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The purpose of this study is to examine the role of venture capital (VC) in supporting corporate growth and innovation through participation in private placements. While VC provides essential financial support to companies, it remains unclear whether this involvement serves a strategic investment role or a purely financial one. This study seeks to elucidate the role of VC by analyzing changes in the price discount of private placements following VC participation.

The authors take the private placement events of China A share listed companies from April 2005 to January 2023 as the sample, and examine the influence of VC subscriptions on price discount rate.

VC subscriptions to private placements increase information asymmetry, consequently raising the discount rate. This relationship is influenced by the transaction characteristics and information environment. Specifically, VC subscriptions further elevate the discount rate when VC are geographically dispersed from the issuers, possess industry expertise in the issuers’ sector, allocate raised funds for asset restructuring or non-digital investments and when the issuers are in their growth stages. Moreover, the positive correlation between VC subscriptions and the discount rate is more pronounced under conditions of lower internal control quality and weaker external media supervision. Higher discount rates in VC-subscribed private placements result in lower R&D investment and investment efficiency by the issuers, leading to larger-scale VC sell-offs and ultimately diminishing the market and financial performance of the issuers.

The issuers should diligently assess the behaviors and motives of VC and selectively choose issuance targets and methods to manage risks associated with price deviations in private placements. Additionally, this study recommends that regulatory authorities develop a more detailed regulatory framework that considers transaction characteristics and the information environment. This strategy should help optimize external regulatory measures like media coverage and protect the interests of small and medium-sized investors.

This study extends research on the “name chasing” motive and certification effect of VC in private placements, enriches the literature on the mechanisms forming discount rates and provides insights for refining regulatory policies on private placements.

The major shareholders may try to manipulate the stock price for tunneling after share lockup expiration, but the earlier studies focus on earnings management and do not consider other potential manipulation methods. Therefore, we explore the tone management of earnings communication conferences.

We take the China A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2021 as our sample to examine how, why and when share lockup expiration of major shareholders affects tone management of earnings communication conference.

Firms tend to engage in tone management in earnings communication conferences when the lockup expires by increasing the optimism of the tone and decreasing the similarity between the responses and questions. The purpose of tone management is not for share reduction, but rather for improving market performance and better share pledge. The effect of share lockup expiration is weaker when the firm engages in real or accrual-based earnings management, and when the firm keeps higher accounting conservatism. In addition, in companies at growth and maturity stages, where executive compensation is high, institutional investor ownership is low and the controlling shareholder is a non-state-owned enterprise, the impact of share lockup expiration on the tone management becomes more pronounced.

Our study reveals the ways and purposes of tone management when share lockup expires, shows the timing preferences of tone management and helps identify the quality of information disclosure in earnings communication conferences, enriching the research on tone management and market value management.

The rising occurrence of digitally driven public consumer complaints has made it necessary for enterprises to obtain consumer forgiveness. However, existing research has provided little understanding regarding how to obtain consumer forgiveness effectively. Thus, the present study examined how brand avatars can improve consumer forgiveness in the context of public apology.

This study tested the mechanism of a brand avatar on consumer forgiveness using three studies. Specifically, we explored the direct and mediating effect of empathy toward a brand (Study 1); we identified the moderating mediating effect of humorous responses (Study 2) and product type (Study 3). Data for these studies were collected on Credamo. We analyzed the data using SPSS (26.0) for the primary analysis and PROCESS (3.5) for the mediating and moderating mediating analysis.

The results indicate that brand avatars enhance consumer forgiveness. Moreover, empathy toward a brand plays a mediating role in the effect of brand avatars on consumer forgiveness. Additionally, when a humorous response is present, a brand avatar can enhance customer forgiveness through empathy toward that brand. Compared to utilitarian products, hedonic products can also increase the impact of a brand avatar on empathy toward the brand, thus enhancing consumers' forgiveness.

From the perspective of emotion, this study explored the impact of brand avatars on consumer forgiveness via empathy toward a brand. It augments the research on brand avatars and consumer forgiveness. The study also verified the moderating mediating effect of humor response and product type while expanding the brand avatar research boundary.

Scientific impact is traditionally assessed with citation-based metrics. Recently, altmetric indices have been introduced to measure scientific impact both within academia and among the general public. However, little research has investigated the association between the linguistic features of research article titles and received online attention. To address this issue, the authors examined in the present study the relationship between a series of title features and altmetric attention scores.

