Yung-Sen Lin, Shiau-Min Lin, Jian-Yi Li and Min-Chih Liao
An investigation has been performed on the improved solder wettability of oxidized aluminum (Al) with lead-free solder (96.5Sn-3.5Ag) using Ar-H2 plasmas. The lead-free solder…
Abstract
Purpose
An investigation has been performed on the improved solder wettability of oxidized aluminum (Al) with lead-free solder (96.5Sn-3.5Ag) using Ar-H2 plasmas. The lead-free solder wettability was raised from 62.2 per cent wetting for Al oxidized in air at 250 C for 4 h to 98.4 per cent wetting of oxidized Al modified by Ar-H2 plasmas at a certain H2 flow rate. This study aims to gain insight on the surface characteristics of Al affecting the solder wettability with a liquid lead-free solder.
Design/methodology/approach
Ar-H2 plasmas at certain H2 flow rates are intended to reduce Al oxides on the surfaces of oxidized Al substrates both by physical bombardments via Ar plasmas and chemical reductions with H2 plasmas, while Al substrates are exposed in Ar-H2 plasmas to improve the solder wettability with a liquid lead-free solder.
Findings
Surface characteristics of oxidized Al substrates have been identified to play key roles for enhanced lead-free solder wettability using Ar-H2 plasmas. A decrease in polar surface free energy and an increase in dispersive surface free energy on the surfaces of oxidized Al substrates are exploited to advance the lead-free solder wettability. Decreased composition ratios of O to Al, detected by X-ray photoelectron spectroscopy (XPS) for oxidized Al substrates, are crucial for improved lead-free solder wettability.
Originality/value
XPS is typically used to analyze the surface compositions of Al oxides. To provide a rapid and non-expansive method to identify the surfaces of Al substrates prior to soldering to assure lead-free solder wettability, this study proposes a measurable skill, a so-called sessile drop test method, to investigate surface free energies such as total, polar and dispersive surface free energy on the surfaces of Al substrates, to illuminate how the lead-free solder wettability of oxidized Al is improved by Ar-H2 plasmas.
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Kenneth Yung, Diane DeQing Li and Yi Jian
The purpose of this paper is to examine the effects of managerial decision horizon (MDH) on real estate investment trust (REIT) behavior and performance.
Abstract
Purpose
The purpose of this paper is to examine the effects of managerial decision horizon (MDH) on real estate investment trust (REIT) behavior and performance.
Design/methodology/approach
In this study, the authors expand the number of proxies and measure managerial horizon by CEO age, CEO tenure, cash compensation relative to total compensation, and the amount of vested equity-based compensation to total compensation. To avoid potential measurement error, the authors compute the average ranking score of the four individual measures to determine the overall MDH of a CEO. Cross-sectional time series regressions are then performed on the effects of CEO MDH on REIT policies and performance. The authors also examine if the effect of myopic MDH can be mitigated by good corporate governance. For robustness purpose, the authors also compare the effects of age-related MDH and compensation-related MDH.
Findings
The results show that REITs managed by CEOs with short MDHs have lower levels of asset growth and a lower standard deviation of return on assets. These REITs also have lower debt levels, lower dividend payouts, and hold more cash. The results suggest that short-horizon CEOs have incentives to lower investment risk, default risk, and liquidity risk at the firm level in order to protect personal benefits. CEOs with a short horizon also have a negative impact on REIT performance. The results also show that CEO compensation-related horizon problems are mitigated by corporate governance, but CEO age-related horizon problems are significant and persistent. The results suggest that age-related behavioral biases of the CEO are important determinants of corporate decisions.
Practical implications
The results of this study suggest that the managerial behavioral biases should be considered in understanding firm behavior.
Originality/value
This is the first study that examines the effects of MDH on REIT behavior and performance. The unique regulatory environment of REITs makes them less susceptible to agency problems of free cash flow and thus provides a clearer picture of the effect of MDH. Prior studies focus on the effect of managerial horizon on firm investment activity, this study expands the scope to examine the effects on investment and financial policies. In addition, this study adds to the literature by showing that the effect of age-related horizon problems may not be mitigated by good corporate governance.
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This paper aims to examine how the official discourse of frugality evolved in China between 1979 and 2015.
Abstract
Purpose
This paper aims to examine how the official discourse of frugality evolved in China between 1979 and 2015.
