Unveiling the impact of artificial intelligence on corporate misconduct, the perspective of information asymmetry

In the context of martial law and the subsequent imperative for post-war recovery, the government of Ukraine has prioritized industrial parks (IPs) as a key instrument for business relocation, foreign direct investment (FDI) attraction, and the structural transformation of the national economy towards high-value-added processing. As of December 2025, the official Register of Industrial Parks includes 115 objects; however, a critical analysis of qualitative performance indicators reveals a stark disparity: only approximately one-third of these registered entities demonstrate signs of tangible economic activity. This disconnect creates a classic “market for lemons” scenario characterized by profound information asymmetry, where potential investors cannot readily distinguish between viable industrial sites and “paper parks”. This article proposes a comprehensive rating methodology (scoring system) for industrial parks, grounded in the principles of Inclusive and Sustainable Industrial Development (ISID) and Narrative Economics. The proposed approach integrates quantitative economic indicators with qualitative narrative markers to assess the “virality” and credibility of industrial park projects. The practical significance of the proposed rating lies in its ability to transform the investment climate from a state of uncertainty to one of measurable transparency. By providing a structured scoring system based on the synthesis of institutional stability, infrastructure readiness, and narrative strength, the study offers a tool for government agencies to optimize state support and for investors to mitigate risks. The results demonstrate that the application of such a rating can effectively eliminate information asymmetry, fostering a more resilient and attractive industrial landscape in post-war Ukraine.

ABSTRACT This study identifies and prioritizes key factors driving social commerce (s-commerce) adoption in Czechia. A sequential mixed-methods design combines a global systematic literature review of 240 studies, including bibliometric analysis, with a three-round Delphi study involving e-commerce and social media experts. Experts reached strong consensus (Kendall’s W = 0.767), highlighting word-of-mouth/social commerce constructs, trust and user experience as the most influential drivers. Interpreted within economic frameworks emphasizing information asymmetry and transaction-cost reduction, the findings provide one of the first expert-validated rankings for an emerging CEE market and offer practical guidance on trust-building, designing peer-interaction mechanisms, and improving user onboarding.

ABSTRACT Public private partnerships (PPPs) can facilitate tourism development, yet their success is often undermined by complex power dynamics, particularly in transitional economies. This study investigates the impediments of tourism PPPs in the post-Soviet context of Kazakhstan. Using 27 semi-structured stakeholder interviews and abductive thematic analysis, the study maps the landscape of power and collaboration, revealing a structurally rooted concentration of power within state institutions. This power imbalance marginalizes private actors and impedes effective partnership, resulting in distrust, asymmetrical information sharing, and the dual-edged role of informal networks (“svyazi”). The study contributes to knowledge by demonstrating the complex power dynamics unique to the tourism sector of a transitional economy. It proposes a multi-level action framework to address the strategic, tactical, and operational challenges in tourism PPPs, outlining a pathway toward their more effective implementation in societies with weak institutions.

Providing quality care for individuals with multimorbidity requires the integration of care across health and social care systems; however, the two systems often work in silos, resulting in information asymmetry, fragmented care, and the duplication of services. To describe a model integrating health and social care for individuals with complex care needs. A public primary care organization in Singapore. Individuals with poorly controlled diabetes mellitus and complex psychosocial needs. PACE-It (PrimAry CarE based Integrated community care Team) program comprising an integrated multidisciplinary team and a technology-enabled secure communication platform. A pilot randomized controlled trial (n = 41) was conducted between December 2020 and February 2022. Individuals enrolled in the PACE-It program had better clinical outcomes than those receiving usual care, with more achieving HbA1c < 7.5% (22.2% vs 9.1%) and LDL < 2.6mmol/L (80.0% vs 57.1%) at 12months. They also reported greater patient activation and medication adherence from baseline (PAM score 3 and 4, 43.8% vs 23.3%; MARS-5 ≥ 20, 9.5% vs 4.4%). Preliminary findings show improved clinical and patient-reported outcomes. Additionally, the co-development of PACE-It led to stronger relationships and collaboration between health and social care workers.

