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The purpose of this paper is to investigate how R&D originality functions in an open innovation process after the introduction of knowledge spillovers (KSs).

To examine the research framework, the authors use hierarchical regression based on questionnaire data from 211 emerging enterprises in China.

Consistent with the proposed framework, the authors find that the KS effect mediates the positive relationship between openness and innovation performance. In addition, R&D originality weakens the impact of the KS effect on innovation performance.

One limitation is that the questionnaire survey the authors choose for data collection has some natural defects; furthermore, the testing method and research framework need to be improved.

Several implications of the findings for managerial practices are discussed.

First, the research expands the existing theoretical construct by introducing the KS effect into the open innovation process; second, the authors reveal the negative impact of R&D originality on the open innovation process.

Previous studies have mostly discussed the impact of environmental policy on enterprise innovation, but the discussion on how turbulence in environmental policy may affect firms' green innovation has been insufficient. This paper explores the effect of environmental policy uncertainty on corporate green innovation in the turnover of environmental protection officials (EPOT) context.

The authors manually collected the data on the EPOT of 280 Chinese prefecture-level cities, and used the Poisson regression model to conduct empirical analyses based on the panel data of 1472 Chinese listed manufacturing firms from 2008 to 2017.

The results show that environmental policy uncertainty leads firms to reduce their green patent applications only for green invention patent applications. Such an effect is more pronounced in non-state-owned enterprises (non-SOEs). In addition, when the new directors of the Ecology and Environmental Bureau take office through promotions or are no more than 55 years old, the negative effect is more obvious, but there is no significant difference regardless of whether new directors have worked in environmental protection departments.

First, this paper supplements the research on the antecedents of corporate green innovation from the perspective of environmental policy uncertainty and extends the applications of real options theory. Second, this paper expands the research on the government–business relationship from the EPOT perspective.

The purpose of this paper is to investigate whether capital structure affects the performance of non-financial firms in Pakistan.

Panel econometric techniques namely pooled ordinary least squares (OLS), fixed effects, and random effects were used to investigate the impact of capital structure on performance of non-financial firms listed on the Karachi Stock Exchange Pakistan during 2004-2009.

Empirical results indicate that all measures of capital structure (i.e. total debt ratio, long and short-term debt ratio) are negatively related to return on assets in all regressions. Moreover, total debt ratio and long-term debt ratio are negatively related to market-to-book ratio under the pooled OLS model, whereas these measures are positively related to market-to-book ratio under the fixed effects model. Short-term debt ratio is positively related to market-to-book ratio in all regressions, however the relationship is found insignificant. A negative relationship between capital structure and performance indicates that agency issues may lead the firms to use higher than appropriate levels of debt in their capital structure. This overleveraging may increase the lenders' influence which in turn limits the managers' ability to manage the operations effectively, hence negatively affecting the firm performance.

Empirical results indicate that capital structure has material effects on firm performance. Thus, corporate managers should consider the impact of leverage on performance before adjusting the debt levels. Moreover, lenders should tenderly inflict the debt covenants considering their impact on firm performance. Finally, investors should consider the firm's debt level before making investment decisions.

This may probably be the first study that explores the impact of capital structure on performance using the most recent data set of Pakistani firms. Moreover, this paper lays some groundwork upon which a more detailed evaluation of Pakistani firms' capital structures and their impact on performance could be based.

The purpose of this paper is to investigate whether internal attributes of corporate governance such as board size, outside directors, CEO duality, managerial ownership, and ownership concentration affect the performance of Pakistani firms.

Panel econometric technique namely pooled ordinary least squares is used to estimate the relationship between internal governance mechanisms and performance measures (i.e., return on assets, return on equity, earnings per share, and market‐to‐book ratio) using the data of non‐financial firms listed on the Karachi stock exchange Pakistan during 2004‐2008.

The empirical results indicate that board size is positively, whereas outside directors and managerial ownership are negatively related to the return on assets, earnings per share, and market‐to‐book ratio. Ownership concentration is positively related to all measures of performance used in this study. CEO duality is positively related to earnings per share only. As far as control variables are concerned, leverage is negatively related to the return on assets, return on equity, and earnings per share. Alternatively, firm size is positively related to all measures of performance. In sum, empirical results indicate that internal governance mechanisms have material effects on firm performance.

Empirical results provide support to managers to understand how internal governance mechanisms affect the firm performance. Moreover, results provide support to regulatory authorities for enacting laws to make internal governance mechanisms work more effectively in the country.

This paper contributes to the literature by exploring the effects of internal governance mechanisms on firm performance using the data of Pakistani firms. Moreover, empirical findings somehow proceed to confirm that theories of corporate governance surely provide some support to explain the relationship between internal governance mechanisms and firm performance.

This paper has the purpose of looking into the role that financing and abandonment options play in the value of Chinese real estate development projects.

The paper is based on library research, which is used to support and extend the authors' personal knowledge and experience.

The paper finds that financing and abandonment options create important value in the real estate projects of China, and produce enormous profits for the developers.

The paper indicates that the Chinese government should improve the legislative and regulatory frameworks to control excessive value produced by the financing and abandonment options, and restrict the ability of developers to amass social wealth by exploiting legal loopholes.

