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This paper aims to investigate the impact of executives’ self-interested behaviors induced by the pay bandwagon on stock price crash risk in Chinese listed firms and attempt to shed light on the influencing channels of this effect.

The empirical analysis is based on the panel data set which contains information on the executives and stock price of 11,710 firm-year observations over the period 2007–2015. The multiple linear regression models are implemented to examine whether the executive pay bandwagon affects corporate future stock price crash risk. Then, earnings management, tax avoidance and overinvestment are applied as the behavior choice of executive pay bandwagon to analyze the potential influencing channels.

Results indicate that the lower the executives’ pay is than the median pay level of executives in firms of similar size and industry, incentives of pay bandwagon are stronger, leading to a higher future stock price crash risk. Moreover, evidence shows that the positive relationship between executive pay bandwagon and crash risk is attenuated when firms have strong external monitoring mechanisms such as Big Four auditors, cross-listing in the Hong Kong stock exchange, high marketization process and high institutional ownership. Then, some weak evidence supports that internal governance such as internal control plays the same moderating role. In addition, based on the path test, the stock price crash effect of the executive pay bandwagon has a complete tax avoidance intermediary effect and a partial earnings management intermediary effect.

This study contributes to the executive compensation literature from a psychological perspective on the economic consequences research brought about by the pay bandwagon for China’s listed firms. Moreover, this paper provides a supplement to the literature on factors which is completely different from previous studies that affect the future stock price crash risk.

A new round of technological revolution is impacting various aspects of society. However, the importance of technology adoption in fostering firm innovation is underexplored. Therefore, this study aims to investigate whether robot adoption affects technological innovation and how human capital plays a role in this relationship in the era of circular economy.

Based on the robot adoption data from the International Federation of Robotics (IFR) and panel data of China's listed manufacturing firms from 2011 to 2020, this study uses regression models to test the impact of industrial robots on firm innovation and the mediating role of human capital.

The results demonstrate that the adoption of industrial robots can significantly promote high-quality innovation. Specifically, a one-unit increase in the number of robots per 100 employees is associated with a 13.52% increase in the number of invention patent applications in the following year. The mechanism tests show that industrial robots drive firm innovation by accumulating more highly educated workers and allocating more workers to R&D jobs. The findings are more significant for firms in industries with low market concentration, in labor-intensive industries and in regions with a shortage of high-end talent.

Due to data limitations, the sample of this study is limited to listed manufacturing firms, so the impact of industrial robots on promoting innovation may be underestimated. In addition, this study cannot observe the dynamic process of human capital management by firms after adopting robots.

The Chinese government should continue to promote the intelligent upgrading of the manufacturing industry and facilitate the promotion of robots in innovation. This implication can also be applied to developing countries that hope to learn from China's experience. In addition, this study emphasizes the role of human capital in the innovation-promoting process of robots. This highlights the importance of firms to strengthen employee education and training.

The adoption of industrial robots has profoundly influenced the production and lifestyle of human society. This study finds that the adoption of robots contributes to firm innovation, which helps people gain a deeper understanding of the positive impacts brought about by industrial intelligence.

By exploring the impact of industrial robots on firm innovation, this study offers crucial evidence at the firm level to comprehend the economic implications of robot adoption based on circular economy and human perspectives. Moreover, this study reveals that human capital is an important factor in how industrial robots affect firm innovation, providing an important complement to previous studies.

From the perspective of top management heterogeneity, this paper aims to study the impact of the psychological traits of executive pay bandwagon on earnings management in the listed companies of China.

This paper applies the ratio of executive pay to the median pay level of executives in firms of similar size and industry, namely, the comparing coefficient, as an alternative variable of executive pay bandwagon, and earnings management as the behavior choice of executive pay bandwagon, to examine whether executives in the listed companies of China have comparing mentality, and whether the result is influenced by executive heterogeneity by using the multiple linear regression models.

The lower the executives’ compensation is than the median pay level of executives in firms of similar size and industry, the stronger the incentive the executives have to compare with others whose pay is higher, increasing the extent of earnings management in the future, and executives tend to use real activities manipulation rather than accrual-based earnings management to increase their performance-based compensation. As pay bandwagon is a kind of executives’ individual psychological reaction, in a large extent, its behavioral performance is likely to be affected by executive heterogeneity. Specifically, when the proportion of male executives, young executives or low educated executives is relatively high, or executives are located in remote cities, there will breed more earnings management behaviors induced by pay bandwagon. Further study shows that pay bandwagon is positively correlated with rigging compensation based on real earnings management and pay bandwagon also has significantly negative effects on the firms’ future value creation.

