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1 – 10 of over 1000Zhishuo Liu, Tian Fang, Yao Dongxin and Nianci Kou
Current models of transaction credit in the e-commerce network face many problems, such as the one-sided measurement, low accuracy and insufficient anti-aggression solutions. This…
Abstract
Purpose
Current models of transaction credit in the e-commerce network face many problems, such as the one-sided measurement, low accuracy and insufficient anti-aggression solutions. This paper aims to address these problems by studying the transaction credit problem in the crowd transaction network.
Design/methodology/approach
This study divides the transaction credit into two parts, direct transaction credit and recommended transaction credit, and it proposes a model based on the crowd transaction network. The direct transaction credit comprehensively includes various factors influencing the transaction credit, including transaction evaluation, transaction time, transaction status, transaction amount and transaction times. The recommendation transaction credit introduces two types of recommendation nodes and constructs the recommendation credibility for each type. This paper also proposes a “buyer + circle of friends” method to store and update the transaction credit data.
Findings
The simulation results show that this model is superior with high accuracy and anti-aggression.
Originality/value
The direct transaction credit improves the accuracy of the transaction credit data. The recommendation transaction credit strengthens the anti-aggression of the transaction credit data. In addition, the “buyer + circle of friends” method fully uses the computing of the storage ability of the internet, and it also solves the failure problem of using a single node.
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Daoguang Yang, Jiani Wang and Hanwen Chen
This study aims to investigate whether and how earnings guidance affects corporate innovation.
Abstract
Purpose
This study aims to investigate whether and how earnings guidance affects corporate innovation.
Design/methodology/approach
Exploiting the setting of China, where the Shenzhen Stock Exchange has required all public firms listed on its ChiNext board to issue earnings guidance since 2012, this study uses a difference-in-differences (DID) methodology to examine the effect of earnings guidance on corporate innovation and further conducts cross-sectional analyzes from the information risk and monitoring demand perspectives. Moreover, the authors conduct path analysis to verify the possible channels through which corporate innovation is impeded by market pressure or improved through increased corporate transparency.
Findings
This study documents a positive relationship between earnings guidance and corporate innovation, as measured by the number of invention patents, indicating that the “corporate governance” hypothesis dominates in China. Cross-sectional analyzes show that this positive effect is more pronounced for firms subject to greater information risk and monitoring demand. Finally, the path analysis further confirms that earnings guidance improves innovation by increasing corporate transparency.
Practical implications
First, this study captures the bright side of mandatory earnings guidance and suggests that increasing the disclosure frequency can yield benefits for firms. Second, the findings imply that regulations, regardless of what they refer to, should be based on a country’s specific context.
Originality/value
First, this study provides evidence supporting the “corporate governance” argument based on the context of China and, thus contributes to the debate on earnings guidance. Second, this study enriches the literature on the economic consequences of earnings guidance. Third, the study extends research on the determinants of corporate innovation.
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Tian Fang and Daiyong Ye
This paper aims to prepare good waterborne light-diffusion dip-coatings (WLDDC) for the glass lampshade inner walls of LED lamp tubes, the effects of viscosities and viscous flow…
Abstract
Purpose
This paper aims to prepare good waterborne light-diffusion dip-coatings (WLDDC) for the glass lampshade inner walls of LED lamp tubes, the effects of viscosities and viscous flow activation energies on these dip-coatings were investigated.
Design/methodology/approach
The WLDDC were prepared using white pigments, light-diffusion agents, additives and an acrylic emulsion. The dip-coatings were characterized by Fourier transform infrared spectroscopy, scanning electron microscopy and a digital rotational viscometer, respectively. The effects of shear rates, temperatures and solids contents on the viscosities of the dip-coatings were studied. The viscous flow activation energies of these dip-coatings and the emulsion were calculated, compared and studied, respectively.
Findings
The results showed that the non-Newtonian behaviors of these dip-coatings were more prominent than that of the acrylic emulsion. When the temperature was maintained to be a constant and the shear rate was increased, the viscosity decreased and the shear stress increased. When the shear rate was maintained to be a constant, the viscosity decreased with increasing temperatures. The viscous flow activation energies of these dip-coatings decreased with the increasing shear rates. The higher solid contents of WLDDC were, the more its viscosity would decrease with the increasing shear rates, the more prominent its non-Newtonian behaviors would show.
Practical implications
A sample of good WLDDC with balanced properties was illustrated.
Originality/value
This investigation benefits to investigate waterborne environment-friendly dip-coatings for the inner glass walls of lamp tubes. This research provides an approach to optimize the viscosity parameters of light-diffusion dip-coatings.
