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The reviews submitted by users are the foundation of user-generated content (UGC) platforms. However, the rapid growth of users brings the problems of information overload and spotty content, which makes it necessary for UGC platforms to screen out reviews that are really helpful to users. The authors put forward in this paper the factors influencing review helpfulness voting from the perspective of review characteristics and reviewer characteristics.

This study uses 8,953 reviews from 20 movies listed on Douban.com with variables focusing on review characteristics and reviewer characteristics that affect review helpfulness. To verify the six hypotheses proposed in the study, Stata 14 was used to perform tobit regression.

Findings show that review helpfulness is significantly influenced by the length, valence, timeliness and deviation rating of the reviews. The results also underlie that a review submitted by a reviewer who has more followers and experience is more affected by review characteristics.

Previous literature has discussed the factors that affect the helpfulness of reviews; however, the authors have established a new model that explores more comprehensive review characteristics and the moderating effect reviewer characteristics have on helpfulness. In this empirical research, the authors selected a UGC community in China as the research object. The UGC community may encourage users to write more helpful reviews by highlighting the characteristics of users. Users in return can use this to establish his/her image in the community. Future research can explore more variables related to users.

The peer review history for this article is available at: https://publons.com/publon/10.1108/OIR-05-2020-0186.

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.

There are two opposite views about whether the Antitrust Law is conducive to the development of the economy. One view is that the Antitrust Law can restrain monopoly, maintain market competition and benefit economic growth. The other view is that the Antitrust Law inhibits innovation by monopolistic firms and fosters rent-seeking, which is bad for economic growth. To provide a possible perspective for clarifying the controversy, this paper aims to answer the following two questions: first, will the Antitrust Law inhibit corporate innovation? Second, does the antitrust enforcement agency discriminate against private enterprises?

Based on the samples of A-share listed companies from 2003 to 2013, the authors use the implementation of China’s Antitrust Law in 2008 as a policy shock, take the monopoly enterprises in each industry as the treatment group and competitive enterprises as the control group, using the difference-in-differences method to test the impact of the implementation of the Antitrust Law on corporate innovation activities.

The results show that compared with competitive enterprises, the patent output of monopolistic enterprises was significantly reduced after the implementation of the Antitrust Law, which indicates that the Antitrust Law does inhibit the innovation activities of monopolistic enterprises. Further research finds that the innovation suppression effect of the Antitrust Law is more prominent in state-owned enterprises, which means that the government does not have “selective law enforcement” against private enterprises in the process of law enforcement. Therefore, the results provide evidence for the idea that government intervention is neutral.

First, the paper enriches and expands the research on the factors affecting corporate innovation from the perspective of market structure. Second, it enriches and expands relevant research on the consequences of implementing the Antitrust Law from the perspective of corporate innovation. Third, it not only provides the relevant empirical evidence for clarifying the dispute about the Antitrust Law but also is helpful to clarify whether the Chinese Government has “selective law enforcement” against private enterprises.

The purpose of this paper is to provide a comprehensive review of a non-contact full-field optical measurement technique known as digital image correlation (DIC).

The approach of this review paper is to introduce the research pertaining to DIC. It comprehensively covers crucial facets including its principles, historical development, core challenges, current research status and practical applications. Additionally, it delves into unresolved issues and outlines future research objectives.

The findings of this review encompass essential aspects of DIC, including core issues like the subpixel registration algorithm, camera calibration, measurement of surface deformation in 3D complex structures and applications in ultra-high-temperature settings. Additionally, the review presents the prevailing strategies for addressing these challenges, the most recent advancements in DIC applications across quasi-static, dynamic, ultra-high-temperature, large-scale and micro-scale engineering domains, along with key directions for future research endeavors.

This review holds a substantial value as it furnishes a comprehensive and in-depth introduction to DIC, while also spotlighting its prospective applications.

This paper aims to identify key sectors in carbon footprint responsibility, an introduced concept depicting CO₂ responsibilities allocated through the supply chain containing sectoral activities and interactions. In detail, various key sectors could be identified according to comparative advantages in trade, sectoral linkage and sectoral synergy within the supply chain.

A semi-closed input–output model is used to make the household income–expenditure relationship endogenous through the supply chain where sectoral CO₂ emissions are calculated, and the production-based responsibility (PR) principle is evaluated. Thus, according to “carbon footprint responsibility”, modified hypothetical extraction method is applied to decompose sectoral CO₂ in terms of comparative advantages in trade, sectoral linkage and synergy. Finally, key sectors are identified via sectoral shares and associated decompositions in carbon footprint responsibility.

Compared to 2005, in 2012, the PR principle failed to track sectoral CO₂ flow, and embodied CO₂ in import and interprovincial export increased, with manufacturing contributing the most; manufacturing should take more carbon responsibilities in the internal linkage, and tertiary sectors in the net forward and backward linkage, with sectors enjoying low carbonization in the mixed linkage; inward net CO₂ flows of manufacturing and service sectors were more complicated than their outward ones in terms of involved sectors and economic drivers; and residential effects on CO₂ emissions of traditional sectors increased, urban effects remained larger than rural ones and manufacturing and tertiary sectors received the largest residential effects.

The value of this paper is as follows: the household income–expenditure relationship got endogenous in intermediate supply and demand, corresponding to the rapid urbanization in megacities; key sectors were observed to change flexibly according to real sectoral activities and interaction; and the evaluation of the PR principle was completed ahead of using a certain CO₂ accounting principle at the city level.

Using a sample of manufacturing firms listed in China between 2007 and 2019, first, this paper aims to examine whether peer firms influence corporate trade credit supply. Next, the authors examine the channels through which peer firms influence corporate trade credit supply by testing the predictions of rivalry and information theories. Furthermore, the authors examine the heterogeneity of the industry peer effect on corporate trade credit supply. Finally, the authors examine the economic consequences of the industry peer effect on corporate trade credit supply.

