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Open Access
Article
Publication date: 3 August 2022

Guqiang Luo, Kun Tracy Wang and Yue Wu

Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market…

Abstract

Purpose

Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards meeting or beating analyst earnings expectations (MBE).

Design/methodology/approach

The authors use an event study methodology to capture market reactions to MBE.

Findings

The authors document a stock return premium for beating analyst forecasts by a wide margin. However, there is no stock return premium for firms that meet or just beat analyst forecasts, suggesting that the market is skeptical of earnings management by these firms. This market underreaction is more pronounced for firms with weak external monitoring. Further analysis shows that meeting or just beating analyst forecasts is indicative of superior future financial performance. The authors do not find firms using earnings management to meet or just beat analyst forecasts.

Research limitations/implications

The authors provide evidence of market underreaction to meeting or just beating analyst forecasts, with the market's over-skepticism of earnings management being a plausible mechanism for this phenomenon.

Practical implications

The findings of this study are informative to researchers, market participants and regulators concerned about the impact of analysts and earnings management and interested in detecting and constraining managers' earnings management.

Originality/value

The authors provide new insights into how the market reacts to MBE by showing that the market appears to focus on using meeting or just beating analyst forecasts as an indicator of earnings management, while it does not detect managed MBE. Meeting or just beating analyst forecasts is commonly used as a proxy for earnings management in the literature. However, the findings suggest that it is a noisy proxy for earnings management.

Details

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

Keywords

Article
Publication date: 1 December 2015

Xu Yuhui, Liang Chengcheng and Wu Yue

To solve several “inorganic” problems generated recently by community development in China (e.g., waste of social resources, environmental pollution, and decreased…

Abstract

To solve several “inorganic” problems generated recently by community development in China (e.g., waste of social resources, environmental pollution, and decreased economic energy efficiency), focus should be on improving the community traffic organic micro-circulation system. As a historic and mixed functional urban community, the micro-circulation system of Xi'an Railway Bureau exhibits representativeness and complexity. Based on existing research results and years of follow-up investigations, which concentrate on circulation patterns and inherent organic development requirements of the community traffic micro-circulation system, this paper builds an evaluation index system. Value function method was used to implement the index factor quantitative analysis and comprehensive evaluation. Several related strategies were proposed to improve the organic micro-circulation system of the community, which is based on the analysis of the evaluation, in order to adopt the trend in both increasing urban development and stock updating. The analysis results demonstrate that it is necessary to present guiding renewal strategies on community land, road, people, and the environment for those mixed functional communities which use progressive renewed mode. It compensates the problems of overly strong export-oriented system, which is caused by the lack of organic traffic micro-circulation, so as to achieve the selective opening of community external. The study mainly highlights the significance of the systematic analysis of evaluation in influencing strategies on community renewal.

Details

Open House International, vol. 40 no. 4
Type: Research Article
ISSN: 0168-2601

Keywords

Article
Publication date: 16 August 2019

Zhifeng Liu, Junyuan Guo, Yumo Wang, Dong Xiangmin, Yue Wu, Zhijie Yan and Gong Jinlong

This paper aims to propose a method for finding the maximum rotational speed of an inclined turntable at which the stability of the bearing oil film is maintained.

Abstract

Purpose

This paper aims to propose a method for finding the maximum rotational speed of an inclined turntable at which the stability of the bearing oil film is maintained.

Design/methodology/approach

The finite difference method was used to solve the Reynolds equation. Variation of bearing capacity of a tilted hydrostatic turret over time was determined. The combined effect of tilt and rotational speed of the turret on the oil film stability was also analyzed.

Findings

When the turntable is operated at low speeds with only small angle of tilt, stability of the oil film is maintained. At lower rotational speeds, a smaller angle of tilt improves the bearing capacity and ensures stability of the oil film. Whereas, higher rotational speeds can have a considerable influence on the bearing capacity.

Originality/value

The results demonstrate that the inclination or tilt of the turntable significantly affects the stability of the oil film.

Details

Industrial Lubrication and Tribology, vol. 72 no. 5
Type: Research Article
ISSN: 0036-8792

Keywords

Book part
Publication date: 18 January 2022

Weilin Liu, Robin C. Sickles and Yao Zhao

This chapter estimates heterogeneous productivity growth and spatial spillovers through industrial linkages in the United States and China from 1981 to 2010. The authors…

Abstract

This chapter estimates heterogeneous productivity growth and spatial spillovers through industrial linkages in the United States and China from 1981 to 2010. The authors employ a spatial Durbin stochastic frontier model and estimates with a spatial weight matrix based on inter-country input–output linkages to describe the spatial interdependencies in technology. The authors estimate productivity growth and spillovers at the industry level using the World KLEMS database. The spillovers of factor inputs and productivity growth are decomposed into domestic and international effects. Most of the spillover effects are found to be significant and the spillovers of productivity growth offered and received provide detailed information reflecting interdependence of the industries in the global value chain (GVC). The authors use this model to evaluate the impact of a US–Sino decoupling of trade links based on simulations of four scenarios of the reductions in bilateral intermediate trade. Their estimation results and their simulations are as mentioned based on date that ends in 2010, as this is the only KLEMS data available for these countries at this level of industrial disaggregation. As the GVC linkages between the United States and China have expanded since the end of their sample period their results can be viewed as informative in their own right for this period as well as possible lower bounds on the extent of the spillovers generated by an expanding GVC.

