This study employs leadership contingency theory and resource dependency theory,utilizing financial data from Shanghai and Shenzhen A-share listed companies between 2012 and 2021.Ultimately,data samples from 4,742 com...This study employs leadership contingency theory and resource dependency theory,utilizing financial data from Shanghai and Shenzhen A-share listed companies between 2012 and 2021.Ultimately,data samples from 4,742 companies were selected to empirically examine the impact and moderating role of female executives on corporate digital transformation.Findings reveal that the proportion of female executives positively promotes corporate digital transformation.Further analysis indicates that female executives drive digital transformation by enhancing corporate innovation investment and risk control capabilities.Supported by the heterogeneity analysis,it shows that this effect is more pronounced in high-tech industries,non-state-owned enterprises,and companies in economically developed regions.This study provides a gender-perspective theoretical explanation for the drivers of digital transformation and offers practical insights for optimizing corporate executive teams.展开更多
Using a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2023,this paper explores the impact of female executives on financial performance and examines the moderating effect of the degree of di...Using a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2023,this paper explores the impact of female executives on financial performance and examines the moderating effect of the degree of digital transformation.The results show that:(1)there is a positive correlation between female executives and financial performance;(2)the improvement in digital transformation inhibits the positive impact of female executives on financial performance.Enterprises should provide more career development opportunities,eliminate gender bias,and select women with leadership qualities to join management,thereby creating value for the organization.Simultaneously,female executives should enhance their awareness of technological innovation and adopt a“digital”mindset.In the wave of the digital economy,they should leverage digital technologies for research,design,production,and operations,seize opportunities for reform,and help enterprises improve quality and efficiency.展开更多
According to the fraud"triangle theory",the causes of professional embezzlements committed by executives of China’s state-owned enterprises are mainly from pressure,opportunities and excuses.Among them,pres...According to the fraud"triangle theory",the causes of professional embezzlements committed by executives of China’s state-owned enterprises are mainly from pressure,opportunities and excuses.Among them,pressure is a huge psychological burden and desire generated by the combined action of the self-interested value orientation of the economic man and the value-oriented market economy in the pursuit of wealth.Opportunity refers mainly to the weak restrain on the asset operation responsibility of the executives,the cultural atmosphere of advocating the status and authority in the enterprises,and the lack of necessary power balance and internal control,all of them are caused by the system defects of the company systems under the public ownership.Excuses mainly have such forms as"kickbacks","borrowed money"and unreasonable design of remuneration and incentive systems,etc.The effective way to prevent executives of state-owned enterprises from committing professional embezzlement is to select the personnel with excellent conduct and ability as executives,create the corporate culture of honesty and trustworthiness,perfect a variety of mechanisms and systems,urge the effective implementation of the system,and maintain the normal operation of the mechanism.展开更多
After reviewing the bad news and corruptions of the higher executives in commercial banks recent years, the article first analyzes the characteristics of all these things, and use game theory to analyzes the actions b...After reviewing the bad news and corruptions of the higher executives in commercial banks recent years, the article first analyzes the characteristics of all these things, and use game theory to analyzes the actions between the higher executives and administrative sections and further construes with cost and benefit utility model, and finally put up some countermeasures.展开更多
In the structure of the company, the top management is the main part of the company. The decesion they make have an important impact on the growth of the company＇s stock price changes, the company＇s performance and ...In the structure of the company, the top management is the main part of the company. The decesion they make have an important impact on the growth of the company＇s stock price changes, the company＇s performance and other enterprises. Therefore, executive replacement as an important part of corporate governance, will affect the growth of the company. This paper analyzes the factors of the change of executive, so as to study the effect of the performance of the company after the replacement of the executives.展开更多
This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the ...This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the mechanism.Empirical analysis confirms that the increase in the degree of economic policy uncertainty promotes enterprise innovation.Further results show that this promotion effect is more significant in enterprises with male executives,low educational level,no financial experience and political background.Moreover,the positive impact is only found in enterprises with moderate executive ability,and the overconfidence of senior executives plays a positive regulating role in it.展开更多
