Yugang Yin and Bin Tan
The purpose of this paper is to find out whether the election of star analysts leads to the conflict of interests between analysts\institutional investors and individual…
Abstract
Purpose
The purpose of this paper is to find out whether the election of star analysts leads to the conflict of interests between analysts\institutional investors and individual investors. And then, further investigate how the election results to influence the individual investors’ decision making.
Design/methodology/approach
Given the fact that earnings forecasts and stock ratings are the most important foundations for the investor’s investment decision, the authors investigate the relationship among the earnings forecasts, abnormal returns and the election of star analyst. This paper further analyzes the impact factors on investors’ decision. The data used in this paper for star analysts’ information, analysts’ forecast and recommendations, as well as stock performances-related data are from 2005 to 2012.
Findings
This paper finds that mass media cannot select analysts with high forecast accuracy, and then misleads investors. It demonstrates that the analysts with poorer forecast ability and more optimistic stock recommendations are more prone to be entitled as star analysts by mass media, and these titled star analysts tend to show a poorer performance. Therefore, the star analyst worsens investors’ cognition on analysts forecast ability and then misleads investors’ decision making.
Social implications
Media plays a critical role in corporate governance, information collection and diffusion and reducing the information asymmetry, however, it is good to know the role of media in financial markets from a broader perspective. Because media may also bring negative factors to the financial markets such as misguiding the investors and intensify the conflict of interests between analyst and individual investors.
Originality/value
This paper supports a new perspective of the role of mass media in financial market, which is different from existing studies.
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Kem Z.K. Zhang, Haiqin Xu, Sesia Zhao and Yugang Yu
Online reviews have shown important information that affects consumers’ online shopping behavior. However, little research has examined how they may influence consumers’ online…
Abstract
Purpose
Online reviews have shown important information that affects consumers’ online shopping behavior. However, little research has examined how they may influence consumers’ online impulse buying behavior. The purpose of this paper is to bring theoretical and empirical connections between them.
Design/methodology/approach
The framework of this study was tested on three popular online group shopping websites in China (ju.taobao.com, dianping.com, and meituan.com). An online survey with 315 participants who had experience using these websites was recruited to verify the effects of consumers’ perceived value from reading online reviews on urge to buy impulsively and impulse buying behavior.
Findings
The empirical findings show that consumers’ perceived utilitarian and hedonic value from reading online reviews enhance their browsing behavior. Browsing positively affects consumers’ urge to buy impulsively and finally affects their impulse buying behavior. Further, this study finds that consumers with high impulsiveness focus more on hedonic value of online reviews, whereas consumers with low impulsiveness put more emphasis on utilitarian value. Browsing demonstrates a stronger effect on urge to buy impulsively for consumers with high impulsiveness.
Originality/value
This study is one of the early studies to investigate the relationship between social influence (e.g. influence of online reviews) and impulse buying. It draws upon the perspectives of browsing and consumer’s perceived value from the literature. This research also considers consumer differences regarding the level of impulsiveness.
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Xiuyuan Fang, Marshall S. Jiang and Yugang Li
Intangible resources (IRs) play an important role in enterprise innovation; previous studies find inconsistent results (positive and negative). The authors develop and test a…
Abstract
Purpose
Intangible resources (IRs) play an important role in enterprise innovation; previous studies find inconsistent results (positive and negative). The authors develop and test a framework to analyze IRs to see whether and how to impact firm innovation performance to reconcile the conflicting results.
Design/methodology/approach
This study empirically examined the curvilinear effect of IRs and innovation performance (IP) based on data from the Annual Census of Chinese Industrial Enterprises. The moderating effect of institutional development (ID) and state ownership (SO) in the relationship between firms' IRs and IP was also examined.
Findings
It was found that there is a U-shaped relationship between IRs and IP. Moreover, the institutional development weakens the U-shaped relationship.
Originality/value
The U-shaped relationship explains the inconsistent results in previous studies. It offers some important implications for managers and policymakers, who must understand the role of IRs.
