The COVID-19 pandemic resulted in millions of lives lost. Beyond its devastating impact, did it also hurt consumer financial well-being? Consumer bankruptcy is often seen as a…
Abstract
Purpose
The COVID-19 pandemic resulted in millions of lives lost. Beyond its devastating impact, did it also hurt consumer financial well-being? Consumer bankruptcy is often seen as a sign of experiencing extremely overextended debt burdens. This study aimed to identify factors associated with bankruptcy risks, specifically focusing on insolvency (when total debt exceeds total assets) and debt delinquency (being late in debt payments for 60 or more days).
Design/methodology/approach
Data were from the US 2022 Survey of Consumer Finances. Two bankruptcy risk variables included insolvency and debt delinquency. Potential influencing factors included in the analyses were COVID-19-induced shocks, financial capability, ownership of various debts and demographics. Logistic regression models were used to detect potential factors associated with bankruptcy risks.
Findings
First, a COVID-19-induced shock variable, new work schedule, reduced the risk of insolvency and four shock variables (COVID infection with serious persistent symptoms, work disruption due to childcare responsibilities, work reduction and work increase) increased the risk of debt delinquency. Second, financial capability factors played a crucial role. Desirable financial behavior reduced both risks of insolvency and debt delinquency. Subjective financial knowledge only reduced the risk of debt delinquency. Third, the types of debts held mattered. Holding credit card debt, student loans and other debts increased the risks of both insolvency and debt delinquency. Interestingly, holding auto loans reduced the risk of insolvency.
Research limitations/implications
The data are limited to cross-sectional so that findings are only correlational. The data are from one developed economy, and the results may not be generalized to other economies, especially developing economies. Also, due to the lack of direct measure of consumer bankruptcy, only bankruptcy risks are measured in the study, but the findings can still be informative for understanding consumer bankruptcy behavior.
Practical implications
The results of this study have practical implications for government, business and nonprofit organizations to help consumers reduce the bankruptcy risks. The results suggest that when facing external shocks such as the COVID-19 pandemic, any work-related adjustments may help workers maintain income levels and reduce consumer bankruptcy risks, especially debt delinquency risk. Also, consumers should be encouraged to engage in desirable financial behaviors, such as spending within their income, seeking information before making financial decisions, using financial professionals and planning ahead, to reduce both insolvency and debt delinquency risks.
Originality/value
This study is the first to examine COVID-19-induced factors on bankruptcy risks, enriching the literature of COVID-19 impacts on consumers. Bankruptcy risks are used as negative indicators of consumer well-being, expanding the literature of consumer well-being. The study also examines if financial capability has the potential to reduce bankruptcy risks, an advancement in the literature of financial capability.
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Yamin Xie, Zhichao Li, Wenjing Ouyang and Hongxia Wang
Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. “economic decentralization” and “political…
Abstract
Purpose
Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. “economic decentralization” and “political centralization”). Given the significant level of IPO underpricing in China, we examine the impact of local political uncertainty (measured by prefecture-level city official turnover rate) on IPO underpricing.
Design/methodology/approach
Using 2,259 IPOs of A-share listed companies from 2001 to 2019, we employ a structural equation model (SEM) to examine the channel (voluntarily lower the issuance price vs aftermarket trading) through which political uncertainty affects IPO underpricing. We check the robustness of the results using bootstrap tests, adopting alternative proxies for political uncertainty and IPO underpricing and employing subsample analysis.
Findings
Local official turnover-induced political uncertainty increases IPO underpricing by IPO firms voluntarily reducing the issuance price rather than by affecting investor sentiment in aftermarket trading. These relations are stronger in firms with pre-IPO political connections. The effect of political uncertainty on IPO underpricing is also contingent upon the industry and the growth phase of an IPO firm, more pronounced in politically sensitive industries and firms listed on the growth enterprise market board.
Originality/value
Local government officials in China usually have a short tenure and Chinese firms witness significantly severe IPO underpricing. By introducing the SEM model in studying China IPO underpricing, this study identifies the channel through which local government official turnover to political uncertainty on IPO underpricing.
