Pub Date : 2023-10-03DOI: 10.1108/nbri-04-2023-0040
Amani Gration Tegambwage, Pendo Shukrani Kasoga
Purpose This study aims to investigate the effect of financial satisfaction (FS) on customer loyalty in the banking industry. Design/methodology/approach The study followed an explanatory research design using responses from 334 respondents from commercial banks in Tanzania. A stepwise regression analysis was used to validate the relevance of the study model. Findings The results indicate a positive and statistically significant association between customer loyalty and FS with levels of assets ( β = 0.598, p < 0.001), savings ( β = 0.186, p < 0.001) and debts ( β = 0.065, p < 0.001). Of the three dimensions of FS, the level of assets had the strongest contribution to customer loyalty, followed by the level of savings and debts, in that order. Research limitations/implications The study used a model of FS that was linked to customer loyalty in the Tanzanian banking industry. It is recommended that the model be tested in other environments to increase the generalizability of the findings. Practical implications This study provides an alternative way for banks to strengthen customer loyalty by enhancing FS. Originality/value The FS model (Joo and Grable, 2004) and the social exchange theory (Blau, 1964) are used in this study to propose a model of customer loyalty in the banking industry. Customer loyalty and FS have not been connected in prior studies.
目的本研究旨在探讨银行业金融满意度对顾客忠诚度的影响。设计/方法/方法本研究采用了一种解释性研究设计，使用了来自坦桑尼亚商业银行的334名受访者的回答。采用逐步回归分析验证研究模型的相关性。结果表明，客户忠诚度和FS与资产水平呈显著正相关(β = 0.598, p <0.001)，节约(β = 0.186, p <0.001)和债务(β = 0.065, p <0.001)。在FS的三个维度中，资产水平对客户忠诚度的贡献最大，其次是储蓄和债务水平。研究局限性/启示本研究使用了一个与坦桑尼亚银行业客户忠诚度相关的FS模型。建议在其他环境中对该模型进行测试，以增加研究结果的普遍性。本研究为银行提高客户忠诚度提供了另一种途径。本研究采用FS模型(Joo and Grable, 2004)和社会交换理论(Blau, 1964)提出了银行业客户忠诚度模型。在以往的研究中，客户忠诚度与金融服务之间并没有关联。
{"title":"Strengthening customer loyalty through financial satisfaction in the banking industry","authors":"Amani Gration Tegambwage, Pendo Shukrani Kasoga","doi":"10.1108/nbri-04-2023-0040","DOIUrl":"https://doi.org/10.1108/nbri-04-2023-0040","url":null,"abstract":"Purpose This study aims to investigate the effect of financial satisfaction (FS) on customer loyalty in the banking industry. Design/methodology/approach The study followed an explanatory research design using responses from 334 respondents from commercial banks in Tanzania. A stepwise regression analysis was used to validate the relevance of the study model. Findings The results indicate a positive and statistically significant association between customer loyalty and FS with levels of assets ( β = 0.598, p < 0.001), savings ( β = 0.186, p < 0.001) and debts ( β = 0.065, p < 0.001). Of the three dimensions of FS, the level of assets had the strongest contribution to customer loyalty, followed by the level of savings and debts, in that order. Research limitations/implications The study used a model of FS that was linked to customer loyalty in the Tanzanian banking industry. It is recommended that the model be tested in other environments to increase the generalizability of the findings. Practical implications This study provides an alternative way for banks to strengthen customer loyalty by enhancing FS. Originality/value The FS model (Joo and Grable, 2004) and the social exchange theory (Blau, 1964) are used in this study to propose a model of customer loyalty in the banking industry. Customer loyalty and FS have not been connected in prior studies.","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":"53 11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135695976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-22DOI: 10.1108/nbri-01-2023-0001
Xinmin Peng, Lumin He, Shuai Ma, Martin Lockett
Purpose An alliance portfolio can help latecomer firms to acquire the necessary knowledge and resources to catch up with market leaders. However, how latecomer firms construct an alliance portfolio in terms of the nature of windows of opportunity has not been fully analyzed. This paper aims to explore how latecomer firms can build appropriate coalitions according to the nature of the window of opportunity to achieve technological catch-up in different catch-up phases. Design/methodology/approach Based on a longitudinal case study from 1984 to 2018 of Sunny Group, now a leading manufacturer of integrated optical components and products, this paper explores the process of technological catch-up of latecomer firms building different types of alliance portfolio in different windows of opportunity. Findings This paper finds that there is a sequence when latecomers build an alliance portfolio in the process of catch-up. When the uncertainty of opportunity increases, the governance mechanism of the alliance portfolio will change from contractual to equity-based. Also, latecomer firms build market-dominated and technology-dominated alliance portfolios to overcome their market and technology disadvantages, respectively. Originality/value These conclusions not only enrich the theory of latecomer catch-up from the perspective of windows of opportunity but also expand research on alliance portfolio processes from a temporal perspective.
