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Although technological diversification is often understood as an explorative activity, the authors argue that it can also be explained as exploitation. The purpose of this paper is to examine how exploitative technological diversification (ETD) affects firm performance and what factors may moderate this relationship.

The sample consists of 1,569 Chinese listed firms with 7,555 observations from 2003 to 2014. Patent data were collected from the State Intellectual Property Office, while financial information was collected from the China Stock Market and Accounting Research database. The system generalised method of moments model was used for testing the hypotheses.

The empirical findings indicate that the relationship between ETD and firm performance is inversely U-shaped. Moreover, this relationship is negatively moderated by environmental munificence, which refers to the availability of resources in the environment where the firm operates, and positively moderated by environmental dynamism, which refers to the extent of volatility and unpredictable change in firms’ external environments.

Overlooking ETD limits applications of diversification logic and the precision of their predictions. This paper tries to fill this gap by empirically testing the relationship between ETD and financial performance.

Firms’ corporate social responsibility (CSR) behaviour is embedded in the institutional context. Under this logic, the purpose of this paper is to investigate the institutional antecedents of CSR, especially how two sub-national institutions – regional institutional development and industry dynamism – and their interactions affect firms’ CSR.

The sample consists of 608 Chinese listed firms, with 2,694 observations made from 2009 to 2014. The data were collected from two sources. The CSR information was acquired from the CSR rating agency Rankins CSR Ratings, and the financial data from the China Stock Market and Accounting Research database. Panel ordinary least squares regression was used to test the hypotheses.

The empirical results indicate that firms located in advanced regional institutions and more dynamic industries are more likely to engage in CSR. Moreover, macro institution, termed as regional institutional development, positively moderates the relationship between micro institution in terms of industry dynamism and CSR.

Overlooking how the institutional environment influences CSR decisions limits understanding of firms’ CSR activities. This paper offers an institutional explanation of CSR and, in particular, investigates different levels of sub-national institutions and their interaction.

Using volatility cones as the estimate of actual volatility instead of GARCH models, the purpose of this paper is to explore whether volatility arbitrage strategy can provide positive profits and how the transaction costs existed in the real market affect the effectiveness of volatility arbitrage strategy.

A number of hedging approaches proposed to improve the hedging results and final returns of Black-Scholes model are analyzed and compared.

The general finding is that volatility arbitrage strategy can provide satisfactory returns based on the samples in Chinese market. Regarding transaction costs, the variable bandwidth delta and delta tolerance approach showed better results. Besides, choosing futures together with ETFs as hedging underlying can increase the VaR for better risk management.

This paper offers a new method for volatility arbitrage in Chinese financial market.

This paper researches the profitability of the volatility arbitrage strategy on ETF 50 options using volatility cones method for the first time. This method has advantage over the point-wise estimation such as GARCH model and stochastic volatility model.

Digital healthcare has become one of the most important Internet applications in the recent years, and digital platforms have been acting as interfaces between the patients and physicians. Although these technologies enhance patient convenience, they create new challenges in platform management. For instance, on physician rating websites, information overload negatively influences patients' decision-making in relation to selecting a physician. This scenario calls for an automated mechanism to provide real-time rankings of physicians. Motivated by an online healthcare platform, this study develops a method to deliver physician ranking on platforms by considering patients' browse behaviors and the capacities of service resources.

The authors use a probabilistic model for explicitly capturing the browse behaviors of patients. Since the large volume of information in digital systems makes it intractable to solve the dynamic ranking problem, we design a ranking with value approximation algorithm that combines a greedy ranking policy and the value function approximation methods.

The authors found that the approximation methods are quite effective in dealing with the ranking optimization on the digital healthcare system, and it is mainly because the authors incorporate the patient behaviors and patient availability in the model.

To the best of the authors’ knowledge, this is one of the first studies to present solutions to the dynamic physician ranking problem. The ranking algorithms can also help platforms improve system and operational performance.

The purpose of this paper is to explain how post-1997 Hong Kong has been perceived in Taiwan and to critically evaluate the demonstration effects of Hong Kong under the “One Country, Two Systems” policy on cross-strait relations.

“Today’s Hong Kong, Tomorrow’s Taiwan” has become a dominant discourse in cross-strait relations in recent years. The paper has adopted discourse analysis of selected texts during and after the 2014 Sunflower Movement to elucidate the disapproval of the developments of post-handover Hong Kong and the construction of the Movement’s self-identity.

It has observed the following arguments which shaped the prevailing perceptions among critics of the “One Country, Two Systems” policy: political infiltration of China in Hong Kong could be extended to Taiwan in the sense that the Beijing authorities would adopt the identical approach to manipulate Taiwan through the cross-strait trading agreements; negative perceptions and images of China and Chinese capitals as a collective aggressor and a threat, raising fear and worries in both Hong Kong and Taiwan; and Kuomintang, as a ruling party at that time under the leadership of President Ma Ying-jeoh, was dismissed by protesters as an incompetent gatekeeper and defender of Taiwan’s interests.

The pervasive sentiments and perceptions about post-1997 Hong Kong has been articulated discursively by the young activists in Taiwan and Hong Kong into a statement – “Today’s Hong Kong, Tomorrow’s Taiwan” – which has brought about a somewhat unexpected bonding effect between Hong Kong and Taiwan through a strong disapproval of “One Country, Two Systems” and the China factor, which has be reproduced, delivered and circulated in both societies since 2014.

