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Drawing on the literature on technological acquisition and the knowledge-based view , this study examines how technological overlap between acquiring and target firms influences acquisition premiums. We further explore how the resulting synergies are contingent on the dynamic characteristics of the target firm, specifically its technology clockspeed and industry munificence. Technology clockspeed indicates the pace of technological evolution, reflecting internal dynamic resources, while industry munificence represents the abundance of external resources. These boundary conditions illustrate the dynamics of synergies, explaining their moderation effects on acquisition premiums.

We analyze a sample of 369 technological acquisitions by publicly traded U.S. firms between 1990 and 2011. To test our hypotheses, we used the ordinary least squares regression model with robust standard errors clustered by acquiring firms. In the robustness checks, we applied the generalized estimating equations to account for non-independent observations in our sample and verified that the results were robust to an alternative two-way clustering approach.

We suggest that a low level of technological overlap between an acquiring firm and its target firm leads the acquiring firm to offer a high acquisition premium because of the expected synergistic potential that evolves from combining two distant technological bases. We further find that this effect is contingent on the target firm's technology clockspeed and industry munificence. Specifically, the negative effect is amplified when target firms exhibit a rapid pace of technological evolution, whereas it is weakened when target firms operate in highly munificent industries characterized by robust growth and abundant resource flows.

This study has several limitations, but it offers opportunities for future research. First, our sample is limited to domestic acquisitions between U.S. publicly traded firms, which may restrict generalizability. Cross-border acquisitions could reveal different dynamics, as technology leakage and national security concerns might make technological overlap a more sensitive factor. Additionally, private firms were not included, and their distinct strategic considerations could provide further insights. Future research could explore post-acquisition data to validate these synergies and expand the scope to include international contexts and private firms for a comprehensive analysis.

Our findings highlight important implications for managers in technology sector acquisitions. This study underscores the need for a thorough evaluation of target firms to avoid misjudging synergies. Low technological overlap can heighten expectations for value creation, making it crucial for executives to accurately assess potential synergies to prevent overestimation. Managers should consider both internal resources and external industry conditions when evaluating synergies. Ultimately, these insights help managers offer informed prices that reflect true strategic synergies, adopting effective valuation practices to mitigate risks of financial overpayments and poor post-merger performance.

The social implications of our findings emphasize the broader impact of acquisition decisions on innovation and competition within the technology sector. By ensuring accurate valuation and avoiding overpayment, companies can allocate resources more efficiently, fostering sustainable growth and innovation. This diligent approach can reduce the risk of corporate failures.

This study makes two key theoretical contributions. First, it identifies technological overlap as a critical determinant of acquisition premiums in technological acquisitions, addressing gaps in the literature that focused on CEO characteristics and managerial attention. Second, it expands the theoretical framework by highlighting the dynamic nature of synergies, influenced by the target firm's technology clockspeed and industry munificence. By integrating both acquiring and target firm characteristics, this study provides a relational perspective on value creation, explaining why firms pay high premiums and offering a more comprehensive understanding of the strategic motivations in technological acquisitions.

Proenvironmental hotels and hotels with green initiatives are emerging as a method to address environmental issues and respond to tourists’ environmental concerns. To better understand what can encourage reservations in proenvironmental hotels, this study aims to investigate the connection between the performing arts watching experience and the preference for such a hotel.

Five scenario-based experiments were conducted. A total of 1,024 participants for the five studies were recruited with the help of Credamo, a commonly used Chinese data collection platform.

The results indicated that viewing performing arts could increase tourists’ preferences for proenvironmental hotels. This phenomenon occurred due to the fact that performing arts watching experience can induce a psychological state of self-transcendence in individuals, which, in turn, can raise their levels of altruism, and ultimately lead to proenvironmental hotel choices. This effect will not occur, however, when people watch performing arts with either an extrinsic motivation or in an analytical state.

The findings of this study provide hotel managers with a novel approach to market the proenvironmental attributes of their hotels and to promote tourists’ proenvironmental behaviors.

This study proposes performing arts viewing experiences as a novel way to encourage proenvironmental hotel choice. To the best of the authors’ knowledge, this is the first study to explore the impact of the performing arts watching experience on tourist behavior.

This study aims to explore tourism live streamers’ motivations of sharing their travel experiences based on the grounded theory.

