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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Ahmed Nazzal, Maria-Victòria Sánchez-Rebull and Angels Niñerola
This study introduces a comprehensive bibliometric analysis of the foreign direct investment (FDI) literature by multinational corporations (MNCs) focusing on emerging economies…
Abstract
Purpose
This study introduces a comprehensive bibliometric analysis of the foreign direct investment (FDI) literature by multinational corporations (MNCs) focusing on emerging economies to identify the most influential authors, journals and articles in FDI research and reveals the fields' conceptual and intellectual structures. The purpose of this paper is to address these issues.
Design/methodology/approach
The study analyzed 533 articles published between 1974 and 2020 in 226 academic journals indexed in the Web of Science (WoS) and Scopus databases. We used the R language for statistical computing to map author collaboration, co-word and develop a conceptual and intellectual map of the field.
Findings
The results show that, although the FDI literature has many authors, few dominate the field. The International Business Review (IBR) and International Journal of Emerging Markets (IJoEM) are the main sources of the publications. Moreover, bibliometric laws show that our dataset follows the Lotka law of scientific productivity and Bradford law of scattering, identifying the core journals. Finally, FDI by MNCs in emerging economies research is divided into four sub-research themes related to (1) FDI determinants, (2) entry mode, (3) MNCs and FDI performance and (4) the internationalization process.
Originality/value
The current article provides several starting points for practitioners and researchers investigating FDI. It contributes to broadening the vision of the field and offers recommendations for future studies.
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Safdar Khan, Sujood, Asad Rehman, Saima Kareem and Ramzi Al Rousan
This systematic literature review (SLR) seeks to thoroughly investigate and synthesize existing research primarily focused on the role and impact of livestreaming technologies in…
Abstract
Purpose
This systematic literature review (SLR) seeks to thoroughly investigate and synthesize existing research primarily focused on the role and impact of livestreaming technologies in the events industry. The review aims to uncover key trends and strategies associated with the integration of livestreaming in several event settings, including conferences, concerts and virtual events.
Design/methodology/approach
Employing a systematic approach, this review involves a meticulous search of the Scopus database and relevant literature using a predefined search string. The search is tailored to capture studies that specifically address livestreaming, with a focus on events such as conferences, concerts and other public gatherings.
Findings
This SLR uncovers the findings related to various aspects of livestreaming at events. Key areas of interest include the strategies employed by event organizers, audience experiences, technical requirements, monetization models, social media integration and the suitability of livestreaming in different event categories. By synthesizing the findings from the selected studies, this review provides an integrated framework of how livestreaming technologies impact event management, engagement and overall audience satisfaction.
Research limitations/implications
While striving for comprehensiveness, this SLR acknowledges potential limitations inherent in the available literature. Variability in research methodologies, publication biases and evolving technologies may introduce limitations. Additionally, the scope is limited to English-language publications within the specified subject areas. These limitations will be transparently discussed to guide future studies and promote the efficient utilization of livestreaming technologies in the events industry.
Originality/value
The originality of this SLR hinges on its thorough examination of the current state of knowledge on livestreaming technologies in events. The identification of trends and strategies will offer valuable insights for both scholars and practitioners, guiding future research directions and informing strategic decision-making in the dynamic field of event management.
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Cevahir Uzkurt, Semih Ceyhan and Emre Burak Ekmekcioglu
As a contribution to the social ties and dynamic capabilities literature, the purpose of this study is to examine the boundary role of the industrial factors (competitive…
Abstract
Purpose
As a contribution to the social ties and dynamic capabilities literature, the purpose of this study is to examine the boundary role of the industrial factors (competitive intensity, dependence on suppliers and demand uncertainty) on the relationship between small and medium-sized enterprises (SMEs) social ties (business ties and political ties) and firm performance.
Design/methodology/approach
Data were collected from 1,077 SME top-level managers in Turkiye. The proposed model is analyzed using partial least squares (PLS) path modeling in SmartPLS 4.0 software.
Findings
The results elucidate how demand uncertainty serve to moderate the influence exerted by both business and political ties upon the performance of SMEs. However, the moderating effects of competitive intensity and dependence on suppliers, although initially hypothesized, were not found to have a significant impact on the relationships.
Practical implications
The relevance of social ties of SMEs may depend on the industrial factor. Although both political and business ties are effective on the customer side, these ties may become irrelevant when it comes to competition and supplier relations. In competitive SME settings, where businesses are vying for similar markets, the effectiveness of ties might be questionable. In such cases, SMEs might invest in building in-house capabilities and competencies, rather than relying on their relational networks.
