Search results

1 – 10 of 76
Open Access
Article
Publication date: 10 June 2022

Xinyi Huang, Fei Teng, Yu Xin and Liping Xu

This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy…

Abstract

Purpose

This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy courts in China can mitigate price distortions caused by the implicit government guarantees and promote the development of the high-risk bond market.

Design/methodology/approach

This paper exploits the staggered introduction of bankruptcy courts across cities to implement a differences-in-differences strategy on bond issuance data. Using bonds issued in China between 2018 and 2020, the impact of bankruptcy courts on the bond issuance market can be analyzed.

Findings

This paper reveals that bond issuance credit spreads increase and is more sensitive to firm size, profitability and downside risk of issuance entity after the introduction of bankruptcy courts. It also reveals a substantive increase in bond issuance quantity and a decrease in issuer credit ratings following the establishment of bankruptcy courts. In addition, the increase of credit spreads is more prominent for publicly traded bonds, those whose issuers located in provinces with lower judicial confidence, bonds issued by SOEs and bonds with stronger government guarantees. Finally, the role of bankruptcy courts is more pronounced in regions with higher marketization.

Originality/value

This paper relates to previous studies that investigate the impact of laws and institutions on external financing. It helps provide new evidence to this literature on how improvements of efficiency and quality in bankruptcy enforcements relate to the marketization of bond issuance. The results provide further evidence on legal institutions and bond financing.

Details

China Accounting and Finance Review, vol. 24 no. 3
Type: Research Article
ISSN: 1029-807X

Keywords

Article
Publication date: 28 May 2021

Fei Teng, Xue Xia and Yu Xin

Close relationship with major customers, by curtailing opportunistic behaviors during private placements (PPs) and guaranteeing the production and sales of products after…

Abstract

Purpose

Close relationship with major customers, by curtailing opportunistic behaviors during private placements (PPs) and guaranteeing the production and sales of products after, is expected to facilitate the realization of PP’s strategic goals. However, major customers, on the contrary, may impair PP’s performance because of their strong bargaining power. Based on the transaction cost theory and relational contract theory, this paper aims to investigate the impact of major customers on firms’ strategic development in the context of private placements. The mechanisms of such impact are analyzed from the prospect of economies of scale, supervision and the rip-off effect by major customers. Further, the moderating role of the customer relationship investment (CRI) is considered.

Design/methodology/approach

Using a sample of China’s non-financial A-share listed firms during 2010-2016, this paper empirically investigates the impact of customer relationships on firms’ operating performance following PPs. In the main regressions, the sales growth rate serves as the dependent variable to measure PP’s operating performance, while the customer concentration proxies for the closeness of customer relationship. This study captures the impact of customer relationships on PPs’ performance by looking at the coefficient of the interaction term of post PP dummy and customer concentration. In the additional tests, selling and management expenses along with entertainment and traveling expenditures are used to measure customer relationship investment.

Findings

Results show that major customers help improve PPs’ strategic performance. The more concentrated the customer portfolio is, the higher operating performance will be after the PPs. Such a relationship is stronger when CRI is at a higher level. However, CRI also incurs costs, which impairs the effect of major customers on net profit. Further research finds that the effect of major customers is more pronounced in situations of extensional PPs, with actively interactive customers and in non-state-owned firms. In addition, state-owned customers with strong bargaining power have impaired the role of customers in promoting PP’s operating performance.

Originality/value

This paper validates the role of customers in firms’ strategic development. The study not only contributes to the research on the economic consequences of customers but also adds to the evolving literature of factors affecting the performance of PPs. The findings of the study have important practical implications for both customer relationship management and the supervision of PPs.

Details

Nankai Business Review International, vol. 12 no. 2
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 9 October 2009

Yi‐Shou Wang, Hong‐Fei Teng and Yan‐Jun Shi

The purpose of this paper is to tackle a satellite module layout design problem (SMLDP). As a complex engineering layout and combinatorial optimization problem, SMLDP…

Abstract

Purpose

The purpose of this paper is to tackle a satellite module layout design problem (SMLDP). As a complex engineering layout and combinatorial optimization problem, SMLDP cannot be solved effectively by traditional exact methods. Although evolutionary algorithms (EAs) have shown some promise of tackling SMLDP in previous work, the solution quality and computational efficiency still pose a challenge. This paper aims to address these two issues.

Design/methodology/approach

Scatter search (SS) and a cooperative co‐evolutionary architecture are integrated to form a new approach called a cooperative co‐evolutionary scatter search (CCSS). The cooperative co‐evolutionary architecture is characterized by the decomposition and cooperation for dealing with complex engineering problems. SS is a flexible meta‐heuristic method that can effectively solve the combinatorial optimization problems. Designing the elements of SS is context‐dependent. Considering the characteristics of SMLDP, our work focuses on two folds: the diversification method, and the reference set update method. The diversification method is built on the method of coordinate transformation and the controlled randomness. The reference set is updated by the static method on the basis of two dissimilarities. Two test problems for circles packing illustrated the capacity of SS. However, when solving SMLDP, SS shows some limitations in the computational time and quality. This study adopts divide‐conquer‐coordination strategy to decompose SMLDP into several layout sub‐problems. Then CCSS is applied to cooperatively solve these sub‐problems. The experimental results illustrate the capability of the proposed approach in tackling the complex problem with less computational effort.

