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Companies have increasingly advocated social media technologies to transform businesses and improve organizational performance. This study scrutinizes the predictive relationships between social media and firm equity value, the relative effects of social media metrics compared with conventional online behavioral metrics, and the dynamics of these relationships. The results derived from vector autoregressive models suggest that social media-based metrics (Web blogs and consumer ratings) are significant leading indicators of firm equity value. Interestingly, conventional online behavioral metrics (Google searches and Web traffic) are found to have a significant yet substantially weaker predictive relationship with firm equity value than social media metrics. We also find that social media has a faster predictive value, i.e., shorter \"wear-in\" time, than conventional online media. These findings are robust to a consistent set of volume-based measures (total blog posts, rating volume, total page views, and search intensity). Collectively, this study proffers new insights for senior executives with respect to firm equity valuations and the transformative power of social media.

We examine the relationship between bank's equity ownership and corporate financial performance based on cross-sectional data through 2SLS estimation model. Our evidence is based on listed 3203 non-financial firms of 16 Organization of Islamic Conference (OIC) member states with dual-banking system (Islamic and Conventional). Consistent with notion of previous empirical studies, we document a positive impact of both Islamic and Conventional bank-firm equity-based relationships on firm's performance. The study suggests that the presence of bank equity ownership mitigates agency cost and information asymmetry problems, which in turn increase the firm's performance. Hence, the market participants such as portfolio managers may consider the role of financial intermediaries during the construction of risk minimization strategies.

PurposeThis study investigates the effect of economic policy uncertainty on the firm profitability through moderating role of logistics infrastructure index using US non-financial firms listed at NASDAQ.Design/methodology/approachWe used secondary data set which includes firm-level indicators of 2,323 non-financial US firms listed at NASDAQ over the period of 1998–2018. Ordinary least squares regression with multiple fixed effects used to analyze the data and estimate hypotheses.FindingsThe results show that economic policy uncertainty negatively impacts the firm’s profitability whereas the logistics infrastructure positively moderates the negative impact of EPU on the firm’s profitability.Research limitations/implicationsEconomic policy uncertainty is a significant challenge for managerial decision making and a direct threat to a firm’s profitability. The results of this study imply that the state of logistics infrastructure must be considered as an important policy tool by the senior management to mitigate the negative impact of economic policy uncertainty and to safeguard a firm’s profitability.Originality/valueThis study highlights that logistic infrastructure plays an important role in alleviating the adverse effect of economic policy uncertainty on the profitability of a US non-financial firm.

Las consideraciones de equidad pueden influir en la decisión de los trabajadores de permanecer o renunciara sus trabajos. Este artículo plantea varias hipótesis derivadas de la teoría sobre la relación entre la equidad intraempresa y la retención de personal, y utiliza datos administrativos del universo de empresas urbanas en Colombia entre 2008 y 2016. El salario promedio de la empresa, la dispersión intraempresa de los ajustes salariales y la participación de las mujeres en la empresa están significativamente asociados con las tasas de retención, como lo predice la teoría. La brecha salarial intraempresarial está directamente asociada con la retención, en contra de la teoría. Así, las consideraciones de equidad parecen influir en la decisión de los empleados de quedarse o renunciar.

Purpose Overconfidence as an important psychological factor can also affect CEO’s cognitive preferences, while there are few studies about the impact of CEO’ overconfidence on the international expansion of companies. This paper aims to fill this gap and further discuss the moderating role of CEO’s overseas experience, CEO duality and ownership. Design/methodology/approach The authors focus on the Chinese context, collect 2008–2016 data from China's manufacturing industry as sample, use fixed effect model to analyse the effect of CEO overconfidence on international expansion strategy of Chinese firms. Findings The empirical results show that: CEO overconfidence positively promotes the degree of firm internationalization. CEO foreign experience positively affects the internationalization degree, but can restrain overconfidence thus negatively regulate this impact relationship. When duality is present, both CEO power and managerial discretion are pronounced and they exhibit a stronger effect. Firm’s equity nature will affect the relationship between CEOs' overconfidence and the degree of internationalization. Compared with private enterprises, CEOs in state-owned enterprises have limited power, therefore, this influence relationship is weaker. Originality/value This study has emphasized the importance of top executives' psychological characteristics on firm internationalization, which is key application and complement of upper echelons theory and fills the research gap in the literature. In this paper, the authors found the advantages of overconfidence for firms, which helps to understand the complex meaning of overconfidence. The results of moderating effect further explore the application of overconfidence in different context, which has some implications for management practice.

