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This study aims to investigate the determinants of the capital structure of public–private partnership (PPP) projects in China and the nonlinear relationship between them.

First, this study identifies potential factors that can influence the capital structure of PPP projects based on literature and theoretical analysis. Second, this paper collects data from PPP projects in China and empirically investigates them using multiple linear regression and machine learning methods. Finally, for machine learning model results, this paper adopts the Shapley additive explanations to interpret them.

The results show that project size, contract duration, number of sponsors, urbanization level and regional openness are key factors influencing project capital structure, and there is a nonlinear relationship between all these factors and capital structure.

Theoretically, this study complements the influencing factors of PPP project capital structure and reveals their nonlinear relationship. Practically, the findings of this study can help PPP project participants formulate project capital structure more scientifically.

Practically, the findings of this study can help project managers to recognize the important factors affecting the capital structure of PPP projects and formulate capital structure more scientifically. Moreover the results are conducive to policymakers to predict a reasonable capital structure for PPP projects and better control project risks. These research findings can also help creditors make more accurate loan decisions and promote project success to meet the needs of the general public.

Most existing literature has studied the linear relationship between influencing factors and the capital structure of PPP projects. This study uses machine learning models to explore the nonlinear relationship between influencing factors and the capital structure of PPP projects and explains the working principles.

With the majority of highway projects in China having entered their operational phases, the maintenance and repair of the pavement is receiving increasing attention. One problem that needs to be addressed urgently is that of how to raise the proper funds for highway maintenance to ensure the sustainable operation of the project. To this end, the aim of this study is to investigate the capital demand for operation and maintenance of a project by means of a refinancing scheme, in order to reduce the possibility of project bankruptcy and to enhance the economic value of the project.

Based on an analysis of the dynamic complexity of the highway pavement maintenance system, a Markov model is used to predict pavement performance, and an optimal capital structure decision model is proposed for highway public–private partnership (PPP) project refinancing, using the method of system dynamics (SD). The proposed model is then applied to a real case study.

Results show that the proposed model can be used to predict accurately the dynamic changes in the demand for road maintenance funds and refinancing during the period of operation, before making the optimal decision for the refinancing capital structure.

Although many scholars have studied the optimal refinancing capital structure of PPP projects, the dynamic changes inherent in the demand for maintenance funds for highway PPP projects are seldom considered. Therefore, in the approach used here the influence of the dynamic change of road maintenance capital demand on refinancing is investigated, and SD is used for the optimal capital structure decision-making model of highway PPP project refinancing, to make the decision-making process more reasonable and scientific.

This paper aims to exam the publisher’s online distribution strategies of print books between a reselling and a marketplace channel with the coexistence of e-book. This study extends the study of channel selection to the content products industry.

By constructing a publisher-leader Stackelberg game model, the authors investigate the publisher’s distribution strategies. The retailer holds a digital channel for e-book and reselling and marketplace channels for print books. The authors examine three-channel modes for the print book distribution: a pure reselling channel, a marketplace channel and a hybrid channel.

The results reveal that a hybrid channel always dominates a pure marketplace channel from the publisher’s perspective. Then, only when the print book’s margin cost and the marketplace’s slotting fee are not very high, the publisher prefers the hybrid to a pure reselling channel. The authors also found a Pareto zone where the hybrid channel mode improves publisher’s and retailer’s profits. Furthermore, the publisher is less likely to choose the hybrid channel as the acceptance of e-book increases. The authors also examine the situation where a publisher-authorized third-party distributor runs the marketplace channel and found the results still hold.

This paper fills a theoretical and practical gap for a structured analysis of the content providers’ online distribution channel selection of the physical products and digital products. Different from previous related studies, this study focuses on analyzing physical products’ channel strategies and finds physical products’ cost plays a crucial role in the content provider’s channel decision.