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Elahe Hosseini, Milad Ebrahimi and Aidin Salamzadeh
This study explores the impact of the residents' voice and social media brand engagement on coopetition in tourism destinations with the mediating role of knowledge sharing. The…
Abstract
This study explores the impact of the residents' voice and social media brand engagement on coopetition in tourism destinations with the mediating role of knowledge sharing. The study's statistical population includes tourists who visited Iran. The sample was 243 tourists who visited Iranian tourist different villages in the spring of 2023. This empirical study adopted a descriptive correlational method and used PLS3 for data analysis. The effects of residents' voices, knowledge sharing, and engagement with social media improve cooperation between tourism destinations, help create platforms for creativity and innovation in this industry, and ensure the promotion of sustainability and attractiveness of tourism. Therefore, the mutual analysis of the effects of different factors in rural tourism in Iran is valuable in providing a new method to improve the tourism experience in this field.
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Mingzhi Huang, Christopher Richardson and Noor Fareen Abdul Rahim
China is playing an increasingly prominent role in global business. However, there has been relatively little research on Chinese inpatriates working in Western countries…
Abstract
Purpose
China is playing an increasingly prominent role in global business. However, there has been relatively little research on Chinese inpatriates working in Western countries, particularly in non-Anglo cultural contexts. This study attempts to explore the process of cross-cultural adjustment (CCA) and integration into corporate headquarters of Chinese inpatriates working in France, including the favorable factors that accelerate this process.
Design/methodology/approach
Based on a qualitative, single-case study of Group X, a pseudonym for a French multinational enterprise, the authors drew on semi-structured interviews with 18 Chinese inpatriates and investigated their CCA and integration process at the French headquarters of their employer.
Findings
The CCA and integration process of Chinese inpatriates at the French headquarters includes three stages: honeymoon and/or crisis period, adjustment and/or integration period and mutual growth period. Chinese inpatriates mainly face language barriers and Sino-French cross-cultural challenges. They overcome these challenges by learning the language and culture of the host country and using co-cultural and cross-cultural Guanxi. Experiences vary, with some Chinese inpatriates bypassing the honeymoon and/or crisis stage and entering directly into the adjustment and/or integration stage and some even leapfrogging both initial phases to attain a stage of mutual growth. Favorable factors for this CCA and integration acceleration include experience of living abroad, the host country language proficiency, organizational service support and the English working environment.
Originality/value
The study enhances the theoretical framework of Chinese expatriates’ psychological adjustment process through two key contributions. First, it enriches the three stages by incorporating new aspects, namely the honeymoon facet at the crisis stage, the integration into the headquarters facet at the self-adjust stage and the promoting organizational growth facet at self-growth stage. Second, it adds precision to the horizontal timeline by incorporating two additional initial points for the adjustment and integration process. Until now, Chinese inpatriates and the French context have received little attention, and this research takes a step forward by illuminating the CCA and integration process of Chinese inpatriates in this non-Anglophone country.
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Muzammil Hussain, Trong Tuan Luu and Timothy Marjoribanks
Healthcare is a service industry where fulfilling the needs of patients (customers) is challenging. Various factors, including cost, system complexity, staffing behaviours and…
Abstract
Purpose
Healthcare is a service industry where fulfilling the needs of patients (customers) is challenging. Various factors, including cost, system complexity, staffing behaviours and technological advances, play vital roles. Drawing upon social exchange theory, this study seeks to determine how paternalistic leadership (authoritarianism, benevolence and morality) influences employee service innovative behaviour and counterproductive work behaviour via perceived supervisor support in the healthcare sector. Additionally, the study investigates the role of the public service motivation of individuals as a moderating factor in this relationship.
Design/methodology/approach
A pilot study and a main study were conducted to test the hypotheses. We collected data from healthcare professionals in Pakistan’s large public, private and semi-government hospitals. We applied bootstrapping with 5,000 replications and structural equation modelling to analyse the data.
Findings
Results indicate that authoritarianism was negatively associated with service innovative behaviour, whereas benevolent and moral behaviours were positively associated with service innovative behaviour via perceived supervisor support (mediation). Our findings shed light on the moderating role of public service motivation.