Purpose This paper aims to investigate how the passage of the Sarbanes Oxley Act (SOX) impacted the likelihood and timing of the decision of leveraged buyout (LBO) firms to exit via initial public offering (IPO) (reverse-LBO) and the mediating effect of reputed private equity (PE) firms. Design/methodology/approach The sample comprises firms that went private via LBO between 1990 and 2018. The authors use logistic and ordinary least square regression models to compare the effect of SOX on the re-listing decision and the time taken to re-list. Findings LBO firms were less likely to exit via public offering after SOX, and the time from LBO to IPO was significantly longer for exiting firms post-SOX. PE firm reputation partially reversed the reluctance to exit via IPO and shortened the time to exit. Research limitations/implications The primary focus is RLBOs; the authors do not directly examine other methods of LBO exit. The findings have policy implications for unintended impacts of SOX. Despite the benefits of increasing transparency and protecting investors, SOX reduced the likelihood of going public and increased the time to IPO, potentially reducing product market competition. Originality/value RLBOs present a unique experimental setting as the authors can test the impact of SOX on both the likelihood and time to go public, whereas prior literature using first-time IPO samples are able to test only the likelihood. The authors also show that the reputation of the advising PE firm attenuates the reluctance and time taken for RLBOs to re-list. The authors are, thus, able to provide a new perspective on the impact of SOX on the going public decision.

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level—the first such data in the region—and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

PurposeAlthough brand equity (BE) is a widely accepted concept, its definition is still elusive, and researchers have not reached a consensus about which measures provide the best estimates of this complex and multi-faceted construct. Hence, the authors propose a BE chain that incorporates consumer-based BE (CBBE) and firm-based BE (FBBE) measurement approaches, advocating in favor of a holistic approach and encouraging theoretical and empirical studies that assess the BE chain.Design/methodology/approachThe methodology entailed an extensive literature review on the subject. The authors included many different sources and the most accepted ones for measuring CBBE and FBBE.FindingsThe authors present 10 propositions to build the BE chain, encompassing the different approaches of BE and including its antecedents and consequences.Originality/valueConceptualizing BE is a complex problem given the different viewpoints describing several aspects of this intangible marketing asset. Thus, this study aims to foster discussions about such viewpoints and provide a framework to support the sedimentation of BE conceptualization.

We investigate the relationship between funding liquidity and PE firm performance. We further develop a locally political alignment indicator (PAI) and then investigate whether PAI has an impact on the relationship between funding liquidity and PE firm performance. A higher required reserve ratio implies lower funding liquidity in the context of China. We find that the required reserve ratio is negatively related to PE firm performance significantly. When the most important local leaders belong to the partisan of the supreme leader, the negative reaction of local firms' performance to a change in funding liquidity strengthens significantly.

The need for supply of bank finance for A-in SMEs in Indonesia is explored in this article. This research achieves its aims and contributes to the area by investigating the present situation of bank financing for A-SMEs in Indonesia. This subject has gotten relatively less attention in the literature than the financing practices of A-SMEs in industrialized nations. The present research contributes to the existing literature on A-SME financing and on bank financing in the context of developing countries by analyzing the most recent innovations and practices in bank financing for A-SMEs in a developing country experiencing transition, Indonesia. Since the earlier research has been lacking, particularly in the setting of developing nations, the findings of this study contribute to the expanding body of information on the issue. Our knowledge of A-SME finance is still in its infancy since the issue has only lately aroused the attention of Indonesia's academic community. The most popular kind of external funding for A-SMEs, this research contributes by analyzing the different techniques and consequences of bank borrowing.