Wei Wang, Chunxiang Zhao, Xinfeng Jiang, Yiming Huang and Sihai Li
Against the background of the enormous economic transition China is undertaking, government intervention over corporate behavior is a frequent and, arguably, necessary measure…
Abstract
Purpose
Against the background of the enormous economic transition China is undertaking, government intervention over corporate behavior is a frequent and, arguably, necessary measure. Among the most serious problems facing China, economically and reputationally, are environmental issues. So, how is the government intervening in the environmental performance of Chinese enterprises? And how are Chinese enterprises responding? These are the questions to be answered in this study.
Design/methodology/approach
This paper sampled listed companies on China’s Shanghai and Shenzhen Stock Exchanges. The data were collected from the HeXun corporate social responsibility report, CSMAR and WIND databases. A Tobit model was used to conduct the main 2SLS regression analysis, and the robustness tests followed the propensity score matching method.
Findings
The analysis shows that environmental performance is positively related to the government subsidies a company receives. The “Eight-point Regulation of the Centre” crack-down on social corruption introduced in 2012 has weakened rent-seeking overall, but rent-seeking behavior through the cloak of corporate environmental performance has become more serious. As a result, non-polluting and state-owned enterprises are significantly less concerned about their environmental performance, while polluting and private enterprises are more motivated to become good environmental citizens.
Practical implications
This research provides a greater understanding of the drivers behind environmentally-responsible behavior in Chinese companies. These insights can be used by policymakers and environmental regulators to incentivize a more widespread ground-swell of change across the gamut of Chinese business.
Social implications
Environmental policy and practice informed by research-driven recommendations can not only make valuable contributions to the health and well-being of Chinese society but also, as a significant contributor to climate change, environmental reforms have global benefits.
Originality/value
This study explores the motivations behind rent-seeking associated with environmental investment. The findings expand the research horizon of relevant literature on corporate political rent-seeking and deepen the understandings of the economic consequences of corporate investment into environmental practice. The results provide empirical evidence for the Chinese government to implement environmental regulations based on incentives beyond simple profit-making.
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Xinfeng Jiang, Ahsan Akbar, Eglantina Hysa and Minhas Akbar
China has emerged as the world's second-largest economy due to rapid industrial expansion and phenomenal economic growth of China in recent decades. Though, this exponential…
Abstract
Purpose
China has emerged as the world's second-largest economy due to rapid industrial expansion and phenomenal economic growth of China in recent decades. Though, this exponential economic turnaround has been fueled by widespread energy consumption, making China among the largest pollutant emitters in the world. Chinese enterprises have come under greater scrutiny and the Government has mandated Chinese companies to undertake environmental protection investment. This study aims to explore the relationship between environmental protection investment and enterprise innovation by taking evidence from Chinese listed firms.
Design/methodology/approach
The data of 2,568 Chinese A-share listed firm-year observations were collected from the Shanghai and Shenzhen stock exchanges during 2008–2016. This study employed ordinary least square and panel data fixed effects techniques to ascertain the association between proposed variables.
Findings
The authors' findings conjecture the crowding-out effects of environmental investments on enterprise innovation-related expenditures. Furthermore, additional empirical testing reveals that Research and Development (R&D) undertakings of state-owned and politically connected enterprises are not affected by environmental investments. Likewise, corporate innovation activities are not negatively influenced by environmental investments in polluting industries. The study findings offer fresh insights to regulators, corporate managers and stakeholders. The authors' results are robust to alternate econometric specifications and alternate variable specifications.
Originality/value
This study makes the following contributions toward the extant literature. First, the study investigates if there is a crowding-out effect of spending on environmental protection in the current period and the innovation expenditure in the upcoming period. Empirical results confirm that there exists a trade-off between both types of spending, implying that the spending on environmental protection will negatively influence the spending on innovation. Second, the study deepens the analysis in considering other influences in this relationship. For instance, the authors' separately consider the aforementioned trade-off in state-owned enterprises and non-state-owned enterprises. The study also examines the mediating influence of corporate political connections and industry attributes, whether or not these influence the relationship between the actual spending on environmental protection and the upcoming spending on innovation.
