Liang Shao, Liang Wang, Zaiyang Xie and Hua Zhou
Viewing the domestic downside risk as a “pushing” factor for outward foreign direct investment (OFDI), this study aims to examine the surge in Chinese cross-border acquisitions…
Abstract
Purpose
Viewing the domestic downside risk as a “pushing” factor for outward foreign direct investment (OFDI), this study aims to examine the surge in Chinese cross-border acquisitions (CBAs) between 2008 and 2017, a unique window when private firms in China were allowed to conduct CBAs.
Design/methodology/approach
This study examines the effect of down-side risk on cross-border acquisition performance by using the sample of Chinese A-share listed companies from 2008 to 2017. Specifically, this study considers three kinds of systemic risk, systematic risk and idiosyncratic risk, and respectively examines their impact on CBAs activities; this study also investigates their subsequent results after CBAs activities. The contingency effect of state ownership on the above relationship is also discussed.
Findings
The findings reveal that pre-CBA systemic risk explains the volume of CBA activities; CBAs are followed by a reduction in systemic risk; the interactions between systemic risk and CBAs decrease with the level of state ownership; and the above results do not hold for traditional risk measures (i.e. systematic risk and idiosyncratic risk).
Originality/value
This study contributes to the literature by revealing the role of systemic risk as a “pushing” factor in the context of OFDI and suggesting an alternative explanation for CBAs from China: Chinese firms (especially private firms) took advantage of the rare opportunity between 2008 and 2017 given by the government to transfer assets overseas through CBA.
Details
Keywords
Yuzhu Lu, Liang Shao and Yue Zhang
This study aims to provide a comprehensive analysis on the reasons of the observed trend in the GAAP ETR over 1960–2016.
Abstract
Purpose
This study aims to provide a comprehensive analysis on the reasons of the observed trend in the GAAP ETR over 1960–2016.
Design/methodology/approach
The authors use a linear tax function which allows for time-varying coefficients to track the trend in GAAP ETR over 1960–2016. This approach can decompose the ETR trend into the trends of the statutory tax rate, the propensity to recognize taxes, the tax-related firm characteristics and their coefficients. Thus, the authors can quantify the contribution of each factor in the tax function to the ETR trend.
Findings
Before 1988, the declining trend in tax expense is mainly driven by changes in the statutory tax rate; in contrast, after 1988, the trend is completely explained by firms’ decreasing propensity to recognize tax expense. While prevalent across different groups of firms, the decreasing propensity to recognize tax expense in the recent 30 years is more pronounced among firms that have higher needs for tax savings or greater tax-saving advantages.
Originality/value
To the best of the authors’ knowledge, this study is the first one that uses a trend analysis to examine the reasons for the downward trend in tax expense over a long period (1960–2016). The results show that, although the trend appears for the full sample period, it is driven by different forces between the first and second half of the time window. A decreasing propensity to recognize tax expense is the main reason for only the trend in recent years, which calls for attention from academia and policymakers. The results also show which firms have had faster trends in their propensity to recognize tax expense, suggesting targets for tax enforcement and tax researchers.
Details
Keywords
Shao-Huai Liang, Hsuan-Chu Lin and Hui-Yu Hsiao
The purpose of this study is to investigate whether financial institutions, which are highly regulated entities, experience fewer sanctions and have lower penalties (mandatory and…
Abstract
Purpose
The purpose of this study is to investigate whether financial institutions, which are highly regulated entities, experience fewer sanctions and have lower penalties (mandatory and regulatory) if they have better corporate governance performance (voluntary).
Design/methodology/approach
This study uses unique corporate governance data endorsed by the authorities and sanction information for financial institutions in Taiwan from 2014 to 2020 to examine whether regulatory compliance is associated with corporate governance for financial institutions. This study also examines the moderating effects of shareholding concentration, governmental shareholding and foreign institution shareholding on this relationship.
Findings
The positive association between compliance and governance is found. In addition, partial results show that the positive relationship is less profound when the shareholder concentration is higher and more profound when government shareholdings are higher.
Originality/value
The findings of this study support the premise that a well-structured, non-mandatory corporate governance evaluation mechanism, that is actively established and monitored by the appropriate authorities, may influence the compliance performance of financial institutions which is mandatory and minimum social requirements.
