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The purpose of this paper is to investigate payout smoothing in two emerging markets – China and Taiwan. The authors conduct a comparative study of two emerging market economies that have common cultural and historical characteristics but have experienced different government systems and different approach to the market-based system.

The authors collect firm-level data from Standard and Poor's Compustat Global database, which covers 5,298 public firms in China and Taiwan during the period 1996–2015, and use a variance decomposition methodology to estimate the smoothness of corporate payout in a common empirical framework that includes net income, and debt and investment policies.

Overall, the empirical findings support recently proposed theories of joint determination of corporate payout behavior with debt and investment policies. The authors find that debt and investment policies absorb the majority of shocks to net income, and that debt policy is the main shock absorber. Furthermore, the authors show that firms in China follow a similar strategy with their counterparts in United States and smooth their payout. In contrast to firms in China and US, the payout of the Taiwanese firms is relatively highly sensitive to net income shocks.

To the best of authors’ knowledge, this study is the first to use a joint model to empirically investigate the extent to which debt and investment policies are used to keep corporate payout smooth in emerging markets.

The purpose of this article is to empirically explore the sensitivity of payouts to cash flows and the other financing decisions, such as debt and investment, of firms.

Using panel regressions based on COMPUSTAT data for 7,544 public firms during the period 1973–2013, we estimate the sensitivity of total payouts. Specifically, following the theory presented in Lambrecht and Myers (2012), we test the interdependent financing decisions of the firm. First, we compute total payout as the sum of cash dividends and net stock repurchases; second, we examine the sensitivity of total payouts to changes in the firm’s net income, debt and investment. Furthermore, we present several tests to demonstrate the robustness of our results.

We suggest evidence in support of the theory in Lambrecht and Myers (2012) showing that there is a negative relationship between total payouts and investment. Furthermore, we find that total payouts are positively associated with net income and debt of the firm.

Previous research has shown how cash flows affect different financing decisions, but it is not clear how total payouts are sensitive to other financing decisions. The focus of this paper is the response of total payouts to investment policy, debt financing policy and changes in cash flows.

The purpose of this paper is to study the payout policy for public firms in different countries. The authors are interested to understand the similarities and differences in the behavior of firms across different countries.

The authors use firm-level data collected from Compustat Global for public firms across the world. The sample consists of more than 23,000 firms for the period 1990–2015 in 94 countries. The authors estimate the corporate payout in an empirical model that incorporates other corporate financing decisions, such as investment and debt policies.

The findings support recent corporate governance theory, which asserts that payout policy is influenced by investment and debt policies, and cannot be determined independently. Furthermore, the authors find that geographic/cultural/institutional variation influence the response of payout policy to other corporate financing decisions. Additional tests are presented to demonstrate the robustness of the main findings.

The interpretation of the results for certain regions could be limited due to data availability. The authors believe the authors have a good coverage especially for countries in Asia, relative to the other regions.

To the best of our knowledge, this study is the first one to look at payout policy and its relationship with investment and debt policy in such a large scale of firms across the world with coverage of 94 countries and 16 years. The authors document differences in public firms’ attitudes toward payout policy according to geographic/cultural/institutional reasons.

A boom in e-commerce in Korea has sparked off high daily-volume demand for small-sized home delivery services, which poses a great challenge to distribution networks, especially in urban areas where traffic congestion, accessibility, and pollution are serious problems. In addition, security issues for people who live in small townhouses and detached houses without security systems and guards have received increasing attention from the government and society. Thus, the introduction of a new alternative for home delivery services, unmanned parcel lockers, is urgent for residents living in these areas. This paper examines and compares potential socio-economic impacts in terms of costs and benefits when such lockers are installed at selected locations in residential areas. The results show that this policy is worthy of adoption, with several undeniable benefits to local communities. In addition, sensitivity analyses estimate the economic performance of this project at different social discount rates, and they check the sensitivity of economic performance based on variations in the variables. The value of travel time savings was identified as a critical and dominating factor directly affecting economic performance.

Creative industries, such as the designer fashion industry (DFI), are among the toughest in which to establish sustainable business ventures. While studies have examined how networks and social capital contribute to independent DFI start-ups and why such businesses fail, these studies have been largely restricted to well-established entrepreneurial spaces like London, which differ in structure and size compared to emerging DFI entrepreneurial spaces in small economies like New Zealand. This chapter addresses this gap in the creative enterprise literature by presenting findings from an examination of 12 New Zealand fashion designers’ accounts of their responses to start-up challenges. The analysis, which paid particular attention to the relationship between social capital and reported strategic practice, revealed that the designers’ challenge profiles and strategic responses were linked to very ‘biographical’ personal networks and their personal enterprise orientations. While those designers with well-established networks started the most resilient businesses, the analysis revealed that even these designers were not necessarily particularly strategic when tapping into the social capital embedded in their networks. Overall, the findings provide further confirmation of the importance of social capital and network management during start-up. Most significantly, they demonstrate why designers need to be forward looking and employ a strategic approach to developing and accessing social capital and when making business decisions. Those who did so were more likely to have viable ventures than those who accessed social capital in order to react to unanticipated challenges.

