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China's stock market, which serves as an example of emerging markets, is steadily maturing in the context of globalization. In order to analyze the pricing mechanism of China's stock market, this paper builds a six-factor model to address the market features that are structurally efficient but not entirely efficient.

This study updates the Fama–French factor model's construction process to account for the unique features of China's stock market before creating a model that incorporates size, volume, value, profitability, and profit-income factors based on institutional investors' trading behavior and research preferences. The SWS three-tier sector stock index's monthly and quarterly data for the years 2016–2021 are used as samples for this study.

The results imply that China's stock market is structurally efficient and exhibits high levels of rationality in the region dominated by institutional investors. Specifically, big-size and high-volume portfolios that perform well in terms of liquidity can receive trading premiums. Growth-style sectors prevail at present, and investing in sectors with strong profitability and reliable financial reporting data can produce better returns.

The research on China's stock market can be extended to improve the understanding of the development process of similar emerging markets, thereby promoting their improvement. To enhance the development of emerging markets, the regulators should attach great importance to the role of local institutional investors in driving the market to maturity. It is crucial to adopt a structured approach to examine the market pricing mechanism throughout the middle stage of the transition from developing to mature markets.

This study offers a structured viewpoint on asset pricing in growing emerging markets by combining the multi-factor pricing model approach with behavioral finance theories.

Innovation networks provide an efficient mechanism for organizations to realize their potential for knowledge learning and innovation improvement. Firms situated within innovation networks require specific abilities to acquire the knowledge and the complementary assets that facilitate their innovation performance. Motivated by recent research studies in the area of social network and RBV, the purpose of this paper is to improve the understanding of the precise manner in which network capability affects a firm’s innovation performance.

Based on the data obtained from Chinese high-tech firms, the hypotheses are tested by using hierarchical multiple regressions.

This study identifies two types of network capabilities: network structural capability and network relational capability. The findings suggest that network structural capability has a greater positive impact on innovation performance than network relational capability does within an exploration-orientated network. However, network relational capability is more positively associated with innovation performance within an exploitation-orientated network.

A firm can enhance the value of its ego network by shaping and adjusting network configurations, rather than by passively reaping the benefits from existing relationships or ties with partners.

This paper contributes to strategic management theory and social network theory by illustrating how a networked firm can enable network value and appropriate this value according to its strategic purposes and by suggesting that a firm can improve its ego network’s value through exerting its network capabilities to shape and adjust network configurations. This paper also advances the contingent approach within social network research by offering a new complementary perspective and new evidence from a Chinese context.

The purpose of this paper is to deconstruct the multi-faceted dimensions of Chinese travellers’ image of boutique hotels with a large amount of online textual data from social media (53,427 reviews written from 2014 to 2018), reinforcing the value creation of user-generated content via social media.

With the aid of Python, a computer language, online textual reviews (53,427 reviews) of 86 high-end boutique hotels in seven cities (Beijing, Shanghai, Hangzhou, Nanjing, Chengdu, Qingdao and Sanya) were collected from the top-ranked online travel agency in China, Ctrip.com. Then, the overall perceived image of boutique hotels was revealed with the aid of Python.

The results showed multiple dimensions of the image of boutique hotels. The overall image can be grouped into eight dimensions (room, service, food, environment, entertainment, location, price and value, and uniqueness). An affective image based on eight dimensions was further developed in the Chinese boutique hotel context. It appears that online data from social media are beneficial for hotel managers to learn travellers’ overall perceptions of boutique hotels and help put more effective management strategies in place in the hospitality industry.

The relationship between cognitive image and affective image should be further investigated in future research. Theoretical implications are discussed from both cognitive image and affective image perspectives in the boutique hotel context. Managerial implications are highlighted to help industry managers understand the travellers’ perceptions of the hotels, via online data from social media, and put more effective hotel strategies in hospitality industry.

By using textual online data from social media, this paper deconstructs both the cognitive image and the affective image of boutique hotels. The dimensions of the most frequently mentioned concepts related to the Chinese boutique hotel industry are profoundly deconstructed, as is the uniqueness of the image of boutique hotels. The work is valuable for promoting effective marketing strategies in the hotel industry.

The paper aims to identify the emergent themes of hotel guests’ satisfaction, to compare the distribution of the attributes of the themes between Chinese and North American guests and to compare the importance of the themes for different satisfaction levels between Chinese and North American guests from a cross-cultural perspective.

By adopting Python (a computer language), the word-frequency method was used to identify emergent themes of hotel guests’ satisfaction. Topic modeling was adopted to compare the attributes distribution of each theme and the features of satisfaction between Chinese and North American guests.

