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China's stock market, which serves as an example of emerging markets, is steadily maturing in the context of globalization. In order to analyze the pricing mechanism of China's stock market, this paper builds a six-factor model to address the market features that are structurally efficient but not entirely efficient.

This study updates the Fama–French factor model's construction process to account for the unique features of China's stock market before creating a model that incorporates size, volume, value, profitability, and profit-income factors based on institutional investors' trading behavior and research preferences. The SWS three-tier sector stock index's monthly and quarterly data for the years 2016–2021 are used as samples for this study.

The results imply that China's stock market is structurally efficient and exhibits high levels of rationality in the region dominated by institutional investors. Specifically, big-size and high-volume portfolios that perform well in terms of liquidity can receive trading premiums. Growth-style sectors prevail at present, and investing in sectors with strong profitability and reliable financial reporting data can produce better returns.

The research on China's stock market can be extended to improve the understanding of the development process of similar emerging markets, thereby promoting their improvement. To enhance the development of emerging markets, the regulators should attach great importance to the role of local institutional investors in driving the market to maturity. It is crucial to adopt a structured approach to examine the market pricing mechanism throughout the middle stage of the transition from developing to mature markets.

This study offers a structured viewpoint on asset pricing in growing emerging markets by combining the multi-factor pricing model approach with behavioral finance theories.

Gender disparity is a global phenomenon where females outnumber male participants. It has been observed that males are the early leaver from higher education, thus reflecting a severe concern about social instability. Malaysia is a prominent example where females outnumber males in higher education. In this context, this paper aims to examine the effect of individual, social and financial factors on the higher education self-efficacy of male and female students. It develops a comprehensive understanding of gender-based decision factors in pursuing higher education.

The hypothesis was formed based on a comprehensive literature review following the hypothetico-deductive positivist approach. These hypotheses were tested based on a sample of 250 respondents. A multiple regression analysis was deployed to test the relationship between the dependent variable and its predictors.

The results suggest that male and female students’ self-efficacy depends on five determinants, i.e. family influence, peer influence, career expectancy outcome, gender roles and institutional factors. Male students tend to be influenced more by these five determinants than females. Additionally, male students with better financial backgrounds are more likely to have higher self-efficacy, whereas gender roles negatively affect male and female students’ self-efficacy for higher education.

The breakout of COVID-19 resulted in the selection of limited students in Malaysia. Due to restricted movement orders, it was impossible to reach out to the students for data collection. Future research could include a broader area to include multiple other regions of Malaysia. For a broader aspect, the study could be conducted in other areas/countries where the problem of less male participation exists.

The relationship between higher education self-efficacy is assessed with social, financial and institutional factors for male and female students. It will enable the stakeholders and policymakers to make better decisions in increasing the self-efficacy of students to attain equity in higher education institutions.

The finding of this paper will assist in increasing male participation in higher education institutions to avoid any social instability.

This paper contributes to the literature in understanding the causes of gender gap reversal, focusing on Malaysian higher education institutions. It also provides empirical evidence to look at potential factors that affect the higher education self-efficacy of male and female students.

Innovation ambidexterity is crucial for fostering growth and gaining a competitive advantage in small and medium enterprises (SMEs). Previous research indicates that achieving a balance between exploration and exploitation is a multifaceted phenomenon occurring across various levels. This paper aims to examine the influence of individual, organizational and institutional factors on the ambidextrous innovation of Chinese niche leaders using a configurational perspective.

This study uses secondary data collected from 69 Chinese niche leaders in the new equipment manufacturing industry. The authors use fuzzy-set qualitative comparative analysis to investigate how owner openness, age, digitization, the formal institutional environment and the informal institutional environment jointly influence innovation ambidexterity.

By using fuzzy set analysis, this study categorizes combinations of interdependent factors that promote innovation ambidexterity. In particular, the authors pinpoint three configurations that foster high innovation ambidexterity and two configurations that lack such high levels of innovation ambidexterity. The analysis results suggest that innovation paradoxes in SMEs are linked to a nested system comprising leadership, organizational factors and the institutional environment.

This study elucidates the mechanism of innovation ambidexterity through a configurational perspective. This research proposes and validates a framework that enables SMEs to develop ambidextrous innovation capabilities, thereby integrating organizational ambidexterity theory and shedding light on the intricately complex nature of innovation ambidexterity.

The current study investigates the impact of directors' attributes on the extent of compliance with International Financial Reporting Standards (IFRS) fair value disclosure requirements. The attributes investigated include directors' human capital (accounting qualification) and social capital (political association), directors' share ownership and the power distance between the chief executive officer (CEO) and the rest of the board members.

The study uses disclosure analysis to measure the extent of compliance with the fair value disclosure requirements of IFRS. Ordinary least squares (OLS) regression is used to test the relationship between the disclosure score and directors' attributes. Data were collected from the annual reports and websites of the sample companies.

