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Article
Publication date: 4 April 2016

Zhonghui Hugo Wang

The purpose of this paper is to complement existing research of the relationship between concentrated ownership and firm performance by theoretically exploring the impact of…

395

Abstract

Purpose

The purpose of this paper is to complement existing research of the relationship between concentrated ownership and firm performance by theoretically exploring the impact of outside blockholders on the firm, primarily from the perspective of voting power.

Design/methodology/approach

This paper proposes theoretical propositions based on analyses and logical extension of results of the existing theoretical and empirical studies.

Findings

This paper proposes three theoretical predictions: First, voting power provides outside blockholders a necessary condition to pursue shared and private benefits of control, and it is positively correlated with blockholders’ capability of influencing firm value. Second, everything else being equal, an outside blockholder is more (less) likely to pursue private benefits than shared benefits when the equity market is efficient and when the blockholder’s voting power is less (more) than 50 per cent. Third, controlling outside blockholders can capitalize on their voting power to appoint managerial delegates and board representatives to the invested firms for the purpose of pursuing private benefits of control.

Originality/value

This paper tries to make two contributions to the corporate governance literature. First, this research relies on a new perspective to explore the relationship between ownership structure and firm value. Second, this paper presents the first theoretical argument which states that controlling outside blockholders rely on their managerial delegates and board representatives to pursue their private benefits of control.

Details

Corporate Governance, vol. 16 no. 2
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 15 March 2018

Vas Taras, Esra Memili, Zhonghui Wang and Henrik Harms

This study aims to investigate the effects of family involvement in corporations on firm performance. It remains unclear whether family-owned companies, or companies with other…

803

Abstract

Purpose

This study aims to investigate the effects of family involvement in corporations on firm performance. It remains unclear whether family-owned companies, or companies with other forms of family involvement in the corporate governance, perform better than firms with no family involvement. Furthermore, the study focuses on family involvement in publicly traded firms, which are different from private family firms. Hence, knowledge about family firms will be enriched through a closer look at the publicly traded family firms and shed further light onto the heterogeneity among family firms.

Design/methodology/approach

The present study uses a meta-analysis of the extant research on family involvement and publicly traded family firm performance. The authors synthesize past research, identify and reconcile mixed findings and expand the understanding of the phenomenon.

Findings

Involvement of the founding family members in firm governance tends to improve firm performance, albeit the effect is rather weak. However, the effect varies greatly depending on the type of family involvement and the measure of performance. The authors also identify regional differences, as well as variations by the firm size and study design. Furthermore, under-researched areas are identified for future research.

Practical implications

The results of the study would be useful in guiding organizational design and investment decisions.

Originality/value

By using the meta-analytic approach, the present study provides a comprehensive review of the empirical evidence available on the issue so far. Most importantly, the authors were able to conduct a series of tests to assess the moderating effects of a number of factors that could not be evaluated in any individual study in the meta-analytic database.

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Article
Publication date: 29 October 2021

Yucong Ma, Mohd Talha, Qi Wang, Zhonghui Li and Yuanhua Lin

The purpose of this paper is to study systematically the corrosion behavior of AZ31 magnesium (Mg) alloy with different concentrations of bovine serum albumin (BSA) (0, 0.5, 1.0…

195

Abstract

Purpose

The purpose of this paper is to study systematically the corrosion behavior of AZ31 magnesium (Mg) alloy with different concentrations of bovine serum albumin (BSA) (0, 0.5, 1.0, 1.5, 2.0 and 5.0 g/L).

Design/methodology/approach

Electrochemical impedance spectroscopy and potential dynamic polarization tests were performed to obtain corrosion parameters. Scanning electrochemical microscopy (SECM) was used to analyze the local electrochemical activity of the surface film. Atomic force microscope (AFM), Scanning electron microscope-Energy dispersive spectrometer and Fourier transform infrared spectroscopy were used to determine the surface morphology and chemical composition of the surface film.

Findings

Experimental results showed the presence of BSA in a certain concentration range (0 to 2.0 g/L) has a greater inhibitory effect on the corrosion of AZ31, however, the presence of high-concentration BSA (5.0 g/L) would sharply reduce the corrosion resistance.

Originality/value

When the concentration of BSA is less than 2.0 g/L, the corrosion resistance of AZ31 enhances with the concentration. The adsorption BSA layer will come into being a physical barrier to inhibit the corrosion process. However, high-concentration BSA (5.0 g/L) will chelate with dissolved metal ions (such as Mg and Ni) to form soluble complexes, which increases the roughness of the surface and accelerates the corrosion process.

