Search results

This paper aims to examine the relationship between executive pay disparity and the cost of debt.

The authors use a sample of syndicated bank loans granted to United States (US) listed firms from 1992 to 2014 and adopt the loan yield spread (Chief Executive Officer (CEO) pay slice) as the main proxy for the cost of debt (executive pay disparity). The authors also use the Heckman two-stage model to address the sample selection bias and the two-stage least squares and propensity score matching methods to control the potential endogeneity issues. To test different views about executive pay disparity, the authors adopt the cash-to-stock ratio to proxy for managerial risk-shifting incentives.

The authors find that the cost of debt is significantly higher for firms with larger executive pay disparity, which is robust to sample selection bias, endogeneity concerns, alternative measures and various controls. This positive relationship increases with the risk-shifting incentives of CEOs instead of other top executives, which supports the managerial power view, and is stronger for firms with higher levels of financial distress. The findings suggest that creditors view executive pay disparity are associated with higher credit risk and CEO entrenchment.

This paper reveals one “dark” side of executive pay disparity: it increases the cost of debt and identifies a significant role played by CEOs' risk-shifting incentives. The authors provide direct evidence of the relevance of pay differential to corporate credit analysis.

We examine the effectiveness of signaling by disclosing innovation in annual reports in terms of securing R&D subsidies, using a novel text-based measure of firm-level innovation intensity.

The empirical analysis includes regressions with firm and year-fixed effects and an instrumental variable approach. Both mediation and moderation analysis are conducted to identify the plausible channels.

We find that firms are likely to receive research and development (R&D) subsidies if their annual reports contain intensive disclosure of information about innovation. We also identify the site visits by government officials as a plausible channel through which innovation disclosure in annual reports can help firms receive R&D subsidies. Additional analysis shows the main effect of innovation disclosure is especially pronounced in firms with severe information asymmetry and those facing a low-trust environment.

Current studies have shown the effectiveness of signaling in capital markets in terms of securing bank loans and venture capital (Cassar et al., 2015; Hoenig and Henkel, 2015; Connelly et al., 2016; Plummer et al., 2016). It is unclear if such a signaling can attract the attention of government officials. Our results suggest that government officials view annual reports as an important means of mitigating information asymmetry, which in turn helps firms to receive external R&D funding.

A humanoid intelligent robot (HIR) possessing a human-like appearance can undertake human jobs, interact, communicate and even transmit emotions to human beings. Such robots have gradually been integrated into people's daily life and production scenarios. However, it is unclear whether and by what mechanism HIRs can stimulate people’s risk perception and its impact on consumption attitudes. Based on the risk decision theory, this study aims to take the social value substitution attribute of a HIR as the incentive and analyzes the influence of social value substitution and risk perception on the customers’ consumption attitudes.

Three experiments were conducted to investigate the related questions about the social value substitution attribute of a HIR, its impact on risk perception and the customers’ consumption attitudes.

The results reveal that physical labor, intellectual labor, friendship, kinship and the ego constitute the hierarchical elements of social value substitution. Among them, physical labor and intellectual labor pertain to the dimension of social function value substitution, while friendship, kinship and ego pertain to the dimension of social presence value substitution; social function value substitution and social presence value substitution affect the subjects’ risk perception positively, but the latter arouses a stronger risk perception; the 2 (risk perception of social function value: security/danger) × 2 (risk perception of social presence value: security/danger) condition corresponds to diverse consumption attitudes.

The results enrich the theories of the “cha-xu pattern” and “uncanny valley” and provide reference for the healthy development of the HIR industry.

This paper aims to examine different types of sharing platforms based on risk perceptions of product/service providers and users, and to illustrate appropriate platform regulation preferences.

A survey was used (N = 540) to collect data on platform participants’ risk perceptions and regulation preferences in the Chinese (N = 263) and the US markets (N = 277). Cluster analysis and multiple correspondence analysis were used to categorise platforms and match their regulation preferences with the risk characteristics.

The results show that i) four types of sharing platforms are categorised in terms of the risk perceived by the supply and demand side, and ii) four types of regulation preferences are clustered, drawing on the power and trust elements proposed from the slippery slope framework. Furthermore, coercive power regulation is favoured by participants of platforms with high supply risk and low demand risk, legitimate power regulation is preferred by actors of platforms with low supply risk and high demand risk, reason-based trust regulation is preferred by actors of platforms with high supply and demand risk, and implicit trust regulation is favoured by participants of platforms with low supply and demand risk.

This paper develops an empirical typology of platforms based on risk perceptions of providers and users, and advances our understanding about lateral exchange markets from a consumer perspective.

This paper provides implications for platforms to regulate transactions through two mechanisms – the power of platforms and trust in platform participants.

Regulating by power ensures transaction security while regulating by trust enhances transaction efficiency, so it is important to configure the power and trust elements in platform regulation in an appropriate manner. To the best of the authors’ knowledge, this paper is one of the first attempts at addressing platform regulation and shows how consumers’ risk perception of platforms can lead to important implications for theory and practice in marketing and better regulation of platform transactions.

This paper aims to examine how the official discourse of frugality evolved in China between 1979 and 2015.

The study uses historical and textual analysis. It divides the Chinese official discourse on frugality between 1979 and 2015 into four periods: 1979-1992, 1993-2002, 2003-2012 and 2013-2015.

