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Macroeconomic or financial data are often modelled with cointegration and GARCH (Generalized Auto-Regressive Conditional Heteroskedasticity). Noticeable examples include those studies of price discovery in which stock prices of the same underlying asset are cointegrated and they exhibit multivariate GARCH. It was not until recently that Li, Ling, and Wong's (2001) Biometrika, 88, 1135–1152, paper formally derived the asymptotic distribution of the estimators for the error-correction model (ECM) parameters, in the presence of conditional heteroskedasticity. As far as ECM parameters are concerned, the efficiency gain may be huge even when the deflated error is symmetrically distributed. Taking into consideration the different rates of convergence, this paper first shows that the standard distribution applies to a portmanteau test, even when the conditional mean is an ECM. Assuming the usual null of no multivariate GARCH, the performance of this test in finite samples is examined through Monte Carlo experiments. We then apply the test for GARCH to the yearly or quarterly (extended) Nelson–Plosser data, embedded with some prototype multivariate models. We also apply the test to the intra-daily HSI (Hang Seng Index) and its derivatives, with the spread as the ECT (error-correction term). The empirical results throw doubt on the efficiency of the usual estimation of the ECM parameters, and more importantly, on the validity of the significance tests of an ECM.

This paper aims to investigate the role of informational and relational mechanisms on equity crowdfunding investors' conformity behaviors by focusing on a relational culture of China.

The data of 108 financing projects and 7,688 investment records from a union of Chinese equity crowdfunding platforms are gathered. Lead investors' response to a campaign and follow-investors’ former links explain investors' conformity by social network analysis (SNA) and ordinary least squares (OLS) analysis.

The results show that informational and relational influences drive conformity in Chinese equity crowdfunding. Moreover, the informational influence weakens in a highly centralized structure of linked investors.

The results add new knowledge to follow-investors’ conformity behaviors in equity crowdfunding and enrich the literature on conformity theory by finding the contextual effect of information-influenced conformity and the adaption of conformity theory to cultural uniqueness. Besides, this preliminary work also suggests opportunities for future research.

The paper inspires new consideration on a strategical use of follow-investors’ conformity mentality to promote successfully financing and reminds platform managers to be alert to the interference of small groups formed based on informal relationships to the normal financing order.

This is the first study that discovers the non-informational influence and the limited influence of information on equity crowdfunding conformity through contextual concerns.

Measuring the performance of public participation is conducive to improving participation systems. However, such measurement, particularly in urban regeneration projects, is difficult because of the complex indicators and multiple stakeholders involved. The purpose of this paper is to measure the public participation level in urban regeneration projects in China.

This study adopts a perception difference-based method to measure the public participation level in urban regeneration projects in China. Specifically, an indicator system consisting of 12 indicators from three categories was first purposed. A perception difference-based method that integrates ANOVA test and Tukey test were then developed. The method was validated using five represented projects, and the results are interpreted based on a proposed measurement matrix.

Regardless of the type of indicator, the perception of the government aligns with the perception of private sector professions, however, deviates from the perception of citizens. By taking the mean score and the significance level among stakeholders of perception as two dimensions, different patterns of issues in the current participation practice in urban regeneration are manifested.

Theoretically, the proposed indicator system and perception difference-based method combined to provide a holistic view of public participation, which is verified to provide a better measurement. Practically, the authors’ methodology helps in revealing issues in current participation practice and further leading to designing coping strategies. Nonetheless, the proposed method requires further validation in participation practices in China and other countries.

By considering the perception mean and the significance level as two dimensions, a public participation measurement matrix is proposed. The performance in different indicators are classified into four stages accordingly, namely idling, starting, running-in and accelerating.

This study aims to develop and test a methodical approach to assessing the effectiveness of business models in fast fashion.

The approach allows one to identify the key features of companies' adaptation strategies during the COVID-19 pandemic. The paper analyzes the economic profitability of the fast-fashion industry and establishes business opportunity trends. The author identifies a set of general characteristics of business related to supply and demand before and during the pandemic crisis. The study relies on descriptive statistics and statistical processing methods, including regression analysis, arithmetic mean and the indicator of market economy dynamics.

The study found that the fast-fashion business model allows companies to adapt to the new market norms because of its dual strategy: demand-driven transparency and supply-driven sustainability, within the logic of consumption. The results indicate that focus on sustainability and transparent stakeholder engagement helps companies to remain relevant in the fashion industry.

The results of the study can be used by general managers of companies, marketers and administrative managers to select strategies and make decisions under the current and future fashion industry demands in markets at different developmental stages.

The flexible mode transitions, multiple power sources and system uncertainty lead to challenges for mode transition control of four-wheel-drive hybrid powertrain. Therefore, the purpose of this paper is to improve dynamic performance and fuel economy in mode transition process for four-wheel-drive hybrid electric vehicles (HEVs), overcoming the influence of system uncertainty.

First, operation modes and transitions are analyzed and then dynamic models during mode transition process are established. Second, a robust mode transition controller based on radial basis function neural network (RBFNN) is proposed. RBFNN is designed as an uncertainty estimator to approximate lumped model uncertainty due to modeling error. Based on this estimator, a sliding mode controller (SMC) is proposed in clutch slipping phase to achieve clutch speed synchronization, despite disturbance of engine torque error, engine resistant torque and clutch torque. Finally, simulations are carried out on MATLAB/Cruise co-platform.

Compared with routine control and SMC, the proposed robust controller can achieve better performance in clutch slipping time, engine torque error, vehicle jerk and slipping work either in nominal system or perturbed system.

