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Article
Publication date: 13 November 2019

Zhao Liu, Huan Zhang, Yue-Jun Zhang, Fang-E Duan and Lan-Ye Wei

The purpose of this paper is to analyze the linear and nonlinear effects of market integration on carbon emissions and explore the direct and indirect paths of market…

Abstract

Purpose

The purpose of this paper is to analyze the linear and nonlinear effects of market integration on carbon emissions and explore the direct and indirect paths of market integration on carbon emissions through path analysis.

Design/methodology/approach

The authors first conduct a measurement and contrastive study of the market integration and carbon emissions of China’s 28 provinces from year 1995 to 2015. Then, the linear effect of market integration on carbon emissions is analyzed by using the fixed-effect model. Next, based on the path analysis method, the direct and indirect paths of market integration’s impact on carbon emissions are explored. Finally, the panel threshold regression model is used to evaluate the effect of market integration on carbon emissions under different situations of geographic distance.

Findings

The results show that first, the improvement of market integration can increase carbon emissions in the form of a linear relationship. Second, market integration not only has a direct and positive impact on the carbon emissions, but also has an indirect and positive impact on carbon emissions through the level of economic development, and a negative impact on carbon emissions through technological level. Third, an increase in market integration can reduce its positive effect on carbon emissions, but the improvement of economic growth and technology level can both enhance the positive effect of market integration on carbon emissions.

Research limitations/implications

This paper focuses on the impact of market integration on carbon emissions in 30 provinces in China, while, the authors do not conduct a comparative analysis of different regions, so there are certain limitations. In addition, policy interaction between regional governments is also a key factor affecting carbon emissions, but this paper does not consider the effect of policy interaction, future follow-up research will try to incorporate it into the analytical models.

Practical implications

An important practical implication of this research is that market integration should be regarded highly in China’s energy conservation and emission reduction efforts. The research results have important reference value for policy authorities to formulate relevant policies. That is, the government can play a more active role in the process of integration through breaking the regional blockade and interest barriers to comprehensively improve resource utilization efficiency and technical level, and ultimately achieve regional low-carbon development.

Originality/value

This paper explores the effects of market integration on China’s carbon emissions based on different methods and perspectives, and confirms that market integration plays a vital role in China’s carbon emissions through economic growth and technological progress. Notably, based on the studied results, some specific and practical suggestions are proposed in this paper so as to reduce carbon emission and realize the sustainable development of economy and society in China.

Details

Management Decision, vol. 59 no. 4
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 17 September 2019

Qingfeng Chen, Zhe Zhao, Wei Lan, Ruchang Zhang and Jiahai Liang

MicroRNAs (miRNAs) have been proved to be a significant type of non-coding RNAs related to various human diseases. This paper aims to identify the potential miRNA–disease…

Abstract

Purpose

MicroRNAs (miRNAs) have been proved to be a significant type of non-coding RNAs related to various human diseases. This paper aims to identify the potential miRNA–disease interactions.

Design/methodology/approach

A computational framework, MDIRM is presented to predict miRNAs-disease interactions. Unlike traditional approaches, the miRNA function similarity is calculated by miRNA–disease interactions. The k-mean method is further used to cluster miRNA similarity network. For miRNAs in the same cluster, their similarities are enhanced, as the miRNAs from the same cluster may be reliable. Further, the potential miRNA–disease association is predicted by using recommend method.

Findings

To evaluate the performance of our model, the fivefold cross validation is implemented to compare with two state-of-the-art methods. The experimental results indicate that MDIRM achieves an AUC of 0.926, which outperforms other methods.

Originality/value

This paper proposes a novel computational method for miRNA–disease interaction prediction based on recommend method. Identifying the relationship between miRNAs and diseases not only helps us better understand the disease occurrence and mechanism through the perspective of miRNA but also promotes disease diagnosis and treatment.

Details

Information Discovery and Delivery, vol. 48 no. 1
Type: Research Article
ISSN: 2398-6247

Keywords

Content available
Article
Publication date: 17 November 2020

David W. Knight, Lina Xiong, Wei Lan and Jian Gong

The purpose of this paper is to present initial findings from a vulnerability assessment based on the perceptions of practitioners working in four tourism and hospitality…

4842

Abstract

Purpose

The purpose of this paper is to present initial findings from a vulnerability assessment based on the perceptions of practitioners working in four tourism and hospitality sectors in Wuhan and Hubei Province, namely, cruise lines, hotels, travel agencies and touristic attractions.

