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The purpose of this paper is to analyse the role of ownership characteristics in a firm’s choice of alternative seasoned equity offering (SEO) methods, offer price discounts, and market reactions to such announcements within the UK setting.

The study examines 697 SEO events of firms traded in the UK during the period 1998 to 2012 using multivariate and binomial logistic regression models. Ordinary least square models are also used to examine how ownership variables affect offer price discounts and stock market performance during the announcement of such corporate events.

The authors show that placings and open offers (OOs) are the preferred methods for issuing equity by firms with higher managerial ownership. Thus, the evidence strongly supports the prediction of the entrenched management hypothesis. Moreover, the probability of choosing a combination of placings and OOs is also found to be significantly related to issue size, offer discount, leverage, and previous stock performance. The results show that pre-issue market conditions have a significant effect on the choice of issue method with rights offers (ROs) and the combination of placings and OOs primarily utilised by firms for issuing equity during hot market periods.

Unlike prior SEOs’ studies in the UK that predominantly concentrate on the use of ROs and placings, this study examines, for the first time, the link between OOs and the combination of placings and OOs with ownership concentration. The authors also investigate how offer price discounts are related to the firms’ ownership structure, various company micro-characteristics and the wider market conditions.

To understand why the penetration of handset-based mobile payment in most countries is still low has been an important research topic for the last 15 years, and it has been analyzed from different perspectives. However, the analysis of a single aspect cannot provide a sophisticated answer to the complicated underlying question. The purpose of this paper is to understand how a relatively successful m-payment ecosystem is created and sustained through the coopetition of various actors.

To that end, the authors analyze the case of Alipay wallet, the m-payment service provider with the largest market share in China, and focus on understanding the motivations and subsequent actions of the organizations cooperating in the Alipay wallet core ecosystem.

The results show that actors with heterogeneous and complementary resources can forge sustainable collaboration. Within an ecosystem, although always constrained by resources and capabilities, the actions that the core actors take and the resulting power imbalances are dynamically changing, reflecting actors’ aim of reducing uncertainty.

The main limitation of this case is that it was conducted in a Chinese context, which has specific features that may not apply to other cases. In addition, this study is based on a single case study in a single country, without comparing the results to any other cases or countries. Therefore, some modifications may have to be made when applying the framework and generalizing the results.

With regards to the practical perspective, the Alipay case may serve as an example that other providers follow, taking similar actions to increase the dependency of others and reduce their own dependency on others. It is helpful to take a keystone strategy to create value within the ecosystem and share this value with other participants. Moreover, Alipay acts as the platform provider, in addition to managing value creation within the ecosystem and sharing that value with the other participants. Alipay focuses on the business and strategic needs of the core actors, without threatening their main business, for example, Alipay focuses on micro-payments, which does not pose a direct competition to banks, who mainly rely on macro-payments to generate profit. Micro-payments are often related to high transaction costs for banks. In addition, although it is difficult to define the boundaries of actors in the ecosystem, the core business of every actor is the key competitive or even survival condition. This notion should be taken into consideration by actors whose actions affect the business of other ecosystem partners. For instance, Alipay will not aim to become a bank, as they know that if they do so, they cannot connect any other bank to their platform. In other words, the scope and boundary of the actors are clearly identified so that the core business will not be threatened. Sords, we can learn from Alipay that it pays off to focus on one area, and not to let your competitors challenge you.

The authors proposed the StReS framework for analyzing a business ecosystem by combining resource-based review, resource dependency theories and network analysis for investigating the motivations of the organizations cooperating in the core ecosystem and the actions they have taken to reduce dependency and uncertainty.

The purpose of this paper is to examine the misvaluation hypothesis using a relative reference point (RRP) in mergers and acquisitions (M&A) market.

The paper studies 1,878 M&A deals in the US market announced between January 1985 and December 2014.

The paper finds that bidders prefer stock payments when the RRP increases. The RRP is positively related to the offer premium and the target announcement returns. Although the RRP is negatively related to the bidder announcement returns, it is positively related to the long-run performance of bidders who time the market with overvalued stocks. The results are consistent with the predictions of the misvaluation hypothesis and reference point (RP) theory.

The authors construct a dynamic valuation framework to explain the misvaluation hypothesis by linking M&As’ misvaluation with RP theory. This paper provides direct evidence that the reference-dependence bias is prevalent for more experienced investors in major corporate investment decisions and offers fresh insights into the method of payment hypothesis.

