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The purpose of the papers included in this issue is to cover a broad range of contemporary issues in Chinese corporate financial management and therefore provide the readers with important insights into Chinese financial markets as well as the social and economic consequences of firm behavior in the Chinese context.

The first part of this issue is a special section on “Corporate Finance and Corporate Social Responsibility”, which includes three papers that explore various aspects of corporate social responsibility (CSR) from a finance perspective – including the relationship between CSR and the cost of equity, the “insurance-like effect” of CSR and competition in corporate philanthropy. The remainder of the issue includes seven further papers that cover a wide range of finance-related topics, including currency and equity, monetary policy, cross-border mergers and acquisitions, earnings management, overseas investment, information disclosure, social capital and cosmopolitanism. All of the papers included in this issue are based on empirical research that draws on primary and secondary data from Chinese financial markets and from the information disclosures of Chinese enterprises.

The authors are confident that such in-depth discussions and analysis will help researchers and practitioners to develop a better understanding of the issues faced by Chinese managers in the context of China’s economic transformation. The findings reported in this issue will help inform and develop Chinese management theories based on a wide range of Chinese management practices.

Each paper in this issue reports on different aspects of finance, reporting and management in the Chinese context, discussing findings that have both relevance and significance beyond China.

The purpose of this paper is to investigate the effect of stand‐off height (SOH) on the microstructure and mechanical behaviour of the solder joints in high density interconnection.

Cu/Sn/Cu solder joints with 100, 50, 20 and 10 μm SOH are prepared using a reflow process. The microstructures and compositions of solder joints are observed and analyzed by scanning electron microscopy. Tensile testing is carried out to investigate the mechanical properties of the solder joints.

The SOH has a significant effect on the microstructure and mechanical behaviour of Cu/Sn/Cu solder joints. The thickness of the intermetallic compound (IMC) decreases with the reducing SOH; however, their corresponding IMC proportion increases. Meanwhile, the Cu concentration in the solder bulk experiences a marked increase, and the dissolved Cu exists in the forms of a solid solution and Cu‐rich particles at the grain boundary. Because of the higher strain rate and more dissolved Cu in the solder bulk with the reducing SOH, the ultimate tensile strength of solder joints is enhanced. When the SOH reduces to 10 μm, there is only one grain in height in the bulk, and a fracture in the IMC layer occurs. According to the mass balance of substance, a model is established to semi‐quantitatively calculate the consumed Cu thickness, and it is found that the consumed Cu thickness decreases with the reducing SOH.

The paper offers insights into the microstructural and mechanical property changes of the solder joints with the reducing SOH.

This paper aims to explore blockchain integration strategies within a three-level livestock meat supply chain in which consumers have a preference for quality trust in livestock meat products. The paper investigates three questions: First, how does consumers’ preference for quality trust affect blockchain integration and transaction decisions among supply chain participants? Second, under what circumstances will retailers choose to participate in the blockchain? Finally, how can other factors such as blockchain costs and supplier–retailer partnership value affect integration decisions?

This paper formulates a supply chain network equilibrium model and employs the logarithmic-quadratic proximal prediction-correction method to obtain equilibrium decisions. Extensive numerical studies are conducted using a pork supply chain network to analyze the implications of blockchain integration for different supply chain participants.

The results reveal several key insights: First, suppliers’ increased blockchain integration, driven by higher quality trust preference, can negatively affect their profits, particularly, with excessive trust preferences and high blockchain costs. Second, an increase in consumers’ preference for quality trust expands the range of unit operating costs for retailers engaging in blockchain. Finally, the supplier–retailer partnership drives retailer blockchain participation, facilitating enhanced information sharing to benefit the entire supply chain.

This study provides original insights into blockchain integration strategies in an agricultural supply chain through the application of the supply chain network equilibrium model. The investigation of several key factors on equilibrium decisions provides important managerial implications for different supply chain participants to address consumers’ preference for quality trust and enhance overall supply chain performance.

Being interested in developing a natural preservative for the prolongation of shrimp shelf life, this study aims to evaluate the Sargassum horneri extracts for their antioxidant effect, copper reducing power, copper chelating activity and polyphenol oxidase (PPO) inhibitory activity, as well as explored their potential preservative activity in white leg shrimp.

