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This study aims to explore key factors and specific ways for the upgrade to hybrid incubators in the context of China. A hybrid incubator means that a technology-based business incubators (TBIs) can implement various distinct value creation processes with the integration of the advantages of non-for-profit and for-profit TBIs at same time as Chinese government now requires government-sponsored non-for-profit TBIs to be profitable self-sustainability with less dependent on direct public subsidies, aiming to motivate these TBIs to provide higher quality services for their tenant new technology-based firms (NTBFs).

This study conducts a single in-depth case-study of Tuspark Incubator (located in Tsinghua Science Park [TSP]) with categorical analysis.

Three factors, i.e. incubation subdivision, intermediary platform and proactive approach, are found to be essential for a formerly government-sponsored TBI’s upgrading. Incubation subdivision enables Tuspark Incubator to create multiple incubation processes with incubator characteristic variables of both non-for-profit and for-profit incubators; with the establishment of intermediary platform, Tuspark Incubator provides specialized business support and high-quality networking from relevant specialized service organizations external to the incubator; more proactive approach with equity investment on incubating firms from Tuspark Incubator help to generate social welfare and financial profit at the same time.

For the incubators’ managers, incubation subdivision enables TBIs to operate for-profit and non-for-profit processes at the same time and provides different specific needs; more open intermediary service platforms can leverage the full potential of the actors in innovation system and help TBIs to save resource when upgrading to hybrid incubators; proactive approaches nurture learning climate and entrepreneurship environment to enhance the successful rate on NTBFs inside incubators and provide main profit source for incubators. For policy makers, using proactive approaches including creating a good milieu for incubation on technology-based start-ups and the design of public guidance funds is increasingly crucial.

This research is a pioneering study on the key factors and specific ways for the upgrade of government-sponsored non-for-profit TBIs in China to hybrid for-profit and non-for-profit incubators.

This study aims to test the effects of Technology-related Divestitures (TRDs) on firms' exploratory innovation. The moderating effects of firms' internal and external resource coordination activities, resource buffering and bridging, are also explored.

A set of data including 1,372 Chinese listed firms from 2009 to 2018 is adopted. Based on propensity score matching sample, random-effect Tobit models were employed to test the hypotheses.

The empirical results indicate that TRDs inhibit firms' exploratory innovation, while both resource buffering and bridging can mitigate this negative effect. This implies that to promote exploratory innovation, resource coordination activities are the essential.

The research findings can contribute to both the exploratory innovation and technological divestiture literature. The test on the moderating roles of resource buffering and bridging can also extend our understanding of the effect of TRDs on firms' exploratory innovation. Accordingly, several practical implications can be provided. This is especially important for strategic decisions of firms from emerging and developing countries, which often lack sufficient internal resources and strong technological capabilities to develop exploratory innovation.

Studies have documented the distinctive advantage of innovation ecosystems in integrating and recombining heterogeneous knowledge resources across firms' boundaries. However, hierarchical governance in the form of vertical integration is still preferred in many industries for organizing innovation, and the current literature touches little on the relative performance of different organizational structures (integrated firms vs innovation ecosystem) and the factors that lead firms to choose one over the other. The authors conjecture that structure of technological interdependence is one of such important factors. Using a computational experiment, the authors compare the innovation performance of ecosystems with integrated firms under different interdependency structures.

Using the NKC model, the authors incorporate non-generic complementarities and modularity into the technological interdependence between different components. The authors compare four different types of technological interdependence (modular, hierarchical, nearly modular, and random).

The results show that integrated firms with centralized search demonstrate stable and consistent performance that is robust to the structure of technological interdependencies, but an ecosystem significantly outperforms integrated firms with centralized or decentralized when the products exhibit modular or nearly-modular structures.

This study sheds light on why an ecosystem often exhibits modular structures while vertical integration is prevalent in industries with complex technological interdependence. In addition, it shows the evolutionary nature of ecosystems and indicates how the cooperation and competition between actors shape the interdependence structure of ecosystems.

