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Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. “economic decentralization” and “political centralization”). Given the significant level of IPO underpricing in China, we examine the impact of local political uncertainty (measured by prefecture-level city official turnover rate) on IPO underpricing.

Using 2,259 IPOs of A-share listed companies from 2001 to 2019, we employ a structural equation model (SEM) to examine the channel (voluntarily lower the issuance price vs aftermarket trading) through which political uncertainty affects IPO underpricing. We check the robustness of the results using bootstrap tests, adopting alternative proxies for political uncertainty and IPO underpricing and employing subsample analysis.

Local official turnover-induced political uncertainty increases IPO underpricing by IPO firms voluntarily reducing the issuance price rather than by affecting investor sentiment in aftermarket trading. These relations are stronger in firms with pre-IPO political connections. The effect of political uncertainty on IPO underpricing is also contingent upon the industry and the growth phase of an IPO firm, more pronounced in politically sensitive industries and firms listed on the growth enterprise market board.

Local government officials in China usually have a short tenure and Chinese firms witness significantly severe IPO underpricing. By introducing the SEM model in studying China IPO underpricing, this study identifies the channel through which local government official turnover to political uncertainty on IPO underpricing.

Recent studies have indicated that digital transformation can benefit an organization’s strategic renewal. However, there is little knowledge on how business executives engage in digital transformation for this purpose, especially in the service sectors of emerging markets. Therefore, this study aims to examine how business managers accomplish strategic renewal through digital transformation in emerging markets.

The authors conducted a longitudinal single case study of a leading business firm in China’s real estate industry, China Overseas Land & Investment Ltd. (COLI). Results of the analysis of semistructured interviews and rich secondary data allowed us to better understand how business managers react to changing customer demands by building and implementing divergent digital tools to fulfill strategic renewal.

The results showed that business executives of COLI developed the Whole Life Cycle Management System, to achieve strategic renewal. The system benefits resource allocation and potential adjustments to strategic goals. This study also helps update the organizational structure of the marketing and consumer services departments, helping better satisfy consumers’ demands and waste fewer resources. Thus, COLI accomplished structural, contextual and leadership-based ambidexterity.

This study provides a fresh understanding of the link between digitalization and strategic renewal by providing a fine-grained analysis of leading service providers in emerging markets. To the best of the authors’ knowledge, this study is among the first to investigate the role of digital transformation in strategic renewal from an ambidexterity perspective.

This study aims to analyse the geographical distribution of global research activities and to investigate the knowledge diffusion embodied in scientific papers.

The geographical summary of Frontiers articles displays the number of visits and categorizes where the visitors hail from. This study uses the records of 23,798 articles published in 16 Frontiers journals from 2007 to 2015 to analyse the geographical distribution of article visits at both country and city levels. The process of knowledge diffusion is investigated on the basis of the different visiting patterns of new and old papers.

Most article visits are concentrated around major metropolitan areas and some high-tech clusters. The top “visiting countries” include both developed countries and developing countries, and the USA and China are two major players. Publishing cities dominate article visits for new papers; as time passes, there is diffusion from the publishing cities to a broader area.

The data on visiting for open access articles may be generated from various repositories besides the publishers’ websites; these data are ignored, as they are not significant enough to have much influence. There is also a lack of a basic theory in the data processing of outliers in the data set. In addition, only static results are given in this paper, as the data were collected on one day, for one time. A longer time period is necessary to track the dynamic diffusion process of the observations.

Introduction of usage data will propose a novel way to analyse research activities and track knowledge diffusion.

The visiting data of articles offer a new way to investigate research activities at the city level in a detailed and timely manner, for the geographical distribution of research activities and the research resource allocation of a specific country to be explored.

This study measured the research activities of scientific papers by examining the usage data. Compared with previous studies that focused on the geographical distribution of scientific activities using publication data, citation data and even altmetrics data, usage data are at the forefront of this research. Therefore, usage data offer a fresh perspective on methodology, providing more detailed and real-time information.

The purpose of this paper is to address the urgent need for transformation and upgrading in the construction industry amid the accelerating industrialization process. The focus is on understanding how value-added for construction enterprises can be achieved through servitization.

Grounded in the perspective of added value of construction enterprises, this paper uses a multicase analysis method, selecting four internationally renowned construction enterprises as the research subjects. The analysis investigates how these case study enterprises transition toward servitization and explores the trends in servitization in construction.

The research results indicate that servitization manifests in two aspects: contractor transition to servitization, and the shift of the construction industry toward integrated delivery. Furthermore, servitization in construction can achieve value-adding through three pathways: increasing product value, creating market demand and providing customized services.

This study contributes by providing insights into the manifestations of servitization and pathways for value-added. It provides a reference for the overall direction and basic strategy of servitization in construction.

A new coupled model is developed to simulate the interaction between fluid droplet collisions on discrete particles (DPs) by using mathematic function.

In this model, the smoothed particle hydrodynamics (SPH) is used based on the kernel function and the time step which takes into consideration to the fluid domain in accordance with the discrete element method (DEM) with resistance function. The interaction between fluid and DPs consists of three parts, which are repulsive force, viscous shear force and attractive force caused by the capillary action. The numerical simulation of droplet collision on DPs presents the whole process of droplet motion. Otherwise, an experimental data were conducted to record the realistic process for verification.

The comparison result indicated that the numerical simulation is capable of capturing the entire process for droplet collision on DPs.

