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Article
Publication date: 15 November 2023

Wang Dong, Weishi Jia, Shuo Li and Yu (Tony) Zhang

The authors examine the role of CEO political ideology in the credit rating process.

Abstract

Purpose

The authors examine the role of CEO political ideology in the credit rating process.

Design/methodology/approach

This study adopts a quantitative method with panel data regressions using a sample of 5,211 observations from S&P 500 firms from 2001 to 2012.

Findings

The authors find that firms run by Republican-leaning CEOs, who tend to have conservative political ideologies, enjoy more favorable credit ratings than firms run by Democratic-leaning CEOs. In addition, the association between CEO political ideology and credit ratings is more pronounced for firms with high operating uncertainty, low capital intensity, high growth potential, weak corporate governance and low financial reporting quality. Finally, the authors find that CEO political ideology affects a firm's cost of debt incremental to credit ratings, consistent with debt investors incorporating CEO political ideology in their pricing decisions.

Research limitations/implications

Leveraging CEO political ideology, the authors document that credit rating agencies incorporate managerial conservatism in their credit rating decisions. This finding suggests that CEO political ideology serves as a meaningful signal for managerial conservatism.

Practical implications

The study suggests that credit rating agencies incorporate CEO political ideology in their credit rating process. Other capital market participants such as auditors and retail investors can also use CEO political ideology as a proxy for managerial conservatism when evaluating firms.

Social implications

The paper carries practical implications for practitioners, firm executives and regulators. The results on the association between CEO political ideology and credit ratings suggest that other financial institutions could also incorporate CEO political ideology in their evaluation in their evaluation of firms. For example, when evaluating audit risk and determining audit pricing, auditors may add CEO political ideology as a risk factor. For firms, especially those that have Democratic-leaning CEOs, the authors suggest that they could reduce the unfavorable effect of CEO political ideology on credit ratings by improving their corporate governance and financial reporting quality, as demonstrated in the cross-sectional analyses. Finally, this study shows that CEO political ideology, as measured by CEOs' political contributions, is closely related to a firm's credit ratings. This finding may inform regulators that greater transparency for CEOs' political contributions is needed as information on contributions could help capital market participants perform risk analyses for firms.

Originality/value

Credit rating agencies release their research methodologies for determining corporate credit ratings and identify managerial conservatism as an important factor that affects their risk assessments. The extant literature, however, has not empirically investigated the relation between credit ratings and managerial conservatism, which, according to behavioral consistency theory, can be proxied by CEO political ideology. This study provides novel empirical evidence that identifies CEO political ideology as an important input factor in the credit rating process.

Details

American Journal of Business, vol. 39 no. 1
Type: Research Article
ISSN: 1935-5181

Keywords

Article
Publication date: 17 March 2023

Baohua Yu and Yick Wah Leung

This study was conducted to achieve the following objectives: (1) determine the differences and reasons for using outgroup OSNs by gender, age and student groups (Mainland and…

Abstract

Purpose

This study was conducted to achieve the following objectives: (1) determine the differences and reasons for using outgroup OSNs by gender, age and student groups (Mainland and Hong Kong [HK] students); (2) uncover the impact of online social networks (OSNs) on the development of Mainland–HK friendships and (3) determine the roles of different OSNs (social networking sites [SNSs] and instant messaging platforms [IMPs]) in the development of intercultural friendships in the real world.

Design/methodology/approach

To explore how OSNs facilitate (or inhibit) intercultural interactions, 198 students completed a questionnaire and 24 students participated in follow-up semi-structured interviews examining the role of OSNs in intercultural friendship development.

Findings

Results revealed that demographic and motivational preferences for using outgroup-OSNs differed among students. Both IMPs and SNSs helped students maintain friendships using little effort, whereas it tended to strengthen their existing social networks, rather than helping to start new friendships. IMPs helped develop a sense of “presence awareness”, strengthening pre-existing friendships and solidifying offline connections. SNSs also assisted students in exploring their shared interests while revealing their values and cultural differences.

Research limitations/implications

The authors’ findings offered empirical evidence on social exchange theory and anxiety-uncertainty management theory regarding the perceived benefit of OSNs on students' friendship development.

Practical implications

The study sheds light on the differences between Mainland Chinese and HK students, including participants' perceptions of different friendship stages.

Originality/value

This study is interested in the roles of different SNSs and IMPs in intercultural friendship development, especially their strengths and weaknesses as perceived by students. Also, the authors are curious about how students select and use IMPs and SNSs differently according to their individual preferences and needs. To the authors’ knowledge, the dynamic link between online communication and intercultural friendship development has not been thoroughly examined in the field of intercultural communication.

