Jiaxin Duan, Yixin (Lucy) Wei and Lei Lu
This study aims to examine the behaviour of institutional and retail investors in response to news about industry leaders (peer firms) and to determine its impact on the stock…
Abstract
Purpose
This study aims to examine the behaviour of institutional and retail investors in response to news about industry leaders (peer firms) and to determine its impact on the stock prices of other firms (focal firms) within the same industry.
Design/methodology/approach
The study investigates the impact of peer news on investor behaviour of Chinese A-shares listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2019. The media coverage of industry leaders is sourced from prominent Chinese online financial outlets and the Chinese Financial Press. Support vector machine is applied to identify the positive, neutral and negative news within the articles. The study uses event study and logistic regression to examine the effects of peer news on focal firms’ investor behaviour.
Findings
The results show that both good and bad news about leaders cause peers’ stock prices to increase initially, but then reverse within one quarter. Further analysis reveals that when leaders’ shares receive positive news coverage, institutional investors tend to exert excessive abnormal buying pressure on peers’ shares, resulting in overreactions. Conversely, retail investors do not actively trade on peers on leaders’ news day due to limited attention. In addition, the study shows that short-selling constraint inhibits bad news from reflecting in the stock prices.
Originality/value
The study highlights differences in investor behaviour. The finding that institutional investors tend to overreact more to peer firms’ news when focal firms are smaller and have a lower frequency of information disclosure supports the salient theory. This is consistent with the previous framework that suggests overreaction is more pronounced when it is difficult to combine external sources of information to evaluate the focal firms. In contrast, retail investors do not engage in active trading on peers on leaders’ news day due to the limited attention theory.
Details
Keywords
Yonghong Cheng, Jiaxin Pan and Teng Yao
Motivated by the real-world practice of the thriving e-commerce, manufacturers are transcending traditional boundaries of merely producing and selling directly by implementing…
Abstract
Purpose
Motivated by the real-world practice of the thriving e-commerce, manufacturers are transcending traditional boundaries of merely producing and selling directly by implementing encroachment. Concurrently, supply chain (SC) members who overlook the corporate social responsibility (CSR) sharing will be left behind, which is closely linked to their profits. This paper aims to investigate a better way to share CSR under the scenarios of manufacturer encroachment and no-encroachment.
Design/methodology/approach
This paper constructs game-theoretic models in a SC consisting of a manufacturer (M) and a retailer (R), where the manufacturer can sell products by retailing, and may sell directly by implicating encroachment. The manufacturer and retailer jointly consider whether to share CSR and the proportion of it by taking consumer surplus into account. Furthermore, equilibriums for each model are derived using backward induction. Then, the authors analyse the impact of CSR sharing proportion and compare the equilibrium outcomes under different scenarios. Finally, the numerical analyses are presented to verify the results.
Findings
Several interesting results are found in this paper. First, the retailer shares more CSR can benefit SC members and social welfare when the manufacturer does not implement encroachment. However, the results may change which is decided by the unit cost of encroachment when the manufacturer does so. Second, the proportion of CSR shared by manufacturer and the unit cost of encroachment has an interactive impact on equilibrium outcomes. Finally, both manufacturer encroachment and SC members share CSR may be the best for the perspective of SC members and consumers.
Practical implications
Based on the analytical results, this paper provides novel managerial implications to assist manufacturer and retailer in determining the optimal strategies for CSR sharing and encroachment. Furthermore, the appropriate proportion of CSR shared by manufacturer and the unit cost of encroachment may let manufacturer, retailer and consumer surplus achieve a win-win-win situation.
Originality/value
To the best of the authors’ knowledge, this paper is the first attempt to explore the strategy of CSR sharing under the scenarios of manufacturer encroachment and no-encroachment.
Details
Keywords
Jiaxin Gao, Xin Gu and Xue Yang
Innovation quality is a critical component of enterprise innovation. Prior research primarily focuses on company-level and external policy-level factors that affect innovation…
Abstract
Purpose
Innovation quality is a critical component of enterprise innovation. Prior research primarily focuses on company-level and external policy-level factors that affect innovation quality, while ignoring social-level factors. Based on institutional isomorphism theory, this study examines how the innovation quality of three-dimensional institutional equivalence, which is an important and unique reference group for firms to follow the “law of imitation of close preference”, affects the likelihood of firms' innovation quality.
