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Based on the textual-analyzed data covering 2148 IPO firms in China’s stock market during the 2007–2018 period, the authors’ purpose is to examine the influence of anti-takeover provision (ATP) adoption on initial public offerings (IPO) underpricing and identify the reducing effect of the former.

The authors examine the sample consisting of Chinese A-share listed IPO firms between 2007 and 2018 from China Stock Market Accounting Research and Chinese Research Data Services, with ATP data collected from the IPO firm chapters. Specifically, the authors use text analysis to identify whether there are ATPs in the IPO firm chapters, as well as the number of ATPs. H1: IPO underpricing is less severe for firms adopting ATPs. H2: The effect of ATP adoption on IPO underpricing is more salient for firms in worse information environments.

The authors examine the influence of ATP adoption on IPO underpricing and identify the reducing effect of the former. This effect can be explained by the fact that adopting ATPs in IPO firm chapters can reduce information asymmetry to a large extent by helping external investors obtain more private information, which alleviates IPO underpricing. The authors also find that the reducing effect is more significant in the worsened information environment. Furthermore, the authors explore the influence of adopting ATPs on other IPO characteristics and find positive effects on IPO over-subscription, funds raised and trading activity and negative effects on listing fees.

This study mainly contributes to the literature from the following two aspects. First, the study enriches the literature about the influencing factors of IPO underpricing. Second, the study also enriches the literature about the economic consequences of ATP adoption. This study also has important policy implications. With the coming of the era of decentralized ownership in China’s capital market, ATP adoption has become more important and attracted more attention. Also, investors focus more on pricing efficiency. The findings in this paper provide a more comprehensive understanding of the relationship between ATP adoption and IPO underpricing.

In the crowd intelligence networking era, the smart connections of human, machines and things enable point-to-point trustable transactions and distributed efficient collaboration; the smart connections among government, enterprises, organizations and the public would enable active participation of the public in society management and decision-making and improve the efficiency of government management and services. All interactions among various agents can be viewed as the transaction activity. The social division of labor system drives the evolution of transaction. The transaction mode also differentiated into different patterns with the development of human society. What will be the intelligent transaction in the crowd intelligence networking era? What will be the transactions modes and rules in the crowd intelligence networking era? The answers to these questions are of great importance to the future development of transactions.

The authors review the evolution of traditional transaction and transaction modes and analyze the driving forces of it. They attempt to give the definitions of intelligent transaction and intelligent transaction mode. They also review the traditional transaction modes and rules, analyze the characteristics of the intelligent transaction and classify the intelligent transaction modes.

The authors find the intelligent transaction is mainly reflected in the intellectualization of transaction subject, transaction object and transaction process. They summarize the characteristics of intelligent transaction and develop four modes for the intelligent transactions based on the modularization level of the transaction objects and the quantity of transaction subjects, including the demand side and the supply side. The authors also show representative examples to further illustrate rules and features of these transaction modes and point out the potential research directions.

This study is among the first to analyze the characteristics of the intelligent transaction, and the proposed division framework of the intelligent transaction modes could not only add value to the future research of intelligent transaction modes and rules but also help to guide the transactions in the crowd intelligence network.

The paper aims to address the organizational transformation of firms for value creation resulting from cloud computing (CC).

With reference to the theory of organizational fit, we modeled organizational transformation as a function of five aspects of CC practice: functionality, data management, roles and competences of information technology services, control and organizational culture. The output variable was tested against a set of input variables defined with reference to the technology–organization–environment (TOE) and technology acceptance model (TAM). Based on a sample of 487 companies in seven countries in Europe, Asia, and the United States, the authors distinguished two groups of firms: transformational and hyper transformational.

The results highlight the key factors that determine whether a firm falls into one of these two groups, and include perceived usefulness and perceived ease of use, complexity and compatibility of CC technology, and adequacy of resources. Top management support and government policy are found to only play a role for the transformational group while, surprisingly, vendor support had no impact for either group.

This research contributes to the literature on the role of digital transformation in value creation and on digitization of firms and organizational design, notably by considering the contribution of CC to the organizational dimension. To the best of the authors’ knowledge, this is the first study to make the link between TOE and TAM models and organizational fit theory, thereby going beyond the general approach to adoption found in information system research.