Market Value Research Articles

Construction of transportation infrastructure and the mixed ownership reform of state-owned enterprises: based on the perspective of high-speed rail opening

ABSTRACT We study the impact of transportation infrastructure construction on the degree of mixed-ownership reform of local state-owned enterprises. We find that the opening of high-speed rail can significantly promote the mixed ownership reform process of local state-owned enterprises. Mechanism testing shows that the opening of high-speed rail can promote inter-regional market integration and reduce the transaction costs of potential private investors participating in mixed-ownership reform, and improve the operational activities and management characteristics of state-owned enterprises, and strengthen the intrinsic motivations of potential private investors to participate in mixed-ownership reform, thereby having a positive impact on the degree of mixed-ownership reform of local state-owned enterprises. Further research finds that the above-mentioned effects are sustain-able and more obvious among local state-owned enterprises and state-owned enterprises in competitive industries with weak government influence, which can ultimately improve the capital market value and labour productivity of state-owned enterprises.

Stock market reaction to new energy vehicle industry development plan: an event study in China

ABSTRACT The targets of energy conservation, decarbonization, and industry reinvigoration have significantly influenced the design of China’s new energy vehicle (NEV) industrial policies and nationwide electrification. As a monumental policy framework for energy transition in transportation sector, the NEV industry development plan plays an influential role in promoting cleantech diffusion and enhancing NEV competitiveness. This study employs an event study method to investigate the stock market reaction to the NEV plan shocks. The NEV plan announced in 2020 receives a markedly positive stock price effect of 3.72% in the 6-day event window. Heterogeneity tests on subsamples indicate that state-backed entities exhibit a similar effect to the total sample, while the automotive manufacturing class and original equipment manufacturers see a significantly higher market value gain of 6.56% and 13.34%, respectively. However, battery manufacturers, as one of the key participants in the NEV value chain, experience an insignificant stock price effect. This study documents the financial consequences of clean energy policies specific to the emission-intensive automotive manufacturing sector, highlights the effectiveness of government-to-investor signalling in a cleantech diffusion context, and reveals the implications to other economies seeking to deploy clean transport and enhance environmental sustainability.

The impact of announcements of regulatory and law enforcement penalties on stock market valuation of US banks from 2000 to 2022

Purpose This paper aims to analyze stock market reactions to announcements of regulatory and law enforcement penalties imposed on banks operating in the USA. Design/methodology/approach This paper examines abnormal stock market returns around penalty announcements for banks operating in the USA from 2000 to 2022. The authors use a comprehensive data set of nearly 600 penalties to conduct their event study. Findings This paper finds evidence of positive and statistically significant abnormal returns on the day of the penalty announcement. However, the authors also observe negative and statistically significant abnormal returns days later, violating the semi-strong efficient market hypothesis. Originality/value By accounting for confounding events and analyzing subsamples, the authors reconcile conflicting results from prior literature that have variously shown negative, null or positive stock market reactions to penalty announcements.

Women on board and business performance

Purpose This study aims to examine the association between women on board and business performance. It also aims to investigate the impact of corporate social responsibility (CSR) and female directors on stock prices, including the function of female directors in moderating the CSR–market performance link that ultimately provides valuable insights into the impact of gender diversity on corporate boards. Design/methodology/approach Data from US publicly listed firms between 2000 and 2018 were collected and analysed using OLS regression, median regression, M-estimator regression and MM-estimator regression at 70% and 95% efficiency. In this study, firm market value was measured through Tobin’s Q, board diversity with ISS database and CSR strength and concern with the KLD database. Findings The results indicated that CSR positively impacts market performance by 3.1%, female board representation positively influences market performance by 4.8% and female board members strengthen the CSR–market performance relationship by 1.0% while playing a moderating role. Overall, these studies demonstrated the significance of female boards of directors for enhancing market performance. Research limitations/implications This study used the data of US-listed firms from 2000 to 2018. The results have contributed to the ongoing discussion about the importance of gender diversity in boards and its influence on firm success. Further research works are suggested to expand the analysis by including other countries or considering additional factors that may influence the association between CSR, board representation of women and market share. Practical implications This study is essential for investors, legislators and CSR institutions in developed countries. The favourable impact of female board presence on market performance and the enhancement of the CSR–market performance relationship highlight the necessity of encouraging gender diversity on boards of directors and CSR activities. Social implications This study emphasises the significance of gender balance on corporate boards in solving important social challenges including climate change, resource scarcity and gender equality. Companies can actively assist in addressing global issues and improving the well-being of stakeholders by promoting gender-diverse boards and encouraging CSR efforts. Originality/value To the best of the authors’ knowledge, this study is the first study demonstrating that gender diversity on corporate boards moderates the significant association between CSR performance and profitability in the USA. It has contributed to the expanding body of information regarding the moderating influence of female directors on firm value and stronger evidence for female directors in the governance of businesses.

