Search results

The purpose of this paper is to shed light on the deleveraging impact of the anti-corruption campaign since the 18th National Congress of the Communist Party of China (CPC) on private firms with political connections, relative to those without political connections.

In this paper, taking the anti-corruption campaign employed from the end of 2012 as an exogenous shock, the authors design a quasi-experiment difference-in-difference approach to examine how the loss and failure of political connections impacts private firms’ debt financing.

The authors find that the loss and failure of political connections following the anti-corruption campaign since the 18th CPC National Congress causes the yearly new debt ratios of treatment firms with political connections to decrease, relative to those of control firms without political connections. This outcome is more pronounced for provinces with more cadres excluded in the anti-corruption campaign since the 18th CPC National Congress, which rendered politically connected firms susceptible to lose connections with central or provincial cadres. To explore the mechanism, the authors find that following the anti-corruption campaign since the 18th CPC National Congress, politically connected firms limit rent-seeking activities, whereas resource acquisition is weakened. The authors also find that the impact of the anti-corruption campaign since the 18th CPC National Congress on the debt financing of politically connected firms, relative to their counterparts, is more pronounced for groups with high levels of information asymmetry and for less explicit guarantee groups. Finally, politically connected firms are more likely to be dominated by internal funds in dealing with a loss of advantages in debt financing, compared with their counterparts without political connections.

The findings in this study suggest that the loss or failure of previous political connections following Xi’s anti-corruption campaign make politically connected firms lose the advantages in debt financing through the rent-seeking, resource acquisition, information asymmetry, implicit guarantee channels, which provide new evidence for research on the impact of the anti-corruption campaign since the 18th CPC National Congress on private firms’ financing behaviors via the loss or failure of existing political connections.

The findings in the study will have some inspiration for policy makers and entrepreneur.

This study provides new evidence on the different impacts of Xi’s anti-corruption campaign on private firm’s debt financing between politically connected and unconnected firms.

The purpose of this paper is to investigate the influence of trust and perceived risk on investment willingness considering the bidirectional relationship between trust and perceived risk in peer-to-peer (P2P) lending.

Data were collected from a leading Chinese P2P platform, PPDAI.com. In total, 328 valid responses were received and analyzed using structural equation modeling (SEM).

The results show that the influence of trust on investment willingness is significant, whereas that of perceived risk is insignificant. The results also indicate that platform reputation has a positive effect on trust, and the quality of alternatives is positively associated with perceived risk. In addition, the bidirectional perspective should be preferred to cope with the bidirectional relationship between trust and perceived risk in P2P lending.

This study extends existing research on the influence of trust and perceived risk on investment willingness from a bidirectional perspective, which has not been addressed in the P2P lending context. In addition, this research enriches the current literature about trust and perceived risk by providing more evidence that the relationship between trust and perceived risk is bidirectional and thus the bidirectional model should be preferred. For practice, the study suggests that managers can earn trust and reduce the perceived risk of lenders by continuously providing high-quality products, services and enhancing platform reputation, ultimately improving their investment willingness.

The study aims to integrate the insights gained from the gambling industry into a value creation conceptual framework for analyzing the influence of digital technology application. Both primary and secondary data from industry practitioners are examined and discussed.

In-depth interviews covering top management from six major casinos in Macau were conducted with industry experts, who provided the pioneering feedback on digitalization technology implemented with examples from major casino cities, including Macau, Las Vegas, Monte Carlo, Singapore, Seoul and some others.

The study provides an overview of the current status of the application of digital technology in the gambling industry and the level of the feasibility, practicability and profitability of this development on the casino floor. Digital technologies are found to augment the gambling industry in aspects of the product, service and operational structure. Research also discovers that benefits and values gained by the casino can be categorized in three dimensions: (1) value perceived by the customer, (2) value obtained from the customer and (3) value gained by the firm.

The research serves as a reference for Macau policymakers regarding regulations on emerging digital technologies in the gambling industry, as well as for casino management seeking to understand new potential business opportunities and future developments in digitalization.

The implementation of the innovation-driven development strategy is of practical significance for improving the quality and efficiency of economic growth and accelerating the transformation of economic development mode. The purpose of this paper is to study the impact of innovation-driven strategies on marine industry agglomeration and industrial transformation.