Design/methodology/approach

The research note focuses on the coronavirus (COVID-19) outbreak from January to March 2020. Using the destination sustainability framework and an “interpretation” mixed methods research design, the authors analyze phone interviews (n = 151) and subsequent online surveys (n = 370) to assess sector-specific perceptions of exposure, sensitivity and system adaptiveness.

Findings

Overall, findings paint a grim picture of each sector in the short-term. All respondents reported an immediate economic loss due to COVID-19, as well as recovery concerns and uncertainties. Immediate actions for addressing these issues centered on internal cost control and governmental subsidies, while anticipated next steps focused on product adjustment, a transformation of business structures and seeking governmental guidance and policies in restoring market confidence. Findings also allude to future strategies/directions.

Research limitations/implications

This study is limited in its focus on practitioner views in the immediate COVID-19 outbreak. Implications highlight a crucial strategic dependence of each sector on effective government/managerial communication and support, with smaller, local businesses needing particular attention in crisis situations.

Originality/value

To the authors’ knowledge, this research note is the first comprehensive study presenting vital information pertaining to the impact of COVID-19 on tourism and hospitality businesses from a large group of business leaders in the site of the initial outbreak (i.e. Wuhan and Hubei Province). With the highly infectious COVID-19 representing an ongoing threat for populations worldwide, this paper hopes this research note provides valuable insights for practitioners in other vulnerable regions, as well as for researchers examining strategies for resilience against this and future disasters.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 12
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 25 January 2019

Ronghua Luo, Yi Liu and Wei Lan

Under the classical mean-variance framework, the purpose of this paper is to investigate the properties of the instability of minimal variance portfolio and then propose a…

Abstract

Purpose

Under the classical mean-variance framework, the purpose of this paper is to investigate the properties of the instability of minimal variance portfolio and then propose a novel penalized expected risk criterion (PERC) for optimal portfolio selection.

Design/methodology/approach

The proposed method considers not only a portfolio’s expected risk, but also its instability that is quantified by the variance of the estimated portfolio weights. This study tests the out-of-sample performance of various portfolio selection methods on both China and US stock markets.

Findings

It is very useful to control portfolio stability in real application of portfolio selection. The empirical results on both US and China stock markets show that PERC portfolio effectively controls turnover and consequently the transaction cost, and that is why it is so competing compared with other alternative methods.

Research limitations/implications

The findings suggest that the rebalancing turnover and the associated transaction cost that is usually ignored in theoretical analysis play a very important role in real investment.

Practical implications

For investors, especially institutional investors, the rebalancing turnover and corresponding transaction cost must be carefully addressed. The variance of the estimated portfolio weights is a good candidate to quantify portfolio instability.

Originality/value

This study addresses the important role of portfolio instability and proposes a novel expected risk criterion for portfolio selection after the quantitative definition of portfolio instability.

Details

China Finance Review International, vol. 9 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 6 March 2017

Wei Lan Chong, Kien Hwa Ting and Fan Fah Cheng

The purpose of this paper is to examine the impact of free cash flow (FCF) on the agency costs and how these FCF and agency costs affect the performance of REITs in Asia…

1077

Abstract

Purpose

The purpose of this paper is to examine the impact of free cash flow (FCF) on the agency costs and how these FCF and agency costs affect the performance of REITs in Asia. Unlike previous studies that focus on conventional public listed companies and non-regulated industry, the Asian REIT industry being a highly regulated industry provides a new context for further research.

Design/methodology/approach

The samples for this study comprise REIT data from four major Asian REIT countries, namely, Japan, Singapore, Hong Kong and Malaysia. These countries are the leaders in Asian REITs which account for 94 percent of the total market capitalization of REITs in Asia. The study period is from 2002 to 2012 using panel data. This study employs GMM method which is more robust compared to previous studies that used pooled ordinary least squares (OLS) and other panel data methods.

Findings

The results indicate that FCF and agency costs persist over time in Asian REITs even though REITs are in a highly regulated industry. The findings also imply that REIT managers face substantial costs when they wish to adjust to the equilibrium level of agency costs, whereby the optimum level is always dynamic and not constant over time and moves with the changes in the determinants of agency costs. These agency costs persist over time and have significant impacts on the performance of REITs in Asia.

