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1 – 10 of 262Mengjiao Chen, Jinjuan Ren and Jingying Zhao
This paper aims to investigate the impact of corporate culture on stock price crash risk and explore the underlying mechanisms.
Abstract
Purpose
This paper aims to investigate the impact of corporate culture on stock price crash risk and explore the underlying mechanisms.
Design/methodology/approach
This paper uses a novel firm-level culture measure of Li et al. (2020), which evaluates corporate culture from the perspectives of integrity, teamwork, innovation, respect and quality. Using a sample of 4,017 US firms from 2001 to 2018, this paper uses panel data regressions to explore the impact of corporate culture on stock price crash risk.
Findings
This paper finds that among five cultural dimensions, integrity reduces crash risk and quality increases crash risk. The mitigating effect of integrity culture on crash risk is concentrated among firms with a strong incentive or ability to hoard bad news. The exacerbating effect of quality culture on crash risk is concentrated among firms with low managerial flexibility.
Social implications
This paper helps investors and regulators to understand the determinants of stock price crash risk, which facilitates investors’ wealth management and stabilizes social welfare.
Originality/value
To the best of the authors’ knowledge, this is the first study that uses time-varying firm-level measure of corporate culture to investigate its impact on stock price crash risk, contributing to the literature on the determinants of crash risk. Besides, this is the first study that explores the possible mechanism of managerial flexibility in influencing stock price crash risk.
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Yifeng Zhu, Ziyang Zhang, Hailong Zhao and Shaoling Li
Five-level rectifiers have received widespread attention because of their excellent performance in high-voltage and high-power applications. Taking a five-level rectifier with…
Abstract
Purpose
Five-level rectifiers have received widespread attention because of their excellent performance in high-voltage and high-power applications. Taking a five-level rectifier with only four-IGBT for this study, a sliding mode predictive control (SMPC) algorithm is proposed to solve the problem of poor dynamic performance and poor anti-disturbance ability under the traditional model predictive control with the PI outer loop.
Design/methodology/approach
First, mathematical models under the two-phase stationary coordinate system and two-phase synchronous rotating coordinate system are established. Then, the design of the outer-loop sliding mode controller is completed by establishing the sliding mode surface and design approach rate. The design of the inner-loop model predictive controller was completed by discretizing the mathematical model equations. The modulation part uses a space vector modulation technique to generate the PWM wave.
Findings
The sliding mode predictive control strategy is compared with the control strategy with a PI outer loop and a model predictive inner loop. The proposed control strategy has a faster dynamic response and stronger anti-interference ability.
Originality/value
For the five-level rectifier, the advantages of fast dynamic influence and parameter insensitivity of sliding mode control are used in the voltage outer loop to replace the traditional PI control, and which is integrated with the model predictive control used in the current inner loop to form a novel control strategy with a faster dynamic response and stronger immunity to disturbances. This novel strategy is called sliding mode predictive control (SMC).
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This study aims to focus on the resource-based faultline of a top management team (TMT) and intends to investigate the impact of TMT resource-based faultline on corporate green…
Abstract
Purpose
This study aims to focus on the resource-based faultline of a top management team (TMT) and intends to investigate the impact of TMT resource-based faultline on corporate green innovation, by indicating the environmental management as a mediator and slack resources as a moderator to understand the relationship.
Design/methodology/approach
Based on the empirical data of Chinese listed manufacturing companies from 2008 to 2020, this study assesses the hypotheses using an OLS model with fixed effects of time and industry.
Findings
The results indicate that TMT resource-based faultline is significantly negatively correlated with corporate green innovation. The conclusion remains valid after endogeneity tests and robustness checks. Mechanism test shows that environmental management plays a mediating role in the association between TMT resource-based faultline and corporate green innovation. Moreover, slack resources diminish the negative association between TMT resource-based faultline and corporate green innovation.
Originality/value
The study not only expands the theoretical understanding of the deeper motivation of TMT faultline on corporate green innovation, but also provides a practical reference for optimizing the human resource allocation of the TMT and accelerating green transformation development.
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Mehdi Mohamadi and AmirMahdi Tahsini
The purpose of this study is to investigate the combustion of the n-Heptane droplets in the supersonic combustor with a cavity-based fuel injection configuration. The focus is on…
Abstract
Purpose
The purpose of this study is to investigate the combustion of the n-Heptane droplets in the supersonic combustor with a cavity-based fuel injection configuration. The focus is on the impacts of the droplet size on combustion efficiency.
Design/methodology/approach
The finite volume solver is developed to simulate the two-phase reacting turbulent compressible flow using a single step reaction mechanism as finite rate chemistry. Three different fuel injection settings are studied for the considered physical geometry and flow conditions: the gas fuel injection, small droplet liquid fuel injection and big droplet fuel. The fuel is injected as a slot wall jet from the bottom of the cavity.
Findings
The results show that using the small droplet size, the complete fuel consumption and combustion efficiency can be achieved but using the big droplet sizes, most fuel exit the combustor in the liquid phase and gasified unburned fuel. It is also demonstrated that the cavity's temperature distribution of the liquid fuel case is different from the gas fuel, and two flame branches are observed there due to the droplet evaporation and combustion in the cavity.
