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The foreign direct investment (FDI) motivations of emerging market multinational enterprises (EMNEs) are mainly twofold: acquisition of strategic assets in foreign markets, and foreign market penetration. While prior studies have delivered valuable insights, findings regarding the performance of those two types of FDI remain somewhat inconsistent or inconclusive. This study aims to develop complementary perspectives that can motivate scholars to explore the internal mechanisms of achieving goals for these two FDI types by providing a review of prior literature on EMNEs’ knowledge- and market-seeking FDI.

Indexed to the EBSCO database and Google Scholar from 2000 to 2020, 73 articles from 13 journals were selected and reviewed to identify the main research future research agendas.

Our findings show that the purpose of EMNEs’ FDI can be divided into value creation and value capturing, with the former pursuing knowledge-seeking and the latter pursuing market-seeking, according to our study, which draws on insights from innovation-focused literature.

International business (IB) scholars have extensively studied both knowledge-seeking and market-seeking outward FDI of EMNEs for decades. Our study contributes to the literature by providing the potential for integrating IB and innovation studies to extend the scope of EMNEs studies.

The purposes of this study are to prove that the content of floor flexibility can be designed objectively with the use of margins, which are an architectural vocabulary visualizing the possibility of formal change, and to conduct a case study on how the existing typical floor plans of South Korean apartments change with the extension of flexibility: the usability of margins and the results.

This study reviews two housing projects with different methods of flexible housing design: one is the flexibility to change the sizes of spaces and the other is the flexibility to change the topology of spaces. In this paper, the architectural term “area margin” is used for the former and “linear margin” for the latter. These were applied to the case of current apartments in South Korea to transform them into floor plans with the two types of flexibility and investigated whether the proposed floor plans satisfy the required efficacy structurally and functionally.

This case study shows that margins can be used as architectural vocabularies representing flexible sizes of rooms and flexible boundaries with neighbors. The final form of the structural framework became homogeneous, even though it conserved its indigenous spatial characteristics of abundant natural sunlight and airflow. In addition, the transformed structural framework has higher rigidity than the original one, even though the transversal wall was cut off with a margin, as shown by the schematic representations in this paper.

The alternative plan, designed as a modification process, is not representative as a flexible floor plan. Rather, it is thought more important to make a range of variations rather than prototyping a model. This study starts from the premise that it is desirable for apartment house plans to share and encourage variations rather than aiming at typical sizes and shapes. Furthermore, this study exemplified the process to modify the existing typical floor plan into a flexible one using margins. Through this modification, it is thought that the typology of the South Korean apartment, which has succeeded in gaining social consensus for half a century, can be preserved while accommodating social changes in the future.

The control of future variations of floor plans will extend the socioeconomic and physical life of a building, enabling a reasonable reinvestment of resources.

This paper deals with a design method applying distinct visual symbols to different contexts of flexibility and using those as architectural vocabularies.

This paper aims to investigate the causes of mergers and acquisitions (M&A) deals that acquiring firms pay excess premium beyond the market-expected level and examine the relation between the announcement return and long-term performance of the acquiring firms.

Based on a sample of 1,767 US firms’ M&A deals from 2000 to 2014, the authors use the expectation model used by Ang and Ismail (2015) to measure normal offer premium in an M&A deal. They conduct the standard event study methodology to observe the market reaction for acquiring companies on the announcement day. Buy-and-hold abnormal returns are used for the main explanatory variable so as to find the impact of the premium paid on the long-term performance of the acquirer.

First, acquiring firms are faced with negative market returns when acquiring firms pay excess premiums. Second, poor long-term performance of the acquiring firms is observed if acquiring firms pay excess premium. Finally, the negative relation between excess premium and acquiring firms’ long-term performance weakens, as the sample period becomes longer.

The hypotheses and results of the empirical study are as follows. First, the acquirer’s market reaction on the announcement day is negative when it pays an excess offer premium. This is because the market perceives the premium to be greater than the value of the deal, which damages the value of the market, as it is not perceived as a proxy for future synergy. Second, the acquirer’s long-term performance is low when it pays the excess offer premium. It is the same result as the acquirer’s market reaction on the announcement day. This shows that the excess premium does not result in either a short-term positive reaction or a long-term profit for the acquiring shareholders. However, it is found that the relationship between the excess premium and the long-term performance of the acquirer decreases with time. This is because the long-term performance of the acquirer is more affected by management and other events after the deal.

The authors divide the total premium paid into the normal offer premium and the excess premium, and their focus is on the excess premium part. The main contribution of this paper is that it analyzes how the excess premium affects the market reaction on the announcement day and the long-term performance of acquiring firms.

