Yunqi Fan, Guanglei Hu and Xiaoxue Chen
This study aims to examine whether mandatory audit partner rotation is associated with future stock price crash risk.
Abstract
Purpose
This study aims to examine whether mandatory audit partner rotation is associated with future stock price crash risk.
Design/methodology/approach
This study makes use of a regulatory change from the Ministry of Finance of China and the China Securities Regulation Commission, which requires mandatory rotation of audit partners since 2004, as a natural experiment to establish causality and applies a difference-in-difference research design.
Findings
Audit partner rotation leads to a significant decrease in future stock price crash risk in the departing partner’s final year of tenure preceding mandatory rotation, consistent with peer monitoring argument of mandatory rotation. Inconsistent with other arguments, including client-specific knowledge, fresh perspective and auditor independence, no significant effect takes a place in the incoming partner’s first year of tenure following mandatory rotation. Mechanism analysis documents that mandatory audit partner rotation reduces stock price crash risk by improving audit quality and constraining managerial empire building.
Originality/value
The results shed new light on the capital market consequence of mandatory audit partner rotation and the cause of stock price crash risk.
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Peng Zhou, Zikun Chen, Duo Wang, Baoxing Yu, Chunyan Zhang, Tao Zhang, Jintao Xiao, Jingli Sun, Xiaoxue Wang, Yong Yuan and Fuhui Wang
The purpose of this paper was to compare the electrochemical homogeneity of AZ91D after various heat treatment processes, and its influence on the growth, composition…
Abstract
Purpose
The purpose of this paper was to compare the electrochemical homogeneity of AZ91D after various heat treatment processes, and its influence on the growth, composition, microstructure and corrosion resistance of phosphate conversion coatings.
Design/methodology/approach
The electrochemical activity of different heat-treated Mg alloys was evaluated via scanning vibrational electrode technique; the characterization of the microstructure and phase composition of coatings was conducted using a scanning electron microscope and X-ray diffraction. The corrosion resistance was evaluated by electrochemical tests and accelerated neutral salt spray tests.
Findings
T6 treatment increased the electrochemical homogeneity, while T4 treatment decreased the microstructure homogeneity of AZ91D magnesium alloy, due to the existence of residual Al-Mn impurity phase. The phosphate conversion coating (PCC) on T6 heat-treated Mg alloys showed the most compact microstructure and the best corrosion resistance, while the coating on the T4 heat-treated Mg alloy exhibited the worst microstructure and corrosion resistance.
Originality/value
The microstructure and protectiveness of coatings are related to the homogeneousness of Mg alloy: an Mg substrate with a more heterogeneous electrochemical reactivity yields a PCC with less protectiveness, which could be explained by the difference of precipitation kinetics at the metal/electrolyte interface.
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Jingyuan Wan, Yun Le, Ge Wang, Nini Xia and Xiaoxue Liu
Following the call to explore what leadership theory could be applicable in temporary organizations, the purpose of this study was to develop an integrative model linking the…
Abstract
Purpose
Following the call to explore what leadership theory could be applicable in temporary organizations, the purpose of this study was to develop an integrative model linking the effects of paternalistic leadership styles (i.e. authoritarian, benevolent and moral) on the behavioral integration (BI) of top management teams (TMTs) in megaproject settings.
Design/methodology/approach
The performance of the research model was tested based on empirical data collected from a sample of 43 megaproject TMTs.
Findings
The results show that the moral leadership style can significantly stimulate the BI of TMTs, whereas authoritarian leadership has a negative impact and benevolent leadership has no significant impact. Furthermore, trust in leader plays a partial mediating role between paternalistic leadership and BI, and the power distance value of TMT positively moderates the links between authoritarian and moral leadership styles and BI.
Research limitations/implications
The TMT sample was drawn from China's megaprojects, most of which have global influence (e.g. Hong Kong–Zhuhai–Macao Bridge and Shanghai Expo), but the sampling approach limits the generalizability of the research findings to other contexts.
Originality/value
This study introduces the concept of BI into the realm of megaproject management and provides a novel perspective (i.e. paternalistic leadership) for exploring its antecedents. The findings, therefore, contribute to the literature by broadening the megaproject management research with a microfoundation perspective and by extending the extant paternalistic leadership in the context of temporary organizational settings.
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Shiyuan Zhang, Xiaoxue Zheng and Fu Jia
The carbon complementary supply chain (CCSC) is a collaborative framework that facilitates internal carbon credit trading agreements among supply chain agents in compliance with…
Abstract
Purpose
The carbon complementary supply chain (CCSC) is a collaborative framework that facilitates internal carbon credit trading agreements among supply chain agents in compliance with prevailing carbon regulations. Such agreements are highly beneficial, prompting agents to consider joint investment in emission reduction initiatives. However, capital investments come with inevitable opportunity costs, compelling agents to weigh the potential revenue from collaborative investments against these costs. Thus, this paper mainly explores carbon abatement strategies and operational decisions of the CCSC members and the influence of opportunity costs on the strategic choice of cooperative and noncooperative investment.
