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The large scale of construction projects and the coexistence of multiple logics in the construction field are sparking interest in applying an institutional perspective to investigate managerial issues in construction projects. However, only a few conceptual papers have been published thus far, and a literature review is needed to identify how that knowledge domain has developed. Based on the results of bibliometric analysis and content analysis, this study proposes potential future avenues for institutional theory in construction project management (ITCPM) studies.

This paper reports a bibliographic coupling analysis and a co-citation analysis conducted to identify existing research trajectories and determine the primary features of the current ITCPM literature. In addition, this paper employed a content analysis, identified the evolutionary stages of ITCPM knowledge over time and built a framework of existing research.

This paper first identified that the existing ITCPM studies evolve through three stages, and that the intellectual core of ITCPM studies can be categorized into five clusters. In addition, this paper proposes that future research can be extended from two existing streams: the institutional responses of project actors and the institutional outcomes of construction projects. This paper proposes several major questions that should be addressed by project management scholars working in both streams in order to develop an understanding of construction projects from an institutional perspective.

This is the first literature review of the existing body of knowledge based on a joining of institutional theory and construction project management literature. It uncovers knowledge gaps in contemporary research, notably a lack of broader consideration of how project actors respond to institutional environments and of the institutional outcomes of project management.

The authors develop a theoretical framework of how foreign competition in a firm's home country jointly interacts with other environmental factors to influence the internationalization pace. This study moves beyond the debate on whether foreign competition promotes or inhibits the internationalization pace by unpacking the nature of pace across strategic and operational dimensions. By differentiating the internationalization paces of market scope and international commitment, the study results show that foreign competition has a positive effect on the former and a negative effect on the latter. This indicates that the determinants of different paces are conditional upon the different knowledge types among foreign competitors.

Using a panel data set of Chinese construction corporations over the period from 2009 to 2015, the authors extend previous research on the effect of home country environment on internationalization behavior in an emerging economy by examining the effects of the interplay between foreign competition in home country and industrial contexts. The authors also explore the moderating effect of subnational institutions on the relationship between foreign competition and internationalization pace. They use a Poisson model and a GEE model to examine the main effects and moderating effects involved.

The results indicate that industry dynamism strengthens the positive effect of foreign competition and the pace of market scope, while industry munificence weakens the negative effect of foreign competition and the pace of international commitment. The authors’ findings support the coexistence of “pushing” and “pulling” effects of environmental factors from a firm's home country. The authors extend the argument of “institutional escapism” by focusing on subnational institutions. They show that firms located in a region with a low level of marketization are more likely to respond by accelerating the pace of their international expansion to escape from their home country.

The authors’ findings have implications for practitioners and policymakers working with emerging market firms (EMFs). The authors suggest that local governments should consider building high-quality institutions that can reduce the possibility of investment opportunities escaping EMFs. The authors’ findings indicate that international knowledge from foreign competitors may also assist EMFs in understanding more about the cultural environment before entering host countries, although it cannot help them to resolve cultural uncertainty when operating in host countries. Hence, managers should carefully evaluate their competitiveness before they decide to engage in global competition at an accelerated rate.

The megaproject is a vital innovation ecosystem for participants engaging in technological adoption and integration to achieve project goals. The purpose of this paper is to examine how ecosystem captains build and operate a megaproject innovation ecosystem (MIE). To be more specific, we conducted an in-depth case study to identify the roles played by ecosystem captains in establishing and managing a megaproject innovation ecosystem.

Based on the Hong Kong-Zhuhai-Macau Bridge project, the data we collected range from 2010 to 2019 and include semi-structured interviews, informal conversations, and archival documents. We employed an inductive theory building approach to address our research question and analyzed our data using the coding process and Atlas.ti software.

We find that the ecosystem captains themselves are client organizations that have evolved with the ecosystem during four distinct yet inter-related phases. In addition, we find that the captains’ roles of the client organizations include two typical activities: ecosystem establishment and ecosystem collaboration. The ecosystem captains first frame problems, plan innovative activities, set rules, and select participants for the establishment of the ecosystem, and then orchestrate resources, buffer conflicts, incorporate innovative networks, and cultivate an innovation culture to create a collaborative ecosystem.

This study proposes a theoretical framework showing how ecosystem captains engage in MIE to manage innovative activities during different stages. It highlights the importance of captainship roles in client organizations in a megaproject.

The purpose of this paper is to investigate the impact of buyer-seller interpersonal interactions on the purchase intention of buyers, incorporating swift guanxi as a mediator.

Based on survey data obtained from 336 Taobao Live users, PLS techniques were used to test hypotheses.

Swift guanxi exists in buyer-seller interactions and matters, as it drives buyers' purchase intention in live stream shopping. Perceived expertise, perceived similarity and perceived likeability are found to be the three essential interpersonal interaction factors promoting the formation of swift guanxi. Perceived familiarity is also found to be significant but to a lesser extent. In addition, all these interpersonal interaction factors are found to significantly affect purchase intention through the mediation of swift guanxi.

Swift guanxi has been less explored in live stream shopping. This study takes the lead in empirically examining the mediating role of swift guanxi in the relationship between interpersonal interaction factors and purchase intention and offers a description of key buyer-seller interpersonal interaction factors (perceived expertise, perceived similarity and perceived likeability), thereby helping to extend the swift guanxi literature in social commerce.

The purpose of this paper is to explore the relationship between international diversification strategy and corporate social responsibility (CSR) for firms from emerging economies.

This paper is based on an empirical study of a sample of Chinese firms listed in Engineering News Record top contractors from 2010 to 2014. A moderated analysis is employed in order to test the hypotheses and examine how the scale and scope of international diversification affect CSR.

