Dayong Zhang, Xiaohui Liu, Xuefeng Bai, Gang Wang, Liping Rong, Ying Zhao, Xin Li, Jinhua Zhu and Changhong Mi
The purpose of this study is to investigate the heat resistance and heat-resistant oxygen aging of 4-nitrophthalonitrile-etherified cardanol-phenol-formaldehyde (PPCF) to further…
Abstract
Purpose
The purpose of this study is to investigate the heat resistance and heat-resistant oxygen aging of 4-nitrophthalonitrile-etherified cardanol-phenol-formaldehyde (PPCF) to further use and develop the resin as the matrix resin of high-temperature resistant adhesives and coatings.
Design/methodology/approach
PPCF resin was synthesized by 4-nitrophthalonitrile and cardanol-phenol-formaldehyde (PCF). The structures of PPCF and PCF were investigated by Fourier transform infrared, differential scanning calorimetry and proton nuclear magnetic resonance. In addition, the heat resistance and processability of PPCF and PCF resins were studied by dynamic mechanical analysis, thermogravimetric analysis, scanning electronic microscopy (SEM), X-ray diffraction (XRD) techniques and rheological studies.
Findings
The results reveal that PPCF forms a cross-linked network at a lower temperature. PPCF resin has excellent resistance under thermal aging in an air atmosphere and that it still had a certain residual weight after aging at 500°C for 2 h, whereas the PCF resin is completely decomposed.
Originality/value
4-Nitrophthalonitrile was introduced into PCF resin, and XRD and SEM were used to investigate the high temperature residual carbon rate and heat-resistant oxygen aging properties of PPCF and PCF resins.
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Boon Cheong Chew, Xiaobai Shen and Jake Ansell
This study aims to investigate the entrance of Chinese-based Alipay’s mobile-payment (m-payment) technology into Malaysia. Malaysia allowed this entry of the first foreign…
Abstract
Purpose
This study aims to investigate the entrance of Chinese-based Alipay’s mobile-payment (m-payment) technology into Malaysia. Malaysia allowed this entry of the first foreign m-payment company because it would allow Chinese tourists spending while they are visiting Malaysia. It will view this entrance from a Malaysian perspective.
Design/methodology/approach
The views of Malaysian players (Bank Negara Malaysia officers, three Malaysian banks’ officers, Alipay-Malaysia officers, airport section manager, convenience store manager and airport store sales executive) were sought via qualitative interview concerning Alipay’s entry into the Malaysian market. Respondents who had relevant knowledge and/or were involved in Alipay m-payment technology development in Malaysia were contacted, while there remainder were obtained by snowballing. Secondary data was collected from Bank Negara Malaysia’s policy, three Malaysian banks’ reports, the Alipay-Malaysia public statements and the Airport and Convenience Store reports. Triangulation using primary and secondary data was used to safeguard the validity and reliability of the outcomes.
Findings
The entry strategy used by Alipay was different from those reported in previous studies. The establishment of Alipay-Malaysia was the first element of the “mode of entry” gaining pioneer status in Malaysia. The next stage was gaining support from Bank Negara Malaysia-Malaysian Central Bank and three Malaysian banks (Maybank, Public Bank and CIMB) through collaborative ventures with Alipay-Malaysia Sdn. Bhd., leading to acceptance nationwide by local merchants. The key driver of acceptance being Chinese outbound tourists in Malaysia.
Research limitations/implications
This case study was conducted during the early implementation of Alipay in Malaysia from 2015 until April 2019. During this period, there were challenges due to the lack of primary data. These were overcome by the support from the respondents and the secondary data.
Practical implications
This study contributes to insights from a different entry strategy that used tourism as a leading force. This can give guidance to other m-payment service providers or other countries as m-payment technology recipient about “market entry strategy” and “modes of entry” following Alipay’s approach.
