The paper aims to discuss the amended provisions relating to protection of minority shareholders (PMS) in the newly amended Chinese Company Law and evaluate whether it adequately…
Abstract
Purpose
The paper aims to discuss the amended provisions relating to protection of minority shareholders (PMS) in the newly amended Chinese Company Law and evaluate whether it adequately protects the interests of minority shareholders.
Design/methodology/approach
In total, 26 cases will be examined by discussing the characteristics of the relevant parties involved, specifically plaintiffs, defendants, their lawyers, judges and also the grounds of complaint. A comparison will be made between the cases decided by following the first Company Law (1994) and the cases decided in accordance with the newly amended Company Law (2006).
Findings
The findings indicate that the amended Company Law has removed certain drawbacks in PMS present in the first Company Law (1994) but the New Company Law can protect interests of minority shareholders only to a certain extent. Further amendments are still needed.
Originality/value
This is one of the first studies to actually examine the implementation of PMS‐related provisions in the newly amended Company Law.
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In this study, we examined whether employees’ perceived importance of the training program would be one variable that mediates the relationship between training assignment and…
Abstract
In this study, we examined whether employees’ perceived importance of the training program would be one variable that mediates the relationship between training assignment and training motivation. Data were collected from 184 employees belonging to 18 banks who attended government‐sponsored training programs in Northern Taiwan. Participants were asked to complete two questionnaires: one at the beginning of the training program and the other at the middle. Results supported our hypothesis and showed that, compared to those who were volunteers, the employees who attended the training on a mandatory basis had a higher motivation for training. Moreover, organizations that force their employees to attend a given training program send out a clear message to employees that such training is important. As employees perceive the training to be central to the achievement of organizational objectives, their training motivation increases.
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Xusen Cheng, Shuang Zhang, Shixuan Fu, Wanxin Liu, Chong Guan, Jian Mou, Qiongwei Ye and Caiming Huang
Metaverse is a virtual application spawned by digital technology that is becoming increasingly relevant to our lives. However, for the opportunities created and challenges posed…
Abstract
Purpose
Metaverse is a virtual application spawned by digital technology that is becoming increasingly relevant to our lives. However, for the opportunities created and challenges posed by the metaverse, its important elements and future evolution trend remain largely unknown. Thus, this paper aims to understand the current status of metaverse research and its future research directions.
Design/methodology/approach
Based on the analysis of the literature data on the metaverse both in English and Chinese using Latent Dirichlet allocation (LDA) topic modeling and bibliometrics, this study discussed the related research and development trend of the metaverse. The authors first defined the concept of the metaverse and analyzed 1,378 English articles from seven publishers and 590 Chinese articles from the CNKI database. Following that, the authors summarized three important themes from the current studies: virtual world, metaverse technologies and metaverse applications. Finally, a framework of future directions on metaverse research was proposed.
Findings
The review found that during the rapid development of the metaverse, opportunities and challenges coexisted. In the virtual world, metaverse technologies drive the implementation of application scenarios, and in turn, applications promote the improvement of technologies. The interrelationship between technology and application lays the foundation for the development of the metaverse. Future metaverse research will generate different research directions.
Originality/value
This review provides a valuable, systematic perspective for individuals who want to understand the metaverse. The conceptual framework on metaverse research proposed in this paper offers a comparison of literature analysis from domestic and international perspectives and brings new insights into the development of the metaverse.
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This study aims to explore the following questions: What are resources for humans and what are not? How does nature “become” a resource? Does the result of cultural resources'…
Abstract
Purpose
This study aims to explore the following questions: What are resources for humans and what are not? How does nature “become” a resource? Does the result of cultural resources' re‐identification and utilization benefit cultural conservation?
Design/methodology/approach
The main methods used were participant observation (from 2005 to 2007) and in‐depth interviews. In‐depth interviews included local elites, wetland farmers, and local tourism business owners.
Findings
The process of culture becoming resources includes three stages: resource identification, meaning‐giving, and social reduction. The achievement of each stage is a result of the interactions of local powers. When the aims of the identification and utilization of cultural resources excessively combine with some interests of capitalism, there is often a conflict between preservation and development.
Practical implications
The results of the analysis suggest that, if this program could acquire local consensus and local participation, it could really benefit cultural resource conservation.
Originality/value
This study proposes the “indigenous concept of resource” as a critical viewpoint on the current concept of resource.
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Xin Li, Hsu Ling Chang, Chi Wei Su and Yin Dai
The purpose of this paper is to investigate the causal link between foreign direct investment (FDI) and exports in China based on the knowledge capital model (KK model, Markusen…
Abstract
Purpose
The purpose of this paper is to investigate the causal link between foreign direct investment (FDI) and exports in China based on the knowledge capital model (KK model, Markusen, 2002).
