Search results

The paper aims to identify the relationship between institutional logics and corporate finance in the context of China. It models the institutional logics and outlines why and how they impact the capital structure. The study aims to expand the domain of corporate finance by introducing the institutional effects.

The paper employs the ownership and region to proxy institutional logics, and a time dummy for their evolution and tests how they shape firms' capital structure through panel data regression.

The paper finds that capital structures in firms dominated by state logic are less heterogeneous but the heterogeneities of all firms' increase over time and the capital structures in firms dominated by state logic deviate more from the optimality but those of all firms approach the optimality as time goes by. I also document that the institutional logics affect the corporate financing decisions through the selection of chief executive officers (CEOs).

The paper demonstrates how state and market institutions are embodied in firms and how their evolution requires firms to adapt, and it proposes a brand-new insight into the marketization process of China.

The paper finds that the firms are unable to acquire optimal capital structure because of the institutional pressure and derive some implications on managerial practice of Chinese firms.

The paper analyses and examines the impacts of the institutional logics on corporate financing decisions as well as the potential channel, enhancing the understanding of the institutions and firms' responses.

Building on knowledge-based view and demographic diversity theory, the purpose of this paper is to re-conceptualize knowledge heterogeneity (KH) (i.e. diversity in individual or organizational knowledge) and to explore a broader set of relationships between KH and the multidimensional (i.e. dynamics and ambidexterity) innovation.

Case studies of organizational KH and innovation ambidexterity were conducted in four representative companies with variated characteristics. Similarities in the heterogeneity-innovation relationships were identified across four very different types of companies, providing a good exploratory base for future large-scale empirical studies.

Grounding on locus-of-knowing and timing-of-knowing dimensions, this paper utilizes an inductive approach that analyzes qualitative materials to construct the essential meanings of intraorganizational KH, and to explore the influences KH brings onto the ambidextrous innovation. A four-category typology of KH is emerged. Overall, KH is categorized into four distinctive but inter-related forms: individual professional backgrounds, collective profession backgrounds, individual evolving knowledge portfolio, and collective evolving knowledge portfolio.

Building on such typology, this paper discusses propositions for the differentiated influences of different forms of KH on dynamic and ambidextrous innovations.

Whereas individual knowledge benefits independent creativity, complex collective knowledge is more critical for organizational innovation. While research has placed more emphasis on the effects of knowledge accumulation or flow, it neglects the knowledge profile and structure for innovation. The present study explores the effect of heterogeneous knowledge structure on dynamic and ambidextrous innovation.

The purpose of this paper is to discuss strategies for benchmarking patient safety using Lombardy region administrative archives. Patient safety indicators and statistical methods are presented that allow risk adjustment. The analysis benchmarks regional health structures, focusing on two patient safety indicators: failure to rescue; and death in low mortality diagnostic related group.

Data were drawn from a research project promoted by the Italian Agency of Regional Health Services in 2002 to furnish statistical evidence regarding adverse events based on Agency for Healthcare Research and Quality indicators and methods. Hierarchical models for an equitable benchmark analyses are proposed.

Empirical analysis shows that hierarchical approaches, based on comparing health structures within homogenous specialties, disaggregates and moderates failure to rescue variabilities existing between hospitals, especially in oncology, intensive care and general medicine.

The paper proposes using hierarchical models for properly benchmarking health structures, resolving logistic regression drawbacks and limitations.

The paper strengthens the theory that accurate coding supported by software and administrative databases could provide a valuable and economical source for patient safety research.

The paper analyses and suggests strategies for consistent benchmark analyses based on patient safety outcomes, applicable to several situations and different health structure typologies.

Carbon trading mechanism has been adopted to foster the green transformation of the economy on a global scale, but its effectiveness for the power industry remains controversial. Given that energy-related greenhouse gas emissions account for most of all anthropogenic emissions, this paper aims to evaluate the effectiveness of this trading mechanism at the plant level to support relevant decision-making and mechanism design.