The purpose of this study is to explore the effect and mechanism of the digital economy’s influence on the binary margin of agricultural exports.

Based on the theoretical analysis of the mechanism of the digital economy’s influence on the binary margin of agricultural exports, this study empirically examines the effect and mechanism of the digital economy’s influence on the binary margin of agricultural exports based on China’s customs export data from 2011 to 2016.

The relevant findings are threefold. (1) The digital economy significantly improves the binary margin of agricultural exports, and its effect on the intensive margin is stronger than that on the expansive margin. After the expansive margin is subdivided, the effects on the three sub-variables of the expansive margin are in the following order: old products exported to new markets > new products exported to old markets > new products exported to new markets. (2) The heterogeneity analysis reveals that the digital economy has a stronger role in promoting the binary margin of exports for enterprises in the eastern region, high-income countries as the destination of exports and state-owned enterprises. (3) Mechanism analysis shows that the digital economy promotes the binary margin of agricultural exports by reducing trade costs and intensifying market competition.

First, in terms of research perspective, although there are some studies on the impact of the digital economy on export trade in existing literature, the research objects mainly focus on manufacturing enterprises. In fact, agricultural trade is susceptible to natural conditions and seasonal factors, and countries may impose more SPS measures and TBT measures on agricultural trade due to risk considerations. The relationship between the digital economy and agricultural trade also has its own characteristics, but there are few research studies in this area. At present, only Liu and Gao (2022), based on the data of total imports and exports of different agricultural products from 2004 to 2018, have established a vector auto-regressive model to empirically analyse the heterogeneous dynamic impact of the digital economy on the trade volume of agricultural products. In addition, Ma and Guo (2023) conducted an empirical test on the total effect, regional heterogeneity and threshold effect of the digital economy on agricultural export trade based on China’s provincial panel data from 2011 to 2020. Therefore, under the new circumstances of continuous integration of digital technology and agriculture, this study interprets the impact effect and mechanism of the digital economy on the binary margin of agricultural exports from the perspective of the digital economy, providing new research perspectives and approaches for promoting the growth of agricultural exports. Second, in terms of theoretical analysis, the above studies have not been fully analysed in terms of the specific mechanism of the impact of the digital economy on agricultural exports. Based on the positive and negative characteristics of agricultural trade, this study introduces two kinds of roles into the theoretical analysis framework to comprehensively determine the trade impact effect of the digital economy. Third, in terms of research design, this study empirically examines the impact of the digital economy on the binary margin of agricultural products, passing a series of robustness tests and investigating the mediating roles of trade cost and market competition effects, producing an empirical basis for China to leverage the digital economy to promote the binary margin of agricultural exports.

Despite the well-recognized importance of recycled water, the study of industry-peer pressure on recycled water is relatively new. This study investigates how organizations experience and react to industry-peer pressure to set recycled water targets. Additionally, this study investigates the role of board chairs involved in sustainability committees in contributing to responses to industry-peer pressure.

Using Eviews 12, this study employed a pooled logistic regression model to analyze data from 1,346 firms on Taiwan and Taipei exchanges (2017–2020).

The findings revealed that frequency-based imitation drives recycled water target-setting diffusion. However, there is no direct relationship between outcome-based imitation and recycled water target-setting. Notably, outcome-based imitation drives the adoption of recycled water target-setting of firms with board-chair membership in sustainability committees.

This study faces certain data limitations. First, this study primarily focuses on water recycling. Future research could explore other ways to reduce water usage, such as using water-efficient equipment. Second, this study gathered information solely on the presence or absence of a board chairperson on the sustainability committee. Future researchers could explore the impact of the composition of sustainability committee on recycled water target-setting. Lastly, the sample used in this study is restricted to Taiwan's corporations that existed during 2017–2020. Future researchers may consider adopting a longitudinal design in other economies to address this limitation.