The mode transition control of four-wheel-drive HEVs is investigated, and a robust controller based on RBFNN estimation is proposed. Compared results show that the proposed controller can improve dynamic performance and fuel economy effectively in spite of the existence of uncertainty.

Customer engagement has key practical implications for hospitality management. However, little is known about how perceived coolness and wow affect customer engagement. The purpose of this research was to investigate the associations among perceived coolness, perceived wow and customer engagement and examine the mediator of self-image congruity (SIC).

Survey data were collected from 406 restaurant customers in Taiwan, and structural equation modeling was adopted to examine the hypotheses. Furthermore, a replica model was produced for another sample of 412 hotel customers.

The results indicate that perceived coolness positively affects customer engagement and SIC and that perceived wow positively affects SIC. SIC positively affects customer engagement. Moreover, SIC mediates the associations of perceived coolness and wow with customer engagement. The relationships between the variables did not significantly differ between restaurant customers and hotel customers.

Hospitality businesses can create environments in which customers interact with service providers through innovative technology, thereby encouraging engagement. Coolness and the wow factor must be prioritized in servicescapes, meal and room design, the service process and creative marketing.

The findings contribute knowledge on hospitality, factors affecting customer engagement and the mediating mechanism of SIC. Hospitality managers can use the results to formulate strategies for servicescape design, brand management and customer experience.

The purpose of this paper is to develop a multi-agent-based simulation model for the online opinion dissemination during hazardous chemical leakage emergencies into rivers in China, to explore an appropriate crisis information release policy of China’s government for controlling public panic.

In the proposed model, two fundamental attributes of crisis information, i.e., truthfulness (for true or false news) and attitude (for positive, neutral or negative opinion), are considered. Four major agents in the online community system, i.e., citizens, the government, media and opinion leaders, are included. Using four typical accidents of hazardous chemical leakage into rivers in China as case studies, insightful policy implications can be obtained for crisis management and panic control.

The news about the terrible potential damages from such a type of accidents will instantly arise wide-ranging public panic; therefore, the corresponding crisis information release policy should be carefully designed. It is strongly advised against publishing false news to temporarily conceal the accidents, which will seriously hurt the government’s reputation and agitate much larger-scale public panic in terms of degree and duration. To mitigate public panic, the true news especially about treatment measurements should be published immediately. If the government does nothing and releases no crisis information, the public panic will go out of control.

This paper only focuses on the crisis information release policies from the perspectives of the government. Furthermore, this study especially focuses on the cases in China, and extending the proposed model study for general contexts is an important direction to improve this study. Finally, the proposed model should be extended to other types of emergencies to further justify its generalization and universality, especially various natural catastrophes like storms, floods, tsunamis, etc.

This paper develops a multi-agent-based model for online public opinion dissemination in emergency to explore an appropriate crisis information release policy for controlling public panic stemming from hazardous chemicals leakage accidents into rivers. The proposed model makes major contributions to the literature from two perspectives. First, the crisis information about emergency accidents are divided into true and false news based on the truthfulness attribute, and into neutral, positive and negative emotions based on the attitude attribute. Second, the proposed model covers the main agents in the online virtual community.

An organization’s ability to successfully manage intellectual capital is determined by the actions of its employees to prevent or minimize information security incidents. To prevent more data breaches to intellectual capital, organizations must provide regular cybersecurity awareness training for all personnel. The purpose of this paper is to investigate the effect of different evidence-based cybersecurity training methods on employees’ cybersecurity risk perception and self-reported behavior.

The study participants were randomly assigned into four groups (i.e. malware report, malware videos, both malware report and malware videos and no interventions) to assess the effects of cybersecurity training on their perceptions of vulnerability, severity, self-efficacy, security intention as well as their self-reported cybersecurity behaviors.

The results show that evidence-based malware report is a relatively better training method in affecting employees’ intentions of engaging in recommended cybersecurity behaviors comparing with the other training methods used in this study. A closer analysis suggests whether the training method contains self-relevant information could make a difference to the training effects.

This paper reports an in-depth investigation on how different evidence-based cybersecurity training methods impact employees’ perceptions of susceptibility, severity, self-efficacy, security intention as well as on their self-reported cybersecurity behaviors.

This paper aims to examine the contextual embeddedness of female entrepreneurship through a focus on gendered institutions. Specifically, it draws upon Scott’s (1995) institutional categories and explores how the three dimensions of gendered institutions combine to explain both a high level of female Total Early-stage Entrepreneurship Activity (TEA) rates and female/male TEA ratios.

Collecting data from the Global Entrepreneurship Research Association, the World Economic Forum and the World Bank for 63 countries, this study uses the fuzzy-set qualitative comparative analysis (fsQCA) method to explore causal complexity between the regulative, normative and cognitive dimensions of gendered institutions (conditions) and the female TEA rates and the female/male TEA ratios (outcomes).

First, this study confirms the complex interactions occurring among institutional components. Second, the results highlight the key role that gender equality in entrepreneurial cognitions plays in achieving high female entrepreneurship. Third, configurations for the high female TEA rates and the female/male TEA ratios share a high similarity.

The study provides policymakers with a holistic viewpoint and alternate solutions with the aim of promoting female entrepreneurship in their respective countries.

The study highlights gendered institutions beyond general institutions, enriching the literature on the gender and institutional determinants of female entrepreneurship. Furthermore, the application of the fsQCA method in the study helps to enhance the understanding of how institutional components complexly interact to shape female entrepreneurship.