First, three themes were identified including functionality, staff and price. Functionality can be further categorized into five subthemes, namely, room, travel, food, environment and hotel facility. Second, the distribution of the attributes of the themes between Chinese and North American guests was compared from a cross-cultural perspective. Chinese guests tend to mention both lifestyles- and social norms–related attributes and expect personalized service, while North American guests mainly prefer to describe lifestyle-related attributes and prefer standardized service. Third, the study compared the changing importance of the themes (functionality, staff and price) for different satisfaction levels between Chinese and North American guests. As the satisfaction level decreases, the importance of functionality decreases, that of staff increases and that of price remain stable for Chinese guests. In contrast, the importance of each theme has fluctuated mildly from the high to the low satisfaction level for North American guests.

Proposed managerial implications are to highlight lifestyle- and social norms-related attributes, as well as personalized service for Chinese guests. However, lifestyle-related attributes and standardized service should be facilitated for North American guests. Specific suggestions were made to help improve hotel performance such as the good performance of functional-related attributes, which could enhance satisfaction and better staff performance, which would reduce dissatisfaction.

By mining big data, this study investigated hotel guests’ satisfaction from a dynamic instead of a static perspective. This study provides some rare insights into differences in key attributes influencing satisfaction levels of Chinese versus North American guests staying in luxury hotels in China. This study also takes a novel approach to examine the dynamics of the importance of the various themes at different satisfaction levels, and contrast these dynamics between Chinese and North American guests. The findings offer valuable insight into market segmentation and management in the hospitality industry.

The purpose of this paper is to provide insights on the improvement of academic impact and social attention of Chinese collaboration articles from the perspective of altmetrics.

The authors retrieved articles which are from the Chinese Academy of Sciences (CAS) and indexed by Nature Index as sampled articles. With the methods of distribution analysis, comparative analysis and correlation analysis, authors compare the coverage differences of altmetric sources for CAS Chinese articles and CAS international articles, and analyze the correlation between the collaborative information and the altmetric indicators.

Results show that the coverage of altmetric sources for CAS international articles is greater than that for CAS Chinese articles. Mendeley and Twitter cover a higher percentage of collaborative articles than other sources studied. Collaborative information, such as number of collaborating countries, number of collaborating institutions, and number of collaborating authors, show moderate or low correlation with altmetric indicator counts. Mendeley readership has a moderate correlation with altmetric indicators like tweets, news outlets and blog posts.

International scientific collaboration at different levels improves attention, academic impact and social impact of articles. International collaboration and altmetrics indicators supplement each other. The results of this study can help us better understand the relationship between altmetrics indicators of articles and collaborative information of articles. It is of great significance to evaluate the influence of Chinese articles, as well as help to improve the academic impact and social attention of Chinese collaboration articles.

To the best of authors’ knowledge, few studies focus on the use of altmetrics to assess publications produced through Chinese academic collaboration. This study is one of a few attempts that include the number of collaborating countries, number of collaborating institutions, and number of collaborating authors of scientific collaboration into the discussion of altmetric indicators and figured out the relationship among them.

This study aims to propose a comprehensive causal model to examine the relationships between customer experience and four key factors in brand building, i.e., brand loyalty, brand trust, brand affect and brand involvement. The dimensionality of customer experience in full-service hotel is also particularly examined in relation to brand building.

Three steps of data collection were used: interviews of 50 customers on their experiences of staying full-service hotels, a small survey of 176 hotel guests to establish the measurement scale of customer experience and a major survey of 732 hotel customers in ten major Chinese cities to test the model of brand loyalty.

Customers’ experiences with full-service hotels are proposed to be categorized into functional, affective and social. There is a chain effect from customer experience to brand trust and to brand affect and then to brand loyalty. The brand involvement does moderate relationships between customer experience and brand trust and brand affect but not brand loyalty.

For full-service hotels, social and functional experiences are critical in building brand loyalty, and therefore, they need to be the focal points in the enhancement of customer experience. Also, hoteliers are advised to develop emotional connections between the customers and the hotel brand – an effective way of building trust and affection.

According to the authors’ knowledge, this paper is one of the first few studies to link customer experience to brand loyalty with comprehensive causal effect analysis. This study also contributes to the knowledge of customer experience in the context of the full-service hotel sector.

The purpose of this paper is to study the dynamical group consensus of heterogeneous multi-agent systems with fixed topologies.

