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Article
Publication date: 8 May 2018

Fei Liu, Chao Bian and Christopher Gan

This paper aims to examine whether government intervention acts as a substitution mechanism for laws and institutions in affecting firms’ long-term debt financing decision and the…

Abstract

Purpose

This paper aims to examine whether government intervention acts as a substitution mechanism for laws and institutions in affecting firms’ long-term debt financing decision and the moderating effect of firm ownership on the relationship between law and finance in Chinese capital market.

Design/methodology/approach

This study uses ordinary least squares with standard errors clustered at the firm level in the regressions. To address the potential endogeneity problem, the authors also use the system generalized method of moments in their estimation.

Findings

The results show that both long-term bank debt and long-term bank debt maturity structure ratios are positively related to government intervention. The results also reveal that with improvement in the legal environment, public non-state-owned firms have more access to long-term bank debt in the regions where the level of government intervention is low.

Research limitations/implications

Government intervention appears to replace laws and institutions in influencing the allocation of financial resources in China.

Originality/value

The finding suggests the necessity of increasing the protection of both creditors and investors, and shows the importance of a free and independent judiciary system in allocating funds to private firms. The results also imply that the non-state-owned Chinese firms also benefit from the improved laws and institutions.

Details

Journal of Asia Business Studies, vol. 12 no. 2
Type: Research Article
ISSN: 1558-7894

Keywords

Article
Publication date: 21 November 2022

Viet Hoang Le, Hans-Jörg von Mettenheim, Stéphane Goutte and Fei Liu

The purpose of this paper is to analyze the market response of the aerospace and defense industry and the airline industry to the ongoing conflict between Ukraine and Russia based…

Abstract

Purpose

The purpose of this paper is to analyze the market response of the aerospace and defense industry and the airline industry to the ongoing conflict between Ukraine and Russia based on the sentiments from war-related news articles over the period from October 2021 to June 2022.

Design/methodology/approach

The study uses the news article database of Global Database of Events, Languages and Tone (GDELT) to create a new set of variables that reflect the news sentiment regarding war and conflict. By investigating the newly created sentiment variables in combination with traditional event study methodology, the authors seek to find out whether sentiment indicators can be helpful to rationalize the evolution of the different stock markets before and after the conflict.

Findings

The authors' results point out a significant negative impact of the war on the airline market and a positive impact on the defense market. The authors' study also introduces a new set of war-related news-based sentiment variables that is significant to explain the evolution of the two markets before and after the war. The relationships between this study's new set of variables and the performance of the two markets are also proven to be significantly impacted by the invasion.

Originality/value

To the best of the authors' knowledge, this is the first research to use the news sentiment related to the topic of war and conflict to explain the market movement of different industries during the Ukraine invasion.

Details

The Journal of Risk Finance, vol. 24 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 30 May 2023

Ho Pham Huy Anh and Nguyen Tien Dat

The proposed Sliding Mode Control-Global Regressive Neural Network (SMC-GRNN) algorithm is an integration of Global Regressive Neural Network (GRNN) and Sliding Mode Control…

Abstract

Purpose

The proposed Sliding Mode Control-Global Regressive Neural Network (SMC-GRNN) algorithm is an integration of Global Regressive Neural Network (GRNN) and Sliding Mode Control (SMC). Through this integration, a novel structure of GRNN is designed to enable online and. This structure is then combined with SMC to develop a stable adaptive controller for a class of nonlinear multivariable uncertain dynamic systems.

Design/methodology/approach

In this study, a new hybrid (SMC-GRNN) control method is innovatively developed.

Findings

A novel structure of GRNN is designed that can be learned online and then be integrated with the SMC to develop a stable adaptive controller for a class of nonlinear uncertain systems. Furthermore, Lyapunov stability theory is utilized to ensure the hidden-output weighting values of SMC-GRNN adaptively updated in order to guarantee the stability of the closed-loop dynamic system. Eventually, two different numerical benchmark tests are employed to demonstrate the performance of the proposed controller.

Originality/value

A novel structure of GRNN is originally designed that can be learned online and then be integrated with the sliding mode SMC control to develop a stable adaptive controller for a class of nonlinear uncertain systems. Moreover, Lyapunov stability theory is innovatively utilized to ensure the hidden-output weighting values of SMC-GRNN adaptively updated in order to guarantee the stability of the closed-loop dynamic system.

