In this paper, the authors take the central environmental protection inspection (CEPI) as an exogenous shock to study the reaction of the stock market in China. Using the event…
Abstract
Purpose
In this paper, the authors take the central environmental protection inspection (CEPI) as an exogenous shock to study the reaction of the stock market in China. Using the event study method, the authors check how the first round of the first batch of CEPI supervision affects the cumulative abnormal return (CAR) of the listed firms on the Shenzhen or Shanghai stock exchange. This paper aims to discuss the aforementioned objective.
Design/methodology/approach
In this paper, the authors take the first round of the first batch of CEPI supervision as a clean exogenous shock to study its effects on the capital market. The authors collect daily trading data from the China stock market and accounting research (CSMAR) database, with the sample containing 1,950 Chinese firms listed on either the Shenzhen or Shanghai stock exchanges. And detailed information on CEPI supervision is obtained from the official website of the Ministry of Ecology and Environment of the People's Republic of China. The event study method is adopted to analyze the reaction of the stock market under CEPI supervision. Specifically, the authors constructed the cumulative abnormal return of each firm around the event day of CEPI. To capture the deterrent effects of CEPI supervision, the authors examine the situation of polluting and non-polluting firms in the supervised provinces, adjacent provinces and provinces that are not supervised or close to the supervised provinces, respectively.
Findings
This paper throws light on the following: (1) the polluting firms in the supervised provinces were negatively impacted by CEPI within 20 trading days of the event day, and its effects spread to the polluting firms in the neighboring provinces; (2) CEPI had a favorable impact on the non-polluting businesses in the provinces that are neither supervised nor close to the supervised provinces. The authors contend that it is because the investment is being forced out of the polluting sector and into the non-polluting sector, which is more pronounced in the provinces not directly or indirectly targeted by CEPI; (3) by comparison, the “looking back monitoring of the first round” has had no discernible detrimental impact on the firms' CAR, indicating an important role of psychology anticipation of investors in the stock market performance; (4) although not physically located in the supervised provinces, the downstream enterprises of the polluting firms suffer significantly from CEPI shock; (5) the effectiveness of CEPI supervision in the supervised provinces depends on the level of local environmental regulation and the ownership structure of the company. Private firms in the provinces with stronger environmental regulations suffer more from the CEPI shock; (6) the multivariate analysis shows that while enterprises with high ROE and financial leverage may be at risk of CAR loss, older, larger firms are less likely to experience CEPI shock; (7) the study of persistent effect reveals that the strike of CEPI supervision can last for at least 10 months after the event day and deterrent effect can be spread within the whole polluting industry.
Research limitations/implications
In this paper, the authors only concentrate on the market reaction within 20 trading days after the event day. An analysis of long-term effects should be valuable to get a deeper knowledge of the capital market reaction to the CEPI policy. In addition, the paper only focuses on the first round of the first batch of CEPI. Since CEPI has been built as a constant regulation of local environmental performance, further study may need to track both the reaction of listed firms and investment behavior in the capital market.
Practical implications
Policy implications of the paper are as follows: First, for the policymakers, it is important to construct a constant environmental regulation system instead of a campaign movement. Second, for investors, as environmental issues are receiving increasing attention from both the government and the public, investment decisions should take into account firms' environmental performance, which can help reduce the risk from environmental regulations. Third, the firms in the polluting industry should take more action to reduce pollutant releases and adopt green technology, which is essential for sustainable development under environmental protection.
Originality/value
This paper contributes to the existing literature in the following aspects. First, the authors provide new evidence on the effects of environmental regulations as a shock to the stock market, which has been wildly concentrated in the literature about environmental policies evaluation and capital market reaction. Second, the authors supplement the literature on green finance and sustainability transformation, which has got increasing attention in recent years. Theoretically, by guiding investment and affecting the stock market performance, environmental regulations are considered to be an efficient way to stimulate polluting firms to transform into green development. The results of the paper support this intuition by showing that the CAR of the non-polluting firms in non-supervised provinces in fact benefit from the CEPI supervision.