This study investigates the presence and temporal dynamics of speculative bubbles in Türkiye’s citrus markets. The analysis is based on seasonal price data covering the 2000/2001 to 2023/2024 marketing years. This study employs the Supremum Augmented Dickey–Fuller (SADF) and Generalized SADF (GSADF) tests to determine whether these surges are attributable to fundamental market forces or speculative behavior. The results indicate the presence of speculative bubble episodes in citrus markets, particularly after 2020. Orange and mandarin prices exhibited persistent speculative patterns over multiple seasons, whereas lemon prices displayed shorter and more delayed bubble episodes. These findings suggest that speculative bubbles are not solely driven by supply and demand dynamics but are also significantly influenced by market uncertainty, asymmetric information, and financialization. The findings underscore the need for early warning systems, enhanced market transparency, and flexible policy interventions to mitigate the impact of speculative bubbles.

&lt;p class="MsoNormal"&gt;The paper seeks to understand the relationships that exist between the standardization of food testing technology and the quality of high economic development within the industry. The relationship is sought through conducting thorough theoretical analysis alongside empirical research of the two subject matters. The study focuses on three new elements employing the use of panel data and multiple regression models to analyze the implementation of different economic outcomes over the period of 2015 till 2023. Beyond economic outcomes, the findings demonstrate that the standardization of food testing technology also serves as a governance mechanism that enhances social welfare, improves institutional trust, and supports equitable participation in the industrial ecosystem. By reducing information asymmetry and reinforcing regulatory credibility, standardization contributes to long-term sector resilience and sustainable social development. Therefore, standardization should be recognized not only as a technical instrument for efficiency improvement but as a foundation for inclusive growth, fair market access, and sustainable industrial governance aligned with SSD objectives.&lt;/p&gt;

Purpose This paper aims to examine the relationship between accruals quality (AQ) and investment efficiency, with a particular focus on the moderating role of corporate social responsibility (CSR) and the influence of country-level enforcement strength. Design/methodology/approach Using a cross-country data set comprising firms from 21 countries, the study uses regression analyses to assess the effect of AQ on investment efficiency and the moderating impact of CSR and the influence of country-level enforcement strength. Robustness checks are conducted using CSR pillars, the Heckman two-stage model and two-stage least squares (2SLS) estimation. Findings The results indicate that higher AQ significantly enhances investment efficiency by mitigating information asymmetry and facilitating optimal capital allocation. Moreover, CSR strengthens this positive relationship by enhancing stakeholder trust and improving access to capital, yielding an additional improvement of approximately 5% in investment efficiency. The interaction between AQ and CSR is particularly pronounced in countries with weaker enforcement environments, where CSR serves as a compensatory mechanism for institutional deficiencies. Originality/value This study contributes to the literature on financial reporting quality, CSR and investment efficiency by emphasizing the complementary roles of financial (i.e. AQ) and non-financial (i.e. CSR) information. It offers valuable insights for corporate managers, investors and policymakers, particularly in jurisdictions with weak regulatory institutions, highlighting the role of CSR in enhancing the credibility of financial reporting and promoting sustainable investment practices.

While hospitals continue to prioritize service delivery, customer experience (CX) has emerged as a critical yet under-explored dimension in healthcare. This study investigates the key factors shaping CX in hospital settings through the lens of Dual Factor Theory (DFT) and examines the moderating role of hospital type (private vs. government). Adopting a mixed-methods design, the research was conducted in two stages. First, a qualitative inquiry was employed to explore and identify key CX determinants in hospitals. Subsequently, a quantitative study was carried out with data collected from 518 respondents. Structural equation modeling (SEM) was applied to test the hypothesized relationships between the identified factors and CX, along with the moderating effect of hospital type. The DFT-based analysis identified eight key factors influencing CX in hospitals, categorized as positive (physical maintenance, professional personnel, expertise, digital technology adoption and internal facilities) and negative (perceived cost, perceived information asymmetry and perceived inconvenience). SEM results revealed that physical maintenance, professional personnel, expertise and digital technology adoption significantly enhance CX, while perceived cost, internal facilities, information asymmetry and inconvenience showed no significant effect. Moreover, moderation analysis indicated that internal facilities moderate CX in private hospitals, whereas physical maintenance moderates CX in government hospitals, underscoring contextual variations in how service attributes shape CX across different healthcare settings. The study provides actionable insights for healthcare marketers, administrators and policymakers to design strategies that enhance CX by leveraging positive drivers while minimizing barriers. Emphasizing digital technology, maintaining professional service standards and addressing issues of information asymmetry and inconvenience can significantly improve overall CX. This research contributes to the body of literature on CX in healthcare by integrating both positive and negative determinants of CX within a hospital context and examining the moderating role of hospital types.