This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism...This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism,and further explore the effectiveness boundary of science and technology policy.The results show that there is a significant positive correlation between science and technology policy and executive compensation;there is a significant positive correlation between technology policy and enterprise innovation;there is a significant positive correlation between science and technology policy and enterprise innovation;executive compensation plays a partial intermediary effect between technology policy and enterprise innovation.Further research on the effectiveness boundary of science and technology policy shows that:first,management power can strengthen the positive correlation between science and technology policy and executive compensation;second,regional factors have a greater impact on the relationship between science and technology policy and enterprise innovation.The ethnic regions and western regions with poor economic development level weaken the positive incentive effect of science and technology policies on enterprise innovation.展开更多
This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018...This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018.Previous studies tend to conclude that female executives are risk averse,preventing firms from participating in high-risk financial investments.However,the results of this paper show that there is a positive relationship between the proportion of female executives and the degree of corporate financialization,with an increase of 1 percent in the proportion of female executives leading to an increase of 3.8 percent in the degree of corporate financialization.Further tests show that gender inequality is a possible mechanism influencing female executives'financial investment preferences in the unique gender culture context of China.This paper expands the research on the impact of non-institutional factors on corporate financialization,and also points out that unilaterally pursuing an increase in the proportion of female executives does not reduce the risk of corporate financialization,and that only an overall increase in the proportion of female executives can reduce the risk of corporate financialization.Improving gender equality at the social level can fundamentally reflect women's risk aversion characteristics and encourage enterprises to make more stable investment decisions.展开更多
Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownershi...Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownership—investors who hold significant stakes in multiple firms—has grown,raising the question of how it influences corporate management innovation.This study empirically investigates this issue using panel data from A-share listed companies in China between 2014 and 2022.The findings reveal an inverted U-shaped relationship between common ownership and management innovation.Specifically,institutional common ownership exerts no significant effect,while non-institutional common ownership exhibits a significant inverted U-shaped influence.Mechanism analysis suggests that common ownership often appoints shared directors,supervisors,and senior executives across firms,which in turn significantly impacts corporate management innovation.Further analysis indicates that common ownership in the primary and tertiary industries significantly influences management innovation,whereas that in the secondary industry does not show such an effect.This study offers valuable insights for corporate governance,business management,and investor decision-making and provides important references for policymakers in formulating governance-related regulations.展开更多
Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executive...Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.展开更多
Based on data for 2005 to 2012, an analysis of the compensation gap between top executives at different Chinese listed companies reveals the following conclusions. （1） The large compensation gap existing among execu...Based on data for 2005 to 2012, an analysis of the compensation gap between top executives at different Chinese listed companies reveals the following conclusions. （1） The large compensation gap existing among executives at listed Chinese companies--in some years even larger than that between rank-and-file employees--is mainly caused by the exorbitant executive compensation at a minority of companies. （2） Between 2005 and 2012, the compensation gap first widened dramatically and then diminished gradually. The leading factor in this fluctuation was the drastic rise and fall in the level of executive compensation at a handful of financial enterprises. The main reason for the narrowing of the compensation gap is central government regulation, which has helped to curb the excessive growth of executive compensation in society as a whole. （3） Even in the same round of fluctuation, state-owned listed companies differ markedly from non-state-owned listed companies in the way their executive compensation is decided. （4） State-owned listed companies＇ executive compensation strategies and their internal governance structure have not played their due role in moderating the overly rapid growth of their executives＇ compensation or in reducing the compensation gap.展开更多
BACKGROUND Treatment-resistant depression(TRD)has a poor response to clinical treatment.Patients with TRD do not respond adequately to standard antidepressants.Even after receiving a full dose and sufficient duration ...BACKGROUND Treatment-resistant depression(TRD)has a poor response to clinical treatment.Patients with TRD do not respond adequately to standard antidepressants.Even after receiving a full dose and sufficient duration of combined antidepressant therapy,significant improvement is still difficult to achieve.At present,electroconvulsive therapy(ECT)remains a clinically effective method for treating refractory depression.A good anesthesia regimen can enhance its clinical efficacy.Actively exploring high-quality anesthesia regimens has become a current research hotspot.AIM To explore the effect of esketamine and etomidate anesthesia on the clinical efficacy of ECT for TRD.METHODS A total of 120 patients with TRD,treated at the Department of Psychiatry,The Second Affiliated Hospital of Shandong First Medical University,China