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Hong Xiao, Yugang Duan, Zhongbo Zhang and Ming Li
This paper aims to investigate an approach for mental fatigue detection and estimation of assembly operators in the manual assembly process of complex products, with the purpose…
Abstract
Purpose
This paper aims to investigate an approach for mental fatigue detection and estimation of assembly operators in the manual assembly process of complex products, with the purpose of founding the basis for adaptive transfer and demonstration of assembly process information (API), and eventually making the manual assembly process smarter and more human-friendly.
Design/methodology/approach
The proposed approach detects and estimates the mental state of assembly operators by electroencephalography (EEG) signal recording and analysis in an engine assembly experiment. When the subjects perform assembly tasks, their EEG signal is recorded by a portable EEG recording system called Emotiv EPOC+ headset. The feature set of the EEG signal is then extracted by calculating its power spectrum density (PSD), followed by data dimension reduction based on principal component analysis (PCA). The dimension-reduced data are classified by using support vector machines (SVMs), and hence, the mental state of assembly operators can be estimated during the assembly process.
Findings
The experimental result shows that the proposed approach is able to estimate the mental state of assembly operators within an acceptable accuracy range, and the PCA-based dimension reduction method performs very well by representing the high-dimensional EEG feature set with just a few principal components.
Originality/value
This paper provides theoretical and experimental basis for the API transfer and demonstration based on human cognition. It provides a new idea to seek balance between the improvement of production efficiency and the sustainable utilization of human resources.
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Ying Huang, Chao Hao, Jian Liu, Xiaohui Guo, Yangyang Zhang, Ping Liu, Caixia Liu, Yugang Zhang and Xiaoming Yang
The purpose of this study is to present a highly stretchable and flexible strain sensor with simple and low cost of fabrication process and excellent dynamic characteristics…
Abstract
Purpose
The purpose of this study is to present a highly stretchable and flexible strain sensor with simple and low cost of fabrication process and excellent dynamic characteristics, which make it suitable for human motion monitoring under large strain and high frequency.
Design/methodology/approach
The strain sensor was fabricated using the rubber/latex polymer as elastic carrier and single-walled carbon nanotubes (SWCNTs)/carbon black (CB) as a synergistic conductive network. The rubber/latex polymer was pre-treated in naphtha and then soaked in SWCNTs/CB/silicon rubber composite solution. The strain sensing and other performance of the sensor were measured and human motion tracking applications were tried.
Findings
These strain sensors based on aforementioned materials display high stretchability (500 per cent), excellent flexibility, fast response (approximately 45 ms), low creep (3.1 per cent at 100 per cent strain), temperature and humidity independence, superior stability and reproducibility during approximately 5,000 stretch/release cycles. Furthermore, the authors used these composites as human motion sensors, effectively monitoring joint motion, indicating that the stretchable strain sensor based on the rubber/latex polymer and the synergetic effects of mixed SWCNTs and CB could have promising applications in flexible and wearable devices for human motion tracking.
Originality/value
This paper presents a low-cost and a new type of strain sensor with excellent performance that can open up new fields of applications in flexible, stretchable and wearable electronics, especially in human motion tracking applications where very large strain should be accommodated by the strain sensor.
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Mohamed H. Sharaf, Adham M. Nagiub, Salem S. Salem, Mohamed H. Kalaba, Esmail M. El Fakharany and Hamada Abd El-Wahab
This study aims to focus on the preparation and characterization of the silver nanowire (AgNWs), as well as their application as antimicrobial and antivirus activities either with…
Abstract
Purpose
This study aims to focus on the preparation and characterization of the silver nanowire (AgNWs), as well as their application as antimicrobial and antivirus activities either with incorporation on the waterborne coating formulation or on their own.