Originality/value
To date, no study has been conducted to investigate the nature of Alipay m-payment in Malaysia. This qualitative study has examined the new phenomenon regarding how Alipay entered the Malaysian market. Moreover, this study can also contribute new insights into the existing theory of “market entry strategy” in terms of Alipay’s tourist-based approach.
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Boon Cheong Chew, Lay Hong Tan, Nurlisa Loke Abdullah and Syaiful Rizal Hamid
This study aims to explore the unique establishment of the early stage of the Alipay ecosystem in Malaysia by the Chinese-based Ant-Financial Services Group (Ant-Financial is the…
Abstract
Purpose
This study aims to explore the unique establishment of the early stage of the Alipay ecosystem in Malaysia by the Chinese-based Ant-Financial Services Group (Ant-Financial is the parent company of Alipay). Alipay, a Chinese m-payment technology, is used by Chinese tourists visiting Malaysia. With the diverse set of domestic–foreign stakeholders formed within this early stage of the Alipay ecosystem in Malaysia, this empirical study provides fresh insight that is different from the typical group of domestic stakeholders and crucial for a successful early stage of an m-payment ecosystem establishment. This early stage of the Alipay ecosystem in Malaysia set a promising precedent for the next m-payment ecosystem for Malaysians.
Design/methodology/approach
This exploratory case study examined the early stage of the Alipay ecosystem established in Malaysia. The authors collected primary data from eight respondents through qualitative, semi-structured interviews. These respondents were identified using a snowballing technique, including individuals with relevant knowledge. To ensure the accuracy and reliability of the information, the authors triangulated the primary data obtained with other primary and secondary data sources.
Findings
The results elucidate how Ant-Financial established the early stage of the Alipay ecosystem in Malaysia. A significant aspect of this establishment was the strong collaboration between Alipay-Malaysia Sdn. Bhd. (Alipay-Malaysia as a subsidiary in Malaysia) and three Malaysian banks. This collaboration, which was backed by Bank Negara Malaysia, allowed Alipay-Malaysia to obtain its regulatee status in 2017, making it lawful to provide escrow e-money services in Malaysia. Following this, Alipay-Malaysia gained support from local merchants under these banks’ networks to accept Alipay from Chinese tourists. This study revealed that the early stage of the Alipay ecosystem in Malaysia was characterised by a diverse set of domestic-foreign stakeholders and functioned effectively from the outset. Consequently, in 2018, Malaysia was ranked among the top ten countries in global Chinese tourist spending.
Research limitations/implications
This study of Alipay in Malaysia from 2016 to 2022 was challenging. Initially, the authors faced the obstacle of information scarcity as the respondents kept the information confidential to reduce rivalry. In the middle stage of our study, the authors encountered information inconsistency due to numerous erroneous personal assumptions and predictions. At that time, limited official information about Alipay’s establishment in Malaysia was available. It took a long time to gather primary and secondary data. The authors cross-examined these data by comparing different sources and triangulated them by validating the findings with other data sources. When Alipay was widely accepted in Malaysia and attained the top 10 position in global Chinese tourist spending, the COVID-19 outbreak froze the global tourism economy and reduced Alipay transactions. Later, the Malaysian Government enforced a nationwide movement control order that halted Alipay operations.
Practical implications
This study documented the early stages of the Alipay ecosystem establishment in Malaysia and made two contributions. Firstly, our research contributes to understanding the strategic approaches of an m-payment ecosystem establishment from a developing country-drawing from the Malaysian experience. Secondly, our study offers practical lessons for other m-payment service providers aiming for global expansion. The lessons learned in developing an early stage m-payment ecosystem in Malaysia, the strategies, a diverse set of domestic-foreign stakeholders’ roles and their collaboration within the Alipay ecosystem established in Malaysia are worth noting.
Originality/value
Up to this point, no exploratory qualitative study has been conducted on the early stage of an m-payment ecosystem (dominated by a foreign m-payment technology) in a developing country. By addressing the research question of “How has Ant-Financial established the early stage of the Alipay ecosystem in Malaysia?” this study provides a unique perspective on the establishment of an early stage Alipay ecosystem, underscores the strategies of an early stage Alipay ecosystem establishment and understand a diverse set of domestic-foreign stakeholders’ roles and their collaboration within such ecosystem that contributed to the existing theory of m-payment ecosystem.
