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Why is it that, despite repeated claims that digital-content firms and internet-based businesses can internationalize everywhere almost instantly, many seem unable to profitably expand outside their home markets? Why have emerging market firms (EMNEs) caught up with established developed-country multinationals (DMNEs) so much faster than expected? In this chapter, the author argues that the clue to these two puzzles lies in the realization that, contrary to the dominant view in the international business (IB) literature that focuses only on the intangibles exploited by DMNEs and assumes that these firms are free to unilaterally decide on their mode of entry and operation, doing business in a foreign country is only possible if intangibles are bundled with complementary local resources, usually held by local firms. Taking into account these complementary local resources and their owners makes it clear that DMNEs are not always free to choose their entry mode but must enlist the cooperation of local resource owners. The need of digital-content and internet-based firms for local complementary resources also explains why they sometimes experience problems when expanding abroad. Lastly, control of complementary local resources provides EMNEs with a home advantage against DMNEs competing with them in their home market. The author shows how EMNEs can capitalize on this advantage to obtain the intangibles they lack and need. The fact that these advantages are available on efficient global markets, while complementary local resources are not, explains the surprising speed of EMNE catch-up.

In recent years, environmental issues and resource depletion have posed significant challenges to firms and society. To address these environmental challenges, firms seek to build strategic alliances of green supply chain management (GSCM) with their supply chain partner. As the largest developing country in the Asia–Pacific region, China needs to take more responsibility for environmental protection, which requires more Chinese firms to participate in GSCM. Therefore, focusing on the issue of GSCM and innovation persistence in the context of an increasingly harsh ecological environment is essential.

To test the hypothesis, the authors perform an empirical analysis on a sample of 124 listed firms in China from 2014 to 2019. The results are robust to a battery of robustness analyses the authors performed to take care of endogeneity.

Empirical results indicate that GSCM can promote innovation persistence and both market environment turbulence and technology environment turbulence have a positive moderating effect on the relationship between the two. Mechanism tests show that GSCM can improve innovation efficiency, ensure innovation quality and alleviate financing constraints, thus promoting the innovation persistence of firms.

This study can provide a theoretical basis for the country to promote GSCM orientation, raise firms' awareness of the value of GSCM, convey the significance of GSCM to investors, influence firms' investment decisions and give experience to other developing countries.

This study aims to examine the risk-resistant role of environmental, social and governance (ESG) performance in the capital market, focusing on an organizational standpoint. Furthermore, it aims to offer management decision advice to companies seeking protection against stock market risks. Conclusions obtained through this research have the potential to enrich the economic consequences of ESG performance, provide practical implications for enhancing corporate ESG performance, improving corporate information quality and stabilizing capital market development.

Based on the data of Chinese A-share listed companies from 2009 to 2020, this study examines the risk-resistant function of ESG performance in the capital market. The impact of ESG performance on management behavior is analyzed from the perspective of organizational management and the three mechanisms of pre-event, during the event and post-event.

This paper demonstrates that companies that effectively implement ESG practices are capable of effectively mitigating risks associated with stock price crashes. Heterogeneity analysis reveals that the inhibitory effect of ESG performance on stock price crash risk is more pronounced in nonstate-owned enterprises and enterprises with higher levels of marketization. After controlling for issues such as endogeneity, the conclusions of this paper are still valid. The mechanism analysis indicates that ESG performance reduces the risk of stock price crash through three paths of organizational management: pre-event, during the event and post-event. That is, ESG performance plays the role of restraining managers’ opportunistic behavior, reducing information asymmetry and boosting investor sentiment.

This paper provides new insights into the relationship between ESG performance and stock price crash risk from an organizational management perspective. This study establishes three impact mechanisms (governance effect, information effect and insurance effect), offering a theoretical basis for strategic corporate decisions of risk management. Additionally, it comprehensively examines the contextual differences in the role of ESG performance, shedding light on the specific domains where ESG practices are influential. These findings offer valuable insights for promoting stable development in the capital market and fostering the healthy growth of the real economy.

The purpose of this study is to understand the psychological mechanism that affects consumer trust by focusing on the formation and influence process of psychological contracts, and taking this opportunity, explore the influence paths of food quality, food safety and service quality on consumer trust in the online food market, and provide theoretical suggestions for building trust in food businesses' consumers.

This study is based on an empirical investigation and uses partial least square structural equation modeling for analysis. Survey data were collected online from 359 APP users of online food transaction platforms in China.

Food quality, food safety and service quality influence consumer trust through the mediating effects of relational and transactional psychological contracts. However, the differences between these influencing paths are obvious and shift with changes in the marketing channels.

This study contributes to the body of consumer trust research by exploring online food transactions as an emerging trend in China. Some optimization strategies for food quality, food safety and service quality are provided for enterprises involved in online food transactions.

This is a pioneering study revealing psychological contracts as a missing but significant mediator between consumer trust and its antecedents.

In this paper, we aim to provide an extensive analysis to understand how various factors influence electricity prices in competitive markets, focusing on the day-ahead electricity market in Romania.

