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Despite the extensive academic interest in social media sentiment for financial fields, multimodal data in the stock market has been neglected. The purpose of this paper is to explore the influence of multimodal social media data on stock performance, and investigate the underlying mechanism of two forms of social media data, i.e. text and pictures.

This research employs panel vector autoregressive models to quantify the effect of the sentiment derived from two modalities in social media, i.e. text information and picture information. Through the models, the authors examine the short-term and long-term associations between social media sentiment and stock performance, measured by three metrics. Specifically, the authors design an enhanced sentiment analysis method, integrating random walk and word embeddings through Global Vectors for Word Representation (GloVe), to construct a domain-specific lexicon and apply it to textual sentiment analysis. Secondly, the authors exploit a deep learning framework based on convolutional neural networks to analyze the sentiment in picture data.

The empirical results derived from vector autoregressive models reveal that both measures of the sentiment extracted from textual information and pictorial information in social media are significant leading indicators of stock performance. Moreover, pictorial information and textual information have similar relationships with stock performance.

To the best of the authors’ knowledge, this is the first study that incorporates multimodal social media data for sentiment analysis, which is valuable in understanding pictures of social media data. The study offers significant implications for researchers and practitioners. This research informs researchers on the attention of multimodal social media data. The study’s findings provide some managerial recommendations, e.g. watching not only words but also pictures in social media.

Chinese construction projects commonly implement subcontracting, but organizational arrangements have received little attention. Some studies have debated the impact of firm capabilities on subcontracting. To address these issues, this study differentiates the general contractor’s technological capabilities and alliance management capabilities and investigates how capabilities affect the degree of subcontracting and subcontracting dispersion based on the resource-based view and transaction cost economics.

By conducting a survey, 219 valid questionnaires were collected from Chinese construction companies. Multiple regression analyses were conducted to test the influence of capabilities on subcontracting organizational arrangements and the moderating role of uncertainty.

The results show that technological capabilities decrease the degree of subcontracting, whereas alliance management capabilities increase the degree of subcontracting as well as subcontracting dispersion. The results also indicate that the positive effects of alliance management capabilities are weakened by project uncertainty.

This study provides a better understanding of the diversity of subcontracting organizational arrangements in China. In addition, the findings may help general contractors carry out a rational arrangement by considering their capabilities and transaction hazards.

This study contributes to a holistic understanding of how capabilities determine subcontracting by distinguishing technological capabilities and alliance management capabilities and refining the degree of subcontracting and subcontracting dispersion. Meanwhile, the findings highlight the complementarity of the resource-based view and transaction cost economics by examining the moderating effect of uncertainty.

This study aims to examine how tourism impacts on local community, managers’ attachment to the community and their identification with the value of heritage resources influence managers’ corporate social responsibility (CSR) attitudes, utilizing the value identification and agency theories.

The proposed hypotheses were tested utilizing cross-sectional data collected from 228 managers of a plethora of travel and tourism companies that operate at a UNESCO World Heritage site in China. A structured questionnaire was administered in person in managers’ offices by a team of trained research assistants. A total of 202 valid surveys were included in the data analysis. A two-step structural equation modeling (SEM) approach was used to first examine the psychometric properties of the measurement model, and then test the causal relationships proposed in the structural model.

The findings indicate that managers’ place attachment, their heritage value identification and their perceptions of positive tourism impacts affect their CSR attitudes. However, the negative effects of tourism do not significantly influence CSR attitudes. Data collected through open-ended questions incorporated in the structured survey have provided justification for the insignificant relationship.

CSR perceptions of managers, especially those at heritage sites, have not received much attention from tourism scholars. Because travel and tourism companies at heritage sites are integral in the preservation and conservation of heritage sites while managers of those companies are the ones who initiate and implement socially responsible policies and practices, it is important to understand the factors that may influence those managers’ CSR attitudes and behaviors.

This study aims to investigate whether firms purchase directors' and officers' liability (D&O) insurance when the country-level economic policy uncertainty (EPU) is high.

This study uses D&O insurance data from Chinese listed firms between 2003 and 2019 to conduct regression analyses to examine the association between D&O insurance and EPU.

