of parameters, flexible agents outperform cold agents (with stable neutral mood), particularly when rewards and costs are correlated in time, as naturally occurring across seasons. However, with more extreme parameters, simulations generate short manic episodes marked by incessant foraging and lasting depressive episodes marked by persistent inaction. The MAGNETO model therefore accounts for both the function of mood fluctuations and the emergence of mood disorders.
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Lin S, Zhang H. Identifying influential financial stocks using simulation with a two-layer network. Heliyon 2023; 9:e15161. [PMID: 37095905 PMCID: PMC10121807 DOI: 10.1016/j.heliyon.2023.e15161] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/10/2022] [Revised: 03/27/2023] [Accepted: 03/28/2023] [Indexed: 04/05/2023] Open
Abstract
Risk spillover from one stock to another tends to create a contagion effect in the stock market. Fire sales due to the overlapping portfolios of mutual funds can amplify the contagion risks, leading to a downward spiral of stock prices. In this paper, we simulate this downward spiral phenomenon for the Chinese financial stocks based on a two-layer network structure and aim to identify the influential financial stocks based on their individual induced systemic risks. Our findings show that stock liquidity and the concentration of funds' holding on stocks play important roles in determining systemically important financial institutions. Our results also confirm the statements of "too-big-to-fail" and "too-interconnected-to-fail" of financial institutions in the Chinese market. Our results show that a more sensitive flow-performance relationship of mutual funds can amplify the contagion risk by 41%. However, the magnitude can be more drastic in a low market liquidity scenario, where the contagion risk is boosted by 160%.
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Affiliation(s)
- Shiqiang Lin
- Faculty of Business and Economics, University of Antwerp, Antwerp, Belgium
- Antwerp Management School, Antwerp, Belgium
- GF Financial Leasing (Guangdong) Co. Ltd., Guangzhou, China
- Corresponding author. GF Securities Tower, 26 Machang Road, Tianhe, Guangzhou, China.
| | - Hairui Zhang
- Faculty of Business and Economics, University of Antwerp, Antwerp, Belgium
- Antwerp Management School, Antwerp, Belgium
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Wang Y, Zhang C. Impact of policy response on health protection and economic recovery in OECD and BRIICS countries during the early stages of the COVID-19 pandemic. Public Health 2023; 217:7-14. [PMID: 36827784 PMCID: PMC9870755 DOI: 10.1016/j.puhe.2023.01.012] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 09/06/2022] [Revised: 12/05/2022] [Accepted: 01/10/2023] [Indexed: 01/25/2023]
Abstract
OBJECTIVES During the early stages of the COVID-19 pandemic, the full reopening of the economy typically accelerated viral transmission. This study aims to determine whether policy response could contribute to the dual objective of both reducing the spread of the epidemic and revitalising economic activities. STUDY DESIGN This is a longitudinal study of Organization for Economic Cooperation and Development (OECD) and Brazil, Russia, India, Indonesia, China, and South Africa (BRIICS) from the first quarter (Q1) of 2020 to the same period of 2021. METHODS From a health-economic perspective, this study established a framework to illustrate the following outcomes: suppression-prosperity, outbreak-stagnancy, outbreak-prosperity and suppression-stagnancy scenarios. Multinomial logistic models were used to analyse the associations between policy response with both the pandemic and the economy. The study further examined two subtypes of policy response, stringency/health measures and economic support measures, separately. The probabilities of the different scenarios were estimated. RESULTS Economic prosperity and epidemic suppression were significantly associated with policy response. The effects of policy response on health-economic scenarios took the form of inverse U-shapes with the increase in intensity. 'Leptokurtic', 'bimodal' and 'long-tailed' curves demonstrated the estimated possibilities of suppression-prosperity, outbreak-prosperity and suppression-stagnancy scenarios, respectively. In addition, stringency/health policies followed the inverted U-shaped pattern, whereas economic support policies showed a linear pattern. CONCLUSIONS It was possible to achieve the dual objective of economic growth and epidemic control simultaneously, and the effects of policy response were shaped like an inverse U. These findings provide a new perspective for balancing the economy with public health during the early stages of the pandemic.
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Affiliation(s)
| | - C. Zhang
- Corresponding author. Department of Sociology, School of Social Sciences, Tsinghua University, Beijing, 100084, China. Tel.: +86 10 62794966
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Tian J, Cheng Q, Xue R, Han Y, Shan Y. A dataset on corporate sustainability disclosure. Sci Data 2023; 10:182. [PMID: 37002227 PMCID: PMC10064614 DOI: 10.1038/s41597-023-02093-3] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 11/14/2022] [Accepted: 03/20/2023] [Indexed: 04/03/2023] Open
Abstract
Enterprises, as key emitters, play a vital role in promoting sustainable development. Corporate sustainability disclosure provides a key channel for stakeholders to gain insights into a company's sustainability progress. However, few studies have been conducted to measure sustainability disclosure at the firm level. In this study, we apply the machine learning techniques to listed companies' management discussion and analysis (MD&A) documents and construct a dataset on corporate sustainability disclosure, including the Corporate Sustainability Disclosure Index (CSDI), CSDI_Economic Dimension (CSDI_ECO), CSDI_Environmental Dimension (CSDI_ENV), and CSDI_Social Dimension (CSDI_SOCI). The dataset will be updated annually. To the best of our knowledge, this is the first sustainability disclosure dataset constructed at the firm level. Our dataset reflects corporate managements' sustainability attitudes and promotes the implementation of corporate sustainability strategies and subsequent sustainable economic and social outcomes.