Contrary to conventional belief, this study's findings suggest that directors' social capital and the power distance between the CEO and the rest of the board act as more powerful factors than directors' human capital in explaining corporate mandatory disclosure. Specifically, the results indicate that powerful actors form a dominant coalition and co-opt influential constituents from the institutional domain to neutralize the effect of legal coercion and the accounting expertise of board members and Big Four audit firms on the extent of compliance with institutional (fair value) rules.

This study utilizes Oliver's (1991) framework of strategic response to institutional processes in the Bangladeshi context. Although the study provides new insights into corporate disclosure practices, findings are not generalizable due to different institutional settings in different countries. Therefore, future studies could replicate the approach in different institutional settings.

The findings of this study will be of interest to the International Accounting Standards Board (IASB) as it focuses on a developing country that has adopted IFRS 13 and other fair value-related standards relatively recently.

The disclosure analysis contained in this study represents the first comprehensive analysis of the extent of compliance with the fair value disclosure requirements of IFRS. Furthermore, this study considers the impact of directors' social capital and finds that it is a more powerful determinant of the extent of compliance with IFRS as compared to human capital.

Innovativeness is crucial for industrial cluster firms to gain sustained competitive advantage. This study aims to investigate the effects of inter-firm coopetition on firm innovativeness within a cluster and examines the moderating role of institutional support.

This research adopts an empirical survey method using multi-source data from 181 industrial cluster firms. Regression is used to test the hypotheses of this study.

The results show that cooperation and constructive conflict promote firm innovativeness, while destructive conflict is detrimental to firm innovativeness. Moreover, the study also finds that cooperation interacts with both types of conflict to affect firm innovativeness, where cooperation and constructive conflict interact negatively on firm innovativeness, while cooperation and destructive conflict interact positively on firm innovativeness. In addition, institutional support weakens the effects of cooperation and destructive conflict on innovativeness, respectively, but has no significant moderating effect on the relationship between constructive conflict and innovativeness.

These findings enrich the current research on coopetition. The interaction effects of cooperation and both types of conflict on innovativeness deepen the concept of coopetition and responds to the call to further explore the interaction effects within coopetition. The moderating role of institutional support fills a gap in the empirical research on the role of institutional factors affecting coopetition on innovation and also provides valuable suggestions for firm managers and governments in industrial clusters.

This study aims to verify the respective and interactive effects of subnational formal and informal institutions (i.e. legal effectiveness and social trust) on foreign firm performance, and further identify the contingent factor (i.e. institutional experience) that moderates these relationships.

Drawing on the institutional-based view, this study develops several hypotheses that are tested using a comprehensive dataset from four main data sources. The authors’ unit of analysis is foreign firms operating in China. The authors ran ordinary least squares (OLS) regression model to investigate the effects. A series of robustness tests and endogeneity tests were performed.

The results show that both legal effectiveness and social trust at subnational level positively affect foreign firm performance respectively. Legal effectiveness and social trust at subnational level have complementary effect in promoting the performance of foreign firms. Foreign firm's institutional experience in target region of emerging economies host country strengthens the positive impact of subnational legal effectiveness on performance, but weakens the positive impact of subnational social trust on performance.

It is important to fully understand the impact of heterogeneous institutional environments of subnational regions in emerging economies on foreign firm performance, which would help foreign firm make a more suitable secondary choice decision of investment destinations at the subnational regional level.

First, drawing on institutional-based view, the authors incorporate the subnational formal and informal institutional factors to investigate their impacts on foreign firm performance by switching the attention from national level to subnational level in emerging economy host countries. Second, this research furthers existing studies by bridging a missing link between both subnational formal and informal institutional environments and foreign firms' outcomes. Third, the authors prove that the model of subnational formal and informal institutions in influencing foreign firms' performance is contingent on their institutional experience in target subnational region of emerging economy host country.

This paper aims to investigate the internationalization motives behind location choice among emerging country business groups (EBGs) and the way in which institutional factors affect Türkiye’s foreign direct investment (FDI).

This study develops a multi-perspective framework that integrates the ownership, location and internalization (OLI) paradigm (Dunning and Lundan, 2008) and the linkage, leverage and learning (LLL) model (Mathews, 2006) with neo-institutional theory to explain the internationalization of EBGs. It adopts a multiple-case study research method relying on 14 semi-structured interviews with top executives to explore the internationalization strategy of a set of Turkish BGs.

This study supports the combination of the OLI paradigm, the LLL model and neo-institutional theory to explain EBGs’ internationalizing behaviors. Turkish BGs have adopted both asset exploitation and asset augmentation internationalization strategies. The institutional legitimacy mechanism moderates the internationalization motives of Turkish BGs, and their host country location choice and normative pressures are more salient than their regulative and cognitive pressures.

This study is based on a sample of EBGs from Türkiye, and this restriction limits the generalizability/applicability of the findings to BGs globally.

