Market Perceptions Research Articles

Capital Structure and Enterprise Market Value: An Empirical Analysis Based on S&P 500 Companies

Abstract: This study explores the impact of capital structure on enterprise market value, specifically examining the influence of the debt ratio on the market valuation of S&P 500 companies. Capital structure decisions are crucial for corporate managers and investors, as they significantly affect firm performance, risk, and market perception. The research is motivated by the need to understand how financial leverage influences market valuation, particularly in large, publicly traded companies. Utilizing two-way fixed effect panel data models spanning from 2020 to 2023, we find significant evidence that higher leverage is associated with an increase in market valuation, offering a comprehensive view of the factors that influence corporate market values. Additionally, the study reveals that the impact of leverage varies across company sizes and examines sector-specific effects and the role of long-term debt. The findings provide key insights for investors and corporate managers regarding the impact of financial structure on company valuation, emphasizing the importance of optimizing capital structure to enhance firm value and strategic decision-making.

Board assignment heuristics for nail laminated out-of-grade timber

ABSTRACT Structural sawn timber, sourced from softwood plantations, is widely used in lightweight timber-framed residential housing and in engineered wood products for contemporary mass timber construction. However, a significant proportion of milled timber boards are considered ‘out-of-grade’, failing to attain a structural grade under existing classifications systems due to various stiffness, strength, and/or utility-limiting features. This study investigates the potential of controlled lamination techniques to produce structurally usable laminated timber products from out-of-grade timber, using a minimal number of requisite boards. Numerical and experimental methods were employed to compare different board assignment heuristics, in terms of reducing the stiffness variability in laminated board populations. The results indicate that controlled board locations produced remarkably consistent laminated products, achieving very low variability even with a minimum lamination of only two boards. The findings of this paper suggest that controlled lamination techniques have the potential to transform low-value out-of-grade timber into a valuable resource for value-added applications, challenging the existing market perception that out-of-grade timber lacks structural usability.

Ambivalent perception of cause-related marketing: investigating the (in)congruence of opposite motivational perceptions on consumer evaluations

Ambivalent perception of cause-related marketing: investigating the (in)congruence of opposite motivational perceptions on consumer evaluations

Exploring the Multi-Dimensional Effects of ESG on Corporate Valuation: Insights into Investor Expectations, Risk Mitigation, and Long-Term Value Creation

This paper investigates the multifaceted mechanisms through which Environmental, Social, and Governance (ESG) factors influence corporate value. ESG performance, reflecting a company's adherence to sustainable practices, has become increasingly significant in contemporary business strategy due to its potential impact on firm profitability and market perception. While ESG initiatives are known to enhance corporate transparency and stakeholder trust, contributing positively to a companys reputation and operational efficiencies, they also present financial challenges by potentially elevating operational costs and impacting short-term financial performance. Utilizing a comprehensive review of existing literature and theoretical frameworks such as stakeholder theory, agency theory, and signaling theory, this study delineates the balance firms must achieve between fostering long-term strategic advantages and managing immediate financial implications. By analyzing empirical evidence and case studies across diverse industries, the paper elucidates how robust ESG practices can attract better investment, improve risk management, and secure sustained economic benefits. This research contributes to academic discussions on ESGs role in corporate value creation and offers practical insights for companies aiming to integrate these practices into their core strategies effectively. The findings highlight the importance of strategic ESG implementation and the necessity for firms to align these initiatives with broader corporate objectives to optimize both societal impact and shareholder value.

The profits vs protests: Corporate value dynamics amidst activist uproar

We examine the impact of student protests and geopolitical events on the firms targeted for divestment during the 2023–2024 Israel–Hamas conflict. Utilizing event study methodology, we analyze cumulative abnormal returns (CARs) across eight key conflict periods. We find positive CARs for targeted firms at the onset of the conflict, but significant negative CARs are reported as student protests escalated. This provides evidence of the tangible impacts of public pressure campaigns on market perceptions and valuations in the short-run. However, we observe positive CARs after student protests subsided which suggests potential limitations to the sustained impact of such activism and shows the market's capacity to normalize extraordinary events over time.

