ABSTRACT
Under the current conditions of the COVID-19 pandemic, the practice of providing goods and services, as well as their availability to consumers, remains relevant and requires further scientific research. The purpose of the article is to substantiate the conceptual basis of using digital marketing technologies in the commercial activities of enterprises to increase their value, competitiveness and ensure sustainability of development in the conditions of the COVID-19 pandemic. The methodological basis of the study of the use of digital marketing technologies in the commercial activities of enterprises in the conditions of the COVID-19 pandemic is a systematic approach and principles of digital marketing management, including: goal orientation, efficiency, functionality and complexity. The feasibility of the complex application of digital marketing tools in the commercial activities of the enterprise for the implementation of the marketing strategy in the conditions of the COVID-19 pandemic has been proven, including: contextual advertising, SEO and SEM promotion, banner advertising, advertising windows, television advertising, radio advertising, advertising in gaming, shopping and other applications, native advertising, SMS mailing, QR codes in offline mode, viral advertising, advertising in messengers, teaser advertising, retargeting. The advantages and disadvantages of using digital marketing in the commercial activity of the enterprise in the conditions of the COVID-19 pandemic are highlighted. The need to apply promising innovative implementations in the field of digital marketing has been proven, which should include: the use of online testing;implementation of voice search;use of chat bots;use of video marketing;use of interactive content.
ABSTRACT
Corporate managers are the central figures of corporate activity who can control the strategic direction of companies. The company's use of financial derivatives can avoid risks and has an important impact on the value of the company. This study examines A-share listed firms in Shanghai over the period 2011–2020, uses an OLS panel and a moderating effects model, and investigates the impact of financial derivatives on firm value from the perspective of managers' characteristics. We find that financial derivatives can significantly increase the enterprise value of Chinese listed companies, while exchange rate derivatives have a stronger impact on enterprise value. We also find that the higher the proportion of managers who hold shares and have a financial background, the better the effect of firms using financial derivatives. These research results are of great significance to the application of financial derivatives and provide companies with risk management decisions after COVID-19. © 2022 by the authors.
ABSTRACT
With the promotion of carbon-peak and carbon-neutral strategies and the increase in green awareness, green development is gradually gaining attention, and the green supply chain management (GSCM) derived from traditional supply chain management is gradually becoming a path to promote green development. At the same time, enterprise, as an important source of pollution, how to consider social responsibility, such as environmental protection, in the process of ensuring efficiency improvement has become an important issue. To study the impact of GSCM on enterprise value and its path of action, this paper examines the impact of GSCM on enterprise value, explores the moderating effect of the risk-taking level, and further analyzes the dual moderating effect played by technological innovation capability and supply chain concentration. Based on the micro data of 131 Chinese listed enterprises from 2014 to 2021, a panel-regression model is used to illustrate how GSCM affects enterprise value, and the results show that: (1) GSCM can promote enterprise value;(2) the level of risk-taking strengthens the promoting effect of GSCM on enterprise value enhancement;and (3) the technological innovation capability negatively regulates the moderating effect of risk-taking, while the supply chain concentration positively regulates the moderating effect of risk-taking. The research results of this paper enrich the path of the effect of implementing of GSCM on enterprise value enhancement, i.e. the process of GSCM to enhance enterprise value is regulated by the level of enterprise risk-taking, while technological innovation capability and supply chain concentration will also regulate the level of enterprise risk-taking and thus promote enterprise value enhancement. This research not only extends the research perspective and enriches the existing research, but also provides a theoretical basis for enterprises to implement GSCM to promote value enhancement and improve the level of GSCM implementation and the green development of enterprises.
ABSTRACT
In the post-epidemic era, green finance plays a more significant role in supporting the "green recovery" of the economy, so it is necessary to evaluate the implementation effect of previous green financial policies. In 2017, the green finance reform and innovation pilot zone set up in five provinces and autonomous regions made an exploration in the development of green finance. From the perspective of micro-enterprises, can this policy play a beneficial policy effect in the long run? Based on the quasi-natural experiment of green finance pilot, using the data of A-share listed companies, this paper empirically tests the impact of pilot policies on the long-term value of green enterprises in pilot areas. It is found that, compared with non-pilot zones, the green finance pilot enables a significant increase in the Tobin Q-measured value of green enterprises in the pilot zones. Heterogeneity analysis shows that green finance pilot has a more significant impact on non-state-owned enterprises, enterprises in traditional industries, large enterprises, and enterprises in the eastern region of China. Green finance pilot zone can achieve better policy effects in areas with stronger environmental impact regulation and higher financial development levels. The mechanism test shows that the green finance pilot affects the long-term value of green enterprises through the capital market effect improving the stock trading activity of enterprises and through the real effect improving the operational efficiency and profitability of enterprises. From the perspective of micro-enterprises, this paper enriches the research on the development effect of green finance and provides theoretical support for the effect evaluation of green finance pilot policies.