The essence of this study is to investigate the influence of the board gender diversity on firms’accounting and market-based performance using a sample of Standard&Poor’s 500 companies belonging to the informati...The essence of this study is to investigate the influence of the board gender diversity on firms’accounting and market-based performance using a sample of Standard&Poor’s 500 companies belonging to the information technology sector over 12 years.Using the pooled ordinary least squares(OLS)method,the outcomes provide evidence for a positive influence of women on corporate boards on both measures of company performance,except for the percentage of female executives in the case of return on assets(ROA).After estimating the fixed effects and random-effects through panel data,the econometric outcomes show no statistically significant association among board gender diversity and ROA but a positive influence of the number and percentage of women on board on price-to-earnings ratio.展开更多
Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm pe...Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial discretion.Based on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the hypothesis.The empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms performance.At the same time managerial discretion can partially moderates the relationship between the heterogeneity of top management team and firm performance,in which capital intensity and the firm size play a negative moderating role,and duality play a positive moderating role.According to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.展开更多
This study utilizes mediation analysis and bootstrapping to analyze the mediating effect of capital structure on the association between managerial ability and firm performance.The dataset consists of 6384 firm-year o...This study utilizes mediation analysis and bootstrapping to analyze the mediating effect of capital structure on the association between managerial ability and firm performance.The dataset consists of 6384 firm-year observations from the Taiwan Residents electronics industry during 2005–2018.Our results indicate that(1)low(high)levels of debt are likely observed in firms with CEOs with high(low)ability,(2)managerial ability positively affects firm performance,and(3)capital structure mediates the positive relationship between managerial ability and firm performance.Overall,the findings may have limited generalizability due to the specific sample characteristics and provide convincing support for the importance of capital structure as a mediator in the managerial ability-firm performance nexus.Specifically,this study highlights the need for examining the effect of managerial ability on firm performance through a mediator.展开更多
This study took small enterprises listed from 2010 to 2015 as the empirical object.The board size,CEO duality,and ratio of independent directors were independent variables.The return on total assets,return on sharehol...This study took small enterprises listed from 2010 to 2015 as the empirical object.The board size,CEO duality,and ratio of independent directors were independent variables.The return on total assets,return on shareholders’equity and earnings per share were taken as the dependent variables,and three hypotheses were tested with SPSS.It is found that the board size was positively correlated with firm performance,but was not significant.There was no significant correlation between the ratio of independent directors and CEO duality on firm performance.This study suggests that optimizing the leadership structure of the board of directors can help improve the firm performance of enterprises.展开更多
Based on the current development of China's manufacturing industry,this study analyses the relationship between servitization and firm performance,and explores the moderating role of marketing ability.The study co...Based on the current development of China's manufacturing industry,this study analyses the relationship between servitization and firm performance,and explores the moderating role of marketing ability.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.The results of empirical analysis show that there is a positive relationship between servitization and firm performance.Marketing ability can moderate this relationship,in which marketing investment intensity positively moderates the relationship between service level and firm performance,and the proportion of salespeople negatively moderates the relationship between service investment intensity and firm performance.Based on these findings,this paper developed recommendations for managers of manufacturing firms.展开更多
In the process of rapid economic development,the competition in the manufacturing industry is becoming more and more fierce.As a strategic measure for many manufacturing firms to successfully improve firm performance,...In the process of rapid economic development,the competition in the manufacturing industry is becoming more and more fierce.As a strategic measure for many manufacturing firms to successfully improve firm performance,servitization has gradually attracted the attention of more and more managers and scholars.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.Through the regression test of the data,this study mainly discusses whether the industry type can regulate the relationship between servitization and firm performance.The results show that servitization can have a positive impact on firm performance.In addition,industry type can be used as a moderating variable to moderate the relationship between servitization and firm performance.On this basis,this paper puts forward some suggestions and countermeasures for manufacturing firms.展开更多
