Pub Date : 2024-02-23DOI: 10.1007/s40821-024-00251-0
Adeel Ali Qureshi
Twitter's massive data has been intensively explored in the stock market research in recent years as it allows researchers to relate investor sentiment and investor attention to stock performance. However, narrowing down to celebrity-like CEOs, followed by millions, allows more insight to Twitter's usefulness when these CEOs tweet about their company or its products. This study focuses on the effects of such company-oriented tweets on CEOs' companies' stock performance and trading volume. More than 27,000 account-specific tweets are retrieved for 8 CEOs spanning to around 12 years. Event study analysis is performed for stock returns and trading volume change, as it is the most appropriate method used by researchers in similar studies. In the event of an aforementioned tweet, higher stock return volatility is observed in comparison to average volatility. Statistical tests reveal that stock returns and volumes are relatively higher for companies the next day of the said tweet, depicting a relationship between CEO's tweet content and stock performance of companies.
近年来,Twitter 的海量数据在股票市场研究中得到了深入探讨,因为研究人员可以利用这些数据将投资者情绪和投资者关注度与股票表现联系起来。然而,如果将研究范围缩小到数以百万计的名人式首席执行官,就能更深入地了解这些首席执行官在推特上谈论其公司或产品时,推特的作用。本研究重点关注这类以公司为导向的推文对 CEO 所在公司股票表现和交易量的影响。本研究检索了 8 位 CEO 的 27,000 多条特定账户推文,时间跨度约为 12 年。对股票回报率和交易量变化进行了事件研究分析,因为这是研究人员在类似研究中使用的最合适的方法。与平均波动率相比,在出现上述推文的情况下,股票收益波动率会更高。统计检验显示,在上述推文发布的第二天,公司股票回报率和交易量相对较高,这说明首席执行官的推文内容与公司股票表现之间存在关系。
{"title":"The power of social media: effects of CEO tweets on stock performance","authors":"Adeel Ali Qureshi","doi":"10.1007/s40821-024-00251-0","DOIUrl":"https://doi.org/10.1007/s40821-024-00251-0","url":null,"abstract":"<p>Twitter's massive data has been intensively explored in the stock market research in recent years as it allows researchers to relate investor sentiment and investor attention to stock performance. However, narrowing down to celebrity-like CEOs, followed by millions, allows more insight to Twitter's usefulness when these CEOs tweet about their company or its products. This study focuses on the effects of such company-oriented tweets on CEOs' companies' stock performance and trading volume. More than 27,000 account-specific tweets are retrieved for 8 CEOs spanning to around 12 years. Event study analysis is performed for stock returns and trading volume change, as it is the most appropriate method used by researchers in similar studies. In the event of an aforementioned tweet, higher stock return volatility is observed in comparison to average volatility. Statistical tests reveal that stock returns and volumes are relatively higher for companies the next day of the said tweet, depicting a relationship between CEO's tweet content and stock performance of companies.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139950846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-21DOI: 10.1007/s40821-024-00258-7
Emanuele Teti, Alberto Dell’Acqua, Ada Bovsunovsky
We empirically examine the interaction between different types of diversification (stage, industry, geography) and portfolio size, i.e., number of investee companies, in explaining venture capital (VC) funds’ returns. We study a comprehensive dataset of 422 liquidated US VC funds to conduct multiple analyses in a large timeframe. The results show that large portfolio size and diversification in a limited number of industries contribute positively to fund performance, while stage and geographical diversification have no significant relationship with returns. Our findings can support both the practice of VC portfolio management in reaching better capital allocation efficiency and policymakers in providing guidance for VC fund development programmes backed by sovereign and international institutions.
