The perfection of the cross-border regional innovation system of the Pearl River Delta(PRD)and Hong Kong region remarkably underpins the construction of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)towards an in...The perfection of the cross-border regional innovation system of the Pearl River Delta(PRD)and Hong Kong region remarkably underpins the construction of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)towards an international technological innovation hub.This paper focuses on the relational characteristics of the usage of technological innovation functions and elements,including labor force,technology,and producer services from Hong Kong region by high-technology firms in the PRD,and probes into the influencing factors by integrating the objective perspective on the impact of firm-level socioeconomic attributes and subjective perspective on the open interpretations on the reasons by using or not using technological innovation functions and elements from Hong Kong region by various stakeholders in high-technology domains in the PRD.Key research findings are fourfold.First,Hong Kong's technological innovation functions primarily ride on its institutional advantages under the“One Country,Two Systems”framework to empower high-technology firms in the PRD by expanding their international market,international business operation,and financing,but cross-border investment and entrepreneurship has retrieved to a relatively marginalized position.The degree of supply-demand relations of producer services is the highest,followed by labor force and technology.Second,Hong Kong-invested,large-sized,and long-standing high-technology firms in the PRD are more inclined to use technological innovation elements from Hong Kong region,while domestic,small-and-medium-sized,and start-up high-technology firms in the PRD are in turn,gradually unhooked from the supply of technological innovation elements from Hong Kong region.Third,Hong Kong enjoys both advantages and disadvantages in supplying labor forces,technologies,and producer services to high-technology firms in the PRD,with advantages in competitiveness,international linkages and visions,and disadvantages in high cost,lack of more profound mutual understanding between Hong Kong and the PRD,and the imperfect cooperation mechanisms.Fourth,interactions among the transitioning role of Hong Kong region in the macro-level global and national economic development landscape,meso-level cross-border regional specificities under the“One Country,Two Systems”framework,and micro-level heterogeneous practices and capabilities of firms influence the usage of technological innovation functions and elements from Hong Kong region by high-technology firms in the PRD.展开更多
Innovation capitalization is a new concept in innovation geography research.Extant research on a city scale has proven that innovation is an important factor affecting housing prices and verified that innovation has a...Innovation capitalization is a new concept in innovation geography research.Extant research on a city scale has proven that innovation is an important factor affecting housing prices and verified that innovation has a capitalization effect.However,few studies investigate the spatial heterogeneity of innovation capitalization.Thus,case verification at the urban agglomeration scale is needed.Therefore,this study proposes a theoretical framework for the spatial heterogeneity of innovation capitalization at the urban agglomeration scale.Examining the Guangdong-Hong Kong-Macao Greater Bay Area(GHMGBA),China as a case study,the study investigated the spatial heterogeneity of the influence of high-tech firms,representing innovation,on housing prices.This work verified the spatial heterogeneity of innovation capitalization.The study constructed a data set influencing housing prices,comprising 11 factors in 5 categories(high-tech firms,convenience of living facilities,built environment,the natural environment,and the fundamentals of the districts)for 419 subdistricts in the GHMGBA.On the global scale,the study finds that high-tech firms have a significant and positive influence on housing prices,with the housing price increasing by 0.0156%when high-tech firm density increases by 1%.Furthermore,a semi-geographically weighted regression(SGWR)analysis shows that the influence of high-tech firms on housing prices has spatial heterogeneity.The areas where high-tech firms have a significant and positive influence on housing prices are mainly in the GuangzhouFoshan metropolitan area,western Shenzhen-Dongguan,north-central Zhongshan-Nansha district,and Guangzhou—all areas with densely distributed high-tech firms.These results confirm the spatial heterogeneity of innovation capitalization and the need for further discussion of its scale and spatial limitations.The study offers implications for relevant GHMGBA administrative authorities for spatially differentiated development strategies and housing policies that consider the role of innovation in successful urban development.展开更多
To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, t...To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.展开更多
