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1 – 10 of over 1000Jian Xu, Muhammad Haris and Feng Liu
The purpose of this paper is to investigate the impact of intellectual capital (IC) and its components (human, structural, relational and innovation capitals) on financial…
Abstract
Purpose
The purpose of this paper is to investigate the impact of intellectual capital (IC) and its components (human, structural, relational and innovation capitals) on financial performance (FP) at different life cycle stages.
Design/methodology/approach
The study uses the data from Chinese manufacturing listed companies during 2014–2018. The modified value added intellectual coefficient (MVAIC) model is employed as the measurement of IC efficiency. Finally, multiple regression analysis is used to test the research hypotheses.
Findings
This study shows that the impact of IC on FP is different across life cycle stages. Specifically, at the birth stage, human capital (HC), structural capital (SC) and innovation capital (INC) have a positive impact on FP. At the growth and mature stages, all IC components contribute to FP improvement. HC and SC play an important role at the revival stage, while only HC positively affects FP at the decline stage.
Practical implications
The findings may help corporate managers to make optimal strategies to improve FP by effective utilization of IC resources in the complex and competitive business environment. Meanwhile, companies can invest in the core elements of IC at different stages of development, so as to maximize the contribution of IC to company value.
Originality/value
This is among the few studies to explore the impact of IC on FP of manufacturing listed companies in the Chinese context from the perspective of life cycle. It also makes novel contributions in measuring IC by the MVAIC model with the inclusion of relational capital and INC that are largely neglected in previous research.
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Jian Xu and Jingsuo Li
The purpose of this paper is to examine the impact of intellectual capital (IC) and its components (human, structural and relational capitals) on the performance of manufacturing…
Abstract
Purpose
The purpose of this paper is to examine the impact of intellectual capital (IC) and its components (human, structural and relational capitals) on the performance of manufacturing listed companies in China. This paper also investigates the impacts of company ownership, industry attributes and region on the IC-performance relationship.
Design/methodology/approach
The study uses the data of 953 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges over the period 2012–2016. The modified value-added intellectual coefficient (MVAIC) model is applied to measure IC efficiency. Finally, multiple regression analysis is employed to test the research hypotheses.
Findings
This study reveals that IC can enhance firm performance in China's manufacturing sector. Overall, earnings are affected by physical capital, human capital (HC) and structural capital (SC), and profitability and productivity are influenced by physical capital, HC, SC and relational capital. Physical capital is the most influential contributor to firm performance. In addition, state-owned enterprises have a greater impact of IC on firm performance than private-owned enterprises; high-tech manufacturing companies have higher IC performance than non-high-tech manufacturing companies; manufacturing companies in China's eastern region have higher IC performance than the counterparts in central and western regions.
Practical implications
The findings may help managers, stakeholders and policymakers in developing countries to effectively and efficiently manage their IC resources.
Originality/value
This is the first study to evaluate IC and its relationship with firm performance among Chinese manufacturing listed companies using the MVAIC model.
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Xiaofei Li, Weian Li, Jian Xu and Lixiang Wang
The purpose of this study is to examine the role of retail investors’ green attention in promoting corporate environmental investments (EIs) using a communication sample on…
Abstract
Purpose
The purpose of this study is to examine the role of retail investors’ green attention in promoting corporate environmental investments (EIs) using a communication sample on “Hudongyi” from 2011 to 2022.
Design/methodology/approach
In this paper, Python is used to capture data and text analysis techniques to obtain green attention information. In the word-matching process, words are matched in the target document one by one based on the preset dictionary and vocabulary rules. In addition to employing fixed effects, this study also incorporates instrumental variables using two-stage least squares (2SLS) estimation and applies the Heckman two-step method to verify the regression results.
Findings
First, this paper empirically examines the positive influence of retail investors’ green attention on EIs. Second, the findings show that retail investors’ green attention promotes EIs through decreasing principal-agent costs and principal-principal costs. Third, the results show that retail investor’s supervision effect is strengthened under the following three circumstances: executives with stronger green conception, corporations with less information asymmetry and areas with higher level of investor protection.
Practical implications
Our findings broaden the scope of prior research by exploring the impact of retail investor activism on nonfinancial outcomes, contributing to understanding the “black box” of how investor attention fosters EIs. Moreover, by leveraging the power of technology, retail investors have evolved from being the “silent majority” to being actively engaged. The internet has empowered retail investors by providing them with access to information and enabling them to exercise “voice” rights by appealing companies to engage in pro-environmental activities. Our study can provide useful suggestions for the green development of listed companies in China, as well as in other emerging countries.
Originality/value
Unlike other studies that focus on the deterrent effect and corporate financial outcomes of retail investors, we focus on the supervisory effect of retail investors and verify its role in driving EIs. This fills the knowledge gap in prior studies and contributes new insights to explain EIs and extends the understanding of retail investor activism.
