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Article
Publication date: 17 October 2008

Xubiao He, Pu Gong and Chunxun Xie

The purpose of this paper is to simulate internal credit ratings based on stock market data and gain the credit information about listed companies.

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Abstract

Purpose

The purpose of this paper is to simulate internal credit ratings based on stock market data and gain the credit information about listed companies.

Design/methodology/approach

According to the concept of default distance, default probability of listed companies is obtained from stock's price process based on generalized autoregressive conditionally heteroscedastic‐M model with the generalized error distribution, then credit ratings based on the default probability is built. Moreover, the model's validity is proved using the statistical tests and nonparametric receiver operating characteristic (ROC) curve method.

Findings

Application of the proposed methodology on data from Chinese stock market illustrates that default probability model can identify the credit risk of listed companies effectively using the statistical tests and nonparametric ROC curve method. The results from simulating credit ratings based on default probability are positive correlated with the corresponding results from Xinhua Far East China Ratings.

Originality/value

The internal credit ratings‐based default probability can reflect the change of credit quality for listed companies according to market information. For listed companies, especially which possibly suffer from accounting manipulations, the ratings will help investors and supervisors gain their credit information in time.

Details

Kybernetes, vol. 37 no. 9/10
Type: Research Article
ISSN: 0368-492X

Keywords

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Article
Publication date: 7 April 2021

Xun Zhang, Biao Xu and Jun Wu

This study aims to examine the relationship between renqing and purchase intentions and the mechanism of its impact in the Chinese business-to-business (B2B) context.

588

Abstract

Purpose

This study aims to examine the relationship between renqing and purchase intentions and the mechanism of its impact in the Chinese business-to-business (B2B) context.

Design/methodology/approach

Renqing in China has played an important role in business relationships and has been receiving increased attention in both practice and theory. However, little is known about whether it can influence purchase intentions in a rational B2B condition. This research aims to examine the relationship between renqing and purchase intentions and the mechanism of its impact in the Chinese B2B context. Based on a survey of 1,010 industry buyers from 468 Chinese downstream buyer companies, the empirical findings indicate a positive relationship between renqing and purchase intentions and the mediating role of long-term orientation (LTO) for increasing purchase intentions. In addition, this study also finds that product involvement (PI) has a negative moderating effect on the relationship between renqing and purchase intentions, which means that renqing has a big positive effect on purchase intentions in low PI conditions. The results highlight several implications for B2B companies that sell products to Chinese enterprises.

Findings

The empirical findings indicate a positive relationship between renqing and purchase intentions and the mediating role of LTO for increasing purchase intentions. In addition, this study also finds that PI has a negative moderating effect on the relationship between renqing and purchase intentions, which means that renqing has a big positive effect on purchase intentions in low PI conditions.

Originality/value

First of all, by answering the research question, this study shows that renqing has a positive effect on purchase intentions in Chinese B2B context. Second, this study elucidates the influence mechanism of renqing on purchase intention and identifies the mediating effect of LTO and the moderating effect of PI.

Details

Journal of Business & Industrial Marketing, vol. 37 no. 1
Type: Research Article
ISSN: 0885-8624

Keywords

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Article
Publication date: 28 September 2021

Xun Zhang, Jun Wu, Ning Zhang and Biao Xu

The purpose of this paper is to examine the impact of inter-group conflicts on the trust toward the acquirer and then further on cooperation intention after acquisitions in…

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Abstract

Purpose

The purpose of this paper is to examine the impact of inter-group conflicts on the trust toward the acquirer and then further on cooperation intention after acquisitions in cross-border mergers and acquisitions (M&As), in the lens of the social classification theory. Two types of conflicts (realistic conflicts and symbolic conflicts) and a mediating mechanism (trust toward the acquirer) exhibit different effects on cooperation intention. The research further examines two moderating coping strategies (localizing management and assigning trustworthy expatriate managers) and tests their effectiveness in promoting trust toward the acquirer and increasing cooperation intention in cross-border M&As.

Design/methodology/approach

The research hypotheses were empirically tested in the context of post-acquisition of Chinese companies' cross-border M&As. In total, 600 questionnaires were provided to the research participants of 37 acquired firms/units from advanced economies of 12 Chinese companies, and 209 valid questionnaires were collected (the response rate is 34.83%). Confirmatory factor analysis was conducted to verify data validity and hierarchical multiple regression analyses were employed to test relational and moderating effects.

Findings

This research demonstrates that both realistic and symbolic conflicts can reduce the intention to cooperate, but the latter does not have a significant influence. The results also uncover that whether employees from acquired firms trust in their acquirers mediates the relationship between realistic conflicts and cooperation intention. Moreover, management localization (a measurement of whether local/original managers are retained with a high degree of freedom and autonomy after M&As) and trustworthiness of expatriate managers (a measurement of whether the assigned expatriate managers is trustworthy) positively moderate the relation between realistic conflicts and trust toward the acquirer. In addition, trust toward the acquirer mediates the interaction of realistic conflicts and management localization on the cooperation intention of the acquirers' employees.

Originality/value

This study examines how inter-organizational conflicts influence trust toward the acquirer and then cooperation intentions in the context of Chinese companies' M&A behavior of targets from developed countries and gain supportive evidence, which enriches the literature on the management of international M&As. By introducing two management localization and trustworthiness of expatriate managers into the model, the research deepens our knowledge of how to build trust toward the acquirer in cross-border M&As.

Details

International Journal of Emerging Markets, vol. 18 no. 9
Type: Research Article
ISSN: 1746-8809

Keywords

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