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This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.

The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.

ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.

Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.

Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.

This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.

The paper examines the key driving factors behind the rapid and uneven growth of social enterprises in China based on Kerlin’s Macro-Institutional Social Enterprise (MISE) model of social enterprise development, with an emphasis on testing key local institutional factors.

The study adopts the quantitative method approach. The hypotheses have been tested based on a cross-regional empirical analysis with two national datasets on China.

This study shows that among the state, market and civil society, local government support in terms of favorable policies is the sole determinant factor driving China’s social enterprise growth. On the other hand, the market is irrelevant and local civil society impedes social enterprise growth. This demonstrates that the current growth model is the result of government intervention.

The datasets have a limited sample size. We suggest that future studies may collect a larger sample size with more comprehensive information. We think this study will encourage more comparative qualitative studies at the local level to reveal the underlying mechanisms of growth.

Since government policy is the determinant factor, the quality and quantity of government-backed incubation programs and platforms would matter the most for social enterprise growth. Our study also helps social entrepreneurs understand what factors matter when they try to develop social enterprises in China. They are advised to work on aspects of gaining legal legitimacy and political support in order to grow the sector.

This conclusion suggests that professionals and practitioners should review the implications of the current growth of social enterprises in China, in terms of their sustainability, given their institutional isolation from other sectors.

Current studies have yet to thoroughly explore the role of meso- and micro-institutional factors in social enterprise development, especially in different contexts. With reference to Kerlin’s framework and the tri-sector model, this paper advances the understanding of social enterprise growth in China.

High-tech enterprises, as the national innovation powerhouses, have garnered considerable interest, particularly regarding their technological innovation capabilities. Nevertheless, prevalent research tends to spotlight the impact of individual factors on innovative behavior, with only a fraction adopting a comprehensive viewpoint, scrutinizing the causal amalgamations of precursor conditions influencing the overall innovation proficiency of high-tech enterprises.

This paper employs a hybrid approach integrating necessary condition analysis (NCA) and fuzzy-set qualitative comparative analysis (fsQCA) to examine the combinatorial effects of antecedent factors on high-tech enterprises' innovation output. Our analysis draws upon data from 46 listed Chinese high-tech enterprises. To promote technological innovation within high-tech enterprises, we introduce a novel perspective that emphasizes technological innovation networks, grounded in a network agents-structure-environment framework. These antecedents are government subsidy, tax benefits, customer concentration, purchase concentration rate, market-oriented index and innovation environment.

The findings delineate four configurational pathways leading to high innovative output and three pathways resulting in low production.

This study thereby enriches the body of knowledge around technological innovation and provides actionable policy recommendations.

This study aims to explore how not-for-profit organisations (NFPs) adopt service innovation and improve their employee resilience capabilities as a response to environmental changes arising from marketisation of public services.

Using a multiple case-study research design, this study involved 32 interviews with frontline employees working in a not-for-profit care-providing organisation.

This study finds that the development of absorptive capacity can facilitate service innovation adoption in NFPs and improve employee resilience in times of transition.

This study offers theoretical insights on service innovation, absorptive capacity and employee resilience in NFPs. It makes practical recommendations that will enable NFPs to help frontline employees better adopt service innovation practices in business models endorsed by the private sector.

The purpose of this paper is to have a deeper understanding of the nonlinear relationship between the impact of climate change on tourism development. Current studies on the effects of climate change on tourism development primarily rely on linear correlation assumptions.

Based on the New Institutional Economics theory, the institutional setting inherently motivates and ensures the growth of the tourism industry. For a precise evaluation of the nonlinear consequences of climate change on tourism, this paper concentrates on Chinese cities between 2011 and 2021, methodically analyzing the influence of climate change on tourism.

The study findings suggest that there is an “inverse U”-shaped nonlinear relationship between climate change and tourism development, initially strengthening and subsequently weakening. Based on these findings, the research further delves into how institutional contexts shape the nonlinear association between climate change and tourism growth. It was found that in a higher institutional backdrop, the “inverse U” curve tends to flatten and surpass the curve adjusted for a lesser institutional context. Upon deeper mechanism analysis, it was observed that cities with more advanced marketization, improved industrial restructuring and enhanced educational growth exhibit a more evident “inverse U”-shaped nonlinear connection between climate change and tourism evolution.

First, previous studies on climate change and tourism development largely rely on questionnaire data (Hu et al., 2022). In contrast to these studies, this paper uses dynamic panel data, which to some extent overcomes the subjectivity and difficulty of causality identification in questionnaire data, making our research conclusions more accurate and reliable. Second, this study breaks through the linear relationship hypothesis of previous literature regarding climate change and tourism development. By evaluating the nonlinear relationship of climate change to tourism development from the institutional pressure perspective, it more intricately delineates their interplay mechanism, expanding and supplementing the research literature on the relationship mechanism between climate change and tourism development. Thirdly, the conclusions of this study are beneficial for policymakers to better understand and assess the scope of climate change impacts. It also aids relevant departments in clarifying the direction of institutional environment optimization to elevate the level of tourism development when faced with adverse impacts brought about by climate change.

