bluuebunny/crossref_metadata_2025_split huggingface dataset:
Media coverage and financial restatements: evidence from China
Authors: Alkebsee Radwan Hussien , Habib Ahsan 
Published: September 2021

PurposeDrawing on the premise that the media play a vital corporate governance role, this paper aims to investigate the association between media coverage and financial report restatements.Design/methodology/approachBased on a sample of Chinese listed companies over the period 2011–2015, the authors use ordinary least squares regression as well as a number of additional tests. To mitigate the endogeneity issue, the authors use a two-stage Heckman test and a propensity score matching model.FindingsThe authors document a negative and significant association between media coverage and restatements, suggesting that firms with high media coverage engage less in financial restatements. The authors further explore the moderating effects of internal control quality and state ownership on the association between media coverage and restatements. Regression results reveal that the governance role of the media is more pronounced for state-owned enterprises than for private firms. However, no significant difference in the disciplining effect of media coverage is found for firms with high, versus low, internal control quality.Originality/valueThe role of the media in corporate governance and financial reporting quality has been well documented. In emerging economies, such a role has been overlooked. As a result, the purpose of this study is to fill that void. Furthermore, prior research ignores the impacts of state ownership and the internal control environment on the media's governance role.
Capital structure and political connections: evidence from GCC banks and the financial crisis
Authors: Ahmed Fatma , McMillan David G. 
Published: September 2021

PurposeThis paper investigates the effect of political connections on the capital structure of banks before and after the financial crisis in Gulf Cooperation Council (GCC) countries.Design/methodology/approachThis paper employs the natural experiment that the financial crisis offers and uses a difference-in-differences model to investigate the effect of political connections on capital structure. Capital structure is measured by the total debt to total assets ratio. Control variables include bank size, growth, profitability, coverage ratio and volatility. The research sample includes all the banks in the GCC from 2005 to 2016.FindingsThe authors find that political connections negatively affect banks capital structure decisions. The results contradict the claim that politically connected firms tend to sustain higher debt due to government privilege and a lower chance of bankruptcy. Additionally, the results show that after the financial crisis, politically connected banks de-lever more compared to non-connected counterparts. This could suggest that the degree of support received by connected banks changes or that they exploit their retained earnings for financing (individual country results, however, suggest that leverage increases in Qatar).Originality/valueThis paper provides several contributions. First, GCC countries present an interesting and important area in which to study the relation between political connections and capital structure as it represents a mix of newer markets that seek to attract investors and foreign capital. Second, to the best of our knowledge, the present study is the first to examine the effect of the political connection and capital structure in GCC region where royal families play a significant role, especially for banks. Third, our paper is the first to link connections with leverage after the financial crisis in the banking sector. Moreover, our paper is the first to investigate this phenomenon in the GCC countries using manually collected primary data.
The emergence of family entrepreneurship in the transition economy of Cuba
Authors: Gimmon Eli , Felzensztein Christian 
Published: September 2021

PurposeTo better understand the emergence of small-scale entrepreneurial firms in the under-researched transition economy of Cuba.Design/methodology/approachGiven the scarcity of reliable publicly available information and restrictions on private data collection in Cuba, in-depth interviews were conducted with a panel of small-scale entrepreneurs at three different points in time. Evolutions are analyzed over this period.FindingsFamily can overcome institutional constraints by helping the entrepreneur deal with market and social obstacles. Despite the absence of a supportive entrepreneurial ecosystem, these new entrepreneurs and their families have been able to transform longstanding passive attitudes into positive steps to set up new small-scale ventures in a country facing unprecedented internal and external challenges.Originality/valueA new conceptual model of family support for entrepreneurship in transition economies is presented. The findings lend weight to institutional theory on overcoming constraints in emerging markets and extend the theory of family entrepreneurship to new transition economies.
Is my design better? A co-creation perspective for online fashion design
Authors: Zhang Hao , Ma Zengguang 
Published: September 2021