In traditional grey correlation analysis, when the positive and negative areas cancel each other out during the integration process, the calculation result of the correlation degree is often inconsistent with the qualitative analysis. For this reason, from the perspective of curve similarity, this paper constructs two response curves through the relative change area of the two curves and the relative area change ratio of similar degree, thus constructing an improved grey relational model.

The authors find that the innovation investment has a better correlation with marine industrial agglomeration. It also found that Guangdong Province has the highest degree of correlation between innovation indicators and marine industrial agglomeration. Much beyond the authors’ expectation, in the areas where marine industrial agglomeration is high, the synergistic effect is not obvious by using the location entropy method.

The improved grey correlation analysis method can effectively overcome the phenomenon that the positive and negative areas cancel each other in the integration process of the original algorithm, and it can also effectively measure the negative correlation between variables. This paper explores the impact of innovation drive on the agglomeration of marine industries, which is of great significance to the sustainable development of marine economy.

This paper aims to find the endogenous relationship between innovation input and corporate performance and deepen the study of innovation performance theory in industry and enterprise at the micro level.

This paper selects the firms listed on A shares in Shanghai and Shenzhen Stock Exchanges from 2009 to 2015 as samples. The authors cluster these samples according to the factors of production and classify the samples into three types: technology-intensive, capital-intensive and labor-intensive. After obtaining the samples and classifying them, the authors conduct a research on the endogenous relationship between the innovation input and the corporate performance through the simultaneous equations model and 3SLS estimation method. Meanwhile, they also make a study on the influence of executive incentive mechanism on the relationship between the innovation input and the corporate performance.

In technology-intensive industry, the increase of pre-innovation input will enhance the corporate performance in the current period, however, which will slow down the pace of innovation and lead to lower corporate performance in the future, and then increase innovation input again. In contrast, in capital-intensive industries, innovation input just improves corporate performance in the current period and the promotion of corporate performance will promote the intensity of innovation input in the future. With labor-intensive industries, innovation input also depends on early good returns, but innovation input has no significant impact on the corporate performance both at present and in the future. While in the executive incentive mechanism, salary incentive has a significant positive regulatory effect on the relationship between innovation input and corporate performance.

This paper presents a new research perspective on the relationship between innovation input and firm corporate performance, which is of great value to the listed company in balancing the R&D input with the company’s target performance and the design of executive incentive mechanism.

The purpose of this paper is to carry out empirical testing of the relationship between corporate image and corporate satisfaction among business-to-consumer (B2C) e-commerce organizations who possess codes of conduct and study their effects on sales volume. The aim is to measure impacts of both corporate image as well as measure corporate satisfaction on online sales volume increases. In addition, the authors have added to the study the product-type dimension as a moderate variable.

A structural model is developed and empirically tested through survey data obtained from 127 Spanish companies adhering to a code of conduct.

The results indicate that adhering to a code of conduct has a positive impact on the increase in sales volumes. The paper identified the main reasons for adhering to a code of conduct, such as offering greater trust to potential consumers as well as improving the firm’s image, prestige and increasing quality and security.

Further variables must be identified that would help to determine the impact on organizations adhering to codes of conduct.

This paper highlights how B2C e-commerce codes of conduct help managers achieve better conditions for competiveness. The findings show how adhering to a code of conduct has a positive impact on increased sales volumes. The results indicate that the reasons for adhering to a code of conduct are the following: it offers greater trust to potential consumers, as well as improves the firm’s image and prestige, and increases purchase quality and security.

This paper contributes to the enrichment of knowledge concerning B2C e-commerce codes of conduct developed a pioneering study.

This paper aims to improve the scene sense of a virtual scene, the welding model of a virtual reality system of riser automatic equipment was constructed using Unity3D and UG software, which mainly included a welding car, welding guide rail, welding power supply, virtual camera and other equipment and the model was rendered.

The human-computer interaction page and simulation test of the system was produced using the user interface GUI system for creating a human-computer interaction scene. The operator could capture the welding status of the physical equipment accurately and in real-time so the virtual reality technology was very suitable for the remote monitoring operation integrated with the welding system.

Human-computer interaction design and collision detection were realized. In addition, the system simulation experiment was accomplished. With the continuous improvement and development of virtual reality technology real-time virtual simulation and monitoring, technology will become the main development trend.

Based on virtual reality, the monitoring system can capture the operation status of physical welding equipment in real-time and accurately, which is very suitable for remote monitoring operation integrated with the welding system and also conducive to improving the monitoring level of the welding process.

