We investigate factors affecting individual investors' switching intention from traditional financial market to crypto-currency financial market. By sampling factors of individual investors related with crypto-currency (CC), the study applies structural equation modeling method (SEM) to investigate their effects on switching intention by integrating PPM and Reinforcement Sensitivity theories (RST) to form a pulling, pushing and mooring effects model. The investigation indicates that crypto-currency market can be regarded as a kind of beneficial supplement of tradition investment market for those individual investors who are with high innovativeness, reward sensitivity, knowledge and perceived risk. This study proves that the individual investors are not only attracted by significant expected return from crypto-currency but also relevant knowledge and risks disclosed by crypto-currency market regulators and distributors. The findings reinforce major roles for both market regulators and individual investors in considering and providing insights for future policy, management and investigations.
This study is designed to provide strategic inspiration in multinational institutions’ investment behavior in Cambodia. Most factors affecting the investment decisions of South Korean and Chinese institutional investors in Cambodia are investigated based on UTAUT theory. Perceived asset price and perceived asset quality proves to have a significant effect on perceived asset value, whereas perceived financial risk proves to have a significant negative effect on the relationship between perceived asset value and investment decision for the Chinese group, but not for the South Korean group. Facilitating conditions proves to have an important effect in investment decisions for the South Korean group, but not for the Chinese group. Furthermore, perceived asset value, social influence and performance expectancy prove to have a significant effect on investment decisions for both groups. Although both South Korean and Chinese institutional investors are plentiful in Cambodia, the investigation indicates that they maintain symmetry in investment competition due to their different preferences in investment objects and types. The results reinforce major implications in offering a more symmetrical and fair competition environment for both Cambodian regulators and multinational institutions.
Blockchain-based loan system can be summed up as: information exchange between various government departments; information exchange between enterprises and various financial institutions; detection of the actual use of loans in the form of encrypted currency. This technology is supposed to reduce a lot of financing costs for SMEs on average. Therefore, this research extends complexity theory to discover the factors that affect the use of Blockchain loan systems by SMEs. Complexity, perceived risk, perceived fairness and reward sensitivity prove to have significant effects on usage intention. Complexity proves to have moderating effects on other relationships. This research may contribute to the system performance improvement and provide opportunities for SMEs to share information with financial institutions or individuals around the world, thereby providing investors with equal opportunities for competition.
This study analyzes the relationship between the future cash flow forecast information provided by financial analysts and accounting information. We examine whether the joint issuance of financial analyst earnings forecasts and cash flow forecasts from 2011 to 2015 contributes to the information usefulness of Korean listed firms. The empirical results of this study are as follows. First, the issuance of analysts' cash flow forecasts and earnings forecast accuracy were significant positive values. Cash flow forecast accuracy and earnings forecast accuracy were significant positive values. Second, the issuance of analysts' cash flow forecasts and buy-sell bid spread are significant negative values. These results show that the information asymmetry between the manager and the investor can be reduced based on the rich information environment. This study suggests that cash flow forecasting information of financial analysts provides important evidence for capital market participants because it provides evidence that capital market participants' information can be used as useful information for economic decision-making. These results show the sustainability of a firm from the viewpoint of a financial analyst who acts as an intermediary and external supervisor in the capital market. In addition, the analysts' cash flow forecasting information is expected to reduce the information asymmetry between the company and the investor, thereby increasing the transparency and sustainability of the firm.
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