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Article
Publication date: 1 July 2021

Xiaolin Qian and Lewis Tam

Proper empirical tests of the effect of blockholders’ monitoring incentives on corporate governance are scant in the literature because the relationship between ownership…

346

Abstract

Purpose

Proper empirical tests of the effect of blockholders’ monitoring incentives on corporate governance are scant in the literature because the relationship between ownership structure and enforcement of corporate governance mechanisms is bidirectional. This study aims to address the endogeneity issue by examining the effect of blockholding on executive turnover–performance sensitivity, using the split-share-structure (SSS) reform in China as an exogenous shock to blockholders’ monitoring incentives.

Design/methodology/approach

This study uses a logit model for estimating the change in executive turnover–performance sensitivity around the SSS reform. Sub-sample analysis is conducted to examine whether the impact of SSS reform on the turnover-performance sensitivity is stronger for firms with more contestable blockholders who might consider stock liquidity, risk sharing and diversification in their monitoring/trading decisions.

Findings

Top executive turnover, defined as CEO or board chair turnover, becomes less sensitive to firm operating performance after the reform, mainly for firms with contestable blockholders prior to the reform. Stock liquidity and blockholders’ demand for diversification can explain the impact of contestable blockholding. Moreover, blockholding is sensitive to firm operating performance after the reform but not before it.

Originality/value

With few exceptions, most studies in the blockholding literature focus on the effect of blockholder monitoring on firm value. Examining an exogenous shock to blockholding, this paper provides a set of new evidence for the impact of blockholding on executive turnover–performance sensitivity. The results call for more evidence of the impact of blockholding on executive turnover from other markets.

Details

Review of Accounting and Finance, vol. 20 no. 1
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 5 January 2015

Yan Luo, Xiaolin Qian and Jinjuan Ren

The purpose of this study is to investigate the impact of firms’ financing activities on the environment. Faced with a deteriorating global environment, both corporations and…

1038

Abstract

Purpose

The purpose of this study is to investigate the impact of firms’ financing activities on the environment. Faced with a deteriorating global environment, both corporations and regulatory bodies have become more responsive to environmental conservation problems. However, existing literature has not adequately addressed the question of whether and how firms’ business activities influence the environment.

Design/methodology/approach

Using the daily air pollution indices of 120 Chinese cities from 2001 to 2012, this study found that air pollution is alleviated after firms’ initial public offerings (IPOs). This paper proposes that firms’ IPOs influence the ambient air pollution through three channels: production scale, technical reform and corporate governance effects.

Findings

The authors of this study found that the proceeds acquired in IPOs result in enlarged production scales that increase pollution, while the investment of these proceeds in social responsibility-related technical reform and enhanced corporate governance reduce pollution. Moreover, the authors discover that firms with a higher state ownership emit fewer pollutants, thus supporting the positive monitoring role of the Chinese government.

Originality/value

Although this study investigates the impact of IPOs on air quality in China, the proposed analytical framework also applies to studies of other financing activities in global markets. This study has important policy implications for government regulations in environmental controls.

Details

Journal of Asia Business Studies, vol. 9 no. 1
Type: Research Article
ISSN: 1558-7894

Keywords

Available. Open Access. Open Access
Article
Publication date: 3 April 2019

Leiju Qiu, Yang Zhao, Qian Liu, Baowen Sun and Xiaolin Wu

In the crowd intelligence networking era, the smart connections of human, machines and things enable point-to-point trustable transactions and distributed efficient collaboration;…

2578

Abstract

Purpose

In the crowd intelligence networking era, the smart connections of human, machines and things enable point-to-point trustable transactions and distributed efficient collaboration; the smart connections among government, enterprises, organizations and the public would enable active participation of the public in society management and decision-making and improve the efficiency of government management and services. All interactions among various agents can be viewed as the transaction activity. The social division of labor system drives the evolution of transaction. The transaction mode also differentiated into different patterns with the development of human society. What will be the intelligent transaction in the crowd intelligence networking era? What will be the transactions modes and rules in the crowd intelligence networking era? The answers to these questions are of great importance to the future development of transactions.

