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1 – 10 of over 8000Lu Yang, Nannan Yuan and Shichao Hu
To explore the state of this conditional Granger causality when other cities are not factors, we investigate housing market networks in China's major cities by using a combination…
Abstract
Purpose
To explore the state of this conditional Granger causality when other cities are not factors, we investigate housing market networks in China's major cities by using a combination of conditional Granger causality and network analysis.
Design/methodology/approach
Although housing market networks have been well discussed for different countries, the question of housing market networks in China's major cities based on the conditional causality perspective has yet to be answered.
Findings
We discover that second-tier cities are more influential than first-tier cities. Although the connectivity of the primary housing market is more complex than the diversified connectivity observed in the secondary housing market, both markets are scale-free networks that exhibit high stability. Moreover, we reveal that geographic conditions and economic development jointly determine the housing market's modular hierarchical structure. Our results provide meaningful information for both Chinese policymakers and investors.
Originality/value
By excluding the influence of other cities, our conditional Granger causality identifies the true casual relation between cities' housing markets. Moreover, it is the first paper to consider the primary housing market and secondary housing market separately. Specifically, Chinese prefer new house rather than second-hand house from both speculative and self-housing. Generally speaking, the new house price is lower than the second-hand house price since the new house is off-plan property. Therefore, understanding the difference between primary and secondary housing markets will provide useful information for both policymakers and speculators.
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Lihui Tian and Wei Zhang
The purpose of this paper is to model the Chinese unique regulation changes with the supply-and-demand analytical framework and structure the relationship between initial public…
Abstract
Purpose
The purpose of this paper is to model the Chinese unique regulation changes with the supply-and-demand analytical framework and structure the relationship between initial public offerings (IPO) underpricing and institutional changes with the comparative static method. A well-functioning stock market is crucial to the transition into a market economy, but the Chinese stock market is somehow twisted with frequent government interventions, particularly the IPO market. Can the underpricing issue be mitigated in the changing institutional settings? Can the market-orientated incremental reform of regulations succeed in the Chinese stock market?
Design/methodology/approach
The theoretical analysis confirms that IPO underpricing becomes relatively better with dynamic changes of relaxation of the approval and pricing systems. Collecting and examining the data of newly listed firms from 1993 to 2010, the influence of institutional changes on IPO underpricing with regressions, such as ordinary least square (OLS), bootstrap and two stage least square (2SLS) estimation methods was further empirically examined.
Findings
The magnitude of the Chinese IPO underpricing during the past two decades is as high as 181.6 per cent on the average. The sizes of IPO underpricing significantly reduce with an increase in the issuing sizes and the ratios of price-earnings ratios. The dummy variables of government-approved regulations are negatively associated with IPO underpricing. The dummy variables of pricing regulations are positively related to IPO underpricing and the coefficients become smaller with newer regulations. Generally, the magnitude of the Chinese IPO underpricing decreases over time.
Originality/value
This paper enriches the IPO literature by dynamically examining the effect of institutional changes on IPO underpricing in Chinese primary markets. We argue that institutional changes characterized by incremental marketization can help to alleviate extreme IPO underpricing and to promote financial development. The Chinese transition from the planning system to the market system in the IPO market will be a long and strenuous process, but it works.
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Jiali Zheng, Han Qiao, Xiumei Zhu and Shouyang Wang
This study aims to explore the role of equity investment in knowledge-driven business model innovation (BMI) in context of open modes according to the evidence from China’s primary…
Abstract
Purpose
This study aims to explore the role of equity investment in knowledge-driven business model innovation (BMI) in context of open modes according to the evidence from China’s primary market.
Design/methodology/approach
Based on the database of China’s private market and data set of news clouds, the statistic approach is applied to explore and explain whether equity investment promotes knowledge-driven BMI. Machine learning method is also used to prove and predict the performance of such open innovation.
Findings
The results of logistic regression show that explanatory variables are significant, providing evidence that knowledge management (KM) promotes BMI through equity investment. By further using back propagation neural network, the classification learning algorithm estimates the possibility of BMI, which can be regarded as a score to quantify the performance of knowledge-driven BMI
Research limitations/implications
The quality of secondhand big data is not very ideal, and future empirical studies should use first-hand survey data.
Practical implications
This study provides new insights into the link between KM and BMI by highlighting the important roles of external investments in open modes.
Social implications
From the perspective of investment, the findings of this study suggest the importance for stakeholders to share knowledge and strategies for entrepreneurs to manage innovation.
Originality/value
The concepts and indicators related to business models are difficult to quantify currently, while this study provides feasible and practical methods to estimate knowledge-driven BMI with secondhand data from the primary market. The mechanism of knowledge and innovation bridged by the experience from investors is introduced and analyzed.
