Abstract:Motivated by recent studies documenting an equity premium associated with economic policy uncertainty (EPU), we test the hypothesis that the EPU premium is stronger (weaker) following periods of low (high) investor sentiment. We estimate stock sensitivity to an economic policy uncertainty (EPU) index and show that stocks in the Australian equities market in the highest uncertainty beta tertile underperform stocks in the lowest tertile, similar to US stocks. However, we find that this negative uncertainty premi… Show more
“…The message format is defined as the form in which the enterprise displays information. According to Waters et al, five different multimedia category patterns were created, including links, photos, graphics, video or audio files, as well as a text-only category [34]. These message formats are encoded as presence (1) or absence (0).…”
By using the interactive big data between enterprises and stakeholders in social media, this paper investigates the views of different stakeholders on the disclosure of enterprise digital transformation. In view of the social media platform brings together different stakeholders, this paper uses the organizational hypocrisy theory to explore the stakeholders’ Reflection on the hypocritical speech, decision-making and action strategies adopted in the disclosure of enterprise digital transformation. Through data mining and computer-aided emotion analysis, the posts of sina Weibo’s top 500 Chinese enterprises from December 31, 2020 to December 31, 2021 and the reactions of stakeholders are retrieved and analyzed. It is found that stakeholders have different reactions to the hypocrisy strategies of enterprises. Although stakeholders pay more attention to information related to actions, and the disclosure of such actions will cause positive and negative reactions, the inconsistency of speech and decision-making will produce positive reactions and reduce negative impressions. Overall, research shows that the use of organizational hypocrisy strategies in social media can enable enterprises to manage the views and legitimacy of stakeholders.
“…The message format is defined as the form in which the enterprise displays information. According to Waters et al, five different multimedia category patterns were created, including links, photos, graphics, video or audio files, as well as a text-only category [34]. These message formats are encoded as presence (1) or absence (0).…”
By using the interactive big data between enterprises and stakeholders in social media, this paper investigates the views of different stakeholders on the disclosure of enterprise digital transformation. In view of the social media platform brings together different stakeholders, this paper uses the organizational hypocrisy theory to explore the stakeholders’ Reflection on the hypocritical speech, decision-making and action strategies adopted in the disclosure of enterprise digital transformation. Through data mining and computer-aided emotion analysis, the posts of sina Weibo’s top 500 Chinese enterprises from December 31, 2020 to December 31, 2021 and the reactions of stakeholders are retrieved and analyzed. It is found that stakeholders have different reactions to the hypocrisy strategies of enterprises. Although stakeholders pay more attention to information related to actions, and the disclosure of such actions will cause positive and negative reactions, the inconsistency of speech and decision-making will produce positive reactions and reduce negative impressions. Overall, research shows that the use of organizational hypocrisy strategies in social media can enable enterprises to manage the views and legitimacy of stakeholders.
“…F I G U R E 1 Circuit of the pandemic crisis on economic activity Source: Author from comments in Nartea et al (2020) and Yin & Han (2014) To empirically study the relationship between the asymmetric impact of global trade policy uncertainty (WTUI) and global pandemic uncertainty (WPUI) on food prices, the nonlinear NARDL model is applied over the period 2000 M1 to 2021 M5. This approach was developed by Shin et al (2014) to test the effect of positive and negative shocks of an explanatory variable on the dependent variable.…”
Section: Impact On Economic Real Acɵvitymentioning
confidence: 99%
“…Circuit of the pandemic crisis on economic activity Source : Author from comments in Nartea et al (2020) and Yin & Han (2014)…”
Globally, the outbreak of COVID-19 and the associated containment measures adopted by governments are causing disruptions that sow uncertainty in several sectors of the economy. In this study, we explore the asymmetric impact of pandemic uncertainty and global trade policy on food prices in Togo. The study uses a nonlinear autoregressive distributive lag (NARDL) framework and causality tests for the period 2000 M1-2021 M5. The results show that the different types of uncertainty affect food price stability in the short and long run, but the shock is more pronounced in the case of pandemic uncertainty, as they are sudden and disrupt food price stability. The main findings remain significant when we use various alternative methods and estimation techniques. However, our results suggest that the Togolese food market is facing pandemic uncertainty and trade policy, which should lead policymakers and stakeholders to take corrective measures to control losses.
“…The role of market sentiment is very important for forecasting tendencies in the financial market, and a study (Frydman et al 2019) showed that market sentiment was not related to the state of the economy. Investor sentiment was also analyzed by Jiang et al (2020), García et al (2019), Nartea et al (2019), Jiang et al (2020), Tuyon et al (2016), and Uygur and Taş (2014).…”
The COVID-19 pandemic and induced economic and social constraints have significantly impacted the confidence of both consumers and businesses. Despite that, comprehensive studies of the impact of the COVID-19 pandemic on the consumer and business sentiment are still lacking. Thus, in our research we aim to identify consumer and business confidence indicators’ reaction to the spread of the COVID-19 pandemic in the Eurozone, the United States, and China. For this purpose, we used the method of correlation–regression analysis. We chose the consumer-confidence index, manufacturing purchasing manager’s index, and services purchasing manager’s index as dependent variables; and the number of confirmed cases of COVID-19, the number of deaths caused by COVID-19, and the mortality rate of COVID-19 infections as independent variables. The results showed a relatively rapid and robust effect of COVID-19 in the short period, but longer-term results depended on the region and were not so unambiguous: in the case of the Eurozone, the spread of COVID-19 pandemic did not affect the consumer-confidence index (CCI) or, in the cases of the United States and China, affected this index negatively; the purchasing managers’ index (PMI) in the services sector was significantly negatively affected by the mortality risk of COVID-19 infection; and the impact on the purchasing managers’ index (PMI) in the manufacturing industry appeared to be mixed.
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