The influence of cultural friction on foreign divestment of multinational enterprises--the moderating role of formal institutional distance and political connections.

Multinational enterprises frequently divest their foreign assets in the current economic environment. Existing research, based on friction theory, has mainly focused on the impacts of political and economic disparities on foreign divestment while neglecting the nuanced influence of cultural factors. To address this gap, this paper draws on the cultural friction perspective to capture the diverse cultural resistance faced by each enterprise and explore the relationship between cultural friction and foreign divestment. Data from Chinese publicly listed enterprises engaged in foreign investment are leveraged, and a dual-level analysis is conducted using Logit panel regression and Cox survival analysis to examine the relationship between cultural friction and foreign divestment from both the viewpoints of the parent company and the overseas subsidiary. Additionally, the paper examines the marginal factors that affect the relationship between them from an institutional perspective. The findings reveal that cultural friction has a positive influence on the propensity of multinational enterprises to divest from foreign markets. Interestingly, a "formal institutional distance paradox" is demonstrated in our study, and politically connected enterprises are found to be more vulnerable to foreign divestment due to the "curse of political affiliations".

Building ecological civilization: the importance of promoting green investments by Chinese companies.

The study investigated "Building Ecological Civilization: the Importance of Promoting Green Investments by Chinese Companies" to examine the complex connections between the factors affecting Chinese businesses' ecological performance (EP). An autoregressive distributed lag (ARDL) model is used in the study to analyze the impact of green investments (GI), the policy environment (PE), government support (GS), public awareness and perception (PAP), and technological capability (TC) on companies' earnings per share (EPS). The results show a strong correlation between GI and EP, indicating that businesses' growing use of green initiatives is essential for raising environmental sustainability. The study also shows that PE, TC, and EP have an inverse relationship, indicating the need for more supportive governmental policies and regulations and the effective adoption and implementation of green technologies. The interaction of GS and PAP significantly reduces the ecological impact of green investments, highlighting the significance of citizen involvement and the role of government in advancing ecological civilization. The findings also demonstrated that green investments, policy environments, public perception, and technology influence the ecological performance of businesses. They also demonstrate statistical robustness with low p-values. This information is essential for developing policies that support an ecological civilization, which is necessary for China and globally in light of the current climate crisis.

The impact of sustainable public procurement on corporate ESG performance-The Chinese evidence.

Public procurement is an important bridge between public demand and market supply and may affect corporate behavior. However, in the advocacy of sustainable development, the extant research has rarely combined sustainable public procurement (SPP) with corporate ESG performance, to explore whether governments have contributed to the development of sustainable corporate performance through their sustainable procurement activities. This paper fills in the gap by matching the actual implementation of SPP of 42,369 projects in China over 2015~2020 with 20,125 corporate ESG performance data, to analyze the relationship between SPP implementation and corporate ESG performance. The results show that the implementation of SPP has a significant positive impact on corporate ESG performance. Further heterogeneity analysis reveals that the impact is stronger in China's eastern and central regions than in other regions, and corporates at a mature stage are more likely to follow the government sustainable behavior. In addition, the implementation of SPP has a long-term effect on corporate ESG performance. The above findings have important policy implications: firstly, there is a better role for government to play as the "invisible hand", to participate in the market economy; Specifically, SPP policy should be added to government policy tool box to improve corporate ESG performance in addition to disclosure requirement, and the SPP policy employed should in particular attend to the "missing sectors" of sustainability in SPP for the good of corporate ESG; secondly, the government should implement differentiated policies tailored to the region's economic development conditions and corporate development characteristics; thirdly, a long-term evaluation mechanism should be established so that the government can play a more long-term demonstration and leading role.

Absence of ultimate controller and investment efficiency: Evidence from China.