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Chunjiao Jiang and Pengcheng Mao
The purpose of this paper is to examine how Si-shu, a traditional form of local, private education grounded in classical instruction, responded to the rapid modernization of…
Abstract
Purpose:
The purpose of this paper is to examine how Si-shu, a traditional form of local, private education grounded in classical instruction, responded to the rapid modernization of education during the late Qing dynasty and early Republic of China and to explain why these schools, once extraordinarily adaptable, finally disappeared.
Design/methodology/approach:
The authors have examined both primary and secondary sources, including government reports, education yearbooks, professional annals, public archives, and published research to analyze the social, political and institutional changes that reshaped Si-shu in the context of China's late-19th- and early-20th-century educational modernization.
Findings:
Si-shu went through four stages of institutional change during the last century. First, they faced increased competition from new-style (westernized) schools during the late Qing dynasty. Second, they engaged in a process of intense self-reform, particularly after the Xinhai Revolution of 1911. Third, they were marginalized by the new educational systems of the Republic of China, especially the Renxu School System of 1922 and the Wuchen School System of 1928. Finally, after the foundation of the People's Republic of China in 1949, they were considered remnants of feudal culture and forcibly replaced by modern schools.
Originality/value:
This paper brings hitherto unexplored Chinese sources to an English-speaking audience in an effort to shed new light on the history of traditional Chinese education. The fate of Si-shu was part of the larger modernization of Chinese education – a development that had both advantages and disadvantages.
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Fangliang Huang, Li Sun, Jing Chen and Chaopeng Wu
The purpose of this study is to examine investors’ intention and behavior concerning ex ante information acquirement and ex post claims from the micro-level perspective with the…
Abstract
Purpose
The purpose of this study is to examine investors’ intention and behavior concerning ex ante information acquirement and ex post claims from the micro-level perspective with the deepening of the initial public offering (IPO) reform of China.
Design/methodology/approach
The authors made surveys and collected 932 valid questionnaires from investors in China. The authors also conducted interviews with sophisticated investors, investment bankers and government regulators to obtain first-hand information. Based on the survey results, the authors make the empirical analysis.
Findings
Investors’ attention to the first-hand information of the IPO prospectuses is inadequate. Individuals rely more on second-hand information, while institutions conduct more surveys. The higher the institutional practitioners’ degree of education, the more surveys they make. Only 1/3 investors intend to seek judicial remedy when getting fraud information due to high litigation costs and proof collecting difficulties. The investors who read more about prospectuses in advance are more likely to seek judicial protection afterwards. Compared with investors who know less about government administrative protection measures, those who know more have a low probability to choose “not to seek judicial protection.”
Originality/value
The authors enrich the research studies of IPO information acquisition and investor protection by conducting surveys to get first-hand data. Previous literature mostly makes empirical tests by using proxy variables.
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Haixu Bao, Chunhsien Wang and Ronggen Tao
This study aims to explore the relationship between geographic search and business model innovation and proposed a contingent framework to focus on how governmental networking and…
Abstract
Purpose
This study aims to explore the relationship between geographic search and business model innovation and proposed a contingent framework to focus on how governmental networking and environment turbulence are interdependent moderate the relationship between geographic search and business model innovation.
Design/methodology/approach
A large-scale questionnaire survey was carried out among the firms in three high-tech parks of the Pearl River Delta, with a total of 287 firms as empirical samples. Hypotheses are tested using ordinary least squares analyzes on hierarchical multiple regression to find out how geographic search can drive business model innovation generations.
Findings
The empirical results showed that the more frequent geographic search is, the more favorable it is for firms to generate innovative business models, and firms may be more effective in geographic searching and business model innovation with better governmental networking. However, the above relationship may be weakened if the environment turbulence in emerging markets is further considered. It was argued that firms must take into account both the positive effects of governmental networking and the negative effects of environmental turbulence in conducting a geographic search for external knowledge resources to generate innovative business models. The study results showed how and why governmental networking can be a key catalyst for firms to generate innovative business models.
Research limitations/implications
This study contributes to the business model innovation literature by documenting the large-scale survey evidence that confirms the practicality of geographic search in the business model innovation generations. The findings advance previous studies in the business model innovation by identifying the moderating roles of governmental network and environment turbulence that predict business model innovation behaviors in the emerging market.
Practical implications
The results indicate that the geographic search can be easily operationalized for external resources acquisitions by managers in generating business model innovation. This has applications for external resource acquisitions on the basis of business model innovation in the emerging China market. In addition, to facilitate the business model innovation generations, the focus should be on critical contingency factors; on the one hand, to promote the continued use of external resources, the focus should be on enhancing benefits such as governmental networking.
Originality/value
The findings extend existing theory in three ways as the original value. First, the results show that geographic search is an important driver of business model innovation generations in an emerging market context. Second, this study is the first to take organizational learning and open innovation perspective to examine geographic search as a boundary-spanning search of external resources in business model innovation generations. Third, this study also explores the moderator role of governmental network and environmental turbulence on how to strengthen or impair the geographic search and business model innovation generations.
