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Open Access
Article
Publication date: 7 December 2023

Haiping Qiu

In the new development stage of comprehensively building a socialist modern state, it is imperative to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese…

Abstract

Purpose

In the new development stage of comprehensively building a socialist modern state, it is imperative to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, comprehensively summarize China's practical experiences in economic development, strengthen research on capital issues, construct theories of socialist political economy with Chinese characteristics regarding capital and provide scientific theoretical guidance for further promoting the positive role of various types of capital while preventing and overcoming their negative effects, which is a major theoretical issue and a glorious task for the theoretical and economic circles in China.

Design/methodology/approach

From the perspective of Marx's theory on capital and historical development, modern capital represents the organizational mode of socialized mass production and market economy. It serves as both the economic foundation of bourgeois society and a tool for socialist economic development.

Findings

The market economy represents an inevitable historical stage and form of socialist economic development, necessitating the adoption of capital as an organizational form within socialist economies.

Originality/value

The utilization of capital to advance a socialist economy is a remarkable achievement by the CPC and Chinese people, representing a significant innovation in both theory and practice. The role of capital is inherently dual under any social condition. In the context of a socialist system, capital can play a positive role effectively, and its behavior can be guided and regulated correctly to curb its negative or even destructive impact.

Details

China Political Economy, vol. 6 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Article
Publication date: 19 July 2023

Manqing Tan

How to successfully drive open innovation (OI) has become an important issue. However, the existing literature on the determinants of OI focuses on organizational and situational…

Abstract

Purpose

How to successfully drive open innovation (OI) has become an important issue. However, the existing literature on the determinants of OI focuses on organizational and situational factors, while the “human side” of it remains poorly understood. To address such problem, this paper examines the impact of two core qualities of CEOs – CEO power and social capital – on three representative OI modes from a micro-level perspective.

Design/methodology/approach

This paper uses the data of 4,213 firm-year observations from Chinese A-share listed companies. A panel logit model is used to test the hypotheses, and the author also uses clustering robust standard errors to ensure the robustness of the model.

Findings

A powerful CEO can drive the firm's adoption of technology, organization and market-oriented OI, and different types of social capital have a differential impact on such relationship. Specifically, the CEO's political social capital has a negative moderating effect, while his/her stronger business social capital can enhance the positive relationship between CEO power and various types of OI activities, as well as mitigate the negative effect of political social capital.

Originality/value

This paper echoes the call for more attention to be paid to the microfoundations of OI and provides theoretical implications for research on the convergence of OI and strategic leadership.

Details

European Journal of Innovation Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-1060

Keywords

Open Access
Article
Publication date: 21 December 2023

Tracy X.P. Zou, Dai Hounsell, Quentin A. Parker and Ben Y.B. Chan

This study aimed to evaluate the impact of four cross-institutional teaching enhancement projects (TEPs), a relatively new form of professional collaboration. The focus is on the…

Abstract

Purpose

This study aimed to evaluate the impact of four cross-institutional teaching enhancement projects (TEPs), a relatively new form of professional collaboration. The focus is on the impact at departmental, institutional and cross-institutional levels because such impact is the main reason for establishing cross-institutional TEPs.

Design/methodology/approach

A professional capital framework guided the examination of decisional and social capitals at departmental, institutional and cross-institutional levels. A theory-of-change method was adopted to collect data from 35 sets of documents, 22 project members and 65 stakeholders.

Findings

The authors found five forms of impact, showing the development of decisional and social capitals mostly at institutional and cross-institutional levels, whilst signaling the relatively weak impact at departmental levels. Therefore, the values of cross-institutional TEPs have not been fully realized and future endeavors need to better utilize the capitals in programs.

Originality/value

Few studies evaluated the impact of large-scale, cross-institutional TEPs. The authors offered new contributions by gauging the impact of these under-explored forms of complex professional collaborations.