The use of purposive and snowball sampling methods was used to conduct 22 in-depth semi-structured interviews. The manuscript was analyzed based on the grounded theory.

This study identifies five tourism live streamers’ motivations of sharing their travel experience, including information sharing, entertainment, self-presentation, monetary incentives and socialization. Information sharing and entertainment are identified as the most important motivations of travel livestreaming (TLS) among the motivations. Monetary incentive is identified as a new motivation for tourism live streamers compared to other social media users.

This study provides valuable suggestions for livestreaming platforms and tourism product providers to attract more tourism live streamers and better serve them.

To the best of the authors’ knowledge, this is one of the first studies to offer empirical findings and discussions on tourism live streamers’ motivations of sharing their travel experiences.

本研究旨在基于扎根理论探讨旅游直播主分享旅游体验的动机。

使用目的性和滚雪球抽样方法进行了22个深入的半结构化访谈。 本研究采用扎根理论对数据进行分析。

本研究发现了五种旅游直播主分享旅游体验的动机, 包括信息共享、娱乐、自我展示、金钱激励和社交。信息共享和娱乐被认为是旅游直播最重要的动机。与其他社交媒体的用户相比, 货币激励被认为是旅游直播的新动机。

本研究为直播平台和旅游产品提供商提供有用的建议, 以吸引更多的旅游直播者并更好地为他们服务。

这是对旅游直播主分享旅游体验的动机提供实证研究结果和讨论的首批研究之一。

este estudio tiene como objetivo explorar las motivaciones de los transmisores en vivo del turismo para compartir sus experiencias de viaje según la teoría fundamentada.

Des méthodes d'échantillonnage raisonné et boule de neige ont été utilisées pour mener 22 entrevues semi-structurées approfondies. Le manuscrit a été analysé sur la base de la théorie ancrée.

este estudio identifica las motivaciones de cinco transmisores en vivo del turismo para compartir su experiencia de viaje, incluido el intercambio de información, el entretenimiento, la autopresentación, los incentivos monetarios y la socialización. El intercambio de información y el entretenimiento se identifican como las motivaciones más importantes de la transmisión en vivo de viajes (TLS) entre las motivaciones. El incentivo monetario se identifica como una nueva motivación para el transmisor en vivo del turismo en comparación con los usuarios de otras redes sociales.

este estudio proporciona sugerencias útiles para que las plataformas de transmisión en vivo y los proveedores de productos turísticos atraigan a más transmisores turísticos en vivo y les brinden un mejor servicio.

este es uno de los primeros estudios que ofrece hallazgos empíricos y debates sobre las motivaciones de los transmisores en vivo del turismo para compartir sus experiencias de viaje.

Drawing upon affective events theory (AET), this study aims to explore the relationship between tourists’ perceived deception and moral emotions, dissatisfaction, revisit intention and negative word of mouth.

Online data from Questionnaire Star were used to examine the proposed research model. A total of 437 valid questionnaires were collected.

The results suggest that tourist scams as “affective events” could trigger tourists’ moral emotions and dissatisfaction, thereby decreasing their revisit intention and generating negative word of mouth. Additionally, moral emotions were found to act as a mediator between perceived deception and dissatisfaction.

The insights uncovered in this study reveal the mechanisms behind tourists’ reactions to scams and provide implications for tourism destinations, suggesting ways to alleviate the adverse impact of tourist scams.

To the best of the authors’ knowledge, this is the very first study to investigate tourists’ reactions to tourist scams.

旅游欺诈, 道德情感和游后行为：对道德情感, 不满, 重游意向和负面口碑的影响

研究基于情感事件理论 (AET), 旨在探究游客的感知欺骗与道德情绪、不满、重游意向和负面口碑之间的关系。

通过问卷星收集的线上数据对研究模型进行了检验。共回收有效问卷437份。

本研究的结果表明, 作为“情感事件”的旅游欺诈可能会引发游客的道德情绪和不满, 从而降低他们的重游意向, 并产生负面口碑。此外, 研究发现道德情绪在感知欺骗和不满之间发挥了中介作用。

本研究揭示了游客对旅游欺诈的反应及其内在机制, 并提出了降低旅游欺诈负面影响的方法, 为旅游目的地提供了启示。

这是探索游客如何应对旅游欺诈事件的首批研究之一。

Estafas turísticas, emociones morales y comportamientos: impactos en las emociones morales, la insatisfacción, la intención de volver a visitar y el boca a boca negativo

Resumen

Basándose en la teoría de eventos afectivos (AET), este estudio buscó explorar la relación entre el engaño percibido por los turistas y las emociones morales, la insatisfacción, la intención de volver a visitar y el boca a boca negativo.

