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Under the background of low consumer financial knowledge and accumulated credit card liabilities, this study investigates the relationship between financial knowledge and responsible credit card behavior using data from the 2019 China Household Finance Survey (CHFS). From the perspective of consumer economic well-being, this study defines accruing credit card debt to buy houses and cars when loans with lower interest rates are available as irresponsible credit card behavior.

This study uses probit regressions to examine the association between financial knowledge and responsible credit card behavior because the dependent variable is a dummy variable. To alleviate endogeneity problems, this study uses instrument variables and Heckman’s two-step estimation. Furthermore, to explore the potential mediators in this process, this study follows the stepwise regression method. Finally, this study introduces interaction terms to examine whether this association differs in different groups.

The results indicate that financial knowledge is conducive to increasing the probability of responsible credit card behavior. Mediating analyses reveal that the roles of financial knowledge occur by increasing the degree of concern for financial and economic information and the propensity to plan. Moderating analyses show that the effects of financial knowledge on responsible credit card behavior are stronger among risk-averse consumers and in regions with favorable digital access.

This study measures responsible credit card behavior from the perspective of the consumer’s well-being, which enriches practical implications for consumer finance. Furthermore, this study explores the potential mediators influencing the process of financial knowledge that affects responsible credit card behavior and identifies moderators to conduct heterogeneous analyses, which helps comprehensively understand the nexus between financial knowledge and credit card behavior. By achieving these contributions, this study helps to curb the adverse effects of irresponsible credit card behavior on consumers’ well-being and the economic system and helps policymakers promote financial knowledge to fully prevent irresponsible credit card behavior.

With the development of financial technology (FinTech), this paper aims to investigate the association between mobile payment use and payment satisfaction using data from the 2017 China Household Finance Survey (CHFS).

This study uses ordered probit regressions to examine the association between mobile payments and payment satisfaction because the dependent variable is ordinal. To alleviate endogeneity problems, this study uses instrument variables and Heckman's two-step estimation. Furthermore, to explore the potential mediators in this process, this study follows the three steps suggested by Baron and Kenny (1986). Finally, this study divides the whole sample into subsamples to examine whether the association between mobile payments and payment satisfaction differs in diverse groups.

The results indicate that mobile payment use is positively associated with payment satisfaction. Moreover, mediation analyses imply that mobile payment use may help increase consumers' credit availability, which eventually improves payment satisfaction. Three moderators of this association are financial literacy, expenditure level and portfolio diversification, which enhance the positive association between mobile payment use and payment satisfaction.

This study explores the potential mediators between mobile payment use and payment satisfaction, which is beneficial to comprehensively understanding various pathways of this process. Moreover, this study conducts heterogeneous analyses to investigate whether associations between mobile payments and payment satisfaction are moderated by various factors, which will allow policymakers to formulate policies appropriate for specific situations of diverse consumer groups.

Improvements in the facilitation of foreign direct investment (FDI) through institutional quality play a significant role in the establishment of an open economy. However, the impact of institutional quality on the facilitation of FDI along the Belt and Road countries is not well explored. This study aims to empirically investigate the influence of institutional quality on the degree of FDI facilitation and explore the impact mechanism using national-level panel data from countries along the Belt and Road.

For the data set, all variables have been normalized, and principal component analysis has been used. For the empirical models, robust standard errors and dynamic GMM method have been used to alleviate heteroscedasticity and endogeneity.

The empirical results indicate that institutional quality has a significantly positive effect on the degree of FDI facilitation. Furthermore, the impact mechanism involves the mediating mechanism. In other words, the effect of institutional quality that promotes FDI facilitation is influenced by factors such as laws and regulations. In addition, the implementation of the Belt and Road Initiative (BRI) has significantly enhanced the promotional effect of institutional quality on the facilitation of FDI.

Policymakers should focus on improving the institutional quality and the influence of mediating mechanisms, such as policies and regulations, in the institutional environment.

This study contributes to extant literature on the impact of institutional quality on FDI facilitation of significance to China, the BRI countries, and other countries to facilitate openness in international investment. This study also contributes to the extant literature on the influence of the BRI on the development of BRI countries. This will inform policy makers, investment institutions and enterprises about the development of effective policies to aid the development of BRI countries and improve the efficiency and the returns on FDI.

The purpose of this paper is to address the following question: how managerial ties impact firm business model innovation (BMI) in the context of transition economies.

The authors present a conceptual model that links managerial ties, organizational learning (explorative and exploitative learning), opportunity recognition and BMI together.

This study finds that managerial ties take effect through two paths: one direct path and one indirect path. First, managerial ties can impact BMI directly through exploitative and explorative learning. Second, managerial ties can impact BMI indirectly through explorative learning and opportunity recognition.

First, firm managers from transition economies should learn to reinvent their business models by taking full advantage of managerial ties. Second, firm managers should take appropriate actions to transfer managerial ties into BMI.

This study contributes to existing literature in two major ways. First, this study enriches literature on the antecedents to BMI from a social network perspective. Second, this study opens the “black box” between managerial ties and BMI in the context of transition economies.

This study aims to address the following question: when strategic flexibility can be most beneficial to small and medium enterprises (SMEs) in the context of emerging economies.

Drawing on dynamic capabilities perspective, this study builds a contingency model and examines it with survey data collected from 166 SMEs in China.

This study finds that the relationship between strategic flexibility and firm performance is extensively moderated by external (competitive intensity and environmental munificence), internal (resource combination activities), as well as bridging factors (managerial ties).

The findings contribute to the contingency view of strategic flexibility and firm performance research by incorporating insights from the dynamic capabilities perspective and by expanding the scope of existing research to emerging economies.