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Digital transformation misalignment refers to disparities in digital transformation levels between suppliers and buyers across the production and operation process. It has negatively affected supply chain stability. However, the existing research concerning the economic consequences has not been adequately addressed. Therefore, this paper aims to investigate whether such digital transformation misalignment increases supplier financial risk and to identify the factors influencing this relationship.

This paper examines binary combinations of suppliers and buyers listed on China’s A-share market between 2011 and 2021. This group constitutes a sample to empirically test the influence of digital transformation misalignment on the supplier’s financial risk, as well as the moderating effect of the geographical and organizational distances.

The paper’s findings demonstrate that digital transformation misalignment has indeed a significant increase in the supplier’s financial risk. Moreover, the impact is more intense when the geographical or organizational distance between the supplier and the buyer is relatively large.

The existing literature rarely explores the potential risks arising from digital transformation misalignment between supply chain partners. Therefore, this paper fills a notable gap as it is the first to study the impact of digital transformation misalignment on the supplier’s financial risk and the specific applied mechanisms. The contribution significantly improves the field of corporate digital transformation, particularly, within the context of supply chain management.

The purpose of this study is to examine how a hotel virtual reality photography (VRP) preview enhances customers’ immediate booking intention compared to a picture preview.

Data were collected using a one-factor between-subject experimental design and time-based systematic sampling. Respondents were asked to read a scenario on an iPad and assess a hotel preview (VRPs vs pictures) before answering the questionnaire.

The results show that a hotel VRP preview generates more mental imagery than a picture preview in terms of quantity, vividness, modality and valence. These four dimensions of mental imagery indirectly influence customers’ immediate booking intentions through perceived utilitarian value and hedonic value, among which modality has the greatest influence on utilitarian value and valence has the greatest influence on hedonic value. Moreover, utilitarian value has a stronger impact on customers’ immediate booking intentions than does hedonic value.

The results obtained in this study contribute to hospitality research by using cognitive consistency theory as the overarching framework, combining mental imagery theory, media richness theory and perceived value theory to explain the mechanism of tourists’ hotel booking decision-making from hotel previews. Comparing this study’s results with previous studies shows the difference in the effects of 360° (head-mounted) videos, VRPs and pictures on evoking mental imagery across tourism and hotel products, updating our knowledge of VR technology in tourism marketing.

本研究旨在探讨与图片预览相比, 酒店虚拟现实摄影（VRP）预览如何增强客户的即时预订意图。

本研究采用单因素被试间实验设计和时间系统抽样收集数据。受试者在 iPad 上阅读场景并评估酒店预览（VRP与图片）, 然后填写问卷。

结果表明, 酒店VRP预览在心理意象的数量、生动性、感官模式和情感效价方面比图片预览生成更多的心理意象。这四个维度的心理意象通过感知的工具价值和享乐价值间接影响客户的即时预订意图, 其中感官模式对工具价值的影响最大, 情感效价对享乐价值的影响最大。此外, 工具价值对客户的即时预订意图的影响强于享乐价值。

本研究利用认知一致性理论作为总体框架, 结合心理意象理论、媒介丰富度理论和感知价值理论, 解释了游客在酒店预览中做出预订决策的机制。本研究结果与以往研究相比, 展示了360°（头戴式）视频、VRP和图片在唤起旅游和酒店产品心理意象方面的差异, 更新了我们对旅游营销中VR技术的理解。

This study aims to examine the effect of digital fashion marketing on consumer purchase intentions. Rooted in the stimulus–organism–response framework, it explores how digital marketing strategies in the fashion industry influence consumer attitudes and satisfaction, ultimately affecting their purchasing decisions.

It is mainly focused on the attitudes, satisfaction, and purchase intentions of young consumers in China and South Korea toward fashion brands stimulated by digital fashion shows and non-fungible tokens. This study modifies the research model through case studies, collects data through questionnaires, and analyzes the data using fsQCA and AMOS.

The findings of the fsQCA study show that stimuli impact consumers’ attitudes, satisfaction, involvement, and willingness to rewatch. The multigroup analysis shows that social norms and images have a greater influence on individuals in China, whereas Korea has a higher direct effect of individual involvement on consumption behavior.

The study is useful for global fashion brands because it emphasizes the role of digital innovations in shaping consumer–brand relationships and makes strategic recommendations for sustainable growth in the digital fashion landscape.