{"title":"Diversification and size in venture capital investing","authors":"Emanuele Teti, Alberto Dell’Acqua, Ada Bovsunovsky","doi":"10.1007/s40821-024-00258-7","DOIUrl":"https://doi.org/10.1007/s40821-024-00258-7","url":null,"abstract":"<p>We empirically examine the interaction between different types of diversification (stage, industry, geography) and portfolio size, i.e., number of investee companies, in explaining venture capital (VC) funds’ returns. We study a comprehensive dataset of 422 liquidated US VC funds to conduct multiple analyses in a large timeframe. The results show that large portfolio size and diversification in a limited number of industries contribute positively to fund performance, while stage and geographical diversification have no significant relationship with returns. Our findings can support both the practice of VC portfolio management in reaching better capital allocation efficiency and policymakers in providing guidance for VC fund development programmes backed by sovereign and international institutions.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139921951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-17DOI: 10.1007/s40821-024-00259-6
Guillermo Arenas Díaz, Alex J. Guerrero, J. Heijs
{"title":"The effects of product and process innovation on employment: a meta-regression analysis","authors":"Guillermo Arenas Díaz, Alex J. Guerrero, J. Heijs","doi":"10.1007/s40821-024-00259-6","DOIUrl":"https://doi.org/10.1007/s40821-024-00259-6","url":null,"abstract":"","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139833270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-17DOI: 10.1007/s40821-024-00259-6
Guillermo Arenas Díaz, Alex J. Guerrero, J. Heijs
{"title":"The effects of product and process innovation on employment: a meta-regression analysis","authors":"Guillermo Arenas Díaz, Alex J. Guerrero, J. Heijs","doi":"10.1007/s40821-024-00259-6","DOIUrl":"https://doi.org/10.1007/s40821-024-00259-6","url":null,"abstract":"","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139773837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-12DOI: 10.1007/s40821-024-00254-x
Goretti Cabaleiro-Cerviño, P. Mendi
{"title":"ESG-driven innovation strategy and firm performance","authors":"Goretti Cabaleiro-Cerviño, P. Mendi","doi":"10.1007/s40821-024-00254-x","DOIUrl":"https://doi.org/10.1007/s40821-024-00254-x","url":null,"abstract":"","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139842475","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-12DOI: 10.1007/s40821-024-00254-x
Goretti Cabaleiro-Cerviño, P. Mendi
{"title":"ESG-driven innovation strategy and firm performance","authors":"Goretti Cabaleiro-Cerviño, P. Mendi","doi":"10.1007/s40821-024-00254-x","DOIUrl":"https://doi.org/10.1007/s40821-024-00254-x","url":null,"abstract":"","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139782809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-11DOI: 10.1007/s40821-024-00261-y
Veronica Lupi, Valentina Morretta, Lorenzo Zirulia
The increasing availability of external data in the realm of big data significantly impacts the operations and performance of businesses. In this study, we focus on Earth Observation (EO) technology, which supplies an extensive range of data related to Earth's chemical, biological, physical, and societal aspects. Our primary goal is to understand how the utilisation of EO data affects companies operating in the downstream sector. These enterprises possess the expertise and capabilities to extract valuable insights and information from EO data. We use a rich and innovative dataset representing 74% of the Italian EO downstream sector. The results show that EO data have heterogeneous impacts across downstream firms. Economic performance and innovation are positively correlated only for a subset of firms, especially the ones in the northern regions. Firms in the centre of Italy exploit the spillover of being close to large space infrastructures, but their performance in economic and innovation terms is mixed. The sub-sample in the South of Italy innovates due to EO but performs poorly economically. We discuss the determinants of such discrepancies and suggest policy and managerial implications for the industry's future development.
在大数据领域,越来越多的外部数据对企业的运营和绩效产生了重大影响。在本研究中,我们将重点关注地球观测(EO)技术,该技术可提供与地球化学、生物、物理和社会方面相关的大量数据。我们的主要目标是了解地球观测数据的利用如何影响下游行业的企业。这些企业拥有从地球观测数据中提取有价值的见解和信息的专业知识和能力。我们使用了一个丰富的创新数据集,该数据集代表了意大利 74% 的环氧乙烷下游行业。结果表明,EO 数据对下游企业的影响各不相同。只有一部分企业,尤其是北部地区的企业,其经济表现与创新呈正相关。意大利中部的企业利用了靠近大型空间基础设施的溢出效应,但它们在经济和创新方面的表现参差不齐。意大利南部地区的子样本因 EO 而创新,但经济表现不佳。我们讨论了造成这种差异的决定因素,并对该行业的未来发展提出了政策和管理方面的建议。
{"title":"Earth Observation data, innovation and economic performance: a study of the downstream sector in Italy","authors":"Veronica Lupi, Valentina Morretta, Lorenzo Zirulia","doi":"10.1007/s40821-024-00261-y","DOIUrl":"https://doi.org/10.1007/s40821-024-00261-y","url":null,"abstract":"<p>The increasing availability of external data in the realm of big data significantly impacts the operations and performance of businesses. In this study, we focus on Earth Observation (EO) technology, which supplies an extensive range of data related to Earth's chemical, biological, physical, and societal aspects. Our primary goal is to understand how the utilisation of EO data affects companies operating in the <i>downstream</i> sector. These enterprises possess the expertise and capabilities to extract valuable insights and information from EO data. We use a rich and innovative dataset representing 74% of the Italian EO downstream sector. The results show that EO data have heterogeneous impacts across downstream firms. Economic performance and innovation are positively correlated only for a subset of firms, especially the ones in the northern regions. Firms in the centre of Italy exploit the spillover of being close to large space infrastructures, but their performance in economic and innovation terms is mixed. The sub-sample in the South of Italy innovates due to EO but performs poorly economically. We discuss the determinants of such discrepancies and suggest policy and managerial implications for the industry's future development.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139764995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-10DOI: 10.1007/s40821-024-00257-8