Consumer Perception of Environmental Protection to Promote Mindful Consumption Behaviour through Mindfulness and Ascription of Responsibility

The fast fashion business under fire for its detrimental effects on the environment, and the economy. A lot of companies are taking ethical marketing tactics to urge consumers to be more responsible and conscious while making purchases. Study measure the impact of consumer ethical marketing perception environmental protection on mindful consumption through mindfulness and ascription of responsibility. Quantitative cross-sectional survey approach used. Test model used 321 final responses. Variance-based partial least squares structural equation modeling (PLS-SEM) was employed to examine the survey data. The outcomes indicated that fostering a mindful consumption behavior marketing tactics can play significant role. Consumer perception of environmental protection strategies can enhance the consumer responsibilities and their mindful mindset. Which ultimately influence their behavior. The research offers insightful information on ethical marketing tactics that local markets may use to promote mindful behavior and to support sustainable policies and practices in the fashion industry.

The Impact of Ambiet Factors on Consumer Purchase Decisions (KKV Offline Store)

The rise of globalization and the increasing dominance of information technology have ‎transformed the paradigm for business success. Infrastructure is no longer the sole foundation for ‎entrepreneurs. Instead, the economic landscape now places greater emphasis on intangible assets ‎such as intellectual capital. This includes elements like market perception, interpersonal ‎relationships, company ethos, brand reputation, patents, trustworthiness, strategic vision, and ‎specialized expertise. In this evolving economic environment, these intangible factors play a ‎pivotal role in determining the competitiveness and prosperity of businesses. This research uses ‎quantitative research methods and approaches. Data is collected through random sample ‎distribution of questionnaires to respondents. The respondents of this study are offline store ‎KKV visitors. In this study, ambient temperature are predictors that have significant correlations ‎and ‎influence, contributing to 43.8 percent of variance in customers purchase decisions.‎

Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics

This study examines the relationship between financial flexibility, financial distress, and firm performance during pandemics, using data from 26,621 North American-listed firms and 5212 China-listed firms from 2000 to 2022. We investigate whether financial flexibility influences firm performance and financial distress, with firm performance acting as a moderator in this relationship. Our findings highlight that financial flexibility is a crucial strategic tool for mitigating economic uncertainties, effectively reducing financial distress in the U.S. In contrast, its impact in China is more complex, influenced by market maturity and regulatory interventions, especially during economic turbulence. The study also reveals differing roles of profitability and firm size between the two markets. In the U.S., larger and more profitable firms prioritize growth over financial stability, whereas in China, there is a greater emphasis on liquidity and market perception. During the SARS pandemic, China's rapid regulatory response and strong government intervention made financial flexibility more effective in reducing financial distress. Conversely, during COVID-19, the U.S. market showed robust mechanisms and corporate adaptability, with financial flexibility helping firms manage liquidity crises and market volatility. In China, stricter regulations during COVID-19 limited the role of financial flexibility, but strong government support-maintained market stability. Overall, this study underscores the different impacts of financial flexibility on Chinese and U.S. markets during pandemics and the critical role of firm performance in moderating the relationship between financial flexibility and financial distress under varying economic conditions and policy environments.

Ai Art In Mobile: Topic Modeling Of User Reviews For Generative Ai Applications

The generative AI concept, which enables users to create text, image, and video content through prompts, is revolutionizing the content side and AI applications in marketing. Despite the increasing popularity of generative AI applications, the market perception regarding generative AI remains underexplored. This study aims to explore the generative AI market perception through the context of mobile applications with the help of user reviews. The study follows a structured approach including identifying the generative AI mobile applications, assessing the context through rating scores and install amounts of mobile applications, and using a topic modeling approach (BerTopic) for online reviews to identify the topics included in the conversation. 8159 user reviews from 22 mobile applications are used as sample of the study and the average rating score for the sample found as 4,06 which signals a positive perception of market. The study concludes top ten topics as; “Dissatisfaction About Amount of Advertisements in app”, “NSFW Content and Moderation”, “Praise of Application”, “Functionality Problems & Crashes”, “Payment Necessity and Trial Problems”, “In-App Purchase Restoration Problems”, “Specific Feature in App”, “Chat Function”, “Credit System” and “Excess of Ads”. The study reveals the main issues of Ai Art mobile applications for marketing decision-making processes.