Design/methodology/approach
This study conducts firm random effects and industry/year fixed effects models using China's listed companies from 2002 to 2021.
Findings
This study finds that compared with the innovation quality of its other industry, community, or network peers, the innovation quality of three-dimensional institutional equivalence has a greater impact on firm innovation quality. Furthermore, technological intensity significantly increases the effect of three-dimensional institutional equivalence on focal company innovation quality, while financing constraints significantly attenuate this effect. Additionally, when there is no institutional equivalent, the innovation quality of network, industry, and community peers has significant positive effects on enterprise innovation quality. Heterogeneity analysis also indicates that, under the conditions of non-state-owned enterprises, a low regional legal environment, or low regional factor market development, three-dimensional institutional equivalence contributes significantly to firm innovation quality.
Research limitations/implications
This study focuses on the effect of three-dimensional institutional equivalence on Chinese enterprises' innovation quality. Nonetheless, research samples from other countries are not considered in this study.
Originality/value
This study explores the impact of three-dimensional institutional equivalence on firm innovation quality within a systematic theoretical framework and incorporates firm attributes into this framework.
Details
Keywords
Xi Zhang, Tianxue Xu, Xin Wei, Jiaxin Tang and Patricia Ordonez de Pablos
As a kind of knowledge-intensive team coordinated across physical distance, it is necessary to construct a meta-knowledge driven transactive memory system (TMS) for the knowledge…
Abstract
Purpose
As a kind of knowledge-intensive team coordinated across physical distance, it is necessary to construct a meta-knowledge driven transactive memory system (TMS) for the knowledge management of distributed agile team (DAT). This study aims to explore the comprehensive antecedents of TMS establishment in DATs and considers how TMS establishment is affected by herding behavior under the artificial intelligence (AI)-related knowledge work environment that emerges with technology penetration.
Design/methodology/approach
The data derived from 177 students of 52 DATs in a well-known Chinese business school, which were divided into 26 traditional knowledge work groups and 26 AI-related task groups to conduct a random comparative experiment. The ordinary least squares method was used to analyze the conceptual model and ANOVA was used to examine the differences in herding behavior between the control groups (traditional knowledge work DATs) and treatment groups (DATs engaged in AI-related knowledge work).
Findings
The results showed that knowledge diversity, professional knowledge, self-efficacy and social system use had significantly positive effects on the establishment of TMS. Interestingly, the authors also find that herding behavior may promote the process of establishing TMS of the new team, and this effect will be more significant when AI tasks are involved in team knowledge work.
Originality/value
By exploring the comprehensive antecedents of the establishment of TMS, this study provided a theoretical basis for knowledge management of DATs, especially in AI knowledge work teams. From a practical perspective, when the DAT is involved in AI-related knowledge works, managers should appropriately guide the convergence of employees’ behaviors and use the herding effects to accelerate the establishment of TMS, which will improve team knowledge sharing and innovation.
Details
Keywords
Jiaxin Wu, Lei Liu and Hongjuan Yang
This study aims to evaluate the characteristics of climate change in Yunnan minority areas and identify an effective path to promote sustainable livelihoods based on climate…
Abstract
Purpose
This study aims to evaluate the characteristics of climate change in Yunnan minority areas and identify an effective path to promote sustainable livelihoods based on climate change.
Design/methodology/approach
Taking Yunnan Province as an example, based on the expansion of the traditional sustainable livelihood framework, the authors constructed a system dynamics (SD) model of sustainable livelihood from the six subsystems of natural, physical, financial, social, human and cultural and tested the accuracy and effectiveness of the model with data from Cangyuan County. By adjusting these parameters, five development paths are designed to simulate the future situation of the livelihood system and determine the optimal path.
Findings
Climate change has exacerbated the vulnerability of people’s livelihoods. In future, each of the five development paths will be advantageous for promoting sustainable livelihoods. However, compared with Path I (maintaining the status quo), Path III (path of giving priority to culture) and Path IV (path of giving priority to economic development) have more obvious advantages. Path II (path of giving priority to people’s lives) gradually increases the development rate by promoting people’s endogenous motivation, and Path V (path of coordinated development) is better than the other paths because of its more balanced consideration.