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Ahsan Akbar, Xinfeng Jiang and Minhas Akbar
The present study aims to investigate the impact of working capital management (WCM) practices on the investment and financing patterns of listed nonfinancial companies in…
Abstract
Purpose
The present study aims to investigate the impact of working capital management (WCM) practices on the investment and financing patterns of listed nonfinancial companies in Pakistan for a span of 10 years.
Design/methodology/approach
The study is based on secondary financial data of 354 listed nonfinancial Pakistani firms during the period of 2005–2014. The two-step generalized method of moment (GMM) regression estimation technique is employed to ensure the robustness of results.
Findings
Empirical testing reveals that: excessive funds tied up in working capital have a negative impact on the investment portfolio of sample firms. Besides, a negative relationship between change in fixed assets and excess net working capital posits that, eventually, firms use idle resources tied up in short-lived assets to boost their investment activities. Furthermore, larger working capital levels were associated with higher leverage ratio which indicates that firms with inefficient WCM policies have to rely heavily on long-term debt to meet their short-term financing requirements. Additional results indicate that firms that take more time to sell inventory and convert receivables to cash, make more use of debt. Results of cash management models illustrate that cash-rich firms have lower leverage levels which signal the strong financial health and internal revenue generation capability of such firms.
Originality/value
There is a dearth of empirical studies that examine the implications of WCM decisions on a firm's capital structure. Besides, these studies are only confined to how a WCM policy influences the long-term investment activities of a firm. The research contributes to the extant literature by empirically revealing a link between the WCM practices and the firm's long-range investment and financing patterns. Hence, financial managers shall account for the impact of their short-term financial management decisions on the capital structure of the firm.
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Shanghao Song, Xiaoxuan Chen, Xinfeng Xu, Wendi Jiang, Wenzhou Wang and Yunsheng Shi
Based on upper echelons theory, this paper aims to explore the mixed impacts of chief executive officer (CEO) Machiavellianism on new venture performance. At the same time, this…
Abstract
Purpose
Based on upper echelons theory, this paper aims to explore the mixed impacts of chief executive officer (CEO) Machiavellianism on new venture performance. At the same time, this paper tests the mediating and suppression effect of top management team (TMT) collective organizational engagement, and the moderating effect of entrepreneurial orientation.
Design/methodology/approach
The authors conducted a three-wave survey of a sample of 1,550 enterprises established within three years, finally retained the full sample of 216 companies (216 CEOs, 733 vice presidents) with complete responses in all surveys. By using SPSS 26.0 and Amos 26.0 software to conduct data analysis, the authors empirically tested the hypothesized relationships.
Findings
Regression results show that CEO Machiavellianism negatively affects new venture performance through TMT collective organizational engagement, whereas there is a direct positive relationship between CEO Machiavellianism and new venture performance when TMT collective organizational engagement is controlled for. In addition, entrepreneurial orientation plays a boundary role in this mechanism, which can weaken the negative effect of CEO Machiavellianism on TMT collective organizational engagement.
Originality/value
By expanding the application contexts of the upper echelons theory, this paper enriches the research on Machiavellianism in the organizational research and further clarified the simultaneous positive and negative effects of CEO Machiavellianism on new venture performance.
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Jiang-Tao Wang, Shufen Zhang, Chia-Huei Wu, Jian-Jun Yu, Chang-Bin Chen and Sang-Bing Tsai
This study aims to provide a time- and price-sensitive market strategy for merchants to handle the markdown price strategy. The market demand for perishable products is usually…
Abstract
Purpose
This study aims to provide a time- and price-sensitive market strategy for merchants to handle the markdown price strategy. The market demand for perishable products is usually price – and quality (freshness) – sensitive. The proper handling of markdown-price strategies can help merchants enhance competitiveness and maximize operational performance.
