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The purpose of this paper is to develop a capped barrier option framework to consider the politically preferential treatment for bank loans incentivized by government capital injections and calculate loan-risk sensitive insurance premiums.

This paper takes a capped barrier option approach to the market valuation of the equity of the bank and the liability of the deposit insurer. The cap demonstrates the dynamics of a politically connected borrowing firm’s asset and highlights the truncated nature of loan payoffs. The barrier addresses that default can occur at any time before the maturity date. The bank participating in a government capital injection program is required to fund the politically connected firm that has preferential access to financing.

Political connection as such makes the bank more prone to risk taking at a reduced interest margin, produces greater safety for the bank owing to government capital injections, and leads to increasing the fair deposit insurance premium. The positive effect of political connection on the deposit insurance premium, which ignores the cap and the barrier yields significant over-estimation.

The study on the politically connected borrowing firm shows that political connection is likely to affect the distressed bank’s performance, yielding the political-connection cost of a reduced bank interest margin and the political-connection benefit of a reduced bank equity risk, contributing the literature on political connection and bank bailout.

The purpose of this study is to investigate whether the likelihood that a firm will face financial statement fraud litigation is affected by the disclosure of internal control material weaknesses (MW) and the “busyness” of a firm’s board of directors.

The results are derived from logistic regression models and data are collected from the Audit Analytics database augmented by data from CompuStat, the Stanford Law School website and the SEC Accounting and Auditing Enforcement Releases. The authors also test for endogeneity with a propensity score matching procedure.

The authors find that an MW report is strongly associated with the likelihood of subsequent financial statement fraud litigation, and that the influence of entity-level MW on litigation likelihood is stronger than that of account-level MW. Moreover, the number of outside board directorships significantly increases the influence of entity-level MW on the likelihood of litigation, indicating that board of directors’ busyness significantly increases the risk of litigation.

Previous research notes that board members holding multiple directorships cannot effectively oversee the financial reporting process and, thus, are associated with poorer governance. The authors extend this implication of board busyness to the association between disclosure of MW type and the filing of subsequent litigation alleging financial statement fraud. To the best of the authors’ knowledge, no other research has done so.

Innovation is a key factor in assessing organizational success. The purpose of this paper is to examine how the organizational culture and operations strategy impact organizational innovation. It explores the influence of various combinations of organizational cultures and operations strategies on a firm’s ability to innovate both in process and product.

A conceptual model is developed which attempts to explain how the reciprocal and dynamic interactive relationship between organizational culture and operations strategy and innovation is structured. In total, 233 valid questionnaires were collected from 17 small- and medium-sized enterprises (SMEs) in Taiwan. Structural equation modeling was used to investigate the direction and strengths of the relationships and develop a comprehensive picture to illustrate the drivers of successful innovation.

The analysis and conclusions confirm the suitability of Culture–Strategy–Innovation Model and the detailed results demonstrate that a combination of innovative organizational culture and flexibility-oriented operations strategy has the strongest influence on a firm’s innovation process thereby improving their innovative organizational outcomes.

Although based on Taiwanese manufacturing industries these results provide useful insights for manufacturing industries in general. In alternative contexts, the combination of different dimensions of culture and strategy can be expected to cause different levels of success in innovation. This study provides robust evidence to explain the organizational climate needed to guide the innovative and flexibility considerations needed for SMEs in the manufacturing industry.

This is an empirical study which specifically investigates the activities of SMEs in the metal/plastic manufacturing industry in Taiwan and in particular examines organizational culture, operations strategies and innovation. The research model proposed and confirmed offers a new multi-dimensional structure of culture and strategy linked with their various related dynamic interrelationships and the drivers that impact organizational innovation.

This study aims to identify the individual and trip characteristics that are associated with intention to use peer-to-peer accommodation, including past experience (users vs non-users), accommodation preferences, traveler personality and tripographic variables.

To compare Airbnb users and non-users, quantitative research was conducted to test for group differences. A questionnaire was designed and administered face-to-face in major tourist areas. Quota sampling was used to ensure comparable samples of Airbnb users and non-users.