Based on CiteSpace Insights into Illicium verum Hook. f. Current Hotspots and Emerging Trends and China Resources Distribution

Illicium verum Hook. f. is a globally significant spice, which is recognized in China as a food-medicine homolog and extensively utilized across the pharmaceutical, food, and spice industries. China boasts the world’s leading resources of I. verum, yet its comprehensive utilization remains relatively underexplored. Through a resource survey of I. verum and the application of bibliometric visualization using CiteSpace, this study analyzed 324 papers published in the Web of Science Core Collection (WOSCC) from 1962 to 2023 and 353 core documents from China’s three major databases (CNKI, Wanfang Database, and VIP Database). I. verum from Guangxi province towards various southern provinces in China, with autumn fruits exhibited superior quality and market value over their spring fruits. Literature in WOSCC emerged earlier, with a research emphasis on food science technology and pharmacology pharmacy domains. WOSCC research on I. verum could be divided into two phases: an embryonic period (1962–2001) and a growth period (2002–2023), showing an overall upward trend in publication. The three major Chinese databases contain a larger number of publications, with a focus on the food sector, which could be categorized into three stages: an embryonic period (1990–1999), a growth period (2000–2010), and a stable period (2011–2023), with an overall downward trend in publication. Both Chinese and international research hotspots converge on the medical applications of I. verum, with antioxidant bioactivity research emerging as a prevailing trend. This study delineated the resource distribution of I. verum across China and identified the research hotspots and trends both in China and internationally. The findings are beneficial for guiding researchers in swiftly establishing their research focus and furnishing decision-makers with a comprehensive reference for industry information.

The Relationship Between Intellectual Capital, Financial Stability, Firm Performance, Market Value, and Bankruptcy Risk: Empirical Evidence from Pakistan

The Relationship Between Intellectual Capital, Financial Stability, Firm Performance, Market Value, and Bankruptcy Risk: Empirical Evidence from Pakistan

Bank Market Value and Loan Supply

Bank Market Value and Loan Supply

Point-of-care testing: a critical analysis of the market and future trends

Point-of-care testing (POCT) involves conducting diagnostic tests outside the laboratory. These tests are utilized for their quick and reliable results in detecting chronic diseases and acute infections. We examined the historical market value trends of the POCT industry and projected its future growth. POCT devices offer several advantages, such as portability, no specific storage requirements, and simplicity of use. However, issues such as inaccurate results can reduce demand for POCT compared to traditional laboratory testing alternatives. While the benefits of POCT are clear, it’s important to acknowledge the challenges. The accuracy of POCT devices can be compromised due to factors such as user error, environmental conditions, and limitations in technology. Furthermore, the cost-effectiveness of these devices is often a concern, particularly in resource-limited settings. The regulatory landscape for POCT is also complex and varies by region, which can pose challenges for manufacturers and end-users. Improvements in POCT devices’ sensitivity, specificity, cost, and turnaround time for test results could enhance their utility. Enhancements to a POCT device should be considered if they are economically viable and lead to a significant increase in demand. Our financial analysis of the POCT market revealed a positive growth trend. We identified potential areas for growth that could help the industry progress and expand in line with its projected growth in the coming years. The industry could focus on integrating intelligent technologies into POCT devices and collaborating with the innovative technology sector to increase revenue. It could also develop more sensitive and accurate POCT devices for non-communicable diseases. Another potential area of growth is in diseases that require continuous patient monitoring but where conventional clinical testing is time-consuming. Enhancing the POCT devices used in these areas could revolutionize medical diagnosis and potentially save many lives, provided they meet clinical standards.