between April 2020 and April 2024,were selected for the study.The patients were allocated at random into two groups using a random number table:The combination and control groups,with 60 patients in each group.Both groups underwent ECT;the combination group received esketamine and etomidate anesthesia,while the control group received etomidate anesthesia.The following parameters were compared between the two groups:Heart rate(HR);mean arterial pressure(MAP);peripheral capillary oxygen saturation(SpO2);initial and final threshold charges;and serum brain-derived neurotrophic factor(BDNF),nerve growth factor(NGF),5-hydroxytryptamine(5-HT),and interleukin-4(IL-4)levels.Neurological functions,basic executive function scores,and adverse reactions were compared during the treatment process.RESULTS During treatment,the maximum and minimum HR and MAP values in the combination group were markedly lower than those in the control group(P<0.05),whereas there was no significant difference in SpO2 between the two groups(P>0.05).During the treatment,there were no significant differences in the initial threshold charge and average duration of seizures during ECT between the two groups(P>0.05).However,the final threshold charge and total charge in the combination group were considerably lower than those in the control group(P<0.05).After treatment,the BDNF,NGF,5-HT,and IL-4 levels were evidently higher in the combination group than in the control group(P<0.05).During treatment,as the number of ECT sessions increased,both BRNAS and Measurement and Treatment Research to Improve Cognition in Schizophrenia Consensus Cognitive Battery(MCCB)scores increased,whereas Hamilton Depression Rating Scale(HAMD)-24 scores decreased in both groups.Starting from the third treatment session,the BRNAS and MCCB scores in the combination group were higher than in the control group,whereas the Hamilton Depression Scale-24 score was lower in the combination group than in the control group(P<0.05).After treatment,the Wisconsin Card Sorting Test scores and Tower of Hanoi test results in the combination group were significantly better than those in the control group(P<0.05).The occurrence of adverse reactions was compared between the two groups(P>0.05).CONCLUSION Esketamine and etomidate anesthesia during ECT for patients with TRD helps maintain stable vital signs during the treatment process,improves depressive symptoms,and enhances neurological and basic executive functions.展开更多
Purpose:Currently,different research conclusions exist about the relationship between relational capital and corporate innovation.The research aims to(1)reveal the actual relationship between executive alumni relation...Purpose:Currently,different research conclusions exist about the relationship between relational capital and corporate innovation.The research aims to(1)reveal the actual relationship between executive alumni relations and firm innovation performance,(2)examine the moderating role of executive academic backgrounds,(3)analyze the paths for firms to leverage knowledge spillovers from regional universities to promote firm innovation by their geographic location.Design/methodology/approach:A social network approach is used to construct alumni relationship networks of A-share listed companies in Shanghai and Shenzhen,China.A two-way fixed effects model is used to assess the impact of firms’structural position in executive alumni networks on firms’innovation performance.In addition,the research also delves into the interactions between knowledge spillovers from geographic locations and executives’alumni networks,aiming to elucidate their combined effects on firms’innovation performance.Findings:This paper explores the curvilinear relationship between executive alumni networks’centrality and firm innovation within the Chinese context.It also finds that in the positive effect interval on the right side of the“U-shaped,”the industry with the highest number of occurrences is the high-tech industry.Moreover,it elucidates the moderating influence of executives’academic experience on the alumni networks-innovation nexus,offering a nuanced understanding of these dynamics.Lastly,we provide novel insights into optimizing resource allocation to leverage geographic knowledge spillovers for innovation.Research limitations:The study may not fully represent the broader population of firms,particularly small and medium-sized enterprises(SMEs)or unlisted companies.Future research could expand the sample to include a more diverse range of firms to enhance the generalizability of the findings.Practical implications:Firstly,companies can give due consideration to the alumni resources of executives in their personnel decisions,but they should pay attention to the rational use of resources.Secondly,universities should actively work with companies to promote knowledge transfer and collaboration.Originality/value:The findings help clarify the influence mechanism of firms’innovation performance,providing theoretical support and empirical evidence for firms to drive innovation at the executive alumni relationship network level.展开更多
Introduction: Stroke may have a negative impact on mental health and behavior. Cognitive disorders are common after stroke. They are rarely assessed in current clinical practice, particularly in our context. They cons...Introduction: Stroke may have a negative impact on mental health and behavior. Cognitive disorders are common after stroke. They are rarely assessed in current clinical practice, particularly in our context. They constitute a real “invisible” handicap. In sub-Saharan Africa, we are not aware of any studies specifically assessing executive functions. These functions are at the heart of all adaptation processes to new or complex situations. This prompted the authors to carry out this study at the Ibrahima Pierre Ndiaye Neuroscience Department of the Fann National University Hospital Centre (Senegal). Objective and Methodology: The aim of this study was to assess and characterize post-stroke alterations in executive functions in our context. We conducted a descriptive cross-sectional study. It took place over a 4-month period from April 1 to August 31, 2021. Patients were matched to controls according to age, gender and educational level. Executive functions were assessed using the Frontal Assessment Battery (FAB). Results: A total of 30 patients with stroke were enrolled. These patients were matched to controls. The mean age of the patients was 46.87 ± 17.65 years. For the control group, it was 39.27 ± 12.33 years. The prevalence of executive function disorders was 20% in post-stroke patients. The majority of executive functions assessed were impaired. Sensitivity to interference and environmental autonomy were the only ones preserved. Conclusion: Impaired executive functions are common after stroke. They should be systematically assessed in all stroke patients to ensure optimal management.展开更多