Details

Journal of Professional Capital and Community, vol. 9 no. 1
Type: Research Article
ISSN: 2056-9548

Keywords

Article
Publication date: 28 February 2023

Ons Triki and Fathi Abid

The objective of this paper is twofold: first, to model the value of the firm in the presence of contingent capital and multiple growth options over its life cycle in a stochastic…

Abstract

Purpose

The objective of this paper is twofold: first, to model the value of the firm in the presence of contingent capital and multiple growth options over its life cycle in a stochastic universe to ensure financial stability and recover losses in case of default and second, to clarify how contingent convertible (CoCo) bonds as financial instruments impact the leverage-ratio policies, inefficiencies generated by debt overhang and asset substitution for a firm that has multiple growth options. Additionally, what is its impact on investment timing, capital structure and asset volatility?

Design/methodology/approach

The current paper elaborates the modeling of a dynamic problem with respect to the interaction between funding and investment policies during multiple sequential investment cycles simultaneously with dynamic funding. The authors model the value of the firm in the presence of contingent capital that provides flexibility in dealing with default risks as well as growth options in a stochastic universe. The authors examine the firm's closed-form solutions at each stage of its decision-making process before and after the exercise of the growth options (with and without conversion of CoCo) through applying the backward indication method and the risk-neutral pricing theory.

Findings

The numerical results show that inefficiencies related to debt overhang and asset substitution can go down with a higher conversion ratio and a larger number of growth options. Additionally, the authors’ analysis reveals that the firm systematically opts for conservative leverage to minimize the effect of debt overhang on decisions so as to exercise growth options in the future. However, the capital structure of the firm has a substantial effect on the leverage ratio and the asset substitution. In fact, the effect of the leverage ratio and the risk-shifting incentive will be greater when the capital structure changes during the firm's decision-making process. Contrarily to traditional corporate finance theory, the study displays that the value of the firm before the investment expansion decreases and then increases with asset volatility, instead of decreasing overall with asset volatility.

Research limitations/implications

The study’s findings reveal that funding, default and conversion decisions have crucial implications on growth option exercise decisions and leverage ratio policy. The model also shows that the firm consistently chooses conservative leverage to reduce the effect of debt overhang on decisions to exercise growth options in the future. The risk-shifting incentive and the debt overhang inefficiency basically decrease with a higher conversion ratio and multiple growth options. However, the effect of the leverage ratio and the risk-shifting incentive will be greater when the capital structure changes during the firm's decision-making process.

Originality/value

The firm's composition between assets in place and growth options evolves endogenously with its investment opportunity and growth option financing, as well as its default decision. In contrast to the standard capital structure models of Leland (1994), the model reveals that both exogenous conversion decisions and endogenous default decisions have significant implications for firms' growth option exercise decisions and debt policies. The model induces some predictions about the dynamics of the firm's choice of leverage as well as the link between the dynamics of leverage and the firm's life cycle.

Details

China Finance Review International, vol. 13 no. 2
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 December 2022

Yongrui Guo, Lin Zhu and Yuzong Zhao

The purpose of this study was to investigate the causal configuration effect of the determinants of tourism entrepreneurship in rural tourism destinations based on the capital…

Abstract

Purpose

The purpose of this study was to investigate the causal configuration effect of the determinants of tourism entrepreneurship in rural tourism destinations based on the capital framework.

Design/methodology/approach

The data for this research were collected from a sample comprising 140 rural enterprise owners in China and analyzed via fuzzy-set qualitative comparative analysis.

Findings

All the investigated capital factors were relevant to tourism entrepreneurship, although they only facilitated tourism entrepreneurship when combined. It was observed here that four capital configurations promoted tourism entrepreneurship in rural destinations, highlighting the multiple paths toward rural tourism entrepreneurship. The human and physical capitals of entrepreneurs were key to tourism entrepreneurship.

Practical implications

It is relevant for entrepreneurs and managers to realize that there are multiple strategies for promoting tourism entrepreneurship in rural destinations. The four capital configurations revealed here offer guidelines for evaluating the potential and possibility of rural tourism entrepreneurship. Local managers and governments must prioritize human and physical capitals when the venture capital and resources are limited.

Originality/value

First, the findings of this study deepened the understanding of the factors influencing tourism entrepreneurship using the capital framework. Second, it revealed that capital configurations determined tourism entrepreneurship and that existence and interactions of the various forms of capital affect rural entrepreneurship. Third, this study revealed that the success of tourism entrepreneurship depends on the entrepreneur’s ability to combine the various forms of capital and resources.