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This study mainly explores how ESG performance (ESG stands for Environment, Social, and Governance) affects corporate downside risk through innovation input and innovation output…
Abstract
Purpose
This study mainly explores how ESG performance (ESG stands for Environment, Social, and Governance) affects corporate downside risk through innovation input and innovation output, thereby promoting sustainable development of enterprises.
Design/methodology/approach
Using Chinese A-share listed companies from 2014 to 2022 as research samples, a stepwise regression method is used to empirically test the impact of ESG performance on corporate innovation and downside risk by constructing multiple multivariate primary regression models.
Findings
ESG performance is beneficial for obtaining external resources and alleviating principal-agent problems. It can promote enterprises to increase innovation input and improve innovation output, thereby enhancing their core competitiveness, and suppressing their downside risk. This inhibitory effect is more significant in non-state-owned enterprises, non-high-tech enterprises, and enterprises where the chairman and the general manager are not combined in one. Further additional analysis has found that equity concentration weakens the inhibitory effect of ESG performance on corporate downside risk, equity balance strengthens the inhibitory effect of ESG performance on corporate downside risk, indicating that a mutually restrictive equity structure is conducive to promoting enterprises to actively fulfill ESG responsibility, thereby improving corporate innovation level and resolving their downside risk.
Practical implications
Enterprise managers, policy makers, and other practitioners can clearly see the benefits of implementing ESG measures, further strengthen their confidence in sustainable development, actively apply ESG concepts to the entire production and operation process of enterprises, increase attention and implementation of ESG elements, and promote the healthy and vigorous development of enterprises and macroeconomics.
Originality/value
The research conclusions reveal the inherent mechanism by which ESG performance empowers enterprises to improve their innovation level and reverse their performance decline, effectively expanding the theoretical achievements of ESG performance in enterprise innovation and risk management.
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He Wan, Qiuping Peng and Xi Zhong
Noncontrolling large shareholders can reduce the agency problem of executives and can reduce the expropriation or tunneling behavior of controlling shareholders, thereby promoting…
Abstract
Purpose
Noncontrolling large shareholders can reduce the agency problem of executives and can reduce the expropriation or tunneling behavior of controlling shareholders, thereby promoting corporate innovation. However, too many noncontrolling large shareholders may also lead to excessive supervision, thereby inhibiting innovative activities that contribute to the long-term value of the firm. Research to date, however, has not examined the nonlinear impact of noncontrolling large shareholders on corporate innovation. Based on principal–agent theory and the too-much-of-a-good-thing (TMGT) effect, the authors discuss the inverted U-shaped influence of noncontrolling large shareholders on corporate innovation and the moderating effect of industry competition and corporate product diversification on the above relationship.
Design/methodology/approach
Based on the empirical data of Chinese listed companies from 2003 to 2017, the authors use the bidirectional fixed effects model to conduct empirical testing and robustness testing of the research hypotheses.
Findings
There is an inverted U-shaped relationship between noncontrolling large shareholders and corporate innovation; type I and type II agency costs play a mediating role between noncontrolling large shareholders and corporate innovation. In addition, firm product diversification weakens the inverted U-shaped relationship between noncontrolling large shareholders and corporate innovation, but industry competition has no significant moderating effect on the above relationship.
Practical implications
This research has important implications for policy makers, to better activate corporate innovation vitality, and investors, to better choose investment targets. Specifically, investors and policy makers should be aware that an appropriate increase in larger noncontrolling shareholders can maximize the enthusiasm of firms for innovation and enhance corporate value, but they should also realize that having too many noncontrolling large shareholders may backfire.
Originality/value
This research helps the authors to understand the pros and cons of increasing the number of noncontrolling large shareholders more comprehensively and also helps to understand corporate innovation more comprehensively from a supervisory perspective. In addition, this research also enhances the explanatory and predictive power of the TMGT effect.
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Bill B. Francis, Iftekhar Hasan and Gokhan Yilmaz
This chapter investigates whether core competence of managers and their expansive (vs. specialized) managerial style affects firms' innovative ability, capacity, and efficiency…
Abstract
This chapter investigates whether core competence of managers and their expansive (vs. specialized) managerial style affects firms' innovative ability, capacity, and efficiency. Using exogenous CEO departures as a natural experiment, it establishes a causal link between managerial capability and innovation. Importantly, it reveals that firms with talented managers receive significantly more nonself citations; make significantly lower self-citations and lesser citations to the others, indicating novel and explorative innovation achievements. Also, managers with higher general (specialized) ability are cited more (less) by patents from a wider range of fields. Lastly, career concern is identified as a mechanism linking higher ability and innovation.