Details

Information Technology & People, vol. 37 no. 2
Type: Research Article
ISSN: 0959-3845

Keywords

Open Access
Article
Publication date: 29 March 2024

Runze Ling, Ailing Pan and Lei Xu

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing…

Abstract

Purpose

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

Design/methodology/approach

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

Findings

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

Originality/value

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

Details

China Accounting and Finance Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1029-807X

Keywords

Content available
Article
Publication date: 2 February 2022

Fangxuan (Sam) Li, Jianan Ma and Yun Tong

This study aims to explore tourism live streamers’ motivations of sharing their travel experiences based on the grounded theory.

1936

Abstract

Purpose

This study aims to explore tourism live streamers’ motivations of sharing their travel experiences based on the grounded theory.

Design/methodology/approach

The use of purposive and snowball sampling methods was used to conduct 22 in-depth semi-structured interviews. The manuscript was analyzed based on the grounded theory.

Findings

This study identifies five tourism live streamers’ motivations of sharing their travel experience, including information sharing, entertainment, self-presentation, monetary incentives and socialization. Information sharing and entertainment are identified as the most important motivations of travel livestreaming (TLS) among the motivations. Monetary incentive is identified as a new motivation for tourism live streamers compared to other social media users.

Research limitations/implications

This study provides valuable suggestions for livestreaming platforms and tourism product providers to attract more tourism live streamers and better serve them.

Originality/value

To the best of the authors’ knowledge, this is one of the first studies to offer empirical findings and discussions on tourism live streamers’ motivations of sharing their travel experiences.

目的

本研究旨在基于扎根理论探讨旅游直播主分享旅游体验的动机。

设计/方法

使用目的性和滚雪球抽样方法进行了22个深入的半结构化访谈。 本研究采用扎根理论对数据进行分析。

发现

本研究发现了五种旅游直播主分享旅游体验的动机, 包括信息共享、娱乐、自我展示、金钱激励和社交。信息共享和娱乐被认为是旅游直播最重要的动机。与其他社交媒体的用户相比, 货币激励被认为是旅游直播的新动机。

研究意义

本研究为直播平台和旅游产品提供商提供有用的建议, 以吸引更多的旅游直播者并更好地为他们服务。

创意/价值

这是对旅游直播主分享旅游体验的动机提供实证研究结果和讨论的首批研究之一。

Propósito

este estudio tiene como objetivo explorar las motivaciones de los transmisores en vivo del turismo para compartir sus experiencias de viaje según la teoría fundamentada.

Diseño/metodología/enfoque

Des méthodes d'échantillonnage raisonné et boule de neige ont été utilisées pour mener 22 entrevues semi-structurées approfondies. Le manuscrit a été analysé sur la base de la théorie ancrée.

Hallazgos

este estudio identifica las motivaciones de cinco transmisores en vivo del turismo para compartir su experiencia de viaje, incluido el intercambio de información, el entretenimiento, la autopresentación, los incentivos monetarios y la socialización. El intercambio de información y el entretenimiento se identifican como las motivaciones más importantes de la transmisión en vivo de viajes (TLS) entre las motivaciones. El incentivo monetario se identifica como una nueva motivación para el transmisor en vivo del turismo en comparación con los usuarios de otras redes sociales.

Limitaciones/implicaciones de la investigación

este estudio proporciona sugerencias útiles para que las plataformas de transmisión en vivo y los proveedores de productos turísticos atraigan a más transmisores turísticos en vivo y les brinden un mejor servicio.

Originalidad/valor

este es uno de los primeros estudios que ofrece hallazgos empíricos y debates sobre las motivaciones de los transmisores en vivo del turismo para compartir sus experiencias de viaje.

Article
Publication date: 4 November 2022

Laiming Yu, Yaqin Fu and Yubing Dong

The purpose of this study is to investigate the thermomechanical condition on the shape memory property of Polybutylene adipate-co-terephthalate (PBAT). PBAT is a widely…

Abstract

Purpose

The purpose of this study is to investigate the thermomechanical condition on the shape memory property of Polybutylene adipate-co-terephthalate (PBAT). PBAT is a widely researched and rapidly developed biodegradable copolyester. In a tensile test, we found that the fractured PBAT samples had a heat-driven shape memory effect which piqued our interest, and it will lay a foundation for the application of PBAT in new fields (such as heat shrinkable film).

Design/methodology/approach

The shape memory effect of PBAT and the effect of the thermomechanical condition on its shape memory property were confirmed and systematically investigated by a thermal mechanical analyzer and tensile machine.

Findings

The results showed that the PBAT film had broad shape memory transform temperature and exhibited excellent thermomechanical stability and shape memory properties. The shape memory fixity ratio (Rf) of the PBAT films was increased with the prestrain temperature and prestrain, where the highest Rf exceeded 90%. The shape memory recovery ratio (Rr) of the PBAT films was increased with the shape memory recovery temperature and decreased with the prestrain value, and the highest Rr was almost 100%. Moreover, the PBAT films had high shape memory recovery stress which increased with the prestrain value and decreased with the prestrain temperature, and the highest shape memory recovery stress can reach 7.73 MPa.

