Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

价值共创引导乡村旅游价值链重构

［目的］通过充分发挥移动互联时代消费者对于价值链、创新链、产业链构建的作用，实现价值共创视角下乡村旅游价值链的重构，解决乡村旅游产业中消费者需求和产业供给不平衡不充分之间的矛盾，推动乡村旅游高效、有序、协调、综合发展。［方法］基于价值共创理论，通过文献研究法和系统论方法，探索性重构乡村旅游价值链。［结果］（1）价值共创引导下的乡村旅游价值链是由基本价值活动、辅助价值活动和价值共创活动共同组成，通过虚拟价值链和传统价值链的互动与融合，实现乡村旅游价值链的新价值创造。（2）价值共创活动是以虚拟价值链为基本特征，以“产消者”创新社区为表现形式，依托移动互联网时代的先进技术，创新性赋予旅游者产品生产者和旅游消费者的“产消者”双重属性，通过将消费者从传统价值链的幕后拉向幕前，实现乡村旅游价值链重构和价值增值。［结论］价值共创引导的乡村旅游价值链需要依托平台思维、共享思维和创新思维进行建设，以消费者需求为导向形成的价值链的开放和互动对于实现乡村旅游供给侧结构性改革具有重大意义。     

品牌认同视角下“生产商-经销商-终端商”价值共创的逻辑再构

随着产业链与供应链的深入与完善,以品牌认同为引领的价值创造再一次引起关注,基于"生产商-经销商-终端商"三位一体的价值共创思维是重塑品牌形象强化品牌认同的关键.研究认为:经销商层面中人口基数、人均可支配收入、配送能力等是实现价值增值的因素,生产商层面中市场费用支持、分销政策支持、品牌战略提升是促进价值提升的关键,终端商层面中客情维护、货龄管理、品牌维护是保障价值实现的途径.     

Knowledge capital,CEO power,and firm value: Evidence from the IT industry

Disruptive innovation dramatically changes the demand of a product market in the information technology (IT) industry. In response to the impact of disruptive innovation, IT firms that may be eliminated from the competitive race actively develop innovative products and adjust their operating strategies to strengthen their survivability in the fiercely competitive market. Thus, this study explores the factors that affect firm value in the IT industry under the impact of disruptive innovation. The empirical results reveal that knowledge capital and CEO power play crucial roles in explaining firm value. IT firms with powerful CEOs and increased knowledge capital have high firm values. The effects of knowledge capital and CEO power on firm value are especially significant for founder and duality CEO firms. Furthermore, the influence of CEO power is more prominent in periods of financial crisis.     

Enhancing environmental information transparency through corporate social responsibility reporting regulation

This research aims to contribute to the scientific debate about the lack of interlinkages between mandatory non-financial reporting and sustainable business models. For our purposes, a counter-accounting analysis was conducted on the non-financial reports of a sample of 145 Italian firms interested by the Directive 2014/95/EU effects. Specifically, the study adopts an empirical approach to evaluate environmental information transparency, which represents one of the main critical issues concerning the non-financial declarations prepared by European Italian Public Interest Entities (PIEs) to comply with Directive 2014/95/EU. The results highlight that corporate governance and report characteristics affect environmental transparency. Furthermore, the results confirm the overall attitude to avoid the disclosure of unfavourable or unavailable environmental information through impression management strategies. Finally, the analysis underlines the opportunities for policymakers to rethink mandatory non-financial reporting to sustain the ecological transition of European PIEs.     

Value Relevance of Comprehensive Income for the Canadian Market*

The value relevance of comprehensive income (CI) compared to net income (NI) remains unresolved. We look at this issue in the Canadian market, using association methods to determine the value relevance of reporting CI and other comprehensive income (OCI) components for stock prices and returns. The sample consists of all the firms in the S&P/TSX Composite Index that prepared their financial statements according to Canadian standards or International Financial Reporting Standards (IFRS) over the 2008–2016 period. Although we find no evidence that CI is more value relevant than NI for stock prices and returns, we note that some OCI components are incrementally value relevant beyond NI for both amounts. In addition, financial services firms differ from other companies in terms of the relationships between some of their OCI components and prices or returns, with such firms even driving some relationships. Relationships between OCI components and prices or returns are also affected when data from the financial crisis period are excluded, with some relationships even changing after IFRS adoption. These results inform Canadian standard setters and financial statement users that OCI components are decision useful for the Canadian market.     