The ’tri-gold program’ aiming at improving information exchange for China’s national economy has been put into practice. The ’Gold bridge’ project forms the infrastructure for the information exchange of the nati...The ’tri-gold program’ aiming at improving information exchange for China’s national economy has been put into practice. The ’Gold bridge’ project forms the infrastructure for the information exchange of the national economy. It makes great contributions to the control and decision-making of the country’s macro-economy, to the promotion of social productivity, and to relieving the bottleneck pressure on the parts of energy, communications and environment. The ’Gold Customs’ project aims at realizing paperless foreign trade. The ’Gold card’ project involves modern payment means, such as展开更多
Fig fruit firmness decreases rapidly during ripening and after harvest,resulting in poor storability and transportation loss,which severely restricts development of the fresh fig industry.APETALA2/ethylene-responsive ...Fig fruit firmness decreases rapidly during ripening and after harvest,resulting in poor storability and transportation loss,which severely restricts development of the fresh fig industry.APETALA2/ethylene-responsive factor(AP2/ERF)transcription factors are downstream components of the ethylene-signaling pathway that play crucial roles in quality formation during fruit ripening.In this study,Ficus carica(Fc)ERF12 was clustered in repressor subfamily VIII of ERFs through phylogenetic analysis,and further recruited by its two EAR motifs and expression pattern during fig ripening.DNA affinity purification sequencing analysis indicated that FcERF12 binds to the promoter or gene body regions of multiple ripening-related genes,including cell wall-modification genes FcPG,FcXTH and FcPME,and ethylene-biosynthesis genes FcACS and FcACO.Yeast two-hybrid assay demonstrated that FcERF12 interacts with TOPLESS(TPL)co-repressors FcTPL1,FcTPL4 and FcTPL5,and histone deacetylases FcHDA6 and FcHDA19;interaction with FcTPL4 and FcTPL5 relied on the C-terminal EAR motif.Overexpressing FcERF12 in tomato did not change fruit size or yield,but resulted in an 18.37%increment in fruit firmness and a 49.62%reduction in ethylene-release rate at fruit ripening,accompanied by a significant decrease in seed number per fruit.Transcriptomic analysis revealed downregulation of tomato cell wallmodification genes SlPL,SlEXP and SlPG,and ethylene-synthesis genes SlACO and SlACS.Metabolomic profiling identified 82 differentially accumulated flavonoid metabolites,61 of them showing significantly decreased contents.Taken together,our results exhibit the negative regulatory role of FcERF12 in fig ethylene-signal transduction,providing new information on precise control of fruit firmness and other quality traits at ripening.展开更多
Background In July 2024,the European Union's Ecodesign for Sustainable Products Regulation,or ESPR,officially came into effect.This regulation mandates that products entering the EU market must use a Digital Produ...Background In July 2024,the European Union's Ecodesign for Sustainable Products Regulation,or ESPR,officially came into effect.This regulation mandates that products entering the EU market must use a Digital Product Passport,known as DPP,to disclose their compliance certifications,environmental impact,and supply chain information.Failure to comply may result in exclusion from the EU market.展开更多
The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by ex...The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by extending empirical work to the largely underexplored context of Chinese high-tech industries. Results from a survey of 252 Chinese high-tech firms demonstrate： （1） entrepreneurial orientation is positively related to firm performance; （2） organizational learning is also positively related to firm performance; （3） organizational learning partly mediates the positive impact of entrepreneurial orientation on firm performance; and （4） high-tech companies in the start-up and growth stage are likely to demonstrate stronger linkages in the EO-OL-performance relationship than in mature stage, which shows that the EO-OL-performance relationship is moderated by firms＇ life cycle.展开更多
The high-tech listed firms are not only representative for mainstream of nongovernmental businesses, but also afflux new livingness into the capital market development in China. By considering our country＇s high-tech...The high-tech listed firms are not only representative for mainstream of nongovernmental businesses, but also afflux new livingness into the capital market development in China. By considering our country＇s high-tech listed firms as study object, we have disclosed different degree between diverse financial targets and business value, built a financial targets sequence model of impact on business value. The study supplies a certain extent reference to valid supervising and exalting of firms＇ financial core.展开更多
The present work makes an in-depth analysis of an aspect not yet sufficiently examined by the studies into regional innovation systems, relating to why the policy makers must adopt regional innovation policies in acco...The present work makes an in-depth analysis of an aspect not yet sufficiently examined by the studies into regional innovation systems, relating to why the policy makers must adopt regional innovation policies in accordance with the development cycle of the active clusters in the territory. The analysis carried out in the course of the work contributes towards understanding the validity of an evolutionary-type development model for which the regional innovation policies for the growth of high-tech firms should dynamically change in relation to the various cluster stages. The development model proposed provides a framework for the policy makers in order to state more efficiently through time the regional innovation strategies.展开更多