{"title":"Windows of opportunity, alliance portfolio and catch-up of latecomer firms: a longitudinal case study of Sunny from 1984 to 2018","authors":"Xinmin Peng, Lumin He, Shuai Ma, Martin Lockett","doi":"10.1108/nbri-01-2023-0001","DOIUrl":"https://doi.org/10.1108/nbri-01-2023-0001","url":null,"abstract":"Purpose An alliance portfolio can help latecomer firms to acquire the necessary knowledge and resources to catch up with market leaders. However, how latecomer firms construct an alliance portfolio in terms of the nature of windows of opportunity has not been fully analyzed. This paper aims to explore how latecomer firms can build appropriate coalitions according to the nature of the window of opportunity to achieve technological catch-up in different catch-up phases. Design/methodology/approach Based on a longitudinal case study from 1984 to 2018 of Sunny Group, now a leading manufacturer of integrated optical components and products, this paper explores the process of technological catch-up of latecomer firms building different types of alliance portfolio in different windows of opportunity. Findings This paper finds that there is a sequence when latecomers build an alliance portfolio in the process of catch-up. When the uncertainty of opportunity increases, the governance mechanism of the alliance portfolio will change from contractual to equity-based. Also, latecomer firms build market-dominated and technology-dominated alliance portfolios to overcome their market and technology disadvantages, respectively. Originality/value These conclusions not only enrich the theory of latecomer catch-up from the perspective of windows of opportunity but also expand research on alliance portfolio processes from a temporal perspective.","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136010964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-14DOI: 10.1108/nbri-03-2023-0024
Bo Li, Ruxiao Xing, Wenya Guo, Shixiang Tang
Purpose This study aims to analyze and discuss whether and how consumer-to-manufacturer (C2M) mode empowered by e-commerce retail platforms’ big data affects the stock returns of firms in supply chains. Design/methodology/approach This study selects 195 companies affected by four C2M events as samples and empirically analyzes the impact mechanisms of C2M mode on supply chain firms’ stock returns by event study. Findings This paper finds that C2M announcements own a positive impact on the stock returns of supply chain firms. Further, the results show that the business and financial characteristics play a significant impact on the relationship between the C2M mode and firm stock return performance. For example, C2M mode leads to huge stock returns when firms cooperate with the platforms related to their business content. In addition, the business scope can strengthen the positive promotion of C2M mode in stock returns, while business concentration weakens the positive promotion of C2M mode in stock returns. Originality/value The results found in this paper can provide practical guidance for the firms in supply chains to further apply C2M mode from the business characteristics and financial performance view.