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Affiliation(s)
- Jinfang Tian
- Research Center for Statistics and Interdisciplinary Sciences | School of Statistics and Mathematics, Shandong University of Finance and Economics, Jinan, 250014, China
| | - Qian Cheng
- Research Center for Statistics and Interdisciplinary Sciences | School of Statistics and Mathematics, Shandong University of Finance and Economics, Jinan, 250014, China
| | - Rui Xue
- Centre for Corporate Sustainability and Environmental Finance, Department of Applied Finance, Macquarie University, Sydney, NSW, 2109, Australia.
| | - Yilong Han
- School of Economics and Management, Tongji University, Shanghai, 200092, China
| | - Yuli Shan
- School of Geography, Earth and Environmental Sciences, University of Birmingham, Birmingham, B15 2TT, UK.
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Fuertes-Callén Y, Cuellar-Fernández B, Serrano-Cinca C. The role of organisational factors and environmental conditions on the success of newly founded firms. Journal of Management & Organization 2023. [DOI: 10.1017/jmo.2023.13] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 04/03/2023]
Abstract
Abstract
This study examines the influence of founding conditions and decisions on new companies' performance, analysing how both environmental context and organisational dynamics interact to determine their success. It distinguishes between two different success indicators: survival and profitable growth. An empirical study conducted using a sample of 3,722 new agri-food companies in two different periods, one of economic stability and the other of recession, showed that founding conditions had long-lasting effects on post-entry performance. The economic context acted as a moderator of the relationship between individual factors and success. Adverse environmental conditions were also a determinant of success, making surviving firms more competitive and resilient. The results reflect the survival of the fitter principle by showing that early profitability reduced the risk of failure and made firms more likely to become profitable in the medium term. Internationalisation strategies developed organisational capabilities that created an imprint for adaptability and growth.
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Nascimento RRD, Costa MM. Assimetria de informações e o rating soberano brasileiro na avaliação das Agências de Classificação de Risco. CGG 2023. [DOI: 10.51341/cgg.v25i3.2822] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 04/03/2023]
Abstract
Objetivo: analisar as assimetrias de informações no conteúdo dos relatórios sintéticos emitidos pelas Agências de Classificação de Risco (ACR) Standard & Poor’s, Moody’s e Fitch sobre o ratingsoberano brasileiro.
Método: realizou-se uma análise de conteúdo nos relatórios sintéticos das ACR com a finalidade de criar variáveis e categorias. Por meio da Análise de Correspondência (AC), objetivou-se essasmesmas variáveis de categorias em um espaço multidimensional para análise comparativa.
Originalidade/Relevância: o estudo mostra como a assimetria de informações entre credores e mutuários de títulos soberanos também pode ser precedida pelas próprias ACR quando disponibilizam para o mercado diferentes avaliações sobre um mesmo produto financeiro. O resultado mostra que assimetria de informações entre credores e mutuários não finda, apenas muda a fonte de informação.
Resultados: os resultados mostraram que, embora o teor das avaliações tenha sido negativo nas ACR, há assimetrias em categorias específicas. A Standard & Poor’s, por exemplo, foi a Agência que mais se destacou nas análises. Ela se difere das demais ACR e se posiciona mais livremente entre as categorias em anos distintos.
Contribuições Teóricas/Metodológicas: contribui com a integração de métodos qualitativos e quantitativos para ampliação de pesquisas sobre assimetria de informações das ACR. O estudo também analisa relatórios sintéticos, isto é, os mais acessíveis aos tomadores de decisão no mercado, mostrando que não é exclusiva a análise de relatórios complexos e dados robustos para analisar informações assimétricas. Além disso, explora resultados sobre assimetria de informações e soberano brasileiro, onde poucas abordagens e investigações teve enfoque no cenário acadêmico nacional.
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Zhang T, Xu B. Tail Spectral Density Estimation and Its Uncertainty Quantification: Another Look at Tail Dependent Time Series Analysis. J Am Stat Assoc 2023. [DOI: 10.1080/01621459.2023.2197159] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/31/2023]
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Chen S, Zhang S, Zeng Q, Ao J, Chen X, Zhang S. Can artificial intelligence achieve carbon neutrality? Evidence from a quasi-natural experiment. Front Ecol Evol 2023. [DOI: 10.3389/fevo.2023.1151017] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/30/2023] Open
Abstract
IntroductionAs the global climate crisis worsens, carbon neutrality has attracted the attention of various nations.MethodsBased on panel data from 282 Chinese prefecture-level cities from 2008 to 2019, this research considers the execution of the artificial intelligence strategy as a quasi-natural experiment. It uses the difference-in-differences (DID) model to evaluate the effect of artificial intelligence construction on carbon emission reduction.ResultsThe findings indicate that implementing the artificial intelligence strategy into practice can lower carbon emissions and advance carbon neutrality, and this conclusion still passes after various robustness tests. The mediating effects reveal that developing green technologies and upgrading the industrial structure are crucial mechanisms for achieving carbon neutrality. The implementation effect varies with time, geographical location, natural resource endowment, and city level.DiscussionThis article examines the influence of artificial intelligence on urban carbon neutrality at the city level, adding to the notion of urban carbon neutrality and providing research support for urban development transformation.
