Jun Huang, Haijie Mo and Tianshu Zhang
This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt…
Abstract
Purpose
This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt maturity structure. It also aims to provide some policy implications for corporate debt financing and further liberalization of the capital market in China.
Design/methodology/approach
Employing the exogenous event of Shanghai-Shenzhen-Hong Kong Stock Connect and using the data of Chinese A-share firms from 2010 to 2020, this study constructs a difference-in-differences model to examine the relationship between capital market liberalization and corporate debt maturity structure. To validate the results, this study performed several robustness tests, including the parallel test, the placebo test, the Heckman two-stage regression and the propensity score matching.
Findings
This paper finds that capital market liberalization has significantly increased the proportion of long-term debt of target firms. Further analyses suggest that the impact of capital market liberalization on the debt maturity structure is more pronounced for firms with lower management ownership and non-Big 4 audit. Channel tests show that capital market liberalization improves firms’ information environment and curbs self-interested management behavior.
Originality/value
This research provides empirical evidence for the consequences of capital market liberalization and enriches the literature on the determinants of corporate debt maturity structure. Further this study makes a reference for regulators and financial institutions to improve corporate financing through the governance role of capital market liberalization.
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Sheng Liu, Xiao Lin and Xiuying Chen
This paper aims to reveal the green governance role played by stock connect in transition economies from the perspective of corporates’ environmental violations and provides…
Abstract
Purpose
This paper aims to reveal the green governance role played by stock connect in transition economies from the perspective of corporates’ environmental violations and provides implications for the coordination and optimization of subsequent stock market liberalization and green transformation policies in pursuit of carbon peaking and carbon neutrality goals.
Design/methodology/approach
With the data of Chinese listed enterprises, this paper takes the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect in China as a quasi-natural experiment and applies the multi-period difference-in-difference (DID) model to identify the impact of stock market liberalization on the corporates’ environmental violations.
Findings
The findings reveal that the stock market liberalization significantly restrains the corporates’ environmental violations. These findings are robust to a series of sensitivity tests, including excluding two-way effects, adjusting the year of policy implementation, replacing the core variables, introducing the regional fixed effects and excluding the interference effect of other relevant policies during the sample period. Furthermore, the stock market liberalization is beneficial for upgrading information disclosure quality, improving internal governance capability, strengthening environmental protection incentives, and thus restrains corporates’ environmental violations. Meanwhile, heterogeneity tests show that the inhibitory effects are more significant in those grouped samples which is large scale, state-owned nature, located in eastern region, with poor evaluation performances and heavy tax burden.
Originality/value
We make two marginal contributions to the current literature. First, this paper enriches the literature on the factors influencing corporate environmental violations by focusing on how the macro-level financial policy influences the micro-level corporate environmental violations. One the one hand, prior studies mainly focused on the consequences of corporate environmental violations; however, there is still a puzzle that the effect of stock market liberalization cannot be fully justified to influence corporate environmental violations. The findings help explain this puzzle by examining that stock market liberalization can restrain corporate environmental violations. Moreover, prior studies mainly focused on corporate share price (Yunsen Chen et al., 2022), market liquidity (Han Kim and Singal, 2000), information disclosure (Liang, Lin, and Chin 2012), corporate governance (Bae and Goyal, 2010) and corporate violations (Lingyun Xiong et al., 2021), but not on corporate environmental violations. We assume that the suppression effect of stock market liberalization on corporate environmental violations can help reduce corporate environmental violations, improve corporates’ awareness of environmental compliance. Second, this paper contributes to a better understanding of the literature on stock market liberalization by investigating the restraining effect of Stock Connect on corporate environmental violations from the perspective of information channel, corporate governance channel and motivation channel, which is of practical significance. Moreover, we investigate the differences in the inhibitory effects of stock market liberalization on different enterprises' environmental violations, from firm size, property rights, enterprise assessment results, tax burden to geographical location, which is conducive to the construction of a green financial system and the promotion of sustainable economic development. Our results show that firms which are large scale, state-owned nature, located in eastern region, with poor evaluation performances and heavy tax burden tend to compliance with environmental laws. These findings emphasize the importance and benefits of Stock Connect.
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Xiaoying Li, Xiujuan Jin, Heng Li, Lulu Gong and Deyang Zhou
Considering the substantial benefits derived from the use of Building Information Modeling (BIM) in construction projects, governments and its related sectors have introduced…
Abstract
Purpose
Considering the substantial benefits derived from the use of Building Information Modeling (BIM) in construction projects, governments and its related sectors have introduced mandatory policies requiring the use of BIM. However, little is known about the impact of mandatory policies on BIM-based project performance. Therefore, the purpose of this paper is to provide a systematical understanding on the impact of policy interventions on the implementation practice of innovative technologies.
Design/methodology/approach
This paper utilizes the propensity score matching and difference in differences (PSM-DID) method to investigate the impact of policy interventions on BIM-based project performance. Using the panel data collected from 2015 to 2021 in the Hong Kong construction industry, this paper explores the impact of the first mandatory BIM policy on the BIM-based project performance of three key stakeholders.