Pay bandwagon is an important inducement of executives’ earnings management, with implication that for executives with different characteristics, one should pay attention to the subjective psychological perception and expectation of their pay in the future studies related to executives’ compensation incentives.

This study introduces the research within sociology, psychology and experimental economics, and considers the executives’ subjective perception of their pay, to explore the internal mechanism that executives affect firm performance via a specific earnings management method and to implement self-interested behavior due to pay bandwagon. And this is the first study to select several typical executive individual characteristics to investigate the influence of executive heterogeneity on pay bandwagon and its economic consequences.

This study investigated occupational stress in managers in Hong Kong and Taiwan using the Occupational Stress Indicator‐2 (OSI‐2). The results showed the reliabilities and predictive validity of the OSI‐2 subscales were reasonably high in both samples. The logical relationships between job satisfaction, mental and physical well‐being found in the two samples have provided support to findings obtained in Western countries. Moreover, the direct impacts of coping strategies, Type A behaviour and locus of control on job strains also corroborated previous studies in Western societies. Further, there were gender differences in managerial stress in Hong Kong: female managers scored higher in sources of stress and quitting intention; but had lower job satisfaction, worse mental and physical well‐being than male managers. These differences could not be found in Taiwanese managers, yet Taiwanese female managers did report more stress related to the “managerial role” than their male counterparts.

Based on two dominant perspectives, team climate and knowledge integration, on team innovation, this study aims to propose a moderated mediation model to examine the interactive effect of inter-team trust and goal clarity on team innovation through knowledge inflows into a team. Considering the two perspectives at the same time will provide a more complete picture on our understanding on team innovation.

The research model is tested on 150 retail teams of a large apparel firm. Data are collected from two separate surveys, one to store managers and one to store staff members. Moderation mediation regression analysis is conducted on the survey data.

The regression analysis identified both a positive direct effect of goal clarity on innovation, and a negative moderating effect of goal clarity on the mediation of knowledge inflows between inter-team trust and innovation. In other words, inter-team trust is positively related to team innovation through knowledge inflows when goal clarity is low.

In this study, the authors identify an indirect and negative role of goal clarity on team innovation, and examine the mechanism and boundary of inter-team trust on team innovation. Managers are advised to foster a trusting environment and be aware of cognitive bias in their teams so that their teams can be more innovative.

This study aims to investigate how natural resource-seeking as a type of strategic intent influences foreign direct investment (FDI) location choice. Grounded in the strategic intent approach and institution theory, the authors developed an interactive conceptual framework by integrating natural resource-seeking intent (NRI) with regulatory institutional factors.

The authors developed an interactive conceptual framework by integrating NRI at a firm level with regulatory factors of governmental support, political risk and economic freedom at country level. Using empirical data from a sample of 137 Chinese outward foreign direct investment (OFDI) projects in 19 Asian countries, statistical analysis was conducted using a conditional logistic regression technique.

Empirical findings from our study suggest that NRI has a strong influence on OFDI location choice of the Chinese firms. More importantly, the results demonstrate that influence of NRI on location choice is contingent on the regulatory forces both in the home and host countries settings. NRI is more likely to influence FDI location choice when government support from the home country is stronger and/or when political risk in a host country FDI is higher.

This is an empirical-based original study, and it contributes to the literature in several ways. First, the study enriches the strategic intent approach by demonstrating the contingency conditions from regulatory factors, especially home government support on a firm’s pursuit of NRI. Second, the study provides an explanation for the behaviour pattern of Chinese OFDI regarding their response to political risk in a host country. Third, the study demonstrates the influence of “institutional embededness” on the firm’s strategic intent. Managerial and policy implications are also discussed.

This study assesses the impacts of the social institutions of a transitional economy on its market by examining how China’s political, economic and cultural institutions influence consumers’ sentiment and their purchase planning behaviors. We propose and empirically validate a four‐factor model of consumer sentiment that captures the impacts of these powerful social institutions. The validity of the model was supported with data from a multi‐level stratified survey that involved 9 cities and 3,960 consumers across a number of product categories. Our findings confirm the salience of social institutions in affecting consumers’ sentiment as well as their consumption behaviors in China.

