Jingyu Jia and Ping Wu
State-owned firms play important roles in Chinese cross-border acquisition (CBA) activities. However, compared with private firms, state-owned firms have a lower likelihood of…
Abstract
Purpose
State-owned firms play important roles in Chinese cross-border acquisition (CBA) activities. However, compared with private firms, state-owned firms have a lower likelihood of acquisition completion and take longer to complete a deal. This paper aims to determine why this phenomenon exists and how state-owned firms can overcome the constraints of their identity.
Design/methodology/approach
By integrating organizational learning theory with institutional theory, this paper attempts to answer the research questions from a legitimacy perspective. Employing Chinese CBA data from 1982 to 2014, the authors use a logit model and a random effects model to test the hypothesis.
Findings
The results show that a state-owned identity easily causes legitimacy concerns among host country regulatory agencies; thus, it may result in longer and more uncertain evaluation behaviors, which lead to a lower likelihood of CBA completion and a longer deal duration. Only experience with failed acquisitions can increase CBA completion probability. Furthermore, in very complex decision-making environments, such as that surrounding deal duration, only specific types of experience (i.e. experience of failed international acquisitions) can trigger learning behavior, whereas general experience (i.e. failed acquisition experience) has little influence. Favorable bilateral relationships may not improve the completion rate and efficiency of state-owned firms, but high-quality host country institutions lead to a higher likelihood of CBA completion among state-owned firms; however, this may be not conducive to decreasing the time needed to complete an acquisition deal.
Originality/value
First, by discussing the completion rate and duration of CBAs conducted by state-owned firms and analyzing the factors that influence them, this paper enriches and develops the theory of organizational overseas mergers and acquisitions (M&As). Second, by adopting a legitimacy perspective and integrating institutional theory, the authors theorize how state-owned status influences firms’ M&A completion rate and time and test the hypotheses empirically; thus, this paper improves and deepens institutional theory. Third, by discussing how different types of experience (i.e. successful experience vs failed acquisition experience) influence the acquisition completion rate and duration and how general experience and specific types of experience affect these two dependent variables differently, this paper explains how state-owned firms can learn effectively from experience, contributing to organizational learning theory.
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Jia Xu, Jingyu Zhang, Jiahan Xu, Guangyuan Miao, Long Feng, Zhanzhu Zhang and Huanxia Zhang
Nanotechnology has been able to bind to a wide range of functional textiles in recently. This paper aims to modify graphene oxide (GO) by grafting dimethyl phosphite and…
Abstract
Purpose
Nanotechnology has been able to bind to a wide range of functional textiles in recently. This paper aims to modify graphene oxide (GO) by grafting dimethyl phosphite and perfluorohexyl iodine. It was applied to cotton to obtain a flame-retardant, water-repellent and ultraviolet-resistant multifunctional fabric.
Design/methodology/approach
The GO-multi was synthesized by grafted dimethyl phosphite and perfluorohexyl chain and applied to cotton by the dipping-drying method. The surface chemistry of functionalized GO was characterized by Fourier transform infrared spectroscopy and X-ray photoelectron spectroscopy. The thermal stability of the fabric was characterized by thermogravimetric analysis (TGA). The combustion properties were evaluated using a microscale combustion calorimeter, match test and TGA. Hydrophobicity of film and fabric surface was characterized by static contact angle, and the UV resistance of the fabric was represented by the ultroviolet procetion factor (UPF) value.
Findings
Dimethyl phosphite and perfluorohexyl chains were grafted on the surface of GO successively. In the match test, the GO-multi/cotton kept the original outline of the fabric. According to the micro-scale combustion calorimetry (MCC) data, the value of PHRR and THR of GO-multi/cotton was about 45 per cent lower than that of untreated cotton fabric. It was found from the field-emission scanning electron microscopy (SEM) pictures that the residue of GO-multi/ cotton burned by the match method was more compact and the graphene lamellar structure remained more complete. The hydrophobic effect of GO-multi/cotton was improved compared to untreated cotton, but not better than the fabric treated by the perfluorohexyl chain-grafted GO. The UPF value of GO-multi/cotton reached 253, which indicated that the anti-ultraviolet performance of GO-multi was greatly improved after it was deposited on the cotton fabric.
Research limitations/implications
Although the hydrophobic effect was much higher than that of untreated cotton fabric, its hydrophobic effect was not satisfied, which may be due to the fact that the content of F element content was low. So, it is still needed to explore the modifying method to increase the functional component amount on the GO nanosheet.
Practical implications
This modifying method can be used in any of multifunctional textile preparation process. The hydrophobic and flame-retardant cotton fabric revealed a sample for use in outdoor sports such as clothes and tents.