Design/methodology/approach
The study uses historical and textual analysis. It divides the Chinese official discourse on frugality between 1979 and 2015 into four periods: 1979-1992, 1993-2002, 2003-2012 and 2013-2015.
Findings
A Chinese official discourse on frugality persisted between 1979 and 2015, even though during the same period, China transformed from a socialist economy of central planning and insufficient supply to a market economy of excessive supply and weak consumer demand. The intensity of this official discourse frequently vacillated, adjusting to both economic and political conditions of the time as part of the larger political-economic contestation between competing ideas and policies.
Originality/value
There have been calls for more studies on how frugality discourses have evolved in international markets, especially in terms of how they are shaped by local historical antecedents and long-standing tensions. Through the Chinese case, this article illuminates why some traditional values persist and obtain a paradoxical co-existence with consumerist ethos in our modern society.
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The paper aims to contribute to the current research on China's Belt and Road Initiative (BRI) from a historical point of view. The paper investigates why the history of the Silk…
Abstract
Purpose
The paper aims to contribute to the current research on China's Belt and Road Initiative (BRI) from a historical point of view. The paper investigates why the history of the Silk Roads is important to the BRI, what is in the guiding thought underpinning China's Silk Roads narrative and how this narrative is presented transnationally, through an insightful analysis of the Communist Party of China's (CPC) view of the Silk Roads history, as well as its perception of the connections between the Silk Roads history and the BRI.
Design/methodology/approach
The paper sits in the interface between history, heritage and state power. The argument is framed in concepts of historical constructionism and soft power. It is based on the discourse analysis of China's official narrative of Silk Roads and a case study of the planning for the World Heritage nomination of the Maritime Silk Routes (MSR) (China section). The case study is conducted through a qualitative analysis of academic publications, media reports and programs, official speeches and documents that are available to the public in hardcopy or on the Internet.
Findings
The paper reveals the relationship between the state-endorsed Silk Roads narrative and the BRI. The paper argues that the state-backed Silk Roads narrative as well as the planning for the World Heritage nomination of the MSR (China section) is guided by the Chinese Communist Party's perception of the BRI. In this respect, the Silk Roads-associated history, heritage and memory are shaped and deployed to serve as a convenient platform for the promotion of the BRI. The Party leaders' perception of the BRI is in large part about the revival of China's past glory, its national rejuvenation and the demonstration of China's soft power.
Originality/value
The paper contributes to the existing literature on the BRI through its enquiries into how the CPC reconcile nationalist ambitions with notions of peace, harmony and cosmopolitanism and how CPC's view of the Silk Roads history shapes its vision of the BRI. The paper examines the role of the state in the construction and articulation of the Silk Roads-associated history, heritage and memory. It investigates how China's official interpretation of the Silk Road heritage serves China's BRI.
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Wei Xie and Maximilian von Zedtwitz
Through examining the development of the video compact disc player industry in China, this article aims to explore the main characteristics of world‐first innovation and identify…
Abstract
Purpose
Through examining the development of the video compact disc player industry in China, this article aims to explore the main characteristics of world‐first innovation and identify four success factors for innovation followers to launch world‐first products in catching‐up countries.
Design/methodology/approach
This article takes the form of a case study
Findings
The main characteristics of world‐first innovation in catching‐up countries include: from the demand side, innovation is mainly pulled by the local market, rather than technology‐push; from the supply side, innovation cannot isolate itself from the rest of the world – suppliers of key technologies in advanced countries play an important role; inter‐firm alliances are an increasingly important way to generate world‐first innovation; and downstream integration capabilities are required for followers to mix pieces of technologies together at competitive pricing. The success of followers from catching‐up countries to launch world‐first products hinges on the four critical factors: strengths of complementary assets; figuring out ways to meet local market demand without relying on large R&D spending; emphasizing untapped innovation opportunities by multinationals; and positioning themselves on the proper points of the globally coordinated network for innovation.
Originality/value
This article identifies the main characteristics of world‐first innovation and points out four success factors for innovation followers to launch world‐first products, which could be significant to managers in catching‐up countries. Findings of this paper are more relevant to large catching‐up countries such as India, Brazil, Mexico and Indonesia where a large domestic market could serve as important launch markets for the world‐first innovation.