ABSTRACT This study provides a systematic survey of the academic literature examining the determinants of retail and institutional investor participation in Initial Public Offerings (IPOs). Recognizing the central role of investor demand in primary equity markets, the review synthesizes nearly three decades of research to develop an integrated understanding of how informational, institutional, regulatory, and behavioral factors shape participation decisions across diverse market settings. Following the Preferred Reporting Items for Systematic Reviews and Meta‐Analyses (PRISMA) protocol, we analyse 47 peer‐reviewed studies published between 1995 and 2025. The survey demonstrates that IPO participation is jointly influenced by market design and allocation mechanisms, underwriter reputation, regulatory environments, and firm‐specific signals, alongside behavioral and cognitive biases that differentially affect retail and institutional investors. While the literature is largely grounded in information asymmetry and signaling frameworks, more recent studies increasingly incorporate behavioral finance and institutional perspectives. Despite substantial progress, research remains fragmented across methodologies, markets, and investor types, limiting cumulative knowledge. By organizing the literature around key theoretical lenses, empirical evidence, and methodological approaches, this survey identifies unresolved debates and underexplored areas, including cross‐country institutional variation, investor learning dynamics, and interaction effects between retail and institutional demand globally.

The information asymmetry in financing has long been a challenge for small and medium-sized enterprises (SMEs), making it difficult for banks to accurately assess their credit risks. Moreover, in the traditional supply chain finance model, core bottlenecks such as data silos and the ineffective transmission of credit persist, greatly constraining financing efficiency and transparency. This study focuses on the application of blockchain technology in supply chain finance, exploring how blockchain can break through data silos, enable multi-tier credit circulation, and thereby enhance the financing efficiency of SMEs while reducing financing costs. Specifically, through normative analysis and case comparison, it examines how blockchain facilitates multi-tier credit circulation via digital debt instruments, builds trusted data pools to lower financing costs, and ensures data privacy in collaborative sharing. The findings indicate that blockchain technology can effectively rebuild the trust mechanism in supply chain finance, but its widespread adoption still faces key challenges such as technical interoperability, insufficient momentum for ecosystem development, and the absence of a legal framework. In the future, blockchain will integrate deeply with the Internet of Things (IoT) and artificial intelligence (AI), driving supply chain finance toward an intelligent, automated digital financial ecosystem.

South–South labour migration is increasingly central to development trajectories, yet corridor governance often operates under fragmented mandates and uneven implementation capacity. In such corridors, mandatory pre-departure training is delivered late, generically, and with weak assessment—limiting its ability to shape recruitment choices, reduce intermediation dependence, or support safe navigation after arrival. Anchored in the Myanmar–Malaysia corridor, this conceptual analysis argues that training governance is amongst the most implementable cross-level levers for improving regularity and rights-protecting mobility in capacity- and coordination-constrained South–South systems, because it can be redesigned through standards, timing, delivery architecture, and recognition/portability arrangements without waiting for slower reforms in enforcement or permit regimes. Using on a structured desk review, corridor process mapping, and governance gap analysis, the paper reframes training as migration-governance infrastructure that can function as (i) a capability intervention (actionable navigation, contract comprehension, safe help-seeking), (ii) a labour-market signal shaped by technical and vocational education and training (TVET) alignment and human capital planning, and (iii) a gatekeeping node when access, assessment, and accountability are weak. We develop three testable propositions linking training design to corridor outcomes: (1) earlier, decentralised access reduces information asymmetry and reliance on brokers; (2) TVET alignment and portable skills recognition enable training to translate into labour-market value and mobility options; and (3) rights-based effectiveness requires measurable capability outcomes and follow-through institutional supports beyond information transfer. Here, “skills recognition” refers primarily to functional, employer-usable verification and portability of assessed competencies (e.g., micro-credentials), rather than formal mutual recognition. Generative AI is treated as bounded inclusion infrastructure for multilingual, low-bandwidth learning support—useful for reducing language and resource distance but governed through content validation, transparency, data minimisation, and human accountability to prevent digital gatekeeping. AI is not proposed for eligibility screening, risk scoring, or automated decision-making; its role is limited to multilingual learning support under auditable safeguards. The paper concludes with a sequenced policy toolkit for specifying “who does what” across corridor actors and an empirical agenda for testing the propositions in South–South mobility settings. To clarify what recognition/portability can mean without assuming legal unification, the paper draws on EU qualification-translation, QA, and transparency instruments as a transferable tool-layer.

