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1 – 10 of 345Yuxin Shan, Vernon J. Richardson and Peng Cheng
A country’s institutional environment influences every facet of its business. This paper aims to identify institutional factors (state ownership, government attention on…
Abstract
Purpose
A country’s institutional environment influences every facet of its business. This paper aims to identify institutional factors (state ownership, government attention on employment and employees’ educational background) that affect the asymmetric cost behavior in China.
Design/methodology/approach
Using 2,570 listed firms’ data between 2002 and 2015, we use empirical models to explore the effects of state ownership, government attention on employment and employees’ educational background on the asymmetric cost behavior in China.
Findings
This study found that the asymmetric cost behavior of central state-owned enterprises (CSOEs) is greater than local state-owned enterprises (LSOEs). Meanwhile, the empirical results show that government attention on employment is reflected in five-year government plans, and employees’ educational backgrounds are positively associated with asymmetric cost behavior.
Originality/value
This study contributes to the economic theory of sticky costs, institutional theory and asymmetric cost behavior literature by providing evidence that shows how government intervention and employee educational background limit the flexibility of corporate cost adjustments. Additionally, this study provides guidance to policymakers by showing how government long-term plans affect firm-level resource adjustment decisions.
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Cori Crews, John Abernathy, Jimmy Carmenate, Divesh Sharma and Vineeta Sharma
The purpose of this study is to investigate the association between nonaudit services (NAS) and out-of-period adjustments (OOPAs). Over the years, the number of OOPAs has risen…
Abstract
Purpose
The purpose of this study is to investigate the association between nonaudit services (NAS) and out-of-period adjustments (OOPAs). Over the years, the number of OOPAs has risen while the number of restatements has decreased. This could indicate an improvement in financial reporting quality. It could also indicate the use of a type of stealth restatement for opportunistic purposes. These less prominent restatements are more likely to go undetected and could perpetuate opportunistic disclosure and mitigate the likelihood of unfavorable market reactions.
Design/methodology/approach
The authors use a two-stage multivariate regression analysis to examine the relationship between NAS and the reporting of an OOPA. The authors use prior research on NAS to guide the model development. The authors perform several robustness checks including different types of NAS and different characteristics of OOPAs.
Findings
The results indicate that NAS has a significantly negative association with the existence of OOPAs. The core findings suggest that NAS does not impair auditor independence. Rather, greater amounts of NAS may contribute to knowledge spillover, which leads to higher financial reporting and audit quality. The results are robust to several additional tests.
Research limitations/implications
The results raise interesting implications for regulators, executives, auditors, investors and future research. The authors provide insight into the relationship between NAS and auditor independence.
Originality/value
To the best of the authors’ knowledge, prior research has not considered the effect of NAS on OOPAs. The authors contribute to the literature by providing evidence that OOPAs, a form of stealth restatements, is an important consideration in audit quality research.
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Ernest N. Biktimirov and Yuanbin Xu
The purpose of this study is to compare market reactions to the change in the demand by index funds between large and small company stocks by examining the transition of the S&P…
Abstract
Purpose
The purpose of this study is to compare market reactions to the change in the demand by index funds between large and small company stocks by examining the transition of the S&P 500, S&P 400 MidCap and S&P 600 SmallCap indexes from market capitalization to free-float weighting. This unique information-free event allows not only avoiding confounding information signaling and investor awareness effects but also comparing the effect of the decrease in demand on stocks of different sizes.
Design/methodology/approach
This study uses the event study methodology to calculate abnormal returns and trading volume around the full-float adjustment day. It also tests for significant changes in institutional ownership and liquidity. Multivariate regressions are used to examine the relation of liquidity changes and price elasticity of demand to the cumulative abnormal returns around the full-float adjustment day.
Findings
This study finds significant decreases in stock price accompanied with significant increases in trading volume on the full-float adjustment day, and significant gains in quasi-indexer institutional ownership and liquidity. The main finding is that cumulative abnormal returns around the event period are related to changes in the number of quasi-indexer and transient institutional shareholders, not to changes in liquidity or price elasticity of demand.
Originality/value
This study provides the first comprehensive comparison analysis of stock market reactions to the decline in demand between large and small company stocks. As an important implication for future studies of the index effect, changes in institutional ownership should be considered in the analysis.
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Yan Zhou and Chuanxu Wang
Disruptions at ports may destroy the planned ship schedules profoundly, which is an imperative operation problem that shipping companies need to overcome. This paper attempts to…
Abstract
Purpose
Disruptions at ports may destroy the planned ship schedules profoundly, which is an imperative operation problem that shipping companies need to overcome. This paper attempts to help shipping companies cope with port disruptions through recovery scheduling.
Design/methodology/approach
This paper studies the ship coping strategies for the port disruptions caused by severe weather. A novel mixed-integer nonlinear programming model is proposed to solve the ship schedule recovery problem (SSRP). A distributionally robust mean conditional value-at-risk (CVaR) optimization model was constructed to handle the SSRP with port disruption uncertainties, for which we derive tractable counterparts under the polyhedral ambiguity sets.
