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The purpose of this paper is to investigate the impacts of equity incentive on stock pricing efficiency, as well as the institutional investors’ response to equity incentive and its role in stock pricing efficiency.

Using a sample of 1,842 companies that announce implementing equity incentive schemes during the period 2009-2018, the authors compare the pricing efficiency between the firms with equity incentive and those without equity incentive, and companies that implement equity incentive before and after the implementation of equity incentive by using multiple regression and propensity score matching -DID (difference in difference) method. In addition, the multiple regression model is built to test the response of institutional investors to equity incentive and its role in the efficiency of stock pricing.

The empirical results indicate that a company’s stock price is influenced more by firm-specific information than systematic factors after it announces a stock-based compensation scheme. Institutional investors respond positively to companies that implement equity incentives. Among the companies that have implement equity incentive, the higher the shareholding ratio of institutional investors, the higher the efficiency of stock pricing.

The authors innovatively establish a connection between the implementation of equity incentive and the operation of stock market. The results imply that besides alleviating the agency problem, equity incentives can also improve the efficiency of stock pricing, which provide empirical evidence to support the positive effect of equity incentive.

This paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This paper helps to predict that the introduction of bankruptcy courts in China can mitigate price distortions caused by the implicit government guarantees and promote the development of the high-risk bond market.

This paper exploits the staggered introduction of bankruptcy courts across cities to implement a differences-in-differences strategy on bond issuance data. Using bonds issued in China between 2018 and 2020, the impact of bankruptcy courts on the bond issuance market can be analyzed.

This paper reveals that bond issuance credit spreads increase and is more sensitive to firm size, profitability and downside risk of issuance entity after the introduction of bankruptcy courts. It also reveals a substantive increase in bond issuance quantity and a decrease in issuer credit ratings following the establishment of bankruptcy courts. In addition, the increase of credit spreads is more prominent for publicly traded bonds, those whose issuers located in provinces with lower judicial confidence, bonds issued by SOEs and bonds with stronger government guarantees. Finally, the role of bankruptcy courts is more pronounced in regions with higher marketization.

This paper relates to previous studies that investigate the impact of laws and institutions on external financing. It helps provide new evidence to this literature on how improvements of efficiency and quality in bankruptcy enforcements relate to the marketization of bond issuance. The results provide further evidence on legal institutions and bond financing.

Close relationship with major customers, by curtailing opportunistic behaviors during private placements (PPs) and guaranteeing the production and sales of products after, is expected to facilitate the realization of PP’s strategic goals. However, major customers, on the contrary, may impair PP’s performance because of their strong bargaining power. Based on the transaction cost theory and relational contract theory, this paper aims to investigate the impact of major customers on firms’ strategic development in the context of private placements. The mechanisms of such impact are analyzed from the prospect of economies of scale, supervision and the rip-off effect by major customers. Further, the moderating role of the customer relationship investment (CRI) is considered.

Using a sample of China’s non-financial A-share listed firms during 2010-2016, this paper empirically investigates the impact of customer relationships on firms’ operating performance following PPs. In the main regressions, the sales growth rate serves as the dependent variable to measure PP’s operating performance, while the customer concentration proxies for the closeness of customer relationship. This study captures the impact of customer relationships on PPs’ performance by looking at the coefficient of the interaction term of post PP dummy and customer concentration. In the additional tests, selling and management expenses along with entertainment and traveling expenditures are used to measure customer relationship investment.

Results show that major customers help improve PPs’ strategic performance. The more concentrated the customer portfolio is, the higher operating performance will be after the PPs. Such a relationship is stronger when CRI is at a higher level. However, CRI also incurs costs, which impairs the effect of major customers on net profit. Further research finds that the effect of major customers is more pronounced in situations of extensional PPs, with actively interactive customers and in non-state-owned firms. In addition, state-owned customers with strong bargaining power have impaired the role of customers in promoting PP’s operating performance.

This paper validates the role of customers in firms’ strategic development. The study not only contributes to the research on the economic consequences of customers but also adds to the evolving literature of factors affecting the performance of PPs. The findings of the study have important practical implications for both customer relationship management and the supervision of PPs.

Drawing on the cognitive–affective–conative framework, this study aims to develop a model of service robot acceptance in the hospitality sector by incorporating both cognitive evaluations and affective responses.

A mixed-method approach combining qualitative and quantitative methods was used to develop measurement and test research hypotheses.