The findings of this study offer several guidelines and implications for recycled water target-setting and the composition of sustainability committees. It responds to an urgent call for solutions to water shortages when pressure from governments and nongovernmental organizations is relatively absent. The number of industry peers that have already set recycled water targets is indispensable for motivating firms to set their own recycled water targets. In terms of insufficient water-related regulatory pressure and normative pressure, this study found evidence suggesting that the direct motivation for setting recycled water targets stems from mimetic pressures via frequency-based imitation. The evidence in this study suggests that policymakers should require companies to disclose their peers’ recycled water target information, as doing so serves as an alternative means to achieving SDG 6.3.

Recycled water target-setting might be challenging. Water recycling practices may face strong resistance and require substantial additional resources (Zhang and Tang, 2019; Gao et al., 2019; Gu et al., 2023). Therefore, this study suggests that firms should ensure the mindfulness of board members in promoting the welfare of the natural environment when making recycled water target-setting decisions. To reap the second-mover advantage, firms must consider the conditions in which board members can more effectively play their role. Corporations may help their chairpersons in setting recycled water targets by recruiting them as members of sustainability committees. Meanwhile, chairpersons tend to activate accurate mental models when the water conservation performance of pioneering industry peers is strong enough to indicate the potential benefits of adopting recycled water target-setting. Investors’ and stakeholders’ understanding of how the composition of sustainability committees is related to recycled water target-setting may help to identify the potential drivers of firms’ water responsibility. Investors and stakeholders should distinguish firms in terms of the board chair’s membership of their sustainability committee and focus on water-use reduction outcomes in the industry. This study provides insights into circumstances whereby chairpersons help to restore the water ecosystem.

This study explains how frequency-based and outcome-based imitation are two prominent mechanisms underlying the industry-peer pressure concerning recycled water target-setting. Moreover, this study fills literature gaps related to the moderating roles of board-chair membership in sustainability committees concerning industry-peer pressure on recycled water target-setting.

As an important participant in capital market, institutional investors play a principal role in improving corporate governance. Most existing studies have focused on institutional ownership and its economic consequences. Nevertheless, they have not provided sufficient insight on the governance behavior of institutional investors as well as the underlying incentive mechanism. This paper aims to analyze the governance role of institutional investors in information disclosure and provide related evidence.

The authors propose a novel theory to analyze the institutional investors’ behavior of active governance and shows that such behavior significantly improves the quality of corporate information disclosure. The authors then conduct an empirical test by using the hand-collected data of institutional investors’ corporate visits during 2009-2014 in ChiNext.

This paper finds that the firms visited by institutional investors are more likely to have a greater tendency of disclosing more information than the firms that have never been visited. In particular, a higher frequency of visits or a larger number of participating institutional investors leads to a higher degree of disclosure. Consistent with the notion that on-site visits endow institutional investors with more frequent and active interaction with the firms, the authors find that the results are stronger for firms which are visited on-site, when compared with other information acquisition activities such as online meetings, conference calls and investor meetings. In addition, the effect of a site visit is greater when the site visit is conducted by securities companies or funds rather than insurance companies or QFIIs. Finally, the test of the direction of causality suggests that visits conducted by institutional investors leads to more information disclosure, rather than the reverse. Collectively, these results show that institutional investors’ participation enhances corporate information disclosure.

This paper explores the internal mechanism that institutional investors affect corporate governance by improving information disclosure through their corporate visits. This is the first study to investigate the influence of institutional investors’ corporate visits and their economic consequences.

To address the various irregularities that occurred during the development of China’s electricity market, particularly the issue of collusive pricing between upstream and downstream firms.

This study constructs a tripartite evolutionary game model involving government regulators, grid operators and power producers to address electricity market pricing chaos. By analyzing the stable strategies within each subject’s evolutionary game, adjustments to the relevant parameters are made to achieve a stable state of strategy selection.