This study attempts to uncover the nonlinear relationship between public procurement and corporate total factor productivity (CTFP), and investigates the mediating roles of R&D investment and rent-seeking cost. Additionally, it conducts a heterogeneity analysis for firms with varying levels of political connections and corporate social responsibility (CSR).

Employing Ordinary Least Squares (OLS) and Olley-Pakes (OP) methods, the authors gauge CTFP and manually identify government customers to quantify public procurement. Leveraging panel data from Chinese listed companies, this study explores the relationship between public procurement and CTFP.

This study unveils a U-shaped relationship between public procurement and CTFP, highlighting R&D investment and rent-seeking costs as potential mechanisms. Furthermore, it identifies heterogeneous effects among companies with varying levels of political connections and CSR on the relationship between public procurement and CTFP, including their mediating effects.

This research enhances understanding of demand-side policies and provides crucial insights for the government to further improve public procurement policies.

By offering empirical evidence of how public procurement impacts CTFP, this paper enriches the literature on the behavioral repercussions of public procurement and the determinants of CTFP. It also overcomes the “black box” of the mechanism between public procurement and CTFP, based on the government’s dual role as a pathfinder and customer of enterprises. It broadens the application scenarios of institutional theory and principal-agent theory. Additionally, the heterogeneity analysis of firms with varying political connections and CSR extends the frontiers of related research.

This paper aims to explore the nexus between family involvement and environmental, social and governance (ESG) performance based on socioemotional wealth theory, and it also analyzes the potential influence mechanism.

Based on the categorization of China Stock Market & Accounting Research database, this study divides the Chinese listed firms into family and nonfamily firms and applies multiple regression methods to test the theoretical hypotheses.

Family involvement can incentivize corporations to enhance corporate transparency, which can in turn enhance their ESG performance. The role of family involvement in bolstering corporate ESG performance is negatively contingent on external financing constraints.

There are insufficient studies on the nexus between family ownership and ESG performance. The findings provide insights into helping policymakers formulate targeted measures to encourage corporations to be more active in promoting ESG initiatives.

Technology innovation in enterprises is a powerful driver of national competitiveness and sustainable corporate development. At the same time, the regional innovation policy mix serves as a core factor at the macro level, guiding and influencing enterprise technology innovation. Therefore, this paper addresses a critical question in innovation studies: the impact of the regional innovation policy mix complexity on enterprise technology innovation. Additionally, we also investigated the internal mechanisms and boundary conditions within this framework.

A dual-mode network model of local government-regional innovation policy is developed to capture the complexity of the regional innovation policy mix. The complexity index is calculated iteratively using the R language. The paper employs quantitative and empirical analysis, drawing on a sample of 622 regional innovation-related policy documents from 31 Chinese provinces (municipalities and autonomous regions).

The results reveal an inverted U-shaped relationship between policy mix complexity and enterprise technological innovation. The analysis further shows that university-industry cooperation intensity mediates this relationship, while regional knowledge absorptive capability moderates the impact of regional innovation policy mix complexity on enterprise technological innovation.

This paper highlights the influence of regional innovation policy mix complexity on enterprise technological innovation and underscores the role of university-industry cooperation intensity and regional knowledge absorptive capability. The findings offer valuable insights into the dynamics of enterprise innovation and inform effective government policy governance for fostering innovation.

The purpose of this study is to address the deficiency in safety monitoring technology for 27.5 kV high-voltage cables within the railway traction power supply by analyzing the grounding methods employed in high-speed railways and developing an effective monitoring solution.

Through establishing a mathematical model of induced potential in the cable sheath and analyzing its influencing factors, the principle of grounding current monitoring is proposed. Furthermore, the accuracy of data collection and alarm function of the monitoring equipment were verified through laboratory simulation experiments. Finally, through practical application in the traction substation of the railway bureau on site, a large amount of data were collected to verify the stability and reliability of the monitoring system in actual environments.

The experimental results show that the designed monitoring system can effectively monitor the grounding current of high-voltage cables and respond promptly to changes in cable insulation status. The system performs excellently in terms of data collection accuracy, real-time performance and reliability of alarm functions. In addition, the on-site trial results further confirm the accuracy and reliability of the monitoring system in practical applications, providing strong technical support for the safe operation of high-speed railway traction power supply systems.

