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Article
Publication date: 7 June 2021

Daniel Lo, Nan Liu, Michael James McCord and Martin Haran

Information transparency is crucially important in price setting in real estate, particularly when information asymmetry is concerned. This paper aims to examine how a…

Abstract

Purpose

Information transparency is crucially important in price setting in real estate, particularly when information asymmetry is concerned. This paper aims to examine how a change in government policy in relation to information disclosure and transparency impacts residential real estate price discovery. Specially, this paper investigates how real estate traders determined asking prices in the context of the Scottish housing market before and after the implementation of the Home Report, which aimed to prevent artificially low asking prices.

Design/methodology/approach

This paper uses spatial lag hedonic pricing models to empirically observe how residential asking prices are determined by property sellers in response to a change in government policy that is designed to enhance market transparency. It uses over 79,000 transaction data of the Aberdeen residential market for the period of Q2 1998 to Q2 2013 to test the models.

Findings

The empirical findings provide some novel insights in relation to the price determination within the residential market in Scotland. The spatial lag models suggest that spatial autocorrelation in property prices has increased since the Home Report came into effect, indicating that property sellers have become more prone to infer asking prices based on prior sales of dwellings in close vicinity. The once-common practice of setting artificially low asking prices seems to have dwindled to a certain extent statistically.

Originality/value

The importance of understanding the relationship between information transparency and property price determination has gathered momentum over the past decade. Although spatial hedonic techniques have been extensively used to study the impact of various property- and neighbourhood-specific attributes on residential real estate market in general, surprisingly little is known about the empirical relationship between spatial autocorrelation in real estate prices and information transparency.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 7 November 2019

Ting Ren, Nan Liu, Hongyan Yang, Youzhi Xiao and Yijun Hu

The purpose of this paper is to examine the relationship between working capital management (WCM) and firm performance in the context of the Chinese economy. Specifically…

Abstract

Purpose

The purpose of this paper is to examine the relationship between working capital management (WCM) and firm performance in the context of the Chinese economy. Specifically, it investigates the effects of ownership structures as an internal factor and of institutional environments (IE) as an external factor shaping this relationship.

Design/methodology/approach

The study applies two-way fixed effect regression models to a sample of Chinese listed manufacturing firms for the period of 2010 to 2017. WCM is measured by cash conversion cycles (CCC); profitability is measured by core profit ratios; ownership structures are classified based on state-owned enterprises (SOEs) and non-SOEs; and IEs are measured from dimensions of factor markets (FM) and legal systems (LS).

Findings

First, the results show a negative relationship between CCC and firm performance. Second, the negative relationship between CCC and profitability is significant for non-SOEs but not for SOEs. Third, both the FM and LS strengthen the negative association between CCC and profitability. Fourth, the moderating effect of FMs and LSs is evident for non-SOEs only. The results hold when using alternative measures of WCM and profitability and while controlling for additional variables.

Originality/value

The current study shows that while WCM has a significant effect on the profitability of Chinese firms, such an effect greatly depends on the ownership structures and IE involved. The results thus offer important implications in helping the Chinese government create better IEs and in allowing manufacturing firms to improve upon their WCM practices.

Details

Asian Review of Accounting, vol. 27 no. 4
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 14 May 2019

Nan Liu

The purpose of this paper is to investigate factors that influence the free cash flow (FCF) motive for stock repurchases. Specifically, it examines whether the positive…

Abstract

Purpose

The purpose of this paper is to investigate factors that influence the free cash flow (FCF) motive for stock repurchases. Specifically, it examines whether the positive association between FCF and open-market repurchases is partially driven by abnormal cash flows, and whether external analyst monitor and financial crisis influence the association.

Design/methodology/approach

The study employs a tobit regression model to test the hypotheses.

