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The primary objective of introducing nonstate ownership into state-owned enterprises (SOEs) is to enhance corporate performance. This study explores how nonstate ownership affects corporate performance, emphasizing agency costs as the primary mechanism.

Using data from 2010 to 2019 for listed SOEs, the authors measure nonstate ownership based on shareholding ratios, control rights and shareholding–control matching. The authors also use fixed-effects and mediation-effects models, with agency costs as the primary mechanism.

Increased nonstate shareholding ratios, stronger control rights and improved shareholding–control matching promote SOE performance. Nonstate shareholding ratios boost performance through resource effects, while control rights and shareholding–control matching promote performance by mitigating agency costs. A heterogeneity analysis indicates stronger effects in local SOEs and highly marketized regions. Moreover, control rights and shareholding–control matching reinforce the positive impact of shareholding ratios on performance.

The mixed-ownership reform of Chinese SOEs aims to optimize shareholding and control structures between state and nonstate shareholders. Therefore, research on the impact of nonstate shareholding ratios, control rights and shareholding–control matching on corporate performance is highly pertinent. However, existing studies have focused on the effects of single factors on performance, without exploration of the economic implications of shareholding–control matching. This study not only prioritizes the optimization of shareholding and control structures but also underscores the importance of granting nonstate shareholders control rights proportionate to their shareholding, providing critical evidence of the value of improving SOEs' ownership structure.

Governments in developing countries seeking to meet their infrastructure backlog are increasingly turning to public–private partnerships (PPP) due to a lack of public funds. However, while there are factors which drive the current uptake of projects, there are challenges with attracting private finance, and it is not clear what incentives can be used to attract more private participation, especially in sub-Saharan Africa (SSA). Therefore, this study aims to examine challenges, drivers and incentives that affect private participation in PPP projects in Zambia.

The study used a qualitative approach with semi-structured interviews with participants who had first-hand experience working on the administration of PPP projects. The participants were predominantly from the public sector, and so the results are largely a public sector perspective on the matter.

The findings show that bureaucracy and a poor business environment emanating from poor policies, long procedures and a poor economic environment are the main challenges affecting PPP projects. The current demand for the projects is being driven by a stable business and economic environment while incentives include enhancing the business environment by improving procedures and policies.

The study contributes to extant literature by proposing an overarching theory about the challenges affecting the implementation of PPP projects in Zambia, in particular, and in SSA, in general. The results show areas where governments and government agencies responsible for PPP projects can focus attention to promote private participation.

The field of broad-based employee ownership within corporations is a specific application of the foundational topic of property ownership. It is situated at the intersection of a broad range of scholarly disciplines including economics, law, finance and management. Each discipline contributes vocabulary and distinctions describing this field. That broad spectrum of disciplinary inquiry is a strength but it also lends a “ships passing in the night” quality to discussions of employee ownership. This paper attempts to unravel the narrative diversity surrounding this topic. Four meanings of ownership are introduced. Those meanings are in turn embedded within two abstract models of the corporation; the corporation as property and the corporation as social institution.

There is no experimental design The paper presents a conceptual overview and introduces a taxonomy of four meanings and two models of ownership.

Four meanings of ownership are introduced. The meanings are ownership as compensation, investment, retirement and membership. Those meanings are in turn embedded within two abstract models of the corporation; the corporation as property and the corporation as social institution.

No hypotheses are advanced. This is not a research paper. A conceptual overview that makes use of taxonomy of meanings and models is introduced to help clarify confusions abundant in the field of employee ownership. Readers may differ with the categories of meanings and models introduced in this conceptual overview.

The ambition of the paper is to describe the various meanings and models of employee ownership presently in use in both academic and applied settings. It is not necessary or desirable to assert the primacy of a single meaning or model in order to achieve progress. The analysis provided here surfaces a range of assumptions about ownership that have heretofore been implicit in both scholarship and in practice. Making those assumptions explicit should prove useful to both scholars and practitioners of employee ownership.