Details

Essays in Honor of M. Hashem Pesaran: Prediction and Macro Modeling
Type: Book
ISBN: 978-1-80262-062-7

Keywords

Article
Publication date: 25 November 2019

Jiani Jiang, Bruce A. Huhmann and Michael R. Hyman

The purpose of this paper is to investigate masculinity in Chinese social media marketing for global luxury fashion brands through two studies.

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Abstract

Purpose

The purpose of this paper is to investigate masculinity in Chinese social media marketing for global luxury fashion brands through two studies.

Design/methodology/approach

Study 1 compares physical characteristics of males in visually oriented US (Instagram) and Chinese (Weibo) social media posts promoting global luxury fashion magazine brands (e.g. Vogue, Cosmopolitan, GQ and Esquire). Study 2 examines the prevalence of and Chinese consumers’ responses (reposts, comments and likes) to different masculinities depicted in luxury fashion brand-sponsored Weibo posts.

Findings

Male portrayals for Chinese audiences feature more characteristics associated with emerging East Asian hybrid masculinities – “Little Fresh Meat” (LFM) and “Old Grilled Meat” (OGM) – than associated with global or regional hegemonic masculinity (i.e. the scholarly Wén and action-oriented Wu). Wén remains common in social media posts for luxury fashion goods, but LFM and OGM engender more consumer responses.

Practical implications

Chinese luxury fashion marketing depicts masculinity more similarly to other East Asian marketing than to Western marketing. Some luxury fashion brands are struggling for acceptance among Chinese youth. Luxury fashion marketers should incorporate hybrid rather than hegemonic masculinities to prompt more favorable responses among Chinese consumers, especially younger female target markets.

Originality/value

Growing female occupational and consumer power and shifting male employment from blue-collar to white-collar jobs have influenced media portrayals of masculinity. Social media marketing for luxury fashion brands demonstrates the prevalence and appeal of hybrid masculinities in China.

Article
Publication date: 16 August 2019

Yue Lan, Jianyong Wang, Shinong Wu and Jie Yang

For the past years, the population of firms in China has increased fast. However, the financial research has always fallen behind the financial practice. Also, the Western…

Abstract

Purpose

For the past years, the population of firms in China has increased fast. However, the financial research has always fallen behind the financial practice. Also, the Western financial theory may not be completely consistent with China’s context. In addition, appearing internet technology with big data and its applications to business bring some challenges not only to financial practice but also to the financial literature. Thus, the purpose of this paper is to review historical development of research in corporate finance, discuss the current issues and propose 16 key research topics in China context.

Design/methodology/approach

This paper surveys Western classical literature and some important literature by Chinese scholars in the field of corporate finance. On this basis, the authors point out the shortcomings of existing research and opportunities for future research.

Findings

The authors propose 16 key research topics in the near future considering the current reforms on economic development strategy, financial and taxation system and SOE’s property right under the institutional background in China.

Originality/value

This paper makes a contribution to corporate finance research by exploring frontier topics for future research according to the China context and the global trend. These topics represent the demand from enterprises in China and are challenges for the academic world. It is of practical significance and great theoretical value to implement these studies. It will help the management to solve their financial problems and provide a fundamental basis for constructing the financial management theory with Chinese characteristics.

Details

Nankai Business Review International, vol. 10 no. 4
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 3 May 2016

Yajing Zhang, Guian Shi, Yue Liu, Qin Wu, Wenhao Yang and Linliang Zhao

The purpose of this study is to develop new biodegradable magnesium alloy. Magnesium possesses similar mechanical properties to natural bone; it is a potential candidate…

Abstract

Purpose

The purpose of this study is to develop new biodegradable magnesium alloy. Magnesium possesses similar mechanical properties to natural bone; it is a potential candidate for resorbable implant applications. However, in physiological conditions, the degradation rate of Mg is too high to be used as an implant material.

Design/methodology/approach

In this research, Zn, Sr and Ca were chosen as alloying elements; a coating was deposited on the MgZnSrCa alloy surface by means of a biomimetic technique. The corrosion rates of the uncoated and coated specimens were tested in simulated body fluid.

Findings

The hydroxyapatite coating formed on the MgZnSrCa alloy surface and the hydroxyapatite layer markedly decreased the corrosion rate of the MgZnSrCa alloy.

Originality/value

A homogenous hydroxyapatite coating was formed on the MgZnSrCa alloy surface by using a biomimetic coating technique. The biomimetic hydroxyapatite coating markedly reduced the corrosion rate of the MgZnSrCa alloy, and the largest decrease in wastage rate was 44 per cent.