The results show that government EPU, despite being an exogenous factor, increases the likelihood of firms' purchasing D&O insurance, and this effect is more pronounced when firms are exposed to great share price crash risk and high litigation risk, suggesting that firms intend to purchase D&O insurance possibly due to the accentuated stock price crash risk and litigation risk associated with EPU. In addition, the results indicate that the effect of EPU on the D&O insurance purchase decision is moderated by the provincial capital market development and internal control quality.

The study highlights the role of uncertain economic policies in shareholder approval of D&O insurance purchases.

The study enriches the literature on the determinants of D&O insurance purchases by documenting novel evidence that country-level EPU is a key institutional factor shaping firms' decisions to purchase D&O insurance.

The purpose of this paper is to relate to the real-time navigation and tracking of pedestrians in a closed environment. To restrain accumulated error of low-cost microelectromechanical system inertial navigation system and adapt to the real-time navigation of pedestrians at different speeds, the authors proposed an improved inertial navigation system (INS)/pedestrian dead reckoning (PDR)/ultra wideband (UWB) integrated positioning method for indoor foot-mounted pedestrians.

This paper proposes a self-adaptive integrated positioning algorithm that can recognize multi-gait and realize a high accurate pedestrian multi-gait indoor positioning. First, the corresponding gait method is used to detect different gaits of pedestrians at different velocities; second, the INS/PDR/UWB integrated system is used to get the positioning information. Thus, the INS/UWB integrated system is used when the pedestrian moves at normal speed; the PDR/UWB integrated system is used when the pedestrian moves at rapid speed. Finally, the adaptive Kalman filter correction method is adopted to modify system errors and improve the positioning performance of integrated system.

The algorithm presented in this paper improves performance of indoor pedestrian integrated positioning system from three aspects: in the view of different pedestrian gaits at different speeds, the zero velocity detection and stride frequency detection are adopted on the integrated positioning system. Further, the accuracy of inertial positioning systems can be improved; the attitude fusion filter is used to obtain the optimal quaternion and improve the accuracy of INS positioning system and PDR positioning system; because of the errors of adaptive integrated positioning system, the adaptive filter is proposed to correct errors and improve integrated positioning accuracy and stability. The adaptive filtering algorithm can effectively restrain the divergence problem caused by outliers. Compared to the KF algorithm, AKF algorithm can better improve the fault tolerance and precision of integrated positioning system.

The INS/PDR/UWB integrated system is built to track pedestrian position and attitude. Finally, an adaptive Kalman filter is used to improve the accuracy and stability of integrated positioning system.

This study investigates whether corporate executives, who are university alumni, influence each other's firm corporate social responsibility (CSR) performance.

Drawing on social network theory, the authors hypothesise that a firm's CSR performance is positively associated with its peer firms' average CSR performance when the executives of the firm and its peer firms are university alumni. The study employs data from 1,685 listed firms and 4,906 executives who graduated from 585 different universities in China and runs multivariate regressions.

The results reveal a sizeable university peer influence on CSR performance. Such influence is even stronger for executives who graduated from elite universities (e.g. 985 or 211 universities), and universities or programmes that provide more opportunities for alumni reunions or networking (e.g. MBAs/EMBAs). Executives who are more influential in making firm decisions (e.g. CEOs/CFOs), as well as firms that are more likely to mimic the behaviour of others, also show higher degrees of university peer influence.

The results highlight the role of education in ethical decision-making.

This study documents evidence on a new determinant of firm CSR performance. The study sheds light on the impact of non-institutionalised personal ties, for example, university alumni networks, on CSR performance.

The intelligent Central Traffic Control (CTC) system plays a vital role in establishing an intelligent high-speed railway (HSR) system. As the core of HSR transportation command, the intelligent CTC system is a new HSR dispatching command system that integrates the widely used CTC in China with the practical service requirements of intelligent dispatching. This paper aims to propose key technologies and applications for intelligent dispatching command in HSR in China.

This paper first briefly introduces the functions and configuration of the intelligent CTC system. Some new servers, terminals and interfaces are introduced, which are plan adjustment server/terminal, interface for automatic train operation (ATO), interface for Dynamic Monitoring System of Train Control Equipment (DMS), interface for Power Supervisory Control and Data Acquisition (PSCADA), interface for Disaster Monitoring, etc.