Pavel Svačina, Jan Zouhar
In civil-law countries, employers must pay a value-based 'reasonable remuneration' to employee inventors. When dissatisfied with the amount of compensation, employee inventors can ask for a review by an independent board or directly in court and claim additional remuneration. The study explores the existence of ex-ante indicators that would help distinguish inventors entitled to higher/lower additional compensation. We build on the patent quality framework and test the explanatory power of the ex-ante patent value indicator, the patent family size, on the additional rewards awarded to employee inventors. A novel dataset of court cases heard between 1981 and 2017 in three civil-law countries (Germany, France, and Japan) is used. Our findings indicate a consistently positive effect of both simple and GDP-weighted patent family indicators on the additional remuneration granted. The main finding is as follows: if the court grants positive additional compensation, we observe an average 68% increase in compensation when the number of countries covered by the patent doubles; alternatively, if the total GDP of the countries covered by the patent doubles, the compensation increases by app. 59%. These findings, along with others from the study, can be beneficial for R&D managers, intellectual property managers, and other executives, as well as innovative employees, in estimating the remuneration amount for employee inventions.
在大陆法系国家,雇主必须向雇员发明人支付基于价值的 "合理报酬"。当雇员发明人对报酬数额不满时,可以要求独立委员会进行审查或直接向法院起诉,要求获得额外报酬。本研究探讨了是否存在有助于区分有权获得更高/更低额外报酬的发明人的事前指标。我们以专利质量框架为基础,检验了事前专利价值指标--专利族规模--对雇员发明人获得额外报酬的解释力。我们使用了三个大陆法系国家(德国、法国和日本)1981 年至 2017 年间审理的法院案件的新数据集。我们的研究结果表明,简单的专利族指标和 GDP 加权专利族指标对额外报酬都有持续的积极影响。主要发现如下:如果法院给予的额外赔偿为正数,我们观察到,当专利覆盖的国家数量增加一倍时,赔偿额平均增加 68%;或者,如果专利覆盖国家的 GDP 总量增加一倍,赔偿额增加约 59%。59%.这些发现以及研究中的其他发现有助于研发经理、知识产权经理和其他管理人员以及创新型员工估算员工发明的报酬金额。
{"title":"Ex-ante estimating of additional remuneration for employee inventions: explanatory role of the weighted patent family size indicator","authors":"Pavel Svačina, Jan Zouhar","doi":"10.1007/s40821-024-00257-8","DOIUrl":"https://doi.org/10.1007/s40821-024-00257-8","url":null,"abstract":"<p>In civil-law countries, employers must pay a value-based 'reasonable remuneration' to employee inventors. When dissatisfied with the amount of compensation, employee inventors can ask for a review by an independent board or directly in court and claim additional remuneration. The study explores the existence of ex-ante indicators that would help distinguish inventors entitled to higher/lower additional compensation. We build on the patent quality framework and test the explanatory power of the ex-ante patent value indicator, the patent family size, on the additional rewards awarded to employee inventors. A novel dataset of court cases heard between 1981 and 2017 in three civil-law countries (Germany, France, and Japan) is used. Our findings indicate a consistently positive effect of both simple and GDP-weighted patent family indicators on the additional remuneration granted. The main finding is as follows: if the court grants positive additional compensation, we observe an average 68% increase in compensation when the number of countries covered by the patent doubles; alternatively, if the total GDP of the countries covered by the patent doubles, the compensation increases by app. 59%. These findings, along with others from the study, can be beneficial for R&D managers, intellectual property managers, and other executives, as well as innovative employees, in estimating the remuneration amount for employee inventions.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139765043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-09DOI: 10.1007/s40821-024-00252-z
Hyun-Jung Nam, Mehmet Huseyin Bilgin, Doojin Ryu
The strategic role of environmental, social, and governance (ESG) activities in firm performance has recently drawn increasing attention. In particular, the dynamics of ESG management in family-owned firms have become a crucial factor in increasing firm value. Using novel data from Korea, a suitable context for our analysis, we focus on the interplay between ESG investment and family ownership. Our results reveal that ESG activities can mitigate the agency problems inherent in family ownership, but their careful management is essential for maximizing firm value. We introduce the concept of the marginal effect of ESG, decompose its factors, and identify a critical threshold of family ownership that is instrumental for increasing firm value through ESG activities. Depending on a firm’s position relative to this threshold, we recommend strategies to increase or reduce ESG investment, showing that the timing of such investment or disinvestment in ESG activities emerges as a key strategic consideration. Our findings provide practical insights for family-owned firms to make informed decisions on ESG investment, thereby contributing not only to their own sustainability but also the long-term vitality of ESG activities.
