Buzzword or fuzzword: an event study of the metaverse in the Chinese stock market

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Dades bibliogràfiques
Publicat a:	Internet Research vol. 34, no. 1 (2024), p. 174-194
Autor principal:	Xu, Yingbo
Altres autors:	Liu, Wei, He, Tong, Sang-Bing Tsai
Publicat:	Emerald Group Publishing Limited
Matèries:	China Stock exchanges Stock prices Internet Annual reports Investments Infrastructure Hypotheses Securities markets Social networks Science fiction & fantasy Blockchain Virtual communities Investors Technology Virtual reality Prices Literature Stakeholders Announcements Moderators Writers Computer Simulation Data Analysis Fiction
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Descripció
Resum:	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.
ISSN:	1066-2243 2054-5657 1051-4805
DOI:	10.1108/INTR-07-2022-0526
Font:	ABI/INFORM Global