However, based on the difference of experimental environment, type of the DP and setups, the maximum spreading dimeters of could not fit the experimental data exactly.

In sum, the coupled SPH-DEM method simulation shows that the coupled model of SPH-DEM developed an entire effectiveness process for fluid–solid interaction problem.

Servitization and research and development (R&D) innovation provide new developmental opportunities for transformation in the construction industry. This study aims to explore the transformative impact of servitization and R&D innovation on the value added of the construction industry, offering new insights into industry transformation and growth.

This study utilizes panel data from Chinese listed construction companies from 2014 to 2022 to empirically investigate the relationship among servitization, R&D innovation and value added in the construction industry. The data analysis is augmented by incorporating text mining techniques to rigorously investigate the interplay among servitization, R&D innovation and the value added within the construction industry.

The research findings indicate that the impact of servitization on value added follows a positive U-shaped relationship, while the influence of R&D innovation on value added exhibits an inverted U-shaped relationship. Additionally, innovation investment plays a negative moderating role in the relationship between servitization and value added.

This study reveals a fresh perspective on how construction companies can leverage servitization as a strategic pathway for transformation and competitive advantage. The research also lays a theoretical groundwork for future innovation investment strategies in the construction industry, emphasizing the need for a balanced approach to innovation investments to maximize value added.

Due to the advantages of fast response, high positioning precision and large stiffness, the piezoelectric-actuated nanopositioning stage is widely used in the micro/nanomachining fields. However, due to the inherent nonlinear hysteresis of the piezoelectric-actuator, the positioning accuracy of nanopositioning stage is greatly degraded. Besides, the nanopositioning stage is always performed with repetitive trajectories as the reference signals in applications, which makes the hysteresis behavior periodic. To this end, an adaptive resonance suppression iterative learning control (ARS-ILC) is proposed to address the hysteresis effect. With this effort, the positioning accuracy of the nanopositioning stage is improved.

The hysteresis behavior is identified by the Prandtl–Ishlinskii model. By establishing a convergence function, it is demonstrated that the learnable band of ILC is restricted by the lightly damping resonance of nanopositioning stage. Then, an adaptive notch filter (ANF) with constrained poles and zeros is adopted to suppress the resonant peak. Finally, online stability supervision (OSS) is used to ensure that the estimated frequency converges to the resonant frequency.

A series of experiments were carried out in the nanopositioning stage, and the results validated that the OSS is available to ensure the convergence of the ANF. Furthermore, the learnable band was extended via ARS-ILC; thus, the hysteresis behavior of nanopositioning stage has been canceled.

Due to high accuracy and easy implementation, the ARS-ILC can be used in not only nanopositioning stage control but other fabrication process control with repetitive motion.

This paper aims to develop a new magnetorheological polishing (MRP) device with roller and investigate the polishing mechanism of MRP fluids using this new device.

The principle of MRP process with roller is discussed, and then the structure of the polishing device is designed in detail. The polishing experiments of K9 glass are carried out using MRP device with roller.

A series of tests are performed to evaluate the effect of the excitation gaps, working gap and polishing time on the polishing characteristics, and the optimized polishing parameters can be obtained. The surface roughness Ra of the sample is reduced from 359 to 38 nm under optimized polishing parameters.

MRP method with roller is proposed in this paper, and the MRP device with roller can reduce the surface roughness Ra significantly. After being polished, the circular ring-shaped polishing belt disappears on the workpiece surface, which means it has great potential for polishing.

Aircraft assembly is the crucial part of aircraft manufacturing, and to meet the high-precision and high-efficiency requirements, cooperative measurement consisting of multiple measurement instruments and automatic assisted devices is being adopted. To achieve the complete data of all assembly features, measurement devices need to be placed at different positions, and the flexible and efficient transfer relies on Automated Guided Vehicles (AGVs) and robots in the large-size space and close range. This paper aims to improve the automatic station transfer in accuracy and flexibility.

A transferring system with Light Detection and Ranging (LiDAR) and markers is established. The map coupling for navigation is optimized. Markers are distributed according to the accumulated uncertainties. The path planning method applied to the collaborative measurement is proposed for better accuracy. The motion planning method is optimized for better positioning accuracy.

A transferring system is constructed and the system is verified in the laboratory. Experimental results show that the proposed system effectively improves positioning accuracy and efficiency, which improves the station transfer for the cooperative measurement.

A Transferring system for collaborative measurement is proposed. The optimized navigation method extends the application of visual markers. With this system, AGV is capable of the cooperative measurement of large aircraft structural parts.

For the purpose of saving nickel, this study aims to develop new duplex stainless steel cored wires suitable for wire arc additive manufacturing (WAAM) with the addition of nitrogen.

The effect of nitrogen content on the microstructure and mechanical properties of the thin-walled deposits is investigated in detail.

The microstructure of thin-walled deposits mainly consists of austenite, ferrite and secondary austenite. With increasing nitrogen content, the austenite in the deposited metals increases. The austenite proportion in the bottom region is more than that in the top region of the deposited metals. The χ phase is randomly distributed at the grain boundaries and within ferrite. The σ phase is mainly precipitated at ferrite and austenite grain boundaries. With increasing nitrogen content, the tensile strength of the deposited metals increases, but the impact toughness of the deposited metals deteriorates.

This study proposes new duplex stainless steel cored wires for WAAM, which realizes the objective of saving nickel.