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The purpose of this paper is to examine Chinese firms’ long-term value creation derived from cross-border mergers and acquisitions (CBMAs).

The authors collected a sample of 140 CBMAs conducted by Chinese firms listed in Shenzhen and Shanghai stock markets between 1997 and 2010. Long-horizon event study methodology was used to test hypotheses.

The authors find Chinese firms gain long-term value from CBMAs. In particular, the authors find that Chinese firms tend to gain more value from targets from developed countries, and Chinese state-owned firms are more capable of gaining value from CBMAs than Chinese private firms.

Given Chinese firms are increasingly acquiring targets outside of China in recent years, it is still unclear about whether Chinese firms gain value from these very expensive cross-border deals. This is one of the first studies that address the question: What are the long-term performance outcomes of Chinese CBMAs in recent years?

The purpose of the papers included in this issue is to cover a broad range of contemporary issues in Chinese corporate financial management and therefore provide the readers with important insights into Chinese financial markets as well as the social and economic consequences of firm behavior in the Chinese context.

The first part of this issue is a special section on “Corporate Finance and Corporate Social Responsibility”, which includes three papers that explore various aspects of corporate social responsibility (CSR) from a finance perspective – including the relationship between CSR and the cost of equity, the “insurance-like effect” of CSR and competition in corporate philanthropy. The remainder of the issue includes seven further papers that cover a wide range of finance-related topics, including currency and equity, monetary policy, cross-border mergers and acquisitions, earnings management, overseas investment, information disclosure, social capital and cosmopolitanism. All of the papers included in this issue are based on empirical research that draws on primary and secondary data from Chinese financial markets and from the information disclosures of Chinese enterprises.

The authors are confident that such in-depth discussions and analysis will help researchers and practitioners to develop a better understanding of the issues faced by Chinese managers in the context of China’s economic transformation. The findings reported in this issue will help inform and develop Chinese management theories based on a wide range of Chinese management practices.

Each paper in this issue reports on different aspects of finance, reporting and management in the Chinese context, discussing findings that have both relevance and significance beyond China.

This article investigates social history in Hong Kong and compares their community transformation with two Tin Hau temples in Hong Kong, namely the Sai Kung Tin Hau and Hip Tin Temple and Shaukiwan Tin Hau Old Temple.

The paper is conducts a historical comparison to evaluate the vitality of traditional regions in Hong Kong with particular attention to the extent and intensity of its religious practice.

The paper fills a gap in the literature by comprehensively investigating Chinese temple related societies and communities. Most previous studies of Chinese temples and their rituals have treated them in isolation from their political contexts, emphasizing topics such as iconography over details of temple communities and their relationships with other elements of the social structure.

The research works from the point of view how the religious situation reflects important social characteristics and transformation of Shaukiwan and Sai Kung which were contemporary urban communities.

This study aims to examine whether global gold futures returns volatilities and trading activities are threshold cointegrated.

This study considers 11 gold futures markets, including 3 developed futures markets and 8 developing futures markets. This study also analyzes futures trading activities for speculators and hedgers. This study uses a nonlinear threshold vector error correction model (TVECM) and a threshold Lagrange multiplier (LM) test proposed by Hansen and Seo (2002).

The findings show that global gold futures return volatilities (FRV) and trading activities are not always threshold cointegrated. Most developed futures markets exhibit threshold cointegrated of gold FRV and trading activities for speculators and hedgers, whereas some developing futures markets exhibit threshold cointegrated. It suggests that speculators and hedgers trading activity conveys valuable information about changes in market volatility dynamics. On the other hand, responses to error-correction effect among gold FRV and trading activities for speculators and hedgers are dramatically different for developed and developing gold futures markets, respectively, particular in the unusual regime.

Research results show that threshold cointegration between global gold FRV and trading activities matters but not always. Thus, threshold relations have improved the authors’ understanding of global gold futures price discovery process with a threshold. For research limitations, this study uses only near month futures contracts, as it contains more information but not using far month contracts.

The findings may have important trading implications with additional insights in a(n) (un)usual regime further regulation may be detrimental to the price responsiveness in futures markets if increased price volatility and trading volume are attributed to liquid and efficient markets.

The findings may have important policy implications with additional insights. For example, in a(n) (un)usual regime greater regulatory restrictions may be warranted to decrease market inefficiencies if increased price fluctuations are caused by increased trading volume. Policymakers could enhance futures trading liquidity or restrict speculating positions.

This study examines whether global gold futures returns volatilities and trading activities are threshold cointegrated by using a nonlinear TVECM. The authors detect that some global gold futures returns volatilities and trading activities are threshold cointegrated but some are not. Hence, the findings determine whether the volatility–volume threshold relation holds across countries and investigate the determinants of cross-country differences in different traders.

