Badi H. Baltagi, Georges Bresson and Jean-Michel Etienne
This chapter proposes semiparametric estimation of the relationship between growth rate of GDP per capita, growth rates of physical and human capital, labor as well as other…
Abstract
This chapter proposes semiparametric estimation of the relationship between growth rate of GDP per capita, growth rates of physical and human capital, labor as well as other covariates and common trends for a panel of 23 OECD countries observed over the period 1971–2015. The observed differentiated behaviors by country reveal strong heterogeneity. This is the motivation behind using a mixed fixed- and random coefficients model to estimate this relationship. In particular, this chapter uses a semiparametric specification with random intercepts and slopes coefficients. Motivated by Lee and Wand (2016), the authors estimate a mean field variational Bayes semiparametric model with random coefficients for this panel of countries. Results reveal nonparametric specifications for the common trends. The use of this flexible methodology may enrich the empirical growth literature underlining a large diversity of responses across variables and countries.
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Jiti Gao and Maxwell King
This paper considers a class of parametric models with nonparametric autoregressive errors. A new test is established and studied to deal with the parametric specification of the…
Abstract
This paper considers a class of parametric models with nonparametric autoregressive errors. A new test is established and studied to deal with the parametric specification of the nonparametric autoregressive errors with either stationarity or nonstationarity. Such a test procedure can initially avoid misspecification through the need to parametrically specify the form of the errors. In other words, we estimate the form of the errors and test for stationarity or nonstationarity simultaneously. We establish asymptotic distributions of the proposed test. Both the setting and the results differ from earlier work on testing for unit roots in parametric time series regression. We provide both simulated and real-data examples to show that the proposed nonparametric unit root test works in practice.
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Li Gao, Gang Li, Fusheng Tsai, Chen Gao, Mengjiao Zhu and Xiaopian Qu
This article analyzes the effects of artificial intelligence (AI) stimuli on customer engagement as well as on value co-creation. The moderating role played by customer ability…
Abstract
Purpose
This article analyzes the effects of artificial intelligence (AI) stimuli on customer engagement as well as on value co-creation. The moderating role played by customer ability readiness is also examined.
Design/methodology/approach
Total 426 questioners are collected from the customers who consumed intelligent service robot.
Findings
First, the perceived interactivity (PI) of AI stimuli have a significant positive impact on value co-creation; second, customer engagement plays a mediating effect on the relationship between PI and value co-creation; finally, customer ability readiness has a positive moderating effect on the relationship between AI stimuli, customer engagement and value co-creation.
Research limitations/implications
Firstly, the method of questionnaire survey has certain limitations, In future research, more advanced survey methods (such as social perception calculations) can be used to make survey samples more comprehensive and analysis results more accurate. Secondly, the paper used a single-dimensional test for the two variables of customer engagement and value co-creation. Future research should divide the dimensions of customer engagement and value co-creation into more specific way. Finally, this study lacks research on the regulatory effect of customer ability readiness and further division of customer readiness.
Practical implications
First, this paper uses the arousal theory to participate in marketing theory and value co-creation theory, which is the cross and fusion of theory, and also the enrichment and expansion of the existing theoretical research, with a certain theoretical innovation. Second, based on previous research, this research developed and designed a measurement scale for AI stimuli. Finally, through empirical research, it is found that the perceived personalization of AI stimuli does not have a significant direct effect on value co-creation, which is a new views and insight.
Social implications
First, when using intelligent customer service robots, companies should pay attention to improving the PI and personalization of intelligent customer service robots. Second, companies should attach importance to the development environment of customer engagement, proactively and effectively identify customer needs. Finally, companies should provide customers with a good support atmosphere, publicize and explain in advance the use of intelligent customer service robots to increase their confidence.
Originality/value
The study develops a scale of AI stimuli and is among the first to integrate and examine the inter-relationships between customer engagement, customer ability, and value co-creation from the increasingly important phenomenological perspective of AI.