PELATIHAN PRODUKSI DAN PENGEMASAN OLAHAN HASIL PERIKANAN PADA KELOMPOK NELAYAN TRADISIONAL UJUNGPANGKAH DI KABUPATEN GRESIK PROVINSI JAWA TIMUR

The problem faced by traditional fishermen groups is business expansion and empowerment of fishermen women to process some of the catch into processed products. Processed fish products that are in demand by the public are a promising business opportunity, this requires technology to produce good products. Products resulting from the diversification of marine processing are catches that are rarely consumed by the public, but have high nutritional content that is really needed by the community. The aim of making this product is to increase the added value of runcah fish. Trash fish is usually only used as fish meal or even in certain conditions is thrown away because it cannot be processed into a product of marketable value. The implementation of this program is divided into several activity stages, namely: The first stage is collecting aspirations, the second stage is exploring the problems that exist at the location of community service activities and the third stage is evaluating mentoring activities. The results of this activity are that the partner group has succeeded in producing the raw material for Pahat fish and has the motivation to produce processed products in the form of nuggets, meatballs and fish crackers. Nugget, somai and dragon's foot products, all of which are made from fish meat, are expected to be a breakthrough in efforts to increase the added value of products caught by fishermen. The conclusion from this community service activity is that the partner group has high enthusiasm and motivation to take part in training in community service activities, has adequate skills to produce processed products from Pahat fish and is successful in producing Pahat fish raw materials and has the motivation to produce processed products in the form of nuggets, meatballs and fish crackers.

Food ethnobotany of forest resource in the high-altitude Himalaya Mountains: Enhancing the food sovereignty of ethnic groups

The vital knowledge of traditional foraging techniques used in indigenous peoples' cuisines may be preserved through gastronomical field studies before it is lost forever. Certain plants are appreciated for their gastronomic, social, economic and ecological importance in the High Himalaya because they play such a significant role in the daily life of the local indigenous populations. To determine the plant cultural indicators for each ethnic group, the data were analyzed using an indicator species analysis. Semi-structured interviews of 167 participants, focus group discussion, and field observations were used to gather information from February 2019 to August 2022 for a comprehensive and systematic gastronomical survey. Across four ethnic groups, a total of (N = 99) wild edible plant species and (N = 9) fungi species from 38 families were documented. Tender leaves were the most commonly used, while tubers were the least commonly used. The majority of the species reported were used as vegetables, followed by species used as fruits and herbal tea. For the first time, we examined cross-cultural similarity and dissimilarity for gastronomic usage: vegetables and savoring plants,fruits, and herbal tea across the cultures studied from the perspective of food ethnobotany. We discovered a clear difference in how different cultures used forest resources, with Gujjar and Pahari showing the most species similarity. This is because these ethic groups are culturally linked with one another and share a common social structure, geography, and language. We calculated plant cultural markers for each species, and 19 of them had significant p-values among the four ethnic groups. The findings revealed a positive relationship between the Gujjar and Pahari ethnic groups and the gastronomical indicator values, while the Kashmiri ethnic group had a negative relationship. The Kashmiri ethnic group experienced the loss of traditional knowledge because of the economic transition that caused people to prefer purchasing vegetables from the market rather than foraging for them in the wild. Traditional knowledge was also dwindling between the Gujjar and Pahari ethnic groups because of social changes brought on by developmental activities that changed their way of life. The identified plant cultural markers were significant to local residents and frequently had adaptations to extremely harsh climatic and environmental conditions. Our finding that 47% of species had market value suggests that these species have a sizable market demand and a promising economic value. They have the potential to boost food security, local community sovereignty, and people's living standards. Food production systems may become more resilient and sustainable by incorporating these indicator species into conventional agriculture. The current study raises awareness about forest resources and enables ethnic groups to live in a natural environment without food scarcity.

Differentiation of Polygonatum Cyrtonema Hua from Different Geographical Origins by near-Infrared Spectroscopy with Chemometrics.