{"title":"Firms’ value impact of C2M mode empowered by big data based on event study","authors":"Bo Li, Ruxiao Xing, Wenya Guo, Shixiang Tang","doi":"10.1108/nbri-03-2023-0024","DOIUrl":"https://doi.org/10.1108/nbri-03-2023-0024","url":null,"abstract":"Purpose This study aims to analyze and discuss whether and how consumer-to-manufacturer (C2M) mode empowered by e-commerce retail platforms’ big data affects the stock returns of firms in supply chains. Design/methodology/approach This study selects 195 companies affected by four C2M events as samples and empirically analyzes the impact mechanisms of C2M mode on supply chain firms’ stock returns by event study. Findings This paper finds that C2M announcements own a positive impact on the stock returns of supply chain firms. Further, the results show that the business and financial characteristics play a significant impact on the relationship between the C2M mode and firm stock return performance. For example, C2M mode leads to huge stock returns when firms cooperate with the platforms related to their business content. In addition, the business scope can strengthen the positive promotion of C2M mode in stock returns, while business concentration weakens the positive promotion of C2M mode in stock returns. Originality/value The results found in this paper can provide practical guidance for the firms in supply chains to further apply C2M mode from the business characteristics and financial performance view.","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135489075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.1108/nbri-07-2022-0074
Guangkuan Deng, Jianyu Zhang, Lijuan He, Ying Xu
Purpose Drawing on the wisdom of ancient Chinese philosopher Xunzi, this paper aims to present a novel mechanism for governing opportunism, referred to as “cultivational governance.” By examining the role of artificial intelligence (AI) resources possessed by e-commerce platforms, the authors explore how these resources contribute to mitigating seller opportunism. The central hypothesis of this study posits that two distinct types of AI resources, namely, AI technology resources and AI human resources, serve as crucial factors in curbing seller opportunism. Furthermore, the authors propose that platform digital empowerment and value cocreation act as mediating variables linking AI resources to opportunism. Design/methodology/approach Based on the resource-based view and resource orchestration theory, the authors developed a framework and tested it using survey data from sellers. This framework encompasses five key variables: e-commerce platform’s AI technology resources, AI human resources, platform digital empowerment, value cocreation and seller opportunism. Regression analysis was used for data analysis. Findings The empirical results validate the effectiveness of cultivational governance mechanisms, as both AI resources effectively suppress seller opportunism through digital empowerment and value cocreation. Specifically, e-commerce platforms’ AI technology resources significantly promote value cocreation and platform digital empowerment, while AI human resources primarily contribute to platform digital empowerment. Although platform digital empowerment encourages value cocreation, its direct impact on reducing seller opportunism was not supported. Notably, value cocreation negatively affects seller opportunism. Originality/value The present research mainly contributes to the marketing channel governance literature by introducing a new approach to inhibit opportunism, namely, the cultivational governance mechanism.
{"title":"Research on the impact of e-commerce platform’s AI resources on seller opportunism: a cultivational governance mechanism","authors":"Guangkuan Deng, Jianyu Zhang, Lijuan He, Ying Xu","doi":"10.1108/nbri-07-2022-0074","DOIUrl":"https://doi.org/10.1108/nbri-07-2022-0074","url":null,"abstract":"\u0000Purpose\u0000Drawing on the wisdom of ancient Chinese philosopher Xunzi, this paper aims to present a novel mechanism for governing opportunism, referred to as “cultivational governance.” By examining the role of artificial intelligence (AI) resources possessed by e-commerce platforms, the authors explore how these resources contribute to mitigating seller opportunism. The central hypothesis of this study posits that two distinct types of AI resources, namely, AI technology resources and AI human resources, serve as crucial factors in curbing seller opportunism. Furthermore, the authors propose that platform digital empowerment and value cocreation act as mediating variables linking AI resources to opportunism.\u0000\u0000\u0000Design/methodology/approach\u0000Based on the resource-based view and resource orchestration theory, the authors developed a framework and tested it using survey data from sellers. This framework encompasses five key variables: e-commerce platform’s AI technology resources, AI human resources, platform digital empowerment, value cocreation and seller opportunism. Regression analysis was used for data analysis.\u0000\u0000\u0000Findings\u0000The empirical results validate the effectiveness of cultivational governance mechanisms, as both AI resources effectively suppress seller opportunism through digital empowerment and value cocreation. Specifically, e-commerce platforms’ AI technology resources significantly promote value cocreation and platform digital empowerment, while AI human resources primarily contribute to platform digital empowerment. Although platform digital empowerment encourages value cocreation, its direct impact on reducing seller opportunism was not supported. Notably, value cocreation negatively affects seller opportunism.\u0000\u0000\u0000Originality/value\u0000The present research mainly contributes to the marketing channel governance literature by introducing a new approach to inhibit opportunism, namely, the cultivational governance mechanism.\u0000","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47610250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose The literature on help-seeking at work has experienced significant growth in the past decades. However, our knowledge about this research domain remains fragmented and lacks sufficient theoretical integration. Therefore, this paper aims to comprehensively integrate the extant literature on help-seeking behavior at work and propose an overarching, organized framework to propel this field forward. Design/methodology/approach A state-of-the-art review and theoretical development on help-seeking at work are conducted. Findings First, the authors provide the conceptual clarity of its definitions, key characteristics, types and measurement techniques. Second, the authors develop a fine-grained and integrative process-based framework consisting of antecedents, proximal psychological mechanisms, subsequent influencing processes and distal outcomes to advance our understanding of seeking help in the workplace. Third, the authors offer a detailed agenda for future research to target opportunities within the field. Originality/value The current study is comprehensive in surveying the full body of knowledge on help-seeking at work. It uniquely provides a coherent overarching framework that organizes prior findings and channels future research. Additionally, this review paints a complete picture of what has been done and what needs to be done in the field. More research can be spurred based on our conceptual framework.