This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has bec...This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.展开更多
This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings ...This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables.Profitability,often measured by Return on Assets(ROA)or Return on Equity(ROE),is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits.Firm size,measured by total assets or the logarithm of sales,is also assumed to influence firm value,both through economies of scale and better access to capital markets.Meanwhile,capital structure,measured by Debt to Equity Ratio(DER)or Debt to Asset Ratio(DAR),has a complex impact;while debt can enhance firm value through tax shields,excessive debt levels can increase financial risk and potentially decrease firm value.The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value,though there is variation in the significance and direction of the relationship for capital structure variables.This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.展开更多
Firm-level productivity analysis serves as a cornerstone for understanding the micro-foundations of economic growth,industrial competitiveness,and efficient resource allocation.This comprehensive review synthesizes an...Firm-level productivity analysis serves as a cornerstone for understanding the micro-foundations of economic growth,industrial competitiveness,and efficient resource allocation.This comprehensive review synthesizes and critically evaluates the primary statistical and econometric methodologies employed in the measurement and analysis of productivity at the firm level.We systematically delineate the evolution from traditional parametric techniques,such as production function estimation and Stochastic Frontier Analysis(SFA),to non-parametric approaches,including Data Envelopment Analysis(DEA)and the Malmquist Productivity Index.A significant focus is placed on addressing pervasive micro-level challenges,notably firm heterogeneity,measurement error,and endogeneity biases,which are endemic to firm-level data.The paper further explores recent methodological innovations,highlighting the integration of machine learning,quantile regression,and network analysis into the productivity research arsenal.By providing a structured guide for selecting and applying appropriate statistical tools,this review aims to equip researchers with the knowledge to conduct robust micro-level productivity analyses.Finally,we outline promising future research trajectories,emphasizing the potential of novel data sources and computational methods to deepen our understanding of productivity determinants.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
Following the global economy’s shift toward a digital-based system,the significance of digital transformation(DT)at the firm level has become increasingly important.Accordingly,this study aims to enhance understandin...Following the global economy’s shift toward a digital-based system,the significance of digital transformation(DT)at the firm level has become increasingly important.Accordingly,this study aims to enhance understanding of a firm’s DT by examining the varying impacts ofirm life cycle(FLC)stages on DT adoption.We consider the impact of the mass entrepreneur and innovation campaign(MEIC)on this relationship.Based on the data of China A-share non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2020.The baseline findings reveal that firms in the growth stage are likelier to adopt DT than firms in the introduction and decline stages;however,DT adoption in the maturity stage is uncertain.MEIC encourages DT adoption during the introduction,maturity,and decline stages.Furthermore,the univariate test demonstrates a relative enhancement in DT after implementing MEIC,underscoring its role in effectively allocating resources within the firms to embrace DT.This study’s results are robust across various estimation techniques and instrumental variables.The empirical results offer insights into policy implications,highlighting the factors shaping firms’DT adoption decisions at different FLC stages and endorsing resource-based and agency theories.展开更多