Originality/value
The analytical framework of sustainable livelihoods based on the characteristics of minority areas is broadened. By constructing a SD model of the livelihood system, the limitations of traditional static analysis have been overcome and a development path for promoting sustainable livelihoods through simulation is proposed. This study offers a theoretical framework and reference method for livelihood research against the backdrop of climate change and a decision-making basis for enhancing climate adaptability and realizing sustainable livelihoods.
Details
Keywords
Wenhua Li, Yuwo Fu, Junpeng Guo and Jiaxin Mao
Recently, short-form video apps, as a new form of social media, have attracted users and rapidly emerged by virtue of their personalized recommendation algorithms, interesting…
Abstract
Purpose
Recently, short-form video apps, as a new form of social media, have attracted users and rapidly emerged by virtue of their personalized recommendation algorithms, interesting forms of live interaction, and diverse interactive functions, which may lead to excessive use. From the perspective of IT affordances, this study combines the cognitive-affective-behavioral model and perceived values theory to examine the formation mechanism of the excessive use of short-form video apps.
Design/methodology/approach
We surveyed a total of 351 users who have used Tiktok, a typical short-form video app, and used their questionnaires to test the research model.
Findings
Searching affordance has a positive impact on perceived information value and perceived entertainment value. Furthermore, meta-voicing, recommending, and livestreaming affordance have a positive impact on perceived information value, perceived entertainment value, and perceived social networking value, which also have a positive impact on negative affect anticipation. In addition, negative affect anticipation is significantly positively correlated with excessive use.
Originality/value
In terms of theory, this study introduces the theory of IT affordances and perceived values into the cognitive-affective-behavioral model, to the best of our knowledge, for the first time. Furthermore, it conducts situational research on the formation mechanism of excessive use of short-form video apps and makes up for the lack of studying of excessive use behavior from the perspective of technical factors.
Details
Keywords
Jiaxin Li, Zhiyuan Zhu, Zhiwei Li, Yonggang Zhao, Yun Lei, Xuping Su, Changjun Wu and Haoping Peng
Gallic acid is a substance that is widely found in nature. Initially, it was only used as a corrosion inhibitor to retard the rate of corrosion of metals. In recent years, with…
Abstract
Purpose
Gallic acid is a substance that is widely found in nature. Initially, it was only used as a corrosion inhibitor to retard the rate of corrosion of metals. In recent years, with intensive research by scholars, the modification of coatings containing gallic acid has become a hot topic in the field of metal protection. This study aims to summarize the various preparation methods of gallic acid and its research progress in corrosion inhibitors and coatings, as well as related studies using quantum chemical methods to assess the predicted corrosion inhibition effects and to systematically describe the prospects and current status of gallic acid applications in the field of metal corrosion inhibition and protection.
Design/methodology/approach
First, the various methods of preparation of gallic acid in industry are understood. Second, the corrosion inhibition principles and research progress of gallic acid as a metal corrosion inhibitor are presented. Then, the corrosion inhibition principles and research progress of gallic acid involved in the synthesis and modification of various rust conversion coatings, nano-coatings and organic resin coatings are described. After that, studies related to the evaluation and prediction of gallic acid corrosion inhibition on metals by quantum chemical methods are presented. Finally, new research ideas on gallic acid in the field of corrosion inhibition and protection of metals are summarized.
Findings
Gallic acid can be used as a corrosion inhibitor or coating in metal protection.
Research limitations/implications
There is a lack of research on the synergistic improvement of gallic acid and other substances.
Practical implications
The specific application of gallic acid in the field of metal protection was summarized, and the future research focus was put forward.
Originality/value
To the best of the authors’ knowledge, this paper systematically expounds on the research progress of gallic acid in the field of metal protection for the first time and provides new ideas and directions for future research.