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Kuchi S, Gupta S. Value-Creation Strategies for E-Commerce Businesses. IIM Kozhikode Society & Management Review 2023. [DOI: 10.1177/22779752231153482] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/30/2023]
Abstract
Startups dream of becoming unicorns, but only a few make it to the top in the e-commerce space. Where should they look for value creation? This study develops a value creation matrix of e-commerce startups based on the Teece model and Value configurations and validates the same on 96 Indian e-commerce startups. E-commerce startups can locate themselves on this matrix and take appropriate steps to create value. The article validates the prescriptions of the Teece model and Value configuration as applied by Afuah and Tucci (2003) in the e-commerce context. The matrix developed in this study will be a helpful aid for the practitioners. Firms could use it to analyze their current offerings and build a suitable investor pitch. Investors can use the matrix to analyze a firm’s strategies and positioning in the e-commerce space.
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Siering M. Peer-to-Peer (P2P) Lending Risk Management: Assessing Credit Risk on Social Lending Platforms using Textual Factors. ACM Trans Manage Inf Syst 2023. [DOI: 10.1145/3589003] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/30/2023]
Abstract
Peer-to-peer (P2P) lending platforms offer Internet users the possibility to borrow money from peers without the intervention of traditional financial institutions. Due to the anonymity on such social lending platforms, determining the creditworthiness of borrowers is of high importance. Beyond the disclosure of traditional financial variables that enable risk assessment, peer-to-peer lending platforms offer the opportunity to reveal additional information on the loan purpose. We investigate whether this self-disclosed information is used to show reliability and to outline creditworthiness of platform participants. We analyze more than 70,000 loans funded at a leading social lending platform. We show that linguistic and content-based factors help to explain a loan's probability of default and that content-based factors are more important than linguistic variables. Surprisingly, not every information provided by borrowers underlines creditworthiness. Instead, certain aspects rather indicate a higher probability of default. Our study provides important insights on information disclosure in the context of peer-to-peer lending, shows how to increase performance in credit scoring and is highly relevant for the stakeholders on social lending platforms.
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Koutmos D, Wei WC. Nowcasting bitcoin’s crash risk with order imbalance. Rev Quant Finan Acc 2023. [PMCID: PMC10040314 DOI: 10.1007/s11156-023-01148-1] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/29/2023]
Abstract
The spectacular nature of bitcoin price crashes baffles market spectators and prompts routine warnings from regulators cautioning that cryptocurrencies behave in contra to the fundamental properties that traditionally define what constitutes money. Arguably most concerning to the public is, first, bitcoin’s unprecedented price volatility relative to other asset classes and, second, its seemingly detached price behavior relative to time-honored economic and market fundamentals. In an attempt to create an early warning system of bitcoin price crash risk using generalized extreme value (GEV) and logistic regression modeling, this study integrates order flow imbalance, along with several control factors which reflect blockchain activity and network value, in order to nowcast bitcoin’s price crashes. From a data analysis perspective, and despite their dissimilar distributional underpinnings, the GEV and logistic models perform comparably. When evaluating the type I and type II errors which these models yield, it is shown that their performance is comparable in terms of accuracy. In addition, it is also shown how the proportion of type I and type II errors can shift dramatically across probability cutoff tolerances. Towards the end of this study, time varying probabilities of a price crash are shown and evaluated. The sample range in this study encompasses the SARS-CoV-2 (Covid-19) time period as well as the recent scandal and collapse of the FTX cryptocurrency exchange.
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Affiliation(s)
- Dimitrios Koutmos
- grid.264759.b0000 0000 9880 7531Texas A&M University - Corpus Christi, Corpus Christi, USA
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Yi E, Yang B, Jeong M, Sohn S, Ahn K. Market efficiency of cryptocurrency: evidence from the Bitcoin market. Sci Rep 2023; 13:4789. [PMID: 36959223 PMCID: PMC10036534 DOI: 10.1038/s41598-023-31618-4] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/21/2022] [Accepted: 03/14/2023] [Indexed: 03/25/2023] Open
Abstract
This study examines whether the Bitcoin market satisfies the (weak-form) efficient market hypothesis using a quantum harmonic oscillator, which provides the state-specific probability density functions that capture the superimposed Gaussian and non-Gaussian states of the log return distribution. Contrasting the mixed evidence from a variance ratio test, the high probability allocated to the ground state suggests a near-efficient Bitcoin market. Findings imply that as Bitcoin evolves into an efficient market, speculators might encounter difficulty in exploiting profitable trading strategies. Furthermore, when policymakers initiate tight regulations to control the market, they should closely monitor market efficiency as an index of price distortion.
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Affiliation(s)
- Eojin Yi
- Seoul Business School, aSSIST University, Seoul, Republic of Korea
| | - Biao Yang
- Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China
| | - Minhyuk Jeong
- Department of Industrial Engineering, Yonsei University, Seoul, Republic of Korea
- Center for Finance and Technology, Yonsei University, Seoul, Republic of Korea
| | - Sungbin Sohn
- Department of Economics, Sogang University, Seoul, Republic of Korea.
| | - Kwangwon Ahn
- Department of Industrial Engineering, Yonsei University, Seoul, Republic of Korea.
