Managerial and Decision Economics最新文献

The present study investigates the impact of green loan disclosure (GLD) on the market value (MV) of commercial banks, with a focus on the moderating role of sustainable governance (SUSTG). The study adopts content analysis approach to construct GLD and SUSTG index using the annual reports of over a period 13 years (2012–2024). Drawing on the results of panel regression models, the research concludes that the market value of banks improves with an increased amount of GLD. Further, the study confirms the positive moderating effect of SUSTG on this relationship as GLD of sustainability-governed banks provides assurance to the voluntary disclosed green loan information. The findings of the study are validated for potential endogeneity issues using system GMM approach. The current research contributes to the extant research by emphasizing the value relevance of sustainability practices in the financial services sector and pronounces implications for transparency, governance, and societal goals.

There is a highly interactive relationship between tourist destination development and local economies, societies, and natural environments. However, it is not yet known whether tourist destinations affect the decision-making of surrounding firms, particularly in terms of the environmental, social, and governance (ESG) behavior closely related to sustainable corporate development. Based on institutional theory and place attachment theory, we find that firms with closer geographic proximity to tourist destinations are more inclined to adopt ESG behavior; transportation convenience strengthens this correlation. We further confirm the mechanisms of institutional pressure and place attachment. Further analysis indicates that geographic proximity to tourist destinations has a stronger impact on the environmental dimension of ESG, a more significant influence on corporate ESG behavior in eastern China, and that the COVID-19 pandemic has weakened the impact of tourist destinations on the ESG behavior of surrounding firms. Our analysis reveals some additional benefits of tourist destinations, expands the research scope of ESG drivers for enterprises, and provides some enlightenment for the development of tourist destinations and their surrounding regions.

This study examines whether and how negative online postings (NOPs), a prevalent form of minority shareholder activism, influence corporate innovation input. Using data from Chinese investor interactive platforms, we find that NOPs negatively impact corporate R&D investment, particularly when these postings are short-term focused. Channel tests suggest that this effect is driven by pressures regarding stock price decline, takeover possibility, and management turnover. The negative relationship is more pronounced when NOPs represent stronger pressure, when board secretaries are in more influential positions, and when CEOs are more susceptible to short-term pressure. Our findings suggest that NOPs increase managers' perception of pressure and drive managers to prioritize immediate returns over strategic risk-taking. This study advances the understanding of minority shareholder activism by revealing its detrimental impact on R&D investment.

Previous studies have extensively examined the pricing decisions for new and remanufactured products while ignoring the manufacturer's leasing strategy and the anticipated regret of consumers generated from various choices, along with the valuation uncertainty of remanufactured products. This study targeted this research gap by investigating pricing decisions with consumers' anticipated regret in a leasing–selling closed-loop supply chain (LSCLSC) wherein the manufacturer has four strategies: selling new and leasing remanufactured products (NR), selling and leasing new products (NN), selling remanufactured and leasing new products (RN), and selling and leasing remanufactured products (RR). Subsequently, these strategies were compared and the impact of anticipated regret was revealed. The results show that (1) the NN and RN strategies were the optimal leasing–selling strategies. (2) Consumers' anticipated regret was not always detrimental to the manufacturer. Under the NN and RN strategies, when consumers value remanufactured products more in the selling model than the leasing model, the manufacturer can reduce production costs and leverage consumers' anticipated regret, thereby increasing sales and rental prices and improving profits. However, when consumers value remanufactured products less in the selling model than the leasing model, anticipated regret has adverse effects. Therefore, manufacturers should decrease consumer sensitivity to anticipated regret to maximize profits. Our results provide timely insights for manufacturers to manage LSCLSC considering anticipated regret.

We study the Microsoft–Activision acquisition through the lens of a complementary-product merger. When two complementary good producers consolidate, the merger is not horizontal because the two firms do not produce substitutable goods. Nor is the merger vertical, as neither firm supplies the other. We develop an economic model to study these types of mergers that allows for the possibility of rivals exiting the market. Three main conclusions flow from our analysis. (1) The welfare effects of the Microsoft–Activision acquisition are ambiguous; they depend on several industry factors. (2) One will not obtain the correct welfare effects using an incorrect vertical structure; harm to consumers will typically be larger in a complementary-product merger relative to a vertical one. (3) Consumer harm associated with rivals' exit due to the merger might substantially reduce welfare even if it is a welfare-enhancing merger absent exit. Our analysis provides an analytical roadmap for the antitrust enforcement authorities regarding the theories of harm in complementary-good mergers.