In modern enterprises with a separation of powers, the ultimate controller can effectively influence the implementation of corporate strategy and operational management efficiency, as well as improve corporate governance by monitoring and limiting the management entrenchment effect within enterprises. Based on the information pertaining to ultimate controllers disclosed by enterprises in their annual reports, this study empirically tested whether the absence of the ultimate controller impacts investment efficiency using the data of Chinese A-share listed companies from 2007 to 2020. It was found that the investment efficiency of enterprises without ultimate controllers is relatively lower than those with ultimate controllers. This is reflected in the insufficient investment of enterprises without an ultimate controller. Moreover, the effect is more significant when the financial environment, internal governance environment, and external governance environment of firms are worse. The mechanism analysis demonstrated that the absence of an ultimate controller causes a more severe insider agency problem and a significantly higher degree of financing constraints, which leads to underinvestment and reduces investment efficiency of firms. The economic consequence test also found that the inefficient investment caused by the absence of ultimate controllers would damage the future value of enterprises, but would increase managers' compensation. Overall, this study suggests that ultimate controllers are an important part of a firm's internal governance, especially for monitoring management behavior and resolving agency conflicts.

The Theoretical Lineage and Evolutionary Logic of Research on the Environmental Behavior of Family Firms: A Literature Review.

Family firms research is becoming one of the most important and promising areas for theoretical innovation in management practice. Corporate environmental behavior has attracted widespread academic attention, but the research on the environmental behavior of family firms is obviously insufficient, and the relevant research results are still in a fragmented state. In this paper, we review and summarize the existing research on the environmental behavior of family firms from three aspects: the research dimensions, the influencing factors, and the influencing effects, and try to sort out the theoretical lineage and evolutionary logic of the environmental behavior of family firms. From the existing research results, the research on the influencing factors and effects of family firms' environmental behavior is at the stage of strife, and there is a lack of in-depth and systematic research on the mechanisms affecting the environmental behavior of family firms and the changes of their effects. In the future, we can explore how to apply or integrate multiple theories simultaneously for complementary explanations, so as to provide a reference for the government to formulate targeted policies to stimulate and regulate the environmental behaviors of family firms.

Supplier transaction, TMT characteristics, and the persistence of earnings: do their relationship contribute towards sustainable performance of Chinese listed manufacturing sector firms?

The construction of supplier transaction is one of the strategic choices of many firms. However, the impact of business strategies on the persistence of earnings remains to be further investigated. The innovation of this paper lies in interpreting the impact of supplier transaction on earnings persistence from the perspective of characteristics of the top management team (TMT). We consider Chinese listed manufacturing firms from 2012 to 2019 to examine the relationship between the supplier transaction and the persistence of earnings. Statistical results show that supplier transaction characteristics of the TMT have a significant moderating effect on the relationship between the supplier transaction and the persistence of earnings. This implies that the behavior of TMT can be vital to the firm in maintaining sustainable performance. The higher age level or longer average tenure of TMT can significantly improve the positive effect of the supplier transaction tenure heterogeneity of TMT that will significantly improve the negative effect. This paper expands the literature on supplier relationship, and corporate earnings from a new perspective that improves the empirical evidence of the upper echelons theory, and also provides evidence support for the construction of supplier relationship and TMT.

Priority evaluation factors for blockchain application services in public sectors.

Blockchain is rapidly becoming established as the core technology of the Fourth Industrial Revolution. By combining blockchain to improve processes in existing industries, innovative new services will emerge, but services not effectively applied by blockchain will also develop. This study investigated the factors to be considered when applying the characteristics of blockchain technology to business. We developed a framework of blockchain service utility evaluation indexes using the analytic hierarchy process method. The Delphi method is used to identify highly effective blockchain application service cases by applying the evaluation framework to actual use cases in the public sector. By proposing a framework of utility evaluation factors for blockchain application services, this study provides a systematic foundation for blockchain business review. We address the question of "why blockchain should be applied to this service" by providing a more comprehensive approach than existing research, such as a fragmentary decision tree. Blockchains are expected to become more active along with the full-scale digital transformation of industries, and thus, we must examine the ways to broadly use blockchain as a base technology in a form applicable to the diverse industries and societies constituting the digital economy. Accordingly, this study presents an evaluation solution for promoting efficient policies and developing successful blockchain application services.

Impact of Financing Constraints on Firm Performance: Moderating Effect Based on Firm Size.