Originality/value
To meet the needs of multifunctional cotton fabrics, the modification of GO with dimethyl phosphite and perfluorohexyl iodine has not been reported. The modified fabric has flame-retardant, UV-resistant and hydrophobic properties.
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Kareen Brown, Fayez A. Elayan, Jingyu Li and Zhefeng Liu
The purpose of this paper is to investigate whether US regulatory actions around reverse mergers (RM) have exerted any spillover effects on the Chinese firms listed in China and…
Abstract
Purpose
The purpose of this paper is to investigate whether US regulatory actions around reverse mergers (RM) have exerted any spillover effects on the Chinese firms listed in China and whether Chinese firms have exhibited lower financial reporting quality than their US counterparts.
Design/methodology/approach
To test the possible spillover effect, this paper calculates three-day cumulative average abnormal returns (CAAR) and the aggregate CAAR for a series of US regulatory actions in 2010 and 2011. The study then compares the accrual quality, conditional conservatism, and information content of accruals of Chinese firms and US firms.
Findings
The paper documents a spillover effect of US actions around RM on Chinese stocks listed in China. Overall results do not support the perception that Chinese firms have lower financial reporting quality than their US counterparts.
Research limitations/implications
While this study provides evidence consistent with investors perceiving poor financial reporting quality among Chinese firms, that perception is not justified by empirical evidence.
Practical implications
Investors need not be overly concerned about the financial reporting quality among the Chinese firms when they make asset allocation decisions.
Social implications
A reality check is important given that perceptions may be outdated, biased, misleading, and costly.
Originality/value
This study puts the financial reporting quality of Chinese firms into perspective helping global investors assess information risk for optimal resource allocation.
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Ganli Liao, Xinshuai Hou, Yi Li and Jingyu Wang
Driven by the development of the global digital economy, knowledge management in industrial enterprises offers more possibilities for green innovation. Based on the perspective of…
Abstract
Purpose
Driven by the development of the global digital economy, knowledge management in industrial enterprises offers more possibilities for green innovation. Based on the perspective of external knowledge sources, this study aims to construct a panel regression model to explore the relationship between digital economy and industrial green innovation efficiency.
Design/methodology/approach
Panel data from 30 regions in China from 2011 to 2020 were selected as research samples. All data are obtained from national and provincial statistical yearbooks. Coupling coordination degree analysis, entropy method, panel regression analysis, robustness test and threshold effect test by Stata 16.0 were used to test the hypotheses.
Findings
The empirical results demonstrate the hypotheses and reveal the following findings: the digital economy is positively related to industrial green innovation efficiency and external knowledge sources, and external knowledge sources mediate the relationship between them. Moreover, based on the threshold test results, the digital economy has a double-threshold effect on industrial green innovation efficiency.
Originality/value
Based on the perspective of external knowledge sources, the proposed mediating mechanism between the digital economy and industrial green innovation efficiency has not been established previously, further enriching the research on the antecedents and outcomes of external knowledge sources. Moreover, this study estimated the direct influence mechanism and double-threshold effect of the digital economy on industrial green innovation efficiency from theoretical and empirical analysis, thus responding to the call of scholars and adding to existing research on how the digital economy affects the green transformation of industrial enterprises.
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Yanli Feng, Ke Zhang, Haoyu Li and Jingyu Wang
Due to dynamic model is the basis of realizing various robot control functions, and it determines the robot control performance to a large extent, this paper aims to improve the…
Abstract
Purpose
Due to dynamic model is the basis of realizing various robot control functions, and it determines the robot control performance to a large extent, this paper aims to improve the accuracy of dynamic model for n-Degree of Freedom (DOF) serial robot.
Design/methodology/approach
This paper exploits a combination of the link dynamical system and the friction model to create robot dynamic behaviors. A practical approach to identify the nonlinear joint friction parameters including the slip properties in sliding phase and the stick characteristics in presliding phase is presented. Afterward, an adaptive variable-step moving average method is proposed to effectively reduce the noise impact on the collected data. Furthermore, a radial basis function neural network-based friction estimator for varying loads is trained to compensate the nonlinear effects of load on friction during robot joint moving.
Findings
Experiment validations are carried out on all the joints of a 6-DOF industrial robot. The experimental results of joint torque estimation demonstrate that the proposed strategy significantly improves the accuracy of the robot dynamic model, and the prediction effect of the proposed method is better than that of existing methods.
Originality/value
The proposed method extends the robot dynamic model with friction compensation, which includes the nonlinear effects of joint stick motion, joint sliding motion and load attached to the end-effector.
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Qingyu Shi, Jingyu Yu, Lifei Zhang, Jingfeng Wang and Guowei Cheng
The construction industry has experienced an irreversible digital transformation to smart construction. Many countries have published supporting policies to encourage the…
Abstract
Purpose
The construction industry has experienced an irreversible digital transformation to smart construction. Many countries have published supporting policies to encourage the development of smart construction. However, there is no universally valid approach. This paper thus aims to evaluate smart construction policies issued by 24 pilot cities in China and identify applicable policy tools and their impact.