While Airbnb users and non-users expressed few differences in their demographics and perceived importance of accommodation attributes, the two groups vary in their perception of Airbnb and evaluation of Airbnb compared to hotels, suggesting some positive and negative changes after experiencing Airbnb. Respondents who were more allocentric were more likely to use Airbnb. Hotels were preferred for traveling with family as well as shorter trips, while Airbnb was preferred for traveling with friends as well as longer trips.

This study identified several challenges for Airbnb and other sharing platforms, including consumers’ security concerns, potential decrease in the likelihood of repeat usage and low likelihood of using Airbnb when traveling with family.

While previous studies focused more on existing customers of peer-to-peer accommodation, this study compared users and non-users and identified key differences in their perceptions. The use of traveler personality and tripographic variables to examine intention to use Airbnb provides a unique perspective to consider Airbnb as an “allocentric destination” and the type of trips that are more compatible with the Airbnb experience.

The purpose of this paper is to propose a novel strategy of optimal parameters configuration and placement for sensitive equipment.

In this study, clamped thin plate is considered as the foundation form, and a novel composite system is proposed based on the two-stage isolation system. By means of the theory of mechanical four-pole connection, the displacement amplitude transmissibility from the thin plate to precision equipment is derived. For the purpose of performing optimal design of the composite system, a novel multi-objective idea is presented. Multi-objective particle swarm optimization (MOPSO) algorithm is adopted as an optimization technique, which can achieve a global optimal solution (gbest), and selecting the desired solution from an equivalent Pareto set can be avoided. Maximum and variance of the four transmitted peak displacements are considered as the fitness functions simultaneously; the purpose is aimed at reducing the amplitude of the multi-peak isolation system, meanwhile pursuing a uniform vibration as far as possible. The optimization is mainly organized as a combination of parameter configuration and placement design, and the traversal search of discrete plate is performed in each iteration for the purpose of achieving the global optimum.

An important transmissibility based on the mechanical four-pole connection is derived, and a composite vibration isolation system is proposed, and a novel optimization problem is also defined here. This study reports a novel optimization strategy combined with artificial intelligence for parameters and placement design of precision equipment, which can promote the traditional view of two-stage vibration isolation.

Two-stage vibration isolation systems are widely applied to the vibration attenuation of precision equipment, but in these traditional designs, vibration participation of foundation is often ignored. In this paper, participation of foundation of equipment is considered, and a coherent new strategy for equipment isolation and foundation vibration is presented. This study shows a new vision of interdisciplinary including civil engineering, mechanical dynamics and computational science.

During the operation of a wet clutch, there are fluctuations in speed and torque, which have an impact on the stability of the clutch and the strength of the friction plate and the spline pair of the dual steel plate. The purpose of this study is to investigate the vibration characteristics of the wet clutch and the dynamic load characteristics of the spline pairs.

The spline pair model is established by the piecewise linear function method, and on this basis, dynamic equations considering the spline pair of dual steel plates and friction plates are established. Considering that the wet clutch has multiple spline pairs, an equivalent model of the number of teeth and the equivalent model of the tooth width were proposed, and the Runge-Kutta numerical method was used for the wet clutch for these two models.

The research results show that the equal tooth number model has greater meshing stiffness and smaller fluctuation than the constant tooth width model, which shows that increasing the meshing stiffness of the system is beneficial to reduce system fluctuation and improve system stability.

The friction plate has the system that multiple splines are independent of each other, which is relatively complicated. Therefore, an equivalent calculation is performed on multiple pairs of steel plates (friction plates) to simplify the calculation of the spline pairs.

This paper provides a theoretical basis for further dynamic characteristics analysis of wet clutch and reducing fluctuation of speed and torque.

Dynamic equation considering the spline pair of the dual steel plates and the friction plates is established to study the vibration characteristics of the wet clutch and the dynamic load characteristics of the spline pair, etc.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-03-2023-0078/

The purpose of this paper is to artificially construct a functional surface with self-propulsion flow characteristics for the directional transportation of propellant in surface tension tanks.

