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1 – 10 of 41Kejing Chen, Xiaolin Li, Qingqing Wan, Jing Ye and Mo Yang
Based on the textual-analyzed data covering 2148 IPO firms in China’s stock market during the 2007–2018 period, the authors’ purpose is to examine the influence of anti-takeover…
Abstract
Purpose
Based on the textual-analyzed data covering 2148 IPO firms in China’s stock market during the 2007–2018 period, the authors’ purpose is to examine the influence of anti-takeover provision (ATP) adoption on initial public offerings (IPO) underpricing and identify the reducing effect of the former.
Design/methodology/approach
The authors examine the sample consisting of Chinese A-share listed IPO firms between 2007 and 2018 from China Stock Market Accounting Research and Chinese Research Data Services, with ATP data collected from the IPO firm chapters. Specifically, the authors use text analysis to identify whether there are ATPs in the IPO firm chapters, as well as the number of ATPs. H1: IPO underpricing is less severe for firms adopting ATPs. H2: The effect of ATP adoption on IPO underpricing is more salient for firms in worse information environments.
Findings
The authors examine the influence of ATP adoption on IPO underpricing and identify the reducing effect of the former. This effect can be explained by the fact that adopting ATPs in IPO firm chapters can reduce information asymmetry to a large extent by helping external investors obtain more private information, which alleviates IPO underpricing. The authors also find that the reducing effect is more significant in the worsened information environment. Furthermore, the authors explore the influence of adopting ATPs on other IPO characteristics and find positive effects on IPO over-subscription, funds raised and trading activity and negative effects on listing fees.
Originality/value
This study mainly contributes to the literature from the following two aspects. First, the study enriches the literature about the influencing factors of IPO underpricing. Second, the study also enriches the literature about the economic consequences of ATP adoption. This study also has important policy implications. With the coming of the era of decentralized ownership in China’s capital market, ATP adoption has become more important and attracted more attention. Also, investors focus more on pricing efficiency. The findings in this paper provide a more comprehensive understanding of the relationship between ATP adoption and IPO underpricing.
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Mumtaz Ali Memon, Hiram Ting, Christian Ringle, Jun-Hwa Cheah and Nuttawuth Muenjohn
Fan Li, Dangui Li, Maarten Voors, Shuyi Feng, Weifeng Zhang and Nico Heerink
Soil nutrient management and fertilizer use by farmers are important for sustainable grain production. The authors examined the effect of an experimental agricultural extension…
Abstract
Purpose
Soil nutrient management and fertilizer use by farmers are important for sustainable grain production. The authors examined the effect of an experimental agricultural extension program, the science and technology backyard, in promoting sustainable soil nutrient management in the North China Plain (NCP). The science and technology backyard integrates farmer field schools, field demonstrations, and case-to-case counselling to promote sustainable farming practices among rural smallholders.
Design/methodology/approach
The authors conducted a large-scale household survey of more than 2,000 rural smallholders. The authors used a multivariate regression analysis as the benchmark to assess the effect of the science-and-technology backyard on smallholder soil nutrient management. Furthermore, the authors used coarse exact matching (CEM) methods to control for potential bias due to self-selection and the (endogenous) switching regression approach as the main empirical analysis.
Findings
The results show that the science-and-technology backyard program increased smallholders' wheat yield by approximately 0.23 standard deviation; however, no significant increase in maize yield was observed. Regarding soil nutrient use efficiency, the authors found a significant improvement in smallholders' phosphorus and potassium use efficiencies for both wheat and maize production, and a significant improvement in nitrogen use efficiency for wheat production, but no significant improvement of nitrogen use efficiency for maize production.
Originality/value
This study evaluated a novel participatory agricultural extension model to improve soil nutrient management practices among smallholders. The integration of agronomists' scientific knowledge and smallholders' local contextual experiences could be an effective way to improve farmers' soil nutrient management. This study provides the first quantitative estimates based on rigorous impact assessment methods of this novel extension approach in rural China.
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Abstract
Purpose
This study investigates the relationships among digital transformation, technological innovation, industry–university–research collaborations and labor income share in manufacturing firms.
Design/methodology/approach
The relationships are tested using an empirical method, constructing regression models, by collecting 1,240 manufacturing firms and 9,029 items listed on the A-share market in China from 2013 to 2020.
Findings
The results indicate that digital transformation has a positive effect on manufacturing companies’ labor income share. Technological innovation can mediate the effect of digital transformation on labor income share. Industry–university–research cooperation can positively moderate the promotion effect of digital transformation on labor income share but cannot moderate the mediating effect of technological innovation. Heterogeneity analysis also found that firms without service-based transformation and nonstate-owned firms are better able to increase their labor income share through digital transformation.