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Priyanka Thakral, Dheeraj Sharma and Koustab Ghosh
Organizations widely adopt knowledge management (KM) to develop and promote technologies and improve business effectiveness. Analytics can aid in KM, further augmenting company…
Abstract
Purpose
Organizations widely adopt knowledge management (KM) to develop and promote technologies and improve business effectiveness. Analytics can aid in KM, further augmenting company performance and decision-making. There has been significant research in the domain of analytics in KM in the past decade. Therefore, this paper aims to examine the current body of literature on the adoption of analytics in KM by offering prominent themes and laying out a research path for future research endeavors in the field of KM analytics.
Design/methodology/approach
A comprehensive analysis was conducted on a collection of 123 articles sourced from the Scopus database. The research has used a Latent Dirichlet Allocation methodology for topic modeling and content analysis to discover prominent themes in the literature.
Findings
The KM analytics literature is categorized into three clusters of research – KM analytics for optimizing business processes, KM analytics in the industrial context and KM analytics and social media.
Originality/value
Systematizing the literature on KM and analytics has received very minimal attention. The KM analytics view has been examined using complementary topic modeling techniques, including machine-based algorithms, to enable a more reliable, systematic, thorough and objective mapping of this developing field of research.
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It is scholars' great mission in this era to creatively develop new implications, paradigms and discourses of China's political economy and establish a theoretical system of…
Abstract
Purpose
It is scholars' great mission in this era to creatively develop new implications, paradigms and discourses of China's political economy and establish a theoretical system of political economy with Chinese characteristics based on the fundamental principles of Marxist theory and the practice and historical process of Chinese economic reform, through theorizing and systemizing the practices of China's socialist market economy construction. The purpose of this paper is to give some suggestions to establish a socialist theoretical system with Chinese characteristics.
Design/methodology/approach
This paper makes a comprehensive analysis of the principles, objectives, study objects, methodologies as well as the framework of the theoretical system of the political economy with Chinese characteristics.
Findings
Additionally, starting from the unity of opposites between public ownership of resources and resource allocation in a market mechanism, which is the fundamental dialectical relation of China's socialist market economy, the authors will adopt the dual dialectical analysis approach to discover and understand the duality features of the socialist economic system with Chinese characteristics.
Originality/value
With adherence to the mission of China's socialist economic system, the goal of China's market economic reform, and the perspectives of Marxist political economy, the authors must explicitly define the so-called Chinese characteristics and then summarize the dynamics and innovations during the evolution of Chinese socialist political economy with high theory confidence and theory self-consciousness.
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Jingyun Ma, Fengming Song and Zhishu Yang
The purpose of this paper is to examine the evolution of China's securities market regulation from 1980 to 2007 and the dual role of the government in this process.
Abstract
Purpose
The purpose of this paper is to examine the evolution of China's securities market regulation from 1980 to 2007 and the dual role of the government in this process.
Design/methodology/approach
When the government is simultaneously the owner and regulator of the securities market, the evolution of securities market regulation follows a path of compulsory institutional change. China's Government authorities have played a dual role in this process by acting both as the securities market regulator and the controlling owner of the stock exchanges. The paper uses the evolution of China's securities market regulation from 1980 to 2007 to illustrate this theoretical framework.
Findings
Using the case of China, this paper provides unique evidence of how securities regulation evolves in response to government direction and supervision if the government is both the owner and the regulator of the securities market.
Originality/value
The paper offers insight into issues of securities market regulation in China and other emerging markets.
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China’s unprecedented emergence as an economic and political power has created a new geopolitical economy for semi-industrialised and developing economies in Southeast Asia. This…
Abstract
China’s unprecedented emergence as an economic and political power has created a new geopolitical economy for semi-industrialised and developing economies in Southeast Asia. This paper examines China’s trade relationships with Thailand and Indonesia using the concepts of uneven and combined development (UCD) and unequal exchange. The mass of surplus value obtained through China’s trade with the developed economies has flowed into the considerable expansion in China’s imports from developing countries since 2000. China has maintained a consistent trade deficit with the latter. While the developing countries concerned have benefitted from this set of relationships, the extent to which they have done so has been determined by national strategies. In countries like Thailand – where manufacturing capital and a significant working class has emerged – exports expanded on the basis of mutually advantageous technologically and skills intensive goods. These are produced with a similar organic composition of capital as in China. The result has been a further consolidation of the hegemony of manufacturing capital. Indonesia, however, has a political system and economy long dominated by resource exploitation linked fractions of capital. The result has been a surge in primary goods exports. The current commodity price cycle has meant these goods exchange at prices above their value. The current looming price correction, however, may have negative repercussions. In the meantime, the concentration in raw materials exports is helping to prevent the emergence of a circuit of productive capital in manufacturing. The evidence from these contrasting cases suggests that the degree to which developing economies can benefit from China’s own historically unparalleled combined development remains highly contingent on the strength of the combined development possibilities and efforts within these other national social formations. Above all, there is the degree to which manufacturing sectors of capital can obtain hegemony.
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