Zhijian Xu and Libo Xu
The purpose of this paper is to study whether there is correlation between valuation in initial public offering (IPO) and board composition, the ownership dispersion of top…
Abstract
Purpose
The purpose of this paper is to study whether there is correlation between valuation in initial public offering (IPO) and board composition, the ownership dispersion of top management teams (TMTs) and their human capitals, in entrepreneurial firms of China's new growth enterprise market (GEM). Also, it aims to evaluate the relative importance of various factors in determining initial public issuing value.
Design/methodology/approach
The SPSS 16.0 statistical package was used to perform the analysis. The authors compute descriptive statistics, calculate correlation coefficients for all variables and use multiple regression analysis test the hypothesis.
Findings
The paper shows that IPO valuation has significant positive correlation with board composition, significant negative correlation with TMT ownership dispersion, but it does not show significant correlation with TMT human capital. The empirical results also show that: the influence of variable “CEO also Founder” on IPO valuation is significant, which indicates that investors are concerned with the leadership of firms in IPO. Also the influence of the variable “underwriter prestige” on IPO valuation is also significant, but weaker, which indicates that investors still keep confidence in the well‐known underwriters for their vision and ability of judging the firms.
Research limitations/implications
Based on the first batch of 28 entrepreneurial firms listed on Chinese GEM, the sample size is relative small. Also, the measure of TMT human capital, defined by the education degree level, is not an accurate rule in this paper.
Originality/value
Focusing on 28 new firms in China's new security market, this paper presents some interesting and new findings, by using data from the first batch of listed companies in China's GEM, which comprises many privately‐owned, high technology and entrepreneurial firms.
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Jing Bill Xu and Libo Yan
This paper aims to highlight unconventional or underused theories that can be considered for the study of hospitality and tourism consumers. The authors discuss how these theories…
Abstract
Purpose
This paper aims to highlight unconventional or underused theories that can be considered for the study of hospitality and tourism consumers. The authors discuss how these theories can be applied.
Design/methodology/approach
This research paper is conceptual and descriptive in nature. The authors address the proposed theories by applying the Delphi method.
Findings
Theories such as dramaturgical theory, persuasion theory, script theory, customer inspiration theory and segmented assimilation theory are underused but can be applied to studies of hospitality and tourism consumers’ behavior. They can be helpful for understanding various aspects of consumer behavior, such as their decision-making, motivations, attitudes and perceptions, in hospitality and tourism.
Originality/value
Consumer behavior is more diverse and complex in the post-pandemic era. The authors draw attention to theories that are underused but have explanatory power with regards to hospitality and tourism consumers’ behaviors. These non-conventional theories can provide new theoretical perspectives and offer new insights.
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Dejian Yu and Libo Sheng
Supply chain finance (SCF), which is able to manage financial flows along the supply chains effectively, has received wide attention from all over the world. Faced with the…
Abstract
Purpose
Supply chain finance (SCF), which is able to manage financial flows along the supply chains effectively, has received wide attention from all over the world. Faced with the increasing number of outputs, the purpose of this paper is to investigate the SCF development over the past decades effectively, including the hot topics, knowledge diffusion trajectories and structure.
Design/methodology/approach
This paper adopts the keyword co-occurrence cluster and main path analysis (MPA) including four types of main paths, studying the historical development of SCF based on 2,233 papers retrieved from Web of Science during 1970–2019.
Findings
The results show that: (1) the research focuses on several aspects, including trade credit, supply chain management, procurement, health financing and sustainability, etc. and (2) trade credit financing has been the mainstream and the research focus has shifted from one-level trade credit to two-level trade credit. Recently, there is a trend to use game-theoretic models to find the best solutions for members in the supply chain.
Originality/value
This paper addresses the need to investigate the knowledge evolution in the SCF domain. It provides a framework to study the knowledge diffusion trajectories and structure, which helps scholars to handle thousands of papers effectively and deepen their understanding of the history, present and future trends of SCF development.
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Meimei Zhao, Dalong Li, Yaqin Xu, Xueying Bu, Chen Shen, Libo Wang, Yu Yang and Jingwen Bai
This paper aims to explore the adsorption kinetics of syringin from Syringa oblata Lindl. leaves on macroporous resin and develop an efficient, simple and recyclable technology…
Abstract
Purpose
This paper aims to explore the adsorption kinetics of syringin from Syringa oblata Lindl. leaves on macroporous resin and develop an efficient, simple and recyclable technology for the separation and purification of syringin.
