Plus Token and investor searching behaviour – A cryptocurrency Ponzi scheme

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Abstract

In July 2020, the Chinese government warned that the Plus Token was a Ponzi scheme based on blockchain. More than 200 million investors were involved in this scam. We investigate how investors' search behaviour is associated with their decision making. We find that the bitcoin bag of words Baidu index is positively and significantly related to bitcoins transferred to Plus Token addresses, suggesting that public prominence of searches about bitcoin and blockchain tends to be related to investor decisions regarding the Plus Token project.

Deleveraging for talents: Human capital reliance and corporate leverage

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Abstract

Using data from Chinese listed firms, we develop a measure of a firm's reliance on human capital that is based on its demand for highly educated employees. We find that a high reliance on human capital is linked to low corporate leverage, and this effect is more pronounced among firms at a high risk of human capital mobility and those facing high skilled-labour adjustment costs. Our results indicate that firms strategically manage their capital structure to maintain financial flexibility, enabling them to effectively respond to the labour-related costs associated with human capital losses and costly labour adjustments.

Cultural diversity and Indigenous participation on Australian corporate boards: Harder but better decisions

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Abstract

This study explores Indigenous Australians' participation on corporate boards. We confirm the significant under-representation of Indigenous Australians on corporate boards. Using data collected from semi-structured interviews with business leaders, we explore their perceptions of cultural diversity and pathways to directorships provided by corporate Australia for Indigenous Australians. Australian business leaders perceive the importance of cultural diversity (particularly in terms of its myriad benefits such as enhanced decision making), acknowledge the problem of limited diversity, and provide insights to improve diversity. Key pathways for Indigenous Australians include skills and experience, education and training, reputation, networking and organisational support.

Corporate social responsibility disclosure, dividend payments and firm value – Relations and mediating effects

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Abstract

We examine the relations between corporate social responsibility (CSR) disclosures, dividend payments and firm value. We use an international sample and measure CSR disclosures based on Global Reporting Initiative (GRI) disclosure levels, which we divide into two parts (unexpected and expected disclosures). We find three main results. First, firms with higher levels of unexpected CSR disclosure pay higher dividends, and this association is attributable to firms where unexpected CSR disclosure is aligned with CSR performance. Second, only the unexpected part of CSR disclosures is positively associated with share prices. Third, this positive association is fully mediated by dividends.

Does patent infringement litigation affect stock price crash risk? Evidence from China

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Abstract

Previous studies have examined the determinants of stock price crash risk. However, extant literature overlooks the relationship between patent infringement litigation and stock price crash risk. Based on a dataset of Chinese firm-year observations for the period 2007–2021, we fill the gap by examining how patent infringement litigation affects stock price crash risk and the underlying channels through which this effect occurs. We provide robust evidence that corporate patent infringement litigation increases its risk of one-year-ahead stock crash. This unfavourable effect is more pronounced in firms that were involved with invention patent infringement lawsuits, lost a patent litigation case, suffered from larger litigation costs and are defendant firms. The channel analysis confirms that increased information risks and exacerbated financial constraints are two plausible channels explaining how patent infringement litigation leads to stock price crash risk. Finally, we find that effective corporate governance and risk-taking level are conducive to mitigate the unfavourable effect of patent infringement litigation on stock crash risk. This study enriches the literature on stock price crash risk from the perspective of patent infringement litigation.