Details

Anti-Corrosion Methods and Materials, vol. 69 no. 1
Type: Research Article
ISSN: 0003-5599

Keywords

Available. Open Access. Open Access
Article
Publication date: 16 May 2024

Zhonghui Hu, Ho Kwong Kwan, Yingying Zhang and Jinsong Li

This study tested a holistic model that investigated the interaction effect of negative mentoring experiences and moqi (pronounced “mò-chee”) with a mentor—where moqi refers to a…

912

Abstract

Purpose

This study tested a holistic model that investigated the interaction effect of negative mentoring experiences and moqi (pronounced “mò-chee”) with a mentor—where moqi refers to a situated state between two parties in which one party understands and cooperates well with the other party without saying a word—on the protégés’ turnover intention, along with the mediating role of protégés’ harmonious work passion.

Design/methodology/approach

Data were collected from 281 protégés through a three-wave questionnaire survey with a 1-month lag between waves. We used a hierarchical multiple regression and bootstrapping analysis to test our hypotheses.

Findings

Our results support the mediating effect of harmonious work passion on the positive relationship between protégés’ negative mentoring experiences and turnover intention. In addition, our analysis confirmed that moqi with the mentor amplifies both the impact of protégés’ negative mentoring experiences on harmonious work passion and the indirect effect of negative mentoring experiences on protégés’ turnover intention via harmonious work passion.

Originality/value

By demonstrating the interaction effect of protégés’ negative mentoring experiences and moqi with their mentor on turnover intention, as well as the mediating role of harmonious work passion, this study expands our understanding of the mechanism and boundary condition of the effect of negative mentoring experiences and provides inspiration and guidance for mentoring practices.

Details

Journal of Managerial Psychology, vol. 39 no. 6
Type: Research Article
ISSN: 0268-3946

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Article
Publication date: 17 February 2025

Zhonghui Feng and Volker Kuppelwieser

CSR authenticity reflects the perceived trustworthiness of CSR activities. Despite its importance, research on CSR authenticity in virtual contexts remains limited. This study…

15

Abstract

Purpose

CSR authenticity reflects the perceived trustworthiness of CSR activities. Despite its importance, research on CSR authenticity in virtual contexts remains limited. This study investigates how specific dimensions of CSR authenticity influence consumer engagement in virtual CSR initiatives by focusing on the mediating role of cognitive cause proximity (i.e. cause salience and cause relevance).

Design/methodology/approach

Data were collected through a structured online survey on Chinese social media, which yielded 389 valid responses. Structural equation modelling using AMOS 24 was employed to test the proposed hypotheses.

Findings

The results show that perceived benevolence and the broad impact of CSR authenticity positively affect consumer engagement in virtual CSR. Significantly, cause relevance mediates the relationship between the broad impact of CSR and CSR engagement. However, cause salience unexpectedly reduces consumer engagement in virtual CSR initiatives.

Originality/value

This study extends construal level theory (CLT) and social exchange theory (SET) to virtual corporate social responsibility, offering fresh insights into how consumers respond to authentic CSR efforts. Practitioners can enhance CSR authenticity by highlighting its broad impact and benevolence to drive engagement while being cautious about overemphasising cause salience, which may risk alienating consumers.

Details

Corporate Communications: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1356-3289

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Article
Publication date: 5 July 2023

Yanmei Xu, Yanan Zhang, Ziqiang Wang, Xia Song, Zhenli Bai and Xiang Li

Unlike traditional industries, the e-cigarette is an epoch-making innovative product originating in China and occupying an absolute competitive advantage in the international…

115

Abstract

Purpose

Unlike traditional industries, the e-cigarette is an epoch-making innovative product originating in China and occupying an absolute competitive advantage in the international market. The traditional A-U model describes the laws and characteristics of technological innovation in developed countries. In contrast, the inverse A-U model depicts the process of “secondary innovation” in late-developing countries through digestion and absorption. This paper aims to find out that if the e-cigarette, as a “first innovation” industry in a late-developing country, conform to the A-U model or conform to the “inverse A-U model”.

Design/methodology/approach

This paper takes the patent data of e-cigarettes from 2004 to 2021 as the research object, and uses Python’s Jieba segment words to divide product innovation and process innovation, and then uses statistical analysis methods to conduct empirical analyses on these data.