Design/methodology/approach
This paper collected 33 governmental documents on smart construction through the official websites in China. Different policy tools were classified into supply-side, demand-side and environment-side categories. The supporting policies of smart construction development in pilot cities were quantitatively evaluated by using a policy modeling consistency index (PMC-index) model.
Findings
Supply-type and environment-type policy instruments were used more frequently than demand-type policies in 24 pilot cities. Most of the 24 pilot cities had an evaluation of PMC-index over 8, realizing the consistency of smart construction policies. Eight pilot cities had an evaluation of PMC-index of 6–7.99, realizing acceptable consistency. Only Foshan City has an evaluation of PMC-index below 4, which may reflect a poor consistency of policy implementation. The paper proposes consistencies of smart construction policies of 24 pilot cities and valid policy instruments, including the presale of commercial residential buildings, additional bonus points in the tendering process and cooperating with multiple departments when promoting smart construction.
Originality/value
This paper contributes to expanding policy evaluation studies in the smart construction field and provides concrete suggestions for policymakers to formulate more effective and specific policies and strategies for the development of smart construction.
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Huajun Liu, Cailing Wang and Jingyu Yang
– This paper aims to present a novel scheme of multiple vanishing points (VPs) estimation and corresponding lanes identification.
Abstract
Purpose
This paper aims to present a novel scheme of multiple vanishing points (VPs) estimation and corresponding lanes identification.
Design/methodology/approach
The scheme proposed here includes two main stages: VPs estimation and lane identification. VPs estimation based on vanishing direction hypothesis and Bayesian posterior probability estimation in the image Hough space is a foremost contribution, and then VPs are estimated through an optimal objective function. In lane identification stage, the selected linear samples supervised by estimated VPs are clustered based on the gradient direction of linear features to separate lanes, and finally all the lanes are identified through an identification function.
Findings
The scheme and algorithms are tested on real data sets collected from an intelligent vehicle. It is more efficient and more accurate than recent similar methods for structured road, and especially multiple VPs identification and estimation of branch road can be achieved and lanes of branch road can be identified for complex scenarios based on Bayesian posterior probability verification framework. Experimental results demonstrate VPs, and lanes are practical for challenging structured and semi-structured complex road scenarios.
Originality/value
A Bayesian posterior probability verification framework is proposed to estimate multiple VPs and corresponding lanes for road scene understanding of structured or semi-structured road monocular images on intelligent vehicles.
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Lenka Papíková and Mário Papík
European Parliament adopted a new directive on gender balance in corporate boards when by 2026, companies must employ 40% of the underrepresented sex into non-executive directors…
Abstract
Purpose
European Parliament adopted a new directive on gender balance in corporate boards when by 2026, companies must employ 40% of the underrepresented sex into non-executive directors or 33% among all directors. Therefore, this study aims to analyze the impact of gender diversity (GD) on board of directors and the shareholders’ structure and their impact on the likelihood of company bankruptcy during the COVID-19 pandemic.
Design/methodology/approach
The data sample consists of 1,351 companies for 2019 and 2020, of which 173 were large, 351 medium-sized companies and 827 small companies. Three bankruptcy indicators were tested for each company size, and extreme gradient boosting (XGBoost) and logistic regression models were developed. These models were then cross-validated by a 10-fold approach.
Findings
XGBoost models achieved area under curve (AUC) over 98%, which is 25% higher than AUC achieved by logistic regression. Prediction models with GD features performed slightly better than those without them. Furthermore, this study indicates the existence of critical mass between 30% and 50%, which decreases the probability of bankruptcy for small and medium companies. Furthermore, the representation of women in ownership structures above 50% decreases bankruptcy likelihood.
Originality/value
This is a pioneering study to explore GD topics by application of ensembled machine learning methods. Moreover, the study does analyze not only the GD of boards but also shareholders. A highly innovative approach is GD analysis based on company size performed in one study considering the COVID-19 pandemic perspective.
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Xin Wang, Xiaoling Xu, Zuowan Zhou and Jihua Gou
This paper aims to exploit shape memory polymer (SMP) composite as multifunctional coatings for protecting substrates from surface wear and bacterial. The efficiency of added nano…
Abstract
Purpose
This paper aims to exploit shape memory polymer (SMP) composite as multifunctional coatings for protecting substrates from surface wear and bacterial. The efficiency of added nano or micro-sized particles in enhancing the properties of SMP was investigated. This study also attempts to use a low-cost and effective spraying approach to fabricate the coatings. The coatings are expected to have good conformability with the substrate and deliver multi-functional performance, such as wrinkle free, wear resistance, thermal stability and antimicrobial property.
