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Based on the technology affordance theory, this study aims to explore the relationship among artificial intelligence (AI) orientation, global value chain collaboration (collaboration breadth and collaboration depth) and the international performance of entrepreneurial firms while considering the contingency of board international experience.

This study’s sample was selected using the Sci-Tech Innovation Board (STAR Market) of the Shanghai Stock Exchange in China from 2019 to 2023, from which 1,928 final usable observations from 570 entrepreneurial firms over five years were obtained.

The empirical results indicate that AI orientation positively affects both collaboration breadth and collaboration depth of the global value chain. In addition, both collaboration breadth and collaboration depth mediate the relationship between AI orientation and the international performance of entrepreneurial firms, and board international experience enhances the positive effect of AI orientation on collaboration breadth.

This study contributes to the literature on AI orientation, global value chain and board international experience by introducing the technology affordance theory into the international performance of entrepreneurial firms, and it provides managerial implications for entrepreneurial firms and government policymaking.

Heterogeneous risk disclosure has been proven to improve the efficiency of new stock issuance, but excessive risk disclosure during the IPO may lead to irrational underestimation of the company, which is different from the original intention of management's detailed disclosure. Therefore, this study aims to examine the impact of IPO heterogeneous risk disclosure on earnings management motivations from the information transfer perspective of earnings management.

The sample includes 2,000 listed companies listed firms on Shanghai and Shenzhen Stock Exchanges from 2007 to 2022. This study uses the pretrained ERNIE model to measure text similarity in the prospectus to measure the heterogeneity of IPO risk disclosure.

This study empirically finds that heterogeneous IPO risk disclosure suppresses the opportunistic motivation of earnings management because managers tend to use earnings management to leverage information transmission functions. Such an effect is more pronounced in firms with higher analyst attention, lower marketization levels and non-state-owned. And heterogeneous risk disclosure may inhibit management’s over-investment behavior, thereby reducing the possibility of management engaging in opportunistic earnings management. Besides, price discounts are used to distinguish opportunistic and non-opportunistic earnings management and carry out a quasi-natural experimental design to demonstrate that marketization can enhance the relationship between heterogeneous risk disclosure and earnings management.

This study contributes evidence regarding the economic consequences of managerial earnings management behavior related to heterogeneous IPO risk disclosure. It supports highlighted firms in the IPO risk information disclosure to mitigate potential adverse outcomes through earnings management. This contributes to the literature and enhances information transparency in the capital market, fostering the healthy development of China’s capital market.