Para probar el modelo de investigación propuesto se utilizaron datos en línea procedentes de un cuestionario. Se recogieron un total de 437 cuestionarios válidos.

Los resultados sugieren que las estafas turísticas como “eventos afectivos” podrían desencadenar emociones morales e insatisfacción en los turistas, disminuyendo así su intención de volver a visitar y generando un boca a boca negativo. Además, se encontró que las emociones morales actúan como mediadoras entre el engaño percibido y la insatisfacción.

Los conocimientos descubiertos en este estudio revelan los mecanismos detrás de las reacciones de los turistas a las estafas y brindan implicaciones para los destinos turísticos, sugiriendo formas de mitigar el impacto adverso de las estafas turísticas.

Este es el primer estudio que examina las reacciones de los turistas a las estafas turísticas.

This paper aims to improve the device performance from the perspective of reducing ohmic contact resistance; the effects of different electrode structures and alloying parameters on the series resistance and power-current-voltage of laser diodes (LDs) have been investigated in this paper.

Four groups of p-GaAs side metal electrodes with different metal layer arrangements and thicknesses are fabricated for the investigated LDs. The investigated p-GaAs side electrodes are based on Ti/Pt/Au material and the n-GaAs side metal electrodes all have a same structure of Ni/Ge/Ni/Au/Ti/Pt/Au. The LDs with different electrodes were alloyed at 380°C for 60 s and 420°C for 80 s.

The experimental results show that the series resistance decreases by 14%–20%, the output power increases by 2%–2.2% and the conversion efficiency increases by 1.69%–2.16% for the LDs prepared with optimized alloying parameters (420°C for 80 s). The laser diode with p-GaAs side Ti/Pt/Au electrode of 30/70/100 nm has the best device characteristics under both annealing conditions.

The utilization of this improvement on ohmic contact property in electrode is not only very important for upgrading high-power LDs but also helpful for GaAs-based microelectronic devices such as HBT and monolithic microwave integrated circuit.

This paper aimed to explore the influence of envy on impulsive consumption from aspects of the internal psychological mechanism and boundary conditions.

Based on social comparison theory, four studies were conducted in this research: The first study explored the effect of envy on impulsive consumption; the second study explored the moderating effect of self-monitoring and the mediating effect of materialism; the third study explored the moderating effect of product type and the fourth study explored the effectiveness of social comparison contexts on the arousal of envy.

Study 1 showed that envy could significantly trigger consumers' impulsive consumption. Study 2 indicated that participants experiencing self-monitoring had a higher level of materialism and a stronger propensity to consume impulsively once the emotion of envy emerged. Study 3 suggested that when participants were more envious, their levels of materialism increased with more impulsivity to buy material products. Study 4 revealed that upward comparisons led to a higher level of envy and re-validated the mediating role of materialism between envy and impulsive consumption.

This study provides evidence for the association between envy and consumer behaviour and clarifies the underlying mechanisms of the relationship between envy and impulsive consumption.

Marketers could take advantage of consumers' envy after social comparisons without damaging brand image.

First, this study extended the effects of envy on consumer decisions, suggesting that envy stimulates impulsive consumption by increasing consumers' materialism. Second, this study revealed the boundary condition of product type, namely, material and experiential.

The purpose of this paper is to study the anodic dissolution processes of alloy 690 in NaCl + Na₂S₂O₃ solutions by using digital holography.

The digital holography technique was used to in situ observe the dynamic processes occurring at the electrode|electrolyte interface during the anodic dissolution of alloy 690 in NaCl + Na₂S₂O₃ solutions, both in the presence and absence of a magnetic field (MF).

In 3.5% NaCl + 0.01 M Na₂S₂O₃ solutions, MF inhibited intergranular corrosion (IGC) because it increased the defects in the oxide film and facilitated the uniform adsorption of low concentration of S on these defects due to its stirring effects, which resulted in a weakened adsorption of S at the grain boundaries. Conversely, in 3.5% NaCl + 0.1 M Na₂S₂O₃ solutions, MF promoted IGC by increasing the number of defects in the oxide film, with lots of S species preferentially adsorbing at the grain boundaries. The resultant salt films formed more readily, inhibiting the formation of the oxide film at the grain boundaries.