Design/methodology/approach
High-performance SMP composite coatings or thin films were fabricated by a home-made continuous spray-deposition system. The morphologies of the coatings were studied using the scanning electron microscope and the transmission electron microscope. The abrasion properties were evaluated by Taber Abraser test, and thermo-gravimetric analysis was carried out to investigate the thermal properties of prepared composites. The antimicrobial property was determined by the inhibition zone method using E. coli. The thermally responsive shape memory effect of the resulting composites was also characterized.
Findings
The morphology analysis indicated that the nanoclay was distributed on the surface of the coating which resulted in a significant improvement of the wear property. The wear resistance of the coatings with nanoclay was improved as much as 40 per cent compared with that of the control sample. The thermo-gravimetric analysis revealed that the weight loss rate of composites with nanoclay was dropped over 40 per cent. The SMP coating with zinc oxide (ZnO) showed excellent antimicrobial effect. The shape recovery effect of SMP/nanoclay and SMP/ZnO composites can be triggered by external heating and the composites can reach a full shape recovery within 60 s.
Research limitations/implications
This study proposed a continuous spray-deposition fabrication of SMP composite coatings, which provides a new avenue to prepare novel multi-functional coatings with low cost.
Originality/value
Most studies have emphasized on the sole property of SMP composites. Herein, a novel SMP composite coating which could deliver multi-functionality such as wrinkle free, wear resistance, thermal stability and antimicrobial property was proposed.
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Cathrine A. Oladoyinbo, Adenike Mercy Abiodun, Mariam Oluwatoyin Oyalowo, Irene Obaji, Abisola Margaret Oyelere, Olufunke Opeyemi Akinbule and Abimbola Abosede Sobo
This study was designed to assess the risk factors associated with hypertension (HTN) and diabetes among artisans in Ogun State, Nigeria. Evidences suggest increasing prevalence…
Abstract
Purpose
This study was designed to assess the risk factors associated with hypertension (HTN) and diabetes among artisans in Ogun State, Nigeria. Evidences suggest increasing prevalence, incidences and morbidity of diabetes and HTN in Nigeria. However, the purpose of this study is to plan and prioritize effective intervention programs, there is need to provide data on the prevalence and risk factors for HTN and diabetes among local groups.
Design/methodology/approach
In total 300 apparently healthy artisans who have never been diagnosed of diabetes or HTN were randomly selected from five communities. A structured questionnaire was used in obtaining information on the personal characteristics of the respondents. An adapted dietary habit and lifestyle questionnaire were used to assess the dietary habits and lifestyle of the respondents. The WHO global activity questionnaire was adapted and used to gather information on the physical activity level of the respondents. Random blood glucose, blood pressure and anthropometric measurements were assessed using standard instruments. Chi-square (χ2), correlations and multinomial logistic regression analysis were performed to identify significant determinants of diabetes and HTN.
Findings
Mean age was 34.8 ± 9.9 and prevalence of diabetes and pre-diabetes were 1 and 4.7 per cent, respectively, while HTN and pre-HTN were 48.0 and 30.3 per cent, respectively. About half (55.7 per cent) of the respondents skip at least a meal daily and 31 per cent snack daily. Most (61.4 per cent) consume alcohol and 65.7 per cent engage in high physical activity. Abdominal obesity was significantly higher among women (p = 0.004). Using the chi-square analysis, age, abdominal obesity and educational status were factors found to be significantly associated with diabetes (p = 0.002; p = 0.007; p = 0.004) while age, gender, abdominal obesity and alcohol consumption had significant association with HTN. Although not statistically significant, respondents were 0.8, 1.0 and 1.1 times more likely to be diabetic with increasing body mass index, waist circumference (WC) and age (odd ratio (OR) = 0.78; confidence intervals (CI): 0.51-1.18; OR = 1.04; CI: 0.89-1.21; OR = 1.06; CI: 0.96-1.18, respectively). Abdominal obesity was significantly associated with HTN (OR = 1.08; CI: 1.03-1.13; p = 0.001). Also, older respondents were 1.1 times more likely of becoming hypertensive (OR = 1.07; CI: 1.02-1.11; p = 0.003). Increased risk of diabetes and HTN was found among respondents with increasing age and WC.
Research limitations/implications
This study was cross-sectional in design; it cannot be used to establish a cause-effect relationship between diabetes, HTN and the observed variables (anthropometric characteristics, dietary habits and lifestyle risk factors). Because of the few numbers (1 per cent) of respondents identified to be diabetic several important risk factors could not be included in the model.
Practical implications
An understanding of the risk factors associated with diabetes and HTN among sub-groups in the population will help to plan effective interventions targeted at specific groups.
Originality/value
The findings of this study show the associated risk factors for diabetes and HTN among artisans in Ogun State.