Studies of Tianhou-Mazu cult have been focused on three themes: studies in Taiwan emphasize hegemonic order; studies in Hong Kong reveal a relationship of “sisterhood” alliances; and studies in Singapore highlight the important role of ethnic groups. The rebuilding of the goddess’s ancestral temple in early 1980s and her acquiring a world intangible cultural heritage status in the early twenty-first century facilitate the redefinition of overseas Chinese’s religious affiliation. The purpose of this paper is to discuss this global development of the cult from the 1980s and its ritual implication in overseas Chinese communities.

This paper, by comparing the Tianhou-Mazu cult in Taiwan, Hong Kong and Southeast Asian Chinese settlements, argues that from sisters to descended replicas, or from local alliances to global hegemony, the cult of Tianhou-Mazu since the 1980s has not only replaced local culture with an emphasis on “high culture,” but also represents a religious strategy regarding local people’s interpretation of correctness and authority.

This paper argues that despite the imposition of hegemonic power from various authorities, popular religion is a matter of choice. This reflects how local religious practice is construed according to the interpretation of global cultural languages by the elite Chinese; their decision of when and how to reconnect with the goddess’s ancestral temple or the “imperial state,” or to form alliances with other local communities; and the implementation of the local government’s cultural policy.

This paper is one of the few attempts comparing development of a folk cult in various communities.

The purpose of this paper is to assess the application of the nascent corporate opportunity doctrine in China by comparison with its well-established English counterpart; in particular, it evaluates whether the fine balance between business integrity and business efficiency has been struck.

It is argued that the scope of application of the corporate opportunity doctrine in China should be extended, and the rules on the burden of proof should be amended. Moreover, a stricter approach should be adopted by the Chinese judiciary for the purpose of protecting the company’s interests and enhancing business integrity.

This paper mainly focuses on the corporate opportunity doctrine. It does not discuss other duties of directors in detail.

It is useful for directors in balancing business integrity and business efficiency.

It is an original piece of work which assesses the corporate opportunity doctrine by making comparison with English law.

The purpose of this paper is to understand the regime–youth relationship in Macao. It will use the framework by Weiss and Aspinall (2012) to explain the rise of Macao youth activism and the de-harmonization of their relationship with the authorities.

According to Weiss and Aspinall, the emergence of youth movements in Asia after the Second World War was based on four factors: the development higher education systems, youth’s collective identities, youth’s trust in the ruling regime and transnational flows of activist ideas and inspirations. This paper analyzes the rise of Macao youth through the four dimensions by Weiss and Aspinall.

The rise of Macao youth movement is attributable to the development of tertiary education, youth’s collective identities, lowered trust in the regime and international inspiration. Better-educated Macao youth have been increasing their demands for political participation while their distrust in the MSAR government pushes their mobilization. The rise of youth movements around the world after the millennium inspires Macao youth activists’ political mobilization. Interestingly, Macao’s youth movement has been gradually integrated into the opposition forces instead of campaigning by youth organizations. In response to youth activism, the MSAR government, however, could not alleviate the youth’s hostility against the authorities, but its repressive approach intensified the regime-youth tension.

The paper includes interviews with leaders of young activists for their understanding of youth movement in Macao. It can serve the purpose for comparative study of youth movement among Asian societies.

As an essential part of mainstream Western development economics, the trickle-down theory originates from the behavioral choices and iterations of thought on conflicts of interest in the evolution of remuneration structure in Western countries. The fundamental flaw of the logic of this theory is that it conceals the inherent implication of social systems and the essential characteristics of social structures.

This paper examines the relationships among economic growth, income distribution and poverty from the perspective of social relations of production – the nature of production relations determines the nature of distribution relations and further determines the essence of trickle-down development, and ownership is the core mechanism for realizing the trickle-down effect.

The stagnation or smoothness of the trickle-down effect in different economies is essentially subject to the logic of “development for whom”, which is determined by ownership relationship.

To be more specific, “development for capitalists” and “development for the people” indicate two distinctly different economic growth paths. The former starts with private ownership and follows a bottom-up negative trickle-down path that inevitably leads to polarization, while the latter starts with public ownership and follows a top-down positive trickle-down path that will lead to common prosperity in the end.