Research limitations/implications

There are limited data in selling, general and administrative expenses in Asian REITs which render only limited use of selling, general and administrative expenses ratio in this empirical study on Asian REITs. For future research, researchers can embark on research studies on issues that might determine the speed of adjustment toward the equilibrium level of agency costs in Asian REITs.

Practical implications

For REIT regulators in Asia, this empirical study helps to provide useful information for policy planning and formulation in REIT corporate governance; and to transform the inherent satellite structure of the externally managed REIT structure into internally managed REIT structure. For REIT managers and practitioners, this empirical study serves as a reflection for them which helps them to be more aware of the dynamism of FCF and agency costs in REITs; and alert them that these FCF and agency costs persist over time which can have significant impacts on the REIT performance, return on assets and return on equity, REIT value and REIT return, respectively in Asia. Thus, they could consider internalizing their REIT management structure for better and more efficient management in REITs in order to mitigate the agency costs that are persistent over time. As a whole, this empirical study contributes significant benefits to all level of the REIT industry in Asia.

Social implications

This implies that the REITs in Asia should consider internally managed REIT structure since the agency costs persist over time and there are always dynamic and not constant over time and moves with the changes in the determinants of agency costs. The findings also imply that the regulators in Asian REITs should enforce absolute stringent corporate governance rules and regulations in order to govern the existing inherent satellite structure of the externally managed REITs in Asia.

Originality/value

This empirical study contributes significant benefits to all levels of the REIT industry in Asia and the current limited literature on Asian REITs by examining the impact of FCF and agency costs on the performance of REITs in Asia. This is the first research to embark on FCF and agency costs on REITs in Asia. Furthermore, this study employs GMM method which is more robust compared to previous studies that used pooled OLS and other panel data methods.

Details

Journal of Property Investment & Finance, vol. 35 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 5 January 2015

Xianlong Cao, Hongda Deng and Wei Lan

The purpose of this study was to evaluate the grey relational analysis method as a way of determining quickly the important factors affecting the atmospheric corrosion of…

Abstract

Purpose

The purpose of this study was to evaluate the grey relational analysis method as a way of determining quickly the important factors affecting the atmospheric corrosion of Q235 carbon steel in one year.

Design/methodology/approach

Atmospheric corrosion exposure tests on Q235 steel were carried out at seven typical test sites in China. The test period lasted one year. The corrosion rate of the Q235 test panels was determined using the weight-loss method and environmental factors were monitored and recorded by standard methods. The importance of the various environmental factors was evaluated using the grey relational analysis method.

Findings

The results obtained by the grey relational analysis method showed that the ranking order of factors affecting the corrosion of Q235 carbon steel from “slightly” to “severely” was as follows: relative humidity > dew days > SO3 > pH value of rain > rain precipitation > temperature > rainy days > Cl− > H2S > NO2. Furthermore, the initial atmospheric corrosion of Q235 carbon steel was recognized as being the corrosion of the smooth surface by water medium, or acidic aqueous solution.

Originality/value

Materials corrosion can be defined as a grey system because corrosion has a clear outcome and complex but uncertain characteristics. The grey relational analysis method, a part of grey system theory, is an effective and quick data processing method that can be used to sort out the degree of correlation of environmental factors affecting atmospheric corrosion in terms of it being a grey system with a lot uncertain information.

Details

Anti-Corrosion Methods and Materials, vol. 62 no. 1
Type: Research Article
ISSN: 0003-5599

Keywords

Article
Publication date: 8 February 2016

Jing Zhou, Wei Lan and Yingkai Tang

By integrating agency theory with the institution-based view, the purpose of this paper is to examine whether-and if so, how-the likelihood of completion of cross-border…

1494

Abstract

Purpose

By integrating agency theory with the institution-based view, the purpose of this paper is to examine whether-and if so, how-the likelihood of completion of cross-border acquisitions (CBAs) is influenced by institutional shareholders, in interaction with institutional quality and constraints both at the country and firm levels.

Design/methodology/approach

After controlling for endogeneity by the latent instrumental variable (LIV) approach, the authors test the hypotheses using a sample of CBAs undertaken by Chinese listed firms during the period 2002-2012.