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Teng Wen, Xiaoyun Wei, Xuebao Li, Boyuan Cao and Zhibin Zhao
This paper aims to focus on the finite element method in the frequency domain (FD-FEM) for the transient electric field in the non-sinusoidal steady state under the non-sinusoidal…
Abstract
Purpose
This paper aims to focus on the finite element method in the frequency domain (FD-FEM) for the transient electric field in the non-sinusoidal steady state under the non-sinusoidal periodic voltage excitation.
Design/methodology/approach
Firstly, the boundary value problem of the transient electric field in the frequency domain is described, and the finite element equation of the FD-FEM is derived by Galerkin’s method. Secondly, the constrained electric field equation on the boundary in the frequency domain (FD-CEFEB) is also derived, which can solve the electric field intensity on the boundary and the dielectric interface with high accuracy. Thirdly, the calculation procedures of the FD-FEM with FD-CEFEB are introduced in detail. Finally, a numerical example of the press-packed insulated gate bipolar transistor under the working condition of the repetitive turn-on and turn-off is given.
Findings
The FD-CEFEB improves numerical accuracy of electric field intensity on the boundary and interfacial charge density, which can be achieved by modifying the existing FD-FEMs’ code in appropriate steps. Moreover, the proposed FD-FEM and the FD-CEFEB will only increase calculation costs by a little compared with the traditional FD-FEMs.
Originality/value
The FD-CEFEB can directly solve the electric field intensity on the boundary and the dielectric interface with high accuracy. This paper provides a new FD-FEM for the transient electric field in the non-sinusoidal steady state with high accuracy, which is suitable for combined insulation structure with a long time constant.
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Wei Yang, Xiaoyun Lao, Qing Zhou and Jian Liu
This study aims to examine how participation in the Belt and Road Initiative (BRI) affects province-level regional economic resilience. In the context of dual circulation – the…
Abstract
Purpose
This study aims to examine how participation in the Belt and Road Initiative (BRI) affects province-level regional economic resilience. In the context of dual circulation – the new development paradigm proposed by the Chinese Government – participating in the BRI is an important means of connecting both international and domestic circulations and achieving high economic resilience. The complex causal relationship between participation in the BRI and province-level regional economic resilience is investigated.
Design/methodology/approach
Based on the complex system view, this study uses fuzzy set qualitative comparative analysis (fsQCA) to examine the impact on regional economic resilience when provinces participate in the BRI through unimpeded trade, infrastructure connectivity, financial integration and people-to-people bonds under the two conditions of attention allocation and buffering capacity. Qualitative textual analysis is applied to analyse provincial work reports, and relevant statistical data are used to measure the economic resilience from 2013 to 2020.
Findings
The authors identified three condition configurations that lead to a high regional economic resilience at province-level and one condition configuration that lead to no high-level regional economic resilience.
Research limitations/implications
In-depth analyses of qualitative materials should be conducted to explain the systematic relationships among the conditions.
Originality/value
This research is of practical significance to the development of the theoretical framework and practices of the BRI in the context of dual circulation.
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Wei Jia and Xiaoyun Liu
– What this paper aims to tackle is how much did the return of rural migrant labor during the financial crisis affect China's GDP and the growth rate of the national economy.
Abstract
Purpose
What this paper aims to tackle is how much did the return of rural migrant labor during the financial crisis affect China's GDP and the growth rate of the national economy.
Design/methodology/approach
This paper constructs a computable general equilibrium (CGE) model and uses data of China's 2007 Input-Output Table to analyze the impact of the return of rural migrant labor on China's economy during the financial crisis.
Findings
The results show that the return of rural migrant labor during the financial crisis had substantial impacts on China's economy. The national GDP decreased by about 0.499-1.463 percent, mainly due to the number of rural labor who migrated from the non-agricultural sector to agriculture. Of the major sectors of economy, the manufacturing, construction and other services sectors were the most affected.
Originality/value
This paper assesses the impacts of return of rural migrant labor during the financial crisis on China's GDP and the growth rate of the national economy.