{"title":"Help-seeking at work: an integrative review, organizing framework and agenda for future research","authors":"Keyu Chen, Guoquan Chen, Qiong Wu, Wei Liu, Huiqun Zhao","doi":"10.1108/nbri-03-2023-0025","DOIUrl":"https://doi.org/10.1108/nbri-03-2023-0025","url":null,"abstract":"\u0000Purpose\u0000The literature on help-seeking at work has experienced significant growth in the past decades. However, our knowledge about this research domain remains fragmented and lacks sufficient theoretical integration. Therefore, this paper aims to comprehensively integrate the extant literature on help-seeking behavior at work and propose an overarching, organized framework to propel this field forward.\u0000\u0000\u0000Design/methodology/approach\u0000A state-of-the-art review and theoretical development on help-seeking at work are conducted.\u0000\u0000\u0000Findings\u0000First, the authors provide the conceptual clarity of its definitions, key characteristics, types and measurement techniques. Second, the authors develop a fine-grained and integrative process-based framework consisting of antecedents, proximal psychological mechanisms, subsequent influencing processes and distal outcomes to advance our understanding of seeking help in the workplace. Third, the authors offer a detailed agenda for future research to target opportunities within the field.\u0000\u0000\u0000Originality/value\u0000The current study is comprehensive in surveying the full body of knowledge on help-seeking at work. It uniquely provides a coherent overarching framework that organizes prior findings and channels future research. Additionally, this review paints a complete picture of what has been done and what needs to be done in the field. More research can be spurred based on our conceptual framework.\u0000","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42510381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-05DOI: 10.1108/nbri-11-2022-0112
Yan Xu, Ya’nan Zhang, Ziqiang Wang, Xi Song, Zhenli Bai, Xiang Li
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.
{"title":"Research on the heterogeneity of technical innovation in the Chinese e-cigarette industry – rethinking the A-U model","authors":"Yan Xu, Ya’nan Zhang, Ziqiang Wang, Xi Song, Zhenli Bai, Xiang Li","doi":"10.1108/nbri-11-2022-0112","DOIUrl":"https://doi.org/10.1108/nbri-11-2022-0112","url":null,"abstract":"Purpose\u0000Unlike 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”.\u0000\u0000\u0000Design/methodology/approach\u0000This 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.\u0000\u0000\u0000Findings\u0000Thus, 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.\u0000\u0000\u0000Research limitations/implications\u0000It 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.\u0000\u0000\u0000Practical implications\u0000On this basis, suggestions on the development path and countermeasures of the e-cigarette industry are put forward.\u0000\u0000\u0000Originality/value\u0000Based 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.","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46057343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-23DOI: 10.1108/nbri-11-2022-0111
Wenzhe Chen, Ning Shi, Q. Liang, Xiangchao Hao
Purpose Based on the background of the restricted stock has gradually replaced stock option and has become the mainstream equity incentive model in China, this paper aims to investigate the which factors affect the choice of equity incentive model, and the impacts of equity incentive model. Design/methodology/approach The theoretical analysis is based on the game theory between shareholders and top executives. The empirical analysis is based on the detailed data of equity incentives in China’s listed companies from 2006 to 2017; the logit method and least square method are implemented to estimate the regression coefficients and Black–Scholes options pricing model to estimate the value of restricted stock/option granted to the CEO. Findings This paper documents that enterprises with serious agency problems, high investment risks, high stock price synchronicity and great executive power are significantly and positively related to restricted stock. The main empirical findings still hold after several robust tests. In addition, restricted stock can significantly improve corporate performance when the performance evaluation index is strict and the validity period is long, while for the sample group with loose performance index and short validity period, restricted stock significantly reduces corporate performance. Originality/value This paper analyzes the “black box” of equity incentive model selection from the stakeholders’ game perspective by constructing a game theory model to investigate the reasons for the choice of equity incentive model in various situations, which enriches the research in this field. Moreover, this paper finds that restricted stock has both incentive and welfare characteristics, and the rationality of performance appraisal goals is the key factor leading to the difference in incentive effects. Overall, the research indicates that only well-designed equity incentive plans can improve corporate performance, which contributes to regulators and practitioners to form a rational understanding of restricted stock model and provides a reference for their decision-making.
