Search results

Economic policy uncertainty has increased around the world since the financial crisis of 2007–2008. While scholars have devoted a lot of time and energy to investigating the impact of economic policy uncertainty (EPU) on firm innovation, they have not reached consistent research conclusions. This study aimed to clarify the above research differences by exploring the impact of EPU on firms' relative exploitative innovation emphasis, so as to provide a more comprehensive and granular understanding of the relationship between EPU and firm innovation.

This study obtained 17,165 firm-year data points from 3,107 listed companies in China. It analyzed the above data with a fixed effects model. In addition, this study used an instrumental variables method to solve potential endogeneity problems.

Based on real options theory and contingency theory, the authors proposed and found that EPU has a significant positive effect on relative exploitative innovation emphasis. In addition, the authors proposed and found that this effect is more pronounced in industries with high technological uncertainty, low competitive intensity, and low state monopolization.

This study is the first to explore why firms prefer exploitative innovation over exploratory innovation from the perspective of EPU. In doing so, this study expands and enriches the EPU literature and the innovation literature. Furthermore, by introducing the moderating role of industry environment, this study deepens the authors' understanding of how complex interactions between industry and institutional environments work together to shape firm strategic choices, and especially firm innovation. Finally, the conclusions of this study have important practical implications for shareholders to take measures to balance exploitative innovation and exploratory innovation to achieve better development.

This study aims to re-examine the impact of economic policy uncertainty (EPU) on firm innovation. Studies on how EPU affects firm innovation have been inconclusive. The authors clarified the curvilinear relationship between EPU and firm innovation and examined the moderating effects of managerial pay gaps, specifically vertical pay disparity and horizontal pay dispersion.

This study’s analyses used data collected from Chinese listed companies from 2007 to 2019.

The authors found an inverted U-shaped relationship between EPU and firm innovation. Furthermore, vertical pay disparity strengthens the curvilinear relationship, while horizontal pay dispersion weakens it.

First, politicians should avoid adjusting economic policies too frequently because the high EPU levels created by frequent adjustments can inhibit business innovation. Second, firms should be aware that EPU creates opportunities for leapfrogging. In particular, firms can incentivize executives to take advantage of the valuable growth opportunities presented by EPU by widening vertical pay disparities and avoiding excessive horizontal pay dispersion.

First, the authors analyze not only the positive effects of lower EPU on firm innovation but also the negative impacts of higher EPU to examine EPU’s “double-edged sword” effect on firm innovation. Second, the investigation of vertical pay disparity and horizontal pay dispersion as moderating variables sheds new light on the equivocal research findings regarding the EPU–firm innovation relationship and clarifies the boundary conditions of the double-edged sword effect of EPU on firm innovation.

The phenomenon of defamilization of family firms is gradually increasing for the growth of family firms, that is, nonfamily executives are increasingly present in the executive teams of family firms. Although previous scholars have identified various determinants of family firms' defamilization, whether and when innovation underperformance affects the decision to defamilize family firms has not been explore. This study aims to fill the aforementioned research gaps.

This study empirically tests the theoretical view based on the data of Chinese A-share family listed companies from 2009 to 2017.

The authors found that innovation underperformance drives family companies to increase the percentage of nonfamily executives in their executive teams. Further, the authors found that family firms are less willing to hire nonfamily executives with an increase in socioemotional wealth, particularly when founders of such businesses serve as directors or are major shareholders, even when they are not directors.

This study shows that innovation underperformance and socioemotional wealth are important predictors of family firms’ defamilization decisions.

Whether and when the innovation aspiration shortfall (e.g. innovation performance lower than aspirations) will affect emerging economy firms (EEFs)' international expansion remains an important unanswered theoretical and practical question.

Based on performance feedback theory, this study explores the impact of innovation aspiration shortfall on EEFs' international expansion and the moderating role of CEO origin.

This study finds that innovation aspiration shortfall has a positive impact on EEFs' international expansion. This study also uncovers that EEFs are less likely to implement international expansion in response to innovation aspiration shortfall when the CEO is a founder than when the CEO is a non-founder, and EEFs are more likely to implement international expansion in response to innovation aspiration shortfall when the CEO is an outsider-CEO than when the CEO is an insider-CEO.

This study proposes that the interaction between innovation aspiration shortfall and CEO origin can be a useful predictor of EEFs' international expansion.

Based on the tournament theory and the principal agent theory, this study aims to empirically investigate how top management team (TMT) vertical pay disparity (the pay disparity between the CEO and non-CEO executives) influences firm innovation performance.

This study empirically tested the hypotheses based on a sample of listed high-tech companies in China during the period between 2007 and 2018.