Our study period began in January 2019, before the COVID-19 pandemic, and continued for several months after the onset of the war in Ukraine. During this time, we also consider other challenges like reduced market competitiveness, droughts and water scarcity. Our initial dataset comprises diverse variables: prices of essential energy sources (like gas and oil), Danube River water levels (indicating hydrological conditions), economic indicators (such as inflation and interest rates), total energy consumption and production in Romania and a breakdown of energy generation by source (coal, gas, hydro, oil, nuclear and renewable energy sources) from various data sources. Additionally, we included carbon certificate prices and data on electricity import, export and other related variables. This dataset was collected via application programming interface (API) and web scraping, and then synchronized by date and hour.

We discover that the competitiveness significantly affected electricity prices in Romania. Furthermore, our study of electricity price trends and their determinants revealed indicators of economic health in 2019 and 2020. However, from 2021 onwards, signs of a potential economic crisis began to emerge, characterized by changes in the normal relationships between prices and quantities, among other factors. Thus, our analysis suggests that electricity prices could serve as a predictive index for economic crises. Overall, the Granger causality findings from 2019 to 2022 offer valuable insights into the factors driving energy market dynamics in Romania, highlighting the importance of economic policies, fuel costs and environmental regulations in shaping these dynamics.

We combine principal component analysis (PCA) to reduce the dataset’s dimensionality. Following this, we use continuous wavelet transform (CWT) to explore frequency-domain relationships between electricity price and quantity in the day-ahead market (DAM) and the components derived from PCA. Our research also delves into the competitiveness level in the DAM from January 2019 to August 2022, analyzing the Herfindahl-Hirschman index (HHI).

As the cost of completing a transaction, the green merger and acquisition (M&A) premium paid on mergers can influence whether the acquisition creates value or not. However, studies linking M&A premiums to firm value have had mixed results, even fewer studies have examined the effect of green M&A premiums on bidders’ firm value. The purpose of this paper is to investigate whether and how green M&A premiums affect firm value in the context of China’s heavy polluters.

Using 323 deals between 2008 and 2019 among China’s heavy polluters, this paper estimates with correlation analysis and multiple regression analysis.

Green M&A premiums are negatively associated with firm value. The results are more significant when firms adopt symbolic rather than substantive corporate social responsibility (CSR) strategies. Robustness and endogeneity tests corroborate the findings. The negative relation is stronger when acquiring firms have low governmental subsidy and environmental regulation, when firms have overconfident management, when firms are state-owned and when green M&A occurs locally or among provinces in the same region. This study also analyzes agency cost as an intermediary in the relationship between green M&A premium and firm value, which lends support to the agency-view hypothesis.

This study provides systemic evidence that green M&A premiums damage firm value through agency cost channel and the choice of CSR strategies from the perspective of acquirers. These findings enrich the literature on both the economic consequences of green M&A premiums and the determinants of firm value and provide a plausible explanation for mixed findings on the relationship between green M&A premiums and firm value.

This study aims to examine the reaction of anchor investors (AIs) to pre-IPO earnings management (EM). The authors use the unique detailed bid data from the Indian anchor experiment. The authors also study the reputed AIs’ EM detection ability and pricing behavior in response to pre-IPO EM.

The authors use unique AI bid data for 169 Indian IPO firms. Utilizing the logistic regression and Tobit regression models with industry and year-fixed effects, the authors examine the relationship between various measures of AI participation and proxies of short-term and long-term discretionary accruals.

The authors document that pre-IPO EM is positively associated with the likelihood of anchor backing but negatively related to the likelihood of reputed anchor backing. The findings indicate that AIs are misled by pre-IPO EM, but reputed AIs are not. The authors also observe that reputed AIs, compared to the non-reputed, pay less than the upper band with increasing EM. The findings are robust to using various AI measures and EM proxies.

The findings have significant implications for regulators in the implementation of AI concept in non-anchor markets and better implementation of policies in existing anchor settings. Findings can also be relevant for non-institutional investors in the IPO domain.

This is one of the few studies on institutional investors' IPO bidding behavior in response to pre-IPO EM. However, this is the first study to analyze AIs' IPO bidding behavior in response to pre-IPO EM.

This present work aims at looking into whether or not introducing commodities in international equity portfolios helps reduce the market risk and if hedging is carried out with the same effectiveness across different regional stock markets.

The authors determine the optimal hedge ratios and hedging effectiveness of a number of commodity-hedged emerging and developed equity markets, using three versions of MGARCH model: DCC, ADCC and GO-GARCH. The authors also use a rolling window estimation procedure for the purpose of constructing out-of-sample one-step-ahead forecasts of dynamic conditional correlations and optimal hedge ratios.

Empirical results evince that commodities significantly display effective risk-reducing hedge instruments in short and long runs. The main finding is that commodities do not seem to hedge regional stock markets in the same way. They tend to provide evidence of a rather effective hedging regarding mainly the East European and Latin American stock markets.