Details
Keywords
Hsuan-Chu Lin, Shao-Huai Liang, She-Chih Chiu and Chieh-Yuan Chen
The purpose of this paper is to empirically test the predictions in Titman (1984) and Berk et al. (2010) which indicate that firms with higher leverage will pay chief executive…
Abstract
Purpose
The purpose of this paper is to empirically test the predictions in Titman (1984) and Berk et al. (2010) which indicate that firms with higher leverage will pay chief executive officer (CEO) and employee more. In addition, this paper examines whether financial distressed firms utilize leverage as a bargaining tool to reduce labor costs.
Design/methodology/approach
This paper conducts ordinary least squares regression analysis to investigate: CEO compensation which represents critical employees and lower-level employee compensation which represents less critical employees. Empirical data consist of US publicly held companies during the period between 2006 and 2013.
Findings
This paper finds that firms with higher levels of leverage tend to compensate employees for their human capital risk and that financially distressed firms consider leverage a bargaining tool by which to depress labor costs, which leads to lower employee compensation as compared to that of financially healthy firms.
Research limitations/implications
This paper highlights the importance of keeping balance between human capital and labor costs. In the case that human capital risk might not be fully compensated by firms facing financial distress, vicious cycle could occur because a failure of considering human capital might invite unrecoverable consequence. This could be done in future research.
Originality/value
This paper has three contributions. First, this paper supports the Titman (1984) and Berk et al. (2010) by empirically documenting that high-leveraged firms compensate their employees for potential human capital risk. Second, this paper adds to the literature by empirically providing that human capital risk might not be fully compensated if the firms are facing financial distress. Finally, this paper contributes to the authorities by showing that employees’ interests may be sacrificed if the firm is under financial distress.
Details
Keywords
This study aims to examine how three perceived interactivity attributes of massive open online courses (MOOCs), namely, perceived active control, perceived synchronicity and…
Abstract
Purpose
This study aims to examine how three perceived interactivity attributes of massive open online courses (MOOCs), namely, perceived active control, perceived synchronicity and perceived two-way communication, impact individuals' engagement and continuance intention of MOOCs through the stimulus-organism-response (S-O-R) lens and how that effect differs between male and female users.
Design/methodology/approach
Drawing upon S-O-R as an overarching theoretical framework, this study conducted an empirical study in China and collected 294 valid questionnaires from online learners. Structural equation modeling approach was used to examine the proposed research model.
Findings
Empirical results suggest that perceived active control, perceived synchronicity and perceived two-way communication are significant stimuli of individuals' continuance intention of MOOCs, and the influences of perceived active control and perceived synchronicity are partially or fully mediated by engagement on the platform. Multi-group analysis results further indicate that perceived synchronicity has a stronger influence on engagement on the platform for males, while perceived active control and perceived two-way communication are more salient in stimulating engagement on the platform for females.
Practical implications
Research findings from the present study can serve as the foundation to guide MOOCs’ administrators to respond to the needs of participants through interactivity designed into the platform and shed light on possible key solutions of high dropout rates in MOOCs.
Originality/value
This study uncovers the mediating mechanism of affective engagement between interactivity and continuance intention in the emerging context of the latest online learning platform MOOCs and reveals the behavioral differences between females and males regarding their affective reactions to the three interactivity attributes.
Details
Keywords
This study aims to explore the essential factors of the reason for (RF) and reason against (RA) and their impact on tourist attitudes and intentions to use e-bike sharing services…
Abstract
Purpose
This study aims to explore the essential factors of the reason for (RF) and reason against (RA) and their impact on tourist attitudes and intentions to use e-bike sharing services by using a novel approach based on behavioral reasoning theory (BRT).
Design/methodology/approach
A quantitative method was used to collect data from 292 tourists and analyze the data using the partial least squares structural equation modeling (PLS-SEM) technique.
Findings
The outcomes indicate that both “RF” and “RA” are crucial in affecting tourist attitudes and intentions to use e-bike-sharing services. In addition, factors such as convenience, price saving and time saving were identified as “RF” while “RA” weather conditions, safety concerns and image barriers were identified that affect tourist attitudes and intention to use e-bike sharing services. These findings also indicate that tourists’ values of openness to change significantly influence “RF” and have no impact on “RA” and attitude toward e-bike-sharing services.
Practical implications
This study provides valuable insights that complement the existing literature on electric bike sharing and BRT in the context of promoting sustainable and eco-friendly consumption.