Findings

First, the results suggest that the positive association between FCF and stock repurchases is partially driven by abnormal cash flows. Second, the association between pre-managed FCF and stock repurchases is strengthened as more analyst following the firms. Third, firms repurchase less when they report more negative abnormal cash flows, and that tendency is more pronounced during the 2008 financial crisis period. Further analysis shows that during the crisis period, the effect of negative abnormal cash flows on operating performance gets stronger.

Originality/value

The study makes several contributions to the literature. This paper is the first to show that managers use abnormal cash flows to fulfill the share buy-backs. In addition, it shows that analysts provide effective external monitoring by strengthening the association between pre-managed FCF and repurchases. Furthermore, it finds that firms adjust their strategy in times of financial crisis period in response to the increased risk. Finally, it contributes to the earnings management literature by showing the differential effects of accruals management and cash flow management on earnings performance.

Details

Asian Review of Accounting, vol. 28 no. 2
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 18 June 2019

Nan Liu, Lin Ruan, Ruoyu Jin, Yunfeng Chen, Xiaokang Deng and Tong Yang

The purpose of this paper is to target on individual perceptions of BIM practice in terms of BIM benefits, critical success factors (CSFs) and challenges in Chongqing…

Abstract

Purpose

The purpose of this paper is to target on individual perceptions of BIM practice in terms of BIM benefits, critical success factors (CSFs) and challenges in Chongqing which represented the less BIM-developed metropolitan cities in China.

Design/methodology/approach

Adopting a questionnaire-survey approach followed by statistical analysis, the study further divided the survey population from Chongqing into subgroups according to their employer types and organization sizes. A further subgroup analysis adopting statistical approach was conducted to investigate the effects of employer type and organization size on individual perceptions.

Findings

Subgroup analysis revealed that governmental employees held more conservative and neutral perceptions toward several items in BIM benefit, CSFs and challenges. It was inferred that smaller organizations with fewer than 100 full-time employees perceived more benefits of BIM in recruiting and retaining employees, and considered more critical of involving companies with BIM knowledge in their projects.

Originality/value

This study contributed to the body of knowledge in managerial BIM in terms that: it extended the research of individual perceptions toward BIM implementation by focusing on less BIM-mature regions; it contributed to previous studies of influencing factors to BIM practice-based perceptions by introducing factors related to organization type and sizes; and it would lead to future research in establishing BIM climate and culture which address perceptions and behaviors in BIM adoption at both individual and organizational levels.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 7
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 7 December 2020

Xiaoting Xu, Mengqing Yang, Yuxiang Chris Zhao and Qinghua Zhu

Based on the examination of the roles of message framing and evidence type, this study made an analysis of the promotion methods of intention and information need towards…

Abstract

Purpose

Based on the examination of the roles of message framing and evidence type, this study made an analysis of the promotion methods of intention and information need towards HPV vaccination.

Design/methodology/approach

The study conducted a 2 (gain-framed messages vs loss-framed messages) × 2 (statistical evidence vs narrative evidence) quasi-experimental design built upon theories of message framing and evidence type. This experiment recruited college students who were not vaccinated against HPV as participants. The analysis of variance (ANOVA), the analysis of covariance (ANCOVA), and the independent sample T-test were used to test the hypotheses.

Findings

The results (N = 300) indicate that (1) Loss-framed messages will lead to a more favorable intention towards HPV vaccination than gain-framed messages. (2) Statistical evidence will lead to a more explicit information need than narrative evidence. (3) Message framing and evidence type will interact and (a) for statistical evidence, loss-framed messages will lead to a more favorable intention towards HPV vaccination than gain-framed messages and (b) for narrative evidence, gain-framed messages will lead to a more favorable intention towards HPV vaccination than loss-framed messages. (4) Message framing and evidence type will interact and (a) for loss-framed messages, statistical evidence will stimulate more explicit information need of HPV vaccination than narrative evidence and (b) for gain-framed messages, narrative evidence will stimulate more explicit information need of HPV vaccination than statistical evidence.