This paper selects the relevant data of Shanghai and Shenzhen NG listed companies from 2016 to 2020 as the research object. By drawing on relevant research results at home and abroad, the variable KZ is used to measure the degree of corporate financing constraints, and the variable Tobin Q is used to measure corporate performance. The test draws the following conclusions: financing constraints are conducive to improving corporate performance. The reason is that the higher the degree of corporate financing constraints is, the more cautious the managers are in the use of funds, and the company managers can formulate more scientific management strategies, so as to improve corporate performance. Through further research, it is found that, with the expansion of the scale of the enterprise, the degree of financing constraints has less negative impact on the performance of the enterprise. Performance has a positive impact. According to the above conclusions, the government should improve the financial market system, build a multilevel capital market, and fundamentally ease the financing constraints of enterprises, to develop and improve self-management.

Effect of lean manufacturing tools on sustainability: the case of Mexican maquiladoras.

The Mexican maquiladora industry is applying Lean Manufacturing Tools (LMT) in its production lines; however, few studies have investigated its relationship with sustainability (social, economic, and environmental). This paper presents a second-order structural equation model (SEM) relating 8 LMT integrated into three independent latent variables: continuous improvement (Kaizen and Gemba), supporting tools (Andon, visual management, and Poka-yoke), and machinery and equipment (total productive maintenance, overall equipment effectiveness, and Jidoka) that are related to social, economic, and environmental sustainability as dependent variables. The model is validated with information obtained from 249 companies using partial least squares. Findings show that the application of LMT in the Mexican maquiladora industry avoids the generation of waste and reprocessing. Likewise, the improvement of production processes reduces the waste emitted into the environment and reduces energy consumption. Also, when companies have environmental programs, the work environment is safe, and labor relations are improved, increasing morale and the commitment to work for the company, gaining economic and ecological benefits.

Evaluation Method of Human Resource Management Efficiency of Chain Retail Enterprises Based on Distributed Database.

The calculation of human resource management efficiency evaluation method is large, which affects the technical efficiency and scale efficiency of evaluation results. Based on distributed database, an evaluation method of human resource management efficiency of chain retail enterprises is proposed. Genetic algorithm is applied to the design of distributed database to realize the best data allocation scheme. The distributed database is used to store the human resource information of chain retail enterprises to ensure the data consistency and information availability. Select the input and output elements that can best reflect the human resource management status of chain retail enterprises in the distributed database, design the management efficiency evaluation index system, and construct the DEA evaluation model. After testing, the technical efficiency and scale efficiency of the design method in this paper are higher than the evaluation methods of human resource management efficiency of chain retail enterprises based on principal component analysis and fuzzy comprehensive evaluation, which is conducive to management decision-making.

Design of Fuzzy Aided Cognition System for International Economic and Trade Information under Supply Chain Management.

The existing fuzzy assistant cognition system has the problem of imperfect retrieval function, which leads to long execution time. This paper designs a fuzzy assistant cognition system of international economic and trade information under supply chain management. Hardware Part. Optimize wireless sensor and connect power interface and related accessories. In the software part, the dynamic characteristics of international economic and trade information elements are extracted, the flexible operation model of supply chain management is constructed, the demand-oriented organizational structure is established, the output set is determined by the product reasoning, and the retrieval function of fuzzy assistant cognitive system is designed by using the fuzzy association algorithm. Experimental Results. The average execution time of the fuzzy assistant cognitive system and the other two systems is 123.593 s, 165.733 s, and 169.506 s, which proves that the cognitive system integrated with supply chain management has a higher practical application value.

Fish provision in a changing environment: The buffering effect of regional trade networks.