We advance entrepreneurship research by developing a theoretical model of how founding teams form. Our neo-Carnegie model situates nascent founders in particular network-structural milieus, engaging in aspiration-driven search for and evaluation of prospective co-founders. The formation of co-founding ties between nascent founders can be divided into four theoretical steps, which we label activation, evaluation, approach, and reciprocation. Successful founding team formation is a consequence of mutually favorable evaluations by nascent founders in a multi-sided matching process. Nascent founders with higher and less flexible aspirations are more likely to undertake distant search for co-founders by seeking referrals, forming ties with strangers, and forming new ties to social foci where they might meet potential co-founders. Churn in newly formed founding teams emerges as a consequence of shifting dominant coalition dynamics in the founding team caused by organic venture evolution and intentional changes in strategic direction. Our theoretical model provides new insights on the formation pathways of founding teams, their initial task and relational resource endowments, and initial team dynamics.

This study aims to analyze how restaurants' collaboration with mobile food delivery applications (MFDAs) affects product development efficiency and argues that technological capabilities moderate relational ties impact the joint decision-making and development efficiency of restaurant products.

A product development efficiency model was formulated using a resource-based view and real options theory. In all, 472 samples were collected from restaurants collaborating with MFDAs, and partial least squares structural equation modeling was applied to the proposed model.

The findings of this study indicate three factors are critical to the product development efficiency between restaurants and MFDAs; restaurants must develop a strong connection with the latter to ensure meals are consistently served promptly. Developers of MFDAs should use artificial intelligence analysis, such as order records of different genders and ages or various consumption attributes, to collaborate with restaurants.

To the best of the authors’ knowledge, this study is one of the few that considers the role of MFDAs as a product strategy for restaurant operations, and the factors the authors found can enhance restaurants’ product development efficiency. Second, as strategic artificial intelligence adaptation changes, collaborating firms and restaurants use such applications for product development to help consumers identify products.

This study empirically examines the nonlinear effects of mimicking peer firms' cash holdings on shareholder value, with consideration of macroeconomic conditions.

An instrumental variable approach for nonlinear models is estimated for a large sample of US firms over the period 1991–2019. This approach addresses the reflection problem in examining peer effects, whereby it is impossible to separate the individual's effects on the group, or vice versa, if both are simultaneously determined.

The authors find an inverted U-shaped association between shareholder value and mimicking intensity of peer firms' cash holdings. This result suggests that mimicking peer firms' cash holdings is subject to diminishing returns. It is more beneficial at lower levels of mimicking intensity but less so or suboptimal at higher levels. Further evidence indicates that this inverted U-shaped shareholder value-mimicking intensity nexus is asymmetric. Specifically, it is salient for decreases relative to increases in cash holdings and, more importantly, in good relative to bad macroeconomic states. The findings are robust to several concerns and have important implications for liquidity management policies.

The authors provide new empirical evidence of the nonlinear effects of mimicking peer firms' cash holdings on shareholder value, which varies with macroeconomic conditions.

The purpose of this paper is to expand the Swiss Index of Customer Satisfaction (SWICS) model by investigating the role of customer dialogue in the interrelationships among customer satisfaction, customer trust, perceived value and customer loyalty upon Vietnam banking industry.

The conceptual framework was developed from both an exploratory research with focus group method and the literature. A structural equation model linking customer dialogue to customer satisfaction, customer trust, perceived value and loyalty is tested using data from a sample of 389 Vietnamese individual bank customers.

The results indicate the key role of customer dialogue in bank marketing since it not only has an independent impact on customer loyalty but also mediates the effect of customer satisfaction on loyalty completely and the relationship between customer trust and loyalty partially. Besides, the central role of customer trust was also highlighted since it mediates totally the effect of perceived value on both of customer dialogue and customer loyalty while explaining partially the path from customer satisfaction and customer dialogue.

First, regarding sample size, the authors have used suitable sampling methods with adequate sample representation. However, a larger sample size with more diverse age range and usage of various banking services may be more helpful and effective for the path analysis and managerial implication. Second, the authors have used only a limited set of measurement items due to the concerns of model parsimony and data collection efficiency. For example, perceived value can be measured upon more detailed dimensions, and yet the author focussed only on some selected measures based mainly on their relevance to the context studied.

The findings imply that building trust and engaging with customers better through communication are keys for Vietnamese commercial banks to gain more customer loyalty in such competitive conditions.

The study is noteworthy that it adds perceived value and customer trust in the SWICS model and investigates the interrelationships between all variables in a single model.