Article
Publication date: 10 April 2017

Fei Liu, Bo Xiao, Eric T.K. Lim and Chee-Wee Tan

By delineating electronic word-of-mouth (e-WOM) into numerical rating and opinionated review, the purpose of this paper is to advance a research model that articulates how the…

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Abstract

Purpose

By delineating electronic word-of-mouth (e-WOM) into numerical rating and opinionated review, the purpose of this paper is to advance a research model that articulates how the provision of e-WOM can aid in alleviating consumers’ distrust of online service providers, a key determinant in the former’s adoption of the latter. The authors also endeavor to uncover the role gender plays in moderating the aforementioned relationship between e-WOM and distrust.

Design/methodology/approach

The research model was validated via a field survey administered on 115 college students and faculty members, who had been exposed to a custom-developed online restaurant review website. SmartPLS 2.0.M3 was employed to verify both the measurement and structural properties of the research model.

Findings

Distrust reduces male consumers’ perceptions of usefulness and ease of use toward an online service provider while increasing their adoption intention. For their female counterparts, distrust reduces both perceived ease of use and adoption intention for an online service provider. Additionally, for male consumers, only opinionated review aids in alleviating distrust. Conversely, both numerical rating and opinionated review aid in alleviating the distrust of female consumers. Moreover, in contrast to their female counterparts, male consumers are less susceptible to the influence of cognitive dissonance between numerical rating and opinionated review.

Research limitations/implications

This study integrates distrust with the technology acceptance model (TAM) in an attempt to gain a deeper appreciation of technology acceptance behavior. Furthermore, this study builds on the confirmation bias theory to delineate e-WOM into numerical rating and opinionated review in order to better explicate variations in how males and females react to these two distinct forms of e-WOM. Consistent with the cognitive dissonance theory, the distinction between numerical rating and opinionated review enables further exploration of the impact of cognitive dissonance between these two forms of e-WOM on male and female consumers’ distrust of online service providers. Finally, this study unveils contrasting conflict resolution strategies adopted by male and female consumers to cope with cognitive dissonance in e-WOM.

Practical implications

Findings from this study yield prescriptions for practitioners in terms of how e-WOM can be harnessed to alleviate consumers’ distrust of online service provider. Whereas it is crucial for online service providers to draw on opinionated review to reduce distrust for male consumers, numerical rating should be emphasized for female consumers. This study also sensitizes practitioners to the drawback of providing both numerical rating and opinionated review at the same time due to the potential for cognitive dissonance.

Originality/value

This study is the first to: position distrust within the well-accepted TAM in order to enrich the understanding of technology acceptance behavior; testify to the importance of delineating between numerical rating and opinionated review due to the possibility of cognitive dissonance between these two distinct forms of e-WOM, as well as; uncover contrasting conflict resolution strategies adopted by male and female consumers to cope with cognitive dissonance in accordance with the confirmation bias theory.

Details

Industrial Management & Data Systems, vol. 117 no. 3
Type: Research Article
ISSN: 0263-5577

Keywords

Article
Publication date: 7 August 2017

Fei Liu, Bo Xiao, Eric T.K. Lim and Chee-Wee Tan

The purpose of this paper is to advance product appeal and website appeal as focal psychological mechanisms that can be invoked by business-to-consumer e-commerce sites to…

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Abstract

Purpose

The purpose of this paper is to advance product appeal and website appeal as focal psychological mechanisms that can be invoked by business-to-consumer e-commerce sites to mitigate problems of information asymmetry via signaling to bolster consumers’ purchase intention under the influence of trust.

Design/methodology/approach

Survey approach was employed to validate the research model.

Findings

Website appeal partially mediates the positive effect of product appeal on consumers’ purchase intention. Trust in e-commerce sites not only increases purchase intention directly, but it also reinforces the positive relationship between website appeal and purchase intention while attenuating the positive relationship between product appeal and purchase intention. Service content quality, search delivery quality, and enjoyment are confirmed as positive antecedents of website appeal whereas diagnosticity and justifiability are established as positive antecedents of product appeal.

Research limitations/implications

This study not only delineates product and website appeal as complementary drivers of consumer purchase on e-commerce sites, but it also derives five signals that aid in bolstering both product and website appeal. Trust is revealed to exert a moderating influence on the impact of product and website appeal on purchase intention.