Design/methodology/approach

The authors review the evolution of traditional transaction and transaction modes and analyze the driving forces of it. They attempt to give the definitions of intelligent transaction and intelligent transaction mode. They also review the traditional transaction modes and rules, analyze the characteristics of the intelligent transaction and classify the intelligent transaction modes.

Findings

The authors find the intelligent transaction is mainly reflected in the intellectualization of transaction subject, transaction object and transaction process. They summarize the characteristics of intelligent transaction and develop four modes for the intelligent transactions based on the modularization level of the transaction objects and the quantity of transaction subjects, including the demand side and the supply side. The authors also show representative examples to further illustrate rules and features of these transaction modes and point out the potential research directions.

Originality/value

This study is among the first to analyze the characteristics of the intelligent transaction, and the proposed division framework of the intelligent transaction modes could not only add value to the future research of intelligent transaction modes and rules but also help to guide the transactions in the crowd intelligence network.

Details

International Journal of Crowd Science, vol. 3 no. 1
Type: Research Article
ISSN: 2398-7294

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Article
Publication date: 23 June 2023

Qian Wang, Xiaobo Tang, Huigang Liang, Yajiong Xue and Xiaolin Sun

In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder…

247

Abstract

Purpose

In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.

Design/methodology/approach

The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.

Findings

The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.

Originality/value

This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.

Details

International Journal of Emerging Markets, vol. 20 no. 3
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 7 July 2022

Jintian Hu, Jin Liu, Yidi Wang and Xiaolin Ning

This study aims to address the problem of the divergence of traditional inertial navigation system (INS)/celestial navigation system (CNS)-integrated navigation for ballistic…

152

Abstract

Purpose

This study aims to address the problem of the divergence of traditional inertial navigation system (INS)/celestial navigation system (CNS)-integrated navigation for ballistic missiles. The authors introduce Doppler navigation system (DNS) and X-ray pulsar navigation (XNAV) to the traditional INS/CNS-integrated navigation system and then propose an INS/CNS/DNS/XNAV deep integrated navigation system.

Design/methodology/approach

DNS and XNAV can provide velocity and position information, respectively. In addition to providing velocity information directly, DNS suppresses the impact of the Doppler effect on pulsar time of arrival (TOA). A pulsar TOA with drift bias is observed during the short navigation process. To solve this problem, the pulsar TOA drift bias model is established. And the parameters of the navigation filter are optimised based on this model.

Findings

The experimental results show that the INS/CNS/DNS/XNAV deep integrated navigation can suppress the drift of the accelerometer to a certain extent to improve the precision of position and velocity determination. In addition, this integrated navigation method can reduce the required accuracy of inertial navigation, thereby reducing the cost of missile manufacturing and realising low-cost and high-precision navigation.

Originality/value

The velocity information provided by the DNS can suppress the pulsar TOA drift, thereby improving the positioning accuracy of the XNAV. This reflects the “deep” integration of these two navigation methods.

Details

Aircraft Engineering and Aerospace Technology, vol. 95 no. 1
Type: Research Article
ISSN: 1748-8842

Keywords

Available. Open Access. Open Access
Article
Publication date: 4 January 2024

Kejing Chen, Xiaolin Li, Qingqing Wan, Jing Ye and Mo Yang

Based on the textual-analyzed data covering 2148 IPO firms in China’s stock market during the 2007–2018 period, the authors’ purpose is to examine the influence of anti-takeover…

906

Abstract

Purpose

Based on the textual-analyzed data covering 2148 IPO firms in China’s stock market during the 2007–2018 period, the authors’ purpose is to examine the influence of anti-takeover provision (ATP) adoption on initial public offerings (IPO) underpricing and identify the reducing effect of the former.

Design/methodology/approach

The authors examine the sample consisting of Chinese A-share listed IPO firms between 2007 and 2018 from China Stock Market Accounting Research and Chinese Research Data Services, with ATP data collected from the IPO firm chapters. Specifically, the authors use text analysis to identify whether there are ATPs in the IPO firm chapters, as well as the number of ATPs. H1: IPO underpricing is less severe for firms adopting ATPs. H2: The effect of ATP adoption on IPO underpricing is more salient for firms in worse information environments.