This study examines whether corporate culture promotion affects firm performance in China in terms of firm market value, firm financial performance and innovation output. We find consistent evidence that corporate cul...This study examines whether corporate culture promotion affects firm performance in China in terms of firm market value, firm financial performance and innovation output. We find consistent evidence that corporate culture promotion is negatively related to firm market value, positively related to innovation output and not significantly related to firm financial performance. In addition,the negative effect of corporate culture promotion on firm market value is driven by small firms and firms located in less developed provinces. Furthermore,we find that some specific corporate culture promotions, such as innovation culture promotion and integrity culture promotion, are not related to firm value or financial performance. However, innovation culture promotion is positively associated with innovation output.展开更多
In 2013,the Chinese government implemented Rule No.18,which suspended the directorships of incumbent government officials and precluded those who retired within the past three years from serving as independent directo...In 2013,the Chinese government implemented Rule No.18,which suspended the directorships of incumbent government officials and precluded those who retired within the past three years from serving as independent directors for listed firms.The surprise implementation of Rule No.18 triggered a wave of resignations among official independent directors(OIDs).The event provided a unique opportunity to examine the impacts of the political connections of board members on firm performance.We applied a difference-in-difference technique to empirically investigate the effect of OID resignations on firm performance from the perspectives of resource dependence theory and social capital theory.The results indicate that the resignation of OIDs had a significantly negative effect on firm performance,as measured by Tobin's 0 and firm leverage.This also confirmed the importance of independent directors'political connection on firm performance,as discovered in prior research.However,this influence varied across OIDs'heterogeneity,external environment and firm ownership.The results indicate that political connections may not be necessary channels for firms to achieve success.展开更多
This paper studies the effect of the standardization of the strategy translation process on procedural fairness in budgeting and firm performance.Analysis of250 valid questionnaires using a structural equation model s...This paper studies the effect of the standardization of the strategy translation process on procedural fairness in budgeting and firm performance.Analysis of250 valid questionnaires using a structural equation model shows that the strategy translation process(STP)affects firm performance not only directly but also indirectly,through budget participation and procedural fairness in budgeting.This study enriches the literature on the economic consequences of strategic performance measurement systems and expands research on procedural fairness in budgeting and the factors influencing firm performance.This study shows that the standard translation and implementation of strategy will decrease managers’bias in the target-setting process,thus increasing manager’s sense of fairness in the budget process and ultimately improving firm performance.展开更多
Since firms are the entities of technological innovation and basic research is the source of technological innovation,encouraging firms to conduct basic research has gained increasing attention.Using Huawei Technologi...Since firms are the entities of technological innovation and basic research is the source of technological innovation,encouraging firms to conduct basic research has gained increasing attention.Using Huawei Technologies as a case study,this study employs a vector autoregressive(VAR)model and relevant data of the target firm from 2000 to 2019 to investigate the relationships between basic research,technological innovation,and firm performance.According to the findings,basic research has a positive effect on technological innovation but has a significant lag;technological innovation has a positive effect on firm performance and shows significant periodicity;while basic research has a positive effect on firm performance and a procedural nature.On this basis,we put forward some enlightening suggestions for firms to carry out basic research.展开更多
In a highly competitive industry,it has been a best practice that dynamic capabilities guide technology firms to cope with challenging situations.Meanwhile,knowledge creation enables the firm to condition the success ...In a highly competitive industry,it has been a best practice that dynamic capabilities guide technology firms to cope with challenging situations.Meanwhile,knowledge creation enables the firm to condition the success and continuity of innovations,entrepreneurial orientation to support companies in winning the competition,and gamification to engage employees in a collaborative way towards better firm performance.This study examines how technology companies can improve their performance using gamification,knowledge creation,and entrepreneurial orientation.To test the proposed model,we collected data using a questionnaire survey of 124 technology companies in Indonesia.The theoretical model used structural equation modeling(SEM)with SmartPLS 3.The results show that all constructs have a direct and positive relationship,except for the direct relationship between gamification and firm performance.Thus,entrepreneurial orientation and knowledge creation are essential components of technology companies that mediate the effect of gamification on firm performance.This study provides a theoretical and empirical basis for the antecedents of technological firm performance.展开更多
This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)polic...This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)policy implemented by the Chinese government in 1998,in which tougher environmental regulations were imposed in TCZ cities but not others.By difference-indifferences estimation,we find that tougher environmental regulation leads to larger increase on both total factor productivity and wage,and firms tend to employ fewer workers under pressure of environmental protection.Heterogeneous tests show that the impacts are better for nonpollution intensive firms,non-exporters and SOEs.Finally,we find that R&D input and exiting firms among industry are the driving forces for enhancing TFP and increasing wage and unemployment.展开更多
