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This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.

The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.

ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.

Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.

Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.

This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.

This paper aims to explore the promotion decisions of heterogeneous sellers on a decentralized platform under competitive conditions and analyze how seller behaviors impact platform profit, seller revenue, buyer surplus and social welfare.

This paper considers a Cournot model consisting of a platform charging a commission rate and two sellers with different conversion rates and browsing costs. Promotion efforts by sellers can increase traffic, but they also incur promotion costs for sellers. The sellers decide on promotion effort by weighing these two effects. The authors also explore the equilibrium when the platform charges a fixed usage fee.

The seller’s profit improves as its conversion rate increases and worsens as browsing costs increase. Also, increasing the commission rate charged by the platform makes the seller invest less in promotional efforts. Therefore, the platform must consider this trade-off to determine an optimal rate. The analysis shows that the seller with a high conversion rate and high browsing cost plays a greater role in generating more overall revenue. When the market favors such a seller, the platform tends to charge less in order not to impair its profitability.

This paper incorporates conversion rate, buyer’s browsing cost, unit promotion cost and the fee charged by the platform into the model to study sellers’ promotion decisions on decentralized platforms.

Nuclear power is a stable and reliable energy source that can improve energy structure while reducing carbon emissions, which is of great significance for environmental protection and combating climate change. As a unique industry, it is facing rare development opportunities in China and has broad market prospects. However, the characteristics of technical difficulty, loose organizational structure and uneven regional distribution limit the expansion of the nuclear power industry. This paper aims to a better understanding of the accumulation process for innovation capability from the perspective of network evolution and provides policy guidance for the market development of the nuclear power industry (NPI).

Methodologically, social network analysis is used to explore the co-evolution of multidimensional collaboration networks. First, the development and policy evolution of the NPI is introduced to divide the evolution periods. Then, the authors identify and analyze the core organizations, technologies and regions that promote nuclear power patent collaboration. Furthermore, three levels of collaboration networks based on organizations, technologies and regions are constructed to analyze the coevolution of patent networks in China’s NPI.

The results show that nuclear power enterprises always play the foremost role in the organizational collaboration network (OCN), and the dominance of foreign enterprises is replaced by Chinese state-owned enterprises in the third period. The technology hotspot has shifted from nuclear power plant construction to the control system. The regional collaboration network was initially formed in the coastal areas and gradually moved inland, with Guangdong and Beijing becoming the two cores of the network. The scale of three collaboration networks is still expanding but the speed has slowed down.

In response to the pain points of the NPI, this research focuses on multidimensional collaborative innovation, investigates the dynamic evolution process of collaborative innovation networks in China’s NPI and links policy evolution with network evolution creatively. The ultimate result not only helps nuclear power enterprises integrate innovative resources in complex environments but also promotes industrial upgrading and market development.

This paper constructs the uncertainty analysis model of prefabricated building supply chain risk. The model is designed to study the formation path of prefabricated building supply chain risk and is expected to be used by industry stakeholders for supply chain risk management.

Based on the uncertainty circle model, construct a configuration analysis framework for supply chain risks in prefabricated buildings. The fuzzy set qualitative comparative analysis (fsQCA) is used to study the configuration influence of five uncertain factors, including environment, plan-control, demand-supply, manufacturing and assembly-transportation, on the risk of the prefabricated building supply chain.

There are three paths to promote the high-risk generation of the prefabricated building supply chain: assembly-transportation-oriented, plan-control-oriented and manufacturing-oriented. There is a specific equivalent substitution relationship among the five causal conditions. Under specific conditions, different combinations of conditions have the same effect on promoting supply chain high-risk generation through equivalent substitution.

The multiple concurrent causal relationships of risk conditions in the assembly construction supply chain are studied under the grouping perspective, which helps to expand the research perspective of assembly construction supply chain risk and provides theoretical guidance for supply chain risk management of construction enterprises.

As cross-cultural mergers and acquisitions (M&A) have learning effects on organisations, assessing their impacts on corporate performance is crucial. This study aims to explore the impact of inter-firm cultural differences on long-term post-M&A stock market performance.

The authors select domestic M&A transactions of Chinese listed companies during 2010–2021 as the sample. Then, the authors use the partial least squares structural equation model (PLS-SEM) to construct the latent variable of cultural differences in four dimensions to explore long-term stock market performance.

Cultural differences first positively and then negatively impact post-M&A performance. Three transmissions mechanisms are identified: investor sentiment, takeover premiums and information disclosure quality. Further analysis reveals that acquirer stock performance improves with higher analyst coverage and non-local shareholders but worsens if there are business affiliations between the acquirer and target firms.

This study can help optimise information disclosure systems in M&A transactions for regulatory authorities and aid investors’ understanding of post-M&A performance changes. Furthermore, it can improve acquirers’ understanding of the risks and opportunities in cross-cultural M&A, thereby facilitating the adaptation of management practices to the im-pacts of cultural differences.

By integrating the theories of resource dependence and transaction costs, this study examines the reversal effect of cultural differences between merging companies on post-M&A performance. The authors use a PLS-SEM to empirically analyse the main effects and reveal three transmission mechanisms.

This study aims to identify the attitudes of Chinese residents towards tourists and tourism development. Based on periods of observation, temporary residency and several visits for more than a decade, and supplemented by data collected from 478 residents, the study examines to what extent the rural villagers identify the tourism induced changes as being an outcome of official Chinese policies. The villages, Xidi, Hongcun and Nanping, are three heritage villages in Anhui Province and represent appropriate case studies for such an examination due to their differing histories of tourism administrative procedures. Findings contribute to scholarly knowledge by putting pro-poor tourism and community participation under scrutiny in Chinese context. A change of residents’ perceptions towards tourism could potentially be consequential for tourists’ experience and the sustainability of tourism development, particularly in emerging rural destinations.