The antioxidant properties of Sargassum horneri 75% ethanol aqueous extracts were measured by 2,2-diphenyl-1-picryl hydrazyl (DPPH), 2,2-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) (ABTS), ferric reducing antioxidant power (FRAP) and PPO inhibitory activity. Sample III displayed the highest antioxidant activity, PPO inhibitory activity, copper reducing power and copper chelating activity, so it was selected for further studying its impact on shrimp's quality changes such as pH value, total volatile basic nitrogen (TVB-N), thiobarbituric acid reactive substances (TBARS), melanosis and sensory score during storage at 4°C.

Among all three samples, sample III containing 49.88% total phenolic contents was selected for the further study on the prevention of quality loss and melanosis of shrimp, because it yielded the highest antioxidant activity, PPO inhibitory activity, copper reducing power and copper chelating activity than the other two samples (samples II and IV). It was found that shrimp treated with 0.2% sample III had the lowest melanosis scores throughout the storage (p < 0.05). During ten days of storage at 4°C, shrimp treated with 0.2% sample III had a higher score in sensory properties (color, segments, texture and odor), compared with the control, 0.1% kojic acid and 0.1% sample III treated shrimp (p < 0.05). The results indicated that the treatment of shrimp with 0.2% sample III could extend the shelf life to eight days at 4°C.

The extracts of Sargassum horneri displayed potent PPO inhibition, antimicrobial and antioxidant properties. Importantly, the 75% extracts of Sargassum horneri could extend the shelf life. Considering these results, the extracts of Sargassum horneri may be used as natural preservatives in the food industry after further evaluation of their other properties such as toxicity, as well as provide a choice target to source natural products intended for cosmetics.

The originality of this paper lies in the development and application of the extracts of edible algae. To extend the shelf life of seafood, the polyphenolic-rich extract of Sargassum horneri provided another possible selection.

To fabricate fully dense components with low costs, a rapid prototyping (RP) system based on micro‐plasma arc welding (MPAW) was developed. The appropriate process parameters were investigated to build the parts with good mechanical properties and surface smoothness.

A simplified overlapping model between deposited tracks was established to investigate the relationships among the overlapping parameters, such as the ratio of width to height of the deposited track cross‐section (λ), scan spacing and overlapping ratio. Some ER308L stainless steel parts were built by different overlapping parameters, and the surface smoothness, tensile strength and elongation of the parts were tested.

The overlapped surface smoothness, tensile strength and elongation of the parts built with larger λ were better than those built with smaller λ. The longitudinal tensile strength and elongation of the parts were better than the transverse data.

The scanning direction obviously affected the tensile strength and elongation of the parts, so the multi‐directional scanning mode should be used to get isotropic parts.

This MPAW‐based RP system provides a solution to build fully dense metal parts with relatively lower costs. The appropriate process parameters can be obtained with the developed overlapping model.

This article aims to present a historical overview of the evolution of business ethics in China and highlights the ways in which its ethical structure lags behind its rapid economic expansion. Understanding Guanxi, the Chinese social network of reciprocal business relations common in Confucian cultures, has long been recognized as one of the major success factors when doing business in China (Hwang et al., 2009). Recognizing the significant impact of Guanxi and its influence on everyday dealings in China is, thus, crucial for Western firms. Whereas considerable research has dealt with the growth of Chinese industries in recent years, the key relationship between changes in its economy and shifts in Chinese business ethics has been neglected although it impacts the ways Westerners, in particular, both clinch deals and judge Chinese firms. The implications of this disparity for global business are discussed.

The discussion draws on the academic literature and the researchers’ experience in how business and business ethics are conducted between Western and Chinese firms. This paper presents a content analysis of theoretical articles and compares them to conceptual and empirical approaches, with an emphasis on a pragmatic approach to fostering a better understanding of the evolution of Chinese business ethics and its implications on business practices.

Maps the evolution of business ethics in China and need to adapt to an ever changing business environment.

This study offers a new insight to the evolution of Chinese business ethics and highlights its importance in business interactions. It illustrates the co-evolution of business ethics in parallel with the advancement of the Chinese economy. This paper is the first paper that addresses the issue of the evolution and formation of Chinese business ethics and links it to economic progress and opening up to the West.