Design/methodology/approach
A markdown strategy consisting of price and markdown time was developed to explore the properties of market strategies based on the dynamic quality evaluation. The strategy considers multiple price discounts and multiple markdown times. The optimal price decisions in each stage and the optimal markdown times were derived during the selling season.
Findings
The results showed the following. A retailer always raises the initial price if it wants to adopt multiple price-markdown strategies. A high initial price may lead to a high inventory at the early stage and bring the next price reduction in advance. Large price discounts can be used to reduce the inventory later. The higher the previous price, the shorter the interval between the next price reduction. The markdown strategies showed that the regular discount as a new business model is not the best pricing model for perishable products. A time- and price-sensitive strategy, however, can increase operational performance and provide new insights for perishable products.
Originality/value
The results showed the following. A retailer always raises the initial price if it wants to adopt multiple price-markdown strategies. A high initial price may lead to a high inventory at the early stage and bring the next price reduction in advance. Large price discounts can be used to reduce the inventory later. The higher the previous price, the shorter the interval between the next price reduction. The markdown strategies showed that the regular discount as a new business model is not the best pricing model for perishable products. A time- and price-sensitive strategy, however, can increase operational performance and provide new insights for perishable products.
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Jieren Guan, Shuhu Luo, Xinfeng Kan, Chao Chen and Qiuping Wang
The purpose of this study is to assess the effects of fused filament fabrication (FFF) printing parameters on the surface quality and dimensional accuracy of FFF-fabricated copper…
Abstract
Purpose
The purpose of this study is to assess the effects of fused filament fabrication (FFF) printing parameters on the surface quality and dimensional accuracy of FFF-fabricated copper green parts using the appropriate filaments. The orthogonal experiments were implemented and the errors in length, width and height were measured and analyzed. The results of range analysis and variance analysis indicated the orders of effect factors. Dissolvent debinding combined with thermal debinding was adopted to remove the binders inside the green part by calculating debinding rate. The influence mechanism of sintering temperatures on the microstructure and shrinkage was elaborated.
Design/methodology/approach
The extrusion-based FFF in manufacturing copper parts can overcome shortcomings for high reflectivity and heat dissipation in laser powder bed fusion process at cost-saving and materials saving. This study makes an attempt to prepare copper/binder composite filaments through mixing, extrusion and flowability evaluation.
Findings
The results showed that the suitable composite filaments applied for FFF should balance rigidity and plasticity. The combination of printing speed and heating temperature impacts on the surface quality significantly, and the major factor in determining the dimensional accuracy is layer thickness. Two-stage debinding procedure was beneficial for binder removal and sintering process. The higher sintering temperature results in less voids, sizes shrinkage and densified microstructure, which is attributed to the occurrence of sintering neck among the fused copper powders.
Originality/value
The self-prepared copper/binder composite filaments were successfully manufactured using the FFF process. This study provides unique approach and print guidance for fabricating complex structures of pure copper components.
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Ji Li, Pradeep Thaker, Deshou Jiang, Qingrong Huang and Chi-Tang Ho
The purpose of this paper is to systematically review the functionalities, safety regulations and product applications of herb Stevia rebaudiana extract. This plant material is…
Abstract
Purpose
The purpose of this paper is to systematically review the functionalities, safety regulations and product applications of herb Stevia rebaudiana extract. This plant material is embedded with multiple functionalities such as antioxidant, antidiabetics, anti-inflammation and antimicrobial. The regulations released from global authorities are covered to ensure the safety premise of stevia. Besides, the product applications of the extract of aerial parts of the herb S. rebaudiana helps us to recognize its value from commercial side.
Design/methodology/approach
Relevant literatures are selected and obtained from main scientific databases such as Google Scholar, Web of Science, PubMed and trade magazines published between 2000 and 2023. The keywords and their possible combinations such as sweetening, antioxidant, antidiabetics, anti-inflammation, safety and product development were used to ensure the preciseness and completeness of literature searching. Major data such as sweetness, total phenolic content and dose together with latter critical conclusions from searched publications were appropriately used and discussed. In this review, approximately 150 scientific literatures were meticulously ordered and analyzed. In applications, it is the first time that sentiment analysis was used to obtain a market assessment of the stevia-containing products.
