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Drawing on the affect transfer and stakeholder theories, this study aims to examine how the performance of a sports team that a firm owns or sponsors may affect the firm’s market value. It explicates that a sports team wins (loses) in the field raises the public’s positive (negative) affect, which can spill over to the associated firm.

Based on a sample of publicly listed firms in Chinese stock exchanges that are owners or sponsors of soccer teams that competed in the National soccer league of China during 2004–2017, the authors find good support for the hypotheses.

The findings reveal that a firm’s cumulative abnormal return is positively related to its soccer team’s winning and negatively related to the team’s losing, and these relationships are moderated by both firm and match characteristics. By showing a relationship between sports team’s performance and associated firm’s market value, executives need cautions when their firms want to own or sponsor sports team. However, owned sports team’s winning could be a good strategy to improve a firm’s market value.

This study enriches the spillover literature and deepens the understanding of spillover effect. It provides evidence for the concept of affect transfer and broadens its application scope.

This paper aims to explore the concept of capabilities and where they come from as well as their impact on integration and performance.

The paper is presented in the form of a theoretical development and literature review.

This paper proposes a theory of capability development and discusses the conditions under which a capability is effective. In particular, for a capability to be effective both local and global coherence are required. But a capability effectiveness and coherence has an inverted U shape. It increases with coherence up to a certain threshold then decreases. As a result, the development of capability is a powerful integration mechanism that crosses levels and functions.

This is a theoretical paper; the propositions offered have still to be empirically tested.

Opening up the capability black box might help managers better grasp how to develop and shape organizational capabilities that are deemed to contribute to competitive advantage (e.g. the pricing capability). First, capabilities are not to be equated with competitive advantage. They may lead to a competitive advantage only where the context is favorable. Thus consistency with the environment challenges is an important factor to watch. This suggests that managers should give attention to the relationships between what they perceive to be their capabilities and the nature of the challenges faced by the organization. Further this research might promote the development of tools to measure coherence within a context and manage appropriate levels of dissent to trigger the re‐shaping of existing capabilities or the emergence of new one.

The paper bridges highly theoretical questions with practical considerations.

Given that organizational decisions are made by individuals and thus shaped by their subjective and objective characteristics, the purpose of this paper is to examine the effect of SME business owners’ characteristics on their firms’ research and development (R & D) spending in a transition economy.

The authors first build the arguments that, among small- and medium-sized enterprises (SMEs), business owners’ perceived importance of R & D-related activities, their education, related experiences, and social connections, should affect their firms’ R & D spending positively. Then the authors use a Chinese nationwide survey of private SMEs to test the arguments. Tobit regression analyses are conducted by taking Stata 12.0 as the statistic tool.

The authors find that business owners’ perceived importance of R & D-related activities is positively associated with their firms’ R & D spending. In addition, better-educated owners and owners who have technology-related working experience tend to invest more in R & D activities. Finally, owners who have social connections, especially industrial connections, tend to spend more on R & D activities.

This study improves the understanding of R & D spending determinants among SMEs. Going beyond general environmental determinants, it reveals the important agency role of SME owners, and thus contributes to a better understanding of how decisions leading to SME innovations are influenced by business owners’ perceptions and demographic characteristics.

The purpose of this study is to demonstrate how firms compete with each other in philanthropic giving in the context of a natural disaster. In particular, the authors want to investigate: Which firms act faster in disaster relief giving? How do late movers react? In the end, which firms donate most at the competitive equilibrium, first or late movers? Whether and how firm visibility will affect the relationships proposed based on the former three questions?

The Chinese listed companies that donated to the May 12, 2008, Sichuan earthquake are taken as a sample. A negative binomial regression analysis is first conducted to identify the first movers. Then, linear regression analysis is conducted to identify the competition between first movers and late movers.

The authors find that large firms and firms with a high financial performance tend to be first movers in disaster relief giving. Late movers donate amounts that are similar to those of first movers in both absolute and relative value. But first movers donate more in absolute value than late movers in the whole process of giving. Firm visibility strengthens the effect of financial performance (return on assets) on giving timing, but weakens the effect of giving timing on both first round and total giving amount.

This study provides a dynamic theory of giving and enhances the understanding of the motives and patterns of corporate disaster relief giving. It also illustrates important insights into firms’ strategic and tactical behavior in disaster relief giving.

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 paper aims to introduce the history and major achievement of the Chinese private enterprise survey (CPES), which is one of the most enduring large-scale nationwide sample surveys in China, providing important micro firm-level data for understanding and studying the development of Chinese enterprises and entrepreneurs over the past 26 years.

The main body of this paper is based on a bibliometric analysis of all literature using CPES until 2017.

This paper discusses problems that users may encounter during data mining. By doing so, it can assist other researchers to get a better understanding of what has been done (e.g. journals, topics, scholars and institutions) and do their research in a more targeted way.

As members of the survey project team, the authors also take a prospect of the future data design and use, as well as offer some suggestions about how to use the CPES data to improve high-quality development and business environment evaluation in China.

This paper is the first to provide an overall picture of academic papers in China and abroad that have used the CPES data.