The concept of employee ownership enjoys a relatively broad appeal with the public. Among the academic disciplines that have trained their lights upon it, a more mixed reception prevails. Much of the academic and policy controversy derives from confusion about the nature and structure of employee ownership. This paper attempts to address that confusion by presenting a taxonomy of meanings and models that may prove useful for future research.

This study is one of the first efforts to comprehinsively map the various meanings and models of broad-based employee ownership.

A major source of external funding for US airports comes from issuing municipal bonds. Credit rating agencies evaluate the bonds using multiple factors, but the judgments behind the ratings are not well understood. This paper examines if airport rate-setting methods affect the bond ratings of US airports.

Using a set of unbalanced panel data for 58 hub airports from 2010 to 2019, we examine the effect of the rate-setting methods and other airport characteristics on Fitch’s airport bond rating.

We find that compensatory airports consistently receive a very high bond rating from Fitch. The probability of getting a very high Fitch rating increases by ∼28 percentage points for a compensatory airport. Additionally, the probability of getting a very high rating is about 33 percentage points higher for a legacy hub.

The study uses Fitch bond ratings. Future studies could examine if S&P’s and Moody’s ratings are also influenced by airport rate-setting methods and legacy hub status.

The results uncover the linkage between bond ratings and their determinants for US airports. This information is important for investors when assessing airport creditworthiness and for airport operators as they manage capital project financing.

This is the first study to evaluate the effects of rate-setting methods on airport bond rating and also the first to document a statistically significant relationship between airports’ legacy hub status and bond ratings.

As an advanced manufacturing method, additive manufacturing (AM) technology provides new possibilities for efficient production and design of parts. However, with the continuous expansion of the application of AM materials, subtractive processing has become one of the necessary steps to improve the accuracy and performance of parts. In this paper, the processing process of AM materials is discussed in depth, and the surface integrity problem caused by it is discussed.

Firstly, we listed and analyzed the characterization parameters of metal surface integrity and its influence on the performance of parts and then introduced the application of integrated processing of metal adding and subtracting materials and the influence of different processing forms on the surface integrity of parts. The surface of the trial-cut material is detected and analyzed, and the surface of the integrated processing of adding and subtracting materials is compared with that of the pure processing of reducing materials, so that the corresponding conclusions are obtained.

In this process, we also found some surface integrity problems, such as knife marks, residual stress and thermal effects. These problems may have a potential negative impact on the performance of the final parts. In processing, we can try to use other integrated processing technologies of adding and subtracting materials, try to combine various integrated processing technologies of adding and subtracting materials, or consider exploring more efficient AM technology to improve processing efficiency. We can also consider adopting production process optimization measures to reduce the processing cost of adding and subtracting materials.

With the gradual improvement of the requirements for the surface quality of parts in the production process and the in-depth implementation of sustainable manufacturing, the demand for integrated processing of metal addition and subtraction materials is likely to continue to grow in the future. By deeply understanding and studying the problems of material reduction and surface integrity of AM materials, we can better meet the challenges in the manufacturing process and improve the quality and performance of parts. This research is very important for promoting the development of manufacturing technology and achieving success in practical application.

This paper aims to describe a proposal for an innovative method of normal shock wave–turbulent boundary layer interaction (SBLI) and shock-induced separation control.

The concept is based on the introduction of a tangentially moving wall upstream of the shock wave and in the interaction region. The SBLI control mechanism may be implemented as a closed belt floating on an air cushion, sliding over two cylinders and forming the outer skin of the suction side of the airfoil. The presented exploratory numerical study is conducted with SPARC solver (steady 2D RANS). The effect of the moving wall is presented for the NACA 0012 airfoil operating in transonic conditions.

To assess the accuracy of obtained solutions, validation of the computational model is demonstrated against the experimental data of Harris, Ladson & Hill and Mineck & Hartwich (NASA Langley). The comparison is conducted not only for the reference (impermeable) but also for the perforated (permeable) surface NACA 0012 airfoils. Subsequent numerical analysis of SBLI control by moving wall confirms that for the selected velocity ratios, the method is able to improve the shock-upstream boundary layer and counteract flow separation, significantly increasing the airfoil aerodynamic performance.