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Keywords
Guo Cheng, Xiaoyun Han, Weiping Yu and Mingli He
Oppositional brand loyalty poses a challenge to the management of virtual communities. This study aims to categorize these loyalty behaviors into positive (willingness to pay a…
Abstract
Purpose
Oppositional brand loyalty poses a challenge to the management of virtual communities. This study aims to categorize these loyalty behaviors into positive (willingness to pay a price premium and brand evangelism) and negative (schadenfreude and anti-brand actions) dimensions. It then explores how customer engagement and moral identity influence these dimensions in the context of brand competition.
Design/methodology/approach
Structural equation modeling was conducted to analyze the main and moderating effects, using survey data obtained from 498 valid responses out of a total of 636 responses from Xiaomi's virtual communities.
Findings
The results indicate that customer engagement significantly influences all four dimensions of oppositional brand loyalty. The relationship between customer engagement and brand evangelism is notably stronger among customers with a strong moral identity. Conversely, the effects of customer engagement on schadenfreude and anti-brand actions are attenuated for these customers.
Originality/value
Anchored in theories of brand tribalism, social identity and brand polarization, this study bifurcates oppositional brand loyalty into directions of preference and antagonism, empirically showcasing moral identity's moderating effect. It contributes to the literature on antagonistic loyalty and moral identity, offering strategic insights for companies to navigate schadenfreude and anti-brand actions in online communities.
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Qianqian Ju, Yan Wang, Hui Liu, Xiaoyun Du and Yifei Li
Stakeholders in complex capital projects are characterized by complicated interactions, adversarial short-term relationships and cooperative demand for deliverables. Unhealthy…
Abstract
Purpose
Stakeholders in complex capital projects are characterized by complicated interactions, adversarial short-term relationships and cooperative demand for deliverables. Unhealthy interfaces between stakeholders often lead to significant interface conflicts, which gradually become apparent in the construction stage. However, stakeholder interface health (SIH) has not been well understood and measured in the construction industry by either scholars or practitioners. It is essential to identify unhealthy interface relationships between stakeholders by comprehensively assessing SIH for enhancing project performance.
Design/methodology/approach
The study provided a comprehensive framework to assess SIH. The assessment was based on Wuli-Shili-Renli theory. Moreover, the CRITIC and Grey-TOPSIS methodologies were applied to precisely evaluate the SIH level. Besides, graph-based interface networks were developed to visualize SIH. At last, the framework was applied to a mass rapid transit project in China to test the validity of the study.
Findings
The result showed that stakeholder interfaces with strict contract constraints are healthier. On the other hand, IM behaviors make up for the soft coordination mechanism without contract constraints to a certain extent. The results of the case study were consistent with the actual project practices. The proposed framework provided a useful IM tool for assessing and visualizing SIH.
Research limitations/implications
The limitation of this study is that only the mass rapid transit project was selected for empirical analysis to validate the effectiveness of the proposed framework. It is recommended that the proposed framework be applied to other types of complex capital projects to further discussions in IM.
Practical implications
Theoretically, this study introduces a comprehensive framework to measure the health of stakeholder interfaces in complex capital projects, which helps to provide a theoretical basis and methodological support for stakeholder interface management.
Social implications
Practically, applying SIH assessment to existing interface management procedures can help the project manager identify interface conflicts between stakeholders in time and eventually contribute to the improvement of PM performance. At the same time, the interface management team tracks the responsibilities of unhealthy interface stakeholders and requires them to take measures to improve the SIH level. Stakeholder interfaces with lower health scores should be given more attention. The proposed framework can serve as a novel IM approach to identify weaknesses in IM and take targeted management measures to alleviate unhealthy stakeholder interface relationships.
Originality/value
The study provides an innovative method for scientifically and accurately assessing SIH. This research can help scholars and practitioners in the project management field facilitate the diagnosis of unhealthy interface relationships and provide decision support for the project management theoretical foundation.