Findings
The subjective BIM performance and BIM return on investment (ROI) have significantly improved after implementing the mandatory BIM policy. The promotion effect of mandatory BIM policy on BIM-based project performance gradually increases over time. Moreover, the promotion effect of mandatory BIM policy on BIM performance shows significant heterogeneity for different stakeholders and organizations of different sizes.
Originality/value
This study examined the impact of policy interventions on BIM-based project performance. The research findings can provide a holistic understanding of the potential implications of innovative mandatory policy in performance improvement and offer some constructive suggestions to policymakers and industry practitioners to promote the penetration of BIM in the construction industry.
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Igor Postuła, Agata Wieczorek and Tomasz Sosnowski
The study aims to investigate the impact of state ownership on company market performance, i.e. on share price returns and volatility, during the COVID-19 pandemic.
Abstract
Purpose
The study aims to investigate the impact of state ownership on company market performance, i.e. on share price returns and volatility, during the COVID-19 pandemic.
Design/methodology/approach
The study analyzes data from 125 companies listed on the Warsaw Stock Exchange between 2019 and 2020. Cumulative abnormal rates of return and quarterly standard deviation are used to measure investment return and price volatility. Panel ordinary least square regression models assess the influence of state ownership on stock market dynamics.
Findings
Our findings indicate that state ownership has a dual impact on share prices: it reduces both share price growth and volatility. The significant reduction in share price volatility provides evidence that state ownership enhances stability in uncertain market conditions, benefiting from governmental support.
Practical implications
Our findings convey to investors that state ownership promotes share price stability but may not lead to substantial increases in market value. To maintain a stable SOE share price, the state as a shareholder should be credible to investors, i.e. act transparently and inform the market about planned activities.
Originality/value
Previous studies concentrate mainly on the impact of state ownership on financial performance during the pandemic, while in a much lesser scope on market performance. We contribute to the literature by providing a more comprehensive understanding of the impact of state ownership on corporate market performance, particularly during the pandemic, through the lens of agency theory and resource-based theory.
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Guozhang Xu, Wanming Chen, Yongyuan Ma and Huanhuan Ma
Drawing on the tenets of institutional theory, the purpose of this study is to examine the impact of Confucianism on technology for social good, while also considering the…
Abstract
Purpose
Drawing on the tenets of institutional theory, the purpose of this study is to examine the impact of Confucianism on technology for social good, while also considering the moderating influence of extrinsic informal institutions (foreign culture) and intrinsic formal institutions (property rights).
Design/methodology/approach
This study constructs a comprehensive database comprising 9,759 firm-year observations in China by using a sample of Chinese A-share listed firms from 2016 to 2020. Subsequently, the hypotheses are examined and confirmed, with the validity of the results being upheld even after conducting endogenous and robustness tests.
Findings
The findings of this study offer robust and consistent evidence supporting the notion that Confucianism positively affects technology for social good through both incentive effect and normative effect. Moreover, this positive influence is particularly prominent in organizations with limited exposure to foreign culture and in nonstate-owned enterprises.
Originality/value
The findings contribute to the literature by fostering a deep understanding of technology for social good and Confucianism research, and further provide a nuanced picture of the role of foreign culture and property rights in the process of technology for social good in China.
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This study intends to extend the unified theory of acceptance and use of technology (UTAUT) model by integrating perceived enjoyment as an intrinsic motivation so as to…
Abstract
Purpose
This study intends to extend the unified theory of acceptance and use of technology (UTAUT) model by integrating perceived enjoyment as an intrinsic motivation so as to investigate factors influencing Chinese undergraduate English as a Foreign Language (EFL) students' intention to use ChatGPT for English learning.
Design/methodology/approach
A cross-sectional quantitative survey method research design was used in this study. Data were collected from 432 undergraduate students at two Chinese universities. The data analysis was carried out using SmartPLS 4, a computer software that employs the partial least squares structural equation modelling (PLS-SEM) technique. The analysis of the model was performed in two stages, including the assessment of reflective measurement model and structural model. The PLS predict was utilized to assess the model’s predicting power.
Findings
Findings showed that effort expectancy, performance expectancy, social influence and perceived enjoyment were positively related to Chinese undergraduate EFL learners' intention to use ChatGPT for English learning. Perceived enjoyment mediated the relationships between effort expectancy, performance expectancy, social influence and intention to use ChatGPT for English learning respectively.
Originality/value
Through incorporating the perceived enjoyment as an intrinsic motivation into the UTAUT model to explore factors that impact Chinese undergraduate EFL learners' intention to use ChatGPT for English learning, this study has extended the applicability of the UTAUT model and provide insights into factors affecting students' intention to utilize ChatGPT or other AI-based technologies for English learning.
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Long Zhang, Kaiwei Zhang and Dejun Kong
The purpose of this study to investigate the high temperature tribological performances of CrN and CrAlN coatings on AISI H13 steel, which was beneficial to improve the wear…
Abstract
Purpose
The purpose of this study to investigate the high temperature tribological performances of CrN and CrAlN coatings on AISI H13 steel, which was beneficial to improve the wear resistance of hot work molds.