PurposeValue co-creation is known to increase innovation, but it can backfire under certain conditions. The purpose of this study is to investigate co-creation activities for their effects on consumer perceptions of symbolic designs and to investigate the mediation effect of psychological distance and the moderation effect of peer feedback.Design/methodology/approachThree studies were designed by using a survey (Study 1) and two controlled laboratory experiments (Study 2 and 3). Study 1 had a sample size of 160 respondents and examined whether innovative ideas and behavior intensity had different impact on symbolic design. Study 2 had a sample size of 204 respondents and verified the interaction effect between innovativeness and intensity and to show that psychological distance is the underlying internal mechanism. Study 3 examined peer feedback as a critical moderator by using a sample of 235 participants.FindingsResults show that idea innovativeness positively influences perceptions of symbolic design, while behavior intensity has a negative influence. The studies verify that innovativeness interacts with intensity to affect perceptions of symbolic design. Psychological distance explains why it is difficult to co-create luxury goods. Peer feedback is revealed to be a new moderator.Originality/valueThis research uniquely develops an extensive theory-based conceptual model and highlights two dimensions of value co-creation that interact with product design. The article emphasizes the theoretical and practical importance of studying both direct and indirect moderating effects.
Does crude oil output aid economy boom or curse in Nigeria? An inference from “Dutch disease”
Authors: Oludimu Samuel , Alola Adewale Andrew 
Published: September 2021

PurposeA reflection on some supposed oil exporting states constantly reminds of the (in) validity of the resource curse hypothesis and environmental consequences of oil exploration. In Africa, especially the case of Nigeria, the argument has remained whether the country's voluminous deposit of crude oil has positively affected the livelihood of the people. The study aims to examine the impact of oil production on the income level in Nigeria.Design/methodology/approachIn this context, the study first examined validity of Dutch disease in Nigeria, thus providing a foundation to further establish the resource curse hypothesis. As such, the impact of crude oil production (CRUDE), square of crude oil production (CRUDESQ), crude oil reserves (RESERVES) and population (POP) on economic growth over the period of 1980–2018 is examined through the combination of autoregressive distributed lag (ARDL), fully-modified ordinary least square (FMOLS) and canonical cointegration regression (CCR) methods.FindingsWhile the study revealed the existence of Dutch disease in Nigeria, the resource curse hypothesis is also valid. However, the study found that the resource curse hypothesis in Nigeria can be over-turned when the CRUDE attains a certain maximum threshold, i.e. when crude oil output is doubled over time. In addition, either of crude RESERVES or oil rent (RENT) is seen as a limiting factor to economic growth while POP poses a positive and desirable impact on the country's economic development.Originality/valueThus, the implication of a U-shaped relationship between oil production and income level is that Nigeria's natural resources exploration could be employed to over-turn the potential of resource curse hypothesis by increasing exploration while the sources of leakages and misappropriation of the oil revenues are deliberately mitigated. Other useful socio-economic policies were proposed for the Government.
Executive pay bandwagon and stock price crash risk
Authors: Luo Hong , Wu Junfeng , Huang Wan , Zeng Yongliang 
Published: September 2021

Purpose
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.

Design/methodology/approach
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.

Findings
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.

Originality/value
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.
How do employers think about older workers?
Authors: Axelrad Hila , Kalev Alexandra , Lewin-Epstein Noah 
Published: September 2021

PurposeHigher pensionable age in many countries that are part of Organization for Economic Co-operation and Development (OECD) and a shrinking pension income force older people to postpone their retirement. Yet, age-based discrimination in employers' decisions is a significant barrier to their employment. Hence, this paper aims to explore employers' attitudes regarding the employment of workers aged 60–70, striving for a better understanding of age discrimination.Design/methodology/approachThe authors used a thematic analysis of semi-structured interviews with 30 managers, experts and employees in retirement age in Israel.FindingsFindings reveal a spectrum of employers' attitudes toward the employment of older workers. The authors' analytical contribution is a conceptual typology based on employers' perceived ability to employ older workers and their stated attitudes toward the employment of older workers.Social implicationsThe insights that emerge from this research are fundamental for organizational actors' ability to expand the productive, unbiased employment of older workers.Originality/valueBy understanding employers' preferences and perspectives and the implications on employers' ability and/or willingness to employ older workers, this research will help policymakers formulate and implement policy innovations that address these biases.
Quarterly seasonality and momentum strategy implementation
Authors: Folkinshteyn Daniel , Moore Jordan 
Published: September 2021

