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policies.
Using the disclosure data of public listed companies in Taiwan from 2009 to 2017,
the third article by Lee, Liao, and Ma examines the determinants of voluntary disclosures
of unaudited earnings on the TSE Market Observation Post System (MOPS). Firm samples
are further divided based on three different disclosure frequencies, namely “Monthly,”
“Quarterly,” and “None,” to analyze the motivations of disclosure frequency. The
empirical results indicate that firms with the following characteristics are more likely to
voluntarily disclose their unaudited earnings and have higher disclosure frequency: in the
need of raising funds, of larger scales, with lower buy-and-hold abnormal return, showing
better operating performance, non-family controlled, with larger board size, and with
lower ratio of independent directors.
For the two articles in the field of marketing management, one article by Lin and
Jen examines the predictive effects of viewers’ comments and streamer’ behaviors on
viewers’ gift-sending behavior in live streaming while considering the effect of streamer

heterogeneity by applying the Hierarchical Bayesian (HB) model. They empirically
analyze 38,183 samples of time data from 10 food live-stream samples and find that the
effects of viewers’ comment features and streamers’ marketing strategies on viewers’
gift-sending behavior are mainly influenced by the cross-level effect of streamers’
heterogeneities. These results reveal that existing live-streaming studies might have
overlooked the impact of streamers’ heterogeneities, offering only biased conclusions.
The other article by Wu and Lee aims to examine the impact of live-streaming
e-commerce on customer engagement through identification. Through analyzing results
of an online survey, authors discover that parasocial relationships and self-verification
generated by live-streaming e-commerce positively affected identity, further leading
to the enhancement of customer engagement. In addition, the moderating effect of fear
of missing out is significant. This study also offers a comprehensive understanding
of the psychological mechanism of live-streaming e-commerce viewers by exploring
relationships among psychological factors, identity, and customer engagement.

Hsiou-Wei Lin
David Ming-Huang Chiang
San-Lin Chung