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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…
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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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…
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.
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In this paper, we study a partially linear dynamic panel data model with fixed effects, where either exogenous or endogenous variables or both enter the linear part, and the…
Abstract
In this paper, we study a partially linear dynamic panel data model with fixed effects, where either exogenous or endogenous variables or both enter the linear part, and the lagged-dependent variable together with some other exogenous variables enter the nonparametric part. Two types of estimation methods are proposed for the first-differenced model. One is composed of a semiparametric GMM estimator for the finite-dimensional parameter θ and a local polynomial estimator for the infinite-dimensional parameter m based on the empirical solutions to Fredholm integral equations of the second kind, and the other is a sieve IV estimate of the parametric and nonparametric components jointly. We study the asymptotic properties for these two types of estimates when the number of individuals N tends to ∞ and the time period T is fixed. We also propose a specification test for the linearity of the nonparametric component based on a weighted square distance between the parametric estimate under the linear restriction and the semiparametric estimate under the alternative. Monte Carlo simulations suggest that the proposed estimators and tests perform well in finite samples. We apply the model to study the relationship between intellectual property right (IPR) protection and economic growth, and find that IPR has a non-linear positive effect on the economic growth rate.
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Jinshuai Xie, Lei Tang, Pengfei Gao, Zhengquan Zhang and Liangfeng Li
This paper aims to study the effect of different Ni content on the microstructure and properties of Sn-0.7Cu alloy. Then, the spreading area, wetting angle, interface layer…
Abstract
Purpose
This paper aims to study the effect of different Ni content on the microstructure and properties of Sn-0.7Cu alloy. Then, the spreading area, wetting angle, interface layer thickness and microstructure of the soldering interface was observed and analyzed at different soldering temperatures and times.
Design/methodology/approach
Sn-0.7Cu-xNi solder alloy was prepared by a high-frequency induction melting furnace. Then Sn-0.7Cu-xNi alloy was soldered on a Cu substrate at different soldering temperatures and times.
Findings
It was found that Ni made the intermetallic compounds in the Sn-0.7Cu solder alloy gradually aggregate and coarsen, and the microstructure was refined. The phase compositions of the solder alloy are mainly composed of the ß-Sn phase and a few intermetallic compounds, Cu6Sn5 + (Cu, Ni)6Sn5. The maximum value of 12.1 HV is reached when the Ni content is 0.1 Wt.%. When the Ni content is 0.5 Wt.%, the wettability of the solder alloy increases by about 15%, the interface thickness increases by about 8.9% and the scallop-like structure is the most refined. When the soldering time is 10 min and the soldering temperature is 280 °C, the wettability of Sn-0.7Cu-0.2Ni is the best.
Originality/value
It is groundbreaking to combine the change in soldering interface with the soldering industry. The effects of different soldering temperatures and times on the Sn-0.7Cu-xNi alloy were studied. Under the same conditions, Sn-0.7Cu-0.2Ni exhibits better wettability and more stable solder joint stability.
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Liang Zhang, Song-bai Xue, Li-li Gao, Yan Chen, Sheng-lin Yu, Zhong Sheng and Guang Zeng
The purpose of this paper is to investigate the effects of minor addition of the rare earth (RE) element cerium, Ce, on the microstructures and creep properties of Sn-Ag-Cu solder…
Abstract
Purpose
The purpose of this paper is to investigate the effects of minor addition of the rare earth (RE) element cerium, Ce, on the microstructures and creep properties of Sn-Ag-Cu solder alloys.
Design/methodology/approach
The pure Sn, Sn-Cu alloy, Sn-Ag alloy and Cu-Ce alloy were used as raw materials. Sn-Ag-Cu alloys with different contents of RE Ce were chosen to compare with Sn-Ag-Cu. The raw materials of Sn, Sn-Cu alloy, Sn-Ag alloy, Cu-Ce alloy were melted in a ceramic crucible, and were melted at 550°C ± 1°C for 40 minutes. To homogenize the solder alloy, mechanical stirring was performed every ten minutes using a glass rod. During the melting, KC1 + LiCI (1.3:1), were used over the surface of liquid solder to prevent oxidation. The melted solder was chill cast into a rod.