The key technologies applied in the intelligent CTC system include automatic adjustment of train operation plans, safety control of train routes and commands, traffic information data platform, integrated simulation of traffic dispatching and ATO function. These technologies have been applied in the Beijing-Zhangjiakou HSR, which commenced operations at the end of 2019. Implementing these key intelligent functions has improved the train dispatching command capacity, ensured the safe operation of intelligent HSR, reduced the labor intensity of dispatching operators and enhanced the intelligence level of China's dispatching system.

This paper provides further challenges and research directions for the intelligent dispatching command of HSR. To achieve the objectives, new measures need to be conducted, including the development of advanced technologies for intelligent dispatching command, coping with new requirements with the development of China's railway signaling system, the integration of traffic dispatching and train control and the application of AI and data-driven modeling and methods.

This study aims to investigate whether top management team (TMT)’s job mobility experience is related to firm innovation.

The authors use different strategies, including a two-stage instrumental model, difference-in-differences analysis based on TMT members’ sudden deaths, propensity score matching and firm fixed-effects model, to mitigate endogeneity concerns.

The authors find that firms whose TMT experienced more job mobility have better firm innovation. In addition, the authors reveal that the job mobility experience is positively related to engagement in explorative innovation strategies that generate new knowledge. The findings are robust to a battery of tests to alleviate potential endogeneity concerns. Overall, the results highlight the role of job mobility experience in influencing firm innovation.

This study contributes to the rising literature on the determinants of firm innovation. By showing the TMT’s job mobility experience is related to innovation, the authors expand the literature about the economic consequences of the heterogeneous TMT characteristics. Given that firm innovation is essential to competitive advantage, the results should be of interest to a range of stakeholders, including investors, directors and managers and policymakers.

Compared to other areas in China, Chaoshan region in Guangdong province has a more developed clan system set within a rural landscape. This paper aims to explore the relationship between the social structure (family–clan) and spatial form (housing settlement) of clan-organized rural China to understand the spatial form represented by “family and clan.”

By examining Dongli village and Huayao village, this paper outlines the typical path of spatial representation: dwelling of individual’s core family → mansion of the big family → settlement of a single clan → co-settlement of several clans. Moreover, it identifies three critical elements of the spatial representation: prototype (the spatial representation of the etiquette system); order (a hierarchical space set by the patriarchal system); and boundary (constructed on both physical and mental facts).

All elements indicate that descendants of migrants from the North maintain their self-identity and discipline clan members by planning the ideal space.

The findings contribute to the ongoing discussions regarding how local cultural and historical experiences can influence renewed designs of traditional settlement areas (Aksulu and Eryildiz, 2003) and how digital means can facilitate updating designs of traditional buildings (Han et al., 2017). Such planning and design should involve greater public participation, considering the impact on residents’ daily lives (Pandya, 2005).

This paper contributes to the understanding of the relationship between cultural values and the spatial form of residential settlements in Chinese history.

The screw extruder is applied in cement-three-dimensional (3D) printing. The cement paste flow in 3D printing is the typical Herschel–Bulkley fluid. To understand the flow in the channel, the improved lattice Boltzmann method (LBM) is proposed.

For Herschel–Bulkley flow, an improved LBM is presented to avoid the poor stability and accuracy. The non-Newtonian effect is regard as a special forcing term. The Poiseuille flow is taken to discuss the detailed process of the method. With the method, the analytical solution and numerical solution are obtained and compared. Then, the effect of the initial yield stress on the numerical solution is both explored by the shear-thickening fluid and the shear-thinning fluid. Moreover, the variations of the relative errors under different lattice nodes and different power-law indexes are analyzed. Finally, the method is applied into the simulation of the flow in the extruder of cement-3D printing.

The results show that the improved method is effective for Herschel–Bulkley fluids, which can simulate the flow in the extruder stably and accurately.

The simulation can contribute to understand the cement paste flow in the screw extruder, which helps to optimize the structure of the extruder in the following periods.

The improve method provide a new way to analyze the flow in the extruder of cement-3D printing. Also, in the past research, LBM for Herschel–Bulkley fluid is ignored, whereas the study can provide the reference for the numerical simulation.