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Xiaoming Chen and Jian Xu
The objective of this study is to investigate how the coronavirus disease 2019 (COVID-19) pandemic affects firms' financial management in China's manufacturing sector. In…
Abstract
Purpose
The objective of this study is to investigate how the coronavirus disease 2019 (COVID-19) pandemic affects firms' financial management in China's manufacturing sector. In addition, the authors analyze the changes in various financial indicators before and during the COVID-19 pandemic. Further, the authors make a cross-country comparison of the COVID-19's impact on financial management between China and Romania.
Design/methodology/approach
The study uses the balanced panel data of 2,272 manufacturing listed companies from 2019 to 2020, and applies the t-test method and multiple regression method.
Findings
The results show that firms' financial performance in most manufacturing sub-sectors decreased during the observed period. In addition, the authors find that equity financing, proper liquidity management and an expanded firm scale can improve firms' financial performance. The authors further compare the results with the Romanian results, and find that the negative impact of debt-to-equity ratio on firms' financial performance in Romania is greater than that in China and the positive impact of financial autonomy ratio and working capital ratios is greater in China than that in Romania.
Practical implications
The findings can help corporate managers make the best financial management decision in response to crisis.
Originality/value
This study is one of the pioneers that analyze how manufacturing companies carried out their financial management during the COVID-19 crisis in the Chinese context, and provides a cross-country analysis of corporate financial management practices in China and Romania.
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Jian Xu and Jingsuo Li
The purpose of this paper is to explore and compare the extent of intellectual capital (IC) and its four components in high-tech and non-high-tech small and medium-sized…
Abstract
Purpose
The purpose of this paper is to explore and compare the extent of intellectual capital (IC) and its four components in high-tech and non-high-tech small and medium-sized enterprises (SMEs) operating in China’s manufacturing sector, and to examine the relationship between IC and the performance of high-tech and non-high-tech SMEs.
Design/methodology/approach
The study uses the data of 116 high-tech SMEs and 380 non-high-tech SMEs listed on the Shenzhen stock exchanges during 2012–2016. The modified value added intellectual coefficient (MVAIC) model is used incorporating four components, namely, capital employed, human capital, structural capital and relational capital. Finally, multiple regression analysis is utilized to test the proposed research hypotheses.
Findings
The findings of this paper reveal that there is significant difference in MVAIC between high-tech and non-high-tech SMEs. The results further indicate a positive relationship between IC and financial performance of high-tech and non-high-tech SMEs. Specifically, IC is positively associated with firms’ earnings, profitability and operating efficiency. Additionally, capital employed efficiency, human capital efficiency and structural capital efficiency are found to be the most influential value drivers for the performance of two types of SMEs while relational capital efficiency possesses less importance.
Practical implications
This paper will provide a valuable framework for executives, managers and policy makers in managing IC within the Chinese context.
Originality/value
To the best knowledge of the authors, this is the first empirical study that has been conducted on high-tech and non-high-tech SMEs in the manufacturing sector in China.
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Jianing Xu and Weidong Li
The digital economy has become a new engine for economic development, promoting the upgrading and transformation of traditional industries as well as fostering emerging industries…
Abstract
Purpose
The digital economy has become a new engine for economic development, promoting the upgrading and transformation of traditional industries as well as fostering emerging industries and forms of business. Nonetheless, how does the digital economy affect innovation? The research objective is to explore the specific impact of the digital economy on innovation output.
Design/methodology/approach
This paper innovatively adopts the dynamic panel data model (DPDM) to carry out an empirical study on the impact of the digital economy on innovation output, through the observation of 30 provincial-level administrative regions in China. Furthermore, the paper innovatively analyzes the impact of different dimensions of the digital economy on innovation output and the impact of the digital economy on different dimensions of innovation output.
Findings
It is found that the digital economy is conducive to boosting innovation output considering innovation continuity. Specifically, the driving impact of core industries and enterprise application of digital economy on innovation output is more prominent, but the driving impact of infrastructure and personal application on innovation output is not fully played. Meanwhile, the driving impact of the digital economy on the innovation output quality is more significant than that digital economy on the innovation output quantity.
Originality/value
This study employs a DPDM for the first time to investigate the specific impact of the digital economy on innovation output, and contributes to the existing literature on the digital economy and digital economy-driven innovation. The findings offer a comprehensive explanation for the impact of the digital economy on innovation output, which has reference value for the formulation of innovation policies driven by digital economy, thereby providing impetus for the sustained and stable development of China's economy.
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Abstract
Purpose
The purpose of this paper is to examine the impacts of research and development (R&D) investment and environmental, social and governance (ESG) performance on green innovation performance. This paper also investigates the moderating effect of ESG performance between R&D investment and green innovation performance.