Local and regional trade networks in small-scale fisheries are important for food security and livelihoods across the world. Such networks consist of both economic flows and social relationships, which connect different production regions to different types of fish demand. The structure of such trade networks, and the actions that take place within them (e.g., people fishing, buying, selling), can influence the capacity of small-scale fisheries to provide sufficient fish in a changing social and ecological context. In this study, we aim to understand the importance of networks between different types of traders that access spatially-distinct fish stocks for the availability and variability of fish provision. We deployed a mixed-methods approach, combining agent-based modelling, network analysis and qualitative data from a small-scale fishery in Baja California Sur, Mexico. The empirical data allowed us to investigate the trade processes that occur within trade networks; and the generation of distinct, empirically-informed network structures. Formalized in an agent-based model, these network structures enable analysis of how different trade networks affect the dynamics of fish provision and the exploitation level of fish stocks. Model results reveal how trade strategies based on social relationships and species diversification can lead to spillover effects between fish species and fishing regions. We found that the proportion of different trader types and their spatial connectivity have the potential to increase fish provision. However, they can also increase overexploitation depending on the specific connectivity patterns and trader types. Moreover, increasing connectivity generally leads to positive outcomes for some individual traders, but this does not necessarily imply better outcomes at the system level. Overall, our model provides an empirically-grounded, stylized representation of a fisheries trading system, and reveals important trade-offs that should be considered when evaluating the potential effect of future changes in regional trade networks.

Factors stimulating value micro-businesses attribute to digital marketing technology (DMT) adoption.

Most micro-business managers in Nigeria do not see the adoption of digital marketing technology (DMT) as vital for business. Many consider it as a precondition to support managerial or operational activities, not as a tactical and/or strategic tool. Although most studies focused on large organisations, the outcome of such research may not be appropriate to micro-businesses. This is informed by the negligence of micro-businesses' idiosyncrasies and their thought of digitalization as a precondition for managerial activities without considering the value small businesses attached to these devices in terms of aiding the use as strategic tools. This renders micro-businesses' digitalization an under-reflected phenomenon. Yet, studies spend less on examining the factors that specifically stimulate the value micro-businesses attach to these applications, leading to constant adoption and usage. Hence, there is a need for a thorough exploration of the factors that shape the value of digital marketing applications in micro-businesses in Nigeria. The study is qualitative in nature and interviews (unstructured and semi-structured) were carried out with 26 micro-businesses which was drawn purposefully from the online database and underpinned by Technology, Organisation and Environment (TOE) framework. The study revealed eleven (11) critical success factors stimulating value micro-businesses attribute to digital marketing technology (DMT) adoption. These factors include long-term functional capacity, integration capacity, expansion capacity which are related to technology context. Collective capability, collaborative experience are linked to the organisation context while adaptive training, service delivery, customer fulfilment are linked to environmental context. The study also unveiled expectancy context which is linked to budget, growth and profitability and aid in the extension of the TOE framework. This study will be of importance to academics and practitioners because it provides further awareness into DMT adoption framework, factors critical to the DMT adoption and may assist in reducing the number of resources spent in search of information aimed at helping DMT adoption by micro-businesses.

Crowding in or crowding out? How local government debt influences corporate innovation for China.

The pressure upon local governments to redeem their debt could affect government fiscal ability. It could consequently affect their fiscal policies on corporations, which might distort corporate innovation. Based on the data of Chinese Shanghai and Shenzhen A-share listed companies and the local government implicit short-term debt financed by local government financing vehicles (LGFVs) in 31 provinces, this paper shows that local government debt (LGD) negatively affects corporate R&D investment in China, thereby suggesting a strong crowding-out effect. The crowding-out effect is more pronounced when the firm is a non-state-owned enterprise (NSOE), the firm's size is small, the firm's age is young, or the firm is in the lower market competition. This paper provide evidence by interacting the terms that local government actions, such as consumption of fiscal resources, strengthening tax collection efforts, or consumption of credit resources, might partially account for the crowding-out effect. This study illustrates the innovation costs of local government debt.

Management practices and their relation to success of Polish SMEs: The empirical verification.