Originality/value
This study contributes to the understanding of how relational networks, which are considered as dynamic managerial capabilities, impact SMEs performance. It also fills an important gap by testing the boundary role of industrial factors on this relationship. The empirical data is collected from the Turkish context, which is also an original aspect of the study, considering most of the social ties literature has a limited focus on a few contexts. The results also indicate new areas for discussion and exploration, indicating potential avenues for further research.
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Qian Wang, Xiaobo Tang, Huigang Liang, Yajiong Xue and Xiaolin Sun
In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder…
Abstract
Purpose
In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.
Design/methodology/approach
The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.
Findings
The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.
Originality/value
This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.
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The purpose of this study is to examine the impact of corporate sustainability performance on the quality of financial reporting, proxied via the probability of external auditors…
Abstract
Purpose
The purpose of this study is to examine the impact of corporate sustainability performance on the quality of financial reporting, proxied via the probability of external auditors, to offer a qualified audit opinion. Moreover, the impact of audit committee (AC) independence is considered as a mediating factor affecting the quality of sustainability performance and the opinion of external financial auditors.
Design/methodology/approach
This study is based on a sample of listed firms from 24 EU countries over the period 2003–2019, summing up to 144,317 firm-year observations. Panel logistic regression models were estimated.
Findings
Results indicated that firms with increased sustainability performance were less probable to receive a qualified audit opinion, suggesting that sustainability performance complements the quality of financial reporting. In addition, this negative association was significant for firms with above-average AC independence, verifying the mediating impact of firms’ governance structure on the quality of financial reporting.
Originality/value
This study quantifies a broader data set of sustainability information and uses a multi-country framework (24 EU countries), thus providing more concrete evidence on the issue, extending the study by Tuo et al. (2023). Also, this study responds to calls for more research on the mediating role of ACs made by Velte (2023) and Stuart et al. (2023) on the impact of sustainability performance on qualified audit opinion.
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Guiwen Liu, Ziyi Qin, Hongjuan Wu, Ling Jia and Jihuan Zhuo
Prefabricated building (PB) has been a pivotal force in advancing global building industrialization and sustainability. However, the PB supply chain operation faces significant…
Abstract
Purpose
Prefabricated building (PB) has been a pivotal force in advancing global building industrialization and sustainability. However, the PB supply chain operation faces significant challenges of exhausting negotiations, poor communication and imperfect information, representing high transaction costs (TCs). Existing literature inadequately addresses governance behaviors to mitigate TCs. This study aims to explore PB supply chain inefficiencies through the lens of TC theory, examining the nuanced relationships between hybrid governance behaviors and TCs and exploring effective governance strategies.
Design/methodology/approach
Based on the theoretical frameworks of governance behavior and TCs, this study employed semi-structured interviews and questionnaire surveys with PB experts in Anhui, China. Subsequently, integrated backpropagation neural network and ordered logistic regression analyses were conducted to identify critical governance behaviors and explore boundaries for TCs reduction.
Findings
TCs of the PB supply chain are elevated (1) from communication and coordination; (2) during the construction and approval stages. Investigation of how governance behaviors influence the TCs indicated that (1) enterprises exert more influence than local governments; (2) governance effectiveness in the transaction and transaction environment dimensions outweighs stakeholder influence and (3) functional TCs exist in PB, associated with component manufacturing, PB contract negotiation and learning cost.
Originality/value
This study extends understanding of TCs in PB by providing nuanced insights into the nature and timing of TCs and elucidates how governance structures shape TCs. Functional TCs intrinsic to PB were identified when exploring the optimization boundaries. These insights equip local governments and enterprises with actionable knowledge to prioritize effective governance behaviors and measures.
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Xudong Zhuang and Junshan Duan
The purpose of this study is to evaluate the impact of environmental uncertainty on corporate social responsibility (CSR), and involves corporate financial investment as mediating…
Abstract
Purpose
The purpose of this study is to evaluate the impact of environmental uncertainty on corporate social responsibility (CSR), and involves corporate financial investment as mediating factor into this relationship to identify whether Chinese enterprises pursue fame or profit under rising environmental uncertainty.
Design/methodology/approach
Data of listed companies in China from 2010 to 2019 are employed. Fixed effect and mediating effect models were used to explore the relationship between environmental uncertainty, corporate financial investment, and CSR. The heterogeneity influence and moderating effect are discussed by using the method of grouping test and adding interactive items.