Design/methodology/approach
The bootstrap Granger full-sample and sub-sample rolling window causality test is used to determine whether FDI can promote exports.
Findings
The full-sample causality test indicates no causal relationship from FDI to exports. However, considering structural changes of exports and FDI, the authors’ find that the full-sample test is not reliable. Instead, the authors use the rolling window causality test to revisit the dynamic causal relationship, and the results present significant effects from FDI on exports, mostly around periods in which the proportion of FDI from Hong Kong, Macao and Taiwan is increasing. Specifically, positive impacts of FDI on exports are stronger than the negative impacts in China.
Research limitations/implications
The findings in this study suggest a significant time-varying nature of the correlation between FDI and exports. The promotion effect of FDI to exports is proved by the rolling window approach; it thus supports the KK model that divides FDI into lateral FDI and vertical FDI and proves that the constitution of FDI is critical to the relationship between FDI and exports.
Practical implications
China has been facing adjustment of its economic structure in recent years, and in this situation, increasing the proportion of FDI that can bring advanced production function is critical for the industrial structural adjustment.
Originality/value
This paper uses the bootstrap rolling window causality test to investigate the time-varying nature of the causality between FDI and exports, considering structural changes for the first time. The authors further deepen the previous research and draw a more realistic conclusion.
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Chee Hua Chin, Jacqueline Wei-Chi Wong and Wei Chiang Chan
This study aims to propose a research framework grounded in the technology acceptance model (TAM) to assess the new service experiences in the medical industry through examining…
Abstract
Purpose
This study aims to propose a research framework grounded in the technology acceptance model (TAM) to assess the new service experiences in the medical industry through examining the intention to use online-to-offline (O2O) medical platforms. It focuses on the connections between immediacy of connection, context-based affordability, reliability and perceived convenience and perceived usefulness. This study also looks at how these determinants affect users’ intentions to use O2O medical platforms, with a particular emphasis on the moderating effect of customer online reviews.
Design/methodology/approach
This study was a quantitative research endeavour grounded in the TAM model that analysed usage intention of O2O medical platforms. Conducted in Sarawak, within the Borneo region, a total of 251 rows of data were collected by questionnaire and underwent initial analysis using SPSS, followed by a more in-depth two-stage partial least squares structural equation model analysis conducted with SmartPLS4.
Findings
According to this study’s findings, perceived usefulness and perceived convenience are significantly impacted by the proposed predictors – immediacy of connection, context-based affordability and reliability. Furthermore, intention to use O2O medical platforms was discovered to have a positive and significant impact from perceived usefulness and perceived convenience. It is noteworthy that the association among perceived convenience and perceived usefulness – which leads to usage intention of O2O medical platforms – did not show the moderating effect of customer online reviews.
Research limitations/implications
The findings suggested that context-based affordability, immediacy of connection and reliability need to be focused on by the information and communication technology developers, policymakers and medical professionals, as these variables can influence perceived convenience and usefulness, which will further impact the intention to use O2O medical platforms.
Originality/value
The formulated research framework holds significance in comprehending the usage intention of O2O medical platforms among consumers in Sarawak. O2O medical platforms have experienced global growth; however, limited studies were found in the Malaysian context. Hence, the objective of this study is to examine the intention to use O2O medical platforms in a relatively understudied area, specifically in Sarawak, an island located in Borneo, Malaysia.
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Asis Kumar Sahu and Byomakesh Debata
This study examines the impact of firm-level climate risk exposure (FCRE) on firm stock liquidity by using a sample of Indian-listed firms from the financial years 2003–2004 to…
Abstract
Purpose
This study examines the impact of firm-level climate risk exposure (FCRE) on firm stock liquidity by using a sample of Indian-listed firms from the financial years 2003–2004 to 2022–2023. Further, it endeavors to investigate the moderating role of environmental, social and governance (ESG) disclosure in this relationship.
Design/methodology/approach
A novel text-based FCRE metric is introduced using a sophisticated Word2Vec model through a Python-generated algorithm for each firm and year based on the management discussions and analysis (MD&A) reports. The panel fixed effect model is used to study how FCRE affects stock liquidity.
Findings
The result shows that FCRE negatively affects firms’ stock liquidity, and the effect remains robust after addressing endogeneity concerns. In addition, we find that a high ESG disclosure rating significantly moderated the adverse effect of FCRE. Furthermore, our analysis reveals that investor sentiment, information quality, corporate life cycle and institutional holdings moderate the impact of FCRE on liquidity.