This study investigates the status of e-SCM and performance among Jordanian manufacturing sector. The objective of this study is to analyze the impact of trust and communication on the e-SCM usage. Moreover, the study...This study investigates the status of e-SCM and performance among Jordanian manufacturing sector. The objective of this study is to analyze the impact of trust and communication on the e-SCM usage. Moreover, the study investigates the effect of the trust and communication on the firm’s performance while the e-SCM usage is used as a mediating factor on firm’s performance. The proposed research model was validated by distributing 250 survey questionnaires to the manufacturing sector in Jordan. Structural equation modelling (SEM) technique was used to analyze the results. One of the main limitations of this study was that the results could not be universal since the study was limited to Jordan. We discussed the implications of our results for research and practice.展开更多
In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast litera...In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast literature indicates that the relationship between R&D and firm performance is highly complex.The evidence suggests that R&D positively influences firm performance,yet findings on the process by which this happens are mixed.Rigorous analyses are required on how R&D investments affect energy consumption.This study explores the impact of R&D investment on the performance and energy consumption of 476 firms in Ethiopia by employing a combination of fixed-effect,propensity score matching,and endogenous treatment effect estimation methods.The empirical results reveal that investment in R&D positively influences both innovation and long-term financial performance but negatively impacts short-term financial performance and energy consumption.The results also show that the impacts of R&D activities vary significantly across different categories of firms,confirming that heterogeneity may be an issue among the firms considered.The results also indicate that the availability of credit is a more important moderating factor in the relationship between R&D investment and firm performance than the legal system is.These results have important implications for firms with growing R&D operations,especially those in developing countries such as Ethiopia.Ethiopian firms should invest more in R&D activities,such as in fundamental and applied research,to improve performance and enhance competitiveness.展开更多
The rapidly increasing volume of goodwill assets in the capital market generates potential risks due to the possibility of an untimely recognition of goodwill impairment.In this paper,we investigate the financial cons...The rapidly increasing volume of goodwill assets in the capital market generates potential risks due to the possibility of an untimely recognition of goodwill impairment.In this paper,we investigate the financial consequences of goodwill impairment avoidance based on firms’future performance and stock prices.Using Chinese A-share listed firms with goodwill balances,we find that avoiding goodwill impairments negatively affects a firm’s performance growth and increases its risk of a future stock price crash.These adverse effects continue for the three years following the goodwill impairment avoidance.Our results indicate that goodwill impairment avoidance has detrimental impacts on a firm’s future performance and stock price and that these impacts are persistent.Our conclusions are helpful for regulators on how to prevent the risks hidden in goodwill impairment recognition and maintain the stable development of the financial market.展开更多
文摘The essence of this study is to investigate the influence of the board gender diversity on firms’accounting and market-based performance using a sample of Standard&Poor’s 500 companies belonging to the information technology sector over 12 years.Using the pooled ordinary least squares(OLS)method,the outcomes provide evidence for a positive influence of women on corporate boards on both measures of company performance,except for the percentage of female executives in the case of return on assets(ROA).After estimating the fixed effects and random-effects through panel data,the econometric outcomes show no statistically significant association among board gender diversity and ROA but a positive influence of the number and percentage of women on board on price-to-earnings ratio.
基金This work was supported by MOE(Ministry of Education in China)Project of Humanities and Social Sciences(No.20YJC630022)Shandong Province Natural Science Foundation(No.ZR2017MG033)Fundamental Research Funds for the Central Universities(No.HIT.HSS.201875).
文摘Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial discretion.Based on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the hypothesis.The empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms performance.At the same time managerial discretion can partially moderates the relationship between the heterogeneity of top management team and firm performance,in which capital intensity and the firm size play a negative moderating role,and duality play a positive moderating role.According to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.
基金Funding was provided by Universiti Malaysia Pahang(Grant No.RDU1903110).
文摘This study utilizes mediation analysis and bootstrapping to analyze the mediating effect of capital structure on the association between managerial ability and firm performance.The dataset consists of 6384 firm-year observations from the Taiwan Residents electronics industry during 2005–2018.Our results indicate that(1)low(high)levels of debt are likely observed in firms with CEOs with high(low)ability,(2)managerial ability positively affects firm performance,and(3)capital structure mediates the positive relationship between managerial ability and firm performance.Overall,the findings may have limited generalizability due to the specific sample characteristics and provide convincing support for the importance of capital structure as a mediator in the managerial ability-firm performance nexus.Specifically,this study highlights the need for examining the effect of managerial ability on firm performance through a mediator.