This paper constructs a novel spatiotemporal data set by matching satellite-based high-resolution (1 × 1 km) CO₂ and PM_2.5 emission data with accurate geolocation of power plants. It then applies a difference-in-differences model to analyse the impact of carbon trading mechanism on emission reduction for the power industry in China from 2007 to 2016.

Results suggest that the carbon trading mechanism induces 2.7% of CO₂ emission reduction and 6.7% of PM_2.5 emission reduction in power plants in pilot areas on average. However, the reduction effect is significant only in coal-fired power plants but not in gas-fired power plants. Besides, the reduction effect is significant for power plants operated with different technologies and is more pronounced for those with outdated production technology, indicating the strong potential for green development of backward power plants. The reduction effect is also more intense for power plants without affiliation relationships than those affiliated with particular manufacturers.

This paper identifies the causal relationship between the carbon trading mechanism and emission reduction in the power industry by providing an innovative methodology for identifying plant-level emissions based on high-resolution satellite data, which has been practically absent in previous studies. It serves as a reference for stakeholders involved in detailed policy formulation and execution, including policymakers, power plant managers and green investors.

Prior research seldom explores the different structures of marketing presence in the top management team (MPTMT) and their impact on new product performance. In this paper, we distinguish among three structures of MPTMT: (1) a dedicated MPTMT; (2) a joint marketing and sales MPTMT; and (3) a joint marketing and other operations MPTMT. We then examine how these three structures of MPTMT are related to cross-functional integration in NPD and, subsequently, new product performance.

Path analysis is used to test the model using data collected from 139 U.S. manufacturing firms. We conducted two rounds of survey data collection (with a one-year gap) to assess the potential effect of common method variance.

The results show that, compared with no MPTMT, all MPTMT structures positively affect cross-functional integration in NPD, which, in turn, enhances new product performance. However, joint MPTMT structures have a greater impact than a dedicated MPTMT. Our moderation analysis also reveals that as TMT heterogeneity increases, the effect of dedicated MPTMT diminishes, but the effects of the other two joint structures remain positive and stable.

The model could include alternative mediating organizational processes and performance outcomes.

The findings provide managers with insight on how to configure and leverage marketing influence in the upper echelons in both SMEs and large firms.

The findings of this study highlight the importance of delineating MPTMT structures, understanding how they create value, and specifying their boundary conditions.

We aim to analyze the capital structure heterogeneity for manufacturing and service sector firms. Additionally, we analyze the impact of the COVID-19 pandemic on the leverage adjustments of corporate firms.

This study applies the two-step system generalized method of moments (system-GMM) and panel data of 1,115 manufacturing and 482 service sector firms listed with the Bombay Stock Exchange (S&P BSE) from 2010 to 2023. We developed and analyzed three models. Model 1 analyzes the leverage determinants and speed of adjustment (SOA) for the manufacturing and service sectors. Model 2 evaluates the leverage SOA for various sub-sectors, and Model 3 analyzes the impact of the COVID-19 pandemic on the leverage SOA.

This study suggests the three following. First, the direction of leverage determinants suggests that manufacturing firms are highly tangible. In contrast, service sector firms are high-growth firms and recorded a higher SOA (12.01%) than manufacturing (9.09%). Second, analyzing the leverage heterogeneity, we found that SOA varies across the sub-sectors. For manufacturing, food and beverage sub-sector recorded the highest SOA (12.58%), while consumer durables reported the lowest (6.38%). Communication recorded the highest (24.15%) for services, while industrial services recorded the lowest (11.18%). Third, firms across sectors and sub-sectors increased their SOA during COVID-19 pandemic.

This in-depth analysis of leverage heterogeneity for different sectors and subsectors will assist policymakers, corporate managers and other stakeholders in making agile financial decisions.

The analysis of leverage heterogeneity for the manufacturing and service sector from the emerging Indian economy marks a novel contribution to existing literature.