TMT vertical pay disparity promotes innovation performance; CEO power undermines the positive effect of TMT vertical pay disparity on innovation performance; the negative moderating effect of CEO power is mitigated by board age and gender and educational levels, whereas the proportion of female directors has no such effect at any significant level.

This study uniquely contributes to the theoretical and empirical development of tournament theory and the principal agent theory.

Drawing on the gender self-schema theory, upper echelons theory and the literature on international business, this study aims to examine the impact of board gender diversity on firms' internationalization speed.

In this study, secondary data of 886 listed Chinese manufacturing firms from 2009 to 2018 are studied using the ordinary least squares regression model as the baseline method, an instrumental variable method is adopted for endogeneity control and both fixed and random effect models are adopted for the robustness test.

Board gender diversity reduces firms' internationalization speed, and the negative effect between board gender diversity and internationalization speed is stronger when the average age of female directors is older and weaker when female directors have international experience or financial background.

First, Chinese firms need to increase or decrease board gender diversity to match the board to firms' internationalization strategy. Increasing board gender diversity may be a more appropriate choice for firms that are expanding rapidly internationally, and vice versa. Second, when introducing female directors to international firms, it is essential to address other characteristics of these directors beyond their gender.

First, the authors contribute to the literature on board gender diversity using Chinese manufacturing firms as our research sample, which provides new insights into the economic consequences of increasing the number of female directors. Second, this research contributes to the literature on firms' internationalization speed. Third, the authors capture in more detail the economic consequences of increasing board gender diversity in the context of China.

Many studies have examined the antecedents of firms' strategic change on a micro and meso level, but few studies have explored it from the macrolevel (e.g. economic policy uncertainty) perspective. This research draws attention to the impact of economic policy uncertainty on firms' strategic change.

This research empirically tests hypotheses based on a sample of listed firms in China during the period between 2010 and 2017.

Based on real options theory, the authors theorize and find that economic policy uncertainty will negatively affect firms' strategic change through the mediating effect of CEO turnover. Moreover, organizational inertia will strengthen the negative impact of economic policy uncertainty on CEO turnover and will weaken the positive impact of CEO turnover on firms' strategic change.

First, this research contributes to the strategic change literature by demonstrating the important impact of economic policy uncertainty on firms' strategic change. Second, this research expands the literature on the economic consequences of economic policy uncertainty. Third, this research clarifies the path and boundary conditions of economic policy uncertainty affecting strategic change by introducing the mediating effects of CEO turnover and the moderating effects of organizational inertia.

Die westdeutsche Tourismusentwicklung der jüngeren Vergangenheit ist gekennzeichnet durch ein etwa gleichbleibendes Aufkommen von rund 16 Millionen inländischen Erholungsreisenden pro Jahr. Zwar konnte der Inlandstourismus mit den enormen jährlichen Steigerungsraten der Reiseintensität ins Ausland (1976 – 81 = ?+ 3,3 %) bei weitem nicht Schritt halten, er stellt jedoch trotzdem einen wichtigen Wirtschaftsfaktor für die gesamte Bundesrepublik, insbesondere in bestimmten Landesteilen (z.B. Oberbayern), dar.

The purpose of this paper is to design a kind of air bearing which is based on bionics. Compare with ordinary air bearing, the air pressure consumption is reduced and energy is saved.

This paper puts forward a proposition that a bionic bearing structure is designed based on the bionics principle. First, the authors analyze the microstructure of the wings of long-eared owls and the structural mapping model is established. Second, the theoretical formula is derived through the model, and the structural parameters are optimized by sequence quadratic program (SQP). Lastly, the experimental model is made by 3D printing technology, and the experimental data are analyzed to verify the feasibility of the theory.

By comparing the experimental data, it can be seen that the air pressure of the original air bearing is reduced by 27 per cent, and the validity of the theory and design method is verified.

In this paper, a design method of air bearing based on bionic principle is presented, which can save the air pressure required for working of air bearing, and the structure of air bearing is expected to be applied in engineering.

The authors propose a framework to estimate the probability of being poor in a dynamic setting based on a large information set that includes individual characteristics and macro-economic variables. The joint inclusion of personal characteristics along with contextual factors allows separation of idiosyncratic shocks from aggregate shocks affecting poverty. The authors combine data from different cross-sectional surveys and fit a dynamic logistic hierarchical model within a Bayesian framework using standard Markov chain Monte Carlo techniques. The authors’ approach is exemplified by estimating household poverty status in Kyrgyz Republic as a function of time, regions, country, regional level variables and household level socio-demographic characteristics.