Originality/value
To the best of the authors’ knowledge, this study is performed for the first time on the combustion of the n-Heptane fuel droplets in scramjet configuration, which is promising propulsion system for the future economic flights.
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Fouad Jamaani and Abdullah M. Alawadhi
Driven by the anticipated global stagflation, this straightforward yet novel study examines the cost of inflation as a macroeconomic factor by investigating its influence on stock…
Abstract
Purpose
Driven by the anticipated global stagflation, this straightforward yet novel study examines the cost of inflation as a macroeconomic factor by investigating its influence on stock market growth. Thus, this paper aims to examine the impact of inflation on the probability of initial public offering (IPO) withdrawal decision.
Design/methodology/approach
The paper employs a large dataset that covers the period January 1995–December 2019 and comprises 33,536 successful or withdrawn IPOs from 22 nations with various legal and cultural systems. This study applies a probit model utilizing version 15 of Stata statistical software.
Findings
This study finds that inflation is substantially and positively correlated with the likelihood of IPO withdrawal. Results of this study show that the IPO withdrawal decision increases up to 90% when the inflation rate climbs by 10%. Multiple robustness tests provide consistent findings.
Practical implications
This study's implications are important for researchers, investment banks, underwriters, issuers, regulators and stock exchanges. When processing IPO proposals, investment banks, underwriters and issuers must consider inflation projections to avoid negative effects, as demonstrated by the findings. In addition, regulators and stock exchanges must be aware of the detrimental impact of inflation on competitiveness in attracting new listings.
Originality/value
To the best of the authors’ knowledge, this study is the first to present convincing evidence of a major relationship between IPO withdrawal decision and inflation.
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This study aims to know the tactician role of financial technology (FinTech) in the field of accounting and auditing through contextualized systematic literature review by using…
Abstract
Purpose
This study aims to know the tactician role of financial technology (FinTech) in the field of accounting and auditing through contextualized systematic literature review by using bibliometric analysis.
Design/methodology/approach
The qualitative bibliometric analysis includes studies from 2017 to 2021 using the Scopus and Web of Science databases, which yielded 277 published papers with the keywords, FinTech accounting and auditing. The contextualized systematic literature review greatly helped in clarifying the content within each cluster.
Findings
The study identified the tactician role of fintech primarily in the accounting and auditing professional field. Fintech is still in its inception, with continual development and implementation taking place especially, in the auditing field. The findings also confirm that FinTech can produce a confluence between various research areas, including accounting, auditing, business finance, economics, management and business field.
Research limitations/implications
The study describes the tactician role of FinTech and its huge possibility for future study in the accounting and auditing field among professionals, academics and regulators.
Practical implications
This study be able to help accounting professionals, policymakers and government regulators to establish policy development, as this research emphasizes the tactician role of FinTech in the accounting and auditing field.
Social implications
FinTech in accounting and auditing might add to the existing field of FinTech in the IR4.0 era that give benefits to different players such as policymakers, governments, researchers, FinTech entrepreneurs and practicing professionals.
Originality/value
To the best of the author’s knowledge, little focus has been given about FinTech in the accounting and auditing field using bibliometric analysis. The insights of systematic literature review provide researchers on FinTech among practicing professionals and offer opportunities for further scientific endeavours.
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Hubannur Seremet and Nazim Babacan
This paper aims to examine the static compression characteristics of cell topologies in body-centered cubic with vertical struts (BCCZ) and face-centered cubic with vertical…
Abstract
Purpose
This paper aims to examine the static compression characteristics of cell topologies in body-centered cubic with vertical struts (BCCZ) and face-centered cubic with vertical struts (FCCZ) along with novel BCCZZ and FCCZZ lattice structures.
Design/methodology/approach
The newly developed structures were obtained by adding extra interior vertical struts into the BCCZ and FCCZ configurations. The samples, composed of the AlSi10Mg alloy, were fabricated using the selective laser melting (SLM) additive manufacturing technique. The specific compressive strength and failure behavior of the manufactured lattice structures were investigated, and comparative analysis among them was done.
Findings
The results revealed that the specific strength of BCCZZ and FCCZZ samples with 0.5 mm strut diameter exhibited approximately a 23% and 18% increase, respectively, compared with the BCCZ and FCCZ samples with identical strut diameters. Moreover, finite element analysis was carried out to simulate the compressive response of the lattice structures, which could be used to predict their strength and collapse mode. The findings showed that while the local buckling of lattice cells is the major failure mode, the samples subsequently collapsed along a diagonal shear band.
Originality/value
An original and systematic investigation was conducted to explore the compression properties of newly fabricated lattice structures using SLM. The results revealed that the novel FCCZZ and BCCZZ structures were found to possess significant potential for load-bearing applications.