目的

本研究旨在基于资本框架研究乡村目的地旅游创业决定因素的因果组态效应。

设计/方法学/方法

本研究的数据来源于中国140家乡村企业创业者的样本, 采用模糊集定性比较分析方法(fsQCA)进行分析。

研究发现

本研究发现所有被调查的资本因素都与旅游创业有关, 但只有将它们结合起来才能产生旅游创业。本文揭示了促进乡村旅游创业的四种资本组态, 反映了乡村旅游创业的多元路径。创业者拥有的人力资本和物质资本在旅游创业中发挥着关键作用。

实践启示

创业者和管理者需要认识到, 有多种路径可以促进乡村目的地的旅游创业。本研究揭示的四种资本组态可以为评估旅游创业的创业潜力和可能性提供指导。在创业资本和资源有限的情况下, 政府和地方管理者应优先支持人力资本和物质资本。

原创性/价值

首先, 我们的研究结果通过资本框架加深了对旅游创业影响因素的理解。其次, 本研究发现旅游创业是由资本组态决定的。各种类型资本的存在和相互作用影响着乡村创业。第三, 本文揭示了成功的旅游创业取决于创业者融合各类资本和资源的能力。

Diseño/metodología/enfoque

Los datos de esta investigación se recopilaron sobre una muestra de 140 propietarios de empresas rurales en China y se analizaron mediante un análisis comparativo cualitativo de conjuntos borrosos (fsQCA).

Propósito

El objetivo de este estudio fue investigar el efecto de la configuración causal de los determinantes del emprendimiento turístico en destinos de turismo rural basados en el marco de capital.

Conclusiones

Todos los factores de capital investigados son relevantes para el emprendimiento turístico, aunque solo facilitaron el emprendimiento turístico cuando se han combinado. Además, se observó que cuatro configuraciones de capital promueven el emprendimiento turístico en destinos rurales, destacando los múltiples caminos hacia el emprendimiento turístico rural. Los capitales humano y físico de los emprendedores son clave para el emprendimiento turístico.

Implicaciones prácticas

Es relevante que los empresarios y gestores se den cuenta de la existencia de múltiples estrategias a la hora de promover el emprendimiento turístico en los destinos rurales. Las cuatro configuraciones de capital reveladas aquí ofrecen pautas para evaluar el potencial y la posibilidad del emprendimiento en turismo rural. Los administradores y gobiernos locales deben priorizar los capitales humanos y físicos cuando el capital de riesgo y los recursos son limitados.

Originalidad/valor

Primero, los hallazgos han profundizado en la comprensión de los factores que influyen en el espíritu empresarial turístico que emplea el marco de capital. En segundo lugar, se revela que las configuraciones de capital determinan el emprendimiento turístico y que la existencia y las interacciones de las diversas formas de capital afectan el emprendimiento rural. En tercer lugar, este estudio revela que el éxito del emprendimiento turístico depende de la capacidad del empresario para combinar las diversas formas de capital y recursos.

Article
Publication date: 20 July 2022

Daniel Tut

This paper addresses the following questions: Why do some firms employ multiple debt types? What explains debt heterogeneity? Is the choice of the source of debt a function of…

Abstract

Purpose

This paper addresses the following questions: Why do some firms employ multiple debt types? What explains debt heterogeneity? Is the choice of the source of debt a function of corporate governance?

Design/methodology/approach

The author's paper is empirical and uses multiple regression analysis.

Findings

Firms under weak corporate governance have a higher propensity to use multiple debt types and have a dispersed debt structure. Contrastingly, firms that are well-managed tend to concentrate debt and borrow predominantly from a few creditors. The author also found that while bank debt is negatively associated with debt concentration, market debt is positively associated with debt concentration.

Research limitations/implications

Firms under weak corporate governance have a higher propensity to use multiple debt types and have a dispersed debt structure. Well-managed firms tend to concentrate debt and borrow predominantly from a few creditors. Bank debt is negatively associated with debt concentration and market debt is positively associated with debt concentration.