The empirical results show that degree of internationalization (DOI), as the scale, is positively related to firms’ CSR scores. Furthermore, two scopes, geographic diversification (GD) and project diversification (PD), have different effects on CSR scores. GD negatively moderates the relationship between DOI and CSR scores, while PD has a positive direct impact on CSR scores.

This paper focusses on firms from emerging economies; therefore, the findings may not hold for firms from developed markets.

The results of this paper provide strategical advice regarding international business, for firms from emerging economies to meet the managerial challenges regarding CSR in global markets.

As the relationship between international diversification and financial performance has been thoroughly discussed in previous studies, this paper extends the literature on international diversification’s effects on CSR.

The purpose of this paper is to investigate the direct effects of state capitalism on the internationalization behavior of state-owned enterprises (SOEs). Specifically, the authors focus on four distinct aspects of internationalization behavior; namely, pace of internationalization, rhythm of internationalization, location choice (developing countries vs developed countries), and diversity of product lines.

The authors empirically test the hypotheses using data from Chinese construction companies during the period 2009-2015. The authors build a unique dataset by combining the data from ENR Top 225 International Contractors reports and the State Administration for Industry and Commerce of China information. Moreover, concerning the panel data structure and the potential for autocorrelation and heteroskedasticity, The authors use the feasible generalized least square panel model to test the hypotheses.

The authors find that the level of state capitalism has a positive effect on SOEs’ rhythm of internationalization, while there is no significant relationship between the level of state capitalism and the pace of internationalization. Furthermore, the authors find that the SOEs affiliated with higher levels of government organizations are more likely to locate business operations in developing countries and engage in more diversity of product lines.

The findings show that the different varieties of state capitalism are the source of the different internationalization patterns of SOEs. Instead of supposing SOEs to be uniform players in emerging economies, the authors show that the nature of SOEs varies depending on the level of government with which they are affiliated, and this fact results from the divergent manifestations of state capitalism itself.

This study improves the understanding of how state capitalism affects the capabilities and motivations of SOEs in regard to overseas expansion. The authors extend institutional theory by supposing that the level of state capitalism has a positive effect on the rhythm of internationalization. Moreover, the authors find that SOEs embedded with high levels of government affiliation tend to enter into developing countries and diversify their product lines.

The purpose of this paper is to develop a better understanding of the mechanisms by which symbolic commitment to self-regulation influences corporate environmental performance through the adoption of substantive actions.

Using a sample of Chinese listed private firms in manufacturing sectors, this paper empirically investigates whether and how corporate symbolic commitment to environmental self-regulation really improves the consequences of corporate activities with respect to environmental issues under the current Chinese context. A moderated mediation analysis is employed to test the hypotheses and examine the relationships proposed in the research framework.

The authors argue that making a commitment to environmental self-regulation could motivate firms to implement effective means of being green. The intriguing and robust results show that firms with higher ranking environmental commitment are more likely to use political connections to obtain resources (green subsidies), and then improve environmental performance.

The results of this study provide a snapshot of the mechanism between symbolic promises and real outcomes.

The authors theorize about and test both direct and indirect effects of commitment to self-regulation on real outcomes which provide empirical evidence for the incipient but growing understanding of self-regulation.

The purpose of our study is to explore the “idiosyncratic volatility puzzle” in Chinese stock market from the perspective of investors' heterogeneous beliefs. To delve into the relationship between idiosyncratic volatility and investors' heterogeneous beliefs, and uncover the ability of heterogeneous beliefs, as well as to explain the “idiosyncratic volatility puzzle”, we construct our study as follows.

Our study adopts the unexpected trading volume as proxies of heterogeneity, the residual of Fama–French three-factor model as proxies of idiosyncratic volatility. Portfolio strategies and Fama–MacBeth regression are used to investigate the relationship between the two proxies and stock returns in Chinese A-share market.

Investors' heterogeneous beliefs, as an intermediary variable, are positively correlated with idiosyncratic volatility. Meanwhile, it could better demonstrate the negative correlation between the idiosyncratic volatility and future stock returns. It is one of the economic mechanisms linking idiosyncratic volatility to subsequent stock returns, which can account for 11.28% of the puzzle.

The findings indicate that idiosyncratic volatility is significantly and positively correlated with heterogeneous beliefs and that heterogeneous beliefs are effective intervening variables to explain the “idiosyncratic volatility puzzle”.

Although stock price co-movement has been examined extensively, its causes are not well understood. Using a decomposition method, we extract three information components from the turnover rate: market information, firm-specific information, and investors' opinion divergence. We find that market information strengthens stock price co-movement, whereas firm-specific information weakens it. Moreover, our analysis shows that divergence of investors' opinion increases stock price variations but weakens price co-movement.

Merton’s model of capital market equilibrium under incomplete information predicts that contemporaneous stock returns are positively related to investor recognition and that future stock returns are negatively related to investor recognition. The purpose of this paper is to empirically investigate whether Merton’s theory holds true for the Chinese stock market.

This paper proposes the degree of shareholder base growth (SBG) as a proxy for investor recognition and examines the relationship between investor recognition and stock returns through a univariate analysis and Fama-Macbeth cross-sectional regressions based on A-Share listed firms.

The results show that investor recognition is nonlinearly and positively related to contemporaneous stock returns and is negatively related to future stock returns in contrast to the conclusions of Merton’s theory. A long-short trading strategy that involves buying stocks with the lowest SBG rate and that sells stocks with the highest SBG rate will earn an average monthly return of 3.615 percent.

Though Merton’s theory is not fully reflected in the Chinese stock market, investor recognition is considered an important risk factor in the Chinese stock market.

No works have yet investigated the validity of Merton’s “investor cognition hypothesis” in relation to the Chinese stock market. This paper strives to fill this gap.