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1 – 10 of over 8000Tingting Jiang, Buyun Yang, Bo Yang, Bo Wu and Guoguang Wan
The environment of international business (IB) and the capabilities of emerging market multinational enterprises (EMNEs) as well as their home countries have changed…
Abstract
Purpose
The environment of international business (IB) and the capabilities of emerging market multinational enterprises (EMNEs) as well as their home countries have changed significantly, leading to some new features of liability of origin (LOR). This paper aims to extend the LOR literature by particularly focusing on the LOR of Chinese multinational enterprises (MNEs) and by taking into account the heterogeneity among industries and across individual MNEs.
Design/methodology/approach
Based on the stereotype content model and organizational legitimacy perspective, this study explores how LOR influences Chinese MNEs’ cross-border acquisition completions. Several hypotheses were tested by using a binary logistic regression model with panel data techniques based on data of 780 Chinese MNEs’ acquisition deals between 2008 and 2018.
Findings
The results of this study show that when the competence dimension of China’s LOR is perceived as high in the host country, Chinese MNEs are less likely to complete cross-border acquisitions. Moreover, deals are less likely to be completed when the warmth dimension of China’s LOR is perceived to be low. Global experience and the foreign-listed status of individual Chinese MNEs can alter the relationship between the LOR and deal completions.
Originality/value
This study advances and enriches the LOR research. It shows that a high level of competence in the home country has led to LOR for Chinese MNEs rather than the low level of competence proposed by existing LOR studies; and the LOR for Chinese MNEs is also determined by the perceived low level of warmth in the home country resulting from the geopolitical conflicts between two countries. In addition, the LOR suffered by EMNEs could vary based on certain industry- and firm-level characteristics. The findings of this study provide important practical implications for emerging economy governments and for firms intending to go abroad.
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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.
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This article proposes a model of subjective rationalities to shed light on the global phenomenon of parental reliance on private tutoring for their children. The model is…
Abstract
Purpose
This article proposes a model of subjective rationalities to shed light on the global phenomenon of parental reliance on private tutoring for their children. The model is illustrated using the examples of the rational decision-making process and outcome of parents with regards to enrolling their children in private tutoring in South Korea and Singapore.
Design/methodology/approach
This is a theoretical paper that relies on a critical review of official documents, academic publications and newspaper reports.
Findings
This article proposes an original model to shed light on the global phenomenon of parental reliance on private tutoring for their children. The model highlights the following: the dynamic interactions between parents, education policy and private tutoring; the active role of private tutoring providers; and the socio-culturally embedded and complex nature of educational decisions.
Research limitations/implications
This is a conceptual paper that proposes a theoretical model, so there is no empirical data.
Originality/value
This article fills an existing research gap on the dynamic interactions between the parents, education policy and private tutoring. It offers an original model that illuminates the rational decision-making process and outcome of parents that pertains to private tutoring for their children.
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Tan Yang, Jiyao Xun and Woon Kian Chong
Electronic commerce (EC) strategy – performance logic has gained significant popularity in the literature, particularly from the resource-based view (RBV) of theoretical…
Abstract
Purpose
Electronic commerce (EC) strategy – performance logic has gained significant popularity in the literature, particularly from the resource-based view (RBV) of theoretical underpinning. However, such an obsession of focusing on organizations' complementary resources has been increasingly challenged, which has pressed the RBV to examine the possibility of external factors that can also impact firm performance. In this study, the authors shed light on the firm's external readiness—defined as the extent to which a firm's customers and suppliers perceive EC as important—in the relationship between SME's complementary resources and firm performance.
Design/methodology/approach
The authors employed a refined data set based on the British EC Award database, in which the authors sampled 430 British SMEs' senior managements and examined how EC investments made by the SMEs influenced firm performance, and how their external readiness moderated this main relationship.
Findings
The results showed that, in line with the RBV perspective, SMEs' complementary business resources and human resources both had strong and direct impacts on the firm performance. They were also strongly mediated by EC functionality. In addition, SMEs' external readiness moderated the relationship between human resources and firm performance and that of EC functionality on firm performance.
Originality/value
The findings contribute to RBV theory building by extending earlier research on the role of technology as performance enablers for SMEs and shed light on the often-overlooked role of SMEs' external readiness.
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Jie Zhang, Yuwei Wu, Jianyong Gao, Guangjun Gao and Zhigang Yang
This study aims to explore the formation mechanism of aerodynamic noise of a high-speed maglev train and understand the characteristics of dipole and quadrupole sound sources of…
Abstract
Purpose
This study aims to explore the formation mechanism of aerodynamic noise of a high-speed maglev train and understand the characteristics of dipole and quadrupole sound sources of the maglev train at different speed levels.
Design/methodology/approach
Based on large eddy simulation (LES) method and Kirchhoff–Ffowcs Williams and Hawkings (K-FWH) equations, the characteristics of dipole and quadrupole sound sources of maglev trains at different speed levels were simulated and analyzed by constructing reasonable penetrable integral surface.
Findings
The spatial disturbance resulting from the separation of the boundary layer in the streamlined area of the tail car is the source of aerodynamic sound of the maglev train. The dipole sources of the train are mainly distributed around the radio terminals of the head and tail cars of the maglev train, the bottom of the arms of the streamlined parts of the head and tail cars and the nose tip area of the streamlined part of the tail car, and the quadrupole sources are mainly distributed in the wake area. When the train runs at three speed levels of 400, 500 and 600 km·h−1, respectively, the radiated energy of quadrupole source is 62.4%, 63.3% and 71.7%, respectively, which exceeds that of dipole sources.
Originality/value
This study can help understand the aerodynamic noise characteristics generated by the high-speed maglev train and provide a reference for the optimization design of its aerodynamic shape.