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Serdar Durmusoglu, Mark Jacobs, Dilek Zamantili Nayir, Shaista Khilji and Xiaoyun Wang
– The purpose of this paper is to clarify the role of organizational culture and rewards in stimulating the sharing and gaining of knowledge.
Abstract
Purpose
The purpose of this paper is to clarify the role of organizational culture and rewards in stimulating the sharing and gaining of knowledge.
Design/methodology/approach
Hierarchical regression using survey data.
Findings
The analyses show that rewards and organizational culture of knowledge transfer influence the knowledge shared and knowledge gained. Moreover, culture and rewards interact to influence knowledge gained, but not knowledge shared which leads to the conclusion knowledge gaining can be induced by rewards, even in the absence of a supportive culture.
Research limitations/implications
The findings are consistent with socio-technical theory (STT) and the discussion positions this perspective as useful for future knowledge management studies. This research confirms that knowledge sharing and gaining are uniquely different activities that respond differently to culture and rewards.
Originality/value
This study combines the work of different fields by focusing on knowledge sharing and gaining in a single study. Through this process, a bridge between organizational learning theory and STT is revealed.
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Xiaoyun Zhou, Matthew Bambling and Sisira Edirippulige
Eating disorders (EDs) is a major health condition affecting 9% of the global population and 10% of those with EDs lost their lives as a result. Text-based telehealth…
Abstract
Purpose
Eating disorders (EDs) is a major health condition affecting 9% of the global population and 10% of those with EDs lost their lives as a result. Text-based telehealth interventions (TTIs) seem to provide a low-cost and convenient treatment option; however, the evidence is scarce. This study aimed to synthesize evidence relating to the use of TTIs for the management of EDs.
Design/methodology/approach
Five databases were searched published between January 2020 and May 2019. The authors used keywords relating to telehealth and EDs. The authors used Joanna Briggs Institute's (JBI's) critical appraisal instrument to assess the methodology quality of included studies.
Findings
Fifteen studies were included in this mix-method systematic review and assessed for methodology quality. Email, web-based texting, text-messaging and online chat room were used as mode for deliver healthcare for patients with EDs. In the treatment phase, all studies (nine studies; n = 860 participants) showed effectiveness (for RCTs) and usefulness (for non-RCT studies). In the aftercare phase (six studies; n = 364 participants), the results regarding the effectiveness of TTIs were mixed. Two studies showed effectiveness whilst four studies did not find statistically significant change of ED outcomes.
Research limitations/implications
The qualities of these studies varied; firstly, 66% (n = 10) of the studies were non-randomized studies (e.g. single-arm trial, case report) with small samples. Moreover, one-fourth (n = 4) of the studies did not use validated instruments or indicate the instrument. Also, half (n = 7) of the studies used TTIs as adjunct to face-to-face treatment or bigger online treatment, it is hard to make conclusion that the changes were due to TTIs' effect. In addition, follow-up rate is not satisfactory, thus results should be interpreted cautiously.
Practical implications
TTIs seem to be promising for management of EDs, particularly in the treatment phase. This provides an important treatment option for health practitioners and people with EDs as an alternative or in adjunct with face-to-face services.
Originality/value
This is the first review to synthesis the use of TTIs for ED management.
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Zi Xuan Chan, Yibai Wang, Lin Yuan, Xiaoyun Chen and Yukun Feng
Building on upper echelons theory, this study explores the influence of managerial cognition on firm innovation during times of crisis. Specifically, we aim to disentangle the…
Abstract
Purpose
Building on upper echelons theory, this study explores the influence of managerial cognition on firm innovation during times of crisis. Specifically, we aim to disentangle the concept of cognitive complexity by examining how CEOs’ cognitive depth and cognitive width differently influence their firms’ innovation outcomes. Additionally, we investigate how organizational slack moderates the impact of these cognitive attributes on innovation, providing a deeper understanding of the conditions under which managerial cognition drives firm adaptability in crises.