The purpose of this paper is to examine the influences of social capital on knowledge heterogeneity in order to advance the understanding of the effects and to reconcile existing inconsistent findings.

Survey data collected from 105 new product development (NPD) projects were analyzed with regression-based methods.

The results indicated that trust, centralization and shared vision as the three social capital dimensions generally have negative impacts on the domain and presentation dimensions of knowledge heterogeneity. However, the three dimensions of social capital do not exhibit consistent influences on the tacitness heterogeneity (i.e. an epistemological dimension of knowledge heterogeneity).

More research is needed to explore the role of social capital dimensions in developing a range of knowledge attributes of NPD teams, among which knowledge heterogeneity is one. The various dimensions of knowledge an NPD team possesses should have performance implications and deserve future investigation.

The study is one of the first documented attempts to demonstrate contingencies in the relationship between social capital and knowledge heterogeneity. The effect of social capital on knowledge heterogeneity should be understood at the level of dimensions of the two respective constructs.

Recognizing heterogeneity of legal/social status, historical experience, and the resulting variation in the constraints faced by different groups can be a valuable complement to forms of heterogeneity already recognized by Austrian economists. This is particularly true for empirical analyses of caste-based societies, women’s history, and the experiences of other currently or historically persecuted minority populations. When (1) political institutions and/or other emergent social structures establish rules that apply to some individuals but not others, (2) these non-general rules are constructed in such a way that individuals cannot easily move in and out of established groups, and (3) some of the groups created by this process hold authority over others, class structures are created that can be understood without violating methodological individualism and other key tenets of Austrian economics. Like other heterogeneities that have now become incorporated into mainstream economic thought, the development of an Austrian theory of class could advance both the Austrian tradition and economic science in general.

This thesis deeply studies the impact mechanism of digital service trade on the high-quality development of the manufacturing industry from the aspects of technological innovation and industrial structure.

In this thesis, 40 countries from 2010 to 2020 were selected as samples, and the panel fixed-effect model and intermediary effect model were used to empirically analyze the impact path of digital service trade on the high-quality development of global manufacturing.

Overall, digital service trade has a positive impact on the high-quality development of the global manufacturing industry. Through the analysis of the intermediary effect mechanism, it is found that digital service trade can further positively affect the high-quality development of the global manufacturing industry by promoting technological innovation and industrial structure upgrading.

Based on the empirical results, targeted countermeasures and suggestions are given in this paper.

Through the test of national heterogeneity, it is found that in developing countries, digital service trade mainly acts on the high-quality development of the manufacturing industry by promoting industrial structure upgrading.

In developed countries, digital service trade mainly promotes the high-quality development of manufacturing through technological innovation; from the perspective of industry heterogeneity, the three service industries of information and communication technology (ICT), other business services and property have the intermediary effect of technological innovation and industrial structure.

This manuscript suggests that trade in digital services should be promoted as a national trade priority.

The purpose of this paper is to explore whether share ownership structure plays a role in determining the ex-day pricing of dividends. If share ownership structure, specifically the proportion of the firm’s stock held by individuals vs institutions, has an effect on the ex-dividend day stock price behavior, the ex-day premium is expected to be different for firms with different ownership structures.

To investigate whether the ex-day pricing of dividends is affected by the proportion of the firm’s stock held by individuals vs institutions, the author look into the ex-day premium. The ex-day premium is calculated by dividing the difference between the closing price on the cum-dividend day and the closing price on the ex-dividend day by the amount of the dividend.

Consistent with both the tax-based theory and the dynamic trading clientele theory, the author find that the ex-day premium decreases with the level of individual ownership. Consistent with the short-term trading theory, the author also find that the ex-day premium increases with the degree of investor heterogeneity, defined as the product of the proportion of the firm’s stock held by individual investors and the proportion held by institutional investors.

The author believe that this study contributes to the literature by providing useful evidence that share ownership structure affects the ex-day pricing of dividends, and thus this study will be of interest to the readers of managerial finance.