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Article
Publication date: 23 May 2023

Wenzhe Chen, Ning Shi, Qi Liang and Xiangchao Hao

Based on the background of the restricted stock has gradually replaced stock option and has become the mainstream equity incentive model in China, this paper aims to investigate…

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Abstract

Purpose

Based on the background of the restricted stock has gradually replaced stock option and has become the mainstream equity incentive model in China, this paper aims to investigate the which factors affect the choice of equity incentive model, and the impacts of equity incentive model.

Design/methodology/approach

The theoretical analysis is based on the game theory between shareholders and top executives. The empirical analysis is based on the detailed data of equity incentives in China’s listed companies from 2006 to 2017; the logit method and least square method are implemented to estimate the regression coefficients and Black–Scholes options pricing model to estimate the value of restricted stock/option granted to the CEO.

Findings

This paper documents that enterprises with serious agency problems, high investment risks, high stock price synchronicity and great executive power are significantly and positively related to restricted stock. The main empirical findings still hold after several robust tests. In addition, restricted stock can significantly improve corporate performance when the performance evaluation index is strict and the validity period is long, while for the sample group with loose performance index and short validity period, restricted stock significantly reduces corporate performance.

Originality/value

This paper analyzes the “black box” of equity incentive model selection from the stakeholders’ game perspective by constructing a game theory model to investigate the reasons for the choice of equity incentive model in various situations, which enriches the research in this field. Moreover, this paper finds that restricted stock has both incentive and welfare characteristics, and the rationality of performance appraisal goals is the key factor leading to the difference in incentive effects. Overall, the research indicates that only well-designed equity incentive plans can improve corporate performance, which contributes to regulators and practitioners to form a rational understanding of restricted stock model and provides a reference for their decision-making.

Details

Nankai Business Review International, vol. 14 no. 3
Type: Research Article
ISSN: 2040-8749

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Article
Publication date: 3 June 2024

Jianhua Sun, Suihuai Yu, Jianjie Chu, Wenzhe Cun, Hanyu Wang, Chen Chen, Feilong Li and Yuexin Huang

In situations where the crew is reduced, the optimization of crew task allocation and sequencing (CTAS) can significantly enhance the operational efficiency of the man-machine…

85

Abstract

Purpose

In situations where the crew is reduced, the optimization of crew task allocation and sequencing (CTAS) can significantly enhance the operational efficiency of the man-machine system by rationally distributing workload and minimizing task completion time. Existing related studies exhibit a limited consideration of workload distribution and involve the violation of precedence constraints in the solution process. This study proposes a CTAS method to address these issues.

Design/methodology/approach

The method defines visual, auditory, cognitive and psychomotor (VACP) load balancing objectives and integrates them with workload balancing and minimum task completion time to ensure equitable workload distribution and task execution efficiency, and then a multi-objective optimization model for CTAS is constructed. Subsequently, it designs a population initialization strategy and a repair mechanism to maintain sequence feasibility, and utilizes them to improve the non-dominated sorting genetic algorithm III (NSGA-III) for solving the CTAS model.

Findings

The CTAS method is validated through a numerical example involving a mission with a specific type of armored vehicle. The results demonstrate that the method achieves equitable workload distribution by integrating VACP load balancing and workload balancing. Moreover, the improved NSGA-III maintains sequence feasibility and thus reduces computation time.

Originality/value

The study can achieve equitable workload distribution and enhance the search efficiency of the optimal CTAS scheme. It provides a novel perspective for task planners in objective determination and solution methodologies for CTAS.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 9 January 2020

Yanyu Chen, Wenzhe Zheng and Yimiao Huang

The purpose of this paper is to use difference-in-difference method (DID) to study the influences of independent directors’ political connection on firm value.

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Abstract

Purpose

The purpose of this paper is to use difference-in-difference method (DID) to study the influences of independent directors’ political connection on firm value.

Design/methodology/approach

File No. 18 by the Organization Department of the Communist Party of China Central Committee requires that the leading cadres in party and government offices are not allowed to act as independent directors; this restriction applies to retired officials as well. As a result, many listed companies lose the political connections of officers as independent directors. This paper takes it as an exogenous shock to evaluate the influence of the political connection of independent directors on firm value, effectively alleviating the endogeneity problem existing in previous studies.

