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The purpose of this study is to empirically investigate the relationship between executive shareholding, institutional investor shareholding and corporate innovation, and to further explore in depth the impact of executive shareholding on corporate innovation under different industries.

This paper uses the panel data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2020 as the research sample to empirically study the relationship between executive shareholding, institutional investor shareholding and corporate innovation based on multiple linear regression models and panel fixed effects.

The research shows that: on the whole, the impact of executive shareholding on enterprise innovation presents an inverted “U” shape; institutional investors will negatively regulate the impact of executive shareholding on enterprise innovation; the impact of executive shareholding on enterprise innovation will show obvious industry differences in different industries.

The empirical results not only enrich the research on the effects of institutional investors' involvement in corporate governance practice, but also provide targeted experience for promoting enterprise innovation. Due to the limitations of innovation indicators and industry sample selection, it is necessary to be cautious when extending the results to other fields.

Enterprises should fully consider the impact of executive shareholding on innovation and formulate a scientific executive incentive system according to the differences of their industries. The government should be aware of the important role of institutional investors in enterprises, improve the channels and ways for institutional investors to participate in corporate governance, and improve the basic system of capital markets.

On the one hand, this paper empirically tests the regulatory role of institutional investors' shareholding and the relationship between executive shareholding and enterprise innovation, which enriches the research on the effect of institutional investors' involvement in corporate governance practice. On the other hand, the research by industry is more targeted to provide experience for promoting enterprise innovation.

This paper aims to explore the evolution mechanism of resources in a standard alliance that are matched with resources required at different standardization stages from the viewpoint of dynamic matching. How core enterprises in an alliance allocate resources, select member enterprises and maintain the normal operation of an alliance, according to the resource evolution of a standard alliance, is an important issue when dealing with the implementation of technology standardization.

The authors have chosen the Intelligent Grouping and Resource Sharing (IGRS) standard alliance of computer companies in China as the object of this study. The authors have built indices to identify core enterprises in the alliance from the viewpoint of network organization. The authors also collected data from authoritative news websites concerning patents and cooperative projects undertaken by 216 enterprises in the IGRS alliance during the period from 2002 to 2016, and they have computed and analyzed these data by using UCINET 6.0 software and social network analysis methodology to identify core enterprises at different standardization stages, thus revealing the evolution mechanism for resources in the standard alliance.

Technology standardization is divided into R&D, industrialization and marketization stages, and the standard alliance requires different resources to satisfy what is required at each of those different standardization stages. While technology standardization is a process during which technology systems standards are continuously being perfected and the standard product market is continuously expanding, the development of technology standardization affects the evolutionary processes of the core enterprises and affects the selection of member enterprises in the standard alliance.

The results obtained will assist the standard alliance to select proper member enterprises and dynamically match the alliance’s resources with the resources required at different standardization stages to speed up the implementation of independent standardization in China.

This study demonstrates the evolution mechanism of resources in technology standard alliances at different standardization stages by using quantitative analysis methodology, and it enriches the research on which elements are influential for technology standardization’s development in the context of China’s social, economic and cultural characteristics.

The paper aims to examine the rounding phenomenon in reported earnings and revenues of Japanese publicly listed firms to achieve key reference points. The paper also examines the changes of rounding behavior among Japanese publicly listed firms around the asset bubble burst in 1990.

To test the null hypothesis of no managerial effort to round earnings and revenues, the paper compared the observed frequency of each number in the second place of earnings and revenues numbers to the expected occurrences of the number as predicted by Benford's law.

The paper finds that rounding manipulation is prevalent in the reporting of both earnings and revenues among the firms. The paper also documents that rounding manipulation is more severe in reported earnings than that in reported revenues. The paper finds constant rounding manipulation behavior in reported earnings upon the asset bubble bursting in 1990; however, the magnitude of rounding manipulation in reported revenues decreases significantly after the bubble burst. This finding supports the argument that Japanese firms tend to focus more on short-term performance in the post-bubble era.

This paper is the first study to focus on rounding behavior in reported revenues of Japanese firms. As important as the earnings are on firms' valuation and contractual measures, revenues deserve intensive awareness in the financial studies. The study also explores the changes of Japanese managers' rounding manipulation behavior since the asset bubble burst in 1990. Documentation of the structural changes in the lost decades in Japan can provide valuable lessons for other countries in similar situations.