Design/methodology/approach
Arc ion plating was used to deposit the CrN and CrAlN coatings on AISI H13 steel, and the tribological performances of CrN and CrAlN coatings were evaluated using a ball-on-plate wear tester.
Findings
The average coefficients of friction and wear rate of CrAlN coating in the normal wear period are 0.33 and 5.34 × 10–9 mm3·N–1·mm–1, respectively, which are lower than those of CrN coating, exhibiting that the outstanding friction reduction. The formations of Cr and Al oxides during the wear process are the main factor in enhancing the tribological performance of CrAlN coating.
Originality/value
CrN and CrAlN coatings were applied for hot work molds, and their tribological performances were comparatively investigated.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-09-2024-0359/
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Yingying Li, Lanlan Liu, Jun Wang, Song Xu, Hui Su, Yi Xie and Tangqing Wu
The purpose of this paper is to study the corrosion behavior of Q235 steel in saturated acidic red and yellow soils.
Abstract
Purpose
The purpose of this paper is to study the corrosion behavior of Q235 steel in saturated acidic red and yellow soils.
Design/methodology/approach
The corrosion behavior of Q235 steel in saturated red and yellow soils was compared by weight-loss, SEM/EDS, 3D ultra-depth microscopy and electrochemical measurements.
Findings
Rp of the steel gradually increases and icorr gradually decreases in both the red and yellow soils with time. The Rp of the steel in the red soil is lower, but its icorr is higher than that in the yellow soil. The uniform corrosion rate, diameter and density of the corrosion pit on the steel surface in the red soil are greater than those in the yellow soil. Lower pH, higher contents of corrosive anions and high-valence Fe oxides in the red soil are responsible for its higher corrosion rates and local corrosion susceptibility.
Originality/value
This paper investigates the difference in corrosion behavior of carbon steel in saturated acidic red and yellow soils, which can help to understand the mechanism of soil corrosion.
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Behnam Ameri, Fathollah Taheri-Behrooz and Mehdi Ghahari
The field of medical technology is constantly evolving, leading to improvements in implantation techniques that offer innovative solutions for treating bone tissue defects. The…
Abstract
Purpose
The field of medical technology is constantly evolving, leading to improvements in implantation techniques that offer innovative solutions for treating bone tissue defects. The purpose of this study is to investigate the integration of nano-silica into ceramic scaffolds to enhance the mechanical strength of Hydroxyapatite structures.
Design/methodology/approach
Using the design of experiment methodology, 13 distinct ceramic pastes, each optimized for specific mechanical characteristics, are formulated. Rheological testing is performed to ensure suitability for 3D printing, and the pastes are evaluated using techniques such as scanning electron microscopy and energy dispersive X-ray spectroscopy. The definitive screening design optimizer is used to determine an ideal material combination based on factors like extrudability, printability, strength and biocompatibility.
Findings
Scaffolds with the optimized HA/SiO2 composition are fabricated and tested for compression strength, achieving 7.8 MPa.
Originality/value
The research endeavors detailed within this study represent a notable advancement in the augmentation of ceramic scaffold properties tailored for bone tissue engineering applications, particularly focusing on their suitability for integration within load-bearing structures. A particular emphasis is placed on the enhancement of printability, thereby facilitating streamlined fabrication processes.
Graphical abstarct
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Siamak Ghadami-Badrlou, Mohsen Khajehzadeh and Mohammad Reza Razfar
This paper aims to study the elasto-dynamic behavior of additively manufactured metallic lattice implants and compare them with human lower-body bone. This work is a step toward…
Abstract
Purpose
This paper aims to study the elasto-dynamic behavior of additively manufactured metallic lattice implants and compare them with human lower-body bone. This work is a step toward producing implants with high similarity of material properties to bone by developing a dynamic design approach.
Design/methodology/approach
A suitable topology was selected and admissible design space was established. Implants were fabricated by selective laser melting. Material dynamics, including elastic modulus, damping and natural frequency, were analyzed with experimental and finite element method methodology.
Findings
Generally, porosity improves dynamic properties up to an optimum point, which depends on printability, that is, ∼70%. Regarding elastic modulus and natural frequency, it is possible to achieve enough similarity with bone. But, considering damping, the similarity is <23% and <12% with dry and fresh bone, respectively. Damping and strain rate sensitivity increase with porosity. The natural frequency decreases with porosity. Bone ingrowth into lattice implants improves damping substantially while increasing elastic modulus.
Originality/value
Designers, dominantly had quasi-static approach, which considered only elastic modulus. But, the human body is a dynamic structure and experiences dynamic loads; meanwhile, bone, with its damping and natural frequency, regulates dynamic events like shock absorption and elastic wave filtering. Importantly, bone cells sense no load in quasi-static loading and must receive impact loads near their natural frequencies and special accelerations to conduct optimum mechanotransduction. So, it is necessary to develop a dynamic strategy which is comprehensive and describes bone duties.