Fuzz testing is a widely adopted technique for uncovering bugs and security vulnerabilities in embedded firmware.However,many embedded systems heavily rely on peripherals,rendering conventional fuzzing techniques inef...Fuzz testing is a widely adopted technique for uncovering bugs and security vulnerabilities in embedded firmware.However,many embedded systems heavily rely on peripherals,rendering conventional fuzzing techniques ineffective.When peripheral responses are missing or incorrect,fuzzing a firmware may crash or exit prematurely,significantly limiting code coverage.While prior re-hosting approaches have made progress in simulating Memory-Mapped Input/Output(MMIO)and interrupt-based peripherals,they either ignore Direct Memory Access(DMA)or handle it oversimplified.In this work,we present ADFEmu,a novel automated firmware re-hosting framework that enables effective fuzzing of DMA-enabled firmware.ADFEmu integrates concolic execution with large language models(LLMs)to semantically emulate DMA operations and synthesize peripheral input sequences intelligently.Specifically,it learns DMA transfer patterns from the firmware’s context and employs guided symbolic execution to explore deeper and more diverse execution paths.This approach allows firmware to operate stably without hardware dependencies while achieving higher fidelity in emulation.Evaluated on real-world embedded firmware samples,ADFEmu achieves a 100%re-hosting success rate,improves total execution path exploration by 5.31%,and triggers more crashes compared to the state-of-the-art.These results highlight ADFEmu’s effectiveness in overcoming long-standing limitations of DMA emulation and its potential to advance automated vulnerability discovery in peripheral-rich embedded environments.展开更多
The growing threat of malware,particularly in the Portable Executable(PE)format,demands more effective methods for detection and classification.Machine learning-based approaches exhibit their potential but often negle...The growing threat of malware,particularly in the Portable Executable(PE)format,demands more effective methods for detection and classification.Machine learning-based approaches exhibit their potential but often neglect semantic segmentation of malware files that can improve classification performance.This research applies deep learning to malware detection,using Convolutional Neural Network(CNN)architectures adapted to work with semantically extracted data to classify malware into malware families.Starting from the Malconv model,this study introduces modifications to adapt it to multi-classification tasks and improve its performance.It proposes a new innovative method that focuses on byte extraction from Portable Executable(PE)malware files based on their semantic location,resulting in higher accuracy in malware classification than traditional methods using full-byte sequences.This novel approach evaluates the importance of each semantic segment to improve classification accuracy.The results revealed that the header segment of PE files provides the most valuable information for malware identification,outperforming the other sections,and achieving an average classification accuracy of 99.54%.The above reaffirms the effectiveness of the semantic segmentation approach and highlights the critical role header data plays in improving malware detection and classification accuracy.展开更多
Compliance,as a very important aspect of corporate governance,has developed earlier in the world,while China's compliance management has developed relatively late and is currently lacking in development.However,ma...Compliance,as a very important aspect of corporate governance,has developed earlier in the world,while China's compliance management has developed relatively late and is currently lacking in development.However,many enterprises suffer serious losses without compliance management,especially import and export enterprises,which are forced to exit the market due to poor compliance management.This article is based on the urgent need of Chinese enterprises for compliance management,but the lack of research by scholars.It summarizes the literature on the factors affecting compliance,hoping to be helpful for the study of compliance management.展开更多
文摘This study employs leadership contingency theory and resource dependency theory,utilizing financial data from Shanghai and Shenzhen A-share listed companies between 2012 and 2021.Ultimately,data samples from 4,742 companies were selected to empirically examine the impact and moderating role of female executives on corporate digital transformation.Findings reveal that the proportion of female executives positively promotes corporate digital transformation.Further analysis indicates that female executives drive digital transformation by enhancing corporate innovation investment and risk control capabilities.Supported by the heterogeneity analysis,it shows that this effect is more pronounced in high-tech industries,non-state-owned enterprises,and companies in economically developed regions.This study provides a gender-perspective theoretical explanation for the drivers of digital transformation and offers practical insights for optimizing corporate executive teams.