PurposeMomentum strategies exhibit quarterly seasonality, earning significantly higher average strategy returns in the third month of the quarter than the first month. The authors evaluate the magnitude of quarterly seasonality in various momentum strategies to examine the relation between quarterly seasonality and risk-adjusted monthly returns.Design/methodology/approachThe authors construct long-short portfolios for various types of momentum strategies and calculate the average returns of these portfolios in the three months of the quarter. They also calculate the average changes in institutional ownership across the different portfolios.FindingsThe authors demonstrate that quarterly seasonality is directly associated with quarterly changes in net purchases by institutional investors. Additionally, they show that near-term price momentum exhibits more seasonality than other momentum strategies, consistent with institutional investor incentives.Research limitations/implicationsResearchers studying momentum should understand that quarterly seasonality increases the standard deviation of monthly returns for different types of momentum strategies.Practical implicationsIndividual investors and investment managers should consider whether it is early or late in the calendar quarter when implementing momentum strategies.Originality/valueQuarterly seasonality explains several seemingly independent findings in the momentum literature. In cases where researchers show one momentum strategy outperforms another on a risk-adjusted basis, the authors find that the superior strategy exhibits less quarterly seasonality. This pattern holds across types of momentum strategies, strategy formation periods and asset classes.
Guidelines for 3D printed springs using material extrusion
Authors: Enea Sacco , Moon Seung Ki 
Published: September 2021

Purpose
Springs are an integral part of mechanisms and can benefit from additive manufacturing’s (AM) increased design freedom. Given the limited literature on the subject, the purpose of this paper is to develop guidelines for fabricating helical springs using three-dimensional (3D) printing.

Design/methodology/approach
Polylactic acid (PLA) is the main material investigated, with ULTEM™ 9085 used as a comparison. The experimental procedure is to vary the spring parameters, print the springs and test them in tension or compression using constant velocity. Plots of the force and displacement are used to measure the linear and post-deformation spring constants. Loading of the springs is done both to breakage and cyclically. Cyclic loading is also used to observe the plastic behaviour of the springs. Parameters that are varied include wire and coil diameters, pitch, wire cross-section, in-fill and layer height.

Findings
A square wire cross-section is used, instead of a circle because it produces more consistent coils. In-fills make no significant difference in the elastic stiffness of the springs but the mono in-fill breaks at a greater extension, so it is recommended. Tension and compression springs are confirmed to behave the same when in the elastic regime. ULTEM™ 9085 produces consistently weaker springs compared to PLA. Variation of layer height shows that thinner layers increase the stiffness of the springs.

Originality/value
This study investigates the behaviour of 3D printed helical springs in tension and compression. Three guidelines are created: square wire cross-section, mono-directional in-fill and thin layers are recommended.
The costs and benefits of restoring a continent's terrestrial ecosystems
Authors: Mappin Bonnie , Ward Adrian , Hughes Lesley , Watson James E. M. , Cosier Peter , Possingham Hugh P. 
Published: September 2021

AbstractThe rise in global commitments to restore habitat underlines its importance to halt biodiversity loss and abate climate change. To effectively plan for landscape‐scale restoration efforts, decision makers need to prioritise where restoration should occur and have a method to estimate its cost.Here, we describe a systematic approach to determine where cost‐effective restoration actions should be located to achieve targeted levels of ecosystem coverage across Australia without compromising agricultural production.We find that spending approximately AU$2 billion (0.1% of Australia's 2019 Gross Domestic Product) annually for 30 years could restore 13 million ha of degraded land without affecting intensive agriculture and urban areas. This initiative would result in almost all (99.8%) of Australia's degraded terrestrial ecosystems reaching 30% vegetation coverage, enabling a trajectory to recover critical ecological functions, abate almost one billion tonnes of carbon dioxide equivalent and produce AU$12–46 billion net present value in carbon offset revenue.The carbon market revenue is estimated to cover up to 111% of the investment required for the restoration.Our research shows that the recovery of degraded ecosystems in Australia is both attainable and affordable.Synthesis and applications. With growing international restoration commitments, governments and environmental organisations need methods to plan and budget their commitments. Here, we present a systematic approach to determine where restoration actions should be located in Australia to achieve targeted vegetation coverage and quantify the expected costs, carbon abatement and revenue. This study is an important advance that will aid governments and environmental organisations by providing financial and spatial planning methods to progress their restoration commitments.
A fungal powdery mildew pathogen induces extensive local and marginal systemic changes in the Arabidopsis thaliana microbiota
Authors: Durán Paloma , Reinstädler Anja , Rajakrut Anna Lisa , Hashimoto Masayoshi , Garrido‐Oter Ruben , Schulze‐Lefert Paul , Panstruga Ralph 
Published: September 2021