Developing and validating a Chinese cultural value scale in tourism

Chinese cultural values are important in understanding Chinese tourists’ behaviour. However, the literature is void of a relevant scale measuring Chinese cultural values in tourism. This research aims to develop and validate a Chinese cultural values scale in tourism (abbreviated as CCV-T). Following a rigorous scale development procedure and applying multi-stage studies, the research identified a 5-factor measurement scale of CCV-T, composed of 17 items with sufficient reliability and validity. The five Chinese cultural value factors are Leisure and Life Enjoyment (LLE), Filial Piety and Relationship (FPR), Self-fulfilment, Righteousness, and Humanity. The CCV-T scale provides a simplified and holistic structure measuring tourism-related Chinese cultural values. This research provides a solid base to further understand the relationships between Chinese cultural values and tourist behaviour.     

Is corporate environmental disclosure associated with firm value? A multicountry study of Gulf Cooperation Council firms

Several studies have found a relationship between corporate social and environmental disclosure and firm value (FV) or accounting profitability. Where environmental disclosure has been the focus, though, only single-country studies have been published, and most of the previous research concerns the developed world. This study examines the association between corporate environmental disclosure (CED) and FV in the Gulf Cooperation Council (GCC) countries, where CED has been increasing from its previous low base. Findings from a multicountry sample of 500 firm-year observations using a 55-item unweighted environmental disclosure index suggest that CED is significantly and positively related to FV as measured by Tobin's Q (TBQ). The relationship is robust to using a weighted version of the disclosure index, individual countries and environmental disclosure subindices. Some evidence of a positive relationship between CED and return on assets is also found, but even where statistically significant, the relationship is much weaker than in the case of TBQ. For empirical and theoretical reasons, we recommend that future studies pay greater attention to market-based proxies, if possible, when investigating the value relevance of CED in both developed and developing countries. Our results suggest that both managers and policymakers in GCC countries should take a positive view of expanded CED.     

Schmoozers,not snoozers: Busting the Kevin and Angela stereotypes in public accounting

In contrast to the well-known stereotype of the boring, unsociable accountant, today’s public accounting professionals argue that they are boundary spanners. Working at the intersection of the firm/client interface, these professionals contend that sociability is a requisite skill for routinely navigating the many interactions they have with multiple personnel at client organizations. This research aims to address this disconnect and to confront whether the public perception is warranted. Using the Trait Emotional Intelligence Questionnaire (TEIQue), we assess the sociability of 176 public accounting professionals and discover that, contrary to the stereotype, male public accountants are more sociable than males in the general population. Our analysis also demonstrates that female public accountants are no more or less sociable than females in the general population. Additional analysis shows that while male public accountants are more sociable than female public accountants, this effect is attributable to differences at lower levels of the profession and that male-female differences disappear when comparing male managers and partners to female managers and partners. Given the importance of sociability in public accounting, this research offers recruiting strategies that will help to dispel the myth of the unsociable accountant and provides training tips for enhancing sociability within the ranks.     

Performance evaluation of China's high-tech innovation process: Analysis based on the innovation value chain

The Chinese high-tech industry has developed greatly since the beginning of China's “National High-tech R&D (863) Program” and “China Torch Program”. This paper introduces a conceptual model extended from the innovation value chain model to simultaneously estimate the R&D and commercialization efficiencies for the high-tech industries of 29 provincial-level regions in China. To match reality, a network DEA incorporating both shared inputs and additional intermediate inputs is constructed to open the “black box” view of decision making units used in single-stage DEA. This study is the first attempt to link the R&D and commercialization with a solid theoretical foundation and feasible mathematical methods. The empirical findings show that most of the 29 regions have low efficiency in the commercialization sub-process compared to the R&D sub-process, although there are regional differences in China's high-tech industry. Pearson correlation shows that the R&D sub-process is not closely correlated to the commercialization sub-process in terms of efficiency. Our analysis can provide information for the formulation of policies to achieve high innovation efficiency.