As a strand in industrialization movement in architecture, engineering and construction (AEC) industry, prefabricated construction (PC) has gained widespread popularity due to high efficiency, energy saving, low environmental impacts, safety and other advantages of PC. Well-managed supply chain can further leverage the advantages of PC. However, there is a lack of more systematically overview of the prefabricated construction supply chain (PCSC). This paper aims to comb the current status and look into the future direction of PCSC by reviewing the existing research.

In total, 131 articles related to prefabricated construction supply chain management (PCSCM) from 2000 to 2022 have been collated to (1) conduct a bibliometric analysis by using VOSviewer, including the literature sources, keywords co-occurrence, co-authorships, authorship citation and country active in the field of PCSCM; (2) classify and summarize the status of research in PCSCM through qualitative discussion and (3) point out the future research directions.

In total, 131 articles are carried out for bibliometric analysis and in-depth qualitative discussion, the visualization maps and the main research themes in the field of PCSCM are obtained. The results show that supply chain intelligentization and informatization are hot topics. Finally, future research directions that should be paid attention to in the field of PCSCM are pointed out.

This study can help project managers understand the current status and problems of PCSC operations and provide a basis for future management decisions.

Compared with previous studies, this study adds the dimension of “article authorship” to the quantitative analysis and discusses the research themes in the field of PCSCM in a comprehensive manner. In addition, this paper deeply discusses the main research topics from both the specific contents and research methods adopted.

This study aims to examine the process of tourism gentrification from China tourists, a major source market, in two neighbourhoods in Hong Kong: one that has been long exposed to tourism and one that is just being discovered by tourists. Through a series of in-depth interviews with local residents and community leaders, complemented by non-participant observation, the paper tracks the commercial, social and cultural changes that have occurred or are occurring in these two places.

This study evaluates the process of place change through tourism gentrification in two neighbourhoods in Hong Kong that are at different stages of the process. An ontological approach is adopted using an interpretivist paradigm involving in-depth interviews and on-site observations, supplemented by secondary data. These data were complemented by non-participant observation.

Both the places have been transformed due to the influx of mainland Chinese tourists. Some impacts felt by both communities have much in common, such as congestion and shop dislocation, while others are more location specific. Even though the degree of tourism gentrification is different, locals from both locations tend to hold negative perceptions towards tourists, although of different strengths. All have also noted the traditional social cohesion is not as strong as before.

The paper argues that tourism gentrification exists on a continuum as neighbourhoods move seemingly inextricably from local-centric nodes to tourist-centric nodes. Apart from enlightening the theory of tourism gentrification, it provides insights to the local leaders on proper tourism development by balancing the social and economic benefits.

The purpose of this paper is to empirically examine the performance of China's bankcard market during 1999‐2005 when China's local card association – China UnionPay (CUP) was established in 2002, which integrated many small closed payment systems into an open payment system.

Difference‐in‐difference (DID) estimator and fixed effects model are employed to assess the potential influences of the establishment of CUP on the performance of China's bankcard businesses. In implementing DID method, it is possible to view the banks (payment entities) that are members of the CUP as the “treatment group” and others outside the CUP as the “reference group”, and introduce the “CUP member” dummy variable. Simultaneously, the paper introduces the “incident year” dummy variable labeling 2002 and afterward since the CUP was founded. Therefore, effects of establishing the CUP on the performance of its members can be simply obtained by estimating the coefficient of the interaction term between the “CUP member” dummy variable and “incident year” dummy variable in the estimation equation. The data used in this paper come from the official CUP website and Chinese Financial Statistic Almanac (2000‐2006).

The empirical evidence shows that from the micro‐perspective of maximizing platform transaction volume, the “closed to open” organizational reform, i.e. introducing the CUP into the market decreased rather than increased the performance of CUP's members. The fundamental reason for this was imperfections in the market's internal management mechanism and multi‐party profit distribution mechanism, which led to dislocation and distortion in the positioning and function of the card association‐CUP.

Different with most other studies that are pure theoretical ones, this study represents one of the few studies that use empirical methods to investigate two‐side markets.