How does government microblog affect tourism market value? The perspective of signaling theory

Zhu, Hongzhi; Wang, Fang

doi:10.1016/j.ipm.2022.102991

Cited by 17 publications

(10 citation statements)

References 81 publications

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“…The signaling theory focuses on the information asymmetry between the two sides of a market transaction and the role of signals in reducing this asymmetry (Spence, 2002; Connelly et al , 2011; Sigurdsson et al , 2022). The signaling theory literature mainly focuses on the signalers, receivers and signal quality (Zhu and Wang, 2022); see Figure 1.…”

Section: Literature Review and Research Frameworkmentioning

confidence: 99%

What role do FinTech companies play in supply chain finance? A signaling intermediary perspective

Hua

Han

Liu

et al. 2022

JBIM

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Purpose The purpose of this paper is to explore the role of FinTech companies in SCF. The application of digital technology in supply chain activities has facilitated the evolution of supply chain finance (SCF) to a new level. However, how financial technology (FinTech) companies promote this evolution has not been thoroughly examined. Design/methodology/approach This research used the multiple-case study approach and social network analysis method to explore how FinTech companies influence SCF networks. Findings The results reveal that FinTech companies play the crucial role of a signaling intermediary by facilitating interactions among relevant parties, accelerating the flow of information and reducing information asymmetry arising from data smog. Moreover, FinTech companies make SCF information networks more equitable and promote the performance of SCF. Originality/value This study deepens the conversation at the nexus of signal theory and SCF and provides managerial implications for alleviating information asymmetry between borrowers and lenders to solve the difficulty and high-cost problems of obtaining financing of small- and medium-sized enterprises.

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Section: Literature Review and Research Frameworkmentioning

confidence: 99%

What role do FinTech companies play in supply chain finance? A signaling intermediary perspective

Hua

Han

Liu

et al. 2022

JBIM

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“…In marketing filed, Li et al [44] investigate how a physician can achieve economic success in the online consultation market from the perspective of signaling theory. In information management filed, Zhu and Wang [45] formulate the hypothesis that government microblog affects tourism market value by affecting consumers' emotion based on the signaling theory. In computer science field, Zhang et al [46] proposed a novel method for crowd evaluating the security and trustworthiness of OSNs platforms based on signaling theory, which has been generally employed in the fields of economics and information management.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Can Patent Quality Alleviates Information Asymmetry in Chinese Intellectual Property Market: Evidence From Auditing Field

Sun

2022

IEEE Access

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Due to the lack of professional knowledge, auditing innovation quality has always been a big problem for auditors. Patent citation is a new and informative signal. We hope this signal can help auditors reduce the lack of professional knowledge and reduce the audit input of innovation quality. By examining Chinese non-financial firms between 2011 and 2019, we use patent citation as the proxy of patent quality and find that firms with higher patent quality have lower audit input at the same level of R&D expenditure. Further tests show that the signaling effect of patent quality is limited. Patent quality signals will work when the audited firm is a high-tech enterprise, or when the Key Audit Matters (KAMs) involve items such as R&D expenditures. But the auditor industry specialization can replace the influence of patent quality. Our results imply that auditors can use patent quality as a signal to reduce the difficulty of obtaining information and risk evaluation. Firms should focus on the quality of patents and display their innovation capabilities through the intellectual property (IP) market. China should strengthen the protection of private rights and continuously enhance the supporting mechanism of IP market.

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“…This active transmission can effectively improve the information transmission efficiency between the two parties in the transaction and reduce the degree of information asymmetry. Moreover, the buyer in the transaction can make decisions and optimize the ideas based on the information transmitted [7,8]. Signal transmission can be classified into three types, namely, profit declarations, dividend declarations, and financing declarations.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

“…Active transmission can effectively improve the information transmission efficiency between information-advantaged party and the poorly informed party in the transaction and reduce the degree of information asymmetry. [7,8] Financial risk contagion theory The risks that a country will face are domestic and global risks, and the risk contagion effect will increase financial risks. [10,11] Information efficiency theory Stock price synchronisation reflects the ability of a firm to absorb information that is unique to the enterprise.…”

Section: Theorymentioning

confidence: 99%

Did the Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance

2022

Wireless Communications and Mobile Computing

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Chinese A-shares were officially included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index from June 2018. The inclusion of the A-share market into the MSCI Index is one of the most influential events in the opening up of the capital market of China. However, China’s A-share market has an imperfect system compared with that of developed countries. Stock price synchronisation is more serious in China than in developed countries, and Environmental Social Governance (ESG) disclosures are imperfect. Excessive stock price synchronicity can affect the information content of stock prices, and imperfect ESG disclosures are not conducive to the investment decisions of investors and thus not conducive to the price mechanism for adjusting the market. From the perspective of stock price synchronisation and ESG disclosure, this study discusses the impact of the exogenous event of the inclusion of A-shares in the MSCI Index on China’s capital market. Based on data of listed firms from 2011 to 2019, this study determines whether MSCI target stocks have high stock price information content and explores the ESG disclosure level based on a difference-in-differences (DID) model. In addition, this study conducts a parallel trend hypothesis test and propensity score matching (PSM) to test the robustness of the results. Empirical results show that the inclusion of A-shares in the MSCI Index increased the stock price information content and reduced the stock price synchronisation of MSCI target stocks. At the same time, this study tests the quality of the ESG information disclosure of A-shares after their inclusion in the MSCI Index and finds that the level of disclosure of the underlying stocks improved. This finding indicates that the inclusion of A-shares in the MSCI Index plays a role in improving the quality of ESG disclosure through information channels. The research conclusions have important implications for the active promotion of the expansion of the MSCI Index and further opening up of the capital market of China. In addition, the conclusions can provide a reference for subsequent MCSI decision-making and insights into the capital markets of other emerging-market countries.

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How does government microblog affect tourism market value? The perspective of signaling theory

Cited by 17 publications

References 81 publications

What role do FinTech companies play in supply chain finance? A signaling intermediary perspective

What role do FinTech companies play in supply chain finance? A signaling intermediary perspective

Can Patent Quality Alleviates Information Asymmetry in Chinese Intellectual Property Market: Evidence From Auditing Field

Did the Inclusion of China’s A-Shares in the MSCI Index Improve the Information Content of Listed Firms? Analysis Based on Stock Price Synchronisation and Environmental Social Governance

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