ABSTRACT This study examines herding behavior of institutional investors during stock price manipulation in Taiwan, a market characterized by high information asymmetry and retail dominance. While prior research has explored herding and manipulation separately, their interaction across investor types remains underexamined. Using 201 legally prosecuted manipulation cases from 2000 to 2023, classified as trade-based, information-based, and action-based, we compare responses of foreign investors, mutual funds, and securities dealers. Results show securities dealers display the strongest herding during manipulation, amplifying price distortions. Mutual funds follow trade-based schemes but are misled under high information asymmetry, resulting in lower returns. Foreign investors exhibit limited herding and no significant profitability impact. Trade-based manipulation most strongly affects institutional returns, indicating trading-induced distortions influence behavior more than misleading information. These findings underscore the role of information asymmetry and suggest stricter oversight of securities dealers and improved market transparency to mitigate manipulation risks in emerging markets.

ABSTRACT The rapid diffusion of digital communication platforms has transformed local environmental governance in China. This study examines how municipal environmental departments’ Weibo accounts function as institutionalised channels for disseminating environmental knowledge, policy signals, and enforcement information. Grounded in information asymmetry theory, it contends that digital tools bridge government-citizen-firm information gaps, aiding pollution mitigation. Using panel data for 287 cities from 2000–2023 and a staggered difference-in-differences design complemented by instrumental variables, mediation, and spatial models, the results show that the operation of environmental Weibo accounts significantly lowers urban PM2.5 concentrations. The effect occurs through three pathways: raising citizens’ environmental awareness, strengthening firms’ regulatory compliance, and increasing reputational exposure of polluters. Posts with policy documents, visual content, and higher interaction further amplify these effects. The study advances understanding of local digital governance by showing how government social media serve as informational infrastructures that shape behaviour and promote urban sustainability.

This paper aims to present proposals for improving public lending design in an economic crisis. It combines casual empirical observations, institutional analysis and normative theoretical modeling. We obtain casual evidence from the analysis of the emergency lending scheme offered by Germany’s national development bank (NDB) KfW during the COVID-19 crisis. We identify obstacles to efficient contracting in these two-tier lending relationships, involving the NDB, the participating commercial banks, and the ultimate firm borrowers. Theoretical arguments and empirical evidence based on this case study help to understand major incentive risks of subsidized public lending schemes. To counter these risks, we propose a smart set of public lending contracts which induces banks to refrain from applying for public support for financially strong firms and for non-viable zombie firms. For firms which need financial support, we propose a set of public contracts from which the firm chooses the contract which maximizes its subsidy, reveals its rating, and obtains public funds according to its crisis-induced needs. This partially revealing signaling equilibrium implies higher interest rates for firms with a need for more public funding, thereby mitigating information asymmetries. In order to ensure incentive alignment, banks should retain a share of borrower default risk.

This study examines Beijing’s Jiesu Jiban reform to explain how centralized governance overcomes bureaucratic inertia. While existing literature often focuses on fragmentation, the article reframes this as a principal–agent problem under high monitoring costs. It identifies a sequenced causal logic where political embeddedness activates a regime of performance discipline enabled by algorithmic verification. This interaction drastically reduces the cost of verification, reconfiguring tiao–kuai relations from agency failure (buck-passing) to monitored cooperation. By conceptualizing digital platforms as “political technologies” – instruments designed to eliminate information asymmetry – this study reveals how data-driven responsiveness is strategically repurposed to enforce political compliance in developing contexts.

This study examines the relationship between multiple large shareholders (MLS) and corporate credit ratings. Using a sample of Chinese firms from 2007 to 2021, we find that credit rating agencies tend to assign lower credit ratings to firms with MLS than to firms with a single controlling shareholder. The negative relation is stronger with a higher perceived likelihood of large shareholder collusion, more severe shareholder-bondholder conflict of interests, and higher information asymmetry and weaker external monitoring, suggesting the mechanism behind the negative view of MLS by credit rating agencies is the heightened expropriation risk associated with MLS collusion. Further analyses show that MLS are associated with higher default probability, larger credit spreads, and higher ex-post risk-taking, confirming the rationality of the credit ratings. Moreover, stronger investor protection due to a recent regulatory change mitigates the negative effect of MLS. Overall, this study suggests that rating agencies incorporate the presence of MLS as an important non-financial factor in their credit assessment; the study also highlights a potential negative effect of MLS from the perspective of bond market participants.