Originality/value
This empirical quantitative study has several theoretical and practical implications. Findings of our study provide evidence that a paternalistic leadership style can influence both positive (service innovative behaviour) and negative (counterproductive working behaviour) working behaviours simultaneously via perceived supervisor support at an individual level in the service (healthcare) industry. This study also highlights the moderating role of public service motivation as an individual motivation factor.
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Lin Ma, Chenghong Hu, Zhenlin Lv, Xi He, Rui Dong and Mingjin Fan
This study aims to develop synthetic ester lubricating oil using renewable sinapic acid as raw material, to explore the structural design and selection of raw materials for green…
Abstract
Purpose
This study aims to develop synthetic ester lubricating oil using renewable sinapic acid as raw material, to explore the structural design and selection of raw materials for green, high-performance synthetic ester oils.
Design/methodology/approach
A series of the sinapate ester oils were synthesized through esterification and alkoxylation reactions using renewable source sinapic acid as the raw material. The molecular structures of the oils were characterized by nuclear magnetic resonance spectroscopy, Fourier transform infrared spectroscopy spectroscopy and elemental analysis. The oils were evaluated for safety, viscosity-temperature properties, thermal and oxidative stability, as well as friction reducing and anti-wear characteristics.
Findings
Compared to commercial base oil tris (2-ethylhexyl) trimellitate (Phe-3Ci8), the bio-lubricant exhibits superior antifriction and anti-wear properties. Notably, the JCi8-C12 sample performed exceptionally well, reducing the friction coefficient by 11.42% and wear volume (WV) by 54.44% in steel/steel tribo-pairs. In steel/aluminum tribo-pairs, the friction coefficient decreased by 27.48%, while WV was reduced by 85.81%. Mechanistic studies reveal that the introduction of short-chain methoxy groups and stable conjugated systems (aromatic rings and double bonds) inhibit oxidation and decomposition at elevated temperatures. The p-p stacking effect enables lubricant molecules to arrange stably on friction surfaces, forming a durable lubricating film.
Originality/value
The utilization of biomass resources to develop green synthetic lubricating oil with excellent performance not only enhances the added value of waste from agricultural processing but also offers significant benefits in terms of both economic and environmental sustainability.
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The profound impact of the COVID-19 pandemic on the film industry has underscored the growing significance of online movies. However, there is limited research available on the…
Abstract
Purpose
The profound impact of the COVID-19 pandemic on the film industry has underscored the growing significance of online movies. However, there is limited research available on the factors that influence the viewership of online films. Therefore, this study aims to use the signaling theory to investigate how signals of varying qualities affect online movie viewership, considering both signal transmission costs and prices.
Design/methodology/approach
This study uses a sample of 1,071 online movies released on the iQiyi from July 2020 to July 2022. It uses OLS regression and instrumental variable method to examine the impact of various quality indicators on the viewership of online movies, as well as the moderating effect of price.
Findings
After conducting a thorough analysis of this study, it can be deduced that the varying impacts on online movie viewership are attributed to disparities in signal transmission costs. Specifically, star influence and rating exhibit a positive effect on the viewership of online movies, whereas the number of raters has a detrimental impact. Furthermore, there exists an “inverted U-shaped” relationship between the number of reviews and online movie viewership. Additionally, within the consumer decision-making process, both price-cost and price-quality relationships coexist. This is evident as prices negatively affect online movie viewership but positively moderate the relationship between rating, number of reviews and online movie viewership.
Originality/value
The research findings of this study offer valuable insights for online film producers to effectively leverage quality signals and pricing, thereby capturing market attention and enhancing film profitability.
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Kaiyi Li, Hafez Salleh and Rui Wang
The exponential growth of the construction sector exerts considerable pressure on the environment, and the circular economy (CE) concept has recently gained traction as a means of…
Abstract
Purpose
The exponential growth of the construction sector exerts considerable pressure on the environment, and the circular economy (CE) concept has recently gained traction as a means of alleviating such environmental issues. In order to propose solutions to the phenomenon of contractors being hesitant to participate in CE implementation in developing countries, this paper aims to comprehensively explore the enabling factors that motivate contractors to implement CE.