Perceptions of the Real Estate Market by Students Representing Generation Z: Housing Preferences and Investment Plans

Perceptions of the Real Estate Market by Students Representing Generation Z: Housing Preferences and Investment Plans

Perceptions of Food Marketing and Media Use among Canadian Teenagers: A Cross-Sectional Survey.

Despite the prevalence of digital food marketing to teenagers and its potential impact on food preferences and consumption, little is known about the specific food advertisements teenagers see in Canada and how they perceive them. Further, few studies consult teenagers directly about their perceptions of teen-specific food marketing content. To shed light on such issues, this study examines perceptions of food marketing and self-reported media use of Canadian teenagers via an online survey. Four hundred and sixty-four teenagers (ages 13-17) participated. Overall, teenagers identified Instagram and TikTok as the most popular social media platforms. The top food or beverage brands that teens felt specifically targeted them were McDonald's, Starbucks, Coca-Cola and Tim Hortons, while Instagram was deemed the most important media platform when it comes to teen-targeted food marketing. Teens deemed "celebrity" and "visual style" as the most important (food and beverage) advertising techniques when it comes to persuading teenagers to buy. Overall, the study provides insights into teen media use and brand preference, including the brands teens feel target them most directly and what they consider to be salient in terms of the food advertising they see. It also provides valuable details for researchers seeking to further identify and measure elements of teen-targeted food marketing.

Market perceptions of distress and its impact on returns: evidence from the U.S. commercial real estate market

ABSTRACT This paper examines the relationship between market participants’ sentiment regarding distress in the real estate market, captured through internet search queries, and the U.S. commercial real estate market. We use Google search frequency to construct a measure of market perception of distress, the Market Distress Perception Index (MDP Index), and determine the extent to which this index can help predict future private commercial real estate returns in the U.S. The results show that our pessimistic sentiment index predicts returns of commercial real estate up to three quarters in advance. These results hold at the national, regional, and state levels and are robust across various model specifications. The predictability of the sentiment index is especially pronounced during recessionary periods. We also analyse different property sectors and find that the inverse relationship between the MDP Index and future private commercial real estate returns persists across all sectors except the industrial sector. The relationship is strongest for the office sector.

Perceptions of the current and future emergency medicine workforce.

The objectives of the study were to assess emergency medicine (EM) physician perceptions of the EM job market 2 years after "The Emergency Medicine Physician Workforce: Projections for 2030" was published in Annals of Emergency Medicine and to examine how the workforce report may have influenced perceptions about job prospects. A cross-sectional survey was conducted in 2022 of EM residents, fellows, and attendings at 21 practice sites. Main outcomes were perceptions of the likelihood of currently finding any job, currently finding a desirable job, and confidence in the future EM job market. Note that 831 of 1938 physicians (42.9%) responded. A total of 92.4% reported a high likelihood of finding any job currently, 49.8% reported a high likelihood of finding a desirable job currently, and 44.4% reported future confidence. Workforce report familiarity was associated with greater likelihood of finding a desirable job. Fellows were least confident in the future. Residents with desired Midwest location were twice as confident in the future job market; those with desired West location were less confident. Attendings 20 or more years post-training were more than twice as likely to report a high likelihood of finding a desirable job and almost twice as likely to report future confidence. Attendings in leadership were nearly three times as likely to report high a likelihood of finding a desirable job and future confidence. EM trainees and attendings have favorable perceptions of the current job market but are less confident in future prospects. As the projected surplus of EM physicians appears to have had an impact, updated projections are needed for more accurate assessments of the future of the specialty.

The Effect Of Stock Price, Earning Per Share, Current Year Profit, Inflation, Interest And Exchange Rate On Construction Investment In Pt. Total Bangun Persada Tbk During 2013-2022

