Pub Date : 2020-03-24DOI: 10.1186/s11782-020-00075-5
Yan Li, Cungang Li, Yijun Gao
This study investigates the effect of voluntary disclosures on lending decisions in the repeated game. Using a unique dataset from a peer-to-peer lending platform, “ppdai” ( paipaidai ), we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game. We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success. In addition, the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution. Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience. We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default. Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game. Our study provides new insights into the real effects of costless, voluntary and unverifiable disclosures on lending decisions.
{"title":"Voluntary disclosures and peer-to-peer lending decisions: Evidence from the repeated game","authors":"Yan Li, Cungang Li, Yijun Gao","doi":"10.1186/s11782-020-00075-5","DOIUrl":"https://doi.org/10.1186/s11782-020-00075-5","url":null,"abstract":"This study investigates the effect of voluntary disclosures on lending decisions in the repeated game. Using a unique dataset from a peer-to-peer lending platform, “ppdai” ( paipaidai ), we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game. We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success. In addition, the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution. Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience. We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default. Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game. Our study provides new insights into the real effects of costless, voluntary and unverifiable disclosures on lending decisions.","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"51 5","pages":""},"PeriodicalIF":4.5,"publicationDate":"2020-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509084","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 : 2020-02-05DOI: 10.1186/s11782-020-0073-y
Frontiers of Business Research in China
{"title":"Publisher Correction to: Frontiers of Business Research in China","authors":"Frontiers of Business Research in China","doi":"10.1186/s11782-020-0073-y","DOIUrl":"https://doi.org/10.1186/s11782-020-0073-y","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"14 1","pages":"1"},"PeriodicalIF":4.5,"publicationDate":"2020-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-020-0073-y","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43152936","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 : 2020-01-07DOI: 10.1186/s11782-019-0068-8
Guodaohou Song, Xiaofang Wang
Production cost can be influenced by previous sales in an uncertain way. In reality, production cost may decrease in the number of initial buyers due to the learning effect, or increase in the number of initial buyers due to the quality-improving pressure from negative comments of unhappy users. Taking this uncertainty into account, this paper studies the optimal intertemporal pricing strategies of a firm when selling to strategic customers in two periods where production cost in the second period randomly changes with the number of buyers in the first period. Our results suggest how firms should adjust their optimal pricing strategies under different market circumstances.
{"title":"Selling to strategic customers with cost uncertainty","authors":"Guodaohou Song, Xiaofang Wang","doi":"10.1186/s11782-019-0068-8","DOIUrl":"https://doi.org/10.1186/s11782-019-0068-8","url":null,"abstract":"Production cost can be influenced by previous sales in an uncertain way. In reality, production cost may decrease in the number of initial buyers due to the learning effect, or increase in the number of initial buyers due to the quality-improving pressure from negative comments of unhappy users. Taking this uncertainty into account, this paper studies the optimal intertemporal pricing strategies of a firm when selling to strategic customers in two periods where production cost in the second period randomly changes with the number of buyers in the first period. Our results suggest how firms should adjust their optimal pricing strategies under different market circumstances.","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"52 12","pages":""},"PeriodicalIF":4.5,"publicationDate":"2020-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509076","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 : 2019-12-01DOI: 10.1186/s11782-019-0069-7
Yue Wang, Wenhao Luo, Jing Zhang, Yirong Guo
{"title":"More humility, less counterproductive work behaviors? The role of interpersonal justice and trust","authors":"Yue Wang, Wenhao Luo, Jing Zhang, Yirong Guo","doi":"10.1186/s11782-019-0069-7","DOIUrl":"https://doi.org/10.1186/s11782-019-0069-7","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"13 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-019-0069-7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65919817","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 : 2019-12-01DOI: 10.1186/s11782-019-0067-9
Jin Feng, Wen-xia Zhou, Shuoyu Li, Mengyi Li
{"title":"Obstacles open the door — Negative shocks can motivate individuals to focus on opportunities","authors":"Jin Feng, Wen-xia Zhou, Shuoyu Li, Mengyi Li","doi":"10.1186/s11782-019-0067-9","DOIUrl":"https://doi.org/10.1186/s11782-019-0067-9","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"13 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-019-0067-9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65919772","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 : 2019-12-01DOI: 10.1186/s11782-019-0066-x
Zhen Wang, Yuan Liu, Songbo Liu
This study examines how and when authoritarian leadership affects subordinates’ task performance. Using social exchange theory and power dependence theory, this study proposes that authoritarian leadership negatively influences task performance through leader-member exchange (LMX). This study further proposes that the effect of authoritarian leadership on LMX is stronger when a subordinate has less dependence on a leader. A two-wave survey was conducted in a large electronics and information enterprise group in China. These hypotheses are supported by results based on 219 supervisor-subordinate dyads. The results reveal that authoritarian leadership negatively affects subordinates’ task performance via LMX. Dependence on leader buffers the negative effect of authoritarian leadership on LMX and mitigates the indirect effect of authoritarian leadership on employee task performance through LMX. Theoretical contributions and practical implications are discussed.
