The “Internet celebrity economy” is a business model aimed at capitalizing on online traffic based on the purchasing power of users on social media in which “influencers”—highly influential individuals—exercise their marketing power to create a fandom. China has witnessed an abrupt outbreak in its “Wanghong” (internet celebrity) economy since 2016, eventually leading to consecutive high closes for related stocks from around 2020. The empirical findings are as follows: First, investors’ attention to Wanghong stocks and cumulative abnormal returns (CARs) are significantly positively associated. However, operational results and CARs are weakly linked, implying that the economic impact of intense influencer marketing is short-lived, and abnormal returns constitute an anomaly. Second, the positive abnormal returns of Wanghong stocks last approximately six months, which overlaps with the boom period of the Wanghong index based on influencer news articles.

This study aims to examine the influence of Chinese immigrants on Canadian business culture and the role of Chinese business associations in shaping the Canadian business landscape. A qualitative research design was used to explore the topic, and semi-structured interviews were conducted as the primary method of data collection. 25 participants were selected for the study through purposive sampling, including Chinese immigrant business owners, employees of Chinese-owned businesses, and members of Chinese business associations in Canada. Thematic analysis was used to analyze the data collected through the interviews and identify patterns and themes that emerged from the participants’ responses. The study found that Chinese immigrants have had a significant influence on Canadian business culture and that Chinese business associations play an important role in promoting business cooperation between different cultural groups. The results also suggest that embracing cultural diversity in the business environment has both benefits and challenges, and businesses must effectively manage cultural diversity in the workplace to promote cooperation between different cultural groups. This study provides valuable insights into the ways in which Chinese immigrants have shaped the Canadian business landscape and the importance of embracing cultural diversity in the business environment. [译]本研究旨在探讨华裔移民对加拿大商业文化的影响，以及华人商业协会在塑造加拿大商业格局中的作用。本研究采用定性研究设计，以半结构化访谈作为主要的数据收集方法。通过目标抽样选定了25名参与者，包括加拿大华裔移民企业主、华裔企业员工，以及加拿大华人商业协会的成员。本研究通过访谈收集数据，并使用主题分析法对参与者的回答进行模式和主题的识别与分析。研究发现，华裔移民对加拿大商业文化产生了显著影响，同时，华人商业协会在促进不同文化群体之间的商业合作中发挥着重要作用。研究结果还表明，在商业环境中拥抱文化多样性既带来了利益也带来了挑战，企业必须有效地管理工作场所中的文化多样性，以促进不同文化群体之间的合作。本研究为理解华裔移民如何塑造加拿大商业格局，以及商业环境中拥抱文化多样性的重要性提供了有价值的见解。