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Article
Publication date: 26 May 2021

Li Gao, Jinnan Song, Jiajuan Liang and Jianxiao Guo

This paper aims to explore the influence of founder shareholders’ resources on the allocation of control rights from the perspective of incomplete contract theory and…

540

Abstract

Purpose

This paper aims to explore the influence of founder shareholders’ resources on the allocation of control rights from the perspective of incomplete contract theory and resource-based theory.

Design/methodology/approach

This paper analyzes newspaper materials with NVivo11on a case of battle for corporate control in Chinese top-listed company-Vanke Group.

Findings

The research shows that human capital is the key resource and the holding proportion of financial resources directly affects the allocation of control rights. At the same time, social capital is unstable and easily broken. At last, institutional environment also affects the degree between the relationship of founder shareholders’ resources and the allocation of control rights. The influence of founder-shareholder resources on the allocation of control rights follows the path of “crisis – founder-shareholder’s resources – founder’s ability - allocation of control rights.”

Research limitations/implications

This study only selects the financial capital, human capital and social capital of Shi Wang, the founder of Vanke, as the analysis object. The study can expand the types of founder shareholder resources to verify and enrich the conclusions.

Originality/value

The current theoretical research in the literature focuses on the necessity of equity and shareholder’s resources versus the control rights. Some key factors and mechanism on the relationship have not been fully clarified. The results of this paper not only extend the combination research of social network and corporate governance, but also provide enterprise founders with references for making reasonable decisions during control battle.

Details

Chinese Management Studies, vol. 16 no. 2
Type: Research Article
ISSN: 1750-614X

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Article
Publication date: 5 September 2021

Li Gao, Jinnan Song, Jianxiao Guo and Jiajuan Liang

Share pledge is a popular way to raise funds in China, but it aggravates information asymmetry. As an indispensable information intermediary in the financial market, media…

731

Abstract

Purpose

Share pledge is a popular way to raise funds in China, but it aggravates information asymmetry. As an indispensable information intermediary in the financial market, media coverage affects asset price and pricing efficiency and impacts information asymmetry. This study aims to explore the governance role of media coverage as an information intermediary in the share pledge context in China.

Design/methodology/approach

Moderating effect and mediating effect analyses are the primary methods used to test the governance role of media coverage. The ordinary least squares model was used to test the relationship between share pledge and market performance and then proved the moderating effect of media coverage toward the corporate market value of pledge firms. Accounting earnings value relevance models were explored to test the path of media coverage on firm market value by mediating effect analysis. At last, subgroup tests were used to verify the heterogeneity of the moderating effect of media coverage.

Findings

In the context of share pledge in China, the higher the share pledge ratio, the higher is the market value of listed firms, which verifies the motivation of controlling shareholders to avoid the transfer of control right and the motivation to tunneling. Media coverage has a significant negative moderating effect on the relationship between share pledge rate and corporate value and has a significant impact on the accounting earnings value relevance of share pledge firms. From the perspective of long-term earnings, media coverage reduces the market performance of share pledge firms by reducing the value correlation of accounting earnings information. From the short-term price point of view, media coverage reduces the market performance of share pledge firms by improving the value correlation of accounting earnings information. Furthermore, media coverage has a more significant moderating effect in state-owned share pledge firms and low information transparency and low information disclosure quality firms.

Research limitations/implications

This paper does not distinguish the mode difference of spreading news and the impact of non-pledge media coverage. Also, this paper does not consider factors other than accounting information value relevance when exploring how media coverage affects the corporate market value. Share pledge firms should use media for publicity and play a role in media governance and should actively improve their information disclosure quality, strengthen communication with investors and reduce information asymmetry fundamentally.

Practical implications

This paper diversify the governance choices for share pledge firms and has important implications for firms, investors, information intermediaries and regulators. Media reports play an increasingly important role today, and any reports and predictions of major events may profoundly affect investors’ decisions. Although media reports can make up for the weakness of accounting information disclosure of equity pledge companies in some sense, it is still not a long-term strategy. Equity pledge companies should not only make use of media for publicity and play a role of media governance but also actively improve their information disclosure quality.

Originality/value

This paper focuses on share pledge firms to carry out in-depth research. Based on exploring the influence mechanism of share pledges, the authors find the importance of media governance. This paper expands the literature about the economic consequences of share pledges and provides empirical data for media governance of share pledge firms. This paper innovatively proves the governance role of media coverage from the view of accounting information value relevance. The main innovation point is the long and short-term perspective analysis of the influence of media coverage on the correlation of accounting earnings value. The heterogeneity effect analysis of media coverage also reflects the depth and strong practical guiding significance of this study.