This study aims to propose a consensus model that considers dynamic trust and the hesitation degree of the expert's evaluation, and the model can provide personalized adjustment advice to inconsistent experts.

The trust degree between experts will be affected by the decision-making environment or the behavior of other experts. Therefore, based on the psychological “similarity-attraction paradigm”, an adjustment method for the trust degree between experts is proposed. In addition, we proposed a method to measure the hesitation degree of the expert's evaluation under the multi-granular probabilistic linguistic environment. Based on the hesitation degree of evaluation and trust degree, a method for determining the importance degree of experts is proposed. In the feedback mechanism, we presented a personalized adjustment mechanism that can provide the personalized adjustment advice for inconsistent experts. The personalized adjustment advice is accepted readily by inconsistent experts and ensures that the collective consensus degree will increase after the adjustment.

The results show that the consensus model in this paper can solve the social network group decision-making problem, in which the trust degree among experts is dynamic changing. An illustrative example demonstrates the feasibility of the proposed model in this paper. Simulation experiments have confirmed the effectiveness of the model in promoting consensus.

The authors presented a novel dynamic trust consensus model based on the expert's hesitation degree and a personalized adjustment mechanism under the multi-granular probabilistic linguistic environment. The model can solve a variety of social network group decision-making problems.

Continua and discontinua coexist in natural rock materials. This paper aims to present an improved approach for addressing the mechanical response of rock masses based on the combined finite-discrete element method (FDEM) proposed by Munjiza.

Several algorithms have been programmed in the new approach. The algorithms include (1) a simpler and more efficient algorithm to calculate the contact force; (2) An algorithm for tangential contact force closer to the actual physical process; (3) a plastic yielding criterion (e.g. Mohr-Coulomb) to modify the elastic stress for fitting the mechanical behavior of elastoplastic materials; and (4) a complete code for the mechanical calculation to be implemented in Matrix Laboratory (MATLAB).

Three case studies, including two standard laboratory experiments (uniaxial compression and Brazilian split test) and one engineering-scale anti-dip slop model, are presented to illustrate the feasibility of the Y-Mat code and its ability to deal with multi-scale rock mechanics problems. The results, including the progressive failure process, failure mode and trajectory of each case, are acceptable compared to other corresponding studies. It is shown that, the code is capable of modeling geotechnical and geological engineering problems.

This article gives an improved FDEM-based numerical calculation code. And, feasibility of the code is verified through three cases. It can effectively solve the geotechnical and geological engineering problems.

The purpose of this paper is to draw on triadic reciprocal determinism and social exchange theory to examine how “induced-type” and “compulsory-type” union participation influence union commitment and job involvement, and how union participation in the west differs from that in China. It also examines whether the role of both organizational justice and employee participation climate (EPC) functions in the Chinese context.

Cross-sectional data are collected from 694 employees in 46 non-publicly owned enterprises, both Chinese and foreign, in the Pearl River Delta region of China. A multi-level moderated mediation test is used to examine the model of this research.

Union participation is positively related to organizational justice, union commitment and job involvement. In addition, organizational justice acts as the mediator among union participation, union commitment and job involvement. Specifically, the mediating role of organizational justice between union participation and union commitment, and between union participation and job involvement, is stronger in high-EPC contexts than low-EPC contexts.

Instead of examining the impacts of attitudes on union participation, as per most studies in the western context, this research examines the impacts of union participation in the Chinese context on attitudes, including union commitment and job involvement. It also reveals the role of both organizational justice and EPC in the process through which union participation influences union commitment and job involvement.

The purpose of this paper is to analyze long-term institutional causes and consequences of preference falsification by studying the evolution of China’s patriarchal clan system.

The historic study shows that although the clan system was abolished in the Qin dynasty, it re-emerged among high-standing families in the Han dynasty and spread to common people after the Tang dynasty.

The author submits that the clan system was an institutional response to the preference falsification problem that arose due to the dictatorial political institutions first established in the Qin dynasty. It helped people to take collective action by themselves and also opened a back door to influence government decisions. A piece of clear evidence is the co-evolution of the clan system and government personnel system.

In this sense, the clan system probably also helped to prolong the political institutions for 2,000 years.

This is the first institutional study on the clan system in China.

