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Article
Publication date: 26 June 2009

Kuang‐Hsun Shih and Kang‐Chi Fan

This paper focuses on Taiwanese‐funded manufacturing companies operating in mainland China to analyze the factors affecting funding decision‐making before and after initial public…

3372

Abstract

Purpose

This paper focuses on Taiwanese‐funded manufacturing companies operating in mainland China to analyze the factors affecting funding decision‐making before and after initial public offering (IPO).

Design/methodology/approach

This research investigates the impact and usefulness of various paths in the data system by using the structural equation modeling (SEM) to examine how the overall economy aspect and the basic aspect before IPO affect the initial returns (IRs) during the IPO and the debt ratio (DR) volatility after listing.

Findings

The results show that the IR, percent change of stock index, and exchange rate volatility before IPO are negative associated with the DR after IPO. The age of IPO companies is positive associated with the DR after IPO. This research also finds that the interest rate volatility before and after IPO have no direct effect upon companies' financial strategies after IPO, but may indirectly affect companies' financial strategies after IPO through the IRs, which conform with the market information feedback hypothesis proposed by van Bommel and Vermaelen.

Research limitations/implications

This paper investigates Taiwanese‐funded traditional manufacturing companies in mainland China. The paper obtains the sample from the Taiwan Stock Exchange from 1990 to 2005; electronic companies and samples lacking complete data are eliminated. Finally, the sample consists of 122 companies from traditional manufacturing sectors. The results may be applied to companies not from high‐tech sectors and emerging markets only. The incentive of debt financing would be lower for IPO companies with high IRs, percentage changes of stock index, and exchange rate fluctuation before listing. The paper suggests further research can investigate IRs for establishing an optimal capital structure to minimize financing costs and appreciate company value when choosing financing strategies. The new pubic companies will infer the IR and future capital structure through market interest before listing. It suggests future research may be directed at companies from financial and high‐tech sectors, and may apply the methodologies to developed economies.

Practical implications

It is suggested that IPO companies may closely examine to determine the performance of stock market, tendencies of exchange rate movement, as well as IRs in order to establish an optimal capital structure to minimize financing costs and appreciate company value. Besides, the new pubic companies will infer the IR and future capital structure through market interests before listing.

Originality/value

This research implicated that IPO companies should fully understand the stock market circumstance and exchange rate volatility tendencies. Then, the new pubic offering companies will be able to infer the IR and future capital structure through market interest to judge relative financing costs of manufacturing companies.

Details

Industrial Management & Data Systems, vol. 109 no. 6
Type: Research Article
ISSN: 0263-5577

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Article
Publication date: 1 April 2001

Allan K.K. Chan and Yue‐Yuan Huang

Reports a study of 1,304 Chinese brand names of ten types of products in China. These brand names are content analyzed following a linguistic approach which the authors developed…

5388

Abstract

Reports a study of 1,304 Chinese brand names of ten types of products in China. These brand names are content analyzed following a linguistic approach which the authors developed from their earlier studies. The ten types of brand names are presented in three broad categories representing the three different developing stages of the consumer product industry in China: brands of traditional products (illustrated by matches and spirits), brands of traditional products with current development (illustrated by bicycles, shoes, and toothpastes), and brands of new and modern products (illustrated by cosmetics, soft drinks, washing machines, refrigerators and TV sets). The conclusion drawn from the analysis is that one of the variables in determining how linguistic principles are being applied to Chinese brand naming is the respective stages of development of such products in the context of the Chinese market economy.

Details

Journal of Product & Brand Management, vol. 10 no. 2
Type: Research Article
ISSN: 1061-0421

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Article
Publication date: 7 December 2023

Qi Kang, Carlos E. Carpio, Chenggang Wang and Zeng Tang

This research examined the impacts of diversified income from trading caterpillar fungus on pastoral households' livestock production and income. The specific objectives were to…

181

Abstract

Purpose

This research examined the impacts of diversified income from trading caterpillar fungus on pastoral households' livestock production and income. The specific objectives were to identify the main factors underlying participation in caterpillar fungus trade and to explore the impacts of a diversified income from trading fungus on livestock production activities and income.

Design/methodology/approach

Data were collected from a pastoral household survey (n = 503) in five Tibetan Autonomous Prefectures. The authors employed propensity score matching (PSM) procedures to estimate the effects of participation in trading caterpillar fungus.

Findings

Pastoral households participating in caterpillar fungus activities maintain smaller herds, sell fewer animals for profit, slaughter more livestock for family consumption and experience fewer livestock deaths compared to nonparticipants. There is also some evidence that pastoral households participating in caterpillar fungus activities have a higher annual income compared to nonparticipants.

Research limitations/implications

A direct measure of grassland degradation was not included due to the data limitation. The estimated average treatment effects could differ under different observed households' characteristics.

Originality/value

This study fills a gap in the literature on the impacts of diversified income on livestock production activities. The authors provide a new perspective on the controversy over the extraction of caterpillar fungus. This study contributes to exploring the dual role of income diversification in addressing poverty and grassland resource degradation for Tibetan pastoral communities.

Details

China Agricultural Economic Review, vol. 16 no. 1
Type: Research Article
ISSN: 1756-137X

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