Design/methodology/approach
Prepared AgNWs are characterized by different analytical instruments, such as ultraviolet-visible spectroscope, scanning electron microscope and X-ray diffraction spectrometer. All the paint formulation's physical and mechanical qualities were tested using American Society for Testing and Materials, a worldwide standard test procedure. The biological activities of the prepared AgNWs and the waterborne coating based on AgNWs were investigated. And, their effects on pathogenic bacteria, antioxidants, antiviral activity and cytotoxicity were also investigated.
Findings
The obtained results of the physical and mechanical characteristics of the paint formulation demonstrated the formulations' greatest performance, as well as giving good scrub resistance and film durability. In the antimicrobial activity, the paint did not have any activity against bacterial pathogen, whereas the AgNWs and AgNWs with paint have similar activity against bacterial pathogen with inhibition zone range from 10 to 14 mm. The development of antioxidant and cytotoxicity activity of the paint incorporated with AgNWs were also observed. The cytopathic effects of herpes simplex virus type 1 (HSV-1) were reduced in all three investigated modes of action when compared to the positive control group (HSV-1-infected cells), suggesting that these compounds have promising antiviral activity against a wide range of viruses, including DNA and RNA viruses.
Originality/value
The new waterborne coating based on nanoparticles has the potential to be promising in the manufacturing and development of paints, allowing them to function to prevent the spread of microbial infection, which is exactly what the world requires at this time.
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Rehana Naheed, Aws AlHares, Yasir Shahab and Rukhsana Naheed
This study aims to investigate the impact of the board’s financial expertise (BFE) on corporate social responsibility (CSR) disclosure in China.
Abstract
Purpose
This study aims to investigate the impact of the board’s financial expertise (BFE) on corporate social responsibility (CSR) disclosure in China.
Design/methodology/approach
Using a sample of Chinese listed firms from 2009-2016 (making 3272 firm-year observations), this study uses the generalized method of moments (GMM) and panel data estimation techniques.
Findings
Using the resource dependence theory, the findings of this study are twofold. First, the is positively associated with the disclosure level of CSR. Second, this positive impact is more pronounced in firms with female CEO and state ownership. The findings are robust to the potential issues of endogeneity and sensitivity analyses.
Practical implications
Practically, the findings hold value for the senior management of Chinese firms to ensure the presence of financial experts in boards to yield both financial and non-financial outcomes.
Social implications
This study points out how financial experts on boards influence the societal outcomes via disclosure of CSR. Financial experts encourage participation in social and sustainable practices which creates a positive image of the firm not only in the eyes of society but also for investors.
Originality/value
This study is unique and contributes to the extant literature by examining the impact of a new attribute, i.e. the BFE on the level of CSR disclosure in China.
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Yue Zhang, Changjiang Zhang, Sihan Zhang, Yuqi Yang and Kai Lan
This study aims to examine the risk-resistant role of environmental, social and governance (ESG) performance in the capital market, focusing on an organizational standpoint…
Abstract
Purpose
This study aims to examine the risk-resistant role of environmental, social and governance (ESG) performance in the capital market, focusing on an organizational standpoint. Furthermore, it aims to offer management decision advice to companies seeking protection against stock market risks. Conclusions obtained through this research have the potential to enrich the economic consequences of ESG performance, provide practical implications for enhancing corporate ESG performance, improving corporate information quality and stabilizing capital market development.
Design/methodology/approach
Based on the data of Chinese A-share listed companies from 2009 to 2020, this study examines the risk-resistant function of ESG performance in the capital market. The impact of ESG performance on management behavior is analyzed from the perspective of organizational management and the three mechanisms of pre-event, during the event and post-event.
Findings
This paper demonstrates that companies that effectively implement ESG practices are capable of effectively mitigating risks associated with stock price crashes. Heterogeneity analysis reveals that the inhibitory effect of ESG performance on stock price crash risk is more pronounced in nonstate-owned enterprises and enterprises with higher levels of marketization. After controlling for issues such as endogeneity, the conclusions of this paper are still valid. The mechanism analysis indicates that ESG performance reduces the risk of stock price crash through three paths of organizational management: pre-event, during the event and post-event. That is, ESG performance plays the role of restraining managers’ opportunistic behavior, reducing information asymmetry and boosting investor sentiment.