The paper examines the financing and abandonment options embedded in Chinese real estate development projects, measures the specific value of the two options based on a case study, and analyzes some factors affecting the value of the two options.

To empirically estimate a rough set (RS) model in financial distress prediction for Chinese listed companies and assess its classification accuracy.

RS model is used to test the effect of financial ratios and some non‐financial ratios on the probability of financial distress with a sample of 212 financial distressed firms and 212 healthy firms through years 1998‐2005.

Growth ratio of per share of equity, net return on assets, earnings per share, interest coverage, ownership concentration coefficient, net profit margin, pledge, retained‐earnings ratio and total assets turnover have strong classification power in financial distress prediction of Chinese listed companies, especially the ownership concentration coefficient. Prediction model combining financial and non‐financial ratios outperforms the one just containing financial ratios.

One limitation of this research is that it relies on publicly available data and the RS method. Further research can be devoted to making comparisons between the RS method and other prediction methods, and constructing hybrid prediction models with the use of RS and other artificial intellectual methods as well.

It is necessary to consider every aspect of the company when making financial distress prediction, not just financial ratios, to improve the explanatory power of the prediction model.

This study explores how financial ratios and non‐financial ratios, with the help of RS theory, under the restricted tradability of stocks in the emerging stock market, impact on corporate financial distress. The prediction model employed here considers not only accounting ratios, but also cash flow and corporate governance variables, thus improving the prediction accuracy.

The aim of this empirical study is to investigate whether corporate governance attributes such as board size, outside directors, ownership concentration, managerial ownership, director remuneration, and CEO duality affect capital structure choices of Pakistani firms.

Multiple regression analysis is used to estimate the relationship between corporate governance measures and capital structure of non‐financial firms listed on the Karachi Stock Exchange, Pakistan, during 2004‐2008.

The results suggest that board size, outside directors, and ownership concentration are positively related to the total debt ratio and the long‐term debt ratio, whereas director remuneration is negatively related. Managerial ownership is negatively related to the long‐term debt ratio. CEO duality is found to be highly insignificant in all regressions. Control variables such as profitability and liquidity are negatively related to the total debt ratio and the long‐term debt ratio, whereas firm size is positively related. Asset tangibility is positively related to the long‐term debt ratio and negatively related to the total debt ratio. Although Pakistani firms have weak internal and external corporate governance mechanisms compared to firms in developed countries, the empirical findings suggest that corporate governance attributes in part explicate the financing behavior of Pakistani firms.

The empirical results of this study provide support to corporate managers in establishing an optimal capital structure, and to regulatory authorities for enacting laws and developing institutional support to make corporate governance mechanisms work more effectively in the country.

This research contributes to the literature by illuminating the significant links between some corporate governance measures and capital structure choices of firms in Pakistan.

The aim of this empirical study is to explore the factors that affect the capital structure of manufacturing firms and to investigate whether the capital structure models derived from Western settings provide convincing explanations for capital structure decisions of the Pakistani firms.

Different conditional theories of capital structure are reviewed (the trade‐off theory, pecking order theory, agency theory, and theory of free cash flow) in order to formulate testable propositions concerning the determinants of capital structure of the manufacturing firms. The investigation is performed using panel data procedures for a sample of 160 firms listed on the Karachi Stock Exchange during 2003‐2007.

The results suggest that profitability, liquidity, earnings volatility, and tangibility (asset structure) are related negatively to the debt ratio, whereas firm size is positively linked to the debt ratio. Non‐debt tax shields and growth opportunities do not appear to be significantly related to the debt ratio. The findings of this study are consistent with the predictions of the trade‐off theory, pecking order theory, and agency theory which shows that capital structure models derived from Western settings does provide some help in understanding the financing behavior of firms in Pakistan.

This study has laid some groundwork to explore the determinants of capital structure of Pakistani firms upon which a more detailed evaluation could be based. Furthermore, empirical findings should help corporate managers to make optimal capital structure decisions.

To the authors' knowledge, this is the first study that explores the determinants of capital structure of manufacturing firms in Pakistan by employing the most recent data. Moreover, this study somehow goes to confirm that same factors affect the capital structure decisions of firms in developing countries as identified for firms in developed economies.

The purpose of this study is to examine the association between carbon emissions and earnings management (EM). This study also considers the effect of female CEOs on the association between carbon emissions and EM.

This study uses the carbon disclosure project (CDP) for carbon emissions data, the Compustat database for financial information and the ExecuComp database for female CEOs. The empirical sample of this study consists of 1,692 firm-year observations in the USA that voluntarily participated in the CDP survey from 2007 to 2015. Regression analysis and robustness tests are conducted for this study and both accrual and real EM are considered.

This study provides evidence that firms with female CEOs who voluntarily disclose their carbon emissions information engage in less real EM. Thus, the presence of female CEOs moderates the association between carbon emissions and EM. This study/paper also finds a positive association between carbon emissions and real EM, although there is an insignificant association between carbon emissions and accruals EM.

The association between carbon emissions and EM has important implications for investors, regulators and policymakers. This study suggests that policymakers should improve the conditions that promote inclusion of females in the top management positions to constrain EM.

This study focuses on the USA, which is one of the major contributors to carbon emissions in the world. The presence of female CEOs moderates the association between carbon emissions and EM and firms with female CEOs show a greater impact on EM.