{"title":"The mystery of choice of equity incentive model: based on the game theory analysis between shareholders and top executives","authors":"Wenzhe Chen, Ning Shi, Q. Liang, Xiangchao Hao","doi":"10.1108/nbri-11-2022-0111","DOIUrl":"https://doi.org/10.1108/nbri-11-2022-0111","url":null,"abstract":"Purpose Based on the background of the restricted stock has gradually replaced stock option and has become the mainstream equity incentive model in China, this paper aims to investigate the which factors affect the choice of equity incentive model, and the impacts of equity incentive model. Design/methodology/approach The theoretical analysis is based on the game theory between shareholders and top executives. The empirical analysis is based on the detailed data of equity incentives in China’s listed companies from 2006 to 2017; the logit method and least square method are implemented to estimate the regression coefficients and Black–Scholes options pricing model to estimate the value of restricted stock/option granted to the CEO. Findings This paper documents that enterprises with serious agency problems, high investment risks, high stock price synchronicity and great executive power are significantly and positively related to restricted stock. The main empirical findings still hold after several robust tests. In addition, restricted stock can significantly improve corporate performance when the performance evaluation index is strict and the validity period is long, while for the sample group with loose performance index and short validity period, restricted stock significantly reduces corporate performance. Originality/value This paper analyzes the “black box” of equity incentive model selection from the stakeholders’ game perspective by constructing a game theory model to investigate the reasons for the choice of equity incentive model in various situations, which enriches the research in this field. Moreover, this paper finds that restricted stock has both incentive and welfare characteristics, and the rationality of performance appraisal goals is the key factor leading to the difference in incentive effects. Overall, the research indicates that only well-designed equity incentive plans can improve corporate performance, which contributes to regulators and practitioners to form a rational understanding of restricted stock model and provides a reference for their decision-making.","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44701273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-19DOI: 10.1108/nbri-11-2022-0106
Jinyuan Jia, Ping-Ju Wu
Purpose State-owned firms play important roles in Chinese cross-border acquisition (CBA) activities. However, compared with private firms, state-owned firms have a lower likelihood of acquisition completion and take longer to complete a deal. This paper aims to determine why this phenomenon exists and how state-owned firms can overcome the constraints of their identity. Design/methodology/approach By integrating organizational learning theory with institutional theory, this paper attempts to answer the research questions from a legitimacy perspective. Employing Chinese CBA data from 1982 to 2014, the authors use a logit model and a random effects model to test the hypothesis. Findings The results show that a state-owned identity easily causes legitimacy concerns among host country regulatory agencies; thus, it may result in longer and more uncertain evaluation behaviors, which lead to a lower likelihood of CBA completion and a longer deal duration. Only experience with failed acquisitions can increase CBA completion probability. Furthermore, in very complex decision-making environments, such as that surrounding deal duration, only specific types of experience (i.e. experience of failed international acquisitions) can trigger learning behavior, whereas general experience (i.e. failed acquisition experience) has little influence. Favorable bilateral relationships may not improve the completion rate and efficiency of state-owned firms, but high-quality host country institutions lead to a higher likelihood of CBA completion among state-owned firms; however, this may be not conducive to decreasing the time needed to complete an acquisition deal. Originality/value First, by discussing the completion rate and duration of CBAs conducted by state-owned firms and analyzing the factors that influence them, this paper enriches and develops the theory of organizational overseas mergers and acquisitions (M&As). Second, by adopting a legitimacy perspective and integrating institutional theory, the authors theorize how state-owned status influences firms’ M&A completion rate and time and test the hypotheses empirically; thus, this paper improves and deepens institutional theory. Third, by discussing how different types of experience (i.e. successful experience vs failed acquisition experience) influence the acquisition completion rate and duration and how general experience and specific types of experience affect these two dependent variables differently, this paper explains how state-owned firms can learn effectively from experience, contributing to organizational learning theory.