The moving wall concept as a means of normal shock wave–turbulent boundary layer interaction and shock-induced separation control has been investigated in detail for the first time. The study quantified the necessary operational requirements of such a system and practicable aerodynamic efficiency gains and simultaneously revealed the considerable potential of this promising idea, stimulating a new direction for future investigations regarding SBLI control.

Maintaining the safety of the human is a major concern in factories where humans co-exist with robots and other physical tools. Typically, the area around the robots is monitored using lasers. However, lasers cannot distinguish between human and non-human objects in the robot’s path. Stopping or slowing down the robot when non-human objects approach is unproductive. This research contribution addresses that inefficiency by showing how computer-vision techniques can be used instead of lasers which improve up-time of the robot.

A computer-vision safety system is presented. Image segmentation, 3D point clouds, face recognition, hand gesture recognition, speed and trajectory tracking and a digital twin are used. Using speed and separation, the robot’s speed is controlled based on the nearest location of humans accurate to their body shape. The computer-vision safety system is compared to a traditional laser measure. The system is evaluated in a controlled test, and in the field.

Computer-vision and lasers are shown to be equivalent by a measure of relationship and measure of agreement. R² is given as 0.999983. The two methods are systematically producing similar results, as the bias is close to zero, at 0.060 mm. Using Bland–Altman analysis, 95% of the differences lie within the limits of maximum acceptable differences.

In this paper an original model for future computer-vision safety systems is described which is equivalent to existing laser systems, identifies and adapts to particular humans and reduces the need to slow and stop systems thereby improving efficiency. The implication is that computer-vision can be used to substitute lasers and permit adaptive robotic control in human–robot collaboration systems.

This review paper seeks to enhance knowledge of how pre-loading affects reinforced concrete (RC) beams under fire. It investigates key factors like deflection and load capacity to understand pre-loading's role in replicating RC beams' actual responses to fire, aiming to improve fire testing protocols and structural fire engineering design.

This review systematically aggregates data from existing literature on the fire response of RC beams, comparing scenarios with (WP) and without pre-loading (WOP). Through statistical tools like the two-tailed t-test and Mann–Whitney U-test, it assesses deflection extremes. The study further examines structural responses, including flexural and shear behavior, ultimate load capacity, post-yield behavior, stiffness degradation and failure modes. The approach concludes with a statistical forecast of ideal pre-load levels to elevate experimental precision and enhance fire safety standards.

The review concludes that pre-loading profoundly affects the fire response of RC beams, suggesting a 35%–65% structural capacity range for realistic simulations. The review also recommended the initial crack load as an alternative metric for determining the pre-loading impact. Crucially, it highlights that pre-loading not only influences the fire response but also significantly alters the overall structural behavior of the RC beams.

The review advances structural fire engineering with an in-depth analysis of pre-loading's impact on RC beams during fire exposure, establishing a validated pre-load range through thorough statistical analysis and examination of previous research. It refines experimental methodologies and structural design accuracy, ultimately bolstering fire safety protocols.

In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.

The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.

The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.

This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.

The purpose of this paper is to investigate the impact of the COVID-19 pandemic on company innovation, specifically centering on the quantity and quality of innovation. The paper aims to provide a comprehensive understanding of whether the epidemic inhibits innovation and the role of digital transformation in mitigating this negative impact.

The paper uses a quasi-experimental study of the COVID-19 pandemic and constructs a differential model to analyze the relationship between the epidemic and firm innovation in three dimensions: total, quantity and quality. The paper also uses a difference-in-difference-in-differences model to test whether digital transformation of firms mitigates the negative impact of the epidemic and its mechanism of action.

The results show that COVID-19 significantly reduced the overall level of firm innovation, primarily in terms of quantity rather than quality. Furthermore, this study finds that digital transformation plays a pivotal role in mitigating the pandemic’s adverse impact on innovation. By addressing financing constraints and countering demand insufficiency, digital transformation acts as a catalyst for preserving and fostering innovation during and after the pandemic.

This study extends the current research on the pandemic’s impact on firm innovation at the micro level. It offers valuable insights into strategies for fostering digital transformation among Chinese enterprises in the post-pandemic era.