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The purpose of this paper is to determine the market‐value relevance of frontier efficiency scores and to test hypotheses from corporate control and production theory by analyzing the market response to US property–liability (P–L) insurer acquisitions and divestitures.

Cost and revenue efficiencies are estimated based on accounting data for US P–L insurers using data envelopment analysis. The market‐value response to acquisitions and divestitures is estimated using a standard market model event study. Regression analysis is used to measure the relationship between abnormal returns (dependent variable) and efficiency (independent variable), along with a set of control variables.

The results show that acquirers, targets and divesting firms all have significant positive abnormal returns around announcement dates. We also find that efficient acquirers and targets have higher cumulative abnormal returns (CAR) but inefficient divesting firms have higher CARs.

The findings are consistent with insurance acquisitions and divestitures being driven primarily by value‐maximizing motivations, consistent with corporate control and production theory.

Frontier efficiency scores based on accounting data provide value‐relevant information for insurance managers.

This is one of only a few papers that relate frontier efficiency to market values and is the first paper to do this for the insurance industry. It is also one of only two existing papers that analyze the value relevance of efficiency scores in the context of mergers and acquisitions.

This chapter explores the role of iconic architecture in the development and promotion of urban megaprojects (UMPs) in globalizing cities. Iconic architecture is defined in terms of fame and aesthetic/symbolic significance. The argument is framed within the concept of the culture-ideology of consumerism. While the focus is on two case studies – the grands projets in Paris and UMPs in major Chinese cities since the 1980s – the chapter seeks to demonstrate the increasing importance of iconic architecture for UMPs around the world. The chapter utilizes official sources, scholarly research, and reports in the mass media to support the arguments, all within the context of a theoretical framework developed over the last two decades and widely published by the author, to explain how capitalist globalization works. Within the context of the culture-ideology of consumerism, the widely accepted rationale for capitalist globalization, the production and marketing of what has been increasingly identified as iconic architecture is the main route to achieving the profits – financial, political, and cultural – deemed necessary for the success of UMPs all over the world. The chapter presents the first available analysis of the key role of the transnational capitalist class in the production and marketing of iconic architecture in urban megaprojects, thereby offering a systemic explanation of the growth and characteristics of urban megaprojects in the era of capitalist globalization.

This paper aims to examine the role of learning orientation in building brand equity for B2B firms. The present research proposes that learning orientation contributes to the development of innovation and marketing capabilities and, in turn, leads to enhanced industrial brand equity. Furthermore, the moderating effect of firm size in these processes is investigated.

The hypotheses are tested by administering a survey with a set of managers of manufacturing firms in China.

Innovation capability and marketing capability serve as the mediators between learning orientation and industrial brand equity. The mediating path through innovation capability is stronger for small firms than for large firms.

Learning orientation provides a cultural base for B2B firms to cultivate brand equity. Measurement of industrial brand equity and contingency of its effect requires further investigation.

To transform learning-oriented culture into brand equity, firms need to develop and manage innovation and marketing capabilities. The learning orientation–innovation capability route is more beneficial for small firms.

While a majority of prior literature ignores the impact of organizational culture in driving industrial brand equity, the present research explores learning orientation as a key cultural antecedent of industrial brand equity. A more refined industrial-brand-equity-building mechanism from learning orientation to corporate capabilities and then to brand equity is proposed and tested. The mechanism varies with firm size.

The purpose of this study is to examine the effect of stakeholder orientation in mediating the impact of female directors on environmental innovation. The authors argue that female directors are eco-friendly and more concerned with multi-stakeholder interests and demands. Thus, they promote environmental innovation by including more stakeholder-oriented values and beliefs in firm decision-making.

As the dependent variable in this study is a nonnegative count variable, the authors use a count data model based on Poisson regression. A sample of Chinese listed firms between 2010 and 2020 is used to test the hypotheses.

The results of this study show that female directors can enhance environmental innovation. Further, stakeholder orientation represents an intermediate channel that accounts for the effects of female directors on environmental innovation. This suggests that having women on a board can lead to better stakeholder management, which, in turn, positively affects environmental innovation. The authors also reveal that female directors contribute more to stakeholder orientation with the presence of female chairpersons.

A significant limitation in the literature is that little attention has been paid to the mechanisms linking female directors to firm outcomes. In the context of environmental innovation, while previous studies have investigated the influence of female directors on environmental innovation, the underlying channels of that influence remain largely unexplored. Therefore, the findings of this study advance the understanding of the effects of female directors on environmental innovation by revealing an important underlying channel – stakeholder orientation.

This research aims to explore the nature of Chinese students' mental health information needs and to identify the online resources they use to meet those needs.

Data was collected from three Chinese research-oriented universities using semi-structured interviews and a survey. Twenty-five university students with varied backgrounds were selected for semi-structured interviews to explore the triggers and nature of their needs. Then, printed and online questionnaires were distributed to undergraduate and postgraduate students and 541 valid responses were processed for descriptive statistical analysis and variance analysis.