Research limitations/implications

The results showed that PBAT had a broad shape memory transform temperature, exhibited excellent thermomechanical stability and shape memory performance, especially for the sample programmed at high temperature and had a larger prestrian, which will provide a reference for the design, processing and application of PBAT-based heat shrinkable film and smart materials.

Originality/value

This study confirmed and systematically investigated the shape memory effect of PBAT and the effect of the thermomechanical condition on the shape memory property of PBAT.

Details

Pigment & Resin Technology, vol. 53 no. 3
Type: Research Article
ISSN: 0369-9420

Keywords

Open Access
Article
Publication date: 6 October 2023

Ijaz Ur Rehman, Faisal Shahzad, Muhammad Abdullah Hanif, Ameena Arshad and Bruno S. Sergi

This study aims to empirically examine the influence of financial constraints on firm carbon emissions. In addition to the role of financial constraints in firm-level carbon…

1148

Abstract

Purpose

This study aims to empirically examine the influence of financial constraints on firm carbon emissions. In addition to the role of financial constraints in firm-level carbon emissions, this study also examines this influence in the presence of governance, environmental orientation and firm-level attributes.

Design/methodology/approach

Using pooled ordinary least square, this study examines the impact of financial constraints on firm-level carbon emissions using a panel of 1,536 US firm-year observations from 2008 to 2019. This study also used two-step generalized method of moment–based dynamic panel data and two-stage least square approaches to address potential endogeneity. The results are robust to endogeneity and collinearity issues.

Findings

The results suggest that financial constraints enhance the carbon emissions of the firms. The economic significance of financial constraints on carbon emissions is more pronounced for the firms that do not report environment-related expenditure investment and those that are highly leveraged. The authors further document that firms with a nondiverse gender board signify a statistically significant impact of financial constraints on carbon emissions. These results are also economically significant, as one standard deviation increase in financial constraints is associated with a 3.340% increase in carbon emissions at the firm level.

Research limitations/implications

Some implicit and explicit factors like corporate emissions policy and culture may condition the relationship of financial constraints with carbon emissions. Therefore, it would be worthwhile to consider these factors for future research. In addition, it is beneficial to identify the thresholds and/or quantiles at which financial constraints may significantly make a difference in enhancing carbon emissions.

Practical implications

The findings offer policy implications for investment in stakeholder engagement for capital acquisitions, thereby effectively enforcing environmental innovation and leading to a reduction in carbon emissions.

Originality/value

This study integrated governance and environment-oriented variables in the model to empirically examine the role of financial constraints on the carbon emissions of the firms in the USA over and above what has already been documented in the earlier literature.

Details

Social Responsibility Journal, vol. 20 no. 4
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 26 March 2024

Keyu Chen, Beiyu You, Yanbo Zhang and Zhengyi Chen

Prefabricated building has been widely applied in the construction industry all over the world, which can significantly reduce labor consumption and improve construction…

Abstract

Purpose

Prefabricated building has been widely applied in the construction industry all over the world, which can significantly reduce labor consumption and improve construction efficiency compared with conventional approaches. During the construction of prefabricated buildings, the overall efficiency largely depends on the lifting sequence and path of each prefabricated component. To improve the efficiency and safety of the lifting process, this study proposes a framework for automatically optimizing the lifting path of prefabricated building components using building information modeling (BIM), improved 3D-A* and a physic-informed genetic algorithm (GA).

Design/methodology/approach

Firstly, the industry foundation class (IFC) schema for prefabricated buildings is established to enrich the semantic information of BIM. After extracting corresponding component attributes from BIM, the models of typical prefabricated components and their slings are simplified. Further, the slings and elements’ rotations are considered to build a safety bounding box. Secondly, an efficient 3D-A* is proposed for element path planning by integrating both safety factors and variable step size. Finally, an efficient GA is designed to obtain the optimal lifting sequence that satisfies physical constraints.

Findings

The proposed optimization framework is validated in a physics engine with a pilot project, which enables better understanding. The results show that the framework can intuitively and automatically generate the optimal lifting path for each type of prefabricated building component. Compared with traditional algorithms, the improved path planning algorithm significantly reduces the number of nodes computed by 91.48%, resulting in a notable decrease in search time by 75.68%.