{"title":"Experiential learning, institutional quality and Chinese state-owned firms’ cross-border acquisitions","authors":"Jinyuan Jia, Ping-Ju Wu","doi":"10.1108/nbri-11-2022-0106","DOIUrl":"https://doi.org/10.1108/nbri-11-2022-0106","url":null,"abstract":"\u0000Purpose\u0000State-owned firms play important roles in Chinese cross-border acquisition (CBA) activities. However, compared with private firms, state-owned firms have a lower likelihood of acquisition completion and take longer to complete a deal. This paper aims to determine why this phenomenon exists and how state-owned firms can overcome the constraints of their identity.\u0000\u0000\u0000Design/methodology/approach\u0000By integrating organizational learning theory with institutional theory, this paper attempts to answer the research questions from a legitimacy perspective. Employing Chinese CBA data from 1982 to 2014, the authors use a logit model and a random effects model to test the hypothesis.\u0000\u0000\u0000Findings\u0000The results show that a state-owned identity easily causes legitimacy concerns among host country regulatory agencies; thus, it may result in longer and more uncertain evaluation behaviors, which lead to a lower likelihood of CBA completion and a longer deal duration. Only experience with failed acquisitions can increase CBA completion probability. Furthermore, in very complex decision-making environments, such as that surrounding deal duration, only specific types of experience (i.e. experience of failed international acquisitions) can trigger learning behavior, whereas general experience (i.e. failed acquisition experience) has little influence. Favorable bilateral relationships may not improve the completion rate and efficiency of state-owned firms, but high-quality host country institutions lead to a higher likelihood of CBA completion among state-owned firms; however, this may be not conducive to decreasing the time needed to complete an acquisition deal.\u0000\u0000\u0000Originality/value\u0000First, by discussing the completion rate and duration of CBAs conducted by state-owned firms and analyzing the factors that influence them, this paper enriches and develops the theory of organizational overseas mergers and acquisitions (M&As). Second, by adopting a legitimacy perspective and integrating institutional theory, the authors theorize how state-owned status influences firms’ M&A completion rate and time and test the hypotheses empirically; thus, this paper improves and deepens institutional theory. Third, by discussing how different types of experience (i.e. successful experience vs failed acquisition experience) influence the acquisition completion rate and duration and how general experience and specific types of experience affect these two dependent variables differently, this paper explains how state-owned firms can learn effectively from experience, contributing to organizational learning theory.\u0000","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47742741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-10DOI: 10.1108/nbri-10-2022-0101
Na Wu, Yaxin Bai, Yi An
Purpose Using a sample of manufacturing firms listed in China between 2007 and 2019, first, this paper aims to examine whether peer firms influence corporate trade credit supply. Next, the authors examine the channels through which peer firms influence corporate trade credit supply by testing the predictions of rivalry and information theories. Furthermore, the authors examine the heterogeneity of the industry peer effect on corporate trade credit supply. Finally, the authors examine the economic consequences of the industry peer effect on corporate trade credit supply. Design/methodology/approach The sample includes all manufacturing firms listed on both the Shanghai and Shenzhen securities exchanges for the sample period from 2007 to 2019, and the data come from the China Stock Market & Accounting Research database. The authors use the fixed effects method to examine the industry peer effect on trade credit supply. The results are robust to a series of robustness tests. To address the potential endogeneity problem, the authors adopt appropriate instruments by estimating instrumental variable models (two-stage least square). The authors use Heckman’s two-stage model to mitigate the sample selection bias. Findings The authors provide strong empirical evidence showing that the industry peer effect on trade credit supply exists in the manufacturing sector. It is also found that both competitive rivalry-based and information-based theories can provide explanations of the industry peer effect on trade credit supply. This process is both active imitation and passive reaction. Additional analysis suggests that the industry peer effect on trade credit supply is more pronounced for state-owned firms, firms with low customer concentration and firms with high geographical proximity. The amplification