This work aims to address source and dynamics of institutional change. It seeks to develop analytic tools by adaptation of Schumpeterian notion on entrepreneurship, Nelson's work on basic institutions and specific institutions, and Nonaka's middle‐up‐down framework of knowledge management in contrast to top‐down process. Pragmatically it attempts to understand how to improve policy capacity that challenges China seriously.

The work adopts a detailed case study method. A paired case is chosen with the criteria that they have widespread impact in China, and are representative of general and specific institutional change, respectively. Data came from mixed sources: field work and publications. Comparison of the paired cases identifies similarities and differences of different institutional change.

Similarities in the cases are in the important role of institutional entrepreneurs, crucial necessity of field experimentation, and regulatory and legislative means of knowledge processing. Differences are that centralized “top‐down” process of knowledge development, together with committed and centrally guided field experimentation, characterizes general institutional change. In contrast, coordinated and distributed “middle‐up‐down” process, together with autonomously emerged creation at the grassroots, characterizes specific institutional change.

This is a new research area. Many more empirical and theoretical works are needed.

As to how China should improve policy capacity, the study indicates: to focus policy learning on specific parts and facets of institutional settings; to change policy‐makers' role from omni‐competent controller to catalyst/promoter of institutional change; to assign an active role to middle levels and allow broader participation and diverse experimentations.

The author explores interesting details of institutional entrepreneurship and institutional changes based on the two case studies. This work fills the gap of how to analyze institutional change from the innovation/innovation systems perspective.

This study aims to investigate two festivals that are held annually in Hong Kong, to explore the essence of festival meanings – the extent to which the perceived sociocultural benefits of festivals articulate the production of a sense of place (SOP) and its respective locality.

The study utilises a comparative analysis approach to examine visitors’ views of the festivals. It constructs a theoretical framework of the interaction mechanism between tourism and place evolution by relying largely on the notion of place as the centre of meanings. Data sources include interview, questionnaire, observation and a literature review.

The findings suggest festival meanings are crucial elements in fostering SOP and shaping the identification of place uniqueness. Being part of local tradition and tourism resource, festival representations are not only passive reflections of prevailing cultural values drawn from current stereotypes and images, but they also play a prominent role in shaping values, behaviours and identities by contributing to the socialisation process. Cultural regeneration through festivals may ultimately contribute to the ontological construction of a place.

Given the unknown profile of the participants to both festivals, this study employed a convenience sampling method which might have limited the power of generalising the research outcome to other festivals. Besides, this study overlooked the potential differences (or lack of difference) in perceptions of the local residents who visited both festivals for the first time and other residents. Future studies may consider other aspects of festivals and place conceptions widely used in the tourism research field, to validate whether additional insights or hidden festival-to-place relationships can be found in the process of hosting and promoting festivals.

The existing studies of tourism–place relationship, especially those repelling scientific-positivist methodological paradigm, tend to overemphasise the role of tourism in unmaking places. In contrast, the interrogation of island festivals as the centre of meaning offers an alternative perspective to highlight the process that tourism dialectically contributes to place evolution. Tourism unmakes places while possessing a dialectic role of making places.

Attracting commuters from driving to light rail systems has a good potential for reducing carbon emissions. However, the light rail system is interrupted by disruptions frequently, which reduces its attraction to passengers. Therefore, how to provide a quick replacement service during disruptions is of vital importance to avoid passengers change to other higher emission vehicles. The purpose of this paper is to focus on the decision analysis of the replacement tool for disruption recovery service in urban public light rail systems from the perspective of environmental effect.

The traditional approach – bus replacement service – and the new approach – taxi replacement service – which has been recently adopted by several cities, are examined individually and compared. The benefit of the light rail company is formulated by balancing between carbon emission and financial cost. The involving parties’ decision functions taking the passengers’ behaviors as well as numerous other important factors into account are formulated.

Both theoretical and numerical sensitivity analyses are conducted to shed light for light rail systems to better coping with disruptions, increasing service level, and attracting more passengers to the environmental transit system to reduce carbon emission.

It is worth mentioning that this research is a successful application for disruption recovery in a public transit system considering the environmental effect. To the authors’ knowledge, this research is one of the first of such applications in this area and can be used not only in the public light rail systems, but also in other urban public transport network components such as the subway and rail systems.