Although scholars in strategic management have identified innovating and exit as firms’ two sequential strategic responses to long-run crisis, the potential interdependency has yet remained implicit. Specifically, in the context of Chinese Privately Owned Enterprises (POEs), this study investigates the interrelationship of these two strategic responses during long-run crisis. Building on resource redeployment perspective, the authors propose that firms tend to simultaneously leverage innovating and exit responses.

The authors use the data from the 2010 Chinese POEs survey to verify how firms in the long-term crisis made strategic responses after the 2008 financial crisis. Besides, the authors utilize Probit regressions as the basic analysis and further employ bivariate Probit regressions to conduct robustness tests.

This study provides empirical evidence confirming that firms in the long-run period of the crisis tend to adopt both exit and innovating strategies at the same time, that is, the strategy of resource redeployment. Moreover, this study further finds that government subsidies, the degree of marketization and firm’s organizational capability could all accentuate the decision-making of firms’ resource redeployment.

The authors thus contribute to the study of strategic responses to crisis in strategic management by dynamically find out the interdependency of two responses and enrich the research on resource redeployment perspective by identifying three influential positive antecedents, adding to the ongoing investigation on positive drivers of resource redeployment.

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

This study aims to investigate the external effect of the economic growth target pressure of local governments on establishment-level SO₂ emissions.

Based on manually collected panel data of 74,058 China's industrial establishments and more than 330 thousand observations from CIED and ESR, the authors use a firm-fixed effect model, instrumental variables estimation and heterogeneity tests to identify the environmental externality of economic growth target pressure.

The establishments in cities that meet or slightly exceed the economic growth target experience greater negative externality measured by SO₂ emission intensity. This external effect is more pronounced in regions: with a strict and overweighted target setting; with stronger officials' promotion incentives; with a low degree of marketization; and in firms with great economic importance. The authors identify the underlying mechanisms of dependence on dirty industry and the relaxation of environmental enforcement. And the environmental protection constraints in 2007 mitigate the negative externality.

The paper sheds light on to what extent economic growth target pressure has a negative externality of pollution in China and how this pressure may conflict with environmental protection.

This paper complements prior research on the economic effects of economic growth targets, expands the knowledge on the determinants of establishment-level pollution emission from the perspective of target pressure and provides insight into the environmental externality that results from political factors.

This study introduces a non-orthodox approach to the dominant policy-based approaches to graduate employability through contextualizing international students’ everyday experiences within their educational and wider structural contexts of the labour market.

The study used narrative frames to collect data from 180 international students from China, Hong Kong, India, Sri Lanka, Vietnam and Nepal at a New Zealand tertiary institution. Narrative frames as a research tool in educational contexts are used to ellicit the experiences of individuals in the form of a story as participants reflect on their experience. The frames use sentence starters to draw responses from participants about their experiences (Barkhuizen and Wette, 2008).

This study argues that, through a socialization process, international students develop identities that fit an ever-changing labour market. This process is catalysed by a higher education landscape that produces career-ready subjects capable of appropriating different social spaces that prepare students and graduates to enter the labour market. Further, it argues that graduate employability should be understood as a complex process through which students and graduates socialise themselves through negotiating the socioacademic spaces by (1) familiarising themselves with the dominant workspace norms, (2) positioning themselves as more career-ready individuals, and (3) imagigining employable selves capable of meeting the needs of the job market.

This study has limitations. Only one data collection source has been used. It would have been great to use narrative frames along with interviews. In addition, the data would have been stronger if the researcher could have used classroom observations, which could be a future initiative.

This study could provide practical insights to tertiary institutions about international students’ developing capabilities and identities so they could better prepare themselves for the world of work. Further, this study provides insights about some of the challenges that international students face in tertiary contexts to become career-ready. Hence, educators could employ strategies to better support these learners in their everyday learning spaces. This study also has useful benefits for future and current international students and international graduates regarding what investments they need to make so they can better socialize themselves in their tertiary and workplace practices.

This study has social implications. It helps international students better understand the social, cultural and academic expectations of their host countries. Therefore, they could better socialize themselves into those practices and contribute more effectively to their academic and workplace communities. The study also helps academic and workplace institutions strategize more effectively to address the social and cultural needs of international graduates. The study also contributes to the social and cultural understanding of the teachers that engage with international students on a daily basis by helping them devise activities that better address these students’ and graduates’ needs.

The study adds theoretical and methodological value to the debates around graduate employability. It includes the voices of 180 students and unravels their day-to-day experiences of capability building and employability development from their own perspectives.