Practical implications

Practitioners should prioritize their resource allocation to enhance qualities most pertinent to product and website appeal. E-commerce sites should offer product-oriented functionalities to facilitate product diagnosticity and reassure consumers of their purchase decisions.

Originality/value

This study distinguishes between product and website appeal as well as between their respective antecedents. It also uncovers how trust can alter the effects of both website and product appeal on consumers’ purchase intention.

Details

Internet Research, vol. 27 no. 4
Type: Research Article
ISSN: 1066-2243

Keywords

Article
Publication date: 31 October 2023

Zhizhong Guo, Fei Liu, Yuze Shang, Zhe Li and Ping Qin

This research aims to present a novel cooperative control architecture designed specifically for roads with variations in height and curvature. The primary objective is to enhance…

Abstract

Purpose

This research aims to present a novel cooperative control architecture designed specifically for roads with variations in height and curvature. The primary objective is to enhance the longitudinal and lateral tracking accuracy of the vehicle.

Design/methodology/approach

In addressing the challenges posed by time-varying road information and vehicle dynamics parameters, a combination of model predictive control (MPC) and active disturbance rejection control (ADRC) is employed in this study. A coupled controller based on the authors’ model was developed by utilizing the capabilities of MPC and ADRC. Emphasis is placed on the ramifications of road undulations and changes in curvature concerning control effectiveness. Recognizing these factors as disturbances, measures are taken to offset their influences within the system. Load transfer due to variations in road parameters has been considered and integrated into the design of the authors’ synergistic architecture.

Findings

The framework's efficacy is validated through hardware-in-the-loop simulation. Experimental results show that the integrated controller is more robust than conventional MPC and PID controllers. Consequently, the integrated controller improves the vehicle's driving stability and safety.

Originality/value

The proposed coupled control strategy notably enhances vehicle stability and reduces slip concerns. A tailored model is introduced integrating a control strategy based on MPC and ADRC which takes into account vertical and longitudinal force variations and allowing it to effectively cope with complex scenarios and multifaceted constraints problems.

Article
Publication date: 11 July 2023

Yuze Shang, Fei Liu, Ping Qin, Zhizhong Guo and Zhe Li

The goal of this research is to develop a dynamic step path planning algorithm based on the rapidly exploring random tree (RRT) algorithm that combines Q-learning with the…

Abstract

Purpose

The goal of this research is to develop a dynamic step path planning algorithm based on the rapidly exploring random tree (RRT) algorithm that combines Q-learning with the Gaussian distribution of obstacles. A route for autonomous vehicles may be swiftly created using this algorithm.

Design/methodology/approach

The path planning issue is divided into three key steps by the authors. First, the tree expansion is sped up by the dynamic step size using a combination of Q-learning and the Gaussian distribution of obstacles. The invalid nodes are then removed from the initially created pathways using bidirectional pruning. B-splines are then employed to smooth the predicted pathways.

Findings

The algorithm is validated using simulations on straight and curved highways, respectively. The results show that the approach can provide a smooth, safe route that complies with vehicle motion laws.

Originality/value

An improved RRT algorithm based on Q-learning and obstacle Gaussian distribution (QGD-RRT) is proposed for the path planning of self-driving vehicles. Unlike previous methods, the authors use Q-learning to steer the tree's development direction. After that, the step size is dynamically altered following the density of the obstacle distribution to produce the initial path rapidly and cut down on planning time even further. In the aim to provide a smooth and secure path that complies with the vehicle kinematic and dynamical restrictions, the path is lastly optimized using an enhanced bidirectional pruning technique.

Details

Engineering Computations, vol. 40 no. 5
Type: Research Article
ISSN: 0264-4401

Keywords

Article
Publication date: 2 January 2018

Zhonghua Li, Ibrahim Kucukkoc, David Z. Zhang and Fei Liu

Surface roughness is an important evaluation index for industrial components, and it strongly depends on the processing parameters for selective laser molten Ti6Al4V parts. This…

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Abstract

Purpose

Surface roughness is an important evaluation index for industrial components, and it strongly depends on the processing parameters for selective laser molten Ti6Al4V parts. This paper aims to obtain an optimum selective laser melting (SLM) parameter set to improve the surface roughness of Ti6Al4V samples.

