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To enrich the research on the economic consequences of enterprise digital development from the perspective of capacity utilization.

Using a sample of listed firms from 2010 to 2020, this paper exploits text analysis of annual reports to construct a proxy for enterprise digital development.

Results show that enterprise digital development not only improves their own capacity utilization but also generates a positive spillover effect on the capacity utilization of peer firms and firms in the supply chain. Next, based on the incomplete information about market demand and potential competitors when making capacity-building decisions, the mechanism tests show that improving the accuracy of market forecasts and reducing investment surges are potential channels behind the baseline results. Cross-sectional tests show the baseline result is more pronounced when industries are highly homogeneous and when firms have access to less information.

This paper contributes to the research related to the economic consequences of digital development. With the development of the digital economy, the real effects of enterprise digital development have also triggered extensive interest and exploration. Existing studies mainly examine the impact on physical operations, such as specialization division of labor, innovation activities, business performance or total factor productivity (Huang, Yu, & Zhang, 2019; Yuan, Xiao, Geng, & Sheng, 2021; Wang, Kuang, & Shao, 2017; Li, Liu, & Shao, 2021; Zhao, Wang, & Li, 2021). These studies measure the economic benefits from the perspective of the supply (output) side but neglect the importance of the supply system to adapt to the actual market demand. In contrast, this paper focuses on capacity utilization, aimed at estimating the net economic effect of digital development by considering the supply-demand fit scenario. Thus, our findings enrich the relevant studies on the potential consequences of digital development.

This study investigates the impact of uncertainty on the mean-variance relationship. We find that the stock market's expected excess return is positively related to the market's conditional variances and implied variance during low uncertainty periods but unrelated or negatively related to conditional variances and implied variance during high uncertainty periods. Our empirical evidence is consistent with investors' attitudes toward uncertainty and risk, firms' fundamentals and leverage effects varying with uncertainty. Additionally, we discover that the negative relationship between returns and contemporaneous innovations of conditional variance and the positive relationship between returns and contemporaneous innovations of implied variance are significant during low uncertainty periods. Furthermore, our results are robust to changing the base assets to mimic the uncertainty factor and removing the effect of investor sentiment.

The purpose of this paper is to analyse the development and evolution of industrial innovation ecosystems of Around-Tongji Knowledge Economy Circle from the three levels mentioned above, focusing on knowledge-producing populations, core populations and service-supporting populations, and to further develop this research framework by combining with the latest developments.

Based on the five-helix theory and economic census statistical data, this paper adopts geographic information system technology and examines the characteristics of the industrial innovation ecosystem and the synergistic evolution process in Around-Tongji knowledge economy circle.

The knowledge product populations lead the development of industries in Around-Tongji Knowledge Economy Circle. It contributes political capital output for the government. It innovates community cooperation and governance mode, and it improves the natural ecological environment. In the face of the changes and challenges in the development environment, the future development must be recognised from the height of the iterative development of the interaction mode between university knowledge production and economic and social development.

Based on the five-helix theory and economic census statistical data, this paper examines the characteristics of the industrial innovation ecosystem and the synergistic evolution process in Around-Tongji Knowledge Economy Circle. It further expands the research framework used to develop a synergistic evolution model, which reveals the interactive and synergistic relationship among the populations and the evolution characteristics of the entire industrial innovation ecosystem. This paper also provides useful perspectives for the study of the industrial innovation ecosystem.

In order to solve the problem of inaccurate calculation of index weights, subjectivity and uncertainty of index assessment in the risk assessment process, this study aims to propose a scientific and reasonable centralized traffic control (CTC) system risk assessment method.

First, system-theoretic process analysis (STPA) is used to conduct risk analysis on the CTC system and constructs risk assessment indexes based on this analysis. Then, to enhance the accuracy of weight calculation, the fuzzy analytical hierarchy process (FAHP), fuzzy decision-making trial and evaluation laboratory (FDEMATEL) and entropy weight method are employed to calculate the subjective weight, relative weight and objective weight of each index. These three types of weights are combined using game theory to obtain the combined weight for each index. To reduce subjectivity and uncertainty in the assessment process, the backward cloud generator method is utilized to obtain the numerical character (NC) of the cloud model for each index. The NCs of the indexes are then weighted to derive the comprehensive cloud for risk assessment of the CTC system. This cloud model is used to obtain the CTC system's comprehensive risk assessment. The model's similarity measurement method gauges the likeness between the comprehensive risk assessment cloud and the risk standard cloud. Finally, this process yields the risk assessment results for the CTC system.