Practical implications

Policymakers and practitioners need to account not only for changes in the firm’s total debt level but also for changes within the firm’s debt composition. Understanding a manager’s choice of debt structure can incentivize creditors to effectively monitor and use debt concentration as a form of commitment device that transfers some control rights from the manager to creditors.

Originality/value

While a vast body of corporate finance literature examines the conflict between shareholders and management, there is little empirical work on the conflict between creditors and management. In this paper, the author examines how managerial entrenchment affects debt structure. The results provide a comprehensive picture of how corporate governance influences debt choice(s).

Details

International Journal of Managerial Finance, vol. 19 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 21 March 2023

Chung-Jen Wang

On the basis of the hierarchical organizational structure, this study investigated how empowering leadership influences hotel employees' proactive work behavior through multiple…

Abstract

Purpose

On the basis of the hierarchical organizational structure, this study investigated how empowering leadership influences hotel employees' proactive work behavior through multiple cross-level mediation processes. This study also investigated whether psychological empowerment, positive psychological capital, job characteristics and job embeddedness can activate the linkage of the aforementioned trickle-down effects.

Design/methodology/approach

This study draws data from 826 international tourist hotel employees at different times with hierarchical linear modeling (HLM) analyses.

Findings

Multiple cross-level mediation analyses indicate that (1) psychological empowerment mediates the cross-level influences of empowering leadership on job characteristics and positive psychological capital; (2) positive psychological capital mediates the cross-level influences of empowering leadership on job embeddedness and proactive work behavior; and (3) job embeddedness mediates the cross-level influences of psychological empowerment and job characteristics on proactive work behavior.

Practical implications

In the post-pandemic era, the valuable trickle-down effects of empowering leadership could spill over into employees' positive beliefs of psychological empowerment, which ultimately benefit working responsibility and organizational operations.

Originality/value

The results support and suggest that maximizing the benefits of empowering leadership could eventually foster proactivity and performance in the workplace under hospitality and tourism settings.

Details

Journal of Hospitality and Tourism Insights, vol. 7 no. 1
Type: Research Article
ISSN: 2514-9792

Keywords

Article
Publication date: 8 March 2024

Chun-Hsiao Wang and Yu-Ping Chen

The purpose of this study is to develop a conceptual model explicating the development of expatriate social capital and its influence on expatriate effectiveness in terms of…

Abstract

Purpose

The purpose of this study is to develop a conceptual model explicating the development of expatriate social capital and its influence on expatriate effectiveness in terms of knowledge transfer and adjustment. Drawing upon social capital theory and weak tie theory, we elucidate the process through which expatriate social capital facilitates expatriate knowledge transfer and adjustment via greater access of role information and social support.

Design/methodology/approach

This study reviews and distills research on expatriate social capital development and proposes a conceptual model of expatriate effectiveness and suggests potential research avenues for global mobility scholars.

Findings

This study contributes to the understanding of the development of expatriate social capital in the host country and its impacts on expatriate effectiveness as a process. With regard to expatriates’ social capital accumulation, this study also highlights the important but less-known role of accompanying spouse/family members as expatriates’ weak tie enablers. We articulate a framework that outlines the sources of social capital for expatriates and the processes through which social capital transmits (via expatriates’ access to role information and social support) and then enhances expatriate effectiveness. This conceptual model aims to establish a basic “roadmap” for use by practitioners and researchers.

Research limitations/implications

Before the proposed conceptual model can be theoretically refined or extended by future research, its veracity needs to be tested empirically. Although we do not incorporate “time,” “personal characteristics” and “context” in our model, we recognize their potential importance and urge future researchers to incorporate them in studying the role of social capital on expatriate effectiveness.

Practical implications

A conceptual model is presented that enables multinational corporations (MNCs) to map their current (and future) strategies to enhance expatriate effectiveness by further strengthening the expatriate social capital.

Originality/value

Drawing upon social capital theory and weak tie theory, this paper links various sources of expatriate social capital to expatriates’ access to role information and social support in supporting expatriate effectiveness. From this, several avenues of future research are drawn.