- Center for Finance and Technology, Yonsei University, Seoul, Republic of Korea.
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Vincenzo Alfano, Massimo Guarino. The effect of self-esteem on the spread of a pandemic. A cross-country analysis of the role played by self-esteem in the spread of the COVID-19 pandemic. Soc Sci Med 2023:115866. [PMID: 37015169 PMCID: PMC10030268 DOI: 10.1016/j.socscimed.2023.115866] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 08/22/2022] [Revised: 02/23/2023] [Accepted: 03/20/2023] [Indexed: 03/24/2023]
Abstract
Extant research on COVID-19 suggests that many socio-economic determinants, by affecting personal behavior, have influenced the evolution of the pandemic. In this paper we study the role played in this regard by average levels of self-esteem in the public. There are reasons to believe that both low and very levels of self-esteem may have an effect on the spread of COVID-19, for opposite reasons. On the one hand, people with low self-esteem may not worry enough to behave in the way recommended (and prescribed, through non-pharmaceutical interventions) by the authorities; people with very high self-esteem, on the other hand, may be over-confident and fail to follow the prescriptions, believing that they do not need them. In this study we test this hypothesis by means of a quantitative cross-country analysis, using a hybrid model and the Rosenberg self-esteem scale. Our results suggest the existence of a U-shaped relationship between the trend of COVID-19 and average levels of self-esteem in a country.
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Hannah E, O'Hare B, Lopez M, Murray S, Etter-Phoya R, Hall S, Masiya M. How can corporate taxes contribute to sub-Saharan Africa's Sustainable Development Goals (SDGs)? A case study of Vodafone. Global Health 2023; 19:17. [PMID: 36935478 PMCID: PMC10024962 DOI: 10.1186/s12992-022-00894-6] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 04/04/2022] [Accepted: 11/10/2022] [Indexed: 03/20/2023] Open
Abstract
BACKGROUND The COVID-19 pandemic and the climate emergency threaten progress in reaching many of the Sustainable Development Goal (SDG) targets by 2030. The under-5 mortality and maternal mortality rates are well below the targets, and if we progress at the current pace, there is a high risk of not meeting the 2030 goals. Furthermore, the initial progress in the decline in child and maternal mortality since 1990 is likely to be eroded. Much of this progress has resulted from increased sanitation, drinking water, education, and health service coverage. The adequate provision of public services is possible if there is sufficient government funding. When governments have more income, they spend more on public services, which increases access to fundamental economic and social rights and, thus, contributes to the SDGs. One of the key drivers of government financing, taxation, constitutes 70% of government revenue in low- and lower-middle-income countries. Corporate income tax constitutes 18.8% of tax revenue in African countries compared to 10% of tax revenue in OECD countries. Therefore, it plays a critical role in SDG progress. This paper aims to quantify the contribution of one large taxpayer, that publishes their tax payments, (Vodafone Group Plc) on progress towards SDGs in six African countries. We use econometric modelling to estimate the impact of an increase in government revenue equivalent to Vodafone's average tax paid between 2007-2017. RESULTS We find that government revenue equivalent to Vodafone's taxes made a significant contribution to progress in attaining selected SDGs. We found that the revenue equivalent to Vodafone's taxes allowed 966,188 people to access clean water and 1,371,972 people to access basic sanitation each year. Over the time period studied, 858,054 children spent an extra year in school and 54,275 children under five years and 3,655 mothers survived. In just one of these countries, Tanzania, the revenue equivalent to Vodafone's tax contribution allowed 174,121 people to access clean water and 223,586 to access sanitation each year. Over the time studied 187,023 children spent an additional year at school, 6,569 additional children under five and 625 additional mothers survived. CONCLUSIONS These findings demonstrate that the reported contributions from a single multinational corporation drive SDG progress. Furthermore, it highlights the importance of transparent taxes and explores the responsibilities of global institutions, governments, investors, and multinational corporations.