The sample includes all manufacturing firms listed on both the Shanghai and Shenzhen securities exchanges for the sample period from 2007 to 2019, and the data come from the China Stock Market & Accounting Research database. The authors use the fixed effects method to examine the industry peer effect on trade credit supply. The results are robust to a series of robustness tests. To address the potential endogeneity problem, the authors adopt appropriate instruments by estimating instrumental variable models (two-stage least square). The authors use Heckman’s two-stage model to mitigate the sample selection bias.

The authors provide strong empirical evidence showing that the industry peer effect on trade credit supply exists in the manufacturing sector. It is also found that both competitive rivalry-based and information-based theories can provide explanations of the industry peer effect on trade credit supply. This process is both active imitation and passive reaction. Additional analysis suggests that the industry peer effect on trade credit supply is more pronounced for state-owned firms, firms with low customer concentration and firms with high geographical proximity. The amplification effect and spillover effect are the economic consequences of the industry peer effect on trade credit supply. In other words, the trade credit supply based on peer effect will not only increase the liquidity risk of the firm per se but also induce and increase the liquidity risk of the industry.

The study makes some important contributions. First, the authors find robust evidence that peer firms’ trade credit supply is an important factor in explaining corporate trade credit supply, which extends the literature by connecting the firm’s trade credit supply with the peer effect. Second, the study provides a new micro-perspective for understanding that firms use trade credit supply as a tool of competition, which proves the importance of rivals’ decision-making as a determinant of corporate decisions. Third, the authors examine the industry peer effect on trade credit supply, which not only helps to guide firms to pay more attention to the potential risk and spillover effects of the trade credit supply decision-making relevance but also helps to clarify the industry interaction phenomenon of corporate decision-making behavior. It is an important practical significance to play a role as a bridge between the microlevel of the firm and the meso-level of the industry. Finally, the study provides inspiration for the formulation of industry norms and policies.

Because of the paucity of information about what and how Chinese leadership styles contribute to organizational success, this study aims to elucidate Chinese leadership styles with reference to Confucian and Daoist schemata, relate them to organizational success, and explicate the relationships by exploring a grounded theory.

To obtain such knowledge, this study applies a grounded theory approach to analyzing interview data from 11 Hong Kong Chinese CEOs.

Results delineated the Chinese leadership styles based on relationship building, virtuous practice, hierarchical and centralized organization, and humility and self‐effacement. These practices were conducive to trust, cooperation, competence, and other achievements in the staff. The contributions of the Chinese leadership styles tend to reflect a security theory in that sustaining followers' security appears to mediate leadership practices and their outcomes.

Because the tradition of Confucian and Daoist teachings can be a basis for successful Chinese leadership styles, the teachings can still be valuable for leadership development today.

Philanthropy is taken as a strategic behavior by private enterprises to obtain financial resources from governments. This paper aims to examine the relationship between private enterprise philanthropy and the debt finance, further investigating the way by which governments exchange resources with private enterprises.

The paper opted for an empirical study using a sample of 1,489 Chinese private-listed companies from 2007 to 2010. The study analyzed the relationship between philanthropy and debt finance based on the resource dependence theory and social exchange theory and tested the moderating effect of political connection.

Philanthropy can help private enterprises to get the debt finance, and this effect occurs mainly among the political connected private enterprises; the higher degree of credit allocation marketization is, the less philanthropy can affect the debt finance and the less influence political connection can exert on that relationship. Philanthropy contributes to debt financing mainly because it can help obtain more long-term loan, and this effect is more obvious for politically connected private enterprises in regulated industries.

This paper verifies the action logic of private enterprises philanthropy from the perspective of exchange behavior, which is helpful to understand the motive and influence of private enterprises philanthropy.

The purpose of this paper is to study the capital structure of firms when controlling shareholders decide on the level of debt financing in an environment with poor legal protection.

Theoretically this paper uses a dynamic model to analyze how the controlling shareholder expropriates the firm's benefit through debt financing. Empirically this paper uses a sample of Chinese publicly listed firms from 2004 to 2007, through the method of OLS and panel data, to verify the theoretical predictions.

Theoretically this paper finds that firms with controlling shareholders will take excess debt financing in an environment of controlled interest rate and poor legal protection to minority shareholders. Government intervention exacerbates while controlling shareholder's cash flow rights constrains excess debt financing. The empirical results conclude that the improvement of the legal environment, limiting government intervention, and raising controlling shareholder's cash flow rights will effectively reduce excess debt level, as well as long‐term debt ratio.

First, this paper provides a theoretical model to explain the mechanism of how the ownership structure, legal environment and government intervention interact to impact debt financing. This result also provides a theory to explain the “paradox” in a transitional economy that better legal protection lowers debt level and long‐term debt ratio. Second, this paper provides further evidence on controlling shareholder's expropriation to minority shareholder through debt financing.

The purpose of this paper is to study the impact of political connections and institutional environment differences on private enterprises' acquiring bank loans, and to analyze the governance effect of bank debts and its impact on firm value.

Choosing private listed enterprises in China as samples, this study builds equation models and uses the three‐stage least squares estimation method to estimate these models.

The results show that: political connections influence lending policies of banks; the politically connected private enterprises could acquire more loans from banks. In poorer institutional environment, political connections can help private enterprises to acquire more bank loans; building political connections is an informal substitute mechanism for private enterprises to overcome the drawbacks of market institutions. The bank loans have governance effects on politically connected private enterprises and can increase firm value; the allocation of bank loans through political connections is efficient.

This study provides a meaningful perspective for understanding the impact of political connections on firm value and allocation of social resources.