Corporate social responsibility (CSR) theory emphasizes both CSR characteristics in products and CSR activities to enhance relationships with buyers. However, there are theoretical gaps regarding the factors that influence firms' CSR strategy choices in a competitive setting. This study develops a biform game model to study the trade-off between product-oriented strategies and relationship-oriented CSR strategies. The model demonstrates that factors such as information asymmetry, product value, market segment size, transaction costs, bargaining power, and other market conditions significantly influence firms' CSR strategies. It identifies conditions under which strategic heterogeneity, strategic homogeneity, and a parameter space with multiple strategic heterogeneity equilibria can exist. When the value derived from product- and relationship-oriented strategies is significantly high, firms tend to adopt these respective strategies. In a low information asymmetry context, firms with lower bargaining power are more likely to choose a relationship-oriented strategy, whereas in a high information asymmetry context, these firms are inclined to adopt a product-oriented strategy. Regardless of the level of information asymmetry, firms with larger market scales tend to favor a product-oriented strategy. Additionally, the model integrates the synergy between business strategy and CSR strategy, which further shapes the trade-offs firms encounter in their CSR strategy choices. This study offers new insights into CSR strategy choices and the resulting market outcomes in competitive environments.

The dynamics of transaction costs faced by Simba fish farmers in their efforts to improve household welfare are examined from an Islamic economic perspective. Transaction costs arising in production and distribution activities, such as information search costs, negotiation costs, implementation costs, licensing costs, transportation costs, and maintenance costs, often hinder farmers from obtaining optimal income. This condition has implications for the welfare of fish pond farming households, particularly in Padang Cermin Subdistrict, Pesawaran Regency, where most of the community depends on the fish pond farming sector for their livelihood. This study aims to analyse the forms and dynamics of transaction costs faced by simba fish pond farmers, assess their impact on household welfare, and review these practices based on Islamic economic principles. The research method used is a qualitative approach with field research. In this study, the primary data in Padang Cermin Subdistrict, Pesawaran Regency, consisted of 10 fish farmers. Data collection techniques were carried out through in-depth interviews, observations, and documentation of simba fish farmers, collectors, and related parties. Data analysis was carried out descriptively and qualitatively using an Islamic economic approach. The research method used was a qualitative approach with field research. In this study, the primary data was collected from 10 fish farmers in Padang Cermin Subdistrict, Pesawaran Regency. Data collection techniques were conducted through in-depth interviews, observations, and documentation of Simba fish farmers, collectors, and related parties. Data analysis was conducted using descriptive qualitative analysis with an Islamic economic approach. The results showed that high transaction costs, mainly due to dependence on middlemen, price information asymmetry, and the weak bargaining position of farmers, had a negative impact on the welfare of fish farmers' households. From an Islamic economic perspective, unfair transaction costs that tend to harm farmers are contrary to the principles of justice (al-‘adl), benefit (maslahah), and prohibition of exploitation (zulm). Therefore, it is necessary to strengthen farmer institutions, market transparency, and the application of Islamic economic values.

Municipally owned enterprises (MOEs) are a core legacy of new public management, yet their integrity implications remain disputed. Combining agency theory with a contingency perspective, this study examines (1) whether a larger MOE portfolio heightens municipal corruption and (2) whether that corruption is contingent on the transparency with which MOEs are governed. The analysis covers a cross-section of all 743 Italian municipalities exceeding 15,000 residents, linking reported corruption cases to the number of MOEs each city owns and a binary indicator of noncompliance with statutory disclosure requirements. Logistic regression results reveal no significant association between MOE numerosity. By contrast, failure to meet transparency obligations nearly doubles the odds of corruption episodes, even after controlling for population size and regional effects. The evidence therefore locates corruption risk not in corporatization per se but in opaque governance practices that amplify information asymmetries and weaken external oversight. The study concludes that effective integrity safeguards for hybrid public-private entities must prioritize enforceable disclosure, independent auditing, and clear accountability lines. The Italian case provides a benchmark for examining how transparency conditions corruption outcomes in corporatized service delivery.