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Affiliation(s)
| | | | - Marisol Lopez
- Zero Waste Scotland, Stirling UK and University of St Andrews, St Andrews, UK
| | - Stuart Murray
- University of St Andrews, St Andrews UK and Bitwise Ltd, Dundee, UK
| | | | - Stephen Hall
- University of Leicester, Leicester UK and University of Pretoria, Pretoria South Africa, Leicester, UK
| | - Michael Masiya
- African Centre for Tax and Economic Studies (ACTES), Blantyre, Malawi
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Lefebvre V. Mobilizing potential slack and firm performance: Evidence from French SMEs before and during the COVID-19 period. Journal of Small Business Management 2023. [DOI: 10.1080/00472778.2023.2182440] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/18/2023]
Affiliation(s)
- Vivien Lefebvre
- LaRGE Research Center – EM Strasbourg Business School, University of Strasbourg, Strasbourg, France
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31
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Levine SS, Zajac EJ. The Other Invisible Hand: How Markets—as Institutions—Propagate Conformity and Valuation Errors. Strategy Science 2023. [DOI: 10.1287/stsc.2022.0173] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/17/2023]
Abstract
The institutionalized status of markets is undoubtedly due to their presumed ability to aggregate individual bids into a single unbiased estimate of value. While not denying this emergent property of market processes, we propose and test an alternative perspective that explains how market processes can also generate the propagation of individual valuation errors that aggregate into price bubbles. Theoretically, we advance a microinstitutional perspective that draws from social and evolutionary psychology linking market processes to a more general process of institutionalization, whereby individuals seeking the adaptive benefits of conformity may—due to bounded and socially biased rationality—instead generate maladaptive individual and collective outcomes. Empirically, we craft an efficient experimental market and find three sets of evidence consistent with our microinstitutionalization perspective. We first show—at the individual level—that market participants exhibit a social bias toward conformity with the market’s collective valuation, even when the emergent market valuation is demonstrably incorrect. We then show—at the market level—that the range of valuations over time also decreases in a conforming direction, again independent of valuation accuracy. Last, we provide the first experimental test of the long-assumed effect of social ambiguity on institutionalization, finding that market participants’ over-attention to the collective valuation is indeed sensitive to variation in social ambiguity. We conclude by highlighting the relevance of our theoretical perspective, method, and findings for future research on institutions and institutionalization processes, as well as future studies on social influence and conformity-based errors. Funding: S. S. Levine acknowledges research grants from Singapore Management University; the University of Texas at Dallas; and the European Research Council (agreement 695256). Supplemental Material: The online appendix is available at https://doi.org/10.1287/stsc.2022.0173 .
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Affiliation(s)
- Sheen S. Levine
- Naveen Jindal School of Management, The University of Texas, Dallas, Texas 75080
| | - Edward J. Zajac
- Kellogg School of Management, Northwestern University, Evanston, Illinois 60208
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Boussaha N, Hamdi F, Khalfi A. On the asymmetry in the volatility of financial time series: a buffered transition approach. J STAT COMPUT SIM 2023. [DOI: 10.1080/00949655.2023.2187800] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/18/2023]
Affiliation(s)
- Nadia Boussaha
- RECITS Laboratory, Faculty of Mathematics, USTHB, Algiers, Algeria
| | - Fayçal Hamdi
- RECITS Laboratory, Faculty of Mathematics, USTHB, Algiers, Algeria
| | - Abderaouf Khalfi
- RECITS Laboratory, Faculty of Mathematics, USTHB, Algiers, Algeria
- Research Center in Applied Economics for Development (CREAD), Algiers, Algeria
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Shao Y, Baradwaj BG, Dewally M, Liu P. Corporate social responsibility and risk-taking in banking. SRJ 2023. [DOI: 10.1108/srj-10-2020-0435] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/14/2023]
Abstract
Purpose
The purpose of this study is to examine whether banks’ commitment to corporate social responsibility (CSR) is related to the diversification of their activities and whether CSR, as a result, affects banks’ risk profile.
Design/methodology/approach
Using a sample of 215 publicly traded U.S. bank holding companies between 1996 and 2016, this study applies regression analysis to examine the links between CSR and activity diversification and risk-taking. It also conducts a mediation test to determine whether CSR affects risk through its influence on banks’ activity diversification.
Findings
The results of this study show that banks engaging in positive CSR activities significantly increase the diversification of their banking activities, consistent with the theory that CSR serves as an implicit risk hedging strategy. Mediation analysis provides evidence that this translates into more stable and less risky banks.
Originality/value
This study contributes to the literature by suggesting that activity diversification is a channel through which CSR reduces bank risk and improves asset quality.
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Hilchey MD, Soman D. Demand for information about potential wins and losses: Does it matter if information matters? Behavioral Decision Making 2023. [DOI: 10.1002/bdm.2322] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/15/2023]
Affiliation(s)
- Matthew D. Hilchey
- Rotman School of Management University of Toronto 105 St George St Toronto Ontario M5S 3E6 Canada
| | - Dilip Soman
- Rotman School of Management University of Toronto 105 St George St Toronto Ontario M5S 3E6 Canada
- Canada Research Chair in Behavioural Science and Economics, Rotman School of Management University of Toronto 105 St George St Toronto Ontario M5S 3E6 Canada
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Deb SK, Jain R, Manohar S, Marwah S. A study on mediation effect of relationship quality outcome between customer relationship management and mutual fund decision. GKMC 2023. [DOI: 10.1108/gkmc-09-2022-0212] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/14/2023]
Abstract
Purpose
Usage of updated technology is continuously empowering customer relationship management (CRM) to be convenient and user friendly, where customers are kept engaged with knowledge and information. This enables them on decision-making and managing their portfolio, especially in mutual fund investments. To improve toward a positive decision, certain quality related variables needed to be considered. Thus, this study aims to estimate the mediation effect of relationship quality and outcome (RQO) between CRM and investment decision-making in mutual funds (MFD).
Design/methodology/approach
The descriptive study adopted the constructs from existing empirical literatures to conceptualize the model with three higher order constructs with 12 dimensions. Survey method is used, and with a structured questionnaire, a total of 323 mutual fund investors were approached using nonprobability criterion sampling technique, of which 262 relevant responses were considered for estimating the structural model. Smart PLS was used to establish the relationship of the constructs.