Competition policy plays an important role in maintaining market competition. However, its effectiveness is not yet well understood, particularly in developing countries. China's Fair Competition Review System (FCRS) shifts the focus from correcting monopolies after the fact to preventing anti-competitive policies in advance. This approach effectively lowers administrative monopolies, thus reducing inefficient labor investments. We investigate how competition policy affects firm efficiency in developing countries, where administrative monopolies are widespread. Because labor investment efficiency is highly sensitive to regional administrative monopolies, we use it as our central outcome. Leveraging the FCRS as a quasi-natural experiment, we show that competition policy significantly improves firms' labor investment efficiency in regions with higher levels of administrative monopoly. Further analysis indicates that competition policy enhances firm efficiency by increasing market competition and reducing firms' environmental uncertainty. The effects are especially strong in state-owned enterprises. Overall, our findings underscore that managing administrative monopolies is crucial for improving labor investment efficiency.

Gamification designs and strategies to induce users' low-carbon consumption decisions (LCCDs) are attracting attention from academia and industry. Research suggests that individual decisions are often subject to joint interventions. Exploring effective intervention strategies requires constructing a systematic model with multiple dimensions and theoretical support. Drawing on goal-framing theory and social impact theory, this study develops a multiagent model in the context of gamification, examining the intervention effects of individual preferences, gamified-incentives, and social interactions on users' LCCDs. The findings contribute to achieving a low-carbon society and provide a theoretical foundation and practical guides for developing gamified platform strategies.

Banks are dedicated to serving the real economy. In recent years, regulatory technology (RegTech) has served as a prime focus in the banking sector and may further spillover to external parties. This paper aims to investigate whether bank RegTech enhances corporate investment efficiency (CIE) through its influence on lending activities. Using novel matched bank–firm loan data from 2013 to 2023, we empirically demonstrate that bank RegTech improves CIE. A 1% rise in the standard deviation of bank RegTech corresponds to a maximum of approximately 18.13% improvement in average CIE. Specifically, bank RegTech enhances CIE by mitigating financing constraints, strengthening governance capabilities, and reducing operational risks. The beneficial effects of bank RegTech on CIE are further amplified by information transparency and media coverage, while industry competition weakens this effect. The impact of bank RegTech on CIE exhibits heterogeneous characteristics, varying with different dimensions of bank RegTech and firm-level characteristics. Our results still hold after alleviating endogeneity concerns and performing robustness checks. Furthermore, we find that improvements in CIE enhance firm performance, stimulate innovation, and promote job creation.

The information interaction features and deceptive promotion phenomena in live streaming e-commerce significantly influence consumers' purchase decisions, directly affecting brand owners' choices regarding their live streaming strategies. In light of this, the impacts of information interaction and deceptive promotion on the purchase behavior of strategic consumers are considered, and a two-period model of consumer utility and brand owner profit is constructed under nine optional sales scenarios. By optimizing the equilibrium solutions to models and conducting a comparative analysis, this study explores the impacts of factors such as informative degree, deceptive promotion degree, and penalty costs on the brand owner's optimal strategy of product quality and the selection of live streaming modes (including whether to provide live streaming, when to introduce it, and whether to conduct deceptive promotion during live streaming) under different scenarios. Moreover, the conditions in which the brand owner is more inclined to opt for deceptive promotion strategies are revealed. These findings provide optimal operational strategies for brand owners in live streaming sales while offering support for government and regulatory agencies seeking effective measures to combat deceptive promotion.

This paper examines union bargaining choices between RTM (right-to-manage) and EB (efficient bargaining) under Kantian optimization. We show that Kantian optimization constitutes a subgame perfect equilibrium, yielding higher firm profits and labor benefits than Nashian equilibrium, though potentially reducing consumer surplus. In Kantian optimization, the cooperation between the owners will hold the conventional belief that profits under RTM exceed those under EB, while the outputs under EB exceed those under RTM. But the workers' wages are reversed. The endogenous choice between the Kantian and Nash principles by firms and unions leads to higher wages and improves individual worker's welfare.