Design/methodology/approach
This study is based on the push-pull-mooring (PPM) theory and extends it by introducing information provision (IP) as a trigger on contractors’ intrinsic subjective initiative states on CE implementation. The study considers what and how positive pull, negative push and neutral mooring factors influence the contractors’ CE transition. The framework was validated by questionnaires collected from contractors in China, and the data were analyzed using the structural equation modeling method.
Findings
The findings indicate that all factors from the PPM framework exert a positive influence on CE intention, with push factors demonstrating a greater average impact. Furthermore, this study confirms the influence of the IP on contractors’ CE intentions by influencing their intrinsic status. The impact of the IP is most pronounced in terms of contractors’ perceived usefulness and environmental concerns.
Originality/value
This study contributes to the existing body of knowledge in the CE transition studies by extending the PPM theory into the construction industry through the lenses of contractors in developing countries. The results highlight the trigger impacts of the IP on contractors’ psychological status regarding CE transition. Furthermore, it offers insights into government management in the CE transition by providing the government with novel approaches to facilitate the CE transition in the construction sector.
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Rui Gao and Xiaojun Du
How to support the rapid internationalization of multinational enterprises (MNEs) is a hot topic in academia and industry. The main purpose of this work is to study the role of…
Abstract
Purpose
How to support the rapid internationalization of multinational enterprises (MNEs) is a hot topic in academia and industry. The main purpose of this work is to study the role of relational assets (R-assets) in promoting the speed of internationalization of MNEs, and to explore the moderating effect of environmental uncertainty (institutional environment and industry environment) on the relationship between R-assets and internationalization speed of MNEs.
Design/methodology/approach
This study uses the outward foreign investment data of China’s A-share listed enterprises from 2009 to 2021, and employs the Cox proportional hazards model to empirically test the research hypothesis.
Findings
The empirical results revealed that R-assets can promote enterprise internationalization speed. In addition, the study also finds that the institutional uncertainty of host countries weakens the promotion effect of R-assets on internationalization speed of MNEs, while the industry uncertainty strengthens the promotion effect of those. Heterogeneity analysis illustrates that, compared with state-owned enterprises, non-state-owned enterprises have a more significant effect on the above conclusions.
Originality/value
This study enriches the literature on internationalization speed of MNEs by focusing on the determinants of internationalization speed through R-assets. From the perspective of knowledge, the work also provides a theoretical reference whereby MNEs can use host country R-assets to accelerate knowledge acquisition and then internationalization practice. In conclusion, this study provides valuable insights for managers aiming to develop effective strategies through R-assets to achieve rapid internationalization, contributing to an emerging literature stream on catch-up for emerging-market MNEs.
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Tianye Ling, Rui Zhao and Hyungshim Jang
Drawing on self-determination theory, a person-centered approach was used to investigate how the satisfaction and frustration of the basic psychological needs of autonomy and…
Abstract
Purpose
Drawing on self-determination theory, a person-centered approach was used to investigate how the satisfaction and frustration of the basic psychological needs of autonomy and competence produce adaptive vs maladaptive consumer behavior during the online shopping experience.
Design/methodology/approach
We collected questionnaire data from 1,399 respondents engaged in online shopping, including 65% females with an average age of 29.9. Latent profile analysis tested the hypotheses, using Mplus 8.3.
Findings
The online shopping experience sometimes satisfies and sometimes frustrates consumers’ basic psychological needs for autonomy and competence. This research used latent profile analysis to identify two profiles of the online shopping experience: “satisfied-dominant” and “moderately satisfied/frustrated.” Online shoppers who experienced only need satisfaction showed adaptive consumer behavior in terms of positive word-of-mouth and high loyalty, while online shoppers who experienced both moderate need satisfaction and frustration showed maladaptive consumer behavior.
Originality/value
An online shopping experience of need satisfaction vs frustration explains consumers’ adaptive vs maladaptive behavior. Specifically, when online shoppers experience only autonomy and competence need satisfaction, they engage in positive word-of-mouth and show high loyalty.