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Article
Publication date: 7 November 2019

Ting Ren, Nan Liu, Hongyan Yang, Youzhi Xiao and Yijun Hu

The purpose of this paper is to examine the relationship between working capital management (WCM) and firm performance in the context of the Chinese economy. Specifically, it…

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Abstract

Purpose

The purpose of this paper is to examine the relationship between working capital management (WCM) and firm performance in the context of the Chinese economy. Specifically, it investigates the effects of ownership structures as an internal factor and of institutional environments (IE) as an external factor shaping this relationship.

Design/methodology/approach

The study applies two-way fixed effect regression models to a sample of Chinese listed manufacturing firms for the period of 2010 to 2017. WCM is measured by cash conversion cycles (CCC); profitability is measured by core profit ratios; ownership structures are classified based on state-owned enterprises (SOEs) and non-SOEs; and IEs are measured from dimensions of factor markets (FM) and legal systems (LS).

Findings

First, the results show a negative relationship between CCC and firm performance. Second, the negative relationship between CCC and profitability is significant for non-SOEs but not for SOEs. Third, both the FM and LS strengthen the negative association between CCC and profitability. Fourth, the moderating effect of FMs and LSs is evident for non-SOEs only. The results hold when using alternative measures of WCM and profitability and while controlling for additional variables.

Originality/value

The current study shows that while WCM has a significant effect on the profitability of Chinese firms, such an effect greatly depends on the ownership structures and IE involved. The results thus offer important implications in helping the Chinese government create better IEs and in allowing manufacturing firms to improve upon their WCM practices.

Details

Asian Review of Accounting, vol. 27 no. 4
Type: Research Article
ISSN: 1321-7348

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Article
Publication date: 10 February 2022

Ting Ren, Youzhi Xiao, Daniel Pinto and Hongyan Yang

As majority of studies of employee ownership (EO) take place in developed markets and primarily focus on the impact on firm performance, scholars have recently called for other…

257

Abstract

Purpose

As majority of studies of employee ownership (EO) take place in developed markets and primarily focus on the impact on firm performance, scholars have recently called for other markets, especially large developing markets to be considered, as well as alternative outcome measures.

Design/methodology/approach

Through the examination of the implementation of EO by Chinese listed firms during the period of 2011–2019 with total 3,473 firms and 21,204 observations, the authors provide empirical evidence on the positive effect of EO on firm R&D investment within the rapidly growing Chinese market.

Findings

The authors find that the adoption of EO promotes higher level of firm R&D investment. This positive relationship is more evident among small firms, non-state-owned firms and local state-owned-firms, compared with their counterparts. As for the plausible channels, the authors find that adopting EO provides a favorable institutional environment, which attracts more technical staff, improves workplace quality, and encourages job stability and greater employee effort, leading to greater R&D investment.

Originality/value

Though the connection between R&D investment/innovation and firm survival performance has been known for decades, the innovation side of outcomes has been ignored by EO research. Therefore, the authors explore the relationship between EO implementation and firm R&D investment within the rapidly growing Chinese market.

Details

Journal of Participation and Employee Ownership, vol. 5 no. 2
Type: Research Article
ISSN: 2514-7641

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Article
Publication date: 27 January 2025

Zhong Du, Xiang Li and Zhi-Ping Fan

In the practice of live streaming e-commerce, the consumer demand is usually uncertain, and the inventory and prices can be decided by brand owners or streamers. To this end, this…

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Abstract

Purpose

In the practice of live streaming e-commerce, the consumer demand is usually uncertain, and the inventory and prices can be decided by brand owners or streamers. To this end, this study examines the inventory and pricing decisions of the brand owner and streamer in a live streaming e-commerce supply chain under demand uncertainty.

Design/methodology/approach

In this study, four scenarios are considered, i.e. the brand owner determines the inventory and price (Scenario BB), the brand owner determines the inventory and the streamer determines the price (Scenario BS), the streamer determines the inventory and the brand owner determines the price (Scenario SB), and the streamer determines the inventory and price (Scenario SS).

Findings

The results show that the inventory and prices, as well as the profits of the brand owner and streamer increase with the consumer sensitivity to streamer’s sales effort level under the four scenarios. The inventory (price) is the highest under Scenario SS (SB), while that is the lowest under Scenario BB (BS). In addition, when the sensitivity is low, the brand owner’s profit is the highest under Scenario BB, otherwise, the profit is the highest under Scenario SS. Regardless of the sensitivity, the streamer’s profit is always the highest under Scenario SS.

Originality/value

Few studies focused on the inventory and pricing decisions of brand owners and streamers in live streaming e-commerce supply chains under demand uncertainty, while this work bridges the research gap. This study can provide theoretical basis and decision support for brand owners and streamers.

Details

Industrial Management & Data Systems, vol. 125 no. 3
Type: Research Article
ISSN: 0263-5577

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