文摘Using a sample of A-share listed companies in Shanghai and Shenzhen from 2012 to 2023,this paper explores the impact of female executives on financial performance and examines the moderating effect of the degree of digital transformation.The results show that:(1)there is a positive correlation between female executives and financial performance;(2)the improvement in digital transformation inhibits the positive impact of female executives on financial performance.Enterprises should provide more career development opportunities,eliminate gender bias,and select women with leadership qualities to join management,thereby creating value for the organization.Simultaneously,female executives should enhance their awareness of technological innovation and adopt a“digital”mindset.In the wave of the digital economy,they should leverage digital technologies for research,design,production,and operations,seize opportunities for reform,and help enterprises improve quality and efficiency.
文摘According to the fraud"triangle theory",the causes of professional embezzlements committed by executives of China’s state-owned enterprises are mainly from pressure,opportunities and excuses.Among them,pressure is a huge psychological burden and desire generated by the combined action of the self-interested value orientation of the economic man and the value-oriented market economy in the pursuit of wealth.Opportunity refers mainly to the weak restrain on the asset operation responsibility of the executives,the cultural atmosphere of advocating the status and authority in the enterprises,and the lack of necessary power balance and internal control,all of them are caused by the system defects of the company systems under the public ownership.Excuses mainly have such forms as"kickbacks","borrowed money"and unreasonable design of remuneration and incentive systems,etc.The effective way to prevent executives of state-owned enterprises from committing professional embezzlement is to select the personnel with excellent conduct and ability as executives,create the corporate culture of honesty and trustworthiness,perfect a variety of mechanisms and systems,urge the effective implementation of the system,and maintain the normal operation of the mechanism.
文摘After reviewing the bad news and corruptions of the higher executives in commercial banks recent years, the article first analyzes the characteristics of all these things, and use game theory to analyzes the actions between the higher executives and administrative sections and further construes with cost and benefit utility model, and finally put up some countermeasures.
文摘In the structure of the company, the top management is the main part of the company. The decesion they make have an important impact on the growth of the company＇s stock price changes, the company＇s performance and other enterprises. Therefore, executive replacement as an important part of corporate governance, will affect the growth of the company. This paper analyzes the factors of the change of executive, so as to study the effect of the performance of the company after the replacement of the executives.
基金the support of Humanities and Social Sciences Foundation of the Ministry of Education"Research on policy uncertainty,non-financial enterprises’shadow banking activities and its economic effects"(20YJC790040)School Level Special Research Project of Beijing International Studies University(KYZX20A008).
文摘This study analyzes how economic policy uncertainty affects corporate innovation,and the moderating effects of executive heterogeneity.A threephase dynamic investment and financing model is first built to analyze the mechanism.Empirical analysis confirms that the increase in the degree of economic policy uncertainty promotes enterprise innovation.Further results show that this promotion effect is more significant in enterprises with male executives,low educational level,no financial experience and political background.Moreover,the positive impact is only found in enterprises with moderate executive ability,and the overconfidence of senior executives plays a positive regulating role in it.
基金supported by the National Natural Science Foundation of China under Grant No.72362001,titled'Compensation Incentive Mechanism of Accounting Firms:Theoretical Framework,Incentive Effect TestOptimization Reconstruction,'and the Guangxi Philosophy and Social Sciences Planning Project under Grant No.21BGL013,titled'Research on the Incentive Effects and Mechanisms of State-owned Capital Reverse Mixed Reform Promoting High-quality Development of Private Enterprises.
文摘This paper selects the A-share non-financial listed companies in China from 2007 to 2018 as the research object to study the impact of science and technology policy on enterprise innovation and its influence mechanism,and further explore the effectiveness boundary of science and technology policy.The results show that there is a significant positive correlation between science and technology policy and executive compensation;there is a significant positive correlation between technology policy and enterprise innovation;there is a significant positive correlation between science and technology policy and enterprise innovation;executive compensation plays a partial intermediary effect between technology policy and enterprise innovation.Further research on the effectiveness boundary of science and technology policy shows that:first,management power can strengthen the positive correlation between science and technology policy and executive compensation;second,regional factors have a greater impact on the relationship between science and technology policy and enterprise innovation.The ethnic regions and western regions with poor economic development level weaken the positive incentive effect of science and technology policies on enterprise innovation.