Findings
This review paper helps rearrange the scientific affairs of those stevia extract’s functions like sweetening, antioxidant, antidiabetics and inflammation. Sweetness indexes of steviol glycosides were summarized together for comparison while various in vitro and in vivo approaches were reviewed to quantify those functions’ capacities and to depict the related mechanism. The regulation of steviol glycoside compounds such as rebaudioside A was established by global authorities such as US Food and Drug Administration and Joint FAO/World Health Organization Expert Committee to ensure the safety endorsement before commercialization. Then, this study discussed about the market performance of stevia ingredients or products with the self-developed data analytics. This study also investigated the product development progress of stevia-containing food products in the categories of beverage, bakery, dairy and confectionery. Those stevia-containing food consumer goods can be acceptable by certain consumers.
Originality/value
This review paper precisely presents the evidential information about the stevia’s multiple functionalities with mechanisms and global regulation milestones. To the best of the authors’ knowledge, it is then the first time to probe the stevia-containing products’ market performance through data analytics.
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Qiang Li, Jin-Xiu Sun, Chia-Huei Wu and Wei Liu
This paper aims to investigate the inverse U-shape relationship between DM and accessing loans from the banks and explore the moderating effect of donation mode diversity.
Abstract
Purpose
This paper aims to investigate the inverse U-shape relationship between DM and accessing loans from the banks and explore the moderating effect of donation mode diversity.
Design/methodology/approach
Based on a survey dataset of 1,036 private firms in China, we use a Heckman two-stage estimation model to test hypothesizes.
Findings
The results show an invert U-shape relationship between donation magnitude and access to bank loan. The authors also find that donation mode diversity will positively moderate donation magnitude–bank loan relationship: the positive effect of donation magnitude will be stronger for the private firms using multiple channels of philanthropic donation.
Originality/value
This paper extends the literatures by examining how philanthropic donation behaviors in form of donation magnitude (how much to give) and donation mode diversity (how to give) influence private firms’ loan borrowed from the bank, an important but largely ignored stakeholder. Therefore, it suggests that both the amount and the channels of philanthropic donation could have significant roles in the efficiency of achieving strategic outcomes of corporate philanthropy.
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Benjamin Chukudi Oji and Sunday Ayoola Oke
There is growing evidence of a knowledge gap in the association of maintenance with production activities in bottling plants. Indeed, insights into how to jointly optimise these…
Abstract
Purpose
There is growing evidence of a knowledge gap in the association of maintenance with production activities in bottling plants. Indeed, insights into how to jointly optimise these activities are not clear. In this paper, two optimisation models, Taguchi schemes and response surface methodology are proposed.
Design/methodology/approach
Borrowing from the “hard” total quality management elements in optimisation and prioritisation literature, two new models were developed based on factor, level and orthogonal array selection, signal-to-noise ratio, analysis of variance and optimal parametric settings as Taguchi–ABC and Taguchi–Pareto. An additional model of response surface methodology was created with analysis on regression, main effects, residual plots and surface plots.
Findings
The Taguchi S/N ratio table ranked planned maintenance as the highest. The Taguchi–Pareto shows the optimal parametric setting as A4B4C1 (28 h of production, 30.56 shifts and 37 h of planned maintenance). Taguchi ABC reveals that the planned maintenance and number of shifts will influence the outcome of production greatly. The surface regression table reveals that the production hours worked decrease at a value of planned maintenance with a decrease in the number of shifts.
Originality/value
This is the first time that joint optimisation for bottling plant will be approached using Taguchi–ABC and Taguchi–Pareto. It is also the first time that response surface will be applied to optimise a unique platform of the bottling process plant.