Findings
The result emphasizes a significant direct and indirect relationship indicating that investors are more inclined to MFD through technology-enabled CRM and RQO plays a vital role in explaining the direct relationship between CRM and MFD. The results of the study are in-line with the existing literature.
Practical implications
The study highlights that financial institutions must focus not only on technological diffusion but also needs to ensure quality service by providing knowledge and information during every access of transactions by customers, making them independent and confident during investments.
Originality/value
This study indicates how capacity efficiency, which is a part of service productivity, can be managed without affecting the outcome efficiency by incorporating technology in the place of human interaction during relationship acquiring and retaining process.
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Telma Mendes, Vítor Braga, Carina Silva, Alexandra Braga. The speed of internationalization in regionally clustered family firms: a deeper understanding of innovation activities and cluster affiliation. Rev Reg Res 2023. [ DOI: 10.1007/s10037-023-00182-9] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/16/2023]
Abstract
This article aims to explore how innovation activities and cluster affiliation moderate the relationship between family involvement and post-internationalization speed in family firms. Based on a sample of 639 Portuguese family businesses (FBs) created and internationalized between 2010 and 2018, we show that, all things being equal, higher levels of family involvement in ownership and management lead to a lower post-internationalization speed. When considering the effect of cluster affiliation, we found that clustered FBs have a lower propensity to slow down the post-internationalization process than their non-clustered counterparts. Likewise, when we account for the interactive effect of innovation activities, the results confirm that innovative FBs are less likely to slow down the post-internationalization process compared to non-innovative FBs. In addition, the concern of family firms in developing innovation was particularly pronounced when they belong to clusters. This finding is explained by the existence of socially proximate relationships with other cluster members, based on similarity, trust, knowledge exchange, and sense of belonging, which push family firms to innovate to counteract the detrimental effects of a higher family involvement in the post-internationalization speed. Our study, therefore, stresses the importance of clusters and innovation activities in moderating the relationship between family involvement and post-internationalization speed.
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Yang J. A middle-range theory of acquirer corporate governance and host-country institutional infrastructure in cross-border acquisitions. International Studies of Management & Organization 2023. [DOI: 10.1080/00208825.2023.2184259] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/14/2023]
Affiliation(s)
- Jiachen Yang
- Strategy and Entrepreneurship, NEOMA Business School, Mont-Saint-Aignan, France
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Das S, Manna AK, Shaikh AA, Konstantaras I. Analysis of a production system of green products considering single-level trade credit financing via a parametric approach of intervals and meta-heuristic algorithms. APPL INTELL 2023. [DOI: 10.1007/s10489-023-04493-9] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/12/2023]
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Aboussalah AM, Chi C, Lee CG. Quantum computing reduces systemic risk in financial networks. Sci Rep 2023; 13:3990. [PMID: 36894579 DOI: 10.1038/s41598-023-30710-z] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/19/2022] [Accepted: 02/28/2023] [Indexed: 03/11/2023] Open
Abstract
In highly connected financial networks, the failure of a single institution can cascade into additional bank failures. This systemic risk can be mitigated by adjusting the loans, holding shares, and other liabilities connecting institutions in a way that prevents cascading of failures. We are approaching the systemic risk problem by attempting to optimize the connections between the institutions. In order to provide a more realistic simulation environment, we have incorporated nonlinear/discontinuous losses in the value of the banks. To address scalability challenges, we have developed a two-stage algorithm where the networks are partitioned into modules of highly interconnected banks and then the modules are individually optimized. We developed a new algorithms for classical and quantum partitioning for directed and weighed graphs (first stage) and a new methodology for solving Mixed Integer Linear Programming problems with constraints for the systemic risk context (second stage). We compare classical and quantum algorithms for the partitioning problem. Experimental results demonstrate that our two-stage optimization with quantum partitioning is more resilient to financial shocks, delays the cascade failure phase transition, and reduces the total number of failures at convergence under systemic risks with reduced time complexity.
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He C, Jia F, Wang L, Chen L, Fernandes K. The impact of corporate social responsibility decoupling on financial performance: the role of customer structure and operational slack. IJOPM 2023. [DOI: 10.1108/ijopm-08-2022-0521] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/09/2023]
Abstract
PurposeCorporate social responsibility (CSR) decoupling indicates a misalignment between how firms report CSR and what firms actually practice with respect to CSR. The purpose of this paper is to examine the relationship between CSR decoupling and financial performance and the factors affecting this relationship.Design/methodology/approachThis paper collects and combines secondary panel data from multiple sources of Chinese listed firms from 2008 to 2020 to test the direct impact of CSR decoupling on firms’ financial performance and the moderating role of customer structure and operational slack.FindingsThis paper finds that CSR decoupling is negatively associated with firms’ financial performance. These findings further suggest that the negative relationship can be suppressed by customer stability and operational slack, but amplified by customer concentration. These conclusions remain robust to alternate measures of independent and dependent variables and narrower samples.Originality/valueIn the literature, the effect of CSR on firms’ financial performance is inconclusive. This is the first study to examine the impact of CSR decoupling on firms’ financial performance and the factors affecting this relationship. This paper contributes to the CSR decoupling literature from an operations and supply chain management perspective.