Originality/value
This research takes a significant step forward in investigating the tourist attitudes and intentions toward using e-bike sharing services in a tourist destination growing economy by using the BRT theory and proposing a model that considers both the “RF” and “RA” using e-bikes for urban transportation.
目的
本研究旨在利用基于 BRT 的新方法, 探讨使用电动自行车共享服务的支持原因(RF)和反对原因(RA)的基本因素及其对游客使用电动自行车共享服务的态度和意图的影响。
设计/方法/方法
采用定量方法收集 292 名游客的数据, 并使用 PLS-SEM 技术分析数据。
研究结果
结果表明“RF”和“RA”对于影响游客使用电动自行车共享服务的态度和意图至关重要。此外, 方便、节省价格和节省时间等因素被确定为“RF”, 而“RA”则被确定为影响游客态度和使用电动自行车共享服务意愿的天气条件、安全问题和形象障碍。这些发现还表明, 游客对变革的开放价值观显着影响“RF”, 但对“RA”和对电动自行车共享服务的态度没有影响。
贡献
这项研究提供了宝贵的见解, 在促进可持续和环保消费的背景下补充了有关电动自行车共享和 BRT 的现有文献。
新颖性
本研究利用 BRT 理论, 在调查经济增长的旅游目的地中游客对使用电动自行车共享服务的态度和意图方面迈出了重要一步, 并提出了一个同时考虑“RF”和“RA”的模型用于城市交通的电动自行车。”
Objetivo
Este estudio pretende explorar los factores esenciales de las razones a favor (RF) y en contra (RA) y su impacto en las actitudes e intenciones de los turistas de utilizar los servicios de bicicletas eléctricas compartidas (e-bike sharing) utilizando un enfoque novedoso basado en la BRT.
Diseño/metodología/enfoque
Se utilizó un método cuantitativo para recopilar datos de 292 turistas y analizarlos mediante la técnica PLS-SEM.
Resultados
Los resultados indican que tanto la “RF” como la “RA” son cruciales para afectar a las actitudes e intenciones de los turistas de utilizar los servicios de e-bike-sharing. Además, se identificaron como “RF” factores como la comodidad, el ahorro de precio y el ahorro de tiempo, mientras que como “RA” se identificaron las condiciones meteorológicas, las preocupaciones por la seguridad y las barreras de imagen que afectan a las actitudes de los turistas y a su intención de utilizar los servicios de e-bike sharing. Estos resultados también indican que los valores de apertura al cambio de los turistas influyen significativamente en “RF” y no tienen ningún impacto en “RA” ni en la actitud hacia los servicios de e-bike sharing.
Implicaciones
Este estudio aporta valiosas ideas que complementan la bibliografía existente sobre el uso compartido de bicicletas eléctricas (e-bike sharing) y el BRT en el contexto de la promoción de un consumo sostenible y respetuoso con el medio ambiente.”
Originalidad
Esta investigación da un importante paso adelante en la investigación de las actitudes e intenciones de los turistas hacia la utilización de los servicios de e-bike sharing en un destino turístico de economía en crecimiento utilizando la teoría del BRT y proponiendo un modelo que tiene en cuenta tanto la “RF” como la “RA” que utilizan las e-bikes para el transporte urbano.”
Details
Keywords
Nan Gao, Shiyu Wang and Muhammad Asad Ur Rehman Bajwa
Gear transmissions are widely utilized in practice. This paper aims to uncouple the crack feature from the cracked time-varying mesh stiffness (TVMS) and investigate the effects…
Abstract
Purpose
Gear transmissions are widely utilized in practice. This paper aims to uncouple the crack feature from the cracked time-varying mesh stiffness (TVMS) and investigate the effects of the crack on the nonlinear dynamics of a spur gear pair.
Design/methodology/approach
An approximate method to simulate the cracked TVMS is proposed by using an amplitude modulation function. The ratio of mesh stiffness loss is introduced to estimate the TVMS with different crack depths and angles. The dynamic responses are obtained by solving a torsional model which takes the non-loaded static transmission error, the backlash and the cracked TVMS into account. By using the bifurcation diagram, the largest Lyapunov exponent (LLE) and dynamic mesh force, the influences of crack on nonlinear behaviors are examined. The dynamic characteristics are identified from the phase diagram, Poincaré map, dynamic mesh force, time series and FFT spectra.