Few studies on hospitality firm survival consider the impact of online media exposure. This paper aims to investigate how the online news coverage of restaurants, characterized in terms of the number of articles, channel (Web page or mobile app), topic (operations or products) and consistency (mix of news tones), influences their survival.

A yearly panel data set covering 682 news-reported restaurants in Shanghai, China, over the period 2011–2019 is analyzed using a Cox model, and an extended cross-sectional data set containing 9,488 restaurants is used for robustness checks.

A larger number of online news articles, regardless of channel or topic, significantly improves restaurants’ chances of survival, and this positive impact of online exposure is greater if that news is published by mobile apps (rather than on Web pages) or reports topics related to operations (rather than products). Although, generally, news inconsistency is not good for restaurant survival, when the number of online news items is eight or more, inconsistency becomes good for survival.

This research guides restaurant operators to use news exposure in an online marketing environment to increase the firm’s chances of long-term survival.

Online media exposure has hitherto been ignored in the literature on the survival of hospitality firms. This paper provides a new perspective on hospitality firm survival and also contributes to the literature on media exposure by conceptualizing a unique factor, namely, the consistent online exposure.

The paper aims to assess the level of preparedness of the Central Libraries of the Indian Institutes of Technology (IITs) to personalize content and seeks to determine whether the personalization service prototype being developed at IIT Kharagpur can be extrapolated to the remaining IITs.

A questionnaire was sent to the Librarians of the seven IITs, designed to compare the available information resources and services, with special emphasis on user interests and personalization aspects. The survey was supplemented by study visits to a couple of the Institutes.

Kharagpur and Mumbai have implemented personalization services in some form while the remaining IITs plan to adopt them in the near future. There is also a strong case for extending Kharagpur's personalization service, currently in project mode, to the other IITs.

IIT Madras and IIT Kanpur failed to return the questionnaires, so relevant information regarding these Institutes had to be collected from their web sites and other available sources. There is also scope for further research to accurately access the current status of personalization activities in all the IITs.

With parallel interests and similar research and information facilities, personalization services in one IIT can be replicated and utilized by all the others, leading to greatly enhanced library services in all the Institutes.

This one of a kind survey underlines the need for and possibility of making content personalization a reality in advanced technical libraries. The results obtained are valuable to all IIT libraries in particular and academic/technical libraries in general.

To the initiate in French studies, the term “French Literature” might be understood to mean anything — and everything — written in the French language. Etymologists would no doubt support this interpretation wholeheartedly. To scholars of French literature, however, the term has a very different meaning. Professors in the field generally consider French literature to be that written in France since the Middle Ages, a literature which stands apart from other written works in the French language. This is not to say that there is not a very substantial body of literature written, for instance, in French‐speaking Canada, or Algeria, Tunisia, Haiti, or a myriad of other places. Certain individuals specialize in the literature (French) of those countries, but they do not refer to those writings as “French Literature”; they label them “French‐Canadian Literature,” “French‐African Literature,” and the like. This essay will be limited to a discussion of French literature — the major literature of France, considered worthy of special attention or acclaim by readers and scholars worldwide.

Reducing carbon emissions in agriculture is vital for fostering sustainable agricultural growth and promoting ecological well-being in rural areas. The adoption of Low-Carbon Agriculture (LCA) by farmers holds great potential to accomplish substantial reductions in carbon emissions. The purpose of this study is to explore the farmers' preference and willingness to engage in LCA.

This study employs the Choice Experiment (CE) method to examine farmers' preferences and willingness to adopt LCA, using field survey data of 544 rural farmers in the Weihe River Basin between June and July 2023. We further investigate differences in willingness to pay (WTP) and personal characteristics among different farmer categories.

The empirical results reveal that farmers prioritize government-led initiatives providing pertinent technical training as a key aspect of the LCA program. Farmers' decisions to participate in LCA are influenced by factors including age, gender, education and the proportion of farm income in household income, with their evaluations further shaped by subjective attitudes and habits. Notably, we discovered that nearly half of the farmers exhibit indifference towards LCA attributes.

To the best of the authors' knowledge, this study is the first to investigate farmers' attitudes toward LCA from their own perspectives and to analyze the factors influencing them from both subjective and objective standpoints. This study presents a fresh perspective for advocating LCA, bolstering rural ecology and nurturing sustainable development in developing nations.

This study examines the collection building of Western language materials in a Third World national library. Given the multitude of demands and needs of a developing country, national libraries are confronted with basic problems, including convincing the government that the library is an important national institution, contributing to the nation's development and worthy of financial support. In addition to resource constraints, there is also the question of spending wisely for one's domestic collection as well as foreign publications, the latter being crucial if the Third World country is embarked upon a determined program of modernization. With limited resources on the one hand and the need to procure information from the developed world on the other, libraries in Third World countries could best meet their goals through careful planning. When collecting Western language materials, constructive planning could be achieved through a collection development policy in which Western collections are systematically and rationally built to assure collection growth and maximum utility.