In this study, a method to enhance the propulsion efficiency by using functional surfaces of self-propulsion performance was proposed. Superhydrophilic wedged-groove with the superhydrophobic background was fabricated and the self-propulsion capacity was verified.

It is found that the self-propulsion capacity is related to the divergence angle of the wedged-groove in the hydrophilic area, and the velocity of the droplets on the deflector plate is the largest with the divergence angle of 4°; the temperature gradient field formed by the condensing device at the nozzle can accelerate the droplet outflow from the tank.

Realization of this idea provides an accurate control strategy for the complex flow process of propellant in plate surface tension tanks, which could enhance the efficiency of the tension tank significantly.

Precast wall lifting during prefabricated building construction faces multiple non-lean problems, such as inaccurate lifting-time estimation, unreasonable resource allocation and improper process design. This study aims to identify the pathways for improving lifting performance to advance lean construction of prefabricated buildings.

This study developed a methodological framework that integrates the discrete event simulation method, the elimination, combination, rearrangement and simplification (ECRS) technique and intelligent optimization tool. Two schemes of precast wall lifting, namely, the enterprise's business as usual (BAU) and enterprise-leading (EL) schemes, were set to benchmark lifting performance. Furthermore, a best-practice (BP) scheme was modeled from the perspective of lifting activity ECRS and resource allocation for performance optimization.

A real project was selected to test the effect of the methodological framework. The results showed that compared with the EL scheme, the BP scheme reduced the total lifting time (TLT) by 6.3% and mitigated the TLT uncertainty (the gap between the maximum and minimum time values) by 20.6%. Under the BP scheme, increasing the resource inputs produces an insignificant effect in reducing TLT, i.e. increasing the number of component operators in the caulking subprocess from one to two only shortened the TLT by 3.6%, and no further time reduction was achieved as more component operators were added.

To solve non-lean problems associated with prefabricated building construction, this study provides a methodological framework that can separate a typical precast wall lifting process into fine-level activities. Besides, it also identifies the pathways (including the learning effect mitigation, labor and machinery resource adjustment and activities’ improvement) to reducing TLT and its uncertainty.

This paper aims to experimentally investigate the elastic deformation behavior of surface texture in soft contacts under lubricated condition.

Dimples with two typical distribution patterns are fabricated on the contacting surface by Quasi-LIGA technique. In situ observation on the elastic deformation of contacting surface is performed through optical interferometry. Comparisons of the elastic deformation around the dimples in different distribution patterns are conducted.

The results show that the effect of dimple distribution patterns on elastic deformation becomes increasingly serious with the growth of applied load. Dimples in square distribution present a stronger interaction with each other and lead to a more alleviative deformation under heavier load condition. The action range of dimple, especially in square distribution, is seriously compressed by surrounding dimples.

Square distribution is preferentially suggested for surface texture with respect to minimum elastic deformation in soft contacts under elastohydrodynamic lubrication condition.

This study is the first that aims to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.

Multiple spatial weight matrices can capture the contiguity of spatial units from various dimensions, which could be exploited to improve the precision of inference as well as prediction accuracy. To the best of the authors’ knowledge, this is the first study to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.

With network structure analysis, this study finds that they contain different information content from the perspective of graphical display, node strength and correlation. Developed and emerging countries all play major roles in trade connection, while only developed countries play major roles in financial linkage. Second, by applying the multidimensional SAR model, only the spatial autocorrelation coefficients for trade and financial linkages are significant during the full sample period, which is in sharp contrast to published studies using the SAR model with a single matrix. Third, the spillover channels that play major roles in various periods are different. Only trade channel plays a role during crisis periods and it is the most important. Fourth, the spatial correlation among countries greatly amplifies the shock’s impacts on one market. And spatial effect for developed countries is larger than those for emerging countries, while the mean spatial effect of a unit shock in the USA on emerging countries is slightly greater than that on developed countries.

Multiple spatial weight matrices can capture the contiguity of spatial units from various dimensions, which could be exploited to improve the precision of inference as well as prediction accuracy. To the best of the authors’ knowledge, this is the first study to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.