Findings
The results show that the size of ambiguity set, confidence level and risk-aversion parameter can significantly affect the optimal values, decision-makers should choose a reasonable parameter combination. Besides, sailing speed adjustment and handling rate adjustment are effective strategies in SSRP but may not be sufficient to recover the schedule; therefore, port skipping and swapping are necessary when multiple or longer disruptions occur at ports.
Originality/value
Since the port disruption is difficult to forecast, we attempt to take the uncertainties into account to achieve more meaningful results. To the best of our knowledge, there is barely a research study focusing on the uncertain port disruptions in the SSRP. Moreover, this is the first paper that applies distributionally robust optimization (DRO) to deal with uncertain port disruptions through the equivalent counterpart of DRO with polyhedral ambiguity set, in which a robust mean-CVaR optimization formulation is adopted as the objective function for a trade-off between the expected total costs and the risk.
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Pallavi Srivastava, Trishna Sehgal, Ritika Jain, Puneet Kaur and Anushree Luukela-Tandon
The study directs attention to the psychological conditions experienced and knowledge management practices leveraged by faculty in higher education institutes (HEIs) to cope with…
Abstract
Purpose
The study directs attention to the psychological conditions experienced and knowledge management practices leveraged by faculty in higher education institutes (HEIs) to cope with the shift to emergency remote teaching caused by the COVID-19 pandemic. By focusing attention on faculty experiences during this transition, this study aims to examine an under-investigated effect of the pandemic in the Indian context.
Design/methodology/approach
Interpretative phenomenological analysis is used to analyze the data gathered in two waves through 40 in-depth interviews with 20 faculty members based in India over a year. The data were analyzed deductively using Kahn’s framework of engagement and robust coding protocols.
Findings
Eight subthemes across three psychological conditions (meaningfulness, availability and safety) were developed to discourse faculty experiences and challenges with emergency remote teaching related to their learning, identity, leveraged resources and support received from their employing educational institutes. The findings also present the coping strategies and knowledge management-related practices that the faculty used to adjust to each discussed challenge.
Originality/value
The study uses a longitudinal design and phenomenology as the analytical method, which offers a significant methodological contribution to the extant literature. Further, the study’s use of Kahn’s model to examine the faculty members’ transitions to emergency remote teaching in India offers novel insights into the COVID-19 pandemic’s effect on educational institutes in an under-investigated context.
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The purpose of this study is to provide new insights into the relationship between fiscal policy and total factor productivity (TFP) while accounting for several economic and…
Abstract
Purpose
The purpose of this study is to provide new insights into the relationship between fiscal policy and total factor productivity (TFP) while accounting for several economic and econometric issues of the phenomenon like non-stationarity, fiscal feedback effects, persistence in productivity, country heterogeneity and unobserved global shocks and local spillovers affecting heterogeneously the countries in the sample.
Design/methodology/approach
The paper is empirical. It builds an Error Correction Model (ECM) specification within a dynamic heterogeneous framework with common correlated effects and models both reverse causality and feedback effects.
Findings
The results of this study highlight some new findings relative to the existing related literature. The outcomes suggest some relevant evidence at both the academic and policy levels: (1) the causal effects going from fiscal deficit/surplus to TFP are heterogeneous across countries; (2) the effects depend on the time horizon considered; (3) the long-run dynamics of TFP are positively impacted by improvements in fiscal budget, but only if the austerity measures do not exert slowdowns in aggregate growth.
Originality/value
The main originality of this study is methodological, with possible extensions to related phenomena. Relative to the existing literature, the gains of this study rely on the way econometric techniques, recently proposed in the literature, are adapted to the economic relationship of interest. The endogeneity due to the existence of reverse causality is modelled without implying relevant performance losses of the models. Moreover, this is the first article that questions whether the effects of fiscal budget on productivity depend on the impact of the former on aggregate output growth, thus emphasising the importance of the quality of fiscal adjustments.
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Yuepeng Zhang, Guangzhong Cao, Linglong Li and Dongfeng Diao
The purpose of this paper is to design a new trajectory error compensation method to improve the trajectory tracking performance and compliance of the knee exoskeleton in…
Abstract
Purpose
The purpose of this paper is to design a new trajectory error compensation method to improve the trajectory tracking performance and compliance of the knee exoskeleton in human–exoskeleton interaction motion.
Design/methodology/approach
A trajectory error compensation method based on admittance-extended Kalman filter (AEKF) error fusion for human–exoskeleton interaction control. The admittance controller is used to calculate the trajectory error adjustment through the feedback human–exoskeleton interaction force, and the actual trajectory error is obtained through the encoder feedback of exoskeleton and the designed trajectory. By using the fusion and prediction characteristics of EKF, the calculated trajectory error adjustment and the actual error are fused to obtain a new trajectory error compensation, which is feedback to the knee exoskeleton controller. This method is designed to be capable of improving the trajectory tracking performance of the knee exoskeleton and enhancing the compliance of knee exoskeleton interaction.