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Amir Saadaoui, Kais Saidi and Mohamed Kriaa
This paper aims at looking into the transmission of shocks between bond and oil markets using a bivariate GARCH (BEKK and DCC) model. As lots of financial assets have been…
Abstract
Purpose
This paper aims at looking into the transmission of shocks between bond and oil markets using a bivariate GARCH (BEKK and DCC) model. As lots of financial assets have been exchanged due to these index returns, it is essential for financial market participants to figure out the mechanism of volatility transmission through time and via these series for the purpose of taking optimal decisions of portfolio allocation. The outcomes drawn reveal an important volatility transmission between sovereign bond and oil indices, with great sensitivity during and after the subprime crisis period.
Design/methodology/approach
In this context, we propose our hypotheses. Indeed, our study aims to see whether the financial crisis has been responsible for the sharp drop in oil prices since October 2008. To this end, we suggest, in this paper, the empirical study of the shock transmission between the bond and oil markets, using BEK-GARCH and DCC models. To our knowledge, this is the first document using the BEKK-GARCH and the DCC models in studying the shock transmission between a sovereign bond and oil indices.
Findings
We have noticed that in the event of a disruption in the bond market, oil prices respond to these shocks in the short term. It has also been emphasized, however, that this relationship has exacerbated if the period has extended. This makes us conclude that the financial market situation affects the oil price only throughout the crisis period; and that this situation is causally significant only in the event of a severe crisis, such as those of subprime and sovereign debt.
Originality/value
The global financial system has been going through an acute crisis since mid-2007. This crisis, initially occurred only in the US real estate market, progressively affects the global financial system, and is now becoming a general economic crisis. The objective of this work is to analyze the effects of the current financial market disturbance on oil prices based on econometric models in order to promote the proper functioning of this study.
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Muntazir Hussain, Usman Bashir and Ahmad Raza Bilal
The purpose of this paper is to investigate the risk-taking channel of monetary policy transmission in the Chinese banking industry. This study also investigates the role of…
Abstract
Purpose
The purpose of this paper is to investigate the risk-taking channel of monetary policy transmission in the Chinese banking industry. This study also investigates the role of various other factors in the risk-taking channel.
Design/methodology/approach
This study used panel data from 2000 to 2012, and a dynamic panel model (Difference GMM) was applied.
Findings
The empirical findings of this paper suggest that loose monetary policy rates increase bank risk-taking. Unlike previous studies, the results of this paper suggest that the bank-specific factors (size, liquidity and capitalization) do not significantly affect the risk-taking channel. However, the market structure does have a stabilizing effect on monetary policy transmission and the risk-taking channel. Higher market power weakens the risk-taking channel of monetary policy transmission.
Practical implications
Of significance to the policymakers' point of view is that loose monetary policy induces banks to take excessive risks. However, such effects can be mitigated by encouraging a proper level of market power in banking markets.
Originality/value
This study investigated the risk-taking channel of monetary policy transmission for the Chinese banking industry. Due to the unique features of the People's Bank of China (PBC, Central Bank of China) policy, this study also contributes to the literature by comparing price-based and quantity-based monetary policy tools and their effectiveness in financial stability and monetary policy transmission. Furthermore, the role of market structure is also investigated in the risk-taking channel.
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Shihua Chen, Yan Ye, Khalil Jebran and Muhammad Ansar Majeed
This study examines how Confucianism, as an informal system, alleviates manager–shareholder conflicts and thus decreases managerial behavior of keeping higher levels of cash…
Abstract
Purpose
This study examines how Confucianism, as an informal system, alleviates manager–shareholder conflicts and thus decreases managerial behavior of keeping higher levels of cash reserves. This study also investigates whether formal governance mechanisms (state ownership and institutional investors) moderate the relationship between Confucianism and cash holdings.