The diffusion of industrial robot technology has coincided with increasing divergence in firms’market shares,potentially leading to enhanced market power and shifts in the distribution of factor income.This paper inv...The diffusion of industrial robot technology has coincided with increasing divergence in firms’market shares,potentially leading to enhanced market power and shifts in the distribution of factor income.This paper investigates the impact of industrial robot adoption on firms’labor income share and explores the underlying mechanisms,with particular attention to the rise of superstar firms.The findings suggest that,overall,the use of industrial robots contributes to an increase in labor’s income share,reflecting a generally favorable trend for labor’s position in primary income distribution.This effect,however,is markedly heterogeneous across different types of firms,regions,and industries.A significant concern is that robot adoption strengthens firms’relative market power within industries,fueling the emergence of superstar firms.These firms jointly influence labor income share through both a competition effect and a demonstration effect:the former is the main cause of declining labor shares,while the latter introduces a new channel through which labor’s share is further reduced.Although antitrust policies can help improve labor’s income share,they are not well-suited to curbing the market power expansion driven by industrial robot adoption.Thus,the concern over superstar firms’suppression of labor income remains.Amid the intensifying trend of“machines replacing humans”,this paper offers empirical insights into how to address the distributional implications brought about by the rise of superstar firms.展开更多
This study explores the impact of board diversity on firm performance,with a focus on companies listed on the Singapore Stock Exchange(SGX).Board diversity is examined across various dimensions,including gender,age,et...This study explores the impact of board diversity on firm performance,with a focus on companies listed on the Singapore Stock Exchange(SGX).Board diversity is examined across various dimensions,including gender,age,ethnicity,and professional background,to understand its relationship with key performance indicators such as Return on Assets(ROA)and Return on Equity(ROE).Using a quantitative research approach,the study analyzes data from 90 publicly listed firms,employing descriptive statistics,correlation analysis,and multiple regression techniques.The findings reveal that the direct correlation between board diversity and financial performance,particularly in terms of ROA and ROE,is not statistically significant in the studied sample.Despite the lack of direct significance,the research underscores the nuanced and multifaceted role of diversity in corporate governance,suggesting that its impact may be more complex and influenced by various contextual factors.The study concludes by recommending that companies continue to enhance gender diversity,balance age structures,tailor professional backgrounds to industry needs,and manage board tenure effectively to optimize corporate governance and support sustainable growth.展开更多
基金National Natural Science Foundation of China,No.42301203Strategic Public Policy Research Grant of the Policy Innovation and Coordination Office of the Hong Kong SAR Government,No.S2017.A8.007.17S+2 种基金Guangdong Basic and Applied Basic Research Foundation,No.2022A1515110969Major Program of National Social Science Foundation of China,No.21&ZD107GDAS’Project of Science and Technology Development,No.2023GDASZH-2023010101。
文摘The perfection of the cross-border regional innovation system of the Pearl River Delta(PRD)and Hong Kong region remarkably underpins the construction of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)towards an international technological innovation hub.This paper focuses on the relational characteristics of the usage of technological innovation functions and elements,including labor force,technology,and producer services from Hong Kong region by high-technology firms in the PRD,and probes into the influencing factors by integrating the objective perspective on the impact of firm-level socioeconomic attributes and subjective perspective on the open interpretations on the reasons by using or not using technological innovation functions and elements from Hong Kong region by various stakeholders in high-technology domains in the PRD.Key research findings are fourfold.First,Hong Kong's technological innovation functions primarily ride on its institutional advantages under the“One Country,Two Systems”framework to empower high-technology firms in the PRD by expanding their international market,international business operation,and financing,but cross-border investment and entrepreneurship has retrieved to a relatively marginalized position.The degree of supply-demand relations of producer services is the highest,followed by labor force and technology.Second,Hong Kong-invested,large-sized,and long-standing high-technology firms in the PRD are more inclined to use technological innovation elements from Hong Kong region,while domestic,small-and-medium-sized,and start-up high-technology firms in the PRD are in turn,gradually unhooked from the supply of technological innovation elements from Hong Kong region.Third,Hong Kong enjoys both advantages and disadvantages in supplying labor forces,technologies,and producer services to high-technology firms in the PRD,with advantages in competitiveness,international linkages and visions,and disadvantages in high cost,lack of more profound mutual understanding between Hong Kong and the PRD,and the imperfect cooperation mechanisms.Fourth,interactions among the transitioning role of Hong Kong region in the macro-level global and national economic development landscape,meso-level cross-border regional specificities under the“One Country,Two Systems”framework,and micro-level heterogeneous practices and capabilities of firms influence the usage of technological innovation functions and elements from Hong Kong region by high-technology firms in the PRD.