Green demarketing, which promotes anti-consumption as a more extreme sustainability tactic, could help consumers and societies move toward healthier consumption patterns while building strong, long-lasting relationships with consumers. As even the most committed brands find the need to oscillate between demarketing and conventional marketing for survival, this research tests how the congruency of the campaign shown on a brand's home page (owned media) and a following retargeting ad (paid media) could impact perceived congruency and further downstream effects. In doing so, this research proposes that the media context (i.e. news or shopping browsing context) in which the retargeting ad is embedded could determine how much congruency of the demarketing campaign across owned and paid media matters.

An experiment with a 2 (home page content: green vs. demarketing) × 2 (retargeting ad content: product vs. demarketing) × 2 (browsing context: shopping vs. news) between-subjects factorial design was employed with an online panel of 430 participants. The participants first saw the brand's home page content, then were assigned to a website browsing context where the retargeting ad of the brand was embedded.

In a news browsing context, users perceived higher congruency when product retargeting ads (vs. demarketing) were shown after a green home page exposure and when demarketing retargeting ads (vs. products) were delivered after a demarketing home page. The elevated perceived congruency successfully led to higher ad argument and ad attitude. These differences were not present in a shopping browsing context. These results showed that the congruency between the home page and the retargeting ad for demarketing campaigns mattered more in certain media contexts (i.e. news browsing context).

The study closes the empirical gap in demarketing brand activism campaigns by demonstrating when and how congruency between multiple owned and paid channels for demarketing campaigns impacts consumer responses. This study provides evidence of how the match of the demarketing campaign shown on a brand's home page and a following retargeting ad could impact perceived congruency and further downstream effects of ad argument and ad attitude while considering different browsing context effects.

Considering there is a lack of research in determining the optimal levels of government guarantee and revenue cap, the objective of this research is to determine their optimal levels to achieve a reasonable financial risk allocation between governments and private investors while avoiding overly lucrative conditions for private investors.

Expanded net present value (NPV) analysis and bargaining game theory are employed to construct the core of the determination process. The risk gap between governments and private investors is assessed via an expanded NPV analysis to see if the financial risk has been shared reasonably, based on which the range of the government guarantee is decided. A bargaining model is then created to help locate the optimal level of the government guarantee. Finally, a revenue cap, often combined with the government guarantee in public–private partnership (PPP) agreements, will be determined if overly lucrative conditions for private investors are observed or governments suffer a risk spillover.

Referring to a real PPP project in Australia, Project BA is created to validate the applicability of the proposed determination process. The outcome shows that the proposed determination process in this paper is capable of determining the optimal levels of government guarantee and revenue cap. The government preferences towards risk allocation will influence the values of the optimal levels. Governments may also consider to alleviate the control over investors' net profits to mobilise private investors into PPP projects.

There is a potential possibility that the revenue cap fails to control the financial risk for governments or the overly lucrative condition for private investors. In other words, even though the revenue cap is set at the minimal level, the financial risk for governments still beyond their tolerance range or the overly lucrative condition for private investors still occurs. Future research may focus on other financial protective schemes which help to better control the financial risks for governments and profits for private investors.

Government guarantees are frequently used as an investment incentive to reduce the probabilities of suffering loss for private investors. Nevertheless, the financial risks for governments may increase after providing guarantees and, as a result, revenue cap is required by governments to avoid placing themselves in an unprotected situation. By recognising the importance of the two contractual parameters, many scholars dig into their option values. However, there are very rare research works focussing on the method of determining the specific levels of government guarantee and revenue cap. To overcome the limitations of existing models and enrich the methodology for government guarantee and revenue cap determination, this paper contributes to the body of knowledge by developing a government guarantee and revenue cap determination process which contributes to a reasonable allocation of financial risks between governments and private investors.

Targeting public–private partnership (PPP) rental retirement villages, the purpose of this paper is to bring forward the solution of insufficient research in a non-competitive guarantee (a restrictive agreement) towards the compensation and guarantee costs in consideration of benefit redistribution if the governments are unable to keep the promise on guarantee provision.

Real option principles are applied to assess the public–private investment proportions and the expected return rates of the private sector in a non-competitive guarantee and analyse their effects on the public–private benefit and risk allocations as well as the success of the project. Instead of granting direct capital support, this research accomplishes the compensation of non-competition guarantee by adjusting the project benefit distribution ratios between the government and the private sector to achieve the option value of the guarantee. An empirical example with alternative scales, which is developed from an existing rental village in Geelong, is used to numerically verify the research process.