The results show that five cognitive evaluations (i.e. cuteness, coolness, courtesy, utility and autonomy) significantly influence consumers’ positive affect, leading to customer acceptance intention. Four cognitive evaluations (cuteness, interactivity, courtesy and utility) significantly influence consumers’ negative affect, which in turn positively affects consumer acceptance intention.

This study provides significant implications for the design and implementation of service robots in the hospitality and tourism sector.

Different from traditional technology acceptance models, this study proposed a model based on the hierarchical relationships of cognition, affect and conation to enhance knowledge about human–robot interactions.

To better understand what inhibits people from participating in collaborative consumption, this paper aims to develop research models of users and non-users to examine the relationship between perceived risks and intentions to use peer-to-peer (P2P) accommodation. Moreover, differences of risk perceptions and behavioral intentions between P2P accommodation users and non-users were identified.

The method of convenience sampling was used to collect data. Excluding the invalid questionnaires, 520 were kept for further analysis. In this paper, SPSS and partial least squares (PLS) were used to analyze the data.

The findings highlighted the important role of perceived risks in determining tourists’ intentions to use P2P accommodation. The results showed that non-users have higher perceived risks in regards to all four risk dimensions (psychological risk, physical risk, performance risk and social risk), and they also have significantly lower behavioral intentions to use P2P accommodation than the users. For users, only the psychological risk has significant negative effects on behavioral intentions, while for non-users, both psychological and physical risks are important inhibitors.

This paper contributes to a better understanding of the antecedents that influence consumers’ participation in collaborative consumption in the P2P accommodation domain. Second, it extends the literature on perceived risk by discussing users and non-users in this market. Finally, this research provides insights into the P2P accommodation market in China, which enables online travel platforms to develop targeted marketing strategies.

为更好了解协同消费的顾客参与，本论文构建了使用者和非使用者模型来检验其感知风险和使用P2P住宿行为意向的关系。此外，本论文也试图探讨使用者和非使用者在感知风险和行为意向方面的差异。

研究样本采取方便抽样方式，共回收520份有效问卷。本论文采用SPSS和偏最小二乘法（PLS）分析数据。

研究结果凸显了感知风险对影响游客使用P2P住宿的重要作用。P2P 住宿非使用者不仅有更高的感知风险（表现在四个风险维度上：心理风险，身体风险，性能风险和社会风险），而且比使用者有更低的使用意向。对于使用者来说，只有心理风险对行为意向有显著地影响作用；对于非使用者，心理风险和身体风险都是影响行为意向的因素。

本论文对于阻碍P2P住宿的参与因素进行了深入探讨。其次，本论文通过讨论使用者和非使用者的差异拓展了感知风险相关研究。最后，本论文研究了P2P住宿业在中国的市场情况，为在线旅行平台开发目标市场策略提供了启示。

P2P 住宿，Airbnb, 感知风险，使用者和非使用者，行为意向

The purpose of this study is to present a holistic review of journal articles on value cocreation in the tourism and hospitality field. By distinguishing similarities and differences in the contexts of China and other regions, the authors identify targeted research directions.

This study collected 438 English articles and 31 Chinese articles on value cocreation in tourism and hospitality published in the Web of Science, Scopus and China National Knowledge Infrastructure online databases. After analyzing the study location of all articles in the sample, the authors identified 79 English-language articles that adopted China as the context of the study. The first data set included non-China-focused publications and the second data set included China-focused publications. A comparative bibliometric methodology was conducted.

The results indicate similarities and differences between the two data sets in terms of research methods, topics and future research directions. Seven major concepts were identified in the first data set: hospitality value cocreation; the value generation process; key stakeholders; outcome variables; the application of service-dominant logic; peer-to-peer accommodation and destination management. Four research focuses were identified in the second data set: the application of customer-dominant logic; the value generation process; resource integration and the cocreation experience.

This research contributes to the understanding of tourism and hospitality cocreation systems through literature analysis and encourages future research on the nexus of the Chinese and global contexts. This systematic investigation extends the concept of value cocreation by integrating its implementation process and value categories and further evaluates the consequences and benefits of value cocreation, which helps clarify how winners and losers can adjust their strategies accordingly.

The originality of this paper lies in the adopted comparative bibliometric analysis which comprehensively reviewed and compared the characteristics of value cocreation research across two contexts. In addition, the study dialectically assesses Chinese tourism cocreation phenomena and their impacts from a global perspective.