{"title":"Firm value, ownership structure, and strategic approaches to ESG activities","authors":"Hyun-Jung Nam, Mehmet Huseyin Bilgin, Doojin Ryu","doi":"10.1007/s40821-024-00252-z","DOIUrl":"https://doi.org/10.1007/s40821-024-00252-z","url":null,"abstract":"<p>The strategic role of environmental, social, and governance (ESG) activities in firm performance has recently drawn increasing attention. In particular, the dynamics of ESG management in family-owned firms have become a crucial factor in increasing firm value. Using novel data from Korea, a suitable context for our analysis, we focus on the interplay between ESG investment and family ownership. Our results reveal that ESG activities can mitigate the agency problems inherent in family ownership, but their careful management is essential for maximizing firm value. We introduce the concept of the marginal effect of ESG, decompose its factors, and identify a critical threshold of family ownership that is instrumental for increasing firm value through ESG activities. Depending on a firm’s position relative to this threshold, we recommend strategies to increase or reduce ESG investment, showing that the timing of such investment or disinvestment in ESG activities emerges as a key strategic consideration. Our findings provide practical insights for family-owned firms to make informed decisions on ESG investment, thereby contributing not only to their own sustainability but also the long-term vitality of ESG activities.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139764998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-05DOI: 10.1007/s40821-024-00255-w
Pilar López-Delgado, Julio Diéguez-Soto, María J. Martínez-Romero, Teresa Mariño-Garrido
This article examines the relationship between firm age and acquisition activity and how family and non-family firms differ in the number of acquisitions they undertake. Inspired by previous research requiring firm age as a focal aspect and literature studying the antecedents of acquisitions, we draw on the SEW perspective to test our hypotheses based on the analysis of the acquisition activity of Asia-Pacific public firms. Our empirical findings support a U-shaped relationship between firm age and acquisition activity. Moreover, the findings reveal that family firms engage in fewer acquisitions than non-family firms irrespective of the age of the firm.
本文探讨了企业年龄与收购活动之间的关系,以及家族企业与非家族企业在收购数量上的差异。受以往将公司年龄作为一个焦点方面的研究以及研究收购前因的文献的启发,我们借鉴了SEW视角,在分析亚太地区上市公司收购活动的基础上检验了我们的假设。我们的实证研究结果支持企业年龄与收购活动之间的 U 型关系。此外,研究结果表明,无论企业的年龄如何,家族企业的收购活动都少于非家族企业。
{"title":"Acquisition activity: do firm age and family control matter?","authors":"Pilar López-Delgado, Julio Diéguez-Soto, María J. Martínez-Romero, Teresa Mariño-Garrido","doi":"10.1007/s40821-024-00255-w","DOIUrl":"https://doi.org/10.1007/s40821-024-00255-w","url":null,"abstract":"<p>This article examines the relationship between firm age and acquisition activity and how family and non-family firms differ in the number of acquisitions they undertake. Inspired by previous research requiring firm age as a focal aspect and literature studying the antecedents of acquisitions, we draw on the SEW perspective to test our hypotheses based on the analysis of the acquisition activity of Asia-Pacific public firms. Our empirical findings support a U-shaped relationship between firm age and acquisition activity. Moreover, the findings reveal that family firms engage in fewer acquisitions than non-family firms irrespective of the age of the firm.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139765127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}