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1 – 10 of over 5000Jianquan Guo and He Cheng
The authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles…
Abstract
Purpose
The authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border.
Design/methodology/approach
Using 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference.
Findings
The results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned.
Originality/value
The authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.
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Shuang Hu, Saileshsingh Gunessee and Chang Liu
Chinese multinational enterprises’ (MNEs) unprecedented, aggressive cross-border mergers and acquisitions (CBMAs) have led to several studies examining Chinese CBMAs, which…
Abstract
Purpose
Chinese multinational enterprises’ (MNEs) unprecedented, aggressive cross-border mergers and acquisitions (CBMAs) have led to several studies examining Chinese CBMAs, which importantly has also led to some degree of “theorising”. This study aims to undertake a “non-theoretical” fact-finding exercise before any theorising and empirical “causal” examination for a better understanding of the phenomenon (the rise of Chinese CBMAs).
Design/methodology/approach
This study uses a “stylised facts” approach which documents “empirical regularities” concerning Chinese CBMAs and thus guides new research questions.
Findings
Several facts are documented. Firstly, both the value and frequency of Chinese CBMAs are catching up to greenfield investments, with CBMA deals being larger in scale but lower in frequency. Secondly, Chinese CBMAs show a global reach away from the regional orientation of their early years. Thirdly, Chinese MNEs are possibly transforming their value chain with industrial upgrading as an aim. Fourthly, Chinese “full” acquisitions of targets have surged, especially in OECD countries, suggestive of Chinese MNEs’ “radical” acquisition approaches.
Originality/value
The gathered facts lend support to the view of the need for such fact-finding exercises to explicate and shed “new” light on the phenomenon (beyond our “current” views/beliefs). An understanding of the underlying trends beyond bare facts can also identify new knowledge, which can in turn provide new directions for research.
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Jeong Hoon Choi, Sangdo Choi and Nallan C. Suresh
The objective of this study is to explore the structural attributes of the pharmaceutical industry before the onset of the COVID-19 pandemic by examining the relationship between…
Abstract
Purpose
The objective of this study is to explore the structural attributes of the pharmaceutical industry before the onset of the COVID-19 pandemic by examining the relationship between inventory and firm performance and developing a taxonomy of pharmaceutical firms based on the earns-turns matrix.
Design/methodology/approach
This study examines the inventory–firm performance linkage, considering both total inventory and its discrete inventory components in pharmaceutical firms. In addition, this research develops a new taxonomy of pharmaceutical firms based on the earns-turns matrix. A large panel dataset of firms in the US pharmaceutical industry was collected for the period 2000–2019.
Findings
The results reveal that strategic groups identified based on this taxonomy show different levels of profitability and inventory turns in the earns-turns matrix. Most pharmaceutical firms moved from the low-right to the top-left section in the earns-turns matrix, indicating that these firms have generally pursued profitability rather than effective inventory management.
Research limitations/implications
This study explores the structural attributes of the pharmaceutical industry using the earns-turns matrix. This two-dimensional analysis may not, however, capture the full complexity of inventory–firm performance dynamics.
Practical implications
The mapping of strategic groups on the earns-turns matrix provides a useful tool for visual representations of the dynamics of strategic groups in terms of financial performance and inventory management performance. Practitioners can use the earns-turns matrix to benchmark their firm's position against their competitors.
Originality/value
This study broadens the scope of operations management research by introducing the earns-turns matrix as an empirical validation tool for operational and strategic management theories. This study emphasizes the effectiveness of the earns-turns matrix in analyzing strategic groups of pharmaceutical firms.
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Balakrishna Ballekura and Lavanya Vilvanathan
The purpose of the study is to investigate the relationship between workplace incivility (WIN) and ineffectual employee silence (IES) through rationalized knowledge-hiding (RKH…
Abstract
Purpose
The purpose of the study is to investigate the relationship between workplace incivility (WIN) and ineffectual employee silence (IES) through rationalized knowledge-hiding (RKH) and regulation of emotion, drawing on the conservation of resources (COR) and social exchange theory (SET).
Design/methodology/approach
The study employed a cross-sectional design and used the partial least squares (PLS)-structural equational modeling (SEM) algorithm to test the reliability, validity of the measurement and hypotheses using a sample of 252 information technology (IT) professionals.
Findings
The results demonstrate that experienced WIN and RKH behavior significantly exacerbate IES. On the other side, the regulation of emotion decreases the negative influence of WIN and aids in the reduction of IES.