PURPOSE: The aim of the paper is to identify management practices that are characteristic for SMEs that achieve market success measured by their business performance in last their years of their operation analyze the relationships between management practices applied in small and medium-sized enterprises and their success measured by their business performance drawing on the data from 2710 SMEs operating on the Polish market. APPROACH/METHODOLOGY/DESIGN: A cluster analysis was used to distinguish homogenous SME groups in view of their management practices. We examined differences between groups in terms of their business performance. The HINoV algorithm allowed six variables to be selected out of 32 management practices chosen initially for testing, with these variables providing the basis for grouping. Modal values and medians were calculated for 17 business performance measures in the three clusters produced. The subsequent analysis of those findings was focused on capturing significant differences. FINDINGS: In the group of 2710 Polish SMEs, it was possible to verify that there existed an association between management practices in the field of modern HRM, computer systems supporting management and the company's economic performance, as measured by an increase in net revenue and number of customers over the last three years. In clusters where the above mentioned practices were appreciated, modal and median values of the increase reported in net revenue and number of customers were significantly higher. PRACTICAL IMPLICATIONS: The research has shown that at a time marked by a shortage of highly skilled personnel one should pay particular attention to building an integrated and committed team of workers and to employee empowerment. The research has also shown that SME managers monitor only a fraction of basic business performance measures, which may prove to be a major risk to SMEs. ORIGINALITY/VALUE: Previous studies have been largely conducted in a fragmentary manner, i.e. they were concerned with the relationships between the application of some practices (strategic management, BPR, entrepreneurial orientation, monitoring, etc.) and selected business effectiveness measures. In this paper, the research covered SME management practices from a variety of areas which were then compared with the entrepreneurs' assessment as to whether the company's economic condition changed over the last three years. It is also the first attempt in post-socialist economies to identify those SME management practices that are related to better economic results.

Wildlife must be protected from crime and trade for the sake of public and planetary health.

COVID-19 most likely had its origins in wildlife, and hundreds of thousands of new viruses could spill over from wildlife to humans. We are struggling to combat climate change, and we are staring down the loss of a million species. It's time to change course.

Global sales and operations planning: A multinational manufacturing company perspective.

The purpose of this paper is to analyse the global Sales and Operations Planning (S&OP) process and investigate the steps to support consolidated business planning in worldwide operations and large-scale supply chains. The paper conducts a case study at a multinational manufacturing company applying an abductive approach. It combines the deductive logic from theory and the inductive logic from field observation in an attempt to elaborate further on theory on global S&OP. The analysis is structured and guided by a novel framework for global S&OP, which is developed based on the theoretical background and the case study findings. The research findings characterise the S&OP process for global operations and identify challenges related to the need to synchronise the subsidiaries' S&OP efforts worldwide to deal with different contingencies of these subsidiaries, and to manage and analyse a large amount of information gathered. The research reveals how the subsidiaries' performance is analysed by top executives along the global S&OP process, feeding strategic initiatives in the organisation and identifying business opportunities like benchmarking among subsidiaries, synergies with other management practices, and global gains. This paper offers a novel investigation of the global steps on S&OP in a real-life setting, offering a well-documented characterisation of the process that goes beyond the traditional local approach. Moreover, it is the first study to reveal challenges and expected outcomes of such a global perspective for S&OP. The theoretical advancements of S&OP research offered herein aid scholars, opening avenues for middle-range theorising, highlighting the cross-disciplinary nature of the domain, and discussing the use of concepts from related disciplines like Economics, Psychology, and Information Systems. The research findings can also assist executives, especially from multinational manufacturers, in their efforts to consolidate global planning.

Bringing Your Idea to the Market: A Primer for Plastic Surgeons.

SUMMARY: The progress of biotechnology, medical instruments, and applied sciences contributes to a rapidly expanding space for the advancement of the medical field. Surgeons experience first-hand the limitations of current medical devices and thus have unique insight into problems that could be solved with new products. The process of turning an idea into a product capable of success in the marketplace, however, is often unfamiliar to surgeons. The authors seek to illuminate this process and provide an ordered list of tasks that can make bringing ideas to market more achievable for surgeons. The first step in this process is the generation and protection of a new idea. Next, the process of making an idea into a product is outlined. This phase involves team assembly, business planning, and product development. Market research and valuation are key to understanding how a product can be applied in the market, and meticulous research during this phase allows for informed decision-making that will help secure funding down the road. Finally, various options for financing are discussed and compared to help surgeon-entrepreneurs find an option that best fits their project, and steps to maximize leverage are described. The development of new products can be a complicated process for surgeons. Organized into four phases, with ordered instructional steps to advance through each phase, the process of bringing an idea to the market is clarified. Facilitating this process will possibly contribute to the continual improvement of medical and surgical abilities through the introduction of new devices and technologies.