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Article
Publication date: 12 July 2022

Jinnan Wu, Mengmeng Song, Pablo Zoghbi-Manrique-de-Lara, Hemin Jiang, Shanshan Guo and Wenpei Zhang

This study investigated why employees' cyberloafing behavior is affected by their coworkers' cyberloafing behavior. By integrating social learning theory and deterrence theory…

1249

Abstract

Purpose

This study investigated why employees' cyberloafing behavior is affected by their coworkers' cyberloafing behavior. By integrating social learning theory and deterrence theory, the authors developed a model to explain the role of employees' perceived certainty of formal and informal sanctions in understanding the effect of coworkers' cyberloafing behavior on employees' cyberloafing behavior.

Design/methodology/approach

The authors conducted a survey that involved a two-stage data collection process (including 293 respondents) to test our developed model. Mplus 7.0 was used to analyze the data.

Findings

The results revealed that employees' cyberloafing was positively affected by their coworkers' cyberloafing both directly and indirectly. The indirect effect of coworkers' cyberloafing on employees' cyberloafing was mediated by the employees' perceived certainty of formal and informal sanctions on cyberloafing. Employees' perceived certainty of formal and informal sanctions were found to mediate the relationship both separately (each type of sanctions mediates the relationship individually) and in combination (the two types of sanctions form a serial mediation effect).

Originality/value

The study reveals an important mechanism – employees’ perceived certainty of formal and informal sanctions – that underlies the relationship between coworkers' cyberloafing and employees' cyberloafing, thus, contributing to the cyberloafing literature. It also demonstrates the importance of negative reinforcement (perceived sanctions) in the social learning process, which contributes to the literature on social learning theory because previous studies have primarily focused on the role of positive reinforcement. Lastly, the study reveals a positive relationship between employees' perceived certainty of formal sanctions and informal sanctions, which has important implications for deterrence theory.

Details

Information Technology & People, vol. 36 no. 4
Type: Research Article
ISSN: 0959-3845

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Article
Publication date: 13 January 2025

Mengyuan Xu, Ruixue Zhao, Mengyao Li, Stephen Nicholas, Elizabeth Maitland, Jinnan Zhang, Huan Jia, Jing Wang and Wenhua Wang

The study aims to address the gap between leaders’ preventative self-regulatory focus and its impact on Chinese primary care physicians (PCPs) well-being, measured by work–family…

19

Abstract

Purpose

The study aims to address the gap between leaders’ preventative self-regulatory focus and its impact on Chinese primary care physicians (PCPs) well-being, measured by work–family spillover stress and work exhaustion and on healthcare quality, measured by preventive service delivery and clinical guideline adherence.

Design/methodology/approach

This paper conducted a cross-sectional in-person survey with 38 leaders and 224 PCPs in 38 primary health centers (PHCs) in Jinan, Tianjin, Shenzhen and Shanghai. Guided by the regulatory focus theory, this paper built hierarchical linear regression models to examine the association between the leadership’s regulatory focus and physician burnout, work–family conflict, clinic guideline adherence and preventive service delivery.

Findings

This paper added the knowledge of leadership’s regulatory focus impact on the well-being and medical service quality of PCPs. Prevention regulatory focus of leaders was significantly associated with work exhaustion and physicians’ reported work–family conflict. There is no significant association between leadership’s prevention regulatory focus and PCPs’ preventive service delivery or clinical guideline adherence.

Research limitations/implications

Data on the regulatory focus of PCPs were not collected. Future studies should collect longitudinal data, allowing for exploration of the mechanism.

Practical implications

This paper revealed that PHC leaders should restructure their leadership focus away from preventive regulatory behavior, promoting a team atmosphere and enhancing PCP attitudes, behaviors and well-being.

Social implications

To improve the well-being of PCPs and the quality of medical services, our results recommend a focus on establishing a positive organizational culture and addressing the emotional and professional needs of PCPs. To achieve these aims, policymakers should implement measures that promote a more comprehensive and balanced regulatory focus within PHC institutions. These measures should aim to create an environment that supports physician well-being and enhances the quality of healthcare services. Providing ample resources and support, promoting a collaborative team atmosphere and encouraging open communication are vital to empowering PCPs.

Originality/value

This study examined the preventive regulatory focus of PHC leaders on the well-being and medical service quality of PCPs in China.

Details

Journal of Health Organization and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1477-7266

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