基金the Major Program of the National Social Science Fund of China“Study on Building a Community of a Shared Future between China and ASEAN in the Context of Accelerated Evolution of the Great Changes”(23&ZD333)The Bagui Scholars Program of Guangxi Zhuang Autonomous Region China-ASEAN Big Data Research"(2019A39).
文摘This paper empirically investigates the impact of the proportion of female executives on the financialization of enterprises using a sample of listed companies in the Shanghai and Shenzhen stock markets from 2009-2018.Previous studies tend to conclude that female executives are risk averse,preventing firms from participating in high-risk financial investments.However,the results of this paper show that there is a positive relationship between the proportion of female executives and the degree of corporate financialization,with an increase of 1 percent in the proportion of female executives leading to an increase of 3.8 percent in the degree of corporate financialization.Further tests show that gender inequality is a possible mechanism influencing female executives'financial investment preferences in the unique gender culture context of China.This paper expands the research on the impact of non-institutional factors on corporate financialization,and also points out that unilaterally pursuing an increase in the proportion of female executives does not reduce the risk of corporate financialization,and that only an overall increase in the proportion of female executives can reduce the risk of corporate financialization.Improving gender equality at the social level can fundamentally reflect women's risk aversion characteristics and encourage enterprises to make more stable investment decisions.
基金supported by the Humanities and Social Sciences Research Planning Project of the Ministry of Education:“A Study on Private Capital and Bank Stability”(No.19YJC790162).
文摘Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownership—investors who hold significant stakes in multiple firms—has grown,raising the question of how it influences corporate management innovation.This study empirically investigates this issue using panel data from A-share listed companies in China between 2014 and 2022.The findings reveal an inverted U-shaped relationship between common ownership and management innovation.Specifically,institutional common ownership exerts no significant effect,while non-institutional common ownership exhibits a significant inverted U-shaped influence.Mechanism analysis suggests that common ownership often appoints shared directors,supervisors,and senior executives across firms,which in turn significantly impacts corporate management innovation.Further analysis indicates that common ownership in the primary and tertiary industries significantly influences management innovation,whereas that in the secondary industry does not show such an effect.This study offers valuable insights for corporate governance,business management,and investor decision-making and provides important references for policymakers in formulating governance-related regulations.
基金the financial support from the National Natural Science Foundation of China(No.71272202)
文摘Foreign firms face enormous obstacles in attracting investors and analysts when issuing securities in the United States.We use US-listed Chinese firms as our research sample and find that firms that hire top executives(i.e.,Chief Executive Officer[CEO]or Chief Financial Officer[CFO]) with work experience in the US or educational qualifications from the US attract more US institutional investors and analysts.Further,we find that CFOs' US experience dominates the results.Corroborating our results,we further find that firms with US-experienced CFOs are more likely to hold conference calls and voluntarily issue management forecasts,which suggests that CFOs with a US background are better at communicating with US investors and analysts and acting in alignment with US norms compared with Chinese CFOs.Collectively,our results suggest that hiring a CFO with a US background could facilitate cross-listed foreign firms to lower US investors' and analysts' information disadvantage.
基金supported by Ministry of Education as a major project in philosophy and social sciences(11JZD015,12JZD030)the Special Fund for Basic Research at Central Universities(2012CXQT11,310400086)
文摘Based on data for 2005 to 2012, an analysis of the compensation gap between top executives at different Chinese listed companies reveals the following conclusions. （1） The large compensation gap existing among executives at listed Chinese companies--in some years even larger than that between rank-and-file employees--is mainly caused by the exorbitant executive compensation at a minority of companies. （2） Between 2005 and 2012, the compensation gap first widened dramatically and then diminished gradually. The leading factor in this fluctuation was the drastic rise and fall in the level of executive compensation at a handful of financial enterprises. The main reason for the narrowing of the compensation gap is central government regulation, which has helped to curb the excessive growth of executive compensation in society as a whole. （3） Even in the same round of fluctuation, state-owned listed companies differ markedly from non-state-owned listed companies in the way their executive compensation is decided. （4） State-owned listed companies＇ executive compensation strategies and their internal governance structure have not played their due role in moderating the overly rapid growth of their executives＇ compensation or in reducing the compensation gap.