Details
Keywords
Jiaxin Gao, Xin Gu and Xue Yang
This study aims to deliver a new perspective on how the interaction of independent and cooperative innovation affects firm digitization. Based on resource constraint theory, this…
Abstract
Purpose
This study aims to deliver a new perspective on how the interaction of independent and cooperative innovation affects firm digitization. Based on resource constraint theory, this study argues that the aforementioned interaction negatively affects firm digitization. The moderating role of managerial discretion is also discussed in light of the principles of the awareness-motivation-capability (AMC) framework.
Design/methodology/approach
The proposed hypotheses are empirically tested using a negative binomial modeling approach. The data used are from A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2006 to 2020.
Findings
This study suggests that the interaction of independent innovation and cooperative innovation negatively impacts digitization. In addition, this study argues that environmental discretion and organizational discretion weaken the negative impact of the mentioned interaction on digitization. However, additional discretion in the Chinese context has no effect on above relationships.
Originality/value
This study explores the impact of the interaction of independent and cooperative innovation on digitization and incorporates managerial discretion into this framework based on the AMC framework.
Details
Keywords
Jiaxin Ma, Depeng Zhang, Lihong Fu and Wanli Zhou
The purpose of this study is to investigate the effects of different bullet screen types (functional vs social) on the continuous watching intention of consumers, as well as the…
Abstract
Purpose
The purpose of this study is to investigate the effects of different bullet screen types (functional vs social) on the continuous watching intention of consumers, as well as the influence mechanism. In addition, this study analyses the moderating role of consumer motivational orientation on the above effects.
Design/methodology/approach
First, objective data were obtained through the crawler to test the proposed hypotheses. An objective data analysis (417 group sample) was conducted to analyse the relationship between the percentage of social bullet screens and consumers sustained growth ratio to indirectly test the primary effect. Second, a questionnaire survey was conducted to test (176 questionnaires) the mediating role of perceived social crowding. Finally, a simulated online contextual experiment (340 participants) is conducted to explore the moderating role of consumer motivational orientation.
Findings
First, functional bullet screens produce higher continuous watching intention and lower perceived social crowding than social bullet screens. Second, perceived social crowding mediates the relationship between bullet screen type and continuous watching intention. Third, consumers' motivational orientation type (task-motivated vs recreation-motivated) moderates the relationship among bullet screen type, perceived social crowding and continuous watching intention.
Originality/value
The results of this study shed light on the differential impact of different types of bullet screens (functional and social) on consumers' continuous watching intentions, which makes up for the lack of research on the content of bullet screens in the field of livestreaming. Meanwhile, compared with the previous positive psychological research perspective, this study explores the intermediate mechanism of bullet screen type on consumers' continuous watching intention through a negative psychological perspective, which helps e-commerce companies and streamers better understand the differential impact of different bullet screens. Finally, this study explores the joint influence effect of bullet screen and consumer motivation type, which fills the theoretical research gap of consumer motivation orientation type in the category of live-streaming.
Details
Keywords
Jiaxin Wu, Jigang Zhang and Hongjuan Yang
This study aims to construct an evaluation system for farmers’ livelihood capital in minority areas and evaluate the impact of relocation in response to climate change on farmers’…
Abstract
Purpose
This study aims to construct an evaluation system for farmers’ livelihood capital in minority areas and evaluate the impact of relocation in response to climate change on farmers’ livelihood capital.
Design/methodology/approach
According to the characteristics of Yunnan minority areas, the livelihood capital of farmers in minority areas is divided into natural, physical, financial, social, human and cultural capital. The improved livelihood capital evaluation system measures farmers’ livelihood capital from 2015 to 2021. The net impact of relocation on farmers’ livelihood capital was separated using propensity score matching and the difference-in-difference (PSM-DID) method.
Findings
The shortage of livelihood capital makes it difficult for farmers to resist climate change, and the negative impacts of climate change further aggravate their livelihood vulnerability and reduce their livelihood capital. Relocation has dramatically increased the livelihood capital of farmers living in areas with poor natural conditions by 15.67% and has enhanced their ability to cope with climate change and realise sustainable livelihoods.
Originality/value
An improved livelihood capital evaluation system is constructed to realise the future localisation and development of livelihood capital research. The PSM-DID method was used to overcome endogeneity problems and sample selection bias of the policy evaluation methods. This study provides new ideas for academic research and policy formulation by integrating climate change, poverty governance and sustainable livelihoods.