Details

Journal of Global Mobility: The Home of Expatriate Management Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2049-8799

Keywords

Open Access
Article
Publication date: 25 September 2023

Sutap Kumar Ghosh

This research mainly intends to ascertain the stimulus of investor investment tendencies on the amount of capital investment in the share market.

Abstract

Purpose

This research mainly intends to ascertain the stimulus of investor investment tendencies on the amount of capital investment in the share market.

Design/methodology/approach

Utilizing a sample of 477 individual investors who actively trade on the Bangladesh capital market, this empirical study was conducted. The objective of this examination is to ascertain the investment trading behavior of retail investors in the Bangladesh capital market using multiple regression, hypothesis testing and correlation analysis.

Findings

The coefficients of market categories, preferred share price ranges and investment source reveal negative predictor correlations; all predictors are statistically significant, with the exception of investment source. Positive predictive correlations exist between investor category, financial literacy degree, investment duration, emotional tolerance level, risk consideration, investment monitoring activities, internal sentiment and correct investment selection. Except for risk consideration and investment monitoring activities, all components have statistically significant predictions. The quantity of capital invested in the stock market is heavily influenced by the investment duration, preferred share price ranges, investor type, emotional toleration level and decision-making accuracy level.

Research limitations/implications

This investigation was conducted exclusively with Bangladeshi individual stockholders. Therefore, the existing study can be extended to institutional investors and conceivably to other divisions. It is possible to conduct this similar study internationally. And the query can enlarge with more sample size and use a more sophisticated econometric model. Despite that the outcomes of this study help the regulatory authorities to arrange more informative seminars and consciousness programs.

Practical implications

The conclusions have practical implications since they empower investors to modify their portfolios based on elements including share price ranges, investment horizons and emotional stability. To improve chances of success and reach financial objectives, they stress the significance of bettering financial understanding, active monitoring and risk analysis. Results can also be enhanced by distributing ownership over a number of market sectors and price points. The results highlight the value of patience and giving potential returns enough time.

Originality/value

This study on the trading behavior of investors in Bangladesh is unique and based on field study, and the findings of this study will deliver information to the stakeholders of the capital market regarding the investors’ trading behavior belonging to different categories, financial literacy level, investment duration, emotional tolerance level and internal feeling.

Details

LBS Journal of Management & Research, vol. 21 no. 2
Type: Research Article
ISSN: 0972-8031

Keywords

Article
Publication date: 6 October 2023

Yunqi Chen, Liqing Zhou and Yichu Wang

The purpose of this study is to explore the knowledge network-based intellectual capital of corporate universities and its co-evolution process with knowledge management…

Abstract

Purpose

The purpose of this study is to explore the knowledge network-based intellectual capital of corporate universities and its co-evolution process with knowledge management activities.

Design/methodology/approach

An exploratory and multiple case study was conducted, investigating three Chinese corporate universities. Grounded theory was used for data analysis.

Findings

This paper finds that the intellectual capital of corporate universities comprises teacher network capital, knowledge process capital and knowledge ba. The steering wheel model is established through the synergistic interaction and promotion among these three types of intellectual capital. The interaction between intellectual capital and the knowledge network within corporate universities constructs the intellectual capital network, which plays the roles of coordinator, knowledge gatekeeper and innovation bridge. The intellectual capital of corporate universities is characterized by sequential inertia. Moreover, the intellectual capital and intellectual capital network are aligned with knowledge management activities at each stage of corporate university development, interacting and following the principles of ladder evolution.

Originality/value

A significant contribution of this paper lies in applying the concept of intellectual capital within the fourth-stage ecosystem to a broader range of knowledge networks. By exploring the dynamics and network of intellectual capital in corporate universities, especially the role of intellectual capital networks and the synergy between intellectual capital and knowledge management activities, this study enriches the existing research on knowledge management and intellectual capital of corporate universities. Furthermore, it advances the development of knowledge management promotion in corporate universities from a new perspective of intellectual capital.

Details

Journal of Intellectual Capital, vol. 24 no. 6
Type: Research Article
ISSN: 1469-1930

Keywords

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