The data included 8,658 titles of Science articles. The authors extracted six features from the title corpus (i.e. mean word length, lexical sophistication, lexical density, title length, syntactic dependency length and sentiment score). The authors performed Spearman’s rank analyses to analyze the correlations between these features and online impact. The authors then conducted a stepwise backward multiple regression to identify predictors for the articles' online impact.

The correlation analyses revealed weak but significant correlations between all six title features and the altmetric attention scores. The regression analysis showed that four linguistic features of titles (mean word length, lexical sophistication, title length and sentiment score) have modest predictive effects on the online impact of research articles.

In the internet era with the widespread use of social media and online platforms, it is becoming increasingly important for researchers to adapt to the changing context of research evaluation. This study identifies several linguistic features that deserve scholars’ attention in the writing of article titles. It also has practical implications for academic administrators and pedagogical implications for instructors of academic writing courses.

Although interorganizational learning has attracted substantial attention, research about its effects on green innovation is still rare. Combining theories of organizational learning and absorptive capacity, this study explores the relationships among interorganizational learning, green knowledge integration capability (GKIC) and green innovation (GI), and analyzes the moderating role of green absorptive capacity (GAC). Based on resource-based and ambidexterity theories, this study focuses on vertical exploitative (VEL) and lateral explorative learning (LEL). This study expands the research of GI by proposing two different interorganizational learning mechanisms and uncovering the intricate relationship between them and GI.

Based on a sample of 203 Chinese manufacturing firms, the authors used a hierarchical regression analysis and bootstrap method to test the theoretical framework and research hypotheses of this paper.

Results show that VEL and LEL have positive effects on GI. GKIC partially mediates the relationship between VEL and GI and completely mediates the relationship between LEL and GI. Moreover, GAC plays a moderating role between LEL and GKIC and moderates the effect of LEL on GI via GKIC, such that the effect is stronger when GAC increases. However, it does not moderate the relationship between VEL and GKIC.

First, founded on resource-based and ambidexterity theories, this study considers two dimensions of interorganizational learning, VEL and LEL. Second, by testing the mediating role of GKIC, the authors provide a theoretical lens to understand the relationship between interorganizational learning and GI. Third, by examining boundary conditions of GAC, the authors enrich organizational learning and absorptive capacity theory in the context of green development.

Although virtual anchors have emerged as potent marketing tools, their acceptance by consumers is controversial. Specifically, the relative efficacy of selecting an all-human-like or animal-human-like virtual anchor is not well-defined. However, anthropomorphic visual cues are vital in enhancing live streaming. This study aims to analyze the disparate effects of an animal-human-like or all-human-like virtual anchor on purchase intention as well as evaluate the possible underlying influential mechanisms and boundary conditions.

In this research, three different studies were carried out to elucidate the impact of virtual anchors on purchase intention. Study 1 evaluated the core impact of an animal-human-like and all-human-like virtual anchor on purchase intention, as well as the mediating role of perceived warmth and competence. Studies 2 and 3 were then performed to investigate the moderating impacts of product type and certainty of consumer needs, respectively. Furthermore, research data for these studies was collected using the Credamo tool and analyzed via SPSS, using PROCESS for moderation and mediation analyses.

The research findings indicate that virtual anchors can trigger purchase intention, with perceived warmth and competence acting as mediating factors. Based on the utilitarian products and high certainty of consumer needs, the influence of perceived competence on purchase intention is augmented. Therefore, an all-human-like virtual anchor increases purchase intention. In contrast, the impact of perceived warmth on purchase intention is supplemented for hedonic products and low certainty of consumer needs. Thus, an animal-human-like virtual anchor increases purchase intention.

This research study evaluated consumer reactions to all-human-like and animal-human-like virtual anchors for different product types and the certainty of consumer needs to optimize the comprehension of a virtual anchor. Furthermore, the assessment of the mediating roles of perceived warmth and competence provided valuable insights into the influential mechanisms by which virtual anchors affect purchase intention. Moreover, this study provided managerial implications to guide retailers and brands on the strategic adoption of virtual anchors to enhance purchase intention based on the product type and the certainty of consumer needs.

In recent years, the People's Republic of China has made remarkable progress in science and technology. The Chinese industry is competing for leadership in cutting-edge technologies such as 5G, robotics, artificial intelligence, aerospace and green energy. This article aims to analyze: What role do industrial parks, especially Suzhou Industrial Park, play in upgrading technology to encourage independent innovation and economic development? How SIP is related to the Belt and Road Initiative?

