Digital Social Assets: Identification, Valuation, and Pricing-Evidence from KOL Transaction Market in China
DOI: 10.23977/ferm.2021.040101 | Downloads: 8 | Views: 356
Yuanxian Chen 1, Jianwei Lv 1
1 Yonyou Research Institute, Beijing 100083, China
Corresponding AuthorYuanxian Chen
The social behavior of individuals or organizations will form social capital. Social behavior based on the internet forms digital social capital. This paper focuses on the identification, measurement, and pricing of digital social capital, which will contribute to the current research of social capital. We constructed a pricing model of digital social capital and conducted an empirical analysis based on the KOL exchange data. The main factors that affect social capital value are social behavior efficiency and recent social behavior efficiency. However, the link width (especially the number of followers) of social capital has no significant effect on pricing.
KEYWORDSSocial capital, Digital social capital, Identification, Pricing
CITE THIS PAPER
Yuanxian Chen, Jianwei Lv, Digital Social Assets: Identification, Valuation, and Pricing-Evidence from KOL Transaction Market in China. Financial Engineering and Risk Management (2021) 4: 1-29. DOI: http://dx.doi.org/10.23977/ferm.2021.040101
 Adler, P. S., & Kwon, S. (2019). Social Capital : Prospects for a New Concept Author (s): Paul S. Adler and Seok-Woo Kwon Source : The Academy of Management Review , Vol . 27 , No.1 (Jan., 2002), pp. 17-40 Published by : Academy of Management Stable URL : https://www.jstor.org/s, 27 (1), 17–40.
 Batjargal, B. (2003). Social capital and entrepreneurial performance in Russia: A longitudinal study. Organization Studies, 24 (4), 535–556. https://doi.org/10.1177/0170840603024004002
 Becker, G. S. (1996). Investment in Human Capital: Effects on Earnings, in Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, Chicago, IL.: University of Chicago Press, Chapter II, 15-44. International Library of Critical Writings in Economics, 65, 3-32.
 Bourdieu, P. (1985). The social space and the genesis of groups. Information (International Social Science Council), 24 (2), 195-220.
 Baker, W. E. (1990). Market networks and corporate behavior. American journal of sociology, 96 (3), 589-625.
 Burt, R. S. (1987). Social contagion and innovation: Cohesion versus structural equivalence. American journal of Sociology, 92 (6), 1287-1335.
 Burt, R.S. (1992), Structural Holes: The Structure of Competition, Harvard University Press, Cambridge, MA.
 Coleman, J.S. (1990), Foundations of Social Theory , Belknap Press (Division of Harvard University Press), Cambridge, MA.
 Chiu, C. M., Hsu, M. H., & Wang, E. T. G. (2006). Understanding knowledge sharing in virtual communities: An integration of social capital and social cognitive theories. Decision Support Systems, 42(3), 1872–1888.
 Cole, H., & Griffiths, M. D. (2007). Social interactions in massively multiplayer online role-playing gamers. Cyberpsychology and Behavior, 10(4), 575–583. https://doi.org/10.1089/cpb. 2007.9988
 De Carolis, D. M., Litzky, B. E., & Eddleston, K. A. (2009). Why networks enhance the progress of new venture creation: The influence of social capital and cognition. Entrepreneurship: Theory and Practice, 33(2), 527–545. https://doi.org/10.1111/j.1540-6520.2009.00302.x
 Ellison, N. B., Steinfield, C., & Lampe, C. (2007). The benefits of facebook "friends:" Social capital and college students' use of online social network sites. Journal of Computer-Mediated Communication, 12(4), 1143–1168. https://doi.org/10.1111/j.1083-6101.2007.00367.x
 Fulkerson, G. M., & Thompson, G. H. (2008). The evolution of a contested concept: A meta-analysis of social capital definitions and trends (1988-2006). Sociological Inquiry, 78(4), 536–557. https://doi.org/10.1111/j.1475-682X. 2008.00260.x
 Harpham, T. (2002). Measuring social capital within health surveys: key issues. Health Policy and Planning, 17 (1), 106–111. https://doi.org/10.1093/heapol/17.1.106
 Johnson, S., & Cooper, C. (2003). The construct validity of the ASSET stress measure. Stress and Health, 19(3), 181–185. https://doi.org/10.1002/smi.971
 Kim, M. S., & Chung, J. Y. (2018). Sustainable growth and token economy design: The case of Steemit. Sustainability (Switzerland), 11(1), 1–12. https://doi.org/10.3390/su11010167
 Helliwell, J. F. (2003). How's life? Combining individual and national variables to explain subjective well-being. Economic modelling, 20(2), 331-360.
 Powdthavee, N. (2008). Putting a price tag on friends, relatives, and neighbours: Using surveys of life satisfaction to value social relationships. The Journal of Socio-Economics, 37(4), 1459-1480.
 Knack, S., & Keefer, P. (1997). Does social capital have an economic payoff? A cross-country investigation. Quarterly Journal of Economics, 112(4), 1251–1288. https://doi.org/10.1162/003355300555475
 Lester, M. (2013). Social Capital and Value Creation: A Replication of 'The Role of Intrafirm Networks' by Wenpin Tsai and Sumantra Ghoshal. American Journal of Business and Management, 2(2), 106. https://doi.org/ 10.11634/216796061706277
 Mathie, A., & Cunningham, G. (2003). From clients to citizens: Asset-based Community Development as a strategy for community-driven development. Development in Practice, 13(5), 474–486. https://doi.org/10.1080/ 0961452032000125857
 Paldam, M. (2000). Social capital: One or many? Definition and measurement. Journal of Economic Surveys, 14 (5), 629–653. https://doi.org/10.1111/1467-6419.00127
 Portes, A. (1998). Social Capital: Its Origins and Applications in Modern Sociology. Annual Review of Sociology, 24(1), 1–24. https://doi.org/10.1146/annurev.soc.24.1.1
 Portes, A. (2000, March). The two meanings of social capital. In Sociological forum (Vol. 15, No. 1, pp. 1-12). Kluwer Academic Publishers-Plenum Publishers.
 Putnam, R. (1993). The prosperous community: Social capital and public life. The american prospect, 13(Spring), Vol. 4. Available online: http://www. prospect. org/print/vol/13 (accessed 7 April 2003).
 Putnam, R. D. (2000). Bowling alone: America's declining social capital. In Culture and politics (pp. 223-234). Palgrave Macmillan, New York.
 Schiff, M. (1992). Social capital, labor mobility, and welfare: The impact of uniting states. Rationality and Society, 4(2), 157-175.