Findings
It is found that the microstructure exhibits smaller grains and the Ag3Sn/Cu6Sn5 intermetallic compound (IMC) phases are modified in matrix with the addition of Ce. In particular, the addition of 0.03 wt.% Ce to the Sn-Ag-Cu solder can refine the microstructures and decrease the thickness of the IMC layers of Sn-Ag-Cu solder alloys. Meanwhile, thermodynamic analysis showed that these phenomena could be attributed to the reduction of the driving force for Cu-Sn IMC formation due to the addition of Ce. Results calculated using the thermodynamic method are close to the above experimental data. Thus, the optimum content of Ce in Sn-Ag-Cu solder alloys should be about 0.030 percent. Additionally, the effect of Ce on the creep rupture life of Sn-Ag-Cu soldered joints was studied. It was found that the creep rupture life may be increased up to 7.5 times more than that of the original Sn-Ag-Cu alloy, when Ce accounts for 0.030 percent.
Originality/value
This paper usefully investigates the effects of the RE cerium (Ce), on the microstructures and creep properties of Sn-Ag-Cu solder alloys, optimizing the quantity of Ce in the Sn-Ag-Cu solder alloy through a thermodynamic method and by creep-rupture life testing.
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The purpose of the research is to investigate users’ adoption of blockchain-based games in China.
Abstract
Purpose
The purpose of the research is to investigate users’ adoption of blockchain-based games in China.
Design/methodology/approach
This research applied existing technology diffusion theories to develop a research model to examine users’ adoption of blockchain-based games. As a result, a research model with nine research hypotheses was developed. The developed research model was empirically tested using data collected from a survey of 210 blockchain-based games users. Structural equation modeling was applied to analyse the collected data.
Findings
The results indicated that seven of nine research hypotheses were supported. It was found that trust, perceived usefulness, perceived enjoyment and perceived ease of use were key determinants for users’ behavioural intention to use blockchain-based games. The most influential relationship in the research model appeared to be the effect of perceived usefulness on users’ behavioural intention to use blockchain-based games. However, subjective norms did not have significant positive impacts on users’ behavioural intention to use blockchain-based games.
Practical implications
The regulatory support from governmental authorities is essential to provide additional legal certainty to build users’ trust in playing blockchain-based games. Blockchain-based games providers should arrange the training program targeted to the general users to enhance their understanding of the key features associated with blockchain-based games. Blockchain-based games developers should come up with good design solutions to maximize user enjoyment with blockchain-based games by considering additional entertainment elements.
Originality/value
To the best of the authors’ knowledge, this study is first of its kind in investigating the adoption of blockchain-based games from users’ perspectives. This study contributes to the existing literature on the adoption of blockchain technology.
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Professional social networking sites (SNS) are widely employed by business individuals to build formal relationships, career opportunities, and professional development. While the…
Abstract
Professional social networking sites (SNS) are widely employed by business individuals to build formal relationships, career opportunities, and professional development. While the characteristics of professional SNS are generally different from other SNS, there is limited understanding of the determinants of users’ continued usage on this platform. The study addresses this research gap by developing a conceptual framework that relates perceived values perspective (utilitarian value, hedonic value) and sociability dimensions (social presence, social benefit, social support, and self-presentation) to continuance intention to use professional SNS. Data were gathered from a questionnaire distributed on LinkedIn and analyzed using PLS-SEM. The findings contribute to the emerging literature on the IS continuance domain, particularly in the area of professional SNS. Furthermore, the study can help professional SNS providers properly manage to retain existing users for sustainable business performance.