Yixin Ding, Zhen Lei and Junrong Wei
Building on expectancy violations theory, this study aims to investigate the role of negative performance feedback in firm’s mergers and acquisitions (M&A) intensity, a typical…
Abstract
Purpose
Building on expectancy violations theory, this study aims to investigate the role of negative performance feedback in firm’s mergers and acquisitions (M&A) intensity, a typical risky strategic option which might entail negative reactions from shareholders, and also examine the moderating effects of top management teams (TMTs) regulatory focus on this relationship.
Design/methodology/approach
The authors use a longitudinal panel sample of 2,042 Chinese A-share listed manufacturing firms and data for the years between 2007 and 2019 collected from multiple data sources. Furthermore, the authors also conducted supplementary analyses and various robustness checks of the key variables.
Findings
The findings show that both the intensity and duration of negative performance feedback negatively impact firms’ M&A intensity. Besides, the effect of negative performance feedback on M&A intensity will be magnified when the focal firm of TMTs with high prevention focus.
Practical implications
During the period of performance depression, TMTs are supposed to focus on stability, keep an eye on potential risks and be prudent in making decisions like walking on eggshells to avoid making further losses.
Originality/value
This study develops a core mechanism – managers of underperformance firms prioritize meeting shareholder expectations as their foremost task to ensure minimal negative repercussions – and also highlights the role of fit between TMT prevention focus and negative performance feedback on M&A intensity.
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Keywords
Peng Bo Wang, Jia Qi Li, Tao Yang, Jie Wei Hu, Mariya Edeleva, Ludwig Cardon and Jie Zhang
This paper aims to develop an innovative 3D printer based on material extrusion to expand applied material field and shorten the production cycle. The developed 3D printer can…
Abstract
Purpose
This paper aims to develop an innovative 3D printer based on material extrusion to expand applied material field and shorten the production cycle. The developed 3D printer can fabricate products directly using various powders, including polymers and fillers. In addition, the influence of extrusion on the orientation of thermal conductive filler is also investigated.
Design/methodology/approach
To ensure the plasticizing effect and the mixing ability, the printing head is a conical twin-screw extruder, which have a smaller volume. PA12 and h-BN powders were selected for printing as matrix and filler, respectively. The properties of printing products were characterized.
Findings
The results show that the new printer can fabricate products directly using polymer powders because of the mixing ability of the twin-screw. The h-BN filler orient in the PA12 matrix and form thermal conduction paths due to the extrusion process, which make the printed samples have an anisotropic thermal conductivity.
Originality/value
The innovative 3D printer provides a method of printing products directly using powders, which can expand material field and shorten the production cycle. For composites, the extrusion process can make fillers orient in the matrix to fabricate products with anisotropic characteristics.
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Heshan Sameera Kankanam Pathiranage, Huilin Xiao and Weifeng Li
In an attempt to satisfy the desire to become a global economic leader, China is working on a series of ambitious deals with several countries. As a major country in a region…
Abstract
Purpose
In an attempt to satisfy the desire to become a global economic leader, China is working on a series of ambitious deals with several countries. As a major country in a region considered as an emerging market, the immense infrastructure gap that is curtailing trade and accessibility for economic growth has led to major changes in economic policy. The past few decades have seen China invest billions of dollars not only in the developing countries of Africa and Asia but also in other world economic giants of Europe and the USA. China has embarked on a rigorous global effort to close the infrastructure gap through the Belt and Road Initiative (BRI) in partnership with multilateral development banks. China’s BRI brings together several countries in East Asia and the Eurasian mainland into close proximity with China, thereby promoting inland trade between the countries. The investments in this project are estimated to reach US$1tn over a span of ten years. However, the volume of outward foreign direct investments (OFDI) from China to the host countries is determined by several factors. Several previous researchers have studied various issues affecting the business activities of China and the given countries. First, the cultural organization, policy approaches and objectives of China as a country create trade barriers with countries involved in the BRI plan. This paper aims to provide a comparative overview of how the institutional distance of the Belt and Road countries from China affects their sustainable development.
Design/methodology/approach
Data on the nature, success and challenges of the BRI (such as the volume of bilateral trade and OFDIs and its financial implications) were extracted from various published studies. The impact of cultural distance and internationalization of the BRI enterprise was analyzed through a comparative research methodology.
Findings
A significant relationship exists between institutional distance and sustainable development of the Belt and Road countries. However, the barriers – for example, inhospitable culture and regulations for organizations in participating countries – could become pillars of success once resolved.
Originality/value
Previous studies lacked a standard framework to investigate how institutional distance is related to China’s outbound trade with the Belt and Road countries. The comparative analysis methodology adopted in this study fills this gap.
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Lei Song, Ping Lyu and Yingui Cao
The purpose of this study was to analyze the interest conflicts and strategy evolution process of various stakeholders in the process of homestead withdrawal, to reveal which key…
Abstract
Purpose
The purpose of this study was to analyze the interest conflicts and strategy evolution process of various stakeholders in the process of homestead withdrawal, to reveal which key factors can balance the interests of all parties.
Design/methodology/approach
The authors developed an evolutionary game theoretical framework for homestead withdrawal in Yujiang District, Jiangxi Province, China. The authors compared the dynamic process of strategy change in different situations based on system dynamics.
Findings
Compared with indirect external factors, direct economic factors, such as increasing compensation standards or increasing fines, are more likely to encourage peasants to withdraw from their homesteads. The dynamic subsidy strategy can increase the probability of peasants withdrawing from their homestead. Additionally, awarding officials with promotions can effectively encourage local governments during the process.
Originality/value
Previous studies have conceptualized farmers' willingness to withdraw from their homestead as a static process, ignoring the underlying dynamism. This paper analyzes the game mechanism among the stakeholders of the homestead withdrawal process from a dynamic perspective, to provide efficient suggestions regarding policymaking for homestead withdrawal.