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Exploring the dark side of third-party certification effect in B2B relationships: A professional financial services perspective

机译:在B2B关系中探索第三方认证效果的黑暗面:专业的金融服务视角

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摘要

This paper extends the growing research on the dark side of B2B relationships by exploring the differences in third-party certification effects based on social capital with professional financial services firms, using a proprietary dataset with confidential voting records of the nominations for Investor Relation Awards in Hong Kong. Results confirm the dark side of these relationships by showing that the nominated firms with more favorable voting from international (vs. local) analysts experience stronger certification effect with higher valuations upon announcement. Moreover, nominated (but not awarded) firms with lower levels of information transparency demonstrate a larger certification effect but they also show significant improvement in their information transparency after the event, which represents an unexpected bright outcome from this dark side of B2B relationships. Overall, these findings extend the social capital argument that international financial services firms bring higher positive return through the support of their own professional and social network.
机译:本文通过探讨基于社会资本与专业金融服务公司的第三方认证效果的差异,利用专有的数据集在洪洪的机密投票记录中探讨了基于社会资本的第三方认证效应的差异,扩展了B2B关系的黑暗面的研究。孔。结果通过显示来自国际(与本地)分析师更有利的投票的提名公司在宣布后估值更高的认证效果,确认了这些关系的黑暗面。此外,信息透明度水平较低的提名(但未获得)公司展示了更大的认证效果,但在事件后,他们还会显着改善其信息透明度,这代表了来自B2B关系的这种黑暗面的意外明亮的结果。总体而言,这些调查结果扩展了社会资本论证,即国际金融服务公司通过支持自己的专业和社交网络带来更高的积极回报。

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