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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…

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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: 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…

194

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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