文摘BACKGROUND Treatment-resistant depression(TRD)has a poor response to clinical treatment.Patients with TRD do not respond adequately to standard antidepressants.Even after receiving a full dose and sufficient duration of combined antidepressant therapy,significant improvement is still difficult to achieve.At present,electroconvulsive therapy(ECT)remains a clinically effective method for treating refractory depression.A good anesthesia regimen can enhance its clinical efficacy.Actively exploring high-quality anesthesia regimens has become a current research hotspot.AIM To explore the effect of esketamine and etomidate anesthesia on the clinical efficacy of ECT for TRD.METHODS A total of 120 patients with TRD,treated at the Department of Psychiatry,The Second Affiliated Hospital of Shandong First Medical University,China between April 2020 and April 2024,were selected for the study.The patients were allocated at random into two groups using a random number table:The combination and control groups,with 60 patients in each group.Both groups underwent ECT;the combination group received esketamine and etomidate anesthesia,while the control group received etomidate anesthesia.The following parameters were compared between the two groups:Heart rate(HR);mean arterial pressure(MAP);peripheral capillary oxygen saturation(SpO2);initial and final threshold charges;and serum brain-derived neurotrophic factor(BDNF),nerve growth factor(NGF),5-hydroxytryptamine(5-HT),and interleukin-4(IL-4)levels.Neurological functions,basic executive function scores,and adverse reactions were compared during the treatment process.RESULTS During treatment,the maximum and minimum HR and MAP values in the combination group were markedly lower than those in the control group(P<0.05),whereas there was no significant difference in SpO2 between the two groups(P>0.05).During the treatment,there were no significant differences in the initial threshold charge and average duration of seizures during ECT between the two groups(P>0.05).However,the final threshold charge and total charge in the combination group were considerably lower than those in the control group(P<0.05).After treatment,the BDNF,NGF,5-HT,and IL-4 levels were evidently higher in the combination group than in the control group(P<0.05).During treatment,as the number of ECT sessions increased,both BRNAS and Measurement and Treatment Research to Improve Cognition in Schizophrenia Consensus Cognitive Battery(MCCB)scores increased,whereas Hamilton Depression Rating Scale(HAMD)-24 scores decreased in both groups.Starting from the third treatment session,the BRNAS and MCCB scores in the combination group were higher than in the control group,whereas the Hamilton Depression Scale-24 score was lower in the combination group than in the control group(P<0.05).After treatment,the Wisconsin Card Sorting Test scores and Tower of Hanoi test results in the combination group were significantly better than those in the control group(P<0.05).The occurrence of adverse reactions was compared between the two groups(P>0.05).CONCLUSION Esketamine and etomidate anesthesia during ECT for patients with TRD helps maintain stable vital signs during the treatment process,improves depressive symptoms,and enhances neurological and basic executive functions.
基金supported in part by the National Natural Science Foundation of China under Grant No.72264036,in part by the West Light Foundation of The Chinese Academy of Sciences under Grant No.2020-XBQNXZ-020Xinjiang University of Finance and Economics Postgraduate Innovation Project XJUFE2024K036.
文摘Purpose:Currently,different research conclusions exist about the relationship between relational capital and corporate innovation.The research aims to(1)reveal the actual relationship between executive alumni relations and firm innovation performance,(2)examine the moderating role of executive academic backgrounds,(3)analyze the paths for firms to leverage knowledge spillovers from regional universities to promote firm innovation by their geographic location.Design/methodology/approach:A social network approach is used to construct alumni relationship networks of A-share listed companies in Shanghai and Shenzhen,China.A two-way fixed effects model is used to assess the impact of firms’structural position in executive alumni networks on firms’innovation performance.In addition,the research also delves into the interactions between knowledge spillovers from geographic locations and executives’alumni networks,aiming to elucidate their combined effects on firms’innovation performance.Findings:This paper explores the curvilinear relationship between executive alumni networks’centrality and firm innovation within the Chinese context.It also finds that in the positive effect interval on the right side of the“U-shaped,”the industry with the highest number of occurrences is the high-tech industry.Moreover,it elucidates the moderating influence of executives’academic experience on the alumni networks-innovation nexus,offering a nuanced understanding of these dynamics.Lastly,we provide novel insights into optimizing resource allocation to leverage geographic knowledge spillovers for innovation.Research limitations:The study may not fully represent the broader population of firms,particularly small and medium-sized enterprises(SMEs)or unlisted companies.Future research could expand the sample to include a more diverse range of firms to enhance the generalizability of the findings.Practical implications:Firstly,companies can give due consideration to the alumni resources of executives in their personnel decisions,but they should pay attention to the rational use of resources.Secondly,universities should actively work with companies to promote knowledge transfer and collaboration.Originality/value:The findings help clarify the influence mechanism of firms’innovation performance,providing theoretical support and empirical evidence for firms to drive innovation at the executive alumni relationship network level.