This technology is time-saving and money-saving, for the operators do not have to be in a real welding environment and therefore they can get away from dangerous places. Consequently, it can avoid unnecessary injuries and problems.

This technology can replace people to enter the dangerous and extreme environment to carry out welding operation, so it becomes the most effective means of nuclear power plant maintenance, space structure construction and marine engineering construction. In addition, it is time-saving and money-saving.

With the rapid development of virtual reality technology in recent years, it is a new research direction to apply virtual reality technology to the remote welding operation. This technology is different from the traditional way of welding for the operators can stay away from the welding scene especially some dangerous places.

Driven by the dual-carbon target and the widespread digital transformation, leveraging digital technology (DT) to facilitate sustainable, green and high-quality development in heavy-polluting industries has emerged as a pivotal and timely research focus. However, existing studies diverge in their perspectives on whether DT’s impact on green innovation is synergistic or leads to a crowding-out effect. In pursuit of optimizing the synergy between DT and green innovation, this paper aims to investigate the mechanisms that can be harnessed to render DT a more constructive force in advancing green innovation.

Drawing from the theoretical framework of resource orchestration, the authors offer a comprehensive elucidation of how DT intricately influences the green innovation efficiency of enterprises. Given the intricate interplay within the synergistic relationship between DT and green innovation, the authors use the fuzzy-set qualitative comparative analysis method to explore diverse configurations of antecedent conditions leading to optimal solutions. This approach transcends conventional linear thinking to provide a more nuanced understanding of the complex dynamics involved.

The findings reveal that antecedent configurations fostering high green innovation efficiency actually differ across various stages. First, there are three distinct configuration patterns that can enhance the green technology research and development (R&D) efficiency of enterprises, namely, digitally driven resource integration (RI), digitally driven resource synergy (RSy) and high resource orchestration capability. Then, the authors also identify three configuration patterns that can bolster the high green achievement transfer efficiency of enterprises, including a digitally optimized resource portfolio, digitally driven RSy and efficient RI. The findings not only contribute to advancing the resource orchestration theory in the digital ecosystem but also provide empirical evidence and practical insights to support the sustainable development of green innovation.

The findings can offer valuable insights for enterprise managers, providing decision-making guidance on effectively harnessing the innovation-driven value of internal and external resources through resource restructuring, bundling and leveraging, whether with or without the support of DT.

The research findings contribute to heavy-polluting enterprises addressing the paradoxical tensions between digital transformation and resource constraints under environmental regulatory pressures. It aims to facilitate the simultaneous achievement of environmental and commercial success by enhancing their green innovation capabilities, ultimately leading to sustainability across profit and the environment.

Compared with previous literature, this research introduces a distinctive theoretical perspective, the resource orchestration view, to shed light on the paradoxical relationship on resource-occupancy between DT application and green innovation. It unveils the “black box” of how digitalization impacts green innovation efficiency from a more dynamic resource-based perspective. While most studies regard green innovation activities as a whole, this study delves into the impact of digitalization on green innovation within the distinct realms of green technology R&D and green achievement transfer, taking into account a two-stage value chain perspective. Finally, in contrast to previous literature that predominantly analyzes influence mechanisms through linear impact, the authors use configuration analysis to intricately unravel the complex influences arising from various combinatorial relationships of digitalization and resource orchestration behaviors on green innovation efficiency.

This paper hypothesized that perceived relative advantage and perceived compatibility would have a positive effect on merchants' intention to accept payments via P2P mobile payment services, while perceived financial risks and perceived costs would have a negative effect. The study also explored the differences in gender, age and experience.

The proposed model is based on the valence framework, where positive utility is represented by relative advantage and perceived compatibility, while negative utility is represented by perceived risks and perceived costs. The data for this study were collected from small business owners (merchants) at the largest public market in the Center Department of Mirebalais, Haiti, using a purposive sampling method.

The results of a structural equation modeling on a sample of 339 merchants only confirmed the effect of both perceived comparative advantage and perceived compatibility. Furthermore, the multigroup analysis revealed that the perceived comparative advantage is stronger for female merchants, older age groups and merchants who frequently used P2P m-payment for the transfer of remittances. Perceived compatibility is stronger for male merchants, younger age groups and merchants who occasionally used P2P m-payment for the transfer of remittances.

This study was conducted in the economic context of Haiti, where P2P m-payments are commonly used for transferring remittances. Since there are limited studies that examine P2P m-payment acceptance from the perspective of merchants, this study offers valuable insights.