A Chinese official discourse on frugality persisted between 1979 and 2015, even though during the same period, China transformed from a socialist economy of central planning and insufficient supply to a market economy of excessive supply and weak consumer demand. The intensity of this official discourse frequently vacillated, adjusting to both economic and political conditions of the time as part of the larger political-economic contestation between competing ideas and policies.

There have been calls for more studies on how frugality discourses have evolved in international markets, especially in terms of how they are shaped by local historical antecedents and long-standing tensions. Through the Chinese case, this article illuminates why some traditional values persist and obtain a paradoxical co-existence with consumerist ethos in our modern society.

Taking a business lens of telehealth, this article aims to review and provide a state-of-the-art overview of telehealth research.

This research conducts a systematic literature review using the scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR) protocol and a collection of bibliometric analytical techniques (i.e. performance analysis, keyword co-occurrence, keyword clustering and content analysis).

Using performance analysis, this article unpacks the publication trend and the top contributing journals, authors, institutions and regions of telehealth research. Using keyword co-occurrence and keyword clustering, this article reveals 10 major themes underpinning the intellectual structure of telehealth research: design and development of personal health record systems, health information technology (HIT) for public health management, perceived service quality among mobile health (m-health) users, paradoxes of virtual care versus in-person visits, Internet of things (IoT) in healthcare, guidelines for e-health practices and services, telemonitoring of life-threatening diseases, change management strategy for telehealth adoption, knowledge management of innovations in telehealth and technology management of telemedicine services. The article proposes directions for future research that can enrich our understanding of telehealth services.

This article offers a seminal state-of-the-art overview of the performance and intellectual structure of telehealth research from a business perspective.

The purpose of this study is to examine the role of retail investors’ green attention in promoting corporate environmental investments (EIs) using a communication sample on “Hudongyi” from 2011 to 2022.

In this paper, Python is used to capture data and text analysis techniques to obtain green attention information. In the word-matching process, words are matched in the target document one by one based on the preset dictionary and vocabulary rules. In addition to employing fixed effects, this study also incorporates instrumental variables using two-stage least squares (2SLS) estimation and applies the Heckman two-step method to verify the regression results.

First, this paper empirically examines the positive influence of retail investors’ green attention on EIs. Second, the findings show that retail investors’ green attention promotes EIs through decreasing principal-agent costs and principal-principal costs. Third, the results show that retail investor’s supervision effect is strengthened under the following three circumstances: executives with stronger green conception, corporations with less information asymmetry and areas with higher level of investor protection.

Our findings broaden the scope of prior research by exploring the impact of retail investor activism on nonfinancial outcomes, contributing to understanding the “black box” of how investor attention fosters EIs. Moreover, by leveraging the power of technology, retail investors have evolved from being the “silent majority” to being actively engaged. The internet has empowered retail investors by providing them with access to information and enabling them to exercise “voice” rights by appealing companies to engage in pro-environmental activities. Our study can provide useful suggestions for the green development of listed companies in China, as well as in other emerging countries.

Unlike other studies that focus on the deterrent effect and corporate financial outcomes of retail investors, we focus on the supervisory effect of retail investors and verify its role in driving EIs. This fills the knowledge gap in prior studies and contributes new insights to explain EIs and extends the understanding of retail investor activism.

This paper aims to calibrate the mounted parameters between the LIDAR and the motor in a low-cost 3D LIDAR device. It proposes the model of the aimed 3D LIDAR device and analyzes the influence of all mounted parameters. The study aims to find a way more accurate and simple to calibrate those mounted parameters.

This method minimizes the coplanarity and area of the plane scanned to estimate the mounted parameters. Within the method, the authors build different cost function for rotation parameters and translation parameters; thus, the parameter estimation problem of 4-degree-of-freedom (DOF) is decoupled into 2-DOF estimation problem, achieving the calibration of these two types of parameters.

This paper proposes a calibration method for accurately estimating the mounted parameters between a 2D LIDAR and rotating platform, which realizes the estimation of 2-DOF rotation parameters and 2-DOF translation parameters without additional hardware.

Unlike previous plane-based calibration techniques, the main advantage of the proposed method is that the algorithm can estimate the most and more accurate parameters with no more hardware.

Research on the impact of the engagement of online medical teams (OMTs) on patient evaluation, for example, satisfaction, remains insufficient. This study attempts to recognize the underlying mechanism of how OMTs’ engagement influences patient satisfaction by adopting social support as the mediator. This study also scrutinizes the moderating effects of the transactive memory system (TMS) on the link between OMTs’ engagement and social support.

We utilized a linear model that had fixed effects controlled at the team level for analysis. A bootstrapping approach using 5,000 samples was employed to test the mediation effect.

Our results reveal that OMTs’ engagement improves informational and emotional support, thereby promoting patient satisfaction. Specialization and credibility strengthen the impact of OMTs’ engagement on informational and emotional support. Simultaneously, coordination has an insignificant influence on the link between OMTs’ engagement and social support.

This study contributes to the literature on OMTs, social support, and TMS, providing insights into patients’ perceptions of OMTs’ engagement during online team consultation. This study also generates several implications for the practice of online health communities and OMTs.