Originality/value

This paper can help to further understand the important roles of message framing and evidence type in health behavior promotion. The study contributes to the literature on how health information can be well organized to serve the public health communication and further enhance the health information service.

Details

Aslib Journal of Information Management, vol. 73 no. 1
Type: Research Article
ISSN: 2050-3806

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Article
Publication date: 1 December 2003

James Shang and Yung‐I Liu

Miniaturization, with increased functionality and use of high‐density packages is a rapidly growing facet of the electronics industry. Low loss materials for high…

Abstract

Miniaturization, with increased functionality and use of high‐density packages is a rapidly growing facet of the electronics industry. Low loss materials for high frequency applications, low Dk materials applied for high speed signal propagation and build‐up films used in semi‐additive processes (SAP) for flip‐chip applications (line width/space down to 20 μm/20 μm) are receiving more attention. It is believed that these high performance materials will lead the electronic industry to the next level. In this paper, an overview of materials, their properties, applications and manufacturability will be addressed.

Details

Circuit World, vol. 29 no. 4
Type: Research Article
ISSN: 0305-6120

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Article
Publication date: 31 December 2015

Nan Liu and Jamshid Mehran

The purpose of this paper is to investigate whether firms repurchase shares to meet or just beat their dividend target as managers perceive share repurchases are more…

Abstract

Purpose

The purpose of this paper is to investigate whether firms repurchase shares to meet or just beat their dividend target as managers perceive share repurchases are more flexible than dividends and managers have a strong desire to maintain dividend levels and dividend payout ratio of the firms.

Design/methodology/approach

The authors first run a Tobit regression to examine whether firms meeting or just beating the quarterly dividend per share threshold exhibit unusually high repurchases, controlling for the factors shown to affect repurchases. The authors then calculate abnormal repurchases and compare firms that would otherwise miss the benchmark with other firms.

Findings

The authors find that firms meeting or just beating the quarterly dividend per share threshold repurchase more shares than other firms, after controlling for the substitution effect, investment opportunities and financial performance. In addition, firms otherwise missing the quarterly dividend per share threshold repurchase abnormally more shares to meet the threshold.

Originality/value

The study contributes to the payout policy literature in the following ways. First, it extends the understanding of the association between dividend payout and repurchase. Second, it contributes to the threshold literature by showing that firms manipulate repurchases in addition to earnings to meet their quarterly dividend per share threshold. Third, it provides support to the survey evidence that firms have a strong desire to maintain their dividend policies.

Details

Managerial Finance, vol. 42 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 2 November 2012

Yu Hua Dong, Ya Nan Liu and Qiong Zhou

The purpose of this paper is to evaluate effects of different contents of composite ferrotitanium pigment on corrosion protection performance of epoxy resin coatings.

Abstract

Purpose

The purpose of this paper is to evaluate effects of different contents of composite ferrotitanium pigment on corrosion protection performance of epoxy resin coatings.

Design/methodology/approach

Different contents of composite ferrotitanium pigment were added to the epoxy resin coatings and the corrosion performance of the coatings were investigated by electrochemical test (in 5 wt.% KCl solutions at 60°C), salt spray test and simulated test. The morphology of the coating before and after corrosion was characterised by scanning electron microscopy (SEM) and energy dispersive spectroscopy (EDS).

Findings

The composite ferrotitanium improved anti‐corrosion properties of the coating due to complex reaction of ferrous ions and phosphates as well as introduction of nano powder to the composite ferrotitanium. The coating with 10 wt.% composite ferrotitanium pigment had better anti‐corrosion properties than that of 5 wt.%. Simulated experiment in an autoclave indicated that the composite ferrotitanium pigment had the best protective performance among the three green pigments such as zinc phosphate, aluminium tri‐phosphate, and composite ferrotitanium.

Research limitations/implications

The pigments were added into the coating by high energy ball milling. Some of them dispersed in the coating heterogeneously and affected property of the coatings.