The identification of the geographical origin of Polygonatum cyrtonema Hua is of particular importance because the quality and market value of Polygonatum cyrtonema Hua from different production areas are highly variable due to differences in the growing environment and climatic conditions. This study utilized near-infrared spectra (NIR) of Polygonatum cyrtonema Hua (n = 400) to develop qualitative models for effective differentiation of Polygonatum cyrtonema Hua from various regions. The models were produced under different conditions to distinguish the origins distinctly. Ten pre-processing methods have been used to pre-process the original spectra (OS) and to select the most optimal spectral pre-processing method. Principal component analysis (PCA), partial least squares discriminant analysis (PLS-DA), and orthogonal partial least squares discriminant analysis (OPLS-DA) were employed to determine appropriate models. For simplicity, the pretreated full spectrum was calculated by different wavelength selection methods, and the four most significant variables were selected as discriminant indicator variables. The results show that Polygonatum cyrtonema Hua from different regions can be effectively distinguished using spectra from a series of samples analyzed by OPLS-DA. The accuracy of the OPLS-DA model is also satisfactory, with a good differentiation rate. The study findings indicate the feasibility of using spectroscopy in combination with multivariate analysis to identify the geographical origins of Polygonatum cyrtonema Hua. The utilization of near-infrared spectroscopy combined with chemometrics exhibits high efficacy in discerning the provenance of herbal medicines and foods, thereby facilitating quality assurance measures.

Energy Performance in Residential Buildings as a Property Market Efficiency Driver

Energy consumption plays an important role in contemporary economies. Its significance extends beyond utilitarian value, impacting economic robustness, environmental protection, and residents’ well-being. The escalating global energy requisites necessitate efficient energy utilization and a shift towards renewable sources to address climate change and strengthen energy independence. Developing accurate predictive models to forecast long-term energy costs and savings remains a complex problem. This paper aims to provide a methodology to identify the influence of building energy performance on real estate market efficiency, focusing on property maintenance costs. Real estate plays a crucial role in human life, serving both as a fundamental need and as a vehicle for achieving personal aspirations and secure financial investments, particularly during times of economic and social instability. Through interdisciplinary methodological architecture, this study addresses three key issues: the impact of rising energy costs on market efficiency, the responsiveness of the real estate market to energy price fluctuations, and the significance of property maintenance costs on market value. The research approach includes creating and applying AI algorithms capable of evaluating extensive datasets pertaining to real estate features. Utilizing machine learning methods, the algorithm determines the importance of energy efficiency measures as well as various other inherent and external attributes of properties. The suggested methodology provides a novel approach to improve the effectiveness of market efficiency analysis.

Big data analysis technology in regional economic market planning and enterprise market value prediction

Abstract Market planning for regional economic development is a crucial task connected to stability and systematicness and influences the unique outcomes of regional economic growth. As a result, market planning for regional economic development must be given more weight. There are several issues with regional economies currently developing in many parts of our country. Lack of focus on market planning for regional economic growth results in several flaws in market planning, making it challenging to support sustainable development. The accurate analysis of diverse massive economic datasets has significant research value. The aim of this study is to provide an overview of market planning and regional economic and industrial development, analyze the effects of market planning on regional economic and industrial development, identify issues with market planning and regional economic and industrial development, and suggest solutions. This article employs big data analysis technology to forecast corporate market value and develop regional economic markets. The system is employed to conduct experimental big data analysis within a specific field for an extended period. According to test analysis results, the system’s data analysis accuracy can reach up to 95.8%, which has a promising future for use.

Empirical examination of the Black–Scholes model: evidence from the United States stock market

Option pricing is crucial in enabling investors to hedge against risks. The Black–Scholes option pricing model is widely used for this purpose. This paper investigates whether the Black–Scholes model is a good indicator of option pricing in the United States stock market. We examine the relevance of the Black–Scholes model to certain stocks using paired sample t-test and Corrado and Miller’s approximation for the implied volatility. Empirical tests are applied to determine the significance of the relationship between the actual market values and the Black–Scholes model values. Paired sample t-tests are applied to 582 call options and 579 put options. The empirical test results show that there is no significant difference between the actual market premium value and the Black–Scholes model premium value for seven out of nine stocks considered for call options, and four out of nine stocks considered for put options. Thus, we conclude that the Black–Scholes option pricing model can be used to price call options but is not suitable for pricing put options in the United States stock market.