Practical implications
The study suggests that organizations should take appropriate measures to alleviate WIN, which might prevent concealing information/knowledge, IES and encourage employees to practice regulation of emotion.
Originality/value
The study significantly contributes to the relationship between uncivil behavior and ES and expands the knowledge on the mediating roles of RKH and regulation of emotion.
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Dandub Palzor Negi, E.P. Abdul Azeez and Asha Rani
The present study explored the young women's lived experiences of discrimination and othering based on skin tone in two rural localities of Uttarakhand , State of India. The…
Abstract
Purpose
The present study explored the young women's lived experiences of discrimination and othering based on skin tone in two rural localities of Uttarakhand , State of India. The authors used intersectionality as the theoretical lens for this study.
Design/methodology/approach
The authors have adopted an interpretive phenomenological study in the conduct of this research. The authors interviewed twelve female participants in person using a semi-structured interview schedule. The data were analysed using the six-stage data analysis process of interpretive phenomenological analysis.
Findings
The study's findings underline the experiences of stigma, negative self-concept, marriage is a complex reality, media's influence and skin whitening is the first and last resort. Dark-skinned women experience stressful life events due to their skin tone and society's prejudice favouring white and fair skin tones. The experiences of bullying, social shame, guilt and low esteem were also vivid.
Originality/value
This study reveals women's exposure to negative experiences of skin-tone-based discrimination prevalent in Indian society. This is one of the first kinds of such study in India that captures the dark-hued women's recurrent phenomenon of discrimination in their daily lives. It further shows that skin-tone bias and discrimination are widely prevalent and practised despite the claims that Indian society is free from skin-tone biasedness and subsequent discrimination.
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Yang S. Yang, Xiaojin Sun, Mengge Li and Tingting Yan
This study investigates the extent to which a firm’s centrality and autonomy in its supply network are associated with the intensity and complexity of its competitive actions.
Abstract
Purpose
This study investigates the extent to which a firm’s centrality and autonomy in its supply network are associated with the intensity and complexity of its competitive actions.
Design/methodology/approach
Utilizing social network analysis and dynamic panel data models, this study analyzes a comprehensive panel dataset with 10,802 firm-year observations across various industries between 2011 and 2018 to test the hypotheses.
Findings
Our findings show that a firm’s level of centrality in its supply network has an inverted U-shaped relationship with both competitive intensity and competitive complexity. In addition, the turning points of these two inverted U-shaped relationships differ in that firms with a lower level of centrality tend to compete aggressively by launching more actions within fewer categories, while firms with a higher level of centrality tend to compete aggressively by launching fewer actions that cover a larger range of categories. Finally, we find that a firm’s structural autonomy has a positive relationship with competitive complexity.
Originality/value
This study bridges the gap between the supply chain management literature and strategic management literature and investigates how supply networks shape competitive aggressiveness. In particular, this research investigates how a firm’s structural position in its supply network affects its competitive actions, an important intermediate mechanism for competitive advantage that has been overlooked in the supply chain management literature.
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Eunsuk Hong, Jong-Kook Shin and Huan Zou
Extending the springboard perspective with the resource dependence theory, the authors posit that cross-border mergers and acquisitions (M&As) are a new channel for emerging…
Abstract
Purpose
Extending the springboard perspective with the resource dependence theory, the authors posit that cross-border mergers and acquisitions (M&As) are a new channel for emerging economy firms (EEFs) to enhance their technology capabilities. This study aims to examine the impact of cross-border M&As initiated by EEFs on their technology augmentation vis-à-vis matched domestic M&A cases and investigate the factors influencing the difference in post-merger innovation capability.
Design/methodology/approach
This paper estimates the post-acquisition innovation capability of acquirers from emerging economies (EEs) that engage in cross-border M&As. To remove possible selection bias, the authors leverage a difference-in-difference-style approach in combination with a matched sample constructed by pairing each cross-border M&A case with a similar domestic deal. The data set contains 266 cross-border M&As and 266 matched domestic M&A deals between 2003 and 2011, whereby acquirers are based in 6 EEs and targets are in 36 countries consisting of both EEs and advanced economies (AEs).