Design/methodology/approach
Static adsorption and desorption properties of six resins were tested to select a suitable resin for the purification of syringin. Langmuir and Freundlich isotherm models were used to estimate the adsorption behavior of syringin on AB-8 resin. Breakthrough point and eluent volume were determined by dynamic adsorption and desorption tests. High-performance liquid chromatography-electrospray ionization-mass spectrometry was applied to identify the syringin in the purified product [syringin product (SP)]. Antioxidant and antibacterial activities of SP in vitro were evaluated by free radical scavenging ability and biofilm formation inhibitory tests.
Findings
AB-8 exhibited the most suitable adsorption and desorption capacity. Adsorption isotherm parameters indicated favorable adsorption between AB-8 and syringin. The optimal results were as follows: for adsorption, the sample concentration was 1.85 mg/mL, the sample volume was 3.5 bed volume (BV), the flow rate was 0.5 mL/min; for desorption, the ethanol concentration was 70%, the elution volume was 2.5 BV, the elution velocity was 1.0 mL/min. SP with 80.28% syringin displayed the potent antioxidant activities and inhibitory effects on biofilm formation of Streptococcus suis.
Originality/value
To the best of authors’ knowledge, there are no reports on purifying syringin from Syringa oblata Lindl. leaves using macroporous resins. This paper may also provide a theoretical reference for the purification of other phenylpropanoid glucosides.
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The purpose of this paper is to apply what can be learned from the emergence of nature tourism to understand some current and future trends of tourism.
Abstract
Purpose
The purpose of this paper is to apply what can be learned from the emergence of nature tourism to understand some current and future trends of tourism.
Design/methodology/approach
This study adopted the evolutionary paradigm for investigation.
Findings
The emergence of nature tourism in early medieval China can be attributed to four major factors, including transformation of value orientations, seeking longevity, interest in suburbs and population migration.
Research limitations/implications
Historical studies help understand the current and future trends. When the contributing factors for nature tourism are linked to the contemporary world, it can be found that these factors are still playing a part in shaping tourism trends or patterns in their original or alternative forms. These trends or patterns are worthy of scholarly investigations.
Originality/value
This paper offers a comprehensive understanding of the origins of nature tourism.
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Hoffer Lee and Libo Yan
A multidimensional scale was developed to measure the cuteness experience a destination can offer. In doing so, this paper attempts to explore the implications of the cuteness…
Abstract
Purpose
A multidimensional scale was developed to measure the cuteness experience a destination can offer. In doing so, this paper attempts to explore the implications of the cuteness aesthetics for destination marketing.
Design/methodology/approach
The procedure of scale development was followed. A survey was administered to a college student sample. The scale of cuteness experience was validated. A four-point scale turned out to be effective in terms of measurement.
Findings
The results show that cuteness experience of a destination consists of five dimensions: smallness, irregularity, roundness, lightness and creativity.
Research limitations/implications
The cuteness attributes have significant implications for promoting destinations to the East Asian markets, which have seen the rise of the cute culture in recent decades.
Originality/value
This study identified a unique selling point of destinations, namely, cuteness as a destination attribute. The study results also contribute to understanding of destination personality by drawing attention to the childlike personality trait: cuteness.
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Zhenzhen Shang, Libo Yang, Wendong Zhang, Guojun Zhang, Xiaoyong Zhang, Hairong Kou, Junbing Shi and Xin Xue
This paper aims to solve the problem that strong noise interference seriously affects the direction of arrival (DOA) estimation in complex underwater acoustic environment. In this…
Abstract
Purpose
This paper aims to solve the problem that strong noise interference seriously affects the direction of arrival (DOA) estimation in complex underwater acoustic environment. In this paper, a combined noise reduction algorithm and micro-electro-mechanical system (MEMS) vector hydrophone DOA estimation algorithm based on singular value decomposition (SVD), variational mode decomposition (VMD) and wavelet threshold denoising (WTD) is proposed.
