This paper aims to study the relationships among social media (SM) usage, entrepreneurial orientation (EO), and firm performance. Specifically, this paper tests mediation influences of EO on the relationships between SM usage and firm performance. A total sample of 313 SMEs in Thailand responded to the survey. The results indicate that the utilization of SM functions affects all elements of EO and improves business outcomes. SM usage directly and indirectly impacts firm performance through EO. Two elements of EO, risk-taking and proactiveness, have significant direct effects on firm performance, whereas innovativeness has only an indirect impact on business outcomes through the mediation of risk-taking and proactiveness. The findings lead to suggestions for best practice for SMEs, such as that SM usage may not lead to superior performance, and firms may need assets and skills such as entrepreneurial capabilities to attain improved performance. This paper studies the multidimensional angle of SM–EO and EO–performance relationships, and EO as the mediating construct. It provides an enhanced understanding of how small firms should use and benefit from SM to become innovative and attain superior firm performance through the various elements of EO and their interrelationships.

This study investigates the effects of the network centrality of a venture capital firm (VC) on the earnings management level of portfolio companies, focusing on the IPO lock-up period. The results suggest that companies backed by VCs with higher network centrality are more likely to use accrual-based earnings management during the lock-up period. In contrast, this same relationship does not exist with real earnings management. Furthermore, we do not see the same connection in periods other than the lock-up. The lock-up period is unique, as its expiration is the first opportunity for VCs to sell shares to public investors; thus, there is an incentive for VCs and managers to manage earnings just before the expiration of the IPO lock-up period. This study contributes to our understanding of how entrepreneurs seek investment. It suggests that engaging with a more centralized VC may not be preferable, given that the degree of earning management is higher. For limited partners looking to invest in VC funds, due diligence should focus on the financial performance and transparency of VCs with higher network centrality, especially during the lock-up period. Finally, this study provides guidelines for designing a more effective policy to address earnings management problems at IPO for VC-backed companies.

The cognitive level of students can reflect the learning performance that results from participation in learning activities in a traditional classroom, which an instructor can support and monitor accordingly. However, it is complicated for online learning. In this study, we used electroencephalography or EEG to investigate students’ learning performance for online learning. A cognitive effort index (CEI) application was connected through an EEG headset and used to identify the level of cognitive performance, and a system usability scale (SUS) questionnaire was used to examine student satisfaction. Thirty-six of the students had at least 2 years of experience both on-site and online learning and were enrolled in the controllable instructions: subjects, settings, and durations. The findings of this study surprisingly showed that more than half (22 students) fell into an affective cognitive engagement pattern (AF), 12 students fell into an effective cognitive engagement pattern (EF), and only 2 students indicated a low cognitive pattern. These results showed that most students were significantly attentive to the online activity and only a few students were not able to stay focused during the online activity, in other words, learning in the class online could be as attentive as in the traditional class. The adoption of EEG techniques and EEG interpretation software can reflect awareness and attention in many areas, such as consumer research, consumer behaviors, digital content, and the experience of online education. This study may suggest that Thai business practitioners and marketers adopt EEG to explore consumer behavior.