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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.

This study investigates how social interaction-oriented content in broadcasters' live speech affects broadcast viewers' purchasing and gift-giving behaviors and how broadcaster popularity moderates social interaction-oriented content's effect on the two different behaviors in live-streaming commerce.

A research model was proposed and empirically tested using a panel data set collected from 537 live streams via Douyin (the Chinese version of TikTok), one of the most popular live broadcast platforms in China. A fixed-effects negative binomial regression model was used to examine the proposed research model.

This study's results show that social interaction-oriented content in broadcasters' live speech has an inverted U-shaped relationship with broadcast viewers' purchasing behavior and shares a positive linear relationship with viewers' gift-giving behavior. Furthermore, broadcaster popularity significantly moderates the effect of social interaction-oriented content on viewers' purchasing and gift-giving behaviors.

This research enriches the literature on live-streaming commerce by investigating how social interaction-oriented content in broadcasters' live speech affects broadcast viewers' product-purchasing and gift-giving behaviors from the perspective of broadcast viewers' attention. Moreover, this study provides some practical guidelines for developing live speech content in the live-streaming commerce context.

This study aims to analyze the influence of farmers’ degree of participation in collective action on their adoption decisions and waiting time regarding soil and water conservation (SWC) measures.

The Probit model and Generalized Propensity Score Match method are used to assess the effect of the degree of participation in collective action on farmers’ adoption decisions and waiting time for implementing SWC measures.

The findings reveal that farmers’ engagement in collective action positively influences the decision-making process regarding terrace construction, water-saving irrigation and afforestation measures. However, it does not significantly impact the decision-making process for plastic film and ridge-furrow tillage practices. Notably, collective action has the strongest influence on farmers’ adoption decisions regarding water-saving irrigation technology, with a relatively smaller influence on the adoption of afforestation and terrace measures. Moreover, the results suggest that participating in collective action effectively reduces the waiting time for terrace construction and expedites the adoption of afforestation and water-saving irrigation technology. Specifically, collective action has a significantly negative effect on the waiting time for terrace construction, followed by water-saving irrigation technology and afforestation measures.

The results of this study underscore the significance of fostering mutual assistance and cooperation mechanisms among farmers, as they can pave the way for raising funds and labor, cultivating elite farmers, attracting skilled labor to rural areas, enhancing the adoption rate and expediting the implementation of terraces, water-saving irrigation technology and afforestation measures.

Drawing on an evaluation of farmers’ degree of participation in collective action, this paper investigates the effect of participation on their SWC adoption decisions and waiting times, thereby offering theoretical and practical insights into soil erosion control in the Loess Plateau.

Independent directors are important corporate decision participants and makers. Based on the Chinese cultural background, this paper interprets the listing order of independent directors as independent directors’ status, exploring their influence on the corporate research and development (R&D) behavior.

This paper studies A-share listed firms in China from 2008 to 2018 as the sample. The main method is ordinary least square (OLS) regression. We also use other methods to deal with endogenous problems, such as the firm fixed effect method, change model method, two-stage instrumental variable method, and Heckman two-stage method.

(1) Higher independent directors’ status attribute to more effective exertion of supervision and consultation function, and positively enhance the corporate R&D investment. The increase of the independent director’ status by one standard deviation will increase the R&D investment by 4.6%. (2) The above effect is more influential in firms with stronger traditional culture atmosphere, higher information opacity and higher performance volatility. (3) High-status independent directors promote R&D investment by improving the scientificity of R&D evaluation and reducing information asymmetry. (4) The enhancing effect of independent director’ status on R&D investment is positively associated with the firm’s patent output and market value.

This paper contributes to understanding the relationship between the independent directors’ status and their duty execution from an embedded cultural background perspective. The findings of the study enlighten the improvement of corporate governance efficiency and the healthy development of the capital market.

This research explores the impacts of content-generating devices (mobile phones versus personal computers) and content features (social content and achievement content) on consumer engagement with marketer-generated content (MGC) on social media. It also examines these factors' interaction effects on consumer engagement.

The study analyzed MGC that 210 companies had posted to Sina Weibo over three years, testing the study’s proposed model with negative binomial regression analysis.

The study's results show that MGC generated via mobile phones attracts more consumer engagement than MGC generated via personal computers. MGC with more social features attracts more consumer engagement, whereas MGC with more achievement features reduces consumer engagement. The authors also found that MGC with more social features generated via mobile phones and MGC with more achievement features generated via personal computers lead to more consumer engagement due to the congruency of the construal level of psychological distance.

This research enriches the literature by exploring the effects of content-generating devices and content features on consumer engagement in the MGC context, which extends the research on consumer engagement with social media from the context of user-generated content to the MGC.

As after-hours technology-mediated work (ATW) becomes common in organizations, the increased workload and interference to life caused by ATW has induced employee turnover. This research develops a mediated moderation model to explain how employees' intrinsic and extrinsic motivations for ATW affect their turnover intention through work–life conflict.