Micro ultra-thin tubes have important implications in aerospace, nuclear energy and other fields. In microassembly process, these parts are characterized by following reasons: the small size can easily lead to damage when gripping, even for low intensity and the parts are mainly affected by the instability of light source, for vision-based systems, the visual information about ultra-thin tubes is difficult to gather and the contact state is hard to monitor.

The paper presents a new method to adjust the position deviations based on contact forces during microassembly processes. Specific research is such that the assembly model was established based both on mechanic calculation and numerical simulation; the assembly task was carried out on an in-house microassembly system with coaxial alignment function (MSCA), the contact statements were controlled based on force sensor feedback signals and the model of the relationship between contact force and assembly deviations was established. Through a comparative study, the results of experiment and simulation differ by less than 11 per cent, validating the accuracy and feasibility of the method.

The model of assembly force and position deviations of micro ultra-thin tubes based on MSCA has been built. Besides, the assembly force threshold, and the assembly process parameters have been obtained.

The assembly process parameters obtained from experiments can be applied in the precision assembly and provide theoretical guidance and technical support to the precision assembly of the multi-scale parts.

The purpose of this paper is to propose a buoyancy-gravity adjustment device and a fuzzy intelligent controller for the depth control of a storage tank in-service inspection robot.

The structure of the robot is first designed based on the construction of the bottom of a crude oil tank and explosion-proof requirements. The buoyancy-gravity adjustment system is used to control the vertical movement of the robot. The motion analysis of the robot indicates that the diving or rising process is influenced by hydrodynamic force and umbilical cord tension. Considering the nonlinear model in-depth control, a fuzzy intelligent controller is proposed to address the depth control problem. The primary fuzzy controller is used to compensate for initial error with fast response. The secondary fuzzy controller is activated by an intelligent switch to eliminate the steady error.

The proposed fuzzy controller can better solve the complicated hydrodynamic problem of the coupling of umbilical cord and the robot during depth control by classifying the error values of depth, velocity and acceleration.

The buoyancy-gravity adjustment device and the depth control system of the robot can move through the heating coils by safe and accurate diving or rising.

This paper aims to investigate, in China stock market, whether the reputation loss of a firm caused by financial restatements will lead to significant economic consequences such as financial distress and how a firm should respond to such a crisis.

This paper uses Chinese A-share listed firms from 2004 to 2013 as research samples to test research hypotheses using regression analyses.

This paper finds a significant relationship between restatements and financial distress, and such a relationship will be affected by both the type and the magnitude of restatements. More importantly, we find joint effects of restatements and state ownership on financial distress, which provides a unique contribution to the extant literature in restatement, financial distress and crisis management using Chinese stock markets data. It shows that ownership structure, affecting the firm reputation and crisis responses strategies, plays a significant role in consequences of restatements, and it is more important for state-owned enterprises (SOEs) to undertake an appropriate crisis response strategy to reduce the negative impact of restatements.

The results suggest that the damage to a firm’s reputation caused by restatements is affected by restatement type and state ownership. To reduce the negative consequences and avoid financial distress, firms should consider both the restatement type and their firm characteristics when deciding different actions to respond to restatements. In particular, SOEs should act in a more timely manner and take reputation-rebuilding actions such as taking the responsibility and making apologies and taking prompt remedial actions after restatements to regain the public trust and avoid more serious economic consequences. The Chinese government should strengthen their supervisions of SOEs and put more effort to help SOEs reduce administrative procedures, and to improve the efficiency of the implementation of recovery plans after restatements to reinstate firm credibility.

First, this paper is among the first to link financial restatement, including the type and magnitude of restatements, with financial distress, and the authors find a significant relationship between restatement type and financial distress in China stock markets. Second, this paper is the first to examine whether there is a joint effect of state ownership and restatements on financial distress. Third, this study examines how the magnitude and pervasiveness of restatements influence financial distress and find that both result in an increase of financial distress. Finally, this paper is among the first to connect crisis management and accounting literature to explain how a reputation loss caused by financial restatement may damage a firm’s value and subsequent performance, and based on which to suggest crisis-responses strategies.

The purpose of this paper is to analyze and control the thermally induced vibration of orbiting smart satellite panels, which have been modeled as functionally graded material (FGM) beams.

It is assumed that the satellite moves in a circular orbit and has pitch angle rotation maneuver. Rapid temperature changes at day–night transitions in orbit generate time dependent bending moments that induce vibrations in the appendages. So, the heat radiation effects on the appendages should be considered. The thermally induced vibrations of the appendages and the nonlinear heat transfer equation are coupled and should be solved simultaneously. So, the governing equations of the motion are nonlinear and very complicated ones. A robust passivity-based controller is proposed to control the satellite maneuver and appendages vibrations, using piezoelectric sensors/actuators.

After the simulation, the effects of the heat radiation, piezoelectric actuators and piezoelectric locations on the response of the system are studied. The results of dynamic response and thermal analysis show that the radiation thermal effects are coupled with structure dynamic. These effects induce the vibration. Also, the effectiveness and the capability of the controller are analyzed. The results of the simulation show that the robust passivity-based control can ensure that the satellite rotates in the desired trajectory and vibrations of the appendages are damped. It demonstrates that the proposed control scheme is feasible and effective.

The paper is the basis of deriving the governing equations, thermal analysis and a robust control system design of a smart satellite with FGM panels.