Findings

The authors examine the influence of ATP adoption on IPO underpricing and identify the reducing effect of the former. This effect can be explained by the fact that adopting ATPs in IPO firm chapters can reduce information asymmetry to a large extent by helping external investors obtain more private information, which alleviates IPO underpricing. The authors also find that the reducing effect is more significant in the worsened information environment. Furthermore, the authors explore the influence of adopting ATPs on other IPO characteristics and find positive effects on IPO over-subscription, funds raised and trading activity and negative effects on listing fees.

Originality/value

This study mainly contributes to the literature from the following two aspects. First, the study enriches the literature about the influencing factors of IPO underpricing. Second, the study also enriches the literature about the economic consequences of ATP adoption. This study also has important policy implications. With the coming of the era of decentralized ownership in China’s capital market, ATP adoption has become more important and attracted more attention. Also, investors focus more on pricing efficiency. The findings in this paper provide a more comprehensive understanding of the relationship between ATP adoption and IPO underpricing.

Details

China Accounting and Finance Review, vol. 26 no. 1
Type: Research Article
ISSN: 1029-807X

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Article
Publication date: 15 October 2020

Zitong He, Xiaolin Ma, Jie Luo, Anoop Kumar Sahu, Atul kumar Sahu and Nitin Kumar Sahu

Advanced manufacturing machines (AMMs) are searched as a momentous asset across the manufacturing societies for quenching and addressing the production units under economical…

214

Abstract

Purpose

Advanced manufacturing machines (AMMs) are searched as a momentous asset across the manufacturing societies for quenching and addressing the production units under economical circumstances, i.e. production of high-quality of goods under feasible cost. AMMs are significant in holding the managers against their rivals and competitors with high profit margins. The authors developed the decision support mechanism/portfolio (DSM-P) consist of knowledge-based cluster approach with a dynamic model. The purpose of research work is to measure overall economic worth of AMMs under objective and grey-imperfect (mixed) data by exploring the proposed DSM-P.

Design/methodology/approach

The authors developed the DSM-P that consist of knowledge-based cluster, three multi-criteria decision-making (MCDM) techniques-1-2-3 with complementary grey relational analysis-4(GRA), approach with a dynamic model (complied by technical plus cost and agility measures of AMMs). The proposed DSM-P enables the manager to map the overall economic worth of candidate AMMs under objective and grey-mixed data.

Findings

The presented DSM-P assist the managers for handling the selection problem of AMMs, i.e. CNCs, robots, automatic-guided vehicle, etc under mixed (objective cum grey) data. To enable the readers for intensely understand the work, the utility of proposed approach is displayed by illustrating a polar robot evaluation and selection problem. It is ascertained that the robot candidate-11 alternative is fulfilling the entire technical cum cost and agility measures.

Originality/value

The DSM-P provides more precise and reliable outcomes due to a usage of the dominance theory. Under the dominance theory, the ranks are obtained by MCDM techniques-1-2-3 are compared with ranks gathered by the GRA-4 under objective cum grey data, formed the novelties in presented research work. From a future perspective, the grey-based models in DSM-P can be built/extended/constructed more extensive and can be simulated by the same approach.

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Book part
Publication date: 4 December 2020

Abstract

Details

Application of Big Data and Business Analytics
Type: Book
ISBN: 978-1-80043-884-2

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Article
Publication date: 16 May 2023

Xiaolin Li, Huimin Li, Ruirui Zhang, Yilin Yin, Shaonan Sun, Juan Bai and Ruihua Liu

The purpose of this study is to explore the impact of asymmetric trust on construction project management performance in China's construction industry. Moreover, the authors…

460

Abstract

Purpose

The purpose of this study is to explore the impact of asymmetric trust on construction project management performance in China's construction industry. Moreover, the authors explore the mediating role of two types of knowledge sharing (explicit knowledge sharing and tacit knowledge sharing) in explaining the association between asymmetric trust and project management performance.