The results illustrate that the option value of the non-competition guarantee plays an important role in supporting the implementation of the PPP rental retirement village projects. The option value of the non-competition guarantee has a close relationship with the guarantee level and the government guarantee cost, which is positively correlated with the guarantee level and negatively correlated with the government guarantee cost. To reduce the government guarantee cost, the government should carefully determine the public–private investment proportion, appropriately control the return rate of the private sector and approve the construction of the new project after the investment recovery of the private sector.

This research mainly focusses on the economic loss of the government due to the guarantee responsibility. Further research could be conducted to determine the guarantee level more precisely and take the social cost of the government guarantees into consideration.

This research is the first attempt to investigate the government compensation and costs of non-competition guarantee for PPP rental retirement village projects and will enhance the understanding of the nature of PPP applications. The evaluation process and the implementation of the compensation through the adjustment of benefit distribution provides a comprehensive method to analyse the non-competition guarantee of PPP projects and help the parties negotiate in good faith to agree on a method of redress.

This paper aims to propose a framework for building a flexible supply chain business model using an object‐oriented approach.

The proposed modeling framework has used the de facto object‐oriented modeling standard, Unified Modeling Language (UML), for building a supply chain model. To compensate for the potential weakness of the pure object‐oriented model and UML, the framework integrates business rules with its model.

This paper provides information about several sources, which are the bases of modeling a supply chain. The paper regards a supply chain as five view models with four business domains and each domain consists of functions, resources, processes, interactions and business rules.

A typical manufacturing supply chain is considered as a target system to apply this design methodology. The paper does not handle a real case study as an application example.

This paper newly added the category of “Business Process Reengineering (BPR)‐driven” models to the traditional taxonomy of supply chain models and proposed an object‐oriented business model (OOBM) for a supply chain as one of the BPR‐driven models. It is hoped that this modeling approach is highly usable and adds value to an analyst, practitioner, and designer in the field of supply chain.

This paper aims to examine the association between financial reporting quality in target companies and acquisition profitability in a sample of 280 acquisitions in South Korea between 2002 and 2011.

Using the accruals quality measure developed by McNichols (2002) as a proxy for financial reporting quality, it was found that high-quality financial reporting in target companies is associated with more profitable acquisitions for the acquirer, as measured by the acquirer’s announcement returns.

It was found that high-quality financial reporting in target companies is associated with more profitable acquisitions for the acquirer, as measured by the acquirer’s announcement returns. This finding suggests that higher-quality accounting information leads to better decision-making during acquisitions. It was also found that the importance of financial reporting quality increases when information about the target company is scarce. In addition, it was found that the financial reporting quality of target companies is less important when the agency costs of the acquirer are high.

This analysis also complements several recent papers that examine target firm accounting information and mergers and acquisitions (M&A) returns (Shalev and Martin, 2009; McNichols and Stubben, 2012). By expanding this analysis, the authors help to provide a more complete understanding of how target firm’s accounting quality relates to the valuation of the target company and future expected synergies in M&A deal practice.

This study is one of a growing body of literature on the relations between financial reporting quality and investment decisions (Bens and Monahan, 2004; Biddle and Hilary, 2006; Hope and Thomas, 2008; McNichols and Stubben, 2008; Biddle et al., 2009; Francis and Martin, 2010). These results extend and generalize the results of prior studies, in that data pertinent to acquisition profitability of M&As in South Korea are used.

Theory is needed for a discipline to mature. This research aims to provide a summary analysis of the theories being used in contemporary logistics and supply chain management (SCM) studies.

A comprehensive literature review of articles appearing in five top tier logistics and SCM journals is conducted in order to identify how often theory is used and to classify the specific theories used. An analysis of the theoretical categories is presented to explain the type and frequency of theory usage.

Over 180 specific theories were found within the sampled articles. Theories grouped under the competitive and microeconomics categories made up over 40 per cent of the theoretical incidences. This does not imply all articles utilize theory. The research found that theory was explicitly used in approximately 53 per cent of the sampled articles.

Two implications are central. First, in the minds of editors, reviewers and authors is approximately 53 per cent theory use enough? Literature suggests there continues to be a need for theory‐based research in the discipline. A first step may be to increase our theory use, and to clearly describe the theory being used. Second, the vast majority of theories used in recent logistics and SCM research originated in other disciplines. Growth in the discipline dictates the need for greater internal theory development.

Despite multiple calls for the use of theory in logistics and SCM, little formal research has been produced examining the actual theories being used. This research provides an in‐depth review and analysis of the use of theory in logistics and SCM research during the period 2004‐2009.