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Khan MR, Nazir MA, Afzal S, Sohail J. Health financing and public financial management during the Covid-19 pandemic: Evidence from Pakistan as low-income country. Int J Health Plann Manage 2023; 38:847-872. [PMID: 36882664 DOI: 10.1002/hpm.3630] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 02/26/2022] [Revised: 02/08/2023] [Accepted: 02/20/2023] [Indexed: 03/09/2023] Open
Abstract
PURPOSE This article aims to explore the areas of misalignment between the public financial management (PFM) and health financing during the COVID-19 pandemic in Pakistan. ORIGINALITY/VALUE To the best of our knowledge, it is the first study on South Asian countries to adopt a framework and bring forward the dominant themes that cause the misalignment between PFM and health financing. The timing of the research was excellent as the world was facing the biggest health challenge in the form of COVID-19 which has put pressure on the PFM and has seriously hampered health service delivery. Therefore, the findings of the study are helpful for the ministry of health to draft policies to improve health allocations and move towards Universal Health Coverage. DESIGN/METHODOLOGY/APPROACH In-depth semi-structured interviews of 15 participants were used to explore the areas of misalignment between PFM and health financing. Based on qualitative data, thematic content analysis has been carried out. FINDINGS The findings of the study can be divided into five clusters and their explanations. First overall budget allocation has an impact on the health sector budget. For example, the budget for priority health interventions is not reflected in the budget allocation process. Further, the budget is classified by inputs rather than disease and finally, the budget is not released by the health priorities. The second cluster was the devolution of health to provinces which is unfinished agenda. Under this cluster fiscal decentralisation has been found to cause problems for the provinces as they have not provided fiscal autonomy to spend the money and there is a lack of coordination between the federal and provincial authorities. The third cluster was donor funding, and it was observed that it is not aligned with the government policies and priorities. Forth cluster was procurement and it was discovered that it is a lengthy process and caused delays in procuring the essential health equipment. The fifth cluster was an organisational culture that is not conducive to the health sector. Under this cluster, the attitude, knowledge, and practices of departments responsible for the health sector require complete revamping.
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Affiliation(s)
| | | | - Sabeen Afzal
- Ministry of National Health Services, Regulation and Coordination, Islamabad, Pakistan
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McKeever D. Microprudential bank capital regulation in a complex system. Heliyon 2023; 9:e14118. [PMID: 36923878 PMCID: PMC10008987 DOI: 10.1016/j.heliyon.2023.e14118] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 06/10/2022] [Revised: 02/15/2023] [Accepted: 02/21/2023] [Indexed: 03/05/2023] Open
Abstract
This paper analyzes the efficacy of microprudential (bank-level) capital requirements in mitigating failure cascades in a network of interconnected banks. In simulation exercises, microprudential capital requirements redistribute the troubled assets of undercapitalized banks more broadly within the network, reducing the immediate likelihood of individual bank failures but increasing the likelihood of large failure cascades. This effect is strongest for simulation parameters that mimic economic downturns. If banks increase leverage in response to weaker capital requirements, failure cascades increase only minimally. These results suggest that current microprudential capital requirements might be counterproductive to the goal of mitigating bank failure cascades.
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Chung W, Lai VS. A Temporal Graph Framework for Intelligence Extraction in Social Media Networks. Information & Management 2023. [DOI: 10.1016/j.im.2023.103773] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 03/13/2023]
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Avnimelech G, Rechter E. How and why accelerators enhance female entrepreneurship. Research Policy 2023; 52:104669. [DOI: 10.1016/j.respol.2022.104669] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 11/24/2022]
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45
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Bhutto SA, Jamal Y, Ullah S. FinTech adoption, HR competency potential, service innovation and firm growth in banking sector. Heliyon 2023; 9:e13967. [PMID: 36915496 PMCID: PMC10006525 DOI: 10.1016/j.heliyon.2023.e13967] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 10/17/2022] [Revised: 02/17/2023] [Accepted: 02/17/2023] [Indexed: 02/25/2023] Open
Abstract
This study investigates the role of service innovation as a mediator between FinTech adoption and firm growth. Furthermore, the study also explores the role of human resource competency in FinTech adoption. Survey questionnaires were given to participants in this study, which used a quantitative methodology and were distributed to fifty-five United States banks. A sample of 311 responses was collected and analyzed using Structural Equation Modeling (SEM). The results show that human resource competencies such as creating, adapting (to change), deciding to initiate action and interpreting analysis positively impact FinTech adoption. This study also discovered that service innovation contributes to firm growth. The findings confirmed the influence of human resource competencies on FinTech adoption in banks. This study suggests implementing effective human resource practices to develop employee competencies. Employee performance can be optimized to impact service innovation and business growth, which promotes the adoption of FinTech. The research adds to the body of knowledge already available by providing evidence of mediating role between FinTech adoption and firm growth.