The tool used in this paper to model the topologies of multi-agent systems is algebraic graph theory. The matrix theory and stability theory are applied to research the group consensus of heterogeneous multi-agent systems with fixed topologies. The Laplace transform and Routh criterion are utilized to analyze the convergence properties of heterogeneous multi-agent systems.

It is discovered that the dynamical group consensus for heterogeneous multi-agent systems with first-order and second-order agents can be achieved under the reasonable hypothesizes. The group consensus condition is only relied on the nonzero eigenvalues of the graph Laplacian matrix.

The novelty of this paper is to investigate the dynamical group consensus of heterogeneous multi-agent systems with first-order and second-order agents and fixed topologies and obtain a sufficient group consensus condition.

Given the scarcity of data during the early stages of the COVID-19 pandemic in China, the decision-making for non-pharmaceutical policies was mostly based on insufficient evidence. The purpose of this study is to assess the effectiveness of these policies, such as lockdown and government subsidies, on rural households and identify policy implications for China and other countries in dealing with pandemics.

The authors survey 2,408 rural households by telephone from 101 counties across 17 provinces in China during the first stage of the pandemic (March 2020). The authors use the ordered probit model and linear regression model to study the overall impact of policies and then use the quantile regression model and sub-sample regression method to study the heterogeneity of the effects of government policies.

The authors find that logistics disruption due to lockdown negatively affected rural households. Obstructed logistics is associated with a more significant loss for high-income households, while its impact on the loss expectation of low-income households is more severe. Breeding and other industries such as transport and sales suffer more from logistics than cultivation. The impact of logistics on intensive agricultural entities is more serious than that on professional farms. The government subsidy is more effective at reducing loss for low-income households. Lockdown and government subsidies have shown heterogeneous impacts on rural households.

The overall economic losses experienced by rural households in the early stages of the pandemic are controllable. The government policies of logistics and subsidies should target specific groups.

The authors evaluate the economic impacts of lockdown and government subsidies on rural households and show their heterogeneity among different groups. The authors further demonstrate the policy effectiveness in supporting rural households during the early stages of the pandemic and provide future policy guidance on major public health event.

China has followed an unique transition from central planning to a market economy. The purpose of this paper is to examine how China's unique blend of capitalism and socialism has influenced Chinese firms’ market orientation.

Broadly speaking this paper's methodological approach can be described as a positivistic epistemology.

The paper provides insights into how Chinese institutions facilitate or hinder firms’ market orientation practices through direct effect, externality effect and indirect causal chains. The central theme is that, compared with other countries, China's unaltered political institutions and newly created market institutions have led to unique roles of coercive, normative and mimetic pressures in the diffusion of market orientation among Chinese firms. Especially, regulative institutions’ influence on other institutions is more salient in China than in many other countries.

A lack of primary data and empirical documentation and a lack of in‐depth treatment of some of the key issues are major limitations here.

The paper analyses institutional pressures facing firms operating in China and their variation across different types of firms. An understanding of these pressures is essential to devise market‐oriented approaches in the country. It also examines different institutional factors (e.g. Chinese professional associations) that influence a firm's capability to implement market‐oriented practices.

This paper's greatest value stems from the fact that it employs institutional theory as a lens to understand firms’ market orientation. The institutions‐market orientation nexus is a very important but highly underexamined subject.

Innovation through tradition (ITT) is an increasingly important area of research particularly in the creative and cultural industries. The purpose of this study is to develop a process framework of ITT for rural heritage bed and breakfast (B&B) sector and investigate the antecedents and challenges of ITT implementation.

Nine heritage B&Bs displaying successful ITT in Songyang county in China were selected as the research site. Multiple cases of B&B were interviewed, and some observations were conducted. This study adopted the process-oriented reflexive critical incident technique to collect qualitative data and analysed it thematically.

Based on the findings, a five-phase innovation framework is proposed to demonstrate how ITT could be achieved in practice. These phases are idea generation, idea evaluation, initial implementation, continuing implementation and sustaining improvement. Three key antecedents (experience corridors, networks and institutional pressures) of ITT implementation were also identified.

This study has showed that rural heritage B&Bs can differentiate themselves from competition by the means of ITT. This study proposes a process framework for this kind of innovation bringing to light the required steps, the antecedents and key activities which the practitioners should pay great attention. This study highlights the needs for continuing and sustaining innovations in the long term.

This study proposes a novel five-phase process framework of ITT to encompass the innovation activities in heritage setting. For practitioners, this study recommends enhancing the sensing capability of local entrepreneurs through personal travel experience and establishing business networks as the key antecedents of a successful ITT under rural heritage setting.