Findings

Thus, an improved A-U model suitable for the e-cigarette industry is proposed. In this model, product innovation in the e-cigarette industry appeared earlier than process innovation, but the synchronous development of product and process innovation is not lagging. The improved A-U model in the e-cigarette industry is not only different from the traditional A-U model but also does not conform to the inverse A-U model.

Research limitations/implications

It is conducive to expanding and clarifying the theoretical contribution and applicable boundaries of the A-U model and has sparked thinking and exploration of the A-U model in e-cigarettes and emerging industries.

Practical implications

On this basis, suggestions on the development path and countermeasures of the e-cigarette industry are put forward.

Originality/value

Based on the e-cigarette industry, this paper takes patents as the research object and provides the method of dividing product innovation and process innovation, and proposes an A-U model suitable for the e-cigarette industry on this basis. By comparing the traditional A-U model with the inverse A-U model in latecomer countries, the background and causes of e-cigarette A-U model heterogeneity are analyzed from different stages and overall morphology. Based on this, the heterogeneity characteristics of e-cigarette innovation are summarized and sorted out.

Details

Nankai Business Review International, vol. 15 no. 2
Type: Research Article
ISSN: 2040-8749

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Article
Publication date: 1 December 2020

Camillo Lento and Wing Him Yeung

This study aims to explore the audit quality supplied by the Big 4, large indigenous Chinese (LIC) and five largest second-tier international network (Tier 2) audit firms in China…

544

Abstract

Purpose

This study aims to explore the audit quality supplied by the Big 4, large indigenous Chinese (LIC) and five largest second-tier international network (Tier 2) audit firms in China during the second phase of their audit market development.

Design/methodology/approach

Ordinary least squares regression is used on an archival sample of firm-year observations. Endogeneity and self-selection bias are addressed by creating a propensity score matched sample and using two-stage regression with the inverse Mills’ ratio.

Findings

Strong evidence is found for higher levels of actual audit quality for the Big 4 relative to both LIC and Tier 2 audit firms. Weak evidence is found regarding the audit quality superiority of Tier 2 relative to LIC audit firms. Furthermore, the actual audit quality differential between the Big 4 relative to the LIC and Tier 2 firms widens after adopting International Financial Reporting Standards, which is contrary to the intention of Chinese regulators.

Originality/value

To the best of the authors’ knowledge, this is the first known empirical study to trisect Big N and non-Big N audit firm proxies into the Big 4, LIC and Tier 2. Currently, only qualitative studies have fully appreciated the unique regulatory roles of these three firm structures in developing China’s audit market, which reflect tensions between reliance on foreign expertise and self-determination. In addition, this study adds to the ongoing global dialogue on Tier 2 as an alternative to the Big 4 and the benefits of international accounting network membership.

Details

Managerial Auditing Journal, vol. 36 no. 1
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 15 September 2023

Hu Dan Semba and Lefei Wu

The Chinese data setting allows researchers to explore the influence of local versus national (central) government ownership on companies. This study aims to examine the influence…

156

Abstract

Purpose

The Chinese data setting allows researchers to explore the influence of local versus national (central) government ownership on companies. This study aims to examine the influence of government ownership (local versus national) and auditor choice (choosing larger or smaller firms) on audit pricing in China.

Design/methodology/approach

This study executed three panel data regressions to examine the two hypotheses using 19,626 observations from 2009 to 2017 in the Chinese data setting. This study also uses the Sobel test to investigate the moderating effect of auditor choice.

Findings

This study first examines whether choosing a large audit firm positively influences audit pricing and whether listed state-owned enterprises (SOEs) charge less audit fees to audit firms after controlling for various variables. However, the interaction influence of government ownership and audit firm size on audit pricing is positive, suggesting that a large audit firm charges a client company more, even if the client is an SOE. More importantly, when we divide SOEs into national- and local-SOEs, the results of the influence of auditor choice, government ownership and the interaction of government ownership on audit pricing are consistent (plus, minus, plus), and audit firms charge local-SOEs less than national-SOEs. Furthermore, from the additional analysis, this study finds that the strong auditor type has a moderate effect on the case of local-SOEs on audit pricing and local-SOEs choose smaller auditors.