Design/methodology/approach
The authors propose a novel biform game-based theoretical framework that captures the interplay of pricing competition and investment cooperation among CCSC agents and assesses the impact of opportunity costs on CCSC profits and social welfare. Besides, the authors also compare the biform game-based collaborative scenario (Model B) to the noncooperative investment scenario (Model N) to investigate the conditions under which collaborative investment is most effective.
Findings
The biform game-based collaborative investment strategy enhances the economic performance of the traditional energy manufacturer, who bears the risk of opportunity costs, as well as the retailer. Additionally, it incentivizes the renewable energy manufacturer to improve environmental performance through renewable projects.
Originality/value
This research contributes significantly by establishing a theoretical framework that integrates the concepts of opportunity costs and biform game theory, offering new insights into the strategic management of carbon emissions within supply chains.
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Xiaofeng Li, Xiaoxue Liu, Xiangwei Li, Weidong He and Hanfei Guo
The purpose of this paper is to propose an improved method which can shorten the calculation time and improve the calculation efficiency under the premise of ensuring the…
Abstract
Purpose
The purpose of this paper is to propose an improved method which can shorten the calculation time and improve the calculation efficiency under the premise of ensuring the calculation accuracy for calculating the response of dynamic systems with periodic time-varying characteristics.
Design/methodology/approach
An improved method is proposed based on Runge–Kutta method according to the composition characteristics of the state space matrix and the external load vector formed by the reduction of the dynamic equation of the periodic time-varying system. The recursive scheme of the holistic matrix of the system using the Runge–Kutta method is improved to be the sub-block matrix that is divided into the upper and lower parts to reduce the calculation steps and the occupied computer memory.
Findings
The calculation time consumption is reduced to a certain extent about 10–35% by changing the synthesis method of the time-varying matrix of the dynamics system, and the method proposed of paper consumes 43–75% less calculation time in total than the original Runge–Kutta method without affecting the calculation accuracy. When the ode45 command that implements the Runge–Kutta method in the MATLAB software used to solve the system dynamics equation include the time variable which cannot provide its specific analytic function form, so the time variable value corresponding to the solution time needs to be determined by the interpolation method, which causes the calculation efficiency of the ode45 command to be substantially reduced.
Originality/value
The proposed method can be applied to solve dynamic systems with periodic time-varying characteristics, and can consume less calculation time than the original Runge–Kutta method without affecting the calculation accuracy, especially the superiority of the improved method of this paper can be better demonstrated when the degree of freedom of the periodic time-varying dynamics system is greater.
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Zehui Bu, Jicai Liu and Xiaoxue Zhang
Subway systems are highly susceptible to external disturbances from emergencies, triggering a series of consequences such as the paralysis of the internal network transportation…
Abstract
Purpose
Subway systems are highly susceptible to external disturbances from emergencies, triggering a series of consequences such as the paralysis of the internal network transportation functions, causing significant economic and safety losses to cities. Therefore, it is necessary to analyze the factors affecting the resilience of the subway system to reduce the impact of disaster incidents.
Design/methodology/approach
Using the interval type-2 fuzzy linguistic term set and the K-medoids clustering algorithm, this paper improves the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method to construct a subway resilience factor analysis model for emergencies. Through comparative analysis, this study confirms the superior performance of the proposed approach in enhancing the precision of the DEMATEL method.
Findings
The results indicate that the operation and management level of emergency command organizations is the key resilience factors of subway operations in China. Furthermore, based on real case analyses, the corresponding suggestions and measures are put forward to improve the overall operation resilience level of the subway.
Originality/value
This paper identifies four emergency scenarios and 15 resilience factors affecting subway operations through literature review and expert consultation. The improved fuzzy DEMATEL method is applied to explore the levels of influence and causal mechanisms among the resilience factors of the subway system under the four emergency scenarios.
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Ting Wang, Hanfei Guo, Jianjun Qiao, Xiaoxue Liu and Zhixin Fan
To address the lack of data in this field and determine the relationship between the coefficient of friction and the interference between locomotive wheels and axles, this study…
Abstract
Purpose
To address the lack of data in this field and determine the relationship between the coefficient of friction and the interference between locomotive wheels and axles, this study evaluates the theoretical relationship between the coefficient of friction and the interference under elastic deformation.
Design/methodology/approach
When using numerical analyses to study the mechanical state of the contacting components of the wheels and axle, the interference between the axle parts and the coefficient of friction between the axle parts are two important influencing factors. Currently, as the range of the coefficient of friction between the wheel and axle in interference remains unknown, it is generally considered that the coefficient of friction is only related to the materials of the friction pair; the relationship between the interference and the coefficient of friction is often neglected.