Few studies have considered EBGs and their internationalization strategies in the international business field. This paper puts forward an integrated framework for analyzing internationalization and legitimacy in the institutional context of EBGs. This study highlights that BGs bridge institutional voids. Focusing on Turkish BGs helps to answer Granovetter’s Coasian question and contributes to the understanding of emerging countries’ economic development.

The present paper makes an attempt to investigate the determinants that affect FDI inflows distribution among Indian states. Together with traditional determinants, the impact of institutional determinants on state-level FDI inflows distribution in India has been analysed.

The study uses panel data for a period of 20 years (2000–2019) for 17 groups of Indian states (29 states and 7 UTs). The empirical evidence is based on the panel data method and the findings support Dunning's OLI theory. As the data for some indicators for the institutional environment is not available at the state level, hence we used component analysis to arrive at the single component for the institutional factor. The study takes into account corruption, legal system, industrial disputes, man-days lost, labour availability, political risk, protection of IPR and agglomeration as potential macroeconomic and institutional determinants.

Results show that FDI inflows into Indian states is driven mainly by institutional environment. From our analysis, the author infers that the institutional variables such as legal system, IPR, corruption, political instability play an important role in determining the distribution of FDI inflows at the state level in India. Together with that GFCF and agglomeration are also important determinants of state-wise FDI inflows.

The major limitation of the study is that it doesn't include moderated impact of economic and institutional determinants of FDI inflows in Indian states, which can be an avenue for future research. Future research can also carried out taking district-level data to further examine the determinants at district level in India.

The contribution of the present paper is three-fold, first, the author constructs a measure of different institutional variables, after normalization of data for the period 2000–2019, and the author choose the highest explaining factor with the highest variance explained then we constructed the indices for select variable, which further has been used in the panel data analysis technique. The author has found that macroeconomic variables, as well as institutional variables, are significant to attract FDI at the state level in India. The paper shows that corruption, political risk, IPR and legal system are the major institutional determinants of FDI inflows in India at the state level. States with higher domestic investment attract more FDI inflows, moreover, agglomeration is a very important determinant as the investors are more confident in investing at the same location, the reason behind this may be that the investors want to avoid the registration procedure for new land, administrative formalities or they feel more secure at the same place and keen to invest at the same place again.

Given that women around the world face more exclusion in terms of limited access to economic and innovation activities than men do, it is understandable that some female-led start-ups in weak institutional environments engage in bribery to help reduce the difficulties they encounter in the face of intense business competition. However, the link between bribery and product innovation performance is unclear. The purpose of this study is to investigate the relationship between bribery and product innovation performance for female-led start-ups, as well as the roles of institutional support and self-control in this link.

This empirical study evaluates survey data from female-led manufacturing start-ups in China's Yangtze River Delta region to investigate the relationship between bribery and product innovation performance.

This research shows that bribery has an inverted U-shaped impact on product innovation performance in female-led manufacturing start-ups, meaning that the product innovation performance of these firms initially increases but then decreases as the bribery intensity (i.e. the frequency and amount of bribes) increases. The authors also focus on the roles of institutional support and self-control in this link, where the authors find that this relationship is steeper for firms with strong institutional support, as well as for individual female entrepreneurs who have high levels of self-control.

The findings of this study indicate that policymakers should undertake efforts to improve institutional quality (e.g. increasing clarity around decisions, providing more institutional support, etc.) and to guide female entrepreneurs to cultivate higher levels of self-control, as such efforts would reduce the appeal of, and the opportunity for, bribery.

To date, very few studies focus specifically on female-led enterprises in the field of bribery research. The research findings presented here on the effect of bribery in female-led start-ups on firm product innovation performance are useful to researchers, policymakers and businesspeople, as they provide a better understanding of bribery in female-led start-ups in China, which can also be extrapolated to encompass other transition economy contexts.

Management innovation is one of the most vital practices underpinning economic growth and is considered to be one of the fundamental components of gaining a superior business position in market conditions that are continually fluctuating. Drawing upon neo-institutional theory as well as absorptive capacity, the current empirical study unpacks the relationships between external institutional forces (i.e. regulative, mimetic and normative pressures) and management innovation through investigating the role of absorptive capacity as a mediator.

The research model is tested using survey data from Australian organisations. The study used Partial Least Squares (PLS), a component-based structural equation modelling (SEM) method, in order to perform the data analysis.

The results confirm that the various dimensions of institutional forces have diverse influences on management innovation. The authors found mimetic and normative pressures have positive influences on realised and potential absorptive capacity of an organisation. In addition, realised absorptive capacity mediates the relations between institutional forces and management innovation.

Dissimilar to preceding studies, this research shows that organisations not only innovate to pursue higher performance but sometimes strive for legitimacy. In addition, the significant associations between absorptive capacity and management innovation and the mediation role clearly signify that institutional forces and absorptive capacity play significant roles in the adoption of management innovation.