Dan Huang, Dong Lu and Jin-hui Luo
The purpose of this paper is to examine whether and how the extent of religion in a firm’s social environment affects corporate innovation and innovation efficiency from the…
Abstract
Purpose
The purpose of this paper is to examine whether and how the extent of religion in a firm’s social environment affects corporate innovation and innovation efficiency from the perspectives of religion-related risk aversion and religion-based social norms.
Design/methodology/approach
Using a sample of 8,601 Chinese firm-year observations from 2007 to 2012, this paper examines the relationship between religion and innovation intensity, as well as innovation efficiency. A battery of checks, that is, adopting Heckman selection model, using a province-level measure of religiosity and an alternative measure of innovation intensity, and taking the stochastic frontier analysis method to capture corporate innovation efficiency, are conducted to alleviate the concern of self-selection and to guarantee the robustness of the findings of this paper.
Findings
This paper finds strong evidence that firms registered in more religious regions, that is, regions with more Buddhist monasteries within a certain radius, undertake fewer innovation activities as measured by the ratio of R&D investment over total sales income but achieve higher innovation efficiency reflected by the value-relevance of R&D investment.
Originality/value
This paper complements the existing literature by suggesting that religion can serve as an informal social mechanism and performs a “less is more” effect in disciplining corporate innovation activities.
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Jin‐hui Luo, Di‐fang Wan, Yang Yang and Guang Yang
The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in…
Abstract
Purpose
The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in futures markets.
Design/methodology/approach
Using economic experimental research method, this paper designs and conducts a futures market experiment according to experimental research's basic norms, thus acquiring needed and credible empirical data.
Findings
By analyzing the experimental data, it is found that compared with situations in futures markets that implement uniform margin system, investors' (especially speculators') futures open position and the ratio of their open position and futures turnover are both significantly higher, in futures markets that implement differentiated margin system. On the other hand, differentiated margin system has no effects on hedgers' futures turnover, but significantly reduces speculators' futures turnover.
Research limitations/implications
The findings suggest that compared with uniform margin system, differentiated margin system is beneficial to effectively restrict both speculators' and hedgers' speculating behavior and lead hedgers' market participation.
Practical implications
In order to resolve the problem of unreasonable investor structure in China's futures market, i.e. lack of hedgers and over‐speculating, China's futures market's regulators should reform the margin system and adopt differentiated margin system to lead investors' rational behavior and optimize investor structure.
Originality/value
This paper empirically analyzes and verifies, for the first time, the roles of differentiated margin system in affecting investors' investing behavior. The futures market experiment designed and used in this study is a pioneering and exploratory experiment.
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The purpose of this paper is to explore the effects of large shareholdings from the agency problem perspective of overinvestment, and re‐test the role of board independence in the…
Abstract
Purpose
The purpose of this paper is to explore the effects of large shareholdings from the agency problem perspective of overinvestment, and re‐test the role of board independence in the context of concentrated ownership.
Design/methodology/approach
Using a five‐year panel data of Chinese non‐financial listed companies between 2001 and 2005, the paper estimates both a fixed‐effects model and a random‐effects model.
Findings
The paper finds evidence of a significant non‐monotonic relationship between large shareholdings and firm level overinvestment. It also finds that state‐owned firms and firms with more independent directors experience lower level of overinvestment. However, firms with more frequent meetings experience a higher level of overinvestment.
Research limitations/implications
The paper's findings indicate that concentrated ownership is not always a bad thing. The crux of the matter is how to induce large shareholders' incentive to monitor managers' opportunistic behaviors and restrict their motivation to expropriate minority shareholders.
Practical implications
In the context of concentrated ownership, the key to improve corporate governance is to strengthen board independence.
Originality/value
The paper provides useful information on non‐monotonic governance effects of large shareholdings in Chinese listed companies and overinvestment.
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Hui Jin and Zheng Wang
To reveal the effective ways for leaders to motivate employees' innovative behaviour in complex environmental situations, the leadership rapport orientation is subdivided into two…
Abstract
Purpose
To reveal the effective ways for leaders to motivate employees' innovative behaviour in complex environmental situations, the leadership rapport orientation is subdivided into two types of values-based/instrumental rapport orientation. The mechanism of supervisor developmental feedback in mediating between leadership rapport orientation and employees' innovative behaviour and the moderating effect of ambidextrous environments is explored. This paper aims to discuss the aforementioned objective.
Design/methodology/approach
Leadership rapport orientation is divided into value-based and instrumental rapport orientation to reveal effective ways for leaders to motivate employees' innovative behaviour in complex environmental situations.
Findings
The results show that the values-based (instrumental) rapport orientation of leaders impacts employees' innovative behaviour positively (negatively).
Originality/value
Leaders' values-based/instrumental rapport orientation indirectly influences employees' innovative behaviour through supervisor developmental feedback, which positively moderates the relationship between the values-based or instrumental rapport orientation of leaders and employees' innovative behaviour and further moderates the partially mediating role of supervisor developmental feedback between leaders' values-based/instrumental rapport orientation and employees' innovative behaviour.
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Shaoyi Liu, Songjie Yao, Song Xue, Benben Wang, Hui Jin, Chenghui Pan, Yinwei Zhang, Yijiang Zhou, Rui Zeng, Lihao Ping, Zhixian Min, Daxing Zhang and Congsi Wang
Surface mount technology (SMT) is widely used and plays an important role in electronic equipment. The purpose of this paper is to reveal the effects of interface cracks on the…
Abstract
Purpose
Surface mount technology (SMT) is widely used and plays an important role in electronic equipment. The purpose of this paper is to reveal the effects of interface cracks on the fatigue life of SMT solder joint under service load and to provide some valuable reference information for improving service reliability of SMT packages.
Design/methodology/approach
A 3D geometric model of SMT package is established. The mechanical properties of SMT solder joint under thermal cycling load and random vibration load were solved by 3D finite element analysis. The fatigue life of SMT solder joint under different loads can be calculated by using the modified Coffin–Manson model and high-cycle fatigue model.
Findings
The results revealed that cracks at different locations and propagation directions have different effect on the fatigue life of the SMT solder joint. From the location of the cracks, Crack 1 has the most significant impact on the thermal fatigue life of the solder joint. Under the same thermal cycling conditions, its life has decreased by 46.98%, followed by Crack 2, Crack 4 and Crack 3. On the other hand, under the same random vibration load, Crack 4 has the most significant impact on the solder joint fatigue life, reducing its life by 81.39%, followed by Crack 1, Crack 3 and Crack 2. From the crack propagation direction, with the increase of crack depth, the thermal fatigue life of the SMT solder joint decreases sharply at first and then continues to decline almost linearly. The random vibration fatigue life of the solder joint decreases continuously with the increase of crack depth. From the crack depth of 0.01 mm to 0.05 mm, the random vibration fatigue life decreases by 86.75%. When the crack width increases, the thermal and random vibration fatigue life of the solder joint decreases almost linearly.
Originality/value
This paper investigates the effects of interface cracks on the fatigue life and provides useful information on the reliability of SMT packages.