Originality/value
This study provides a new path to increase the labor income share of enterprises to achieve common prosperity, which is important for manufacturing enterprises to better transform and upgrade to achieve high-quality development.
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The aggregate index and per capita index have different meanings for some countries or regions. CO2 emissions per capita matters for China because of its huge population…
Abstract
Purpose
The aggregate index and per capita index have different meanings for some countries or regions. CO2 emissions per capita matters for China because of its huge population. Therefore, this study aims to deepen the understanding of Kuznets curve from the perspective of CO2 emissions per capita. In this study, mathematical formulas will be derived and verified.
Design/methodology/approach
First, this study verified the existing problems with the environmental Kuznets curve (EKC) through multiple regression. Second, this study developed a theoretical derivation with the Solow model and balanced growth and explained the underlying principles of the EKC’s shape. Finally, this study quantitatively analyzed the influencing factors.
Findings
The CO2 emission per capita is related to the per capita GDP, nonfossil energy and total factor productivity (TFP). Empirical results support the EKC hypothesis. When the proportion of nonfossil and TFP increase by 1%, the per capita CO2 decrease by 0.041 t and 1.79 t, respectively. The growth rate of CO2 emissions per capita is determined by the difference between the growth rate of output per capita and the sum of efficiency and structural growth rates. To achieve the CO2 emission intensity target and economic growth target, the growth rate of per capita CO2 emissions must fall within the range of [−0.92%, 6.1%].
Originality/value
Inspired by the EKC and balanced growth, this study investigated the relationships between China’s environmental variables (empirical analysis) and developed a theoretical background (macro-theoretical derivation) through formula-based derivation, the results of which are universally valuable and provide policymakers with a newly integrated view of emission reduction and balanced development to address the challenges associated with climate change caused by energy.
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Yanmin Zhou, Zheng Yan, Ye Yang, Zhipeng Wang, Ping Lu, Philip F. Yuan and Bin He
Vision, audition, olfactory, tactile and taste are five important senses that human uses to interact with the real world. As facing more and more complex environments, a sensing…
Abstract
Purpose
Vision, audition, olfactory, tactile and taste are five important senses that human uses to interact with the real world. As facing more and more complex environments, a sensing system is essential for intelligent robots with various types of sensors. To mimic human-like abilities, sensors similar to human perception capabilities are indispensable. However, most research only concentrated on analyzing literature on single-modal sensors and their robotics application.
Design/methodology/approach
This study presents a systematic review of five bioinspired senses, especially considering a brief introduction of multimodal sensing applications and predicting current trends and future directions of this field, which may have continuous enlightenments.
Findings
This review shows that bioinspired sensors can enable robots to better understand the environment, and multiple sensor combinations can support the robot’s ability to behave intelligently.
Originality/value
The review starts with a brief survey of the biological sensing mechanisms of the five senses, which are followed by their bioinspired electronic counterparts. Their applications in the robots are then reviewed as another emphasis, covering the main application scopes of localization and navigation, objection identification, dexterous manipulation, compliant interaction and so on. Finally, the trends, difficulties and challenges of this research were discussed to help guide future research on intelligent robot sensors.
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Haiyan Jiang, Jing Jia and Yuanyuan Hu
This study aims to investigate whether firms purchase directors' and officers' liability (D&O) insurance when the country-level economic policy uncertainty (EPU) is high.
Abstract
Purpose
This study aims to investigate whether firms purchase directors' and officers' liability (D&O) insurance when the country-level economic policy uncertainty (EPU) is high.
Design/methodology/approach
This study uses D&O insurance data from Chinese listed firms between 2003 and 2019 to conduct regression analyses to examine the association between D&O insurance and EPU.
Findings
The results show that government EPU, despite being an exogenous factor, increases the likelihood of firms' purchasing D&O insurance, and this effect is more pronounced when firms are exposed to great share price crash risk and high litigation risk, suggesting that firms intend to purchase D&O insurance possibly due to the accentuated stock price crash risk and litigation risk associated with EPU. In addition, the results indicate that the effect of EPU on the D&O insurance purchase decision is moderated by the provincial capital market development and internal control quality.
Practical implications
The study highlights the role of uncertain economic policies in shareholder approval of D&O insurance purchases.
Originality/value
The study enriches the literature on the determinants of D&O insurance purchases by documenting novel evidence that country-level EPU is a key institutional factor shaping firms' decisions to purchase D&O insurance.
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