Indonesia is vigorously promoting progress in the construction sector, a key aspect of infrastructure development aimed at achieving equitable distribution across the country and preventing economic disparities (Willar, Waney, Pangemanan, & Mait, 2019). Infrastructure development is an essential program that continues to be advanced to enhance infrastructure and ensure economic equality throughout Indonesia. One of the primary infrastructure sectors targeted for development is construction (Pridayanti, 2014). Construction plays a vital role in supporting economic growth and improving the quality of life by providing necessary facilities and amenities. The construction of roads, bridges, buildings, and other infrastructures not only enhances connectivity and logistics efficiency but creates jobs and attracts investment. Therefore, the construction sector is a priority in the government's efforts to strengthen national competitiveness and catch up with other countries. One solution to support infrastructure development, particularly in construction, is through investment. Investment in the construction sector is crucial as it provides the necessary funds to build and improve existing and new infrastructures (Tambunan, Sabijono, & Lambey, 2019). Moreover, investment can attract reputable and competent construction companies, such as PT Total Bangun Persada Tbk, a private company engaged in construction. Investment also plays a role in creating new jobs, enhancing local workforce skills, and fostering economic growth (Mara, 2022). In making investment decisions, several factors need to be considered, such as the impact of stock prices, Earnings Per Share (EPS), current profit, inflation, interest rates, and exchange rates. Stock prices reflect the company's performance and market perception of prospects, while EPS indicates the profit earned per share, providing insight into the company's financial health. Current profit shows the profitability generated from daily operations. Inflation and interest rates are macroeconomic indicators that affect purchasing power and capital costs. Exchange rates, on the other hand, influence the cost of importing raw materials and the company's exposure to international markets. All these factors must be comprehensively considered to make wise and beneficial investment decisions.

Profitability measures and their impact on interpreting changes in market value added (MVA): Evidence from pharmaceutical and chemical companies

Investors and company managements often rely on traditional performance evaluation indicators, such as return on equity, return on assets, and other financial ratios, to explain changes in a company’s market value added (MVA). However, the effectiveness of these traditional measures in explaining market value fluctuations remains uncertain. This research aims to investigate the impact of various profitability measures, namely return on equity, gross profit margin, operating profit margin, and return on assets, on explaining changes in the MVA of pharmaceutical and chemical companies listed on the Amman Stock Exchange. To achieve the study’s objectives, we analyzed the published financial statements of a sample consisting of 14 industrial companies out of a total of 53 companies listed on the Amman Stock Exchange during the period from 2008 to 2022. Relevant financial indicators were extracted from these statements to serve the purposes of the study. Correlation coefficients were employed to measure the extent to which the independent variables (profitability measures) could interpret changes in the dependent variable (MVA). One of the most significant findings of the study is that three dimensions of profitability measures have a statistically significant impact on explaining changes in the MVA of pharmaceutical and chemical companies listed on the Amman Stock Exchange, albeit to varying degrees. This suggests that traditional profitability measures still play a crucial role in influencing market perceptions of a company’s value, despite the potential limitations of these measures in capturing the full scope of a company’s performance and potential.

Do Adverse Opinions on Internal Control over Financial Reporting Lead to Changes in Reporting Format?

SYNOPSIS This study examines whether the format of audit reports on financial statements and internal control over financial reporting (ICFR) changes in response to the disclosure of one or more material weaknesses in ICFR. The results indicate that (1) reporting format changes are more likely when adverse opinions are issued on ICFR and (2) formats are more likely to change from a combined report to separate reports than vice versa. Supplemental analysis reveals that format changes to separate reports do not result in more favorable market perceptions but do result in marginally lower levels of auditor dismissal/change. These findings indicate that auditors have incentives to acquiesce to client requests to change reporting formats, even though such changes do not result in more favorable market perceptions. Data Availability: Data are available from public resources noted in the text. JEL Classifications: M41; M42.

Recent Trends and Challenges in Employment for Emergency Medicine Trainees: A Survey of Graduating Residents' Perspectives.

The landscape of the emergency medicine (EM) workforce has undergone significant changes recently, posing challenges for residents who are about to graduate from EM training programs. The objective of this study was to survey graduating residents' perceptions of the recent EM job market. We conducted a cross-sectional survey study involving EM residents from programs in New York and New Jersey between August 2021 and November 2021. The survey consisted of 12 multiple-choice questions that focused on graduating EM residents' perceptions of the EM job market, its impact on their job search, and their interest in pursuing fellowship training. During the study period, 436 survey results were collected from 26 EM residency programs. Of the 418 respondents, 233 (56%) expressed their intention to start their job search earlier than their counterparts in previous years, as highlighted by the survey. Among respondents, 141 (76%) postgraduate year (PGY)-2, 139 (79%) PGY-3, and 47 (85%) PGY-4 residents anticipated a challenging job search. Nearly 90% of respondents believed that the coronavirus disease 2019 pandemic would affect both academic and nonacademic medical centers in terms of job openings. A total of 248 (59%) were interested in pursuing a fellowship after residency. Most residents preferred job opportunities on the East and West Coasts of the United States. The findings highlight the increasing competitiveness and challenges residents face in securing their first job, the declining interest in pursuing fellowships as residents progress in their training, and the geographic preferences for job opportunities.