A survey was conducted to collect data of 484 employees from Chinese companies. Partial Least Square was used to perform data analysis.

The results show that intrinsic motivation for ATW has an indirect negative impact on turnover intention via work–life conflict, whereas extrinsic motivation for ATW has both a positive direct impact and a positive indirect impact (via work–life conflict) on turnover intention. This study also helps find that time spent on ATW can strengthen the positive impact of extrinsic motivation for ATW on turnover intention but has no moderation effect on the impact of intrinsic motivation for ATW. Furthermore, this study reveals that the interaction effect of time spent on ATW and extrinsic motivation on turnover intention is mediated by employees' perceived work–life conflict.

By discovering the distinct impact of employees' intrinsic and extrinsic motivations for ATW on turnover intention, this research provides a contingent view regarding the impact of ATW and offers guidance to managers regarding how to mitigate ATW-induced turnover intention through fostering different motivations.

The recent promotion of prefabricated housing (PH) in China has resulted in a prosperous period for its implementation. However, transaction costs (TCs) cause low economic efficiency to stakeholders and hinder the further promotion of PH. No relevant study has yet been made to investigate the TCs and their causes in the PH field. This paper identifies critical TCs and explores the influencing factors from the developers' perspective.

Semi-structured interviews and a questionnaire survey were used to collect data about TCs and influencing factors. The most influential factors are identified with their impacts on particular TCs, yielded from correlation analysis and logistic regression.

From the developers' perspective in China's PH market, this study identified that the most concerning sources of TCs are: hidden costs arising from disputes, extra workloads from design changes, learning costs, intensive communication and coordination in assembly and unexpected information costs in decision-making. The use of an ordered logistic regression approach indicates that the four most influential factors are: qualification of the general contractor, mandatory local policies, owner type and competitiveness of the developer.

To reduce the TCs, experiencing learning and ensuring the design scheme's complicity are recommended to save information searching and exchanging costs. The implications for the PH developers are for them to: (1) professionalize their own organization and (2) procure high-qualified general contractors. For the policymakers, this means they should improve the clarity of the mandatory local policies for PH step-by-step.

By applying the TCs economic theory, this study explores factors that influence TCs in the PH industry. It sheds light on the influencing mechanism behind the TCs in the context of prefabricated housing.

Intuitionistic linguistic fuzzy information (ILFI), characterized by linguistic terms and intuitionistic fuzzy sets (IFSs), can easily express the fuzzy information in the process of muticriteria decision making (MCDM) and muticriteria group decision making (MCGDM) problems. The purpose of this paper is to provide an overview of aggregation operators (AOs) and applications of ILFI.

First, some meaningful AOs for ILFI are summarized, and some extended MCDM approaches for intuitionistic uncertain linguistic variables (IULVs), such as extended TOPSIS, extended TODIM, extended VIKOR, are discussed. Then, the authors summarize and analyze the applications about the AOs of IULVs.

IULVs, characterized by linguistic terms and IFSs, can more detailed and comprehensively express the criteria values in the process of MCDM and MCGDM. Therefore, lots of researchers pay more and more attention to the MCDM or MCGDM methods with IULVs.

The authors summarize and analyze the applications about the AOs of IULVs Finally, the authors point out some possible directions for future research.

Studying tourist behavior provides the privilege of diverging in the competition between destinations to attract tourists. Previous studies have explored the effects of tourist behavior on brand satisfaction, attachment and loyalty. However, there is a lack of studies that investigated the intuition behind shaping tourist behavior. To address this issue, this study aims to contribute to providing a viewpoint to apply locus of control (LOC) theory in the tourism context. LOC studies how individuals believe in controlling their feelings and judgment toward events.

The review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on these factors, the authors create a framework for the existing literature on blockchain-based SME financing and lay down future research paths.

The review follows a systematic approach. It includes 53 articles encompassing multiple dimensions of blockchain-based SME finance, including peer-to-peer lending platforms, supply chain finance (SCF), decentralized lending protocols and tokenization of assets. The review critically evaluates these approaches' theoretical underpinnings, empirical evidence and practical implementations.

The review demonstrates that blockchain-based SME finance holds significant promise in addressing the credit gap by leveraging blockchain technology's decentralized and transparent nature. Benefits identified include reduced information asymmetry, improved access to financing, enhanced credit assessment processes and increased financial inclusion. However, the literature acknowledges several challenges and limitations, such as regulatory uncertainties, scalability issues, operational complexities and potential security risks.

The article contributes to the growing knowledge of blockchain-based SME finance by synthesizing and evaluating the existing literature. It also provides a framework for the existing literature in the area and future research paths. The study offers insights for researchers, policymakers and practitioners seeking to understand the potential of blockchain technology in filling the SME credit gap and fostering economic development through improved access to finance for SMEs.