Findings
The comparison between the healthy and cracked gear pairs indicates that the crack affects the system motions, such as the obvious changes of impact force and unpredictable instability. Besides, the additive and difference combination frequencies can be found in periodic-1 and -2 motions, but they are covered in periodic-3 and chaotic motions. Deeper crack is an important determinant of the nonlinear behaviors at a higher speed.
Originality/value
The research provides an interesting perspective on cracked TVMS and reveals the connection between crack and nonlinear behaviors of the gear pairs.
Details
Keywords
Zhou Shao, Sha Yuan, Yongli Wang and Jing Xu
This paper throws light on some of the nature of artificial intelligence (AI) development, which will serve as a starter for helping to advance its development.
Abstract
Purpose
This paper throws light on some of the nature of artificial intelligence (AI) development, which will serve as a starter for helping to advance its development.
Design/methodology/approach
This work reveals the evolutions and trends of AI from four dimensions: research, output, influence and competition through leveraging academic knowledge graph with 130,750 AI scholars and 43,746 scholarly articles.
Findings
The authors unearth that the “research convergence” phenomenon becomes more evident in current AI research for scholars' highly similar research interests in different regions. The authors notice that Pareto's principle applies to AI scholars' outputs, and the outputs have been increasing at an explosive rate in the past two decades. The authors discover that top works dominate the AI academia, for they attracted considerable attention. Finally, the authors delve into AI competition, which accelerates technology development, talent flow, and collaboration.
Originality/value
The work aims to throw light on the nature of AI development, which will serve as a starter for helping to advance its development. The work will help us to have a more comprehensive and profound understanding of the evolutions and trends, which bridge the gap between literature research and AI development as well as enlighten the way the authors promote AI development and its strategy formulation.
Details
Keywords
During the past four decades, agriculture and rural development in China has scored a great progress. Organization institution in agriculture is one of the domains with drastic…
Abstract
Purpose
During the past four decades, agriculture and rural development in China has scored a great progress. Organization institution in agriculture is one of the domains with drastic innovations. The purpose of this paper is to map the emergence and evolution of various agricultural organizations in China since 1978. Development status and the trend of agricultural organization system are analyzed. Further, the role of farmer cooperatives is discussed.
Design/methodology/approach
Data used in the paper are mainly from statistical yearbooks and documents published by the government including Ministry of Agriculture and Bureau of Industry and Commercial. Both descriptive and deductive analyses are adopted to achieve different analytical purposes.
Findings
The vast small-farm sector, co-existence of various types of organizations, and innovation of other organizations will continue and sustain for a long-time period in China. Despite the fast development of modern farmers and various organizations, it is important that traditional farmers participate effectively in modern agriculture. Farmers act collectively via a cooperative in a desirable way, which determines the central position of farmer cooperatives in the agricultural organization system.
Research limitations/implications
This paper is a qualitative analysis on agricultural organizations in China, yet no quantitative estimation regarding the comparison of various organizations is conducted due to insufficient data.
Originality/value
This paper fills the gap of a comprehensive review of the emergence, development status, and trend of agricultural organizations in China.
Details
Keywords
Zhiliang Zhou, Yajiong Xue and Qineng Ping
This paper's aim is to investigate how Chinese consumers' purchase intention of private label drugs is associated with price advantage, appearance, store trust, manufacturer…
Abstract
Purpose
This paper's aim is to investigate how Chinese consumers' purchase intention of private label drugs is associated with price advantage, appearance, store trust, manufacturer trust, and drug quality.
Design/methodology/approach
A survey study was conducted in two large cities in China. Subjects were asked to decide whether they would purchase a private label drug over a national brand drug and to evaluate a set of related factors. Data were collected from 230 consumers.
Findings
A total of 45 percent of the variance in private label drug purchase intention is explained by the five predictors. Price advantage, store trust, manufacturer trust, and drug quality are all significantly related to purchase intention, whereas appearance is not. None of the control variables (age, gender, health literacy, and income) has a significant relationship with purchase intention. Product quality and service quality are significant predictors of store trust, accounting for 44 percent of its variance.
Practical implications
The private label drug market has great potential in China, yet little is known about what factors influence Chinese consumers' intention to purchase private label drugs.
Originality/value
This paper is one of the first attempts to achieve an in‐depth understanding in this area. The findings of this research will benefit drug retailers and manufacturers who are interested in the Chinese market.