文摘This study took small enterprises listed from 2010 to 2015 as the empirical object.The board size,CEO duality,and ratio of independent directors were independent variables.The return on total assets,return on shareholders’equity and earnings per share were taken as the dependent variables,and three hypotheses were tested with SPSS.It is found that the board size was positively correlated with firm performance,but was not significant.There was no significant correlation between the ratio of independent directors and CEO duality on firm performance.This study suggests that optimizing the leadership structure of the board of directors can help improve the firm performance of enterprises.
基金supported by MOE(Ministry of Education in China)Project of Humanities and Social Sciences(No.20YJC630022)Shandong Province Natural Science Foundation(No.ZR2017MG033)Fundamental Research Funds for the Central Universities(No.HIT.HSS.201875).
文摘Based on the current development of China's manufacturing industry,this study analyses the relationship between servitization and firm performance,and explores the moderating role of marketing ability.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.The results of empirical analysis show that there is a positive relationship between servitization and firm performance.Marketing ability can moderate this relationship,in which marketing investment intensity positively moderates the relationship between service level and firm performance,and the proportion of salespeople negatively moderates the relationship between service investment intensity and firm performance.Based on these findings,this paper developed recommendations for managers of manufacturing firms.
基金supported by MOE(Ministry of Education in China)Project of Humanities and Social Sciences(No.20YJC630022)Shandong Province Natural Science Foundation(No.ZR2017MG033)Fundamental Research Funds for the Central Universities(No.HIT.HSS.201875).
文摘In the process of rapid economic development,the competition in the manufacturing industry is becoming more and more fierce.As a strategic measure for many manufacturing firms to successfully improve firm performance,servitization has gradually attracted the attention of more and more managers and scholars.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.Through the regression test of the data,this study mainly discusses whether the industry type can regulate the relationship between servitization and firm performance.The results show that servitization can have a positive impact on firm performance.In addition,industry type can be used as a moderating variable to moderate the relationship between servitization and firm performance.On this basis,this paper puts forward some suggestions and countermeasures for manufacturing firms.
文摘This study examines whether corporate culture promotion affects firm performance in China in terms of firm market value, firm financial performance and innovation output. We find consistent evidence that corporate culture promotion is negatively related to firm market value, positively related to innovation output and not significantly related to firm financial performance. In addition,the negative effect of corporate culture promotion on firm market value is driven by small firms and firms located in less developed provinces. Furthermore,we find that some specific corporate culture promotions, such as innovation culture promotion and integrity culture promotion, are not related to firm value or financial performance. However, innovation culture promotion is positively associated with innovation output.
文摘In 2013,the Chinese government implemented Rule No.18,which suspended the directorships of incumbent government officials and precluded those who retired within the past three years from serving as independent directors for listed firms.The surprise implementation of Rule No.18 triggered a wave of resignations among official independent directors(OIDs).The event provided a unique opportunity to examine the impacts of the political connections of board members on firm performance.We applied a difference-in-difference technique to empirically investigate the effect of OID resignations on firm performance from the perspectives of resource dependence theory and social capital theory.The results indicate that the resignation of OIDs had a significantly negative effect on firm performance,as measured by Tobin's 0 and firm leverage.This also confirmed the importance of independent directors'political connection on firm performance,as discovered in prior research.However,this influence varied across OIDs'heterogeneity,external environment and firm ownership.The results indicate that political connections may not be necessary channels for firms to achieve success.
文摘This paper studies the effect of the standardization of the strategy translation process on procedural fairness in budgeting and firm performance.Analysis of250 valid questionnaires using a structural equation model shows that the strategy translation process(STP)affects firm performance not only directly but also indirectly,through budget participation and procedural fairness in budgeting.This study enriches the literature on the economic consequences of strategic performance measurement systems and expands research on procedural fairness in budgeting and the factors influencing firm performance.This study shows that the standard translation and implementation of strategy will decrease managers’bias in the target-setting process,thus increasing manager’s sense of fairness in the budget process and ultimately improving firm performance.
文摘Since firms are the entities of technological innovation and basic research is the source of technological innovation,encouraging firms to conduct basic research has gained increasing attention.Using Huawei Technologies as a case study,this study employs a vector autoregressive(VAR)model and relevant data of the target firm from 2000 to 2019 to investigate the relationships between basic research,technological innovation,and firm performance.According to the findings,basic research has a positive effect on technological innovation but has a significant lag;technological innovation has a positive effect on firm performance and shows significant periodicity;while basic research has a positive effect on firm performance and a procedural nature.On this basis,we put forward some enlightening suggestions for firms to carry out basic research.