Design/methodology/approach
This study opts a sample of Chinese listed firms over the period of 2004–2015. The geographical-proximity-based method was followed to measure Confucianism, which is the distance between a firm's registered address and the national Confucianism centers.
Findings
The results indicate that Confucianism adversely influences cash holdings. The authors’ findings illustrate that Confucian culture promotes ethical behavior, and therefore, firms in a strong Confucianism environment keep a lower level of cash reserves. The authors further document that the effect of Confucianism on cash holding is weaker for state-owned firms but stronger for firms with low institutional ownership.
Practical implications
The findings provide implications for policymakers, academicians, and corporations. The results suggest that culture can reduce cash holdings. Especially, in emerging markets, such as China, where formal mechanisms are relatively less effective, informal institutions can serve an alternative system for alleviating adverse effects of agency conflicts.
Originality/value
This study contributes to the literature in two ways. First, this study contributes to cash holdings literature by showing that culture (Confucianism) is negatively associated with cash holdings. Second, this study extends the incumbent literature that seeks to explore how Confucian culture influences corporate behavior. To the best of the authors knowledge, this is the first study that identifies that Confucianism is associated with cash holdings.
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Shailendra Singh, Mahesh Sarva and Nitin Gupta
The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and…
Abstract
Purpose
The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and propose future research directions. Under the domain of capital markets, this theme is a niche area of research where greater academic investigations are required. Most of the research is fragmented and limited to a few conventional aspects only. To address this gap, this study engages in a large-scale systematic literature review approach to collect and analyze the research corpus in the post-2000 era.
Design/methodology/approach
The big data corpus comprising research articles has been extracted from the scientific Scopus database and analyzed using the VoSviewer application. The literature around the subject has been presented using bibliometrics to give useful insights on the most popular research work and articles, top contributing journals, authors, institutions and countries leading to identification of gaps and potential research areas.
Findings
Based on the review, this study concludes that, even in an era of global market integration and disruptive technological advancements, many important aspects of this subject remain significantly underexplored. Over the past two decades, research has lagged behind the evolution of capital market crime and market regulations. Finally, based on the findings, the study suggests important future research directions as well as a few research questions. This includes market manipulation, market regulations and new-age technologies, all of which could be very useful to researchers in this field and generate key inputs for stock market regulators.
Research limitations/implications
The limitation of this research is that it is based on Scopus database so the possibility of omission of some literature cannot be completely ruled out. More advanced machine learning techniques could be applied to decode the finer aspects of the studies undertaken so far.
Practical implications
Increased integration among global markets, fast-paced technological disruptions and complexity of financial crimes in stock markets have put immense pressure on market regulators. As economies and equity markets evolve, good research investigations can aid in a better understanding of market manipulation and regulatory compliance. The proposed research directions will be very useful to researchers in this field as well as generate key inputs for stock market regulators to deal with market misbehavior.
Originality/value
This study has adopted a period-wise broad-based scientific approach to identify some of the most pertinent gaps in the subject and has proposed practical areas of study to strengthen the literature in the said field.
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This study aims to highlight the key aspects of sustainable finance using bibliometric analysis of the relevant literature extracted from two separate databases, Scopus and…
Abstract
Purpose
This study aims to highlight the key aspects of sustainable finance using bibliometric analysis of the relevant literature extracted from two separate databases, Scopus and Dimensions.ai. The present study contributes towards the achievement of sustainable development by providing directions to align financial decision-making with different sustainability aspects.
Design/methodology/approach
The author conducted bibliometric analysis for 1,220 articles from Scopus and 1,437 publications from Dimensions.ai. The most frequently occurring terms in sustainable finance research are explored and visualised using the VOSviewer.