Practical implications

Composite ferrotitanium can be used to replace red lead and chromate pigments to meet environmental requirements.

Originality/value

The paper shows how the anti‐corrosion mechanism of the composite ferrotitanium pigment was investigated and several green pigments were selected to compare their protective performance in the autoclave.

Details

Pigment & Resin Technology, vol. 41 no. 6
Type: Research Article
ISSN: 0369-9420

Keywords

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Article
Publication date: 8 August 2016

Hong Chen, Nan Liu and Yuxuan He

This study proposes a process for remanufacturing waste electrical and electronic equipment, and exporting part of the remanufactured products, which are processed in…

Abstract

Purpose

This study proposes a process for remanufacturing waste electrical and electronic equipment, and exporting part of the remanufactured products, which are processed in bonded port areas, to less developed countries by using a closed-loop supply chain (CLSC). The purpose of this paper is to verify the profitability of remanufacturing and to find conditions under which exporting remanufactured products can increase and maximize the home manufacturer’s total profit while performing his environmental responsibility.

Design/methodology/approach

The authors use the CLSC approach to construct the model, which involves two different markets where a Stackelberg game exists. The study derives an equilibrium under which an optimal quantity for exporting increases and maximizes the home manufacturer’s profits.

Findings

The authors discuss the influences of seven factors, and three are determinant parameters on whether the home manufacturer should export its remanufactured products: the privileges of the bonded port area, the home market consumers’ green awareness, and the degree of competence in products in the foreign market. If the market conditions at home and abroad meet the requirements of these three determinant parameters, entering the foreign market can always help the home manufacturer make more profits regardless of whether its home market increases or decreases, how many used products can be collected, and whether the foreign local manufacturer is technically competitive.

Originality/value

The authors expand previous studies on CLSC by considering two different markets that allow the home manufacturer to either sell remanufactured products to the home market or export to the foreign market.

Details

The International Journal of Logistics Management, vol. 27 no. 2
Type: Research Article
ISSN: 0957-4093

Keywords

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Article
Publication date: 9 July 2020

Demetris Vrontis, Alkis Thrassou, Michael Christofi, Riad Shams and Michael R. Czinkota

The purpose of this paper is to investigate the irrevocable role of cause-related marketing (CRM) and its research imperative, exploring its contemporary insights in and…

Abstract

Purpose

The purpose of this paper is to investigate the irrevocable role of cause-related marketing (CRM) and its research imperative, exploring its contemporary insights in and across international markets, toward scholarly and executive application.

Design/methodology/approach

This research is theoretical and it compiles and interrelates, in a multiperspective fashion, significant extant works in the field; focusing on how established and emergent variables and constructs can be leveraged, in order to develop insights into what does and does not work in international CRM.

Findings

Extant works on international CRM still present significant gaps pertaining to key questions. Furthermore, true understanding of CRM stems from comprehending consumers, both individually and collectively; and both their underlying and contextual motivators, factors and forces. This calls for a multiperspective and cross-disciplinary approach to CRM to that weaves in contextual (sociocultural, etc.) elements to the equation.

Research limitations/implications

Limitations naturally pertain to the research's theoretical nature that requires empirical testing.

Practical implications

CRM offers consumers both the means and the ends of acquiring their target core value benefits, additionally or peripherally to their core purchase purpose; potentially making the difference between business/brand success and failure.

Social implications

Through CRM, the contemporary consumer seeks product value benefits that transcend quality and functionality (etc.), to engulf abstract and intangible values pertaining to social, ethical, self-image and self-actualization factors.

Originality/value

The comprehensive review, contextual elucidations and cross-disciplinary perspectives of this paper originally present the scope, depth, complexity and gaps of the subject, and pave the way for the research that still needs to ensue.

Details

International Marketing Review, vol. 37 no. 4
Type: Research Article
ISSN: 0265-1335

Keywords

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