Findings
The present empirical results show that cross-border M&As engaged by EEFs are an important engine for improving EEFs’ innovation capability through technology augmentation. The main empirical results are as follows. First, compared with matched domestic acquirers with similar characteristics, EE cross-border M&As have a positive effect on innovation capability. Second, the positive effect of the EEFs’ cross-border M&As relative to the matched domestic M&As on innovation capability is driven largely by cross-border M&As with targets in AEs. Third, the increase in post-M&A innovation capability of the EE cross-border acquirers comes mainly from deals where targets are based in countries with relatively superior human capital and innovation capability than those of the acquirers.
Originality/value
To the best of the authors’ knowledge, this study is the first systematic study of whether cross-border M&As serve as an effective channel of technology augmentation for EE acquirers compared to matched domestic acquirers with similar characteristics.
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Sakshi Kukreja, Girish C. Maheshwari and Archana Singh
The study aims to evaluate and compare the mergers and acquisitions (M&As) performance utilising a sample of deals originating from Brazil, Russia, India, China and South Africa…
Abstract
Purpose
The study aims to evaluate and compare the mergers and acquisitions (M&As) performance utilising a sample of deals originating from Brazil, Russia, India, China and South Africa (BRICS). In addition to nation-wise performance analysis, a further sub-sample analysis is conducted based on the target location (domestic and cross-border), development status (developed and emerging) and the acquired ownership stakes (majority and minority).
Design/methodology/approach
The final sample of the study includes 7,105 deals announced between 2000 and 2019. M&A performance is proxied by the abnormal returns earned over the select event windows. Multiple parametric and non-parametric tests are employed for testing the robustness.
Findings
The results indicate significant performance differences across BRICS markets, with the highest and lowest abnormal returns reported for Chinese and Russian acquirers, respectively. The disaggregated analysis also affirms the performance differences for the select sub-samples.
Research limitations/implications
The study highlights the need for acknowledging and expounding the differences in M&As across emerging markets. Further, the results of the study provide a possible explanation of the disagreement over the M&A performance results reported in the previous literature.
Practical implications
Acknowledging and understanding the potential performance differences based on location, ownership strategies and development status can aid executives in sharpening decision-making and also help general investors.
Originality/value
The study contributes by examining a comprehensive sample of deals across five major emerging economies, as against the majority of previous studies which have their results based on either single nation samples or have utilised only a sub-sample of domestic or foreign acquisitions.
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Songhee Kim, Jaeuk Khil and Yu Kyung Lee
This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in…
Abstract
This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for the subsequent two years or, after a significant decrease, do not raise dividends for the following two years. Our empirical findings indicate that companies that increase dividends experience a significant decrease in both book and market leverage, even after controlling for variables such as target leverage ratios. This result suggests that a large increase in dividends can effectively reduce information asymmetry, leading to a lower cost of equity. On the contrary, after a decrease in dividends, both book leverage and market leverage significantly increase, revealing a symmetric relationship between dividend policy and capital structure. In conclusion, large dividend increases in Korean companies not only reduce information asymmetry but also lower the cost of equity capital, resulting in observable changes in the leverage ratio.
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Yang Liu, Xiang Huang, Shuanggao Li and Wenmin Chu
Component positioning is an important part of aircraft assembly, aiming at the problem that it is difficult to accurately fall into the corresponding ball socket for the ball head…
Abstract
Purpose
Component positioning is an important part of aircraft assembly, aiming at the problem that it is difficult to accurately fall into the corresponding ball socket for the ball head connected with aircraft component. This study aims to propose a ball head adaptive positioning method based on impedance control.
Design/methodology/approach
First, a target impedance model for ball head positioning is constructed, and a reference positioning trajectory is generated online based on the contact force between the ball head and the ball socket. Second, the target impedance parameters were optimized based on the artificial fish swarm algorithm. Third, to improve the robustness of the impedance controller in unknown environments, a controller is designed based on model reference adaptive control (MRAC) theory and an adaptive impedance control model is built in the Simulink environment. Finally, a series of ball head positioning experiments are carried out.
Findings
During the positioning of the ball head, the contact force between the ball head and the ball socket is maintained at a low level. After the positioning, the horizontal contact force between the ball head and the socket is less than 2 N. When the position of the contact environment has the same change during ball head positioning, the contact force between the ball head and the ball socket under standard impedance control will increase to 44 N, while the contact force of the ball head and the ball socket under adaptive impedance control will only increase to 19 N.
Originality/value
In this paper, impedance control is used to decouple the force-position relationship of the ball head during positioning, which makes the entire process of ball head positioning complete under low stress conditions. At the same time, by constructing an adaptive impedance controller based on MRAC, the robustness of the positioning system under changes in the contact environment position is greatly improved.
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