Through the use of digital holography, it was possible to in situ observe the initiation of IGC at a single grain boundary and its progression to adjacent grain boundaries, regardless of the presence or absence of MF.

This paper examines the role of the anchoring effect, including internal anchor formed by prior experience or external anchor produced by similar external practices of industrial competitors and investor networks in the decision-making of corporate social behaviors (CSBs).

This paper sets corporate donations and pollution as examples of CSBs, and conducts an empirical study through the data of A-share listed companies between 2010 and 2020 in China.

This paper found that both internal and external anchoring effects exist in CSBs. In addition, when internal and external anchors appear simultaneously, they will have the same intensity and promote each other.

This paper not only adds to the literature on the motives for CSBs and links cognitive and social psychology with strategic decisions but also has managerial implications for firms and managers.

This paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically tested. Secondly, in terms of heterogeneity analysis, it pays attention to the age heterogeneity of users that digital inclusive finance influencing rural residents' developmental consumption upgrade, which is related to the issue of intergenerational “digital gap”. Thirdly, the mechanism of digital inclusive finance in promoting rural consumption upgrade is to be investigated. Finally, how to promote the role of digital inclusive finance in upgrading the structure of rural consumption to a developmental demand level will be showed.

From the perspective of the micro-household, this study is conducted by using the instrumental variable (IV) method, with 2SLS model and IV-Tobit model, based on the matched city-level data of Digital Inclusive Financial Index (DIFI) with the Chinese Household Financial Survey (CHFS). “The relief degree of land surface” is an ideal instrumental variable of digital inclusive finance, for including regional altitude difference and terrain factors of regional area, has theoretical influence on the development of digital inclusive finance, and is not affected by other economic variables.

The conclusions show that the digital inclusive finance plays a significant role in promoting the rural households' developmental consumption, but has no significant effect on the rural households' survival-type consumption and hedonistic consumption. Furthermore, this paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically tested. Secondly, it is discovered that digital inclusive finance is age heterogeneous in promoting the upgrade of consumption structure of rural household, and its effect on the elderly is weaker than that on the young for the intergenerational “digital gap”. Thirdly, these conclusions reveal that the digital inclusive finance does affect the consumption of rural residents through three mechanisms: increasing income and wealth, easing liquidity constraints and facilitating payment methods. Finally, how to promote the role of digital inclusive finance in upgrading the structure of rural consumption to a developmental demand level will be showed.

The current research on the relationship between digital inclusive finance and rural consumption only stays at the level of total rural consumption and has not stressed the structural problems of rural consumption. Can digital inclusive finance promote the upgrade of rural consumption structure? To what level can digital inclusive finance promote the upgrading of rural consumption structure? Therefore, it is of great theoretical value to study the upgrading of rural consumption structure from the micro level. Can the current digital inclusive finance benefit the elderly and help break the vulnerability of the elderly to enjoy finance? In this regard, evidence of heterogeneity remains to be provided.

This research aims to investigate the influence of consumers' anticipated trust in service providers on brand switching intention and its underlying psychological mechanism. More importantly, this study explores the moderating role of type of service providers (human staff/humanoid robots/nonhumanoid robots).

This study adopted two single-factor between-subjects experimental designs and tested the hypotheses in two typical service failure scenarios: Study 1, a hotel scenario (N = 403); and Study 2, a restaurant scenario (N = 323).

The results suggest that there is an inverted U-shaped relationship between consumers' anticipated trust and tolerance of service failure and that such tolerance has a mediating effect on the relationship between anticipated trust and brand switching intention. Moreover, when service failure is caused by a humanoid service robot, a moderate anticipated trust level of consumers is most conducive to increasing tolerance, which in turn reduces their propensity to switch brands.

This study examines the nature of the relationship between anticipated trust and tolerance in a service failure context, revealing an inverted U-shaped relationship. More importantly, the boundary conditions under which different service provides have an influence on this relationship are incorporated. Finally, this study explores the influence of service failure tolerance on brand switching intentions in a technological context, enriching consumer–brand relationship research.