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Jiuli Yin, Lishuang Bian, Qin Fan, Xinghua Fan, Huaqiang Ai and Lixin Tian
This paper aims to study the oscillation phenomenon before chaos as well as its mechanism of occurrence in the energy-saving and emission-reduction system.
Abstract
Purpose
This paper aims to study the oscillation phenomenon before chaos as well as its mechanism of occurrence in the energy-saving and emission-reduction system.
Design/methodology/approach
The system dynamics analysis, phase portrait analyses, equilibrium point analysis and bifurcation curve were applied to this paper.
Findings
First, the authors find an oscillation phenomenon previous to chaos. Second, on the one hand, the existence of two unstable saddles is the reason for the occurrence of oscillation phenomenon. On the other hand, the increasing of carbon emissions can arouse oscillation phenomenon.
Originality/value
This paper finds an oscillation phenomenon previous to chaos in the energy-saving and emission-reduction system. The mechanism of occurrence of oscillation phenomenon is studied. The existence of two unstable saddles is the reason for the occurrence of such oscillation phenomenon. The oscillation is related with fold bifurcation. The study also provides a theoretical basis for the further study of chaos control.
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Johan Maharjan, Suresh B. Mani, Zenu Sharma and An Yan
The paper investigates whether stock liquidity of firms is valued by lending banks revealing that firms with higher liquidity in the capital market pay lower spreads for the loans…
Abstract
The paper investigates whether stock liquidity of firms is valued by lending banks revealing that firms with higher liquidity in the capital market pay lower spreads for the loans they obtain. This relationship is causal as evidenced by using the decimalization of tick size as an exogenous shock-to-stock liquidity in a difference-in-differences setting. Reduction in financial constraint and improvement in corporate governance induced by higher stock liquidity are potential mechanisms through which liquidity impacts loan spreads. These higher liquidity firms also receive less stringent nonprice loan terms, for example, longer loan maturity and less required collateral.
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Antonios Georgopoulos, Eleftherios Aggelopoulos, Elen Paraskevi Paraschi and Maria Kalogera
This paper aims to examine the effect of R&D laboratories on the perceived performance of MNE subsidiaries during recession.
Abstract
Purpose
This paper aims to examine the effect of R&D laboratories on the perceived performance of MNE subsidiaries during recession.
Design/methodology/approach
Employing resource-based view and knowledge-based theory, the authors investigate a unique sample of 171 technologically heterogenous foreign MNE subsidiaries located in Greece over the period of recession 2009–2016. The sample subsidiaries operate different types of R&D laboratories.
Findings
The authors find that MNE subsidiaries with advanced R&D laboratories such as locally integrated laboratories (LILs) and internationally interdependent laboratories (IILs) perform better in recession than subsidiaries with support laboratories (SLs) or subsidiaries without R&D laboratories. Overall, the authors find an asymmetric performance contribution of R&D laboratories at subsidiary level.
Originality/value
The study provides useful insights into the environmentally derived “knowledge-based - performance” context, so filling an important research gap, since little is known about the performance impact of the input-side of technological activity at MNE subsidiary level, especially as regards R&D facilities/infrastructure. Based on the findings the authors identify important managerial implications.
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Zhuo (June) Cheng and Jing (Bob) Fang
This study examines the effect of stock liquidity on the magnitude of the accrual anomaly.
Abstract
Purpose
This study examines the effect of stock liquidity on the magnitude of the accrual anomaly.
Design/methodology/approach
This paper examines the relation—both time-series and cross-sectional—between stock liquidity and the magnitude of the accrual anomaly and use the 2001 minimum tick size decimalization as a quasi-experiment to establish causality.
Findings
There is both cross-sectional and time-series evidence that stock liquidity is negatively related to the magnitude of the accrual anomaly. Moreover, the extent to which investors overestimate the persistence of accruals decreases with stock liquidity. Results from a difference-in-differences analysis conducted using the 2001 minimum tick size decimalization as a quasi-experiment suggest that the effect of stock liquidity on the accrual anomaly is causal. The findings of this study are consistent with the enhancing effect of stock liquidity on pricing efficiency.
Originality/value
The study's findings are well aligned with the mispricing-based explanation for the accrual anomaly, suggesting that the improvement in market-wide stock liquidity drives the contemporaneous decline in the magnitude of the accrual anomaly, at least to a great extent.
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