Design/methodology/approach
Firstly, the parameters of VMD are determined by SVD, and the VMD method can decompose the signal into multiple intrinsic mode functions (IMFs). Secondly, the effective IMF component is determined according to the correlation coefficient criterion and the IMF less than the threshold is processed by WTD. Then, reconstruction is carried out to achieve the purpose of denoising and calibration baseline drift. Finally, DOA estimation is achieved by the combined directional algorithm of preprocessed signal.
Findings
Simulation and field experiments results show that the algorithm has good noise reduction and baseline drift correction effects for nonstationary underwater signals, and high-precision azimuth estimation is realized.
Originality/value
This research provides the basis for MEMS hydrophone detection and positioning and has great engineering significance in underwater detection system.
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Chunxiao Yin, Libo Liu and Kristijian Mirkovski
The purpose of this paper is to focus on investigating the impact of crowd participation on degree of project success, which is defined as the total amount of funds a project can…
Abstract
Purpose
The purpose of this paper is to focus on investigating the impact of crowd participation on degree of project success, which is defined as the total amount of funds a project can obtain after it reaches its initial funding goal threshold.
Design/methodology/approach
Drawing on the theory of crowd capital, this study develops six hypotheses about the impact of crowd capability of a fundraiser (i.e. project updates, goal setting, reward levels and social media usage) and crowd participation (i.e. namely, funds pledge and on-site communication) on degree of project success. The hypotheses are tested using data sets of successful projects collected from two popular crowdfunding websites.
Findings
This study finds that funds pledge has an inverse U-shaped relationship with degree of project success. Project updates, reward levels and on-site communication positively influence degree of project success, while funding goal negatively affects degree of project success.
Research limitations/implications
This study contributes to prior literature by investigating the degree of project success determinants using the perspectives of both fundraisers and crowds, which provides a more comprehensive understanding of what makes a crowdfunded project a success.
Practical implications
The empirical results of this study provide fundraisers with guidelines about how to access more funds after achieving the initial funding goals.
Originality/value
This work is one of the first to investigate the degree of project success and its determinants from the perspectives of both fundraisers and crowds.
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This study aims to examine the problems of the concession system that Macao has long-term adopted to regulate its gaming industry and discuss alternatives.
Abstract
Purpose
This study aims to examine the problems of the concession system that Macao has long-term adopted to regulate its gaming industry and discuss alternatives.
Design/methodology/approach
Theoretical reflection was used to provide qualitatively different insights about governmental supervision of the gaming industry.
Findings
Two options for reform are proposed: (1) replace the concession system with a licensing system that does not restrict the number of concessionaires or the period of concession or (2) adopt a modified form of the concession system that changes the number of concessionaires, period of concessions and methods for selecting concessionaires.
Practical implications
This study’s results have implications for the Macao government and other gaming jurisdictions in Asia.
Originality/value
This study provides a comprehensive examination of the concession system for governmental supervision of the gaming industry.
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Fanbo Meng, Yixuan Liu, Xiaofei Zhang and Libo Liu
Effectively engaging patients is critical for the sustainable development of online health communities (OHCs). Although physicians’ general knowledge-sharing, which is free to the…
Abstract
Purpose
Effectively engaging patients is critical for the sustainable development of online health communities (OHCs). Although physicians’ general knowledge-sharing, which is free to the public, represents essential resources of OHCs that have been shown to promote patient engagement, little is known about whether such knowledge-sharing can backfire when superfluous knowledge-sharing is perceived as overwhelming and anxiety-provoking. Thus, this study aims to gain a comprehensive understanding of the role of general knowledge-sharing in OHCs by exploring the spillover effects of the depth and breadth of general knowledge-sharing on patient engagement.
Design/methodology/approach
The research model is established based on a knowledge-based view and the literature on knowledge-sharing in OHCs. Then the authors test the research model and associated hypotheses with objective data from a leading OHC.
Findings
Although counterintuitive, the findings revealed an inverted U-shape relationship between general knowledge-sharing (depth and breadth of knowledge-sharing) and patient engagement that is positively associated with physicians’ number of patients. Specifically, the positive effects of depth and breadth of general knowledge-sharing increase and then decrease as the quantity of general knowledge-sharing grows. In addition, physicians’ offline and online professional status negatively moderated these curvilinear relationships.
Originality/value
This study further enriches the literature on knowledge-sharing and the operations of OHCs from a novel perspective while also offering significant specific implications for OHCs practitioners.