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Allen C. Johnston, James L. Worrell, Paul M. Di Gangi and Molly Wasko
The purpose of this paper is to examine how participation in an online health community provides for direct benefits in the form of information utility and social support and an…
Abstract
Purpose
The purpose of this paper is to examine how participation in an online health community provides for direct benefits in the form of information utility and social support and an indirect influence on perceptions of patient empowerment.
Design/methodology/approach
A multi‐method approach was conducted involving interviews with moderators of 18 online health communities and a field survey of 153 online health community participants.
Findings
Online health community participation leads to direct benefits in the form of information utility and social support and that information utility also helps to shape perceptions of patient empowerment among community participants.
Research limitations/implications
This research calls into question the role of online health communities as a support mechanism to empower patients to take ownership over their healthcare treatment. Online health communities support the development of patient empowerment by creating and disseminating information that can be used to gain an understanding of a patient's health condition.
Practical implications
Purveyors of online health communities must be able to ensure a high level of engagement among community participants that allows for each member to elicit outcomes such as information utility, while simultaneously guarding against undesirable circumstances that may prohibit a positive experience.
Social implications
Medical professionals can utilize the results of this study to develop strategies for incorporating online health communities into patient care. Specifically, medical professionals can use these results to identify relevant communities and engage in information sharing to ensure relevant and accurate information is disseminated to patients as they seek out information concerning their health conditions.
Originality/value
As an ever growing segment of the population looks to online health communities for health information seeking and emotional support, we still know very little as to the type of support that is provided by these forums and how benefits obtained from participation help to shape patient empowerment outcomes. This study determined that information utility and social support are two benefits obtained by online health community participants and that information utility also helps to shape perceptions of patient empowerment among community participants.
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Dongbo Li, Jianpei Wang, Bing Yang, Yongle Hu and Ping Yang
This paper aims to perform experimental test on fatigue characteristics of package on package (POP) stacked chip assembly under thermal cycling load. Some suggestions for design…
Abstract
Purpose
This paper aims to perform experimental test on fatigue characteristics of package on package (POP) stacked chip assembly under thermal cycling load. Some suggestions for design to prolong fatigue life of POP stacked chip assembly are provided.
Design/methodology/approach
The POP stacked chip assembly which contains different package structure mode and chip position was manufactured. The fatigue characteristics of POP stacked chip assembly under thermal cycling load were tested. The fatigue load spectrum of POP stacked chip assembly under thermal cycling load was given. The fatigue life of chips can be estimated by using the creep–fatigue life prediction model based on different stress conditions.
Findings
The solder joint stress of top package is significantly less than that of bottom solder joints, and the maximum value occurs in the middle part of the solder joints inner ring.
Originality/value
This paper fulfils useful information about the thermal reliability of POP stacked chip assembly with different structure characteristics and materials parameters.
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Peiqi Ding, Weili Xia, Zhiying Zhao and Xiang Li
Build-operate-transfer (BOT) contracts are widely used in the construction and operation of charging piles for new energy vehicles worldwide and stipulate that governments grant…
Abstract
Purpose
Build-operate-transfer (BOT) contracts are widely used in the construction and operation of charging piles for new energy vehicles worldwide and stipulate that governments grant charging pile operators franchises for a certain period of time to invest in the construction and operation of the charging piles. The charging piles are then transferred to governments when the concession expires. To encourage charging pile operators to build and operate charging piles, governments usually provide two kinds of subsidies, namely construction and operating subsidies.
Design/methodology/approach
The authors establish a typical game model to study the optimal BOT contract between a government and a charging pile operator and their preferences for the two kinds of subsidies.
Findings
First, the authors show that there are substitution and complementarity effects between the concession period and the subsidy level. Second, the operator prefers the construction subsidy (operating subsidy) when the additional operating cost is low (high). The government prefers the operating subsidy (construction subsidy) when consumer sensitivity to the number of charging piles is low (high) and the concession period is short or long (moderate). Finally, the adjusted joint subsidy can not only improve social welfare but also that the charging pile operator can obtain the same profit as under the operating subsidy at a lower subsidy amount.
Originality/value
This work develops the first analytical model to study two subsidies in the construction and operation of charging piles and investigate the optimal BOT contract and subsidy preferences. The insights are compelling not only for the charging pile operator but also for policymakers in practice from a circular economy perspective.
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The significance of physician-user interaction has been widely acknowledged in offline and online healthcare consultation. However, limited attempts have been made to explore the…
Abstract
Purpose
The significance of physician-user interaction has been widely acknowledged in offline and online healthcare consultation. However, limited attempts have been made to explore the influence of physician-user interaction on users' perceived service quality (PSQ) in the mobile context. Based on the literature on physician-user interaction and media synchronicity theory, this study proposes a theoretical model where the interactive factors common across the offline, online and mobile context, i.e. physicians' informational support and emotional support, the interactive factors unique in the mobile context, i.e. physicians' response speed and voice service, and the interaction between the two categories of interactive factors predict users' PSQ in mobile consultation.
Design/methodology/approach
This study collects consultation records between 25,225 users and 738 physicians from a leading Chinese mobile consultation application, and employs linear regression to verify the proposed theoretical model.
Findings
Physicians' informational, emotional support, response speed and voice service are found to have significant positive impacts on users' PSQ. Besides, physicians' response speed strengthens the positive impacts of physicians' informational and emotional support on users' PSQ, while physicians' voice service weakens the positive link between physicians' informational support on users' PSQ.
Originality/value
This study contributes to the antecedents for users' PSQ in mobile consultation by identifying unique interactive factors in the mobile context, and highlighting the individual and interaction effects of different physician-user interactive factors. Besides, this study employs novel methods, which leverages text classification and text pattern recognition to more accurately depict physicians' online behaviors based on objective communication records.
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