The authors study whether commodities can hedge stock markets at regional context and if hedging effectiveness differ from one region to another.

This study aims to contribute to social identity theory in tourism by exploring the reflections of Chinese tourists visiting North Korea and how they negotiate their intergroup identity in this similar-others destination.

Data were collected via online platforms and in-depth interviews. A qualitative approach, i.e. thematic analysis, was used to analyse the two sets of data.

Results showed that when encountering North Koreans perceived as similar others amid the social, economic and political environments in which they were embedded, Chinese tourists often categorised themselves as ordinary tourists, preferentially treated tourists and vicarious tourists based on intergroup similarities to North Koreans. They also performed intergroup comparison to boost their self-esteem at group and collective levels and developed corresponding strategies to generate distinct emotional group commitments.

It is recommended that destinations reinforce the friendly and unique relationship with their similar-others source markets to improve their attractiveness. Destinations should also strive to enhance the experience of tourists from their similar-others markets by arousing their positive collective-level affection, emotional resonance and nostalgic memories and avoiding negative emotions.

This study offers a theoretical framework analysing the features of tourists’ social identities while visiting a similar-others destination, contributing to our understanding of the interactive and contingency nature of social identity in tourism, and responding to the call for addressing the broader social contexts in which tourists’ group identity is embedded.

本文致力于探索赴朝中国游客的反思以及他们在这个“类似他者”目的地如何协商群际身份, 以对旅游领域的身份认同理论做出贡献。

本文运用主题分析方法; 资料来源于网络文本和深度访谈。

当中国游客面对被视为“类似他者”的朝鲜人时（具有相似的社会、经济和政治环境）, 他们会根据与朝鲜人的群际相似性, 将自我分类为“普通游客”、“受优待者”和“过来人”三类。此外, 他们还会通过群际比较来提高群体层面和集体层面的自尊, 并且采取对应策略以产生不同的群体承诺。

本文提出了一个分析游客访问“类似他者”目的地时的社会认同的理论框架, 对理解旅游中的社会认同的互动性和偶然性做出了贡献, 并响应了在考察游客群体认同时关注其所处的更广泛的社会背景的呼吁。

目的地应该强化它们与“类似他者”客源市场之间友好且独特的关系, 以提升自身吸引力。目的地还应该唤醒游客积极的集体情感和怀旧, 产生主客情感共鸣, 并避免负面情绪, 以尽力提升来自“类似他者”客源地的游客的体验。

Este estudio pretende contribuir a la teoría de la identidad social en turismo mediante la exploración de las reflexiones de los turistas chinos que visitan Corea del Norte y cómo negocian su identidad intergrupal en este destino similar a otros.

Los datos se recogieron mediante plataformas en línea y entrevistas en profundidad. Se utilizó un enfoque cualitativo a través de análisis temático para analizar los dos conjuntos de datos.

Los resultados mostraron que, al encontrarse con norcoreanos percibidos como otros similares en el entorno social, económico y político en el que estaban integrados, los turistas chinos a menudo se categorizaban a sí mismos como turistas ordinarios, turistas con trato preferente y turistas vicarios basándose en las similitudes intergrupales con los norcoreanos. También, realizaban comparaciones intergrupales para aumentar su autoestima a nivel grupal y colectivo, y desarrollaban las estrategias correspondientes para generar distintos compromisos emocionales grupales.

Se presenta un marco teórico en el que se analizan las características de las identidades sociales de los turistas que visitan un destino similar a otro, lo que contribuye a nuestra comprensión de la naturaleza interactiva y contingente de la identidad social en turismo y responde a la necesidad de abordar los contextos sociales más amplios en los que se inserta la identidad de grupo de los turistas.

Se recomienda que los destinos refuercen las relaciones amistosas y únicas con sus mercados emisores similares para mejorar su atractividad. Los destinos deberían esforzarse por mejorar la experiencia de los turistas de sus mercados emisores similares, estimulando su afecto positivo a nivel colectivo, su resonancia emocional y sus recuerdos nostálgicos, y evitando las emociones negativas.

This study investigated the moderating role of democracy in the relationship between corruption and foreign direct investment. The purpose of this study is to understand whether corruption has different effects on the location decisions of multinational enterprises (MNEs) depending on the regime type.

This study explored how institutional context influenced the impacts of corruption on the location decisions of MNEs, specifically using a sample of Chinese cross-border mergers and acquisitions between 2000 and 2020.

This study assessed the role of democracy in the relationship between corruption and the location decisions of Chinese MNEs. In general, this study found that Chinese MNEs were hindered by host country corruption, but that these detrimental effects were weaker in the presence of more effective democratic institutions.

This study contributes to the literature on institutional factors in international business through its simultaneous investigation of the effects of both democracy and corruption on the location decisions of MNEs. Moreover, there is a prevailing view that Chinese MNEs are willing to enter countries with high corruption, but the results of this study indicate that they are risk-averse in ways similar to their Western counterparts.