Findings

Applying CCSS to SMLDP can obtain satisfying solutions in terms of quality and computational efficiency. This contrasts with the limiting experimental results of SMLDP with some approaches (including modified SS).

Originality/value

A new CCSS is proposed to provide an effective and efficient way of solving SMLDP. Some elements of SS are improved to address the layout problem. SMLDP is decomposed into several sub‐problems that can be solved cooperatively by CCSS after its characteristics are taken into consideration.

Details

Engineering Computations, vol. 26 no. 7
Type: Research Article
ISSN: 0264-4401

Keywords

Article
Publication date: 1 February 2003

Hong Liu, Shouhong Wang and Teng Fei

Online auctions on the Internet have become popular. However, the communication techniques currently used in the online auction industry are primarily based on unicast…

1214

Abstract

Online auctions on the Internet have become popular. However, the communication techniques currently used in the online auction industry are primarily based on unicast technology. Unicast‐based online auctions suffer from unbearable delay of the communication between the auctioneer and bidders. Recently, multicast is changing the Internet environment, and is penetrating to the online auction field. This study describes a model for multicast‐based online auctions. The laboratory experiments demonstrate that the communication performance of multicast‐based online auctions is significantly better than that of traditional unicast‐based auctions.

Details

Benchmarking: An International Journal, vol. 10 no. 1
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 8 July 2022

Da Teng, Yun-Wen Feng, Jun-Yu Chen and Cheng Lu

The purpose of this paper is to briefly summarize and review the theories and methods of complex structures’ dynamic reliability. Complex structures are usually assembled…

Abstract

Purpose

The purpose of this paper is to briefly summarize and review the theories and methods of complex structures’ dynamic reliability. Complex structures are usually assembled from multiple components and subjected to time-varying loads of aerodynamic, structural, thermal and other physical fields; its reliability analysis is of great significance to ensure the safe operation of large-scale equipment such as aviation and machinery.

Design/methodology/approach

In this paper for the single-objective dynamic reliability analysis of complex structures, the calculation can be categorized into Monte Carlo (MC), outcrossing rate, envelope functions and extreme value methods. The series-parallel and expansion methods, multi-extremum surrogate models and decomposed-coordinated surrogate models are summarized for the multiobjective dynamic reliability analysis of complex structures.

Findings

The numerical complex compound function and turbine blisk are used as examples to illustrate the performance of single-objective and multiobjective dynamic reliability analysis methods. Then the future development direction of dynamic reliability analysis of complex structures is prospected.

Originality/value

The paper provides a useful reference for further theoretical research and engineering application.

Details

International Journal of Structural Integrity, vol. 13 no. 5
Type: Research Article
ISSN: 1757-9864

Keywords

Article
Publication date: 23 November 2017

Yan-Kwang Chen, Chih-Teng Chen, Fei-Rung Chiu and Jiunn-Woei Lian

Group buying (GB) is a shopping strategy through which customers obtain volume discounts on the products they purchase, whereas retailers obtain quick turnover. In the…

Abstract

Purpose

Group buying (GB) is a shopping strategy through which customers obtain volume discounts on the products they purchase, whereas retailers obtain quick turnover. In the scenario of GB, the optimal discount strategy is a key issue because it affects the profit of sellers. Previous research has focused on exploring the price discount and order quantity with a fixed selling price of the product assuming that customer demand is uncertain (but follows a known distribution). This study aims to look at the same problem but goes further to examine the case where not only customer demand is certain but also the demand distribution is unknown.

Design/methodology/approach

In this study, optimal price discount and order quantity of a GB problem cast as a price-setting newsvendor problem were obtained assuming that the distribution of customer demand is unknown. The price–demand relationship is considered in addition form and product form, respectively. The bootstrap sampling technique is used to develop a solution procedure for the problem. To validate the usefulness of the proposed method, a simulated comparison of the proposed model and the existing one was conducted. The effects of sample size, demand form and parameters of the demand form on the performance of the proposed model are presented and discussed.

Findings

It is revealed from the numerical results that the proposed model is appropriate to the problem at hand, and it becomes more effective as sample size increases. Because the two forms of demand indicate restrictive assumptions about the effect of price on the variance of demand, it is found that the proposed model seems to be more suitable for addition form of demand.

Originality/value

This study contributes to the growing literature on GB models by developing a bootstrap-based newsvendor model to determine an optimal discount price and order quantity for a fixed-price GB website. This model can assist the sellers in making decisions on optimal discount price and order quantity without knowing the form of customer demand distribution.

Details

Kybernetes, vol. 46 no. 10
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 20 March 2017

Bala Chakravarthy and David Yau

In order to be a true global leader, Chinese firms must be able to be trailblazers in both emerging and advanced markets.