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Jie Yang, Manman Zhang, Linjian Shangguan and Jinfa Shi
The possibility function-based grey clustering model has evolved into a complete approach for dealing with uncertainty evaluation problems. Existing models still have problems…
Abstract
Purpose
The possibility function-based grey clustering model has evolved into a complete approach for dealing with uncertainty evaluation problems. Existing models still have problems with the choice dilemma of the maximum criteria and instances when the possibility function may not accurately capture the data's randomness. This study aims to propose a multi-stage skewed grey cloud clustering model that blends grey and randomness to overcome these problems.
Design/methodology/approach
First, the skewed grey cloud possibility (SGCP) function is defined, and its digital characteristics demonstrate that a normal cloud is a particular instance of a skewed cloud. Second, the border of the decision paradox of the maximum criterion is established. Third, using the skewed grey cloud kernel weight (SGCKW) transformation as a tool, the multi-stage skewed grey cloud clustering coefficient (SGCCC) vector is calculated and research items are clustered according to this multi-stage SGCCC vector with overall features. Finally, the multi-stage skewed grey cloud clustering model's solution steps are then provided.
Findings
The results of applying the model to the assessment of college students' capacity for innovation and entrepreneurship revealed that, in comparison to the traditional grey clustering model and the two-stage grey cloud clustering evaluation model, the proposed model's clustering results have higher identification and stability, which partially resolves the decision paradox of the maximum criterion.
Originality/value
Compared with current models, the proposed model in this study can dynamically depict the clustering process through multi-stage clustering, ensuring the stability and integrity of the clustering results and advancing grey system theory.
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Asad Khan, Zia ur Rehman, Muhammad Ibrahim Khan and Imtiaz Badshah
This study aims to verify the significance of Andersen (2008) corporate risk management (CRM) framework in Asian emerging markets (AEMs) to control firm risk and improve firm…
Abstract
Purpose
This study aims to verify the significance of Andersen (2008) corporate risk management (CRM) framework in Asian emerging markets (AEMs) to control firm risk and improve firm performance.
Design/methodology/approach
The cross-sectional analyses are performed on a sample of 4,609 firms across nine Asian emerging countries using 2SLS estimation technique.
Findings
The empirical findings show that the adoption of CRM not only enhances firm performance by increasing the firm ability to capitalize on the market opportunity but also plays a significant role in reducing firm risk. The findings of this study assert that by institutionalizing risk management practices into an integrated CRM framework, the firm can reap multiple benefits by maintaining better contractual agreements and strategic partnerships with key stakeholders.
Originality/value
The study shifts the focus of CRM away from Western countries toward AEMs, which has been afflicted by high risks and uncertainties. The effectiveness of CRM against firm risk is established by dividing firm risk into firm-specific risk and systematic risk. Furthermore, this study also establishes that CRM not only leads to high returns but also reduces firm operational and production costs. Overall, the study provides a compelling argument to implement CRM for improving organizational performance and managing risks in a strategic and integrated manner. The findings are also relevant to risk management practitioners, as well as to academicians interested in the broader fields of corporate finance and strategy.
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Fateh Mebarek-Oudina, Ines Chabani, Hanumesh Vaidya and Abdul Aziz I. Ismail
This paper aims to present a numerical study that investigates the flow of MgO-Al2O3/water hybrid nanofluid inside a porous elliptical-shaped cavity, in which we aim to examine…
Abstract
Purpose
This paper aims to present a numerical study that investigates the flow of MgO-Al2O3/water hybrid nanofluid inside a porous elliptical-shaped cavity, in which we aim to examine the performance of this thermal system when exposed to a magnetic field via heat transfer features and entropy generation.
Design/methodology/approach
The configuration consists of the hybrid nanofluid out layered by a cold ellipse while it surrounds a non-square heated obstacle; the thermal structure is under the influence of a horizontal magnetic field. This problem is implemented in COMSOL multiphysics, which solves the related equations described by the “Darcy-Forchheimer-Brinkman” model through the finite element method.
Findings
The results illustrated as streamlines, isotherms and average Nusselt number, along with the entropy production, are given as functions of: the volume fraction, and shape factor to assess the behaviour of the properties of the nanoparticles. Darcy number and porosity to designate the impact of the porous features of the enclosure, and finally the strength of the magnetic induction described as Hartmann number. The outcomes show the increased pattern of the thermal and dynamical behaviour of the hybrid nanofluid when augmenting the concentration, shape factor, porosity and Darcy number; however, it also engenders increased formations of irreversibilities in the system that were revealed to enhance with the permeability and the great properties of the nanofluid. Nevertheless, this thermal enhanced pattern is shown to degrade with strong Hartmann values, which also reduced both thermal and viscous entropies. Therefore, it is advised to minimize the magnetic influence to promote better heat exchange.
Originality/value
The investigation of irreversibilities in nanofluids heat transfer is an important topic of research with practical implications for the design and optimization of heat transfer systems. The study’s findings can help improve the performance and efficiency of these systems, as well as contribute to the development of sustainable energy technologies. The study also offers an intriguing approach that evaluates entropy growth in this unusual configuration with several parameters, which has the potential to transform our understanding of complicated fluid dynamics and thermodynamic processes, and at the end obtain the best thermal configuration possible.
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