Improvement of DEVA Model in Valuation Research of Internet Financial Information Service Companies

With the development of the digital economy and the internet, the internet financial information service industry has shown strong momentum. Different from traditional enterprises, internet financial information service companies possess characteristics of low assets, high risks, and difficulties in measuring non-financial indicators. As a result, traditional valuation methods exhibit inaccuracies in application and require the introduction of non-financial valuation models for validation. Therefore, considering the industry's characteristics from a user perspective, we introduce the Metcalfe valuation modelthe DEVA valuation model. Simultaneously, we improve this model and, using Hithink Royalflush Information Network Co., Ltd. as a case study, estimate the value at the evaluation point using both the original DEVA model and the revised new model. Finally, we analyze and compare the differences between the various valuations and Royalflush's total market value at the evaluation point, concluding that the improved DEVA model yields more fair and accurate valuation results.

The Pilot Creation of Sustainable Stall Design to Promote Temporary Pottery Market in the Baan Muang Kung Community

Although local intellectual property products have received support from both the government and private sectors, including increasing consumer interest in craft products, the residents of the Muang Kung community, Chiang Mai province, who produce handmade clay pottery with unique and distinctive shaping techniques and intricate patterns, still lack a market space to accommodate their products. Therefore, it is necessary to study the sustainable market format to help promote community products appropriately and stimulate tourism in this area. This research aims to achieve the following objectives (1) Study sustainable market pattern design principles suitable for community markets (2) Explore the potential capabilities and the local community’s requirements in market (3) Propose sustainable market design guideline to promote community products. This research primarily explores the sustainability value of a sustainable market within the field of retail design, employing qualitative research methods such as interviews, observational note-taking, photography, and comparative case study analysis. The on-site survey to determine the project's feasibility involved convening a community meeting with 50 residents to discuss findings. The outcomes of this gathering were then used in designing the temporary market. The findings present design guidelines that illustrate how markets continue to play important socio-economic roles in local communities, serving as key components that can be transformed to promote sustainable development. The proposed design practice guidelines encompass considerations such as site layout, the application of sustainable design principles, including the thoughtful selection of sustainable materials, the incorporation of flexible design, and the creation of participatory area experiences to attract people.

OVERVIEW OF CHANGES IN THE STRUCTURE OF ASSORTMENTS AND COSTS OF BUILDING PROFILES IN UKRAINE

Purpose. The main purpose of the publication is a qualitative and quantitative analysis of the changes associated with the implementation of new standards for rolled steel in recent years in the domestic regulatory framework. Also, an additional purpose is to estimate changes in the cost structure of certain types of rolled metal in Ukraine over the past 5 years. Methodology. In order to achieve the main purpose, both the rolled steel standards currently in force in Ukraine and the canceled previous standards were examined in detail. Comparison of standards for sheet profiles was carried out according to the criteria of the number of standard sizes and the profiles themselves in the standard. Comparison of standards for shaped profiles was carried out according to several criteria – the number of available standard sizes of profiles, the number of profiles themselves, the mass indicators of the largest and smallest profiles, as well as the efficiency indicators (nuclear distance and the square of the radius of inertia) of the largest and smallest profiles according to the standard. To assess changes in the cost structure of assortment profiles of various types, a quantitative comparison of their absolute and relative market value was carried out based on data from open electronic resources for the past 5 years. Findings. At present, in the part of standards for the range of steel products in Ukraine, a systematic and full-fledged update of the regulatory framework is taking place, with the full preservation of our own national heritage. The need to develop and implement a standard for flat hot-rolled broad-banded sheet, specialized and improved standards for hot-rolled bars and for cold-bent square and rectangular profiles, as well as the need to provide the official status of the standard for I-bars with parallel edges of the shelves are the main problematic issues in the part of the assortment normative base at the moment. Originality. In this publication, a theoretical estimation of modern changes in the current normative base of Ukraine, which regulates the issue of the range of steel rolled metal, is presented. In particular, 2 types of sheet metal, 5 types of shaped hot-rolled steel and 3 types of shaped cold-bent profiles, which are the most widely used for steel building structures, were analyzed. The main performance indicators of profiles according to old and new standards are calculated. Practical value. In the practical part of the completed review, changes in the cost structure of the main types of rolled steel over the past 5 years in Ukraine were estimated. The main problematic issues of the current assortment base of Ukraine are separately identified and practical recommendations for their elimination are provided.