Design/methodology/approach

A response surface methodology (RSM)-based approach is proposed to improve the surface quality of selective laser molten Ti6Al4V parts and understand the relationship between the SLM process parameters and the surface roughness. The main SLM parameters (i.e. laser power, scan speed and hatch spacing) are optimized, and Ti6Al4V parts are manufactured by the SLM technology with no post processes.

Findings

Optimum process parameters were obtained using the RSM method to minimise the roughness of the top and vertical side surfaces. Obtained parameter sets were evaluated based on their productivity and surface quality performance. The validation tests have been performed, and the results verified the effectivity of the proposed technique. It was also shown that the top and vertical sides must be handled together to obtain better top surface quality.

Practical implications

The obtained optimum SLM parameter set can be used in the manufacturing of Ti6Al4V components with high surface roughness requirement.

Originality/value

RSM is used to analyse and determine the optimal combination of SLM parameters with the aim of improving the surface roughness quality of Ti6Al4V components, for the first time in the literature. Also, this is the first study which aims to simultaneously optimise the surface quality of top and vertical sides of titanium alloys.

Details

Rapid Prototyping Journal, vol. 24 no. 1
Type: Research Article
ISSN: 1355-2546

Keywords

Article
Publication date: 7 September 2021

Ming Huang, Zhiqiang Zhang, Peizi Wei, Fei Liu and Youliang Ding

In order to make sure of the safety of a long-span suspension bridge under earthquake action, this paper aims to study the traveling wave effect of the bridge under multi-support…

124

Abstract

Purpose

In order to make sure of the safety of a long-span suspension bridge under earthquake action, this paper aims to study the traveling wave effect of the bridge under multi-support excitation and optimize the semi-active control schemes based on magneto-rheological (MR) dampers considering reference index as well as economical efficiency.

Design/methodology/approach

The finite element model of the long-span suspension bridge is established in MATLAB and ANSYS software, which includes different input currents and semi-active control conditions. Six apparent wave velocities are used to conduct non-linear time history analysis in order to consider the seismic response influence in primary members under traveling wave effect. The parameters α and β, which are key parameters of classical linear optimal control algorithm, are optimized and analyzed taking into account five different combinations to obtain the optimal control scheme.

Findings

When the apparent wave velocity is relatively small, the influence on the structural response is oscillatory. Along with the increase of the apparent wave velocity, the structural response is gradually approaching the response under uniform excitation. Semi-active control strategy based on MR dampers not only restrains the top displacement of main towers and relative displacement between towers and girders, but also affects the control effect of internal forces. For classical linear optimal control algorithm, the values of two parameters (α and β) are 100 and 8 × 10–6 considering the optimal control effect and economical efficiency.

Originality/value

The emphasis of this study is the traveling wave effect of the triple-tower suspension bridge under multi-support excitation. Meanwhile, the optimized parameters of semi-active control schemes using MR dampers have been obtained, providing relevant references in improving the seismic performance of three-tower suspension bridge.

Details

International Journal of Structural Integrity, vol. 12 no. 5
Type: Research Article
ISSN: 1757-9864

Keywords

Article
Publication date: 19 December 2019

Yonggui Wang and Fei Liu

Based on the business-to-business context in the service industry, this study aims to address two balancing problems that a supplier firm may face in an integrated framework: the…

Abstract

Purpose

Based on the business-to-business context in the service industry, this study aims to address two balancing problems that a supplier firm may face in an integrated framework: the trade-off between the two-dimensional market orientations (MO) (i.e. proactive and responsive MO) and the trade-off between two categories of governance mechanisms (i.e. contractual governance [CG] and relational governance [RG]). In doing so, the contingent effects of the governance mechanisms on the relationships between two-dimensional MO and service innovation capability (SIC) are empirically examined and tested.

Design/methodology/approach

A dyadic questionnaire survey of 168 services outsourcing firms’ project managers and strategy managers was used to collect data, which was then used to test the hypotheses by conducting hierarchical regression analysis.

Findings

It was observed that CG weakens the positive relationship between proactive MO (PMO) and SIC, while the positive impact of responsive MO (RMO) on SIC is strengthened. By contrast, RG plays an inverted U-shaped moderating role in the positive relationship between PMO and SIC. Nevertheless, the hypothesis that RG has an inverted U-shaped moderating effect on the effectiveness of RMO is not supported.

Originality/value

Drawing on transaction cost economics and relational exchange theory, this study contributes to the existing literature on MO by revealing how CG and RG differentially shape the value of PMO and RMO.

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