Findings

The authors find that as institutional shareholders tend to enhance the quality of corporate governance, an overseas acquisition attempt undertaken by acquiring firm with greater institutional ownership is more likely to be completed. This relation is more prominent when the acquisition is exposed to inferior institutional context, such as when the target firm is domiciled in countries with weaker institutional quality, the acquiring firm is state-controlled, or the target is publicly traded in stock markets.

Research limitations/implications

An additional focus on the share-price reaction to the announcement or long-term alliance performance of such CBAs may reveal the relative importance of institutional shareholders in CBAs. The potential varying effects between domestic and foreign institutional investors deserve to be tested. Other factors, for instance antitrust laws, could be further studied.

Practical implications

The results will better inform and enhance governance and internationalization strategies of Chinese firms that are expected to undertake CBAs activities in areas such as the cooperation with institutional shareholders, the choice of target domiciled location, the reform of ownership structure, and the selection of target’s types in host country. In addition, given a broadly similar pattern of legal evolution between China and many other emerging countries since the 1990s (Peng and Heath, 1996), China’s experience may also provide valuable lessons and insights for firms from other emerging economies when undertaking CBAs activities in their internationalization strategies.

Originality/value

This study develops a theoretical link of firm-specific characteristics and country-level factors into an integrated analytical framework by applying agency theory in interaction with institution theory into literature on CBAs. This theoretical framework varies from most of extant studies often using a single theory into their analysis and would thus provide a new analytical train of thought for future studies.

Details

Management Decision, vol. 54 no. 1
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 21 June 2013

Xianlong Cao, Hongda Deng, Wei Lan and Pengjun Cao

The aims are to investigate the influence of different environmental parameters on atmospheric corrosion of carbon steel and to further emphasize the feasibility and…

Abstract

Purpose

The aims are to investigate the influence of different environmental parameters on atmospheric corrosion of carbon steel and to further emphasize the feasibility and importance of atmospheric corrosion monitor (ACM).

Design/methodology/approach

The experiment includes outdoor exposure test and laboratory simulation test. ACM as an electrochemical method was adopted in order to research the effects of the environmental parameters on the atmospheric corrosion of carbon steel.

Findings

The corrosion current of ACM can respond satisfactorily to the corrosion of carbon steel caused by different environmental factors, especially relative humidity. Sulfur dioxide can greatly accelerate the corrosion of carbon steel and the importance of sulfur dioxide is closely related to its concentration and relative humidity. Copper‐accelerated acetic acid salt solution is more aggressive than neutral salt solution, which may be due to sub acidity and copper ion in the former solution.

Originality/value

Recently, ACM seems to be ignored in the research of atmospheric corrosion when some new methods come up, but in practical applications it is a simple, direct and effective method that should be attached importance. This paper further verified the feasibility and effectiveness of ACM used in monitoring atmospheric corrosion and exploring the relationship between corrosion rate and environmental parameters.

Details

Anti-Corrosion Methods and Materials, vol. 60 no. 4
Type: Research Article
ISSN: 0003-5599

Keywords

Book part
Publication date: 13 December 2017

Qiongwei Ye and Baojun Ma

Internet + and Electronic Business in China is a comprehensive resource that provides insight and analysis into E-commerce in China and how it has revolutionized and…

Abstract

Internet + and Electronic Business in China is a comprehensive resource that provides insight and analysis into E-commerce in China and how it has revolutionized and continues to revolutionize business and society. Split into four distinct sections, the book first lays out the theoretical foundations and fundamental concepts of E-Business before moving on to look at internet+ innovation models and their applications in different industries such as agriculture, finance and commerce. The book then provides a comprehensive analysis of E-business platforms and their applications in China before finishing with four comprehensive case studies of major E-business projects, providing readers with successful examples of implementing E-Business entrepreneurship projects.

Internet + and Electronic Business in China is a comprehensive resource that provides insights and analysis into how E-commerce has revolutionized and continues to revolutionize business and society in China.

Details

Internet+ and Electronic Business in China: Innovation and Applications
Type: Book
ISBN: 978-1-78743-115-7

Content available
Article
Publication date: 16 August 2019

Xu Zheng and Stan Hurn

287

Abstract

Details

China Finance Review International, vol. 9 no. 3
Type: Research Article
ISSN: 2044-1398

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