Perceptions of causes and treatment of mental illness among traditional health practitioners in Johannesburg, South Africa

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South African Journal of Psychology, Volume 53, Issue 3, Page 403-415, September 2023.
Mental disorders are among the most poorly treated illnesses in sub-Saharan Africa. It is estimated that 70%–80% of South Africans consult traditional health practitioners for the treatment of psychological ailments. As traditional health practitioners maintain a strong role in assessing and treating patients with mental illness in this context, this study contributes to the burgeoning research literature on the topic. Semi-structured in-depth interviews were conducted with 18 traditional health practitioners in Johannesburg, South Africa, between January and May 2022. Interviews were transcribed and translated into English. The data were managed using NVivo 12 software and thematically analysed. Traditional health practitioners interviewed generally perceived mental illness to be of supernatural causation, either as a result of bewitchment, a calling for patients to become THPs themselves, due to displeased ancestors, or due to natural causes. Traditional health practitioners identified eight primary treatments that they use for treating mental illness. Among these were throwing of bones (tinhlolo) to start communicating with ancestors, steaming (ukufutha) to start a cleansing process, sneezing (umbhemiso) to forcefully dispel the spirit causing the illness, induced vomiting (phalaza), and the administration of laxatives (mahlabekufeni) to remove the spirits poisoning the body as well as animal sacrifice to purge spirits and communicate with ancestors. This is all followed by cutting (ukucaba), which is the final part of the treatment and ensures that the evil spirit cannot return. Due to the ubiquity of traditional health practitioner usage for mental illness in sub-Saharan Africa, it is essential to understand what conceptions traditional health practitioners have of the aetiology of these disorders as well as their modalities for administering treatment.

An exploration of risk factors in a community sample of low socioeconomic status youth in South Africa

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South African Journal of Psychology, Volume 53, Issue 3, Page 389-402, September 2023.
Youth in low socioeconomic status communities experience multiple risks which disrupts their emotional, cognitive, and psychological development. In South Africa, there is a tacit acceptance of risk constructs as researched globally. This study examines risk occurrence with the aim of identifying and examining the uniqueness of risks in a community sample of youth. Data were collected from youth and their maternal caregivers through interviews and standardized instruments. Youth from grade 7 and grade 10, 9 to 18 years (M = 13.11; SD = 1.54) were recruited. Sixty-five percent were female. Thirty-five frequent risk factors were identified using a z-test for proportion of means. Five risk factors, namely, low household income, race, English not being the primary home language of the parent, low maternal self-esteem, and low dyadic satisfaction, emerged as significant risks. Other risk factors (e.g., single-parent household), which feature prominently in international studies, did not emerge as significantly present. While risk occurrence in our sample shares commonalities with international trends, our study further highlights how risk is underscored and shaped by South Africa’s socioeconomic and political history. We argue that traditional concepts, like family, race, and language require conceptual review when undertaking research and developing policies and interventions that are relevant to South African communities.

A systematic exploratory review investigating the relationship between working memory and emotion regulation: implications for working memory training

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South African Journal of Psychology, Ahead of Print.
Working memory training (WM-T), as an intervention strategy to improve emotion regulation (ER), has become popular in cognitive psychology. However, it poses many different challenges for researchers, and far-transfer effects on subsequent ER have been debated. This systematic exploratory review investigates how the WM-ER dyad is implicated in WM-T as an intervention strategy for improving ER. Systematic review protocols were followed for the selection of studies investigating the relationship between WM and ER, and WM-T to improve ER. An electronic database search following the PRISMA statement was conducted in which 15 studies were considered eligible. The studies were assessed for quality control using an adapted Critical Appraisal Skills Programme (CASP) tool for quantitative studies. Studies were analysed using the PVO (population, variables, and outcomes) strategy for systematic exploratory reviews. Five studies included psychological disorders and one study used brain imaging. From a neural perspective, the coupling of the prefrontal cortex and the anterior cingulate cortex over the amygdala was involved in the WM-ER dyad. Although there was a lack of evidence of far-transfer effects of WM-T to improve ER, the mechanisms of reward-enhancing effects in WM-T, as well as dopamine release (involved in brain-reward circuitry), should be explored further. This will allow researchers to re-evaluate the direction that the investigation is taking. More concerningly, there is a need for quality control in WM-T studies due to several studies lacking ethical consideration and standardisation. Future WM-T studies must ensure that research is founded on quality evidence.