Design/methodology/approach
This study utilized a sample of 115 listed US firms ranked in the top 200 in terms of market capitalization share in 2020. We measured the key variables by analyzing text and archival data from interviews with CEOs, particularly focusing on their discussions regarding the impacts of the COVID-19 pandemic. Regression analysis was employed to test the hypothesized relationships in the research model.
Findings
The results reveal that under the crisis, CEO cognitive depth enhances firm innovation, while CEO cognitive width impedes firm innovation. Moreover, organizational slack weakens the positive relationship between CEO cognitive complexity and innovation.
Research limitations/implications
This study significantly contributes to and extends the established body of research on a leader’s cognition during a crisis. Our study goes beyond traditional views of cognitive complexity by highlighting the distinct impacts of two critical elements: cognitive depth and width, on decision-making processes. This study contributed to the innovative decision-making literature by opening up the black box behind the decision-making process of innovation during uncertainty. This underscores the multifaceted nature of cognitive processes in innovation, highlighting the interplay between cognitive depth, cognitive width and organizational resources in driving firm innovative outcomes during the crisis. We also broaden the temporal scope of empirical research on CEO cognition by gathering data from CEO interviews conducted during the COVID-19 pandemic.
Practical implications
This study reveals that when CEOs have a broader focus and attend to a wide range of information, their ability to quickly utilize firm resources for formulating competitive actions decreases during uncertainty. Consequently, it is crucial for CEOs to acknowledge the limitations of their attentional capacity. The allocation of their attention and information processing capacity has significant implications for their innovative decision-making processes, particularly in navigating through crises.
Social implications
Our study finds that excessive attention during times of crisis may not necessarily be beneficial to firm innovation. An excessive focus on problems can lead to scattered attention, impairing judgment and decision-making abilities. Moreover, excessive attention to problems may trigger panic and unnecessary stress, further impacting decision quality. High cognitive width can trap teams in short-term thinking and emergency mode, neglecting long-term strategies and opportunities such as innovation investment. Yet, firms with more slack resources can reduce the negative impacts of cognitive depth.
Originality/value
This study proposes a comprehensive cognitive model to understand managers’ decision-making during a crisis. The research posits that different dimensions of CEOs’ managerial cognition have distinct impacts on firm innovation in crisis environments. This study significantly contributes to the study of managerial cognition and innovation literature.
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The impact on both the environment and operator health is significant. As high-alumina silica glass finds applications in smart devices such as curved mobile phone screens, the…
Abstract
Purpose
The impact on both the environment and operator health is significant. As high-alumina silica glass finds applications in smart devices such as curved mobile phone screens, the grinding of complex curved surfaces necessitates cleaner and more efficient cooling and lubrication methods to enhance processing quality and improve grinding yield rates. This study aims to focus on grinding high-alumina silica glass using micro-lubrication technology and compares its performance with traditional cutting fluid cooling methods.
Design/methodology/approach
In the fabrication of mobile phone cover plates composed of high-alumina silicon glass, the incorporation of micro-lubrication grinding technology was undertaken, with the conventional cutting fluid cooling approach serving as the benchmark control group for comparative analysis.
Findings
The results indicate that increasing the spray pressure of micro-lubrication within a specific range contributes to reducing grinding surface roughness. At a grinding speed ranging from 25 to 35 m/s, using micro-lubrication can effectively replace the traditional cutting fluid cooling method, resulting in glass surfaces with roughness levels between 0.22 and 0.26. However, at grinding speeds exceeding 35 m/s, the insufficient pressure of the micro-lubricant mist hinders most of the oil mist from entering the grinding zone, leading to inferior cooling performance compared to cutting fluid cooling. Notably, at a grinding speed of 35 m/s, micro-lubrication demonstrates better effectiveness in suppressing chipping during glass grinding compared to traditional cutting fluid cooling methods.
Originality/value
Through the application of micro-lubrication grinding technology, a marked improvement in the grinding quality of high-alumina silicon mobile phone cover plate glass can be achieved, leading to a reduction in surface roughness, a decrease in processing defects and ultimately satisfying the demands for high-precision and high-quality fabrication of such cover plates.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-08-2024-0297