The cloud model can handle the subjectivity and fuzziness in the risk assessment process well. The cloud model-based risk assessment method was applied to the CTC system risk assessment of a railway group and achieved good results.

This study provides a cloud model-based method for risk assessment of CTC systems, which accurately calculates the weight of risk indexes and uses cloud models to reduce uncertainty and subjectivity in the assessment, achieving effective risk assessment of CTC systems. It can provide a reference and theoretical basis for risk management of the CTC system.

This study aims to elucidate the process and internal mechanism of place identity construction in traditional villages under the impact of tourism by taking Cuandixia village as a case. The research methods comprise participatory observation and in-depth interviews with the residents. The main results are as follows: the impact of tourism on traditional villages is mainly reflected in space reconstruction, livelihood change, social relations restructuring and culture change; under the impact of tourism, the representation of residents’ identity construction shows complexity, with positive and negative effects; and the place identity construction of residents affects their perception of and attitudes toward tourism. Moreover, self-esteem and self-efficacy principles play a key role in their perception of tourism. This study provides some reference for further investigation of the tourism development model and the mental mechanism of residents in traditional villages.

This study aims to examine the interrelationships between social media marketing activities, self-brand connections, brand equity, trust and loyalty.

A total of 402 valid responses were collected from Amazon MTurk, and the data were subjected to partial least squares structural equation modeling and fuzzy-set qualitative comparative analysis (fsQCA).

Findings indicate that social media marketing activities strongly and positively influence self-brand connection, brand equity and brand trust. Moreover, brand loyalty was strongly and positively influenced by self-brand connection, brand equity and brand trust. Moreover, the findings from fsQCA indicate that three causal paths lead to a high level of brand loyalty, and one causal path determines a low level of brand loyalty.

This research extends current knowledge by bridging the literature between social media marketing activities and branding using self-brand connections. Additionally, this study uses the strength of two complimentary methods – symmetrical and asymmetrical modeling – to uncover how social media marketing activities bridge customer-brand relationships.

Este estudio examina las interrelaciones entre las actividades de marketing en redes sociales, las conexiones de marca propia, el valor de la marca, la confianza y la lealtad.

Se recopilaron 402 respuestas válidas de Amazon MTurk, y los datos fueron sometidos a PLS-SEM y análisis cualitativo comparativo con conjuntos difusos (fsQCA).

Los resultados indican que las actividades de marketing en redes sociales influyen fuertemente y de manera positiva en la conexión de marca propia, el valor de la marca y la confianza en la marca. Además, la lealtad a la marca es influenciada fuerte y positivamente por la conexión de marca propia, el valor de la marca y la confianza en la marca. Además, los resultados de fsQCA indican que tres vías causales conducen a un alto nivel de lealtad a la marca, y una determina un bajo nivel de lealtad a la marca.

Esta investigación amplía el conocimiento actual al vincular la literatura entre las actividades de marketing en redes sociales y el branding utilizando conexiones de marca propia. Además, este estudio utiliza dos métodos complementarios – modelado simétrico y asimétrico – para descubrir cómo las actividades de marketing en redes sociales construyen las relaciones entre cliente y marca.

本研究探讨社交媒体营销活动、自我品牌连接、品牌资产、信任和忠诚度之间的相互关系。

从亚马逊MTurk收集了402个有效回复, 并对数据进行了PLS-SEM和模糊集合质性比较分析 (fsQCA) 的处理。

研究发现, 社交媒体营销活动对自我品牌连接、品牌资产和品牌信任产生了强烈而积极的影响。此外, 自我品牌连接、品牌资产和品牌信任也对品牌忠诚度产生了强烈而积极的影响。fsQCA的结果显示, 导致高水平品牌忠诚度的有三条因果路径, 而导致低水平品牌忠诚度的有一条因果路径。

本研究通过构建社交媒体营销活动与品牌之间的桥梁, 利用自我品牌连接, 扩展了当前知识。此外, 利用对称和非对称建模两种互补方法的优势, 揭示了社交媒体营销活动如何建立客户品牌关系。