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The aim of this paper is to examine the effect of information disclosure by unlisted bond issuers on the stock price informativeness of listed firms in the same industry.

This paper takes advantage of information disclosure during the bond issuance and examines the spillover effect of unlisted bond issuers' information disclosure on listed firms in the stock market. The sample is composed of A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2018. All the data are obtained from the China Stock Market and Accounting Research and WIND databases. The impact of bond market information disclosure on price informativeness of listed firms in the same industry is identified through multivariate regression analyses.

Empirical results show that price informativeness of listed firms has a significantly positive association with the information disclosure of same-industry unlisted bond issuers. Further analyses show that the above finding is more significant when information disclosure of bond issuers is a more important channel for acquiring industry information (i.e. when industry is more concentrated, when economic uncertainty is high, and when industry information is less transparent) and understanding the industry competitive landscape (i.e. when bond issuers are relatively large, when bond issuers and listed firms have more direct product competition, when bond issuance firms are large-scale state-owned business groups), and when there are more cross-market information intermediaries (i.e. more cross-market institutional investors and more sell-side analysts). This paper indicates that information disclosure of bond issuers has a positive spillover effect on the stock market.

The novelty of the research is that the authors examine industry information spillover from unlisted firms to listed firms leveraging on unlisted firms' information disclosure in bond markets.

The forest products processing industry is a key component of the forestry economy, and the level of companies’ operating efficiency directly affects its profitability and market competitiveness.

In order to deeply study the operation status of forest product processing industry, this paper takes the panel data of 70 listed forest product processing companies from 2015 to 2022 as the basis, and adopts BBC, CCR and DEA-Malmquist models to measure the operating efficiency of these companies. Meanwhile, the Tobit model is applied to deeply explore the impact of innovation input on operating efficiency.

The results of the paper show that: (1) the overall operating efficiency of listed forest product processing companies performs well, and the improvement of technology level promotes the growth of total factor productivity; (2) innovation input plays a significant positive role in listed forest product processing companies, which positively affects the operating efficiency.

A scientific and reasonable evaluation of the operating efficiency of listed forest product companies is of great practical significance to the development of the forestry industry The study of forest product processing industry is of key significance to the social economy.

This paper explores the improvement of production and operation efficiency of forest products processing enterprises for the purpose of in-depth analysis of the current situation of China's forest products processing enterprises, which is conducive to improving the innovation and operation efficiency of China's forest products processing enterprises, and realizing the high-quality development of China's forest products processing industry.

In the process of Renminbi (RMB) internationalization, the heterogeneity and complexity in knowledge under the multicultural contexts have been considered as important factors that can have profound impacts on the cross-border flow of the RMB currency. Moreover, COVID-19, an exogenous shock, also triggers more in-depth reflection on the relationship between cross-border knowledge management and the financial risk governance. In addition, the needs to effectively respond to global risks and crises prompt the necessity in systematically establishing an effective cross-border knowledge management mechanism and innovatively solidifying the knowledge bases needed for the further internationalization of the RMB.

Based on the analysis on the current status of the RMB internationalization, this paper qualitatively explores some major challenges and difficulties encountered in the process of RMB internationalization from the perspectives of knowledge management and cross-cultural theories. To effectively mitigate these challenges and difficulties, discussions and recommendations centered on three main aspects: cross-cultural management; cognition; and innovation for the further development of the RMB internationalization are also presented in this paper.

Based on the analysis on the cross-border knowledge management and cross-cultural perspectives, this paper identifies three major challenges and difficulties that the RMB internationalization is encountering, including: cultural heterogeneity and its adverse impacts on the communication amongst economic entities; the existence of knowledge iceberg; and the difficulty it presents to cognition and financial innovation. Meanwhile, the authors also present recommendations on the development of the cross-border knowledge management mechanism for furthering the progress of internationalizing the RMB currency.

From the perspective of cross-border knowledge management, this study not only elaborates on the recommendations aimed at further promoting the RMB internationalization but also provides reference and guidance for the state, central banks and commercial banks to play better roles in furthering the RMB internationalization.

This paper creatively integrates the micro knowledge management into the macro process of RMB internationalization, thoroughly discusses two main challenges and difficulties encountered in the process of RMB internationalization from the unique perspective of cross-border knowledge management under the multicultural contexts and provides relevant recommendations for RMB’s further internationalization. This study also enriches the exploration of knowledge management outcome variables and further expands the research field of knowledge management.

This paper aims to anticipate the possible development direction of WAAM. For large-scale and complex components, the material loss and cycle time of wire arc additive manufacturing (WAAM) are lower than those of conventional manufacturing. However, the high-precision WAAM currently requires longer cycle times for correcting dimensional errors. Therefore, new technologies need to be developed to achieve high-precision and high-efficiency WAAM.

This paper analyses the innovations in high-precision WAAM in the past five years from a mechanistic point of view.

Controlling heat to improve precision is an effective method. Methods of heat control include reducing the amount of heat entering the deposited interlayer or transferring the accumulated heat out of the interlayer in time. Based on this, an effective and highly precise WAAM is achievable in combination with multi-scale sensors and a complete expert system.

Therefore, a development direction for intelligent WAAM is proposed. Using the optimised process parameters based on machine learning, adjusting the parameters according to the sensors’ in-process feedback, achieving heat control and high precision manufacturing.

In the sharing economy (SE), consumer misbehaviour is an operational challenge for platforms due to its negative outcomes. The psychological mechanism behind consumer misbehaviour remains unclear. As such, this research aims to investigate how consumers' sharing motivations affect their misbehaviours in the SE.

Drawing on motivated cognition theory, the authors establish a research model explaining the effects of consumers' sharing motivations on their cost–benefit analysis of misbehaviour and misbehaviour intention. A scenario-based online experiment is used to test the research hypotheses.

The results indicate that consumers' extrinsic and intrinsic motivations to share have different impacts on their perceived benefits and costs of potential misbehaviour, thereby influencing their misbehaviour intention.

This study reveals consumers' psychological mechanism underlying their misbehaviours in the SE and provides operational implications for platforms to help them effectively reduce consumer misbehaviours through preventive measures.

Increased competition and access to information are forcing companies to provide quality to their products and services, aligned with a growing society pressure for less harmful environmental practices. The purpose of this paper is to demonstrate how the adoption of reverse logistics (RL) may contribute to the generation of competitive advantage and improved quality in a part substitution process of a household appliance company.

This paper carried out a single case study in a household appliance company. The study collected data through semi-structured interviews in addition to document analysis and observation.

The implemented practices enhanced service maintenance and customer services and provided a more effective monitoring of defective parts. Moreover, such practices reduced unnecessary part substitutions, consumer dissatisfaction and undesired disposal in the environment. RL in the studied company has offered a potential contribution to the company quality strategies by providing more part returns, assuring cost savings, and reducing time to solve field problems.

The study was limited to a single case study. Thus, the study findings are not subject to generalization for other similar organizations.

This paper is one of the few studies on RL in a household company in the context of an emerging economy. Such feature denotes in a singular scenario in RL investigations about recovering defective parts.