Originality/value

Research on the differences between local and national government ownership is limited. This study adds empirical results from this perspective. In particular, the findings suggest a further audit pricing research direction to consider the influence of client companies’ ownership types and auditor choice, especially in countries with planned economies.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 3 January 2017

Rachna Sehrawat, Paramjit S. Panesar, Tanya L. Swer and Anit Kumar

This paper aims to extract colour from micro-organisms (as a source of natural pigments) using agro-industrial substrates to replace synthetic media by solid state fermentation…

210

Abstract

Purpose

This paper aims to extract colour from micro-organisms (as a source of natural pigments) using agro-industrial substrates to replace synthetic media by solid state fermentation. Nature is filled with colours. Due to health and environmental consciousness among people, use of synthetic colour has declined, and so the need to develop colour from cheap and easily available natural sources (plants, animals, micro-organisms and algae) using a cost-effective technique with higher yield and rapid growth. Monascus purpureus colour is a potent source of compounds (Dimerumic acid, Monacolin-k and -aminobutyric acid) having antimutagenic, antimicrobial and antiobesity, which helps in combating diseases.

Design/methodology/approach

Response surface methodology was used to optimise the biopigments extraction from Monascus purpureus using solid state fermentation.

Findings

The best optimised conditions for biopigments production using Monascus purpureus MTCC 369 were pH 5.4 at 32°C for 8 days 9 hours (8.9 days) from sweet potato peel and pea pod powder, 7.8 (w/w) and 3.9 per cent (w/w), respectively, which gave a final yield of 21 CVU/g. The model F-value of 69.18 and high value of adjusted determination coefficient 96.00 per cent implies high level of significance of the fitted model.

Practical implications

Extracted colour can be used in beverages, confectionery and pharmaceutical industries.

Social implications

Colour produced using Monascus purpureus MTCC 369 is a natural source. As consumers are reluctant to use synthetic colour because of the undesirable allergic reactions caused by them, so a biopigment produced is natural colouring compound with wide application in food sector.

Originality/value

Selected sources of carbon and nitrogen were not used earlier by any researcher to extract biopigment from Monascus purpureus MTCC 369.

Details

Pigment & Resin Technology, vol. 46 no. 1
Type: Research Article
ISSN: 0369-9420

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Article
Publication date: 25 October 2022

Hanwen Chen, Siyi Liu, Xin Liu and Jiani Wang

The paper aims to examine the corporate social responsibility (CSR) activity of audit firms.

1201

Abstract

Purpose

The paper aims to examine the corporate social responsibility (CSR) activity of audit firms.

Design/methodology/approach

Using hand-collected data on all Chinese audit firms’ CSR activities from 2007 to 2020, this study constructs two measures to proxy for audit firms’ CSR engagement: a dummy variable to indicate whether an auditor engages in CSR activities in year t and the frequency with which auditors conduct CSR activities in year t. The authors use ordinary least squares regression as a baseline methodology, along with the entropy balancing method and instrumental variable approach to alleviate potential endogeneity concerns.

Findings

The baseline results show that socially responsible audit firms provide higher quality audit services than their counterparts. In particular, the authors find that clients audited by socially responsible audit firms are less likely to receive an aggressively clean opinion. Moreover, the findings suggest that CSR activities related to community and employees are more relevant in improving audit quality compared with those related to other dimensions of CSR. Further analyses show that capital markets and audit clients react positively to audit-firm CSR activity. Audit firms engaging in CSR increase their audit inputs in response to risky clients, as compared with their counterparts. Finally, cross-sectional analyses show that the positive relationship is more pronounced for non-Big 4 and non-industry experts and is attenuated by within-firm geographic dispersion. In terms of client characteristics, the positive effect of audit-firm CSR is stronger when their clients face the higher financial risk or have lower CSR awareness than others. Taken together, these findings are consistent with the ethical view of audit-firm CSR engagement.

Practical implications

The study advances investors’ understanding of audit-firm CSR engagement and helps them evaluate the credibility of audited financial reports. Besides, the findings may also help guide the audit firms to conduct more CSR activities and help guide the audit clients to choose CSR audit firms.

Originality/value

To the best of the authors’ knowledge, this study provides the first large-sample evidence by empirically examining the association between audit-firm CSR activity and audit service performance. Besides, this paper also explores audit-firm CSR activity from two competing perspectives, thereby providing a comprehensive understanding of this issue. Finally, this work responds to the call for more CSR research in emerging markets.

Details

Managerial Auditing Journal, vol. 38 no. 2
Type: Research Article
ISSN: 0268-6902

Keywords

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