Design/methodology/approach
The study uses the data of 223 Chinese listed companies over the period 2015–2018. The ESG indices issued by SynTao Green Finance are used to measure ESG performance. Green innovation performance is measured by the total number of green patents, the number of green invention patents and the number of green non-invention patents. Finally, multiple regression analysis is applied to test the research hypotheses.
Findings
The results show that R&D investment has a positive impact on green innovation performance and ESG performance can increase the number of green invention patents. In addition, ESG performance moderates the relationship between R&D investment and green innovation performance.
Practical implications
The findings may help managers and policymakers in developing countries to make ecological innovation strategies to achieve corporate sustainability.
Originality/value
This is the first study to examine the impacts of R&D investment and ESG performance on green innovation performance in the context of China, an emerging market.
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Tongyang Zhang, Fang Tan, Chao Yu, Jiexun Wu and Jian Xu
Proper topic selection is an essential prerequisite for the success of research. To study this, this article proposes an important concerned factor of topic selection-topic…
Abstract
Purpose
Proper topic selection is an essential prerequisite for the success of research. To study this, this article proposes an important concerned factor of topic selection-topic popularity, to examine the relationship between topic selection and team performance.
Design/methodology/approach
The authors adopt extracted entities on the type of gene/protein, which are used as proxies as topics, to keep track of the development of topic popularity. The decision tree model is used to classify the ascending phase and descending phase of entity popularity based on the temporal trend of entity occurrence frequency. Through comparing various dimensions of team performance – academic performance, research funding, relationship between performance and funding and corresponding author's influence at different phases of topic popularity – the relationship between the selected phase of topic popularity and academic performance of research teams can be explored.
Findings
First, topic popularity can impact team performance in the academic productivity and their research work's academic influence. Second, topic popularity can affect the quantity and amount of research funding received by teams. Third, topic popularity can impact the promotion effect of funding on team performance. Fourth, topic popularity can impact the influence of the corresponding author on team performance.
Originality/value
This is a new attempt to conduct team-oriented analysis on the relationship between topic selection and academic performance. Through understanding relationships amongst topic popularity, team performance and research funding, the study would be valuable for researchers and policy makers to conduct reasonable decision making on topic selection.
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Juliang Xiao, Yunpeng Wang, Sijiang Liu, YuBo Sun, Haitao Liu, Tian Huang and Jian Xu
The purpose of this paper is to generate grinding trajectory of unknown model parts simply and efficiently. In this paper, a method of grinding trajectory generation of hybrid…
Abstract
Purpose
The purpose of this paper is to generate grinding trajectory of unknown model parts simply and efficiently. In this paper, a method of grinding trajectory generation of hybrid robot based on Cartesian space direct teaching technology is proposed.
Design/methodology/approach
This method first realizes the direct teaching of hybrid robot based on 3Dconnexion SpaceMouse (3DMouse) sensor, and the full path points of the robot are recorded in the teaching process. To reduce the jitter and make the speed control more freely when dragging the robot, the sensor data is processed by Kalman filter, and a variable admittance control model is established. And the joint constraint processing is given during teaching. After that, the path points are modified and fitted into double B-splines, and the speed planning is performed to generate the final grinding trajectory.
Findings
Experiment verifies the feasibility of using direct teaching technology in Cartesian space to generate grinding trajectory of unknown model parts. By fitting all the teaching points into cubic B-spline, the smoothness of the grinding trajectory is improved.
Practical implications
The whole method is verified by the self-developed TriMule-600 hybrid robot, and it can also be applied to other industrial robots.
Originality/value
The main contribution of this paper is to realize the direct teaching and trajectory generation of the hybrid robot in Cartesian space, which provides an effective new method for the robot to generate grinding trajectory of unknown model parts.
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Abstract
Purpose
The purpose of this paper is to improve the corrosion resistance of anodized 6063 Al alloy inertial air–water separator by means of silane technology and to investigate the effect of corrosion-generated surface roughness changes on aerodynamic performance.
Design/methodology/approach
The BTSE-KH560 double-layer silane film treatment technique is used to close micropores on the anodic oxide film surface. The microstructure of the coating is observed by scanning electron microscopy, the coating structure of the specimens is determined by X-ray diffraction (XPS) and the corrosion resistance is determined by electrochemical and salt-spray tests. Computational fluid dynamics is also used to calculate the effect of roughness and analyse the change in separator performance.
Findings
The silane film deposited on the surface of the anodic oxide film acts as a good seal against microporous defects on the surface of the anodic oxide film and reduces the surface roughness. Electrochemical and salt-spray tests show that the silane film improved the corrosion resistance of the anodized film. The roughness produced by the corrosion deteriorates the performance of the separator.
Originality/value
The porous structure of the anodized coating makes it easier for corrosive ions to enter the substrate and cause pitting corrosion. Therefore, in this study, the corrosion behaviour of the coating in the marine environment and its effect on aerodynamic performance are investigated using a BTSE-KH560 double-layer silane coating with a sealing effect.
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