This study innovatively develops a 27.5kV high-voltage cable grounding current monitoring system, which provides a new technical means for evaluating the insulation status of cables by accurately measuring the grounding current. The design, experimental verification and application of this system in high-speed railway traction power supply systems have demonstrated significant academic value and practical significance, contributing innovative solutions to the field of railway power supply safety monitoring.

Environmental, social and governance (ESG) greenwashing is a form of social responsibility response that appears compliant but is substantively oppositional. As an abnormal social behavior, existing research has rarely focused on the deep-seated strategic logic behind ESG greenwashing. Business strategy emerges as the linchpin for companies undertaking a series of decision-making actions. Consequently, this research seeks to provide new insights into the strategic drivers behind corporate greenwashing and the role of institutional investors in mitigating these practices.

The research utilizes empirical analysis based on data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022. ESG performance data is sourced from the Bloomberg ESG Disclosure Ratings and Thomson Reuters’ Asset4 database. Business strategy is assessed using six key indicators. The study employs institutional theory as the analytical framework, examining the impact of business strategy on ESG greenwashing and investigating the internal mechanisms driving these behaviors.

The study finds that compared with defender strategies, prospector strategies are more likely to lead to ESG greenwashing behavior. Specifically, aggressive business strategies tend to facilitate corporate ESG greenwashing. Mechanism analysis indicates that, compared to defenders, prospectors induce ESG greenwashing by increasing information asymmetry (reputation effect) and being constrained by financing limitations (profit-seeking effect). From an external governance perspective, this study finds that institutional investor ownership can mitigate the impact of business strategy on ESG greenwashing. Furthermore, additional research confirms that in heavily polluting industries, the positive effect of business strategy on ESG greenwashing is more pronounced, whereas implementing the Environmental Protection Tax Law curtails the impact of business strategy on ESG greenwashing.

This study analyzes the role of business strategy in ESG greenwashing, particularly in the context of emerging economies such as China, contributing uniquely to the literature on corporate decision-making and green management. The research extends the application of institutional theory to the field of corporate environmental strategy and introduces the concepts of reputation and profit-seeking effects, offering fresh perspectives on understanding ESG greenwashing behavior. It also provides empirical evidence of the governance role of institutional investors in addressing managerial opportunism related to ESG greenwashing, enriching the existing theoretical framework. Finally, the study highlights the need to establish stronger institutional and managerial mechanisms to effectively tackle corporate greenwashing, offering valuable insights for future research and practice.

While government is known to provide political guidance and exercising its executive function, it is also has regulatory powers through laws it enacts. In fostering sustainability, it is important to inquire how government's role can be innovated to facilitate sustainability, particularly in the travel and tourism industry. By reviewing tourism governance literature and mapping governance roles in the travel and tourism industry, this chapter creates a policy framework that underscores a new approach to tourism governance. We underscore that government's role must pivot toward being more developmental than regulatory so that it can effectively stimulate the market to sustainability by fostering value creation, supporting manpower capacitation, ensuring health and safety, and protecting the environment. This can be done if government will not fix the market and promote free market policymaking.

Adding Pd element to Au wire can improve the reliability of Au-Al bonding, but the mechanism of Pd element has not been well revealed so far. The purpose of this study is to reveal in more detail the mechanism of the role of Pd elements in Au/Al bonding.

In this paper, the microstructure changes and tensile data of 99.99% (4N) gold wire and 99% (2N) gold wire with 1 at % Pd were compared through high-temperature thermal aging treatment of the specimens, so as to explore the influence mechanism of Pd element on Au-Al bonding reliability.

The addition of Pd element effectively reduces the thickness of intermetallic compounds (IMCs) layer and strengthens the fracture tension and reliability. Compared with the 4N specimen, the average thickness of the IMCs layer of the 2N specimen under the same conditions is reduced by 1 µm, and the tensile value of the 2N specimen is increased by 1−3 g. Stored at 200°C for 200 h, the failure rate of bond point of 4N specimen reached 94.64%, and that of 2N specimen was 20%, with a difference of 4.73 times.

Through comparative analysis of the data, this study found that the doping of Pd element in Au-Al IMCs in the early stage slowed down the growth rate of the IMCs, and the precipitation of Pd element in the late stage to form a better Pd-rich layer hindered the element mutual diffusion behavior between Au and Al.