Originality/value
This paper provides new insights into the relationship between ESG performance and stock price crash risk from an organizational management perspective. This study establishes three impact mechanisms (governance effect, information effect and insurance effect), offering a theoretical basis for strategic corporate decisions of risk management. Additionally, it comprehensively examines the contextual differences in the role of ESG performance, shedding light on the specific domains where ESG practices are influential. These findings offer valuable insights for promoting stable development in the capital market and fostering the healthy growth of the real economy.
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Ammar Ali Gull, Muhammad Atif, Ayman Issa, Muhammad Usman and Muhammad Abubakkar Siddique
This paper aims to examine whether CEO succession with gender change (male to female) affects audit fees in the Chinese setting. In addition, this study examines whether the…
Abstract
Purpose
This paper aims to examine whether CEO succession with gender change (male to female) affects audit fees in the Chinese setting. In addition, this study examines whether the relationship exists in both types of ownership, i.e. non-state-owned enterprises (SOEs) and SOEs.
Design/methodology/approach
This study uses data from all A-share non-financial firms listed on both the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) for the period 2009 to 2015. To draw inferences, this study uses pooled ordinary least squares regression as a baseline technique. This study performs sub-sample analyzes for robustness. To account for endogeneity, this study uses three techniques including firm fixed-effects regression, the two-step Heckman model and the system generalized method of moments (GMM).
Findings
This study documents a significantly negative relationship between CEO succession with gender change and audit fees. However, the negative effect of CEO succession on audit fees is more pronounced in non-SOEs than SOEs. This study also finds, in additional analyzes, a strong negative effect of female CEO succession on audit fees in sub-sample of large, high-risk, high-performance and firms audited by non-big auditors. The main finding is robust across three endogeneity techniques.
Practical implications
The findings add to the ongoing debate about the underrepresentation of women in key executive positions such as CEO. The results suggest that CEO succession from male to female has a favorable effect on the quality of internal monitoring mechanisms (due to the superior monitoring skills of women) and enhances the quality of financial reporting. The study has practical implications for regulatory bodies and corporate decision-makers; this study encourages them to look into considering women in the executive succession framework.
Originality/value
This study contributes to the literature by exploring the effect of CEO succession with gender change (male to female) on audit fees in the context of China and the existence of this relationship in non-SOEs and SOEs.
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Seth Ampadu, Yuanchun Jiang, Samuel Adu Gyamfi, Emmanuel Debrah and Eric Amankwa
The purpose of this study is to examine the effect of perceived value of recommended product on consumer’s e-loyalty, based on the proposition of expectation confirmation theory…
Abstract
Purpose
The purpose of this study is to examine the effect of perceived value of recommended product on consumer’s e-loyalty, based on the proposition of expectation confirmation theory. Vendors’ reputation is tested as the mediator in the perceived value of recommended product and e-loyalty relationship, whereas shopping enjoyment is predicted as the moderator that conditions the perceived value of recommended product and e-loyalty relationship through vendors reputation.
Design/methodology/approach
Data were collected via an online survey platform and through a QR code. Partial least squares analysis, confirmatory factor analysis and structural equation modeling were used to verify the research proposed model.
Findings
The findings revealed that the perceived value of recommended product had a significant positive effect on E-loyalty; in addition, the perceived value of the recommended product and e-loyalty link was partly explained by e-shopper’s confidence in vendor reputation. Therefore, the study established that the direct and indirect relationship between the perceived value of the recommended product and e-loyalty was sensitive and profound to shopping enjoyment.
Originality/value
This study has established that the perceived value of a recommended product can result in consumer loyalty. This has successively provided the e-shop manager and other stakeholders with novel perspectives about why it is necessary to understand consumers’ pre- and postacquisition behavior before recommending certain products to the consumer.