The following findings were incurred. First, the triggers of university students' mental health information needs mainly are mental health being in the news, personal interest in gaining mental health knowledge, mental health issues, required formal learning and preparation for mental health counselling. Second, eleven types of information are used, with an emphasis on employment pressure, study stress and self-understanding. Third, mental health information needs differ with mental health status and some social-demographic factors (including gender, urban or rural origin and educational stage). Fourth, information needs can be characterized as dynamic; complex and diverse but concentrated on a few types; ambiguous and hard for participants to define; private; stigmatized; self-dependent and substitutable. Fifth, Internet sources used to meet such needs are mainly search engines, Question and Answer platforms, public social media platforms. Finally, a model of mental health information needs was built based on the above findings to map the whole process from what triggers a need, to the content and characteristics of information need, and online resources used to meet those needs.

The paper provides suggestions for university mental health services in developing more tailored knowledge contents via effective delivery methods to meet diverse needs of student groups.

This research is novel in using empirical data to build a holistic model that captures the context and the nature of mental health information needs of university students.

Building upon the framework of glocalization, the purpose of this paper is to summarize the development of National Basketball Association (NBA) in Chinese market, explore its successful and unsuccessful places, and propose strategies of glocalization for the NBA as well as other overseas sport leagues.

The current case study was organized by summarizing the developmental history of NBA in China, analyzing its current promotional practices, investigating into its marketing strategies, and extrapolating practical references for other sport leagues aiming to penetrating into the Chinese marketplace.

The current case study concluded that when facing the current challenges, the NBA needs to bring authentic American cultural commodities while adding Chinese characteristics to accommodate local fans. Meanwhile, the NBA management needs to continue seeking ways to work out and through the differences in government models and cultural contexts between China and USA. In addition, this study suggested that the research framework of glocalization would be an ever intriguing inquiry needed for other sport organizations or leagues seeking expansion to overseas markets.

A thorough case study with the NBA that has achieved huge successes in Chinese markets will provide valuable implications for sport leagues to broaden their overseas markets.

Since the introduction of VIX to measure the spot volatility in the stock market, VIX and its futures have been widely considered to be the standard of underlying investor sentiment. This study aims to examine how the magnitude of contango or backwardation (MCB volatility risk factor) derived from VIX and VIX3M may affect the pricing of assets.

This paper focuses on the statistical inference of three defined MCB risk factors when cross-examined with Fama–French’s five factors: the market factor R_m–R_f, the size factor SMB (small minus big), the value factor HML (high minus low B/M), the profitability factor RMW (robust minus weak) and the investing factor CMA (conservative minus aggressive). Robustness checks are performed with the revised HML-Dev factor, as well as with daily data sets.

The inclusions of the MCB volatility risk factor, either defined as a spread of monthly VIX3M/VIX and its monthly MA(20), or as a monthly net return of VIX3M/VIX, generally enhance the explanatory power of all factors in the Fama and French’s model, in particular the market factor R_m–R_f and the value factor HML, and the investing factor CMA also displays a significant and positive correlation with the MCB risk factor. When the more in-time adjusted HML-Dev factor, suggested by Asness (2014), replaces the original HML factor, results are generally better and more intuitive, with a higher R² for the market factor and more explanatory power with HML-Dev.

This paper introduces the term structure of VIX to Fama–French’s asset pricing model. The MCB risk factor identifies underlying configurations of investor sentiment. The sensitivities to this timing indicator will significantly relate to returns across individual stocks or portfolios.

This paper aims to investigate whether close auditor-client relationships affect audit quality over the tenure of the audit partner and the potential role of partner rotation in mitigating this effect.

Using the Chinese mandatory audit partner rotation setting, the authors identify the existence of a close auditor-client relationship if the audit partner tenure with a client is larger than the audit firm tenure with that client. The sample period (1998–2009) is divided into voluntary and mandatory rotation periods when examining the effects of audit partner tenure on audit quality for the normal and close auditor-client relationship subsamples, respectively. The authors also conduct a propensity score matching analysis to address a selection issue.

The paper finds that under the voluntary partner rotation regime, audit quality decreases with audit partner tenure for the subsample with close auditor-client relationships, whereas this effect is not shown in the normal relationship subsample. However, audit quality no longer declines with audit partner tenure under the mandatory partner rotation regime.

This is the first study that directly examines the effect of audit partner tenure on audit quality associated with close auditor-client relationships under the voluntary and mandatory partner rotation regimes.

The purpose of the study is to investigate the impact of implementing anti-dumping duties on imported Australian wine to China in the short- and long-run, respectively.

First, the Difference-in-Differences (DID) method is used in this study to evaluate the short-run causal effect of implementing anti-dumping duties on imported Australian wine to China. Second, a Bayesian ensemble method is used to predict 2023–2025 wine exports from Australia to China. The disparity between the forecasts and counterfactual prediction which assumes no anti-dumping duties represents the accumulated impact of the anti-dumping duties in the long run.

The anti-dumping duties resulted in a significant decline in red and rose, white and sparkling wine exports to China by 92.59%, 99.06% and 90.06%, respectively, in 2021. In the long run, wine exports to China are projected to continue this downward trend, with an average annual growth rate of −21.92%, −38.90% and −9.54% for the three types of wine, respectively. In contrast, the counterfactual prediction indicates an increase of 3.20%, 20.37% and 4.55% for the respective categories. Consequently, the policy intervention is expected to result in a decrease of 96.11%, 93.15% and 84.11% in red and rose, white and sparkling wine exports to China from 2021 to 2025.

The originality of this study lies in the creation of an economic paradigm for assessing policy impacts within the realm of wine economics. Methodologically, it also represents the pioneering application of the DID and Bayesian ensemble forecasting methods within the field of wine economics.