CEO industry tournament, investor attention, and company value

AbstractBased on the emerging capital market of China, this paper uses the data of Chinese listed companies to test the market value management behavior of CEOs under the incentive of industry tournaments. The empirical results show that the CEOs industry tournament improves the value of listed companies by attracting investor attention. In the test of the incentive mechanism of the industry tournament, we find that in the samples with lower industry mobility and state ownership and where the CEO is new, retiring, or a founder, the industry pay gap has a weaker incentive effect on the CEO. In the test of the CEOs' efforts to manage investor attention, this paper finds that CEOs are incentivized to disclose more financial and nonfinancial information, increase advertising spending, and hold more shareholder meetings. Discussed with other incentives, compensation incentives and equity incentives enhance the motivational role of industry championships for CEOs. This study explores in depth the possible impact of industry tournaments on CEO behavioral decisions and also provides a new perspective for corporate to manage investor attention. This provides important reference value for corporate CEO compensation, information disclosure supervision, and investor decision‐making.

Exploring Consumer Preferences and Challenges in Hybrid Meat Products: A Conjoint Analysis of Hotdogs

Plant-based meat has been the primary strategy to reducing meat consumption. While this category has demonstrated success, with the market value estimated to reach USD 20 billion by 2023, the subsequent reduction in meat consumption has not been proportionate. An alternative approach is hybrid products, which are thought to produce products that more closely resemble meat products. However, whether consumers will be willing to purchase hybrid products remains uncertain. Therefore, the present study uses a conjoint analysis approach to assess the product features driving the selection of a hybrid hotdog. This approach uncovers factors driving consumers’ purchase intentions for hybrid meat products when offered as a choice against 100% plant-based and 100% beef products. In an online survey, participants (n = 454; 45.6% female) were asked to select the product they would be most willing to purchase, varying in four characteristics: protein source, price, fat content, and price. Following this task, participants answered questions related to meat attachment, food neophobia, health, ecological, social, and moral motives regarding food consumption. The results revealed that protein source was the most important factor driving product selection, followed by price, fat, and packaging claims (35%, 24%, 21%, and 20% relative importance, respectively). In this study, hybrid hotdogs were the least preferred to beef and plant-based (−16, −2.5, and 18 part-worth utility, respectively). These product-specific attributes (protein, fat, and price) had distinct relationships with the choices of hybrid, plant-based, and hybrid hotdogs, with these factors together explaining slightly more variability in the selection of hybrid (9%) compared to plant-based (7%) and beef hotdogs (4%). For hybrid hotdogs, protein had the greatest influence (B = −1.2) followed by fat (B = −0.8) and price (B = −0.5). Interestingly, person-related parameters (health, meat attachment, ethics, and food neophobia) had no relationship with the selection of hybrid hotdogs, contrary to plant-based (7%) and beef hotdogs (5%). This influence of the different parameters on the selection of hybrid meat is thought to be due to the lack of consumer knowledge and familiarity with hybrid products. The current understanding of plant-based products may not correspond to hybrid products. Engaging with consumers during the development of these products is critical to ensure consumer acceptance and thus support the transition to a more sustainable diet.

Profitability and Market Value Effect on Carbon Emission Disclosures: The Moderating Role of Environmental Performance

Climate change is an issue that is of concern to the global public and scientific community. There is a close relationship between climate change and carbon emissions, which are the primary cause of global warming. Reporting on carbon emissions is essential for corporate accountability to stakeholders when evaluating a company's financial and non-financial performance. Good management of carbon emissions will enhance the company's reputation. This study analyses the impact of company profitability and market value on the disclosure of carbon emissions, with environmental performance serving as a moderating variable in the context of Indonesian public companies. This study concludes that: (1) There is no significant impact on profitability, as measured by Return on Assets, on Carbon Emission Disclosure; (2) The study finds that there is a statistically significant positive relationship between market value, measured by Tobin's Q, and the level of carbon emission disclosure. This relationship is significant at a 5% significance level; (3) The moderating effect of environmental performance on the relationship between profitability, as measured by return on assets, and carbon emission disclosure is found to be insignificant; (4) The significance level of 10% indicates that the relationship between environmental performance, as a measure of a company's environmental practices, and market value, as represented by Tobin's Q, is strengthened concerning the disclosure of carbon emissions. This research can contribute to developing accounting knowledge to close gaps in the body of knowledge regarding the disclosure of carbon emissions in developing nations, particularly Indonesia.