Findings
Six volunteers conducted comparative experiments on four different motion frequencies. The experimental results show that this method can effectively improve the trajectory tracking performance and compliance of the knee exoskeleton in human–exoskeleton interaction.
Originality/value
The AEKF method first uses the data fusion idea to fuse the estimated error with measurement errors, obtaining more accurate trajectory error compensation for the knee exoskeleton motion control. This work provides great benefits for the trajectory tracking performance and compliance of lower limb exoskeletons in human–exoskeleton interaction movements.
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Kaizheng Zhang, Jian Di, Jiulong Wang, Xinghu Wang and Haibo Ji
Many existing trajectory optimization algorithms use parameters like maximum velocity or acceleration to formulate constraints. Due to the ignoring of the quadrotor actual…
Abstract
Purpose
Many existing trajectory optimization algorithms use parameters like maximum velocity or acceleration to formulate constraints. Due to the ignoring of the quadrotor actual tracking capability, the generated trajectories may not be suitable for tracking control. The purpose of this paper is to design an online adjustment algorithm to improve the overall quadrotor trajectory tracking performance.
Design/methodology/approach
The authors propose a reference trajectory resampling layer (RTRL) to dynamically adjust the reference signals according to the current tracking status and future tracking risks. First, the authors design a risk-aware tracking monitor that uses the Frenét tracking errors and the curvature and torsion of the reference trajectory to evaluate tracking risks. Then, the authors propose an online adjusting algorithm by using the time scaling method.
Findings
The proposed RTRL is shown to be effective in improving the quadrotor trajectory tracking accuracy by both simulation and experiment results.
Originality/value
Infeasible reference trajectories may cause serious accidents for autonomous quadrotors. The results of this paper can improve the safety of autonomous quadrotor in application.
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Ingo Pies and Vladislav Valentinov
Stakeholder theory understands business in terms of relationships among stakeholders whose interests are mainly joint but may be occasionally conflicting. In the latter case…
Abstract
Purpose
Stakeholder theory understands business in terms of relationships among stakeholders whose interests are mainly joint but may be occasionally conflicting. In the latter case, managers may need to make trade-offs between these interests. The purpose of this paper is to explore the nature of managerial decision-making about these trade-offs.
Design/methodology/approach
This paper draws on the ordonomic approach which sees business life to be rife with social dilemmas and locates the role of stakeholders in harnessing or resolving these dilemmas through engagement in rule-finding and rule-setting processes.
Findings
The ordonomic approach suggests that stakeholder interests trade-offs ought to be neither ignored nor avoided, but rather embraced and welcomed as an opportunity for bringing to fruition the joint interest of stakeholders in playing a better game of business. Stakeholders are shown to bear responsibility for overcoming the perceived trade-offs through the institutional management of social dilemmas.
Originality/value
For many stakeholder theorists, the nature of managerial decision-making about trade-offs between conflicting stakeholder interests and the nature of trade-offs themselves have been a long-standing point of contention. The paper shows that trade-offs may be useful for the value creation process and explicitly discusses managerial strategies for dealing with them.
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Zhuang Ma, Linpei Song and Jun Huang
This study aims to examine newcomers experiencing maladjustment due to cognitive diversity, specifically, how maladjustment affects their turnover intentions; the mediating role…
Abstract
Purpose
This study aims to examine newcomers experiencing maladjustment due to cognitive diversity, specifically, how maladjustment affects their turnover intentions; the mediating role of reported workplace bullying; and the buffering effect of perceived inclusive practices in the hospitality sector.
Design/methodology/approach
The authors collected time-lagged data from 403 respondents and analyzed the data through hierarchical regression analyses using statistical package for the social sciences (SPSS) 25.0.
Findings
Role ambiguity, low self-efficacy and social exclusion could each lead to newcomers’ reported workplace bullying (NRB). Perceived inclusive practices buffered the impacts of role ambiguity and social exclusion. NRB negatively mediated the relationships between role ambiguity and NRB; and social exclusion and NRB.
Practical implications
Hospitality practitioners should specify work procedures to minimize role ambiguities and record service processes to correct mistakes, reward veterans who help newcomers improve self-efficacy, invite newcomers to develop inclusive practices and review employee comments on third-party platforms to understand factors responsible for turnover intention.
Originality/value
This study contextualized cognitive diversity into newcomers’ maladjustment-bullying-turnover model in China’s hospitality industry. It highlighted the buffering effect of perceived inclusive practices in the relationships between maladjustment and reported bullying and turnover intentions among newcomers and confirmed the important role of self-efficacy in addressing adverse work events.
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