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Affiliation(s)
- Sana Arz Bhutto
- Department of Business Administration, ILMA University Karachi, Pakistan
| | - Yasir Jamal
- Business Administration Department, Mohammed Ali Jinnah University, Pakistan
| | - Saif Ullah
- Department of Management, Technology and Information Sciences at Ziauddin University Karachi, Pakistan
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Roch A. Optimal Liquidation Through a Limit Order Book: A Neural Network and Simulation Approach. Methodol Comput Appl Probab 2023; 25:3. [DOI: 10.1007/s11009-023-09996-z] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 01/28/2023]
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Lebkuecher AL, Schwob N, Kabasa M, Gussow AE, MacDonald MC, Weiss DJ. Hysteresis in motor and language production. Q J Exp Psychol (Hove) 2023; 76:511-527. [PMID: 35361002 PMCID: PMC9936447 DOI: 10.1177/17470218221094568] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Grants] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 11/15/2022]
Abstract
Hysteresis in motor planning and syntactic priming in language planning refer to the influence of prior production history on current production behaviour. Computational efficiency accounts of action hysteresis and theoretical accounts of syntactic priming both argue that reusing an existing plan is less costly than generating a novel plan. Despite these similarities across motor and language frameworks, research on planning in these domains has largely been conducted independently. The current study adapted an existing language paradigm to mirror the incremental nature of a manual motor task to investigate the presence of parallel hysteresis effects across domains. We observed asymmetries in production choice for both the motor and language tasks that resulted from the influence of prior history. Furthermore, these hysteresis effects were more exaggerated for subordinate production forms implicating an inverse preference effect that spanned domain. Consistent with computational efficiency accounts, across both task participants exhibited reaction time savings on trials in which they reused a recent production choice. Together, these findings lend support to the broader notion that there are common production biases that span both motor and language domains.
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Affiliation(s)
- Amy L Lebkuecher
- Department of Psychology, The Pennsylvania State University, University Park, PA, USA
- Amy L Lebkuecher, Department of Psychology, The Pennsylvania State University, 460 Bruce V. Moore Building, University Park, PA 16802-3104, USA.
| | - Natalie Schwob
- Department of Psychology, The Pennsylvania State University, University Park, PA, USA
| | - Misty Kabasa
- Department of Psychology, University of Wisconsin–Madison, Madison, WI, USA
| | - Arella E Gussow
- Department of Psychology, University of Wisconsin–Madison, Madison, WI, USA
| | | | - Daniel J Weiss
- Department of Psychology, The Pennsylvania State University, University Park, PA, USA
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Bai J, Gao Q. Concealing borrowers’ failure history in online P2P lending: A natural experiment. Decision Sciences 2023. [DOI: 10.1111/deci.12594] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Indexed: 03/05/2023]
Affiliation(s)
- Jiaru Bai
- College of Business, Stony Brook University Stony Brook New York
| | - Qiang Gao
- Paul H. Chook Department of Information Systems and Statistics, Zicklin School of Business City University of New York New York New York
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Zhang Y, Nan X. Debt default, financial risk transmission and governance from the perspective of supply chain network. Heliyon 2023; 9:e14224. [PMID: 36925535 PMCID: PMC10010984 DOI: 10.1016/j.heliyon.2023.e14224] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 11/23/2022] [Revised: 02/23/2023] [Accepted: 02/27/2023] [Indexed: 03/09/2023] Open
Abstract
The stock risk spillovers of 31 associated enterprises of Evergrande supply chain in China were measured with DCC-GARCH and CoVaR model, and high, moderate and low risk overflow networks in four periods were constructed, finally the overall metrics and dynamic evolution of risk spillover network were explored. The results showed that: With COVID-19 under control in China, the risk spillover of Evergrande supply chain associated enterprises continues to diverge, with the quantity and scope of high risk declining and moderate and low risk rising; The infection scope of high risk spillover has narrowed, from indirect to direct infection; Evergrande subsidiaries play obvious bridge roles in moderate and low risk networks, have strong control over the risk spread; Commercial banks suffer and trigger more risk spillovers, a number of risk spillover groups with commercial banks as cores formed in high and moderate risk networks.
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Affiliation(s)
- Yongli Zhang
- College of Economics and Management, Tianjin University of Science and Technology, Tianjin 300222, China.,School of Management, Hebei GEO University, Shijiazhuang 050031, Hebei Province, China
| | - Xi Nan
- School of Management, Hebei GEO University, Shijiazhuang 050031, Hebei Province, China
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Su M. Price guidance and discovery of the Chinese stock index Futures: Based on the rising, falling and fluctuating states. Heliyon 2023; 9:e14429. [PMID: 36950656 PMCID: PMC10025031 DOI: 10.1016/j.heliyon.2023.e14429] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Received: 12/22/2022] [Revised: 02/23/2023] [Accepted: 03/06/2023] [Indexed: 03/11/2023] Open
Abstract
Stock index futures have been around for more than 12 years in the Chinese market, but there are conflicting viewpoints on the role of Chinese stock index futures in the market. Many crises, including COVID-19, have heightened the financial system's vulnerability and instability. Do China's stock index futures play a role in stabilizing the market and discovering prices in turbulent times? This study employs a combination of VEC, PT, and IS methodologies to investigate the lead-lag relation and price discovery ability of stock index futures markets. By evaluating price interactions in three different scenarios, we reveal that stock index futures play a prominent role in price discovery, particularly in markets with excessive volatility. However, their impact on price discovery is weaker during stable market conditions. To the best of our knowledge, this study is the first to categorize the Chinese stock market into different states, providing valuable insights into the price discovery function of stock index futures. Our findings have important implications for policymakers and investors, as they highlight the need for increased attention to market manipulation and excessive speculation during volatile market conditions to protect the interests of investors.
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