文摘Introduction: Stroke may have a negative impact on mental health and behavior. Cognitive disorders are common after stroke. They are rarely assessed in current clinical practice, particularly in our context. They constitute a real “invisible” handicap. In sub-Saharan Africa, we are not aware of any studies specifically assessing executive functions. These functions are at the heart of all adaptation processes to new or complex situations. This prompted the authors to carry out this study at the Ibrahima Pierre Ndiaye Neuroscience Department of the Fann National University Hospital Centre (Senegal). Objective and Methodology: The aim of this study was to assess and characterize post-stroke alterations in executive functions in our context. We conducted a descriptive cross-sectional study. It took place over a 4-month period from April 1 to August 31, 2021. Patients were matched to controls according to age, gender and educational level. Executive functions were assessed using the Frontal Assessment Battery (FAB). Results: A total of 30 patients with stroke were enrolled. These patients were matched to controls. The mean age of the patients was 46.87 ± 17.65 years. For the control group, it was 39.27 ± 12.33 years. The prevalence of executive function disorders was 20% in post-stroke patients. The majority of executive functions assessed were impaired. Sensitivity to interference and environmental autonomy were the only ones preserved. Conclusion: Impaired executive functions are common after stroke. They should be systematically assessed in all stroke patients to ensure optimal management.
基金funded by the Science and Technology Project of State Grid Jiangsu Electric Power Company Ltd.,grant number J2024169.
文摘Fuzz testing is a widely adopted technique for uncovering bugs and security vulnerabilities in embedded firmware.However,many embedded systems heavily rely on peripherals,rendering conventional fuzzing techniques ineffective.When peripheral responses are missing or incorrect,fuzzing a firmware may crash or exit prematurely,significantly limiting code coverage.While prior re-hosting approaches have made progress in simulating Memory-Mapped Input/Output(MMIO)and interrupt-based peripherals,they either ignore Direct Memory Access(DMA)or handle it oversimplified.In this work,we present ADFEmu,a novel automated firmware re-hosting framework that enables effective fuzzing of DMA-enabled firmware.ADFEmu integrates concolic execution with large language models(LLMs)to semantically emulate DMA operations and synthesize peripheral input sequences intelligently.Specifically,it learns DMA transfer patterns from the firmware’s context and employs guided symbolic execution to explore deeper and more diverse execution paths.This approach allows firmware to operate stably without hardware dependencies while achieving higher fidelity in emulation.Evaluated on real-world embedded firmware samples,ADFEmu achieves a 100%re-hosting success rate,improves total execution path exploration by 5.31%,and triggers more crashes compared to the state-of-the-art.These results highlight ADFEmu’s effectiveness in overcoming long-standing limitations of DMA emulation and its potential to advance automated vulnerability discovery in peripheral-rich embedded environments.
文摘The growing threat of malware,particularly in the Portable Executable(PE)format,demands more effective methods for detection and classification.Machine learning-based approaches exhibit their potential but often neglect semantic segmentation of malware files that can improve classification performance.This research applies deep learning to malware detection,using Convolutional Neural Network(CNN)architectures adapted to work with semantically extracted data to classify malware into malware families.Starting from the Malconv model,this study introduces modifications to adapt it to multi-classification tasks and improve its performance.It proposes a new innovative method that focuses on byte extraction from Portable Executable(PE)malware files based on their semantic location,resulting in higher accuracy in malware classification than traditional methods using full-byte sequences.This novel approach evaluates the importance of each semantic segment to improve classification accuracy.The results revealed that the header segment of PE files provides the most valuable information for malware identification,outperforming the other sections,and achieving an average classification accuracy of 99.54%.The above reaffirms the effectiveness of the semantic segmentation approach and highlights the critical role header data plays in improving malware detection and classification accuracy.
文摘Compliance,as a very important aspect of corporate governance,has developed earlier in the world,while China's compliance management has developed relatively late and is currently lacking in development.However,many enterprises suffer serious losses without compliance management,especially import and export enterprises,which are forced to exit the market due to poor compliance management.This article is based on the urgent need of Chinese enterprises for compliance management,but the lack of research by scholars.It summarizes the literature on the factors affecting compliance,hoping to be helpful for the study of compliance management.