Findings
A total of 520 press-fitting experiments were conducted for 130 sets of wheels and axles of the HXD2 locomotive with 4 types of interferences, in order to obtain the relationship between the coefficient of friction between the locomotive wheel and axle and the amount of interference. These results are expected to serve as a reference for selecting the coefficient of friction when designing axle structures with the rolling stock, research on the press-fitting process and evaluations of the fatigue life.
Originality/value
The study provides a basis for the selection of friction coefficient and interference amount in the design of locomotive wheels and axles.
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Xiaoxue Liu, Yuchen Liu, Youwei Zhang and Hanfei Guo
According to relevant research, non-uniform speed has a significant impact on the vehicle-track systems. Up to now, research work on it is still very limited. In this paper, the…
Abstract
Purpose
According to relevant research, non-uniform speed has a significant impact on the vehicle-track systems. Up to now, research work on it is still very limited. In this paper, the PEM is adopted to further transform it into a deterministic process to solve the vehicle’s problem of running at a non-uniform speed.
Design/methodology/approach
The multi-body vehicle model has 10 degrees of freedom and the track is regarded as a finite long beam supported by lumped sleepers and ballast blocks. They are connected via linear Hertz springs. The vertical track irregularity is a Gaussian stationary process in the space domain. It is transformed into a uniformly modulated nonstationary random process in the time domain with respect to the non-uniform vehicle speed. By solving the equation of motion of the coupled vehicle-track system with the pseudo-excitation method, the pseudo-response and consequently the power spectral density and the standard deviation of the structural response can be obtained.
Findings
Two kinds of vehicle braking programs are taken in the numerical example and some beneficial conclusions are drawn.
Originality/value
The pseudo-excitation method (PEM) was used to perform the random vibration analysis of a coupled non-uniform speed vehicle-track system. Transforming the track irregularity into a uniformly modulated nonstationary random process in time domain with respect to the non-uniform vehicle speed was undertaken. The pseudo-response of the coupled system is solved by applying the Newmark algorithm with constant space integral steps. The random vibration transfer mechanism of the coupled system is fully discussed.
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Zehui Bu, Jicai Liu and Xiaoxue Zhang
The paper aims to elucidate effective strategies for promoting the adoption of green technology innovation within the private sector, thereby enhancing the value of public–private…
Abstract
Purpose
The paper aims to elucidate effective strategies for promoting the adoption of green technology innovation within the private sector, thereby enhancing the value of public–private partnership (PPP) projects during the operational phase.
Design/methodology/approach
Utilizing prospect theory, the paper considers the government and the public as external driving forces. It establishes a tripartite evolutionary game model composed of government regulators, the private sector and the public. The paper uses numerical simulations to explore the evolutionary stable equilibrium strategies and the determinants influencing each stakeholder.
Findings
The paper demonstrates that government intervention and public participation substantially promote green technology innovation within the private sector. Major influencing factors encompass the intensity of pollution taxation, governmental information disclosure and public attention. However, an optimal threshold exists for environmental publicity and innovation subsidies, as excessive levels might inhibit technological innovation. Furthermore, within government intervention strategies, compensating the public for their participation costs is essential to circumvent the public's “free-rider” tendencies and encourage active public collaboration in PPP project innovation.
Originality/value
By constructing a tripartite evolutionary game model, the paper comprehensively examines the roles of government intervention and public participation in promoting green technology innovation within the private sector, offering fresh perspectives and strategies for the operational phase of PPP projects.
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The purpose of this paper is to find a global method for the limited K‐partitioning of hypergraphs representing optimal design problems in complex machine systems.
Abstract
Purpose
The purpose of this paper is to find a global method for the limited K‐partitioning of hypergraphs representing optimal design problems in complex machine systems.
Design/methodology/approach
To represent some real design considerations, a new concept of semi‐free hypergraphs is proposed and a method to apply semi‐free hypergraphs to the decomposition of complex design problems based on optimal models is also suggested. On this basis, the limited K‐partitioning problem of semi‐free hypergraphs and its partitioning objective for the optimal design of complex machines is presented. A global method based on genetic algorithms, GALKP, for the limited K‐partitioning of semi‐free hypergraphs is also proposed. Finally, a case study is presented in detail.
Findings
Semi‐free hypergraphs are a more powerful tool to map a complex engineering design problem. The decomposition of complex design problems may be converted to a limited K‐partitioning problem of semi‐free hypergraphs. The algorithm presented in this paper for the limited K‐partitioning of semi‐free hypergraphs is fast, effective, and powerful.
Research limitations/implications
The traditional methods based on hypergraphs have some limitations while applied to the decomposition of some complex problems such as the design of large‐scale machine systems. The proposed method is helpful to solve similar engineering design problems.
Practical implications
The paper illustrates a faster and more effective method to implement the decomposition of large‐scale optimal design problems in complex machine systems.
Originality/value
This paper shows a new way to solve the complex engineering design problems based on semi‐free hypergraphs and its K‐partitioning method.