Findings

The research finds the following: under the policy of compelled resignation, the loss of political connection of independent directors has a prominent negative impact on firm value; and compared to state-owned enterprises, the firm value of private enterprises receives a greater negative impact. However, the political advantage of state-owned enterprises is not obviously influenced. In the regions with worse external market environments, due to a greater reliance on resources brought about by political connection, the policy has a much greater influence on their listed companies.

Research limitations/implications

The study faces several limitations, each of which represents a potential research direction. First, our analysis is based on the policy effects on the firm’s current Tobin’s Q and finds a negative effect of losing political connections. However, the long-term effects are still unclear, as some studies find a negative effect of political connections. Second, the paper focuses on one channel in which political connections may affect firm value. Other channels, such as subsidies and loans from state-owned banks, which need more granular data, should be explored in the future.

Practical implications

The use of DID model can better objectively evaluate the implementation effects of ban policies and alleviate endogenous problems, which is also enlightening for further perfection of the system of independent directors in the A-share market.

Social implications

It enriches existing researches of the value of independent directors from the perspective of political connection, which is conducive to understanding the influence and channel on the firm value after the loss of political connection and the value of independent directors in the corporate governance in a more comprehensive and accurate manner.

Originality/value

This paper extends the relevant research on the value of the political connection of independent directors from the perspective of political connection and enlightens the evaluation of the effect of ban policies.

Details

Nankai Business Review International, vol. 11 no. 2
Type: Research Article
ISSN: 2040-8749

Keywords

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Article
Publication date: 31 July 2023

Wenzhe Ji

The purpose of this study is to further improve the performance of surface texture, the chemical polishing method was introduced and the effect of it on the surface morphology and…

89

Abstract

Purpose

The purpose of this study is to further improve the performance of surface texture, the chemical polishing method was introduced and the effect of it on the surface morphology and tribological properties of the surface texture was investigated.

Design/methodology/approach

The surface texture was processed on the surface of 304 stainless steel with laser technology in air medium. Hydrochloric acid solution (pH 2.4 ± 0.05) was selected and used to soak the prepared texture samples for 12 h. The surface morphology and elemental content of the samples were measured with the white light interferometry, SEM and EDS. To obtain the effect of acid corrosion on the tribological properties of textured surfaces, the samples were tested under dry friction and oil lubrication conditions.

Findings

The detailed study shows that the melt and burr of surface texture produced with laser processing was reduced due to the corrosion effect of hydrochloric acid. Therefore, the better interfacial tribological properties was obtained due to the improvement of surface-textured morphology.

Originality/value

The main contribution of this work is to provide a new reference for improving surface texture quality. It also lays a foundation for improving the tribological properties of the textured interface.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-04-2023-0094/

Details

Industrial Lubrication and Tribology, vol. 75 no. 7
Type: Research Article
ISSN: 0036-8792

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Article
Publication date: 29 January 2020

Satish Kumar Viswanathan and Kumar Neeraj Jha

International construction projects encompass various risks, and it is essential to evaluate and manage them to achieve project and firms’ success. As approaches to addressing…

1942

Abstract

Purpose

International construction projects encompass various risks, and it is essential to evaluate and manage them to achieve project and firms’ success. As approaches to addressing international market risks vary from one country to another, the purpose of this paper is to identify the critical risk factors of embarking on international construction projects according to Indian experiences.

Design/methodology/approach

After primarily verifying the identified 26 risk variables, a questionnaire survey was conducted to draw upon the views of experts who possess international project experience. The 105 responses were analyzed using univariate and multivariate techniques. An analysis of variance identified the significant variables that influence overall performance on international construction projects, which were then grouped according to underlying relationships using factor analysis to determine the specific risk factors. Furthermore, considering these risk factors as independent variables and overall project performance as a dependent variable, a stepwise regression analysis was carried out to identify relatively critical risk factors.