Details

Anti-Corrosion Methods and Materials, vol. 63 no. 3
Type: Research Article
ISSN: 0003-5599

Keywords

Article
Publication date: 1 June 2015

Song Lin, Edward G. Rogoff, Check-Teck Foo and Xiaoyuan Liu

This empirical study aims to test the impact of four types of entrepreneurial context on the growth and success rates of new ventures in China and related the findings to…

Abstract

Purpose

This empirical study aims to test the impact of four types of entrepreneurial context on the growth and success rates of new ventures in China and related the findings to the theory and practice of entrepreneurship dating back 2,500 years to ancient China.

Design/methodology/approach

After describing the business guidelines given by Fan Li, an entrepreneurial merchant selling Chinese medicines in ancient times, a conceptual framework was extracted as the basis for a discussion of the relationship between entrepreneurial context and entrepreneurial activity. Entrepreneurial context was conceptualized as being composed of family, social, business and institutional components. Five hypotheses about the influence of these different context variables on entrepreneurial activities were developed. From data compiled from the sampling of 239 business entrepreneurs in Beijing, a hierarchical regression was formed and the hypotheses tested.

Findings

The impact of entrepreneurial context on entrepreneurial activity can be divided into two layers, internal factors (e.g. family context) which are similar to “yin” (?) in the traditional Chinese philosophy while external factors (e.g. business, social and institutional contexts) were like “yang” (?). The two factors play different roles in entrepreneurial activities, while different contexts mediate and moderate each other in complex ways.

Research limitations/implications

Research limitations pertain to the size and locale of the sample. A larger sample that involved subjects from different regions would facilitate a wider understanding of the effects of entrepreneurial context upon the entrepreneurial process.

Originality/value

The theory of entrepreneurial context is in its beginning stages, and the paper completed a systematic study of entrepreneurial context through theoretical model building using large-sample empirical research. In addition, the paper is the first ever to relate the theory and practice of entrepreneurship back 2,500 years. Through a multi-research methodology, the study clearly shows the critical importance of integrating Chinese history into the development of management theory.

Details

Chinese Management Studies, vol. 9 no. 2
Type: Research Article
ISSN: 1750-614X

Keywords

Article
Publication date: 13 July 2021

Cunjun Ye, Bin He and Xu Sun

Based on the conservation of resources (COR) theory, this paper aims to explore the potential influence of perceived subordinates’ negative workplace gossip on abusive…

Abstract

Purpose

Based on the conservation of resources (COR) theory, this paper aims to explore the potential influence of perceived subordinates’ negative workplace gossip on abusive supervision in China. Moreover, the COR theory helps in examining the mediating role of self-esteem threat and psychological distress and the moderating role of mindfulness on the effects of perceived subordinates’ negative workplace gossip on abusive supervision.

Design/methodology/approach

Data was collected from 305 supervisor-subordinate dyads in China using the time-lagged and multi-source methods and hierarchical regression analysis was used to analyze the data.

Findings

Results reveal that perceived subordinates’ negative workplace gossip is positively related to abusive supervision and the relationship is moderated by the supervisor’s traits of mindfulness. In addition, perceived subordinates’ negative workplace gossip has an indirect effect on abusive supervision via self-esteem threat (cognition) and psychological distress (emotion).

Originality/value

The study helps to understand the influence of perceived subordinates’ negative workplace gossip on abusive supervision based on the COR theory. At the same time, it also enriches the understanding of the internal mechanism between perceived subordinates’ negative workplace gossip and abusive supervision.

Article
Publication date: 8 November 2018

Ilhan Dalci

The purpose of the study is to explore how financial leverage influences profitability of 1,503 listed manufacturing firms in China.

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Abstract

Purpose

The purpose of the study is to explore how financial leverage influences profitability of 1,503 listed manufacturing firms in China.

Design/methodology/approach

The sample of the study is composed of the listed manufacturing firms in China. For the manufacturing firms, the annual financial information from 2008 to 2016 is obtained from the ORBIS database. In this study, initially a simultaneous equation approach is used to control for potential endogeneity. Then, additional regression analyses are conducted with panel data over the period of 2008-2016 using OLS, Fixed-effects, First-difference, Random-effects and Arellano and Bond’s (1991) two-step Generalized Method of Moments (GMM) methods.

Findings

The results reveal that the impact of leverage on profitability is inverted U-shaped. In this inverted U-shaped relationship, the positive impact of financial leverage on profitability could be attributed to tax shield, whereas the negative impact might be because of bankruptcy cost, financial distress, severe agency problems and information asymmetry that the listed Chinese firms suffer from because of some institutional characteristics of China.

Research limitations/implications

First, this study focuses on only listed manufacturing firms in China. Second, ownership types are not taken into account in this study.

Practical implications

First, the Chinese government should direct its efforts toward developing the bond markets and promoting alternative privately owned loan creditors to state-owned banks. Parallel to this, the transformation process toward market economy should be accelerated to facilitate the privatization of state-owned enterprises (SOEs). In addition to this, development of the bond market and privatization of SOEs will also mitigate the agency conflict between creditors and managers and between shareholders and managers.

Originality/value

To the best of the author’s knowledge, this is the first study which investigates the impact of capital structure on profitability of the listed firms in China.

Details

Pacific Accounting Review, vol. 30 no. 4
Type: Research Article
ISSN: 0114-0582

Keywords

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