1498

Abstract

Purpose

In order to be a true global leader, Chinese firms must be able to be trailblazers in both emerging and advanced markets.

Design/methodology/approach

Five major Chinese companies are studied: Each of the five leaders has shown interest in building an organization that can nurture innovation that is more than incremental.

Findings

Each of the five companies needs a clear long-term vision that will guide innovation and point to where these companies should place their slow-to-pay-off R&D bets.

Practical implications

The agility to take advantage quickly as opportunities emerge–by practicing frequent experimentation, promptly divesting failed projects and rapidly scaling up investments in successful ones–has been an important ability that has contributed to the success of the five companies.

Originality/value

Breakthrough product innovation will be an important competence for the future success of these five Chinese companies. Some of the five companies have developed a growing appetite for external collaboration to drive innovation.

Article
Publication date: 19 July 2022

Fei Long, Miraj Ahmed Bhuiyan, Muhammad Khalilur Rahman and Norzalita Abd Aziz

The objectives of this study are to examine the impacts of CSR on purchase intentions either directly or indirectly and to investigate the moderating effects of consumer…

Abstract

Purpose

The objectives of this study are to examine the impacts of CSR on purchase intentions either directly or indirectly and to investigate the moderating effects of consumer ethnocentrism on the relationship between CSR and purchase intentions.

Design/methodology/approach

This study utilized an online self-administered survey for data collection. All the measurement items were adopted or adapted from prior research concerning international marketing (Churchill, 1979). Concerning rating scales, the items of CSR, brand attitudes, and consumer ethnocentrism were measured from 1 (strongly disagree) to 7 (strongly agree), and the items of purchase intentions were measured from 1 (strongly disagree) to 5 (strongly agree).

Findings

The empirical findings suggest that CSR significantly influences purchase intentions directly and indirectly via brand attitudes. Besides, consumer ethnocentrism strengthens the positive effects of CSR on brand attitudes and purchase intentions.

Originality/value

This research sheds light on young Chinese consumers' purchase behaviors, which could facilitate Western brands implementing effective and efficient marketing strategies in the Chinese market.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 27 January 2022

Antonio Benedito de Oliveira Junior and Mauro Jose De Oliveira

This study aims to design and empirically test a model where autonomy affects partnership (PT) and entrepreneurial orientation (EO), which in turn improves competitive…

Abstract

Purpose

This study aims to design and empirically test a model where autonomy affects partnership (PT) and entrepreneurial orientation (EO), which in turn improves competitive aggressiveness (CA), market orientation (MO) and PT; to verify the impact of CA on MO and PT; and to determine to what extent MO mediates the EO–PT relationship.

Design/methodology/approach

The authors used a quantitative approach to test 101 Brazilian firms from different sectors, analyzed by structural equation modeling using the partial least squares–structural equation modeling.

Findings

Results show that autonomy improves EO and PT. EO positively affects CA, MO and PT. CA impacts MO positively, and MO mediates the EO–PT relationship, although it reduces the possibility of PT.

Research limitations/implications

Although 101 firms could be a “small sample,” the authors validated it according to Hair et al. (2009) and Chin et al. (2003). Their first contribution is to extend the works relating to EO and PT by showing the positive effects of autonomy on EO and PT. Second, to show the mediating effect of MO on the EO–PT relationship. Finally, they draw attention to how firms with EO improve CA, MO and PT; and CA boost MO. Thus, to generalize EO research internationally, like in the emergent markets.

Originality/value

Although EO has attracted significant attention to entrepreneurship research, it is not clear how autonomy impacts a firm's EO and PT, considering the mediating effect of MO on the EO–PT relationship; if EO influences CA and MO, and the impact of CA on MO and PT.

Details

Journal of Entrepreneurship in Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4604

Keywords

Article
Publication date: 12 February 2018

Fei Li, Jin Chen and Yu-Shan Su

Collaboration with universities is an important innovation strategy for enterprises. However, currently very little research has focused on how such university-industry…

Abstract

Purpose

Collaboration with universities is an important innovation strategy for enterprises. However, currently very little research has focused on how such university-industry collaborative innovation activities should be managed. The paper aims to discuss this issue.

Design/methodology/approach

This paper introduces the university-industry collaborative innovation practices of Zhejiang NHU Company in China. By using a case study as the method, this paper aims to illustrate the mechanism of university-industry collaborative innovation and how to manage the collaborative innovation activities efficiently.

Findings

Zhejiang NHU Company established a university-industry collaborative innovation link through three innovation platforms: the technology R&D center, the ZJU-NHU joint-research center, and the national engineer center. Zhejiang NHU Company manages its collaborative relationships with universities through this innovation network.

Originality/value

NHU Company managed the collaborative relationship efficiently with the institutions, representing an effective degree of university-industry collaborative innovation management.

Details

Journal of Organizational Change Management, vol. 31 no. 1
Type: Research Article
ISSN: 0953-4814

Keywords

1 – 10 of 76