Findings

The results revealed that of the identified four risk factors, the project-specific risk factor emerged as the foremost critical risk factor, the economic and market-specific risk factor was the second most critical risk factor, the firm-specific risk factor was the third most critical risk factor and the political-specific risk factor was the least critical risk factor. These findings were also validated appropriately.

Research limitations/implications

This study was limited to the data acquired from Indian construction firms, predominantly consultants and contractors. Though the survey respondents possessed adequate familiarity in international construction, commonly perceived limitations in self-reported surveys such as the lack of conscientious responses and reporting bias were not an exception in this research.

Practical implications

The risk factors and their criticality – as identified in this study – can aid the multinational firms and international aspirants to prioritize the critical aspects and develop a suitable risk mitigation strategy to achieve greater project success in international market.

Originality/value

By investigating the various risk factors that influence overall performance of international construction projects, this research considerably contributes to the body of knowledge pertaining to international construction risk management that will enable firms from India and similar developing nations to emphasize on critical risk factors.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 5
Type: Research Article
ISSN: 0969-9988

Keywords

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Article
Publication date: 28 May 2020

Satish Kumar Viswanathan and Kumar Neeraj Jha

A number of previous studies have investigated international construction project risks and have proposed risk mitigation measures without examining their interdependence. The…

643

Abstract

Purpose

A number of previous studies have investigated international construction project risks and have proposed risk mitigation measures without examining their interdependence. The purpose of the current study is to identify the influence of various risk mitigation measures on macro-level risk factors in the international marketplace.

Design/methodology/approach

The authors initially identified 26 risk variables and nine risk mitigation measures through a literature review, which were then verified for their pertinence to international projects by three experts. Subsequently, 105 questionnaire survey responses were collected and analysed using factor analysis and structural equation modelling to test the interrelations between the risk variables and mitigation measures.

Findings

The findings suggest that joint ventures with local partners is emerged as the most critical risk mitigation measure that influences the international projects, which are exposed to political, project and firm-specific risk factors. Further, it is worth noting that among the recognised risk mitigation measures in international projects, offering more local employment is the least critical mitigation measure in the international projects.

Research limitations/implications

The findings of this study are based on the macro-risk factors encountered by Indian construction firms in international projects, mostly from specific Asian and African regions. Thus, the opinions of construction firms from the developed countries might be different.

Originality/value

The main contribution of this study to existing knowledge is empirical evidence of the interrelationships between risk mitigation measures and risk factors that are portrayed as latent variables of different manifest risk variables. The generated model can assist construction firms in emphasising several risk mitigation methods, in order to reduce risk and enhance performance in international construction projects.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 9
Type: Research Article
ISSN: 0969-9988

Keywords

Available. Open Access. Open Access
Article
Publication date: 26 October 2020

Gopi Battineni, Nalini Chintalapudi and Francesco Amenta

After the identification of a novel severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) at Wuhan, China, a pandemic was widely spread worldwide. In Italy, about 240,000…

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Abstract

Purpose

After the identification of a novel severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) at Wuhan, China, a pandemic was widely spread worldwide. In Italy, about 240,000 people were infected because of this virus including 34,721 deaths until the end of June 2020. To control this new pandemic, epidemiologists recommend the enforcement of serious mitigation measures like country lockdown, contact tracing or testing, social distancing and self-isolation.

Design/methodology/approach

This paper presents the most popular epidemic model of susceptible (S), exposed (E), infected (I) and recovered (R) collectively called SEIR to understand the virus spreading among the Italian population.

Findings

Developed SEIR model explains the infection growth across Italy and presents epidemic rates after and before country lockdown. The results demonstrated that follow-up of strict measures such that country lockdown along with high testing is making Italy practically a pandemic-free country.

Originality/value

These models largely help to estimate and understand how an infectious agent spreads in a particular country and how individual factors can affect the dynamics. Further studies like classical SEIR modeling can improve the quality of data and implementation of this modeling could represent a novelty of epidemic models.

Details

Applied Computing and Informatics, vol. 20 no. 3/4
Type: Research Article
ISSN: 2634-1964

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