Originality/value

In this study, a prefabricated component path planning framework based on the improved A* algorithm and GA is proposed for the first time. In addition, this study proposes a safety-bounding box that considers the effects of torsion and slinging of components during lifting. The semantic information of IFC for component lifting is enriched by taking into account lifting data such as binding positions, lifting methods, lifting angles and lifting offsets.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 21 March 2024

Thamaraiselvan Natarajan, P. Pragha, Krantiraditya Dhalmahapatra and Deepak Ramanan Veera Raghavan

The metaverse, which is now revolutionizing how brands strategize their business needs, necessitates understanding individual opinions. Sentiment analysis deciphers emotions and…

Abstract

Purpose

The metaverse, which is now revolutionizing how brands strategize their business needs, necessitates understanding individual opinions. Sentiment analysis deciphers emotions and uncovers a deeper understanding of user opinions and trends within this digital realm. Further, sentiments signify the underlying factor that triggers one’s intent to use technology like the metaverse. Positive sentiments often correlate with positive user experiences, while negative sentiments may signify issues or frustrations. Brands may consider these sentiments and implement them on their metaverse platforms for a seamless user experience.

Design/methodology/approach

The current study adopts machine learning sentiment analysis techniques using Support Vector Machine, Doc2Vec, RNN, and CNN to explore the sentiment of individuals toward metaverse in a user-generated context. The topics were discovered using the topic modeling method, and sentiment analysis was performed subsequently.

Findings

The results revealed that the users had a positive notion about the experience and orientation of the metaverse while having a negative attitude towards the economy, data, and cyber security. The accuracy of each model has been analyzed, and it has been concluded that CNN provides better accuracy on an average of 89% compared to the other models.

Research limitations/implications

Analyzing sentiment can reveal how the general public perceives the metaverse. Positive sentiment may suggest enthusiasm and readiness for adoption, while negative sentiment might indicate skepticism or concerns. Given the positive user notions about the metaverse’s experience and orientation, developers should continue to focus on creating innovative and immersive virtual environments. At the same time, users' concerns about data, cybersecurity and the economy are critical. The negative attitude toward the metaverse’s economy suggests a need for innovation in economic models within the metaverse. Also, developers and platform operators should prioritize robust data security measures. Implementing strong encryption and two-factor authentication and educating users about cybersecurity best practices can address these concerns and enhance user trust.

Social implications

In terms of societal dynamics, the metaverse could revolutionize communication and relationships by altering traditional notions of proximity and the presence of its users. Further, virtual economies might emerge, with virtual assets having real-world value, presenting both opportunities and challenges for industries and regulators.

Originality/value

The current study contributes to research as it is the first of its kind to explore the sentiments of individuals toward the metaverse using deep learning techniques and evaluate the accuracy of these models.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Book part
Publication date: 4 April 2024

Ramin Rostamkhani and Thurasamy Ramayah

This chapter of the book seeks to use famous mathematical functions (statistical distribution functions) in evaluating and analyzing supply chain network data related to supply…

Abstract

This chapter of the book seeks to use famous mathematical functions (statistical distribution functions) in evaluating and analyzing supply chain network data related to supply chain management (SCM) elements in organizations. In other words, the main purpose of this chapter is to find the best-fitted statistical distribution functions for SCM data. Explaining how to best fit the statistical distribution function along with the explanation of all possible aspects of a function for selected components of SCM from this chapter will make a significant attraction for production and services experts who will lead their organization to the path of competitive excellence. The main core of the chapter is the reliability values related to the reliability function calculated by the relevant chart and extracting other information based on other aspects of statistical distribution functions such as probability density, cumulative distribution, and failure function. This chapter of the book will turn readers into professional users of statistical distribution functions in mathematics for analyzing supply chain element data.

Details

The Integrated Application of Effective Approaches in Supply Chain Networks
Type: Book
ISBN: 978-1-83549-631-2

Keywords

Article
Publication date: 31 May 2023

Darshana Palkar

Existing studies suggest that negative impacts emanating from corporate fraud revelations may diffuse to other firms through lower trust and lower market participation. Extending…

Abstract

Purpose

Existing studies suggest that negative impacts emanating from corporate fraud revelations may diffuse to other firms through lower trust and lower market participation. Extending this literature stream, the authors examine whether corporate fraud revelations are associated with higher costs of raising capital through initial public offerings (IPOs) for industry peers.

Design/methodology/approach

The authors employ several analysis techniques including univariate analysis, multivariate regressions, propensity score matching methodology, and probit estimation. The sample consists of 3,015 US IPO firms for the 1996–2021 period.

Findings

By adopting US private securities class action lawsuits as a proxy for the presence of corporate fraud, the authors find that fraud revelations are associated with higher IPO underpricing, higher post-IPO stock return volatility and increased likelihood of withdrawal from the offering for industry peers. The findings are robust to alternative industry definitions and litigation proxies and to the inclusion of a battery of controls, including industry, state and year fixed effects.

Originality/value

This study presents private firms with an additional industry litigation factor to consider when assessing the marginal costs of going public.

Details

International Journal of Managerial Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1743-9132

Keywords

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