The purpose of this study is to investigate the influence of rotational speed on the oil film stability of the hydrostatic rotary table having double rectangular oil pads. The oil film stability is evaluated based on the oil film stiffness under constant load condition and the displacement response amplitude of the oil film under disturbance load condition.

The oil film stability theoretical equations of the double rectangular oil cavity are deduced such as oil film stiffness, damping and dynamic equations. A simulation model is developed to analyze the relationship among oil film temperature, oil film pressure fields and oil film stability. The user-defined function programs are used to control the rotational speed, lubricant viscosity and oil film thickness during the simulation. In addition, an experimental rig is built to test the simulation results.

This study shows that oil film stability decreases with increasing rotational speed under constant load and disturbance load. The trend of oil film stability decreased slowly within 30 r/min, and then rapidly. However, since the hydrodynamic pressure effect, the decrease rate of stability is mitigated under constant load and high rotational speeds.

The conclusions can provide a theoretical basis for improving the oil film stability of machines with similar hydrostatic support structure.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-07-2024-0267/

Building on social exchange theory and selection, optimization and compensation theory, this study aims to examine a moderated curvilinear relationship between servant leadership (SL) and work-family conflict (WFC).

Participants were 329 female workers recruited from a Chinese small business in the service Industry. A three-step hierarchical regression was conducted to examine the relationships among the variables and the incremental contribution of SL and age and the squared term of SL.

Study results confirmed a curvilinear relationship between SL and WFC and the moderating effect of age. When younger female employees perceived a moderate range of SL from their supervisors, they reported higher WFC compared to the low or high level of perceived SL. On the contrary, senior female employees reported a lower level of WFC when they perceived a moderate level of SL than when they perceived very low or high levels.

SL research has experienced a period of exponential growth in the past decade. This study advanced the field of leadership by arguing that SL perceived by female employees is curvilinearly related to WFC and the curvilinear relationship is moderated by age.

As live streaming becomes a widely used online sales mode, previously content-centred anchors are attempting to switch to e-commerce live streaming. The purpose of this research was to explore the mechanisms that prompt consumers to stay or leave after content anchors transfer to live e-commerce broadcasts. In addition, we explored the factors affecting consumption from the perspectives of anchors, consumers and the external environment.

We distributed questionnaires to a group of fans who had experienced the transition of content anchors to live streaming and received back 375 valid questionnaires. Using psychological contract theory, we constructed a theoretical model for the scenario in which content anchors transition to live e-commerce broadcasting and analysed the data using partial least squares structural equation modelling (PLS-SEM).

The results show that circle culture, mainstream culture, initial trust and live streaming content all positively influenced consumers’ attitudes, whilst consumers’ past shopping experiences negatively influenced consumers’ attitudes. The personal charm of the content anchors did not have a significant effect on consumers’ attitudes. Additionally, we found that only anchors with a significant circle culture and good trust levels amongst fans were able to transition to live e-commerce streaming successfully.

This study extends the application of psychological contract theory to the field of e-commerce and describes the transformation of different types of psychological contracts. The paper’s conclusions provide a reference for decision-making and the implementation of transformation by content-based anchors to live streaming, helping them to coordinate their relationships with fans more effectively.

Social media's role in engaging participants in sports events, particularly during the pandemic, is acknowledged. However, previous studies often utilized sports events for diverse objectives but overlooked brand equity's influence on sports event development. And very limited research explores social media's impact on brand equity in esports events, despite its significance. Therefore, this study aims to explore how social media affects esports event brand equity and participants' satisfaction and engagement with social media through brand equity's influence.

The study focused on League of Legends World Championships (LOLWC) participants, who completed a self-judged questionnaire online. The questionnaire included demographic details and latent constructs. Data analysis involved two steps: exploratory factor analysis (EFA) to assess measurement scale validity and structural equation modeling (SEM) to study relationships between traits.

The results reveal that, within the esports event context, controlled communication exerts a meaningful and dual impact – both directly and indirectly – on the fundamental components of brand equity. This, in turn, serves as a catalyst for increasing participant contentment and their posting intention.

This study applies brand equity theories to the esports domain, exploring participant-based brand equity concepts, user behavior and the influence of social media communication on event branding and engagement. It also recommends strategies for event improvement, emphasizes controlled communication for brand equity and highlights marketing's role in brand awareness, association and participant satisfaction. Additionally, it suggests government regulation to address cyber violence during esports events.