Buzzword or fuzzword: an event study of the metaverse in the Chinese stock market
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| Pubblicato in: | Internet Research vol. 34, no. 1 (2024), p. 174-194 |
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| Autore principale: | |
| Altri autori: | , , |
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Emerald Group Publishing Limited
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| Accesso online: | Citation/Abstract Full Text Full Text - PDF |
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| 024 | 7 | |a 10.1108/INTR-07-2022-0526 |2 doi | |
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| 100 | 1 | |a Xu, Yingbo |u Business School, Qingdao University, Qingdao, China | |
| 245 | 1 | |a Buzzword or fuzzword: an event study of the metaverse in the Chinese stock market | |
| 260 | |b Emerald Group Publishing Limited |c 2024 | ||
| 513 | |a Journal Article | ||
| 520 | 3 | |a Purpose“Metaverse” has become a buzzword in the Chinese stock market. However, it remains unclear whether a firm's metaverse-related announcements will elicit positive stock market reactions. Whether and how stakeholder reactions are influenced by a firm's metaverse-related readiness also needs to be further explored. This study aims to discuss the aforementioned objective.Design/methodology/approachThe authors derived a set of factors based on readiness theory and business ecosystem literature and extend them into the context of the metaverse. The authors used a sample of 642 Chinese listed firms in 2021 to investigate the hypotheses through the event study.FindingsThe study’s findings show that metaverse coverage induces a positive stock market reaction, but it is subject to three moderating effects. The authors introduce the novel concepts of IT readiness, ecosystem readiness and digital infrastructure readiness as the moderators. Stakeholders perceive metaverse announcements as overhyped, and stock prices do not fluctuate significantly after a metaverse announcement when the listed firms are not ready to embrace the metaverse.Originality/valueThis study is one of the first that introduces the event study method into the metaverse research, and it reveals that different levels of readiness influence stakeholders' evaluations and reactions to corporate metaverse coverage. This provides empirical evidence on metaverse development in China from the stock market's perspective. | |
| 651 | 4 | |a China | |
| 653 | |a Stock exchanges | ||
| 653 | |a Stock prices | ||
| 653 | |a Internet | ||
| 653 | |a Annual reports | ||
| 653 | |a Investments | ||
| 653 | |a Infrastructure | ||
| 653 | |a Hypotheses | ||
| 653 | |a Securities markets | ||
| 653 | |a Social networks | ||
| 653 | |a Science fiction & fantasy | ||
| 653 | |a Blockchain | ||
| 653 | |a Virtual communities | ||
| 653 | |a Investors | ||
| 653 | |a Technology | ||
| 653 | |a Virtual reality | ||
| 653 | |a Prices | ||
| 653 | |a Literature | ||
| 653 | |a Stakeholders | ||
| 653 | |a Announcements | ||
| 653 | |a Moderators | ||
| 653 | |a Writers | ||
| 653 | |a Computer Simulation | ||
| 653 | |a Data Analysis | ||
| 653 | |a Fiction | ||
| 700 | 1 | |a Liu, Wei |u Business School, Qingdao University, Qingdao, China | |
| 700 | 1 | |a He, Tong |u Entrepreneur College (Taicang), Xi'an Jiaotong-Liverpool University, Suzhou, China | |
| 700 | 1 | |a Sang-Bing Tsai |u School of Business, WUYI University, Wuyishan, China | |
| 773 | 0 | |t Internet Research |g vol. 34, no. 1 (2024), p. 174-194 | |
| 786 | 0 | |d ProQuest |t ABI/INFORM Global | |
| 856 | 4 | 1 | |3 Citation/Abstract |u https://www.proquest.com/docview/2920038618/abstract/embedded/6A8EOT78XXH2IG52?source=fedsrch |
| 856 | 4 | 0 | |3 Full Text |u https://www.proquest.com/docview/2920038618/fulltext/embedded/6A8EOT78XXH2IG52?source=fedsrch |
| 856 | 4 | 0 | |3 Full Text - PDF |u https://www.proquest.com/docview/2920038618/fulltextPDF/embedded/6A8EOT78XXH2IG52?source=fedsrch |