Findings
Bibliometric findings revealed a dynamic evolution of research focus over time. The social component dominated from 2012 to 2016, however a shift to environmental and climate change considerations is noticed from 2016 to 2020. Recent studies (2020–2022) exhibited heightened attention to green finance and renewable energy. Overlay visualisations highlighted similar trends in both databases, indicating a contemporary emphasis on green finance.
Research limitations/implications
This study enriches theoretical discourse by mapping the trajectory of sustainable finance research, contributing to a deeper understanding of its evolution.
Practical implications
Insights from this study guide researchers and practitioners in identifying trends, that can help the integration of green finance principles into corporate strategies.
Social implications
Findings also raise awareness among stakeholders, and help facilitate socially responsible corporate cultures and informed policymaking.
Originality/value
The originality of this study lies in its comprehensive bibliometric analysis of sustainable finance research in management studies, drawing data from two major databases and spanning over three decades.
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Guisheng Gan, Hao Yang, Jie Luo, Yongchong Ma, Jiajun Zhang, Xin Liu, Qiao He, Leqi Li and Dayong Cheng
The purpose of this study was to investigate the effects of aging time on the microstructure, mechanical properties and fracture morphology of Cu/Zn160%SAC0307/Al solder joints…
Abstract
Purpose
The purpose of this study was to investigate the effects of aging time on the microstructure, mechanical properties and fracture morphology of Cu/Zn160%SAC0307/Al solder joints produced through solid-state bonding.
Design/methodology/approach
Zn particles with a size of 1 µm and Sn-0.3Ag-0.7Cu (SAC0307) particles ranging from 20 to 38 µm were used to achieve Cu/Al micro-connections using ultrasonic assistance at a temperature of 180 °C, followed by aging treatment at 150 °C to enhance the quality of Cu/Al joints. Scanning electron microscopy was used for observing and analyzing the solder seam, interface microstructure, and fracture morphology. The structural composition was determined using energy dispersive spectroscopy, while a PTR-1102 bonding tester was used to measure the average shear strength.
Findings
The results indicated that the intermetallic compounds formed at the interface between Cu substrates and solder metal primarily consisted of smooth Cu5Zn8. The Al-side interface mainly comprises an Al-Sn-Zn solid solution, with Zn-Sn-Cu phases forming between SAC0307 particles at 180 °C. During the aging process, atomic diffusion was accelerated, leading to improved connection quality. The shear strength of the joints initially increased before decreasing as aging time progressed; it peaked at 32.92 MPa after 24 h – an increase of 76.8% compared to as-received joints. After reaching stability at 96 h, there was still a notable increase in shear strength by 48.4% relative to as-received joints.
Originality/value
This study further explores the strengthening mechanisms associated with solid-state bonded Cu/SACZ/Al joints through aging processes. Joints created via solid-state bonding demonstrate superior reliability compared to traditional soldered connections. It is anticipated that insights gained from this research will contribute valuable knowledge toward developing low-temperature soldering methodologies for heterogeneous materials.
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Zubin Xu, Yingwei Song, Kaihui Dong, Dayong Shan and En-Hou Han
The formation and corrosion processes of a conversion film on the AZ80 Mg alloy with different second phases were compared to clarify the effect of microstructure on the quality…
Abstract
Purpose
The formation and corrosion processes of a conversion film on the AZ80 Mg alloy with different second phases were compared to clarify the effect of microstructure on the quality of protective coatings.
Design/methodology/approach
The size and distribution of second phases in the edge and central regions of the AZ80 cast ingot exhibit a great difference. The film growth processes and their corrosion resistance on the edge and central regions of the AZ80 cast ingot were investigated by scanning electron microscope observations, immersion tests and electrochemical measurements.
Findings
The results indicate that second phases act as micro-cathodes and hydrogen evolution reaction occurs on their surface, which is not beneficial for the deposition of the conversion film.
Originality/value
The conversion film formed on the central regions of AZ80 cast ingot with a low volume fraction of second phases exhibits a more uniform surface and higher corrosion resistance than that formed on the edge regions of the sample with a higher volume fraction of second phases.