基金Bina Nusantara University No.084/VR.RTT/VI/2021.
文摘In a highly competitive industry,it has been a best practice that dynamic capabilities guide technology firms to cope with challenging situations.Meanwhile,knowledge creation enables the firm to condition the success and continuity of innovations,entrepreneurial orientation to support companies in winning the competition,and gamification to engage employees in a collaborative way towards better firm performance.This study examines how technology companies can improve their performance using gamification,knowledge creation,and entrepreneurial orientation.To test the proposed model,we collected data using a questionnaire survey of 124 technology companies in Indonesia.The theoretical model used structural equation modeling(SEM)with SmartPLS 3.The results show that all constructs have a direct and positive relationship,except for the direct relationship between gamification and firm performance.Thus,entrepreneurial orientation and knowledge creation are essential components of technology companies that mediate the effect of gamification on firm performance.This study provides a theoretical and empirical basis for the antecedents of technological firm performance.
基金The authors are supported financially by the National Natural Science Foundation of China[Grant Number.71403216,71703128,71832012]MOE(Ministry of Education of China)of Humanities and Social Sciences Project[Grant Number.19YJC790062].
文摘This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)policy implemented by the Chinese government in 1998,in which tougher environmental regulations were imposed in TCZ cities but not others.By difference-indifferences estimation,we find that tougher environmental regulation leads to larger increase on both total factor productivity and wage,and firms tend to employ fewer workers under pressure of environmental protection.Heterogeneous tests show that the impacts are better for nonpollution intensive firms,non-exporters and SOEs.Finally,we find that R&D input and exiting firms among industry are the driving forces for enhancing TFP and increasing wage and unemployment.
文摘This study investigates the status of e-SCM and performance among Jordanian manufacturing sector. The objective of this study is to analyze the impact of trust and communication on the e-SCM usage. Moreover, the study investigates the effect of the trust and communication on the firm’s performance while the e-SCM usage is used as a mediating factor on firm’s performance. The proposed research model was validated by distributing 250 survey questionnaires to the manufacturing sector in Jordan. Structural equation modelling (SEM) technique was used to analyze the results. One of the main limitations of this study was that the results could not be universal since the study was limited to Jordan. We discussed the implications of our results for research and practice.
文摘In recent decades,with the rapid development of the knowledge economy and science,countries have embraced technical innovation and have gradually increased investment in research and development(R&D).A vast literature indicates that the relationship between R&D and firm performance is highly complex.The evidence suggests that R&D positively influences firm performance,yet findings on the process by which this happens are mixed.Rigorous analyses are required on how R&D investments affect energy consumption.This study explores the impact of R&D investment on the performance and energy consumption of 476 firms in Ethiopia by employing a combination of fixed-effect,propensity score matching,and endogenous treatment effect estimation methods.The empirical results reveal that investment in R&D positively influences both innovation and long-term financial performance but negatively impacts short-term financial performance and energy consumption.The results also show that the impacts of R&D activities vary significantly across different categories of firms,confirming that heterogeneity may be an issue among the firms considered.The results also indicate that the availability of credit is a more important moderating factor in the relationship between R&D investment and firm performance than the legal system is.These results have important implications for firms with growing R&D operations,especially those in developing countries such as Ethiopia.Ethiopian firms should invest more in R&D activities,such as in fundamental and applied research,to improve performance and enhance competitiveness.
基金supported by the National Natural Science Foundation of China,china(Project No.71672204)
文摘The rapidly increasing volume of goodwill assets in the capital market generates potential risks due to the possibility of an untimely recognition of goodwill impairment.In this paper,we investigate the financial consequences of goodwill impairment avoidance based on firms’future performance and stock prices.Using Chinese A-share listed firms with goodwill balances,we find that avoiding goodwill impairments negatively affects a firm’s performance growth and increases its risk of a future stock price crash.These adverse effects continue for the three years following the goodwill impairment avoidance.Our results indicate that goodwill impairment avoidance has detrimental impacts on a firm’s future performance and stock price and that these impacts are persistent.Our conclusions are helpful for regulators on how to prevent the risks hidden in goodwill impairment recognition and maintain the stable development of the financial market.