effect and spillover effect are the economic consequences of the industry peer effect on trade credit supply. In other words, the trade credit supply based on peer effect will not only increase the liquidity risk of the firm per se but also induce and increase the liquidity risk of the industry. Originality/value The study makes some important contributions. First, the authors find robust evidence that peer firms’ trade credit supply is an important factor in explaining corporate trade credit supply, which extends the literature by connecting the firm’s trade credit supply with the peer effect. Second, the study provides a new micro-perspective for understanding that firms use trade credit supply as a tool of competition, which proves the importance of rivals’ decision-making as a determinant of corporate decisions. Third, the authors examine the industry peer effect on trade credit supply, which not only helps to guide firms to pay more attention to the potential risk and spillover effects of the trade credit supply decision-making relevance but also helps to clarify the industry interaction phenomenon of corporate decision-making behavior. It is an im
{"title":"Active imitation or passive reaction: research on the peer effect on trade credit","authors":"Na Wu, Yaxin Bai, Yi An","doi":"10.1108/nbri-10-2022-0101","DOIUrl":"https://doi.org/10.1108/nbri-10-2022-0101","url":null,"abstract":"\u0000Purpose\u0000Using a sample of manufacturing firms listed in China between 2007 and 2019, first, this paper aims to examine whether peer firms influence corporate trade credit supply. Next, the authors examine the channels through which peer firms influence corporate trade credit supply by testing the predictions of rivalry and information theories. Furthermore, the authors examine the heterogeneity of the industry peer effect on corporate trade credit supply. Finally, the authors examine the economic consequences of the industry peer effect on corporate trade credit supply.\u0000\u0000\u0000Design/methodology/approach\u0000The sample includes all manufacturing firms listed on both the Shanghai and Shenzhen securities exchanges for the sample period from 2007 to 2019, and the data come from the China Stock Market & Accounting Research database. The authors use the fixed effects method to examine the industry peer effect on trade credit supply. The results are robust to a series of robustness tests. To address the potential endogeneity problem, the authors adopt appropriate instruments by estimating instrumental variable models (two-stage least square). The authors use Heckman’s two-stage model to mitigate the sample selection bias.\u0000\u0000\u0000Findings\u0000The authors provide strong empirical evidence showing that the industry peer effect on trade credit supply exists in the manufacturing sector. It is also found that both competitive rivalry-based and information-based theories can provide explanations of the industry peer effect on trade credit supply. This process is both active imitation and passive reaction. Additional analysis suggests that the industry peer effect on trade credit supply is more pronounced for state-owned firms, firms with low customer concentration and firms with high geographical proximity. The amplification effect and spillover effect are the economic consequences of the industry peer effect on trade credit supply. In other words, the trade credit supply based on peer effect will not only increase the liquidity risk of the firm per se but also induce and increase the liquidity risk of the industry.\u0000\u0000\u0000Originality/value\u0000The study makes some important contributions. First, the authors find robust evidence that peer firms’ trade credit supply is an important factor in explaining corporate trade credit supply, which extends the literature by connecting the firm’s trade credit supply with the peer effect. Second, the study provides a new micro-perspective for understanding that firms use trade credit supply as a tool of competition, which proves the importance of rivals’ decision-making as a determinant of corporate decisions. Third, the authors examine the industry peer effect on trade credit supply, which not only helps to guide firms to pay more attention to the potential risk and spillover effects of the trade credit supply decision-making relevance but also helps to clarify the industry interaction phenomenon of corporate decision-making behavior. It is an im","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45687054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-10DOI: 10.1108/nbri-08-2022-0080
Hua Song, Yudong Yang, Zheng Tao