The Influence of Social Media Emotions: Evidence from the Kodak Manic Episode

This paper explores the impact of Kodak’s announcements of ventures into the cryptocurrency and pharmaceutical industries on market sentiment and investor emotions. Evaluating social media data using novel sentiment analysis techniques, we find that emotions such as excitement, mania, anxiety, panic, and revulsion were salient in response to the announcements of KodakCoin and KodakPharma. Our results suggest that these emotions had significant short-term effects on share prices and market perception, demonstrating the impact of emotional patterns observed within KodakCoin and KodakPharma events on investor behavior and emphasizing the vulnerability of unsophisticated online stock traders to corporate ‘pivots’ irrespective of the perceived associated risks. We highlight the significance of monitoring emerging technologies and balancing innovation with stability, contributing to developing a more resilient financial ecosystem. Furthermore, this research underscores the importance of addressing several key areas in policy and regulation to ensure a stable and transparent financial ecosystem.

Resilient marketing of Chinese hotel enterprises based on marketing mix

Resilient marketing in hotel enterprises is a research area that has not been systematically explored. This study is based on the 4Ps theory to conduct a systematic theoretical study of resilient marketing in hotel enterprises and promote the application of resilient marketing in hotel enterprises. Data were collected from Chinese hotel employees (n = 501) through an online survey. Data were analysed using SPSS and AMOS software. confirmatory factor analysis (CFA) combined with structural equation modelling (SEM) was used to explore hotel employees’ perceptions of resilient marketing in hotel companies. The findings suggest that the concept of resilient marketing, constructed through the four dimensions of resilient products, resilient prices, resilient price, and resilient promotions, is better able to help hotel enterprises withstand crises. This study contributes to understanding how Chinese hotel enterprises use the concept of resilient marketing to withstand crises, such as positively adapting to market changes, collaboratively responding to market competition, and resisting and reversing crises situation. It has important theoretical value and practical significance for constructing a theory of resilient marketing for hotel enterprises, promoting the practical development of resilient marketing for hotel enterprises.

Analysis of The Potential of Women’s Economic Empowerment in the Digital Marketing Sector

Women’s economic empowerment refers to the process of enabling women to have broader control of their economic lives, including their access to resources, opportunities, and decision-making power. If women are empowered economically, they are better able to support themselves and their families, contribute to their communities, and support economic growth. Women entrepreneurs should implement current technology to maximize their business and marketing. By using digital applications, innovative creations can be provided uniquely and expanded into various materials. Furthermore, there are applications that help users to do independent financial management, having unique branding, global networking and promotions. Digital marketing helps to expand product reach in society and social media accelerates communication with customers. By attending workshops, joining industry associations, and participating in events or online communities, women can enrich their talents, access funding from organizations that support women entrepreneurs, and increase family economic support. On the other hand, there are some constraints faced, such as taking care of children and budgeting limitations for increasing their skills. This study was conducted to analyze twenty-five women’s potential in the digital marketing sector through counseling and training programs. They were from the local Batik home industry of 12 villages in Malang Regency, East Java province. These participants were chosen purposively from 100 members of PKK (Empowerment of Family Welfare) who participated in workshops and training local batik and have unique characteristics since their houses are located on the border of Malang city and Malang regency and their lifestyle is such that they are using a cellphone in daily life but not maximizing information from it, having social communities, but not maximizing their potencies in economics opportunities. This study used a quantitative approach. Data was collected through the questionnaire distribution to participants in training activities. Data analysis was carried out using SWOT analysis. The results showed that women’s perception and understanding of digital marketing in the research area were classified as low (80%), and this is also represented as a weakness and thread (80%). In order to solve this problem, micro, small, and medium enterprises (MSME) are suggested to collaborate with stakeholders in developing a sustainable program for digital marketing improvement, having support and access to markets from the governance. Keywords: Women Empowerment; Women Participation; Socioeconomics condition