Practical implications
The study offers valuable insights for investors, managers and policymakers on integrating climate risk into investment strategies, improving corporate climate governance and shaping policies that incentivize sustainable corporate behavior.
Originality/value
To the best of our knowledge, this study is an early study to explore the relationship between firm-specific climate risk exposure and stock liquidity using advanced machine learning techniques. It contributes to the existing literature by illustrating how climate risk can lead to adverse market reactions while highlighting the critical roles of corporate ESG practices, investor sentiment and disclosure quality in influencing this relationship.
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Mahdi Ghaemi Asl, Muhammad Mahdi Rashidi and Seyed Ali Hosseini Ebrahim Abad
The purpose of this study is to investigate the correlation between the price return of leading cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, Monero, Stellar…
Abstract
Purpose
The purpose of this study is to investigate the correlation between the price return of leading cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, Monero, Stellar, Peercoin and Dash, and stock return of technology companies' indices that mainly operate on the blockchain platform and provide financial services, including alternative finance, democratized banking, future payments and digital communities.
Design/methodology/approach
This study employs a Bayesian asymmetric dynamic conditional correlation multivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (BADCC-MGARCH) model with skewness and heavy tails on daily sample ranging from August 11, 2015, to February 10, 2020, to investigate the dynamic correlation between price return of several cryptocurrencies and stock return of the technology companies' indices that mainly operate on the blockchain platform. Data are collected from multiple sources. For parameter estimation and model comparison, the Markov chain Monte Carlo (MCMC) algorithm is employed. Besides, based on the expected Akaike information criterion (EAIC), Bayesian information criterion (BIC), deviance information criterion (DIC) and weighted Deviance Information Criterion (wDIC), the skewed-multivariate Generalized Error Distribution (mvGED) is selected as an optimal distribution for errors. Finally, some other tests are carried out to check the robustness of the results.
Findings
The study results indicate that blockchain-based technology companies' indices' return and price return of cryptocurrencies are positively correlated for most of the sampling period. Besides, the return price of newly invented and more advanced cryptocurrencies with unique characteristics, including Monero, Ripple, Dash, Stellar and Peercoin, positively correlates with the return of stock indices of blockchain-based technology companies for more than 93% of sampling days. The results are also robust to various sensitivity analyses.
Research limitations/implications
The positive correlation between the price return of cryptocurrencies and the return of stock indices of blockchain-based technology companies can be due to the investors' sentiments toward blockchain technology as both cryptocurrencies and these companies are based on blockchain technology. It could also be due to the applicability of cryptocurrencies for these companies, as the price return of more advanced and capable cryptocurrencies with unique features has a positive correlation with the return of stock indices of blockchain-based technology companies for more days compared to the other cryptocurrencies, like Bitcoin, Litecoin and Ethereum, that may be regarded more as speculative assets.
Practical implications
The study results may show the positive role of cryptocurrencies in improving and developing technology companies that mainly operate on the blockchain platform and provide financial services and vice versa, suggesting that managers and regulators should pay more attention to the usefulness of cryptocurrencies and blockchains. This study also has important risk management and diversification implications for investors and companies investing in cryptocurrencies and these companies' stock. Besides, blockchain-based technology companies can add cryptocurrencies to their portfolio as hedgers or diversifiers based on their strategy.
Originality/value
This is the first study analyzing the connection between leading cryptocurrencies and technology companies that mainly operate on the blockchain platform and provide financial services by employing the Bayesian ssymmetric DCC-MGARCH model. The results also have important implications for investors, companies, regulators and researchers for future studies.
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Siti Nurazira Mohd Daud, Nur Syazwina Ghazali and Nur Hafizah Mohammad Ismail
This paper aims to examine the relationships among environmental, social and governance (ESG) practices, innovation and economic growth in five Asian countries from 1990 to 2020.
Abstract
Purpose
This paper aims to examine the relationships among environmental, social and governance (ESG) practices, innovation and economic growth in five Asian countries from 1990 to 2020.
Design/methodology/approach
The study innovatively constructed the ESG index at the country level by using frequency statistics on text mining and factor analysis for each country over time. In addition, this study used the autoregressive distributed lag method to establish a long-term relationship.
Findings
The authors discovered that ESG practices among corporate entities significantly impact economic growth in Malaysia, the Philippines and Singapore. Specifically, the environmental component positively affects the growth of Malaysia, Thailand and the Philippines, while the governance components of ESG contribute to Thailand’s economic growth. The authors also discovered that innovation improves countries’ economic growth, thus offering policy insights into promoting ESG practices and stimulating the ecosystem for innovation.
Originality/value
The paper fills the gap left in previous inconclusive findings on the association between ESG practices and country growth.