The findings of this study indicate the following: (1) Enhancing the government’s rewards and punishments, increasing speculation and rent-seeking costs for grid operators and modifying tariff sales revenue can promote the integrity of grid operators. (2) Establishing reasonable incentives and penalties can effectively mitigate rent-seeking behaviors resulting from collusive pricing in the power industry. (3) Strengthening the accountability of higher authorities to government regulators and adjusting incentives for grid operators to comply and generators to refrain from rent-seeking behavior can increase the likelihood of rigorous inspections by government regulators.

This study elucidates the impact of factors such as the cost of speculation and sales revenue of grid operators, the cost of rent-seeking by power producers and the strength of rewards and punishments by government departments on the power sector. Adjusting these factors can significantly influence the stability of the three-party evolutionary game, providing valuable insights into the regulatory mechanisms of the power industry.

Digital transformation is essential for commercial banks to maintain long-term competitiveness in the digital economy era. This study aims to investigate the relationship between inside debt and the bank's digital transformation.

This study set up a quasi-natural experiment based on implementing the executive compensation deferral system in the Chinese banking industry. Using the annual panel data of 180 commercial banks in China from 2007 to 2021, this study employed the difference-in-differences (DID) method to conduct an empirical analysis.

This study confirms a significant statistical relationship between inside debt and the bank's digital transformation, and managerial myopia is the transmission channel of inside debt affecting the bank's digital transformation. Furthermore, the development of Internet finance and the enhancement of bankers' confidence will improve the contributions of inside debt to the bank's digital transformation.

This study contributes to the literature on inside debt and the bank's digital transformation. It has specific policy value for the scientific design of the banking compensation mechanism and accelerating banks' digital transformation.

In typical model-based calibration, linearization errors are derived inevitably, and non-negligible negative impact will be induced on the identification results if the rotational kinematic errors are not small enough or the lengths of links are too long, which is common in the industrial cases. Thus, an accurate two-step kinematic calibration method minimizing the linearization errors is presented for a six-DoF serial robot to improve the calibration accuracy.

The negative impact of linearization on identification accuracy is minimized by removing the responsible linearized kinematic errors from the complete kinematic error model. Accordingly, the identification results of the dimension-reduced new model are accurate but not complete, so the complete kinematic error model, which achieves high identification accuracy of the rest of the error parameters, is combined with this new model to create a two-step calibration procedure capable of highly accurate identification of all the kinematic errors.

The proportions of linearization errors in measured pose errors are quantified and found to be non-negligible with the increase of rotational kinematic errors. Thus, negative impacts of linearization errors are analyzed quantitatively in different cases, providing the basis for allowed kinematic errors in the new model. Much more accurate results were obtained by using the new two-step calibration method, according to a comparison with the typical methods.

This new method achieves high accuracy with no compromise on completeness, is easy to operate and is consistent with the typical method because the second step with the new model is conveniently combined without changing the sensors or measurement instrument setup.

The purpose of this paper is to investigate the effect Ti on stress corrosion cracking (SCC) and flow accelerated stress corrosion cracking (FA-SCC) behavior and mechanisms of Monel K500 alloy.

Monel K500 alloy with different Ti contents was designed. A metallurgical microscope (XJP-3C) and scanning electron microscopy (EV0 MA15 Zeiss) with an energy dispersive spectroscopy were used to analyze the microstructure of the Monel K500 alloy. In situ electrochemical tests were carried out in static and flowing seawater to study FA-SCC behavior.

The number of TiCN particles in the alloy increased as the increase of Ti content. The static corrosion and SCC of Monel K500 alloy are reduced as the content of Ti increases. Generally, the SCC of alloys was caused by the synergistic effect of the anodic dissolution at exposed metal matrix and the pit corrosion of metal matrix adjacent to TiCN particles, which was further accelerated by flowing.

The corrosion behavior and mechanism of Monel K500 alloy with different Ti contents in a complex flowing seawater environment are still unclear, which remain systematic study to insure the safe service of the alloy.