{"title":"Authoritarian leadership and task performance: the effects of leader-member exchange and dependence on leader","authors":"Zhen Wang, Yuan Liu, Songbo Liu","doi":"10.1186/s11782-019-0066-x","DOIUrl":"https://doi.org/10.1186/s11782-019-0066-x","url":null,"abstract":"This study examines how and when authoritarian leadership affects subordinates’ task performance. Using social exchange theory and power dependence theory, this study proposes that authoritarian leadership negatively influences task performance through leader-member exchange (LMX). This study further proposes that the effect of authoritarian leadership on LMX is stronger when a subordinate has less dependence on a leader. A two-wave survey was conducted in a large electronics and information enterprise group in China. These hypotheses are supported by results based on 219 supervisor-subordinate dyads. The results reveal that authoritarian leadership negatively affects subordinates’ task performance via LMX. Dependence on leader buffers the negative effect of authoritarian leadership on LMX and mitigates the indirect effect of authoritarian leadership on employee task performance through LMX. Theoretical contributions and practical implications are discussed.","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"8 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509074","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 : 2019-12-01DOI: 10.1186/s11782-019-0065-y
Jinran Chen, Lijuan Xie
{"title":"Industrial policy, structural transformation and economic growth: evidence from China","authors":"Jinran Chen, Lijuan Xie","doi":"10.1186/s11782-019-0065-y","DOIUrl":"https://doi.org/10.1186/s11782-019-0065-y","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"13 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-019-0065-y","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65919659","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 : 2019-12-01DOI: 10.1186/s11782-019-0070-1
Jiunyan Wu, Tomoki Sekiguchi
{"title":"A multilevel and dynamic model of intragroup conflict and decision making: application of agent-based modeling","authors":"Jiunyan Wu, Tomoki Sekiguchi","doi":"10.1186/s11782-019-0070-1","DOIUrl":"https://doi.org/10.1186/s11782-019-0070-1","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-019-0070-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46801773","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 : 2019-09-26DOI: 10.1186/s11782-019-0063-0
Shuai Meng, Jiayan Yan, Xuebing Cao
{"title":"Heterogeneity in top management teams and outward foreign direct investment: evidence from Chinese listed companies","authors":"Shuai Meng, Jiayan Yan, Xuebing Cao","doi":"10.1186/s11782-019-0063-0","DOIUrl":"https://doi.org/10.1186/s11782-019-0063-0","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"13 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-019-0063-0","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65919213","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 : 2019-09-24DOI: 10.1186/s11782-019-0062-1
Zhang Jin, Weng Zhangwen, Ni Naichen
{"title":"Helping consumers to overcome information overload with a diversified online review subset","authors":"Zhang Jin, Weng Zhangwen, Ni Naichen","doi":"10.1186/s11782-019-0062-1","DOIUrl":"https://doi.org/10.1186/s11782-019-0062-1","url":null,"abstract":"","PeriodicalId":54175,"journal":{"name":"Frontiers of Business Research in China","volume":"13 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2019-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1186/s11782-019-0062-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65919157","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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