Findings
The study finds that rising environmental uncertainty has a negative impact on CSR. It stimulates managements' short-sighted motivation, so that enterprises prioritize financial investment that can solve short-term goals, rather than CSR performance. This inhibitory effect is caused by holding illiquid financial assets with the motivation of “speculative profit seeking.” The negative effect is greater in the samples of state-owned enterprises, nonfamily enterprises and enterprises with low risk-taking.
Practical implications
It provides a decision-making direction for implementation of CSR governance and the construction of CSR system, particularly in emerging market economies.
Social implications
CSR is widely known in developed countries for its formation, development and role, but its effectiveness and behavioral motivation are less mentioned in emerging markets. In the future, the research in this area needs to be further advanced.
Originality/value
The study makes significant contributions to the mechanisms behind the link between environmental uncertainty and CSR by taking corporate financial investment as an intermediary factor into the analysis, especially in the unique market context of China.
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Alvar Castello Esquerdo, Andrei Panibratov and Daria Klishevich
Drawn from the push–pull perspective, this research aims to identify the determinants of Chinese technology's outward foreign direct investments (OFDI) into the Eurasian region.
Abstract
Purpose
Drawn from the push–pull perspective, this research aims to identify the determinants of Chinese technology's outward foreign direct investments (OFDI) into the Eurasian region.
Design/methodology/approach
The authors argue that contrary to the extant literature, technology-driven OFDI from emerging-market multinationals (EMNEs) do not always seek developed countries, and EMNEs' technology investments in emerging economies are rising indicating that there are factors in these economies that can prove attractive. The authors recognize the influence of the macroeconomic environment and the interaction of home and host-country institutional contexts that influence the location choice of EMNEs technology-driven OFDI into other emerging economies, mediated by the industry sector and firm's ownership structure. The authors test our hypotheses using a sample of 1,656 observations of Chinese MNEs' tech-investments in the Eurasian region from 2005 to 2019.
Findings
The study results indicate that bilateral diplomatic relations pave the way of the host-country institutional environment for Chinese MNEs uncovering the role of the Chinese government as an OFDI facilitator. This study also unveils a lower technology level of the Chinese MNEs' investments in the Eurasian region connoting an interest in market opportunities exploitation through their existing technologies – through its comparative advantage in the global markets – rather than strategic assets acquisition aiming at augmenting their technological capabilities. This trend is similar to that of other major foreign direct investment (FDI) source countries.
Originality/value
This research contributes to a better understanding of the characteristics and the location choice of technology investments from EMNEs into other emerging economies that have received scant attention in the literature. In addition, it extends the institutional theory by analyzing how home-country institutions, through bilateral diplomatic relations, may smooth the host country institutional environment for home-country MNEs' foreign investments and contributes as well to the debate on the applicability of the existing theoretical framework in the case of emerging-market MNEs.
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XuJin Lang, Xiaoyu Suo, ZhiYong Niu, Liping Wang, Lixia Li, Yanchao Zhang and Dongya Zhang
This study aims to explore the use of modified graphene (MG) in copper wire drawing lubricants to enhance their friction-reducing and anti-wear capabilities.
Abstract
Purpose
This study aims to explore the use of modified graphene (MG) in copper wire drawing lubricants to enhance their friction-reducing and anti-wear capabilities.
Design/methodology/approach
Graphene was modified using oleic and stearic acids to improve its dispersibility in lubricants. Various concentrations of MG were then introduced into a copper wire drawing lubricant to investigate their tribological performance. Wear mechanisms were evaluated with scanning electron microscopy, optical microscopy, Raman spectroscopy and energy dispersive spectroscopy (EDS).
Findings
The best concentration of MG is 1.5 Wt.%, at which the copper wire drawing oil exhibits a friction coefficient and wear rate of 0.085 and 2.11 × 10−6 mm3/Nm, respectively, representing decreases of 22.7% and 47.6% compared to the base oil. It was further found that the addition of 1.5 Wt.% MG to a copper wire drawing fluid with a water content of 70% resulted in a 30.3% reduction in friction coefficient compared to the base oil. Raman spectroscopy and EDS analysis confirmed that the MG tribo-film formed on the worn copper disc effectively minimized friction and wear.
Originality/value
This study analyzes the tribological performance of different concentrations of MG in copper wire drawing oils, establishing a basis for the application of MG in copper wire drawing fluids.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-10-2024-0399/