SummaryPowdery mildew is a foliar disease caused by epiphytically growing obligate biotrophic ascomycete fungi. How powdery mildew colonization affects host resident microbial communities locally and systemically remains poorly explored. We performed powdery mildew (Golovinomyces orontii) infection experiments with Arabidopsis thaliana grown in either natural soil or a gnotobiotic system and studied the influence of pathogen invasion into standing natural multi‐kingdom or synthetic bacterial communities (SynComs). We found that after infection of soil‐grown plants, G. orontii outcompeted numerous resident leaf‐associated fungi while fungal community structure in roots remained unaltered. We further detected a significant shift in foliar but not root‐associated bacterial communities in this setup. Pre‐colonization of germ‐free A. thaliana leaves with a bacterial leaf‐derived SynCom, followed by G. orontii invasion, induced an overall similar shift in the foliar bacterial microbiota and minor changes in the root‐associated bacterial assemblage. However, a standing root‐derived SynCom in root samples remained robust against foliar infection with G. orontii. Although pathogen growth was unaffected by the leaf SynCom, fungal infection caused a twofold increase in leaf bacterial load. Our findings indicate that G. orontii infection affects mainly microbial communities in local plant tissue, possibly driven by pathogen‐induced changes in source‐sink relationships and host immune status.
Clinical trials with antiviral drugs against COVID‐19: some progress and many shattered hopes
Authors: Brüssow Harald 
Published: September 2021

SummaryVaccines and drugs are the cornerstones in the fight against the SARS‐CoV‐2 pandemic. While vaccines were a success story, the development of antiviral drugs against SARS‐CoV‐2 turned out to be difficult. For an accelerated use of antivirals in the clinic, most SARS‐CoV‐2 antivirals represented repurposed drugs. The present article summarizes the outcomes of clinical trials with antiviral drugs in COVID‐19 patients. Many antiviral drugs failed to demonstrate beneficial effects or showed mixed results. One reason for the low success rate of clinical trials was shortcomings of antiviral tests in cell culture systems and another reason was the abundance of ill‐coordinated and underpowered clinical trials. However, large pragmatic clinical trials particularly of the British RECOVERY trial series demonstrated that even under emergency situation drug trials can be conducted in a timely way such that the therapy of COVID‐19 patients can be based on evidence basis instead on expert opinion or even worse on political pressure.
Effect of vacuum frying and atmospheric frying on the quality and protein oxidation of squid (Loligo chinensis)
Authors: Pei Zhisheng , Ma Tingting , Wen Pan , Xue Changfeng , Feng Aiguo , Li Chuan , Xu Yunsheng , Shen Xuanri 
Published: September 2021

AbstractSquid are commercial marine species that have high nutritional value. This study aimed to compare the influences of vacuum frying and atmospheric frying on the physicochemical properties and protein oxidation of three main parts (ring, tentacle, and fin) of the squid Loligo chinensis. The results showed that the vacuum‐fried (VF) group had lower moisture and total fat contents and looser microstructures than the atmospheric‐fried (AF) group. The amino acid contents and molecular weight revealed that the proteins were well preserved during vacuum frying. Carbonyl content in the VF ring, tentacle, and fin samples increased nearly 2.53‐, 1.54‐, and 2.56‐fold, respectively, compared to that in the corresponding fresh group, but these increases were lower than those of the corresponding AF group. In addition, the secondary structures of proteins revealed a slight decrease in the α‐helix and β‐turn contents and a significant increase in the β‐sheet content during vacuum frying. Therefore, vacuum frying can be used as an efficient processing method to conserve the high nutritive quality of the product.Practical ApplicationAs a developing alternative technology to prepare healthier fried products, vacuum frying has been the focus of recent researches. Vacuum frying produced squid products that had lower TBARS values, carbonyl contents, and Schiff base substances compared to atmospheric frying. And the protein secondary structures of the vacuum‐fried group retained better. The study proved that vacuum frying could be an effective method with the advantages of high protein stability and product quality.
Making It Rain? Comparing the Determinants of Chinese and Western FDI Flows to Africa
Authors: Landry David 
Published: September 2021

AbstractThis paper tests whether Chinese FDI disproportionately flows to poorly governed African countries, compared to those of the West. It also explores whether UN voting alignment between home and host countries, development loans from the former to the latter, and host countries’ market size, natural resource wealth, and per capita income impact Chinese and Western FDI flows differently. It finds that governance quality among African countries plays a positive role in predicting their FDI inflows – from both Western countries and China. The only governance indicator that has a significantly lower impact on Chinese FDI than that of the West is corruption controls, and only when South Africa is excluded from the models. Even then, however, the relationship between corruption controls and Chinese FDI flows is positive in absolute terms. Beyond governance, this paper finds that UN voting alignment and development loans have a significantly larger impact on Chinese FDI than that of the West and that the opposite is true with regard to market size and per capita income.