This research summarizes China's most important scientific and technological reforms and policies and in particular the Torch Program. In addition, it develops a case study of the Suzhou Industrial Park (SIP) by analyzing documents, bibliography and presenting data. It ends with a case study of the role of SIP in the Belt and Road Initiative analyzing the Great Stone Park in Belarus.

This article highlights that: China's experience clearly shows that the "visible hand" of the State plays a very important role in economic development and technological catch-up. All of them are implemented from a strategy linking the national objectives with the local ones, this is done from a top-down perspective. As an important aspect of economic and social development, China's experience in promoting indigenous innovation in science and technology provides a relevant example for developing countries.

There are few academic literature on Great Stone Industrial Park.

The international cooperation of the SIP with the technology parks throughout the BRI-countries provides relevant information to deepen collaboration in this field and could contribute to closing the technological gap in developing countries.

The role of the SIP in the Belt and Road initiative is an under research topic. There is few bibliography discussing the impacts of the cooperation in science and technology in the framework of the BRI.

Employees’ information security policy (ISP) compliance exerts a significant strain on information security management. Drawing upon the compliance theory and control theory, this study attempts to examine the moderating roles of organizational commitment and gender in the relationships between reward/punishment expectancy and employees' ISP compliance.

Using survey data collected from 310 employees in Chinese organizations that have formally adopted information security policies, the authors applied the partial least square method to test hypotheses.

Punishment expectancy positively affects ISP compliance, but reward expectancy has no significant impact on ISP compliance. Compared with committed employees, both reward expectancy and punishment expectancy have stronger impacts on low-commitment employees' ISP compliance. As for gender differences, punishment expectancy exerts a stronger effect on females' ISP compliance than it does on males.

By investigating the moderating roles of organizational commitment and gender, this paper offers a deeper understanding of reward and punishment in the context of ISP compliance. The findings reveal that efforts in building organizational commitment will reduce the reliance on reward and punishment, and further controls rather than the carrot and stick should be applied to ensure male employees' ISP compliance.

The study aims to examine the military-connected firms' risk preference, specifically in the innovation intensity level context. The authors argue that firms with military-experienced top management have conservative and risk-averse behavior, influencing the innovation investment policy.

The authors use nonfinancial Indonesian-listed firms from 2010 to 2018 amounted to 2,504 firm-year observations.

The authors document a negative relationship between military connection with both innovation activities and outputs. The additional analysis documents that risk-preferences of military-connected firms will be drastically changed when the industry has a high digital level, which confirms that risk-averse military-experienced management is less dominant with adaptation skill. The authors also identify that veterans did not need a long tenure to influence firms' innovation investment policy. Lastly, the result is robust due to various endogeneity tests employed.

This study further examines military-connected firms' technological innovation compared to prior studies and enriches the related literature.

This study aims to examine the younger generations’ experiential consumption of foreign contemporary music online (i.e. digital music streaming services) by generation and gender in the US market.

The author proposes a sequential experiential consumption model by applying Jacoby’s refined stimulus-organism-response (S-O-R) theory to better understand the experiential sequences in foreign music consumption among young generations in the US market. The proposed model, using structural equation modeling (SEM), examines a cognitive permeable role and a hierarchical affective mediating role. Also, moderating roles of generation and gender are simultaneously tested in overall and specific causal relationships.

The refined S-O-R framework is superior to a linear one in better understanding young consumers’ online experiential foreign music consumption behavior. Moreover, hierarchical sequenced affective organismic behavior is crucial to enhance young consumers’ online music consumption experiences to regulate subsequent behavioral responses. Furthermore, gender differences but no generational differences exist in the experiential consumption process among young consumers. Nevertheless, the strength of S-O-R factors affecting experiential consumption seems idiosyncratic simultaneously in gender and generation.

The study suggests foreign music streaming services boost profitability by focusing on young consumers' psychological ownership and tailored experiences, encouraging a shift from freemium to premium subscriptions. Also, the findings recommend adopting phygital experiences using technologies like AR, VR and MR to enhance engagement and create unique, emotionally resonant experiences for young consumers, thus fostering a more profitable business model.

The authors address under-researched topics relevant to young generations by applying Jacoby’s refined S-O-R framework to foreign music consumption through online streaming. This approach delves into a lesser-explored consumer behavior framework, highlighting young generations’ musical trends. The model reveals cognitive and affective roles, offering advantages over traditional linear S-O-R models. It also uniquely incorporates the moderating effects of generation and gender in music consumption studies, addressing a gap in music-related studies.