Purpose In recent years, the application of blockchain in enterprise financing has become a hot topic in academic research. This study aims to review the existing literature, construct a knowledge framework for this research topic and propose an agenda for future research. Design/methodology/approach Based on 181 papers published from 2016 to 2020 in core journal databases in China and abroad, this study used bibliometric tools to identify and analyze an overview of literature publications, research hotspot trends and research theme clustering. This study also qualitatively analyzes literature from the dimensions of enabling mechanisms, multitechnology synergy, challenges, theoretical perspectives and research methods. Findings This study presents the research progress of blockchain applications in direct financing, bank credit, supply chain finance and other financing modes and analyzes the similarities and differences between domestic and international literature. This study also reveals enabling mechanisms of blockchain in enterprise financing, reflected as information quality improvement (data elements), trust mechanism innovation (business process) and collaboration structure enhancement (network structure). The study found several challenges (e.g. technological uncertainty, data security and organizational change) and trends (e.g. integrated innovation of multiple digital technologies). Additionally, the authors identified several gaps and opportunities for further research. Research limitations/implications This study adopts a strict strategy of selecting search terms when retrieving the literature, leading to the exclusion of certain papers on this topic. Practical implications This study provides valuable insights into the innovative development of enterprise financing modes enabled by blockchain and emphasizes that managers should clarify the applicable boundaries and necessary conditions of blockchain innovation in different financing scenarios to match technological innovation with industrial expectations. Originality/value This study constructs a knowledge framework on this topic based on a comprehensive review of existing research and proposes several important issues for future research based on the identified research gaps.
{"title":"Application of blockchain in enterprise financing: literature review and knowledge framework","authors":"Hua Song, Yudong Yang, Zheng Tao","doi":"10.1108/nbri-08-2022-0080","DOIUrl":"https://doi.org/10.1108/nbri-08-2022-0080","url":null,"abstract":"\u0000Purpose\u0000In recent years, the application of blockchain in enterprise financing has become a hot topic in academic research. This study aims to review the existing literature, construct a knowledge framework for this research topic and propose an agenda for future research.\u0000\u0000\u0000Design/methodology/approach\u0000Based on 181 papers published from 2016 to 2020 in core journal databases in China and abroad, this study used bibliometric tools to identify and analyze an overview of literature publications, research hotspot trends and research theme clustering. This study also qualitatively analyzes literature from the dimensions of enabling mechanisms, multitechnology synergy, challenges, theoretical perspectives and research methods.\u0000\u0000\u0000Findings\u0000This study presents the research progress of blockchain applications in direct financing, bank credit, supply chain finance and other financing modes and analyzes the similarities and differences between domestic and international literature. This study also reveals enabling mechanisms of blockchain in enterprise financing, reflected as information quality improvement (data elements), trust mechanism innovation (business process) and collaboration structure enhancement (network structure). The study found several challenges (e.g. technological uncertainty, data security and organizational change) and trends (e.g. integrated innovation of multiple digital technologies). Additionally, the authors identified several gaps and opportunities for further research.\u0000\u0000\u0000Research limitations/implications\u0000This study adopts a strict strategy of selecting search terms when retrieving the literature, leading to the exclusion of certain papers on this topic.\u0000\u0000\u0000Practical implications\u0000This study provides valuable insights into the innovative development of enterprise financing modes enabled by blockchain and emphasizes that managers should clarify the applicable boundaries and necessary conditions of blockchain innovation in different financing scenarios to match technological innovation with industrial expectations.\u0000\u0000\u0000Originality/value\u0000This study constructs a knowledge framework on this topic based on a comprehensive review of existing research and proposes several important issues for future research based on the identified research gaps.\u0000","PeriodicalId":44958,"journal":{"name":"Nankai Business Review International","volume":"1 1","pages":""},"PeriodicalIF":2.8,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41933811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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