Design/methodology/approach

A theoretical model based on the research hypotheses proposed in this study was developed and a questionnaire survey was conducted with 271 professionals. The data collected was analyzed by the structural equation modeling (SEM) technique.

Findings

The results of this study indicate that there is a significant and negative association between asymmetric trust and project management performance. Moreover, two types of knowledge sharing (explicit knowledge sharing and tacit knowledge sharing) have different degrees of impact on improving project management performance. In addition, tacit knowledge sharing is a mediator between asymmetric trust and project management performance.

Research limitations/implications

The data used in this study is from Chinese scenarios, so the research conclusions and application effects based on this are bound to have certain regional limitations. Besides, there are many factors that affect project management performance improving, and the relationships among them are so complex. The theoretical model proposed in this study may not be fully considered. Therefore, follow-up researchers can consider bringing more suitable variables into their researches, so that the theoretical researches can be more in line with the actual project management practice, and the specific mechanism for improving project management performance can be explained more deeply.

Originality/value

This research's value is as follows: Firstly, this paper contributes to the trust and relational governance literature by expanding the research perspective of mutual trust to asymmetric trust. Specially, this research designs a measurement scale for asymmetric trust and then reveals the impact mechanism of it on project management performance, which will certainly promote research paradigm change of trust. Secondly, this research is beneficial to knowledge sharing literature in the construction management field by expanding the research scope of knowledge sharing from a cross-organizational perspective.

Details

Engineering, Construction and Architectural Management, vol. 31 no. 11
Type: Research Article
ISSN: 0969-9988

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Book part
Publication date: 6 July 2015

Oliver Hensengerth

The chapter attempts to evaluate the utility of applying multi-level governance outside of the EU, and also outside of the group of democratic states, to states that have defied…

Abstract

Purpose

The chapter attempts to evaluate the utility of applying multi-level governance outside of the EU, and also outside of the group of democratic states, to states that have defied the third wave of democratization and that are characterized by a so-called new authoritarianism. The case is the People’s Republic of China, and the focus falls on policy-making and implementation in the field of hydropower with special attention to the issue area of environmental protection.

Methodology/approach

The chapter draws on the notion of scales and indigenous Chinese governance concepts and brings these into a conversation with the concept of multi-level governance. Case studies on hydropower decision-making in China contribute empirical data in order to investigate the utility of multi-level governance in the Chinese governance context.

Findings

The chapter argues that if multi-level governance is to have utility in other cultural contexts it needs to move away from a consideration of pre-given scales as locus of authority and consider indigenous governance concepts and notions of scale, and it crucially needs to map power relationships in the making and implementation of policies in order to reach analytical depth.

Research implications

The case of China shows that authoritarian regimes can be analysed in terms of multiple levels as authoritarianism no longer automatically implies strict top-down entities. Instead, autocracies can be highly fragmented and subject to complex decision-making processes that can arise during processes of administrative reform. This can lead to vibrant and reflexive systems of governance that exhibit adaptive skills necessary to ensure regime survival amidst a continuously diversifying society and changing external circumstances. As a consequence, a research programme looking at the new authoritarianism from a multi-level governance perspective has the capacity to uncover and describe new forms of governance, by bringing the concept into a conversation with indigenous governance concepts.

Practical implications

In China, informal networks between the energy bureaucracy and hydropower developers determine the hydropower decision-making process. This is particularly detrimental at a time when the Chinese government emphasizes the importance of the rule of law and social stability. Informal networks in which key government agencies are involved actively thwart the attempt of creating reliable institutions and more transparent and accountable processes of decision-making within the authoritarian governance framework.

Social implications

The findings show the dominance of informal networks versus the formal decision-making process. This sidelines the environmental bureaucracy and fails to fully realize the importance of public input into the decision-making process as one potential element of institutionalized conflict resolution.

Originality/value

The chapter builds on existing multi-level governance approaches and fuses them with notions of scales and indigenous Chinese governance concepts in order to enable the applicability of the concept of multi-level governance outside of its area of origin. This advances the explanatory depth and theoretical reach of multi-level governance.

Details

Multi-Level Governance: The Missing Linkages
Type: Book
ISBN: 978-1-78441-874-8

Keywords

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