The National People’s Congress (NPC) of People’s Republic of China, the highest organ of state power, is popularly seen as a rubber-stamp entity. However, it has been substantially evolving its roles to accommodate the governance discourses within China’s political system over the decades. This study aims to explore the changes of governance discourse of the NPC within China’s political system through which to offer a thorough understanding of the NPC’s evolving substantial role in current China.

This study deploys a historical approach to explore the changes of governance discourse of the NPC that has seen a growing importance in China’s political agenda, as argued by this study.

The authors find that the NPC has been substantially evolving its role within China’s political system in which the Chinese Communist Party has created different governance discourses. Besides, the NPC and its Standing Committee have asserted its authority as a substantial actor within China’s political system. The NPC is no longer functioned as a rubber-stamp institution, though it is still popularized as a rubber stamp by many scholars.

This study is a historical elaboration on the development of NPC under three governance discourses. It might be, to some extent, relatively descriptive in nature.

This study, therefore, sheds some light on a revisit on the governance discourses in current China.

This study aims to clarify the impact of agriculture–tourism integration (ATI) on in situ urbanization (ISURB) of rural residents, to highlight the role of industrial integration in the process of China's ISURB and to provide industrial integration suggestions for promoting urbanization quality in Chinese counties.

By sorting out the panel data of China's 1868 counties, the evaluation index system of ISURB was constructed. Difference in difference (DID) and spatial Durbin-difference in difference (SDM-DID) model is used for estimate the relationship between ATI and ISURB.

First, ATI can improve ISURB by 11.4% higher than other regions. Second, theoretical analysis model of ATI on ISURB is constructed from four aspects of “drive–push–pull–block.” The results show that ATI can promote ISURB by increasing upgrading of rural industries, rural employment demand and income capacity, whereas ATI may inhibit ISURB by reducing farmland. Third, considering changes in institutional, hard and soft factors, rural collective economy, information infrastructure and digital finance all promote positive impact of ATI on ISURB. Fourth, ATI will produce spillover effects on ISURB in neighboring regions, which is more pronounced in the central and western regions.

This study lacks quantification of ATI, so future studies are encouraged to further quantify ATI at the county level.

This study has policy significance for constructing ATI demonstration counties and promoting ISURB in China's counties.

It is of great practical value to promote China's ISURB. By stimulating ATI, it can improve income and employment capacity of rural residents and stimulate ISURB of China.

This study enriches the theoretical and practical research on industrial integration behaviors during the process of ISURB.

1. Use county data to measure in situ urbanization (ISURB)

2. Agriculture–tourism integration (ATI) can increase ISURB

3. Constructs a “drive-push-pull-block” model to explain the influence mechanism

4. Use spatial Durbin-difference in difference (SDM-DID) models

5. Consider collective economy, rural information infrastructure and digital finance

Use county data to measure in situ urbanization (ISURB)

Agriculture–tourism integration (ATI) can increase ISURB

Constructs a “drive-push-pull-block” model to explain the influence mechanism

Use spatial Durbin-difference in difference (SDM-DID) models

Consider collective economy, rural information infrastructure and digital finance

Prior research shows that companies that achieve high performance excel at certain financial objectives. This chapter addresses the question: Do companies that excel at these financial performance objectives also excel in integrated reporting and sustainability reporting?

We compare a sample of high performance companies (HPC) with a sample of companies that purport to support integrated reporting, and a sample that purport to support sustainability reporting. Our hypotheses are that HPC will equal or exceed the integrated reporting and sustainability reporting practices shown by International Integrated Reporting Committee (IIRC) and Global Reporting Initiative (GRI) companies and US companies will be less at these practices than non-US companies.

Our findings indicate that IIRC companies and GRI companies generally do not meet the high financial performance measures of the HPC. Based on an integrated reporting and sustainability reporting matrix, we show that HPC exhibit equal performance on the practices of sustainability and integrated reporting compared to GRI companies, but both HPC and GRI are lower on these practices than IIRC companies. Also, US companies disclose less information in sustainability reports and integrated reports as compared to non-US companies. Overall, all three groups fall short of full compliance with standards of integrated reporting and sustainability reporting.

This chapter provides evidence as to the financial performance and the current state of integrated reporting and sustainability reporting among HPC, GRI, and IIRC companies. This chapter highlights the global need for a generally accepted set of standards for sustainability and integrated reporting practices.