基金Under the auspices of the National Natural Science Foundation of China (No.42101182,41871150)Guangdong Academy of Sciences (GDSA)Special Project of Science and Technology Development (No.2021GDASYL-20210103004,2020GDASYL-20200102002,2020GDASYL-20200104001)the Natural Science Foundation of Guangdong (No.2023A1515012399)。
文摘Innovation capitalization is a new concept in innovation geography research.Extant research on a city scale has proven that innovation is an important factor affecting housing prices and verified that innovation has a capitalization effect.However,few studies investigate the spatial heterogeneity of innovation capitalization.Thus,case verification at the urban agglomeration scale is needed.Therefore,this study proposes a theoretical framework for the spatial heterogeneity of innovation capitalization at the urban agglomeration scale.Examining the Guangdong-Hong Kong-Macao Greater Bay Area(GHMGBA),China as a case study,the study investigated the spatial heterogeneity of the influence of high-tech firms,representing innovation,on housing prices.This work verified the spatial heterogeneity of innovation capitalization.The study constructed a data set influencing housing prices,comprising 11 factors in 5 categories(high-tech firms,convenience of living facilities,built environment,the natural environment,and the fundamentals of the districts)for 419 subdistricts in the GHMGBA.On the global scale,the study finds that high-tech firms have a significant and positive influence on housing prices,with the housing price increasing by 0.0156%when high-tech firm density increases by 1%.Furthermore,a semi-geographically weighted regression(SGWR)analysis shows that the influence of high-tech firms on housing prices has spatial heterogeneity.The areas where high-tech firms have a significant and positive influence on housing prices are mainly in the GuangzhouFoshan metropolitan area,western Shenzhen-Dongguan,north-central Zhongshan-Nansha district,and Guangzhou—all areas with densely distributed high-tech firms.These results confirm the spatial heterogeneity of innovation capitalization and the need for further discussion of its scale and spatial limitations.The study offers implications for relevant GHMGBA administrative authorities for spatially differentiated development strategies and housing policies that consider the role of innovation in successful urban development.
基金The Fok Ying-Tong Education Founda-tion for Young Teachers in the Higher Education Institutions of China (No101084)Science and Technology Foundationof Liaoning Province (No1051354)
文摘To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.
文摘The ’tri-gold program’ aiming at improving information exchange for China’s national economy has been put into practice. The ’Gold bridge’ project forms the infrastructure for the information exchange of the national economy. It makes great contributions to the control and decision-making of the country’s macro-economy, to the promotion of social productivity, and to relieving the bottleneck pressure on the parts of energy, communications and environment. The ’Gold Customs’ project aims at realizing paperless foreign trade. The ’Gold card’ project involves modern payment means, such as
基金supported by the key research project for fig development of Weiyuan County(Grant No.1002-69199007),China.
文摘Fig fruit firmness decreases rapidly during ripening and after harvest,resulting in poor storability and transportation loss,which severely restricts development of the fresh fig industry.APETALA2/ethylene-responsive factor(AP2/ERF)transcription factors are downstream components of the ethylene-signaling pathway that play crucial roles in quality formation during fruit ripening.In this study,Ficus carica(Fc)ERF12 was clustered in repressor subfamily VIII of ERFs through phylogenetic analysis,and further recruited by its two EAR motifs and expression pattern during fig ripening.DNA affinity purification sequencing analysis indicated that FcERF12 binds to the promoter or gene body regions of multiple ripening-related genes,including cell wall-modification genes FcPG,FcXTH and FcPME,and ethylene-biosynthesis genes FcACS and FcACO.Yeast two-hybrid assay demonstrated that FcERF12 interacts with TOPLESS(TPL)co-repressors FcTPL1,FcTPL4 and FcTPL5,and histone deacetylases FcHDA6 and FcHDA19;interaction with FcTPL4 and FcTPL5 relied on the C-terminal EAR motif.Overexpressing FcERF12 in tomato did not change fruit size or yield,but resulted in an 18.37%increment in fruit firmness and a 49.62%reduction in ethylene-release rate at fruit ripening,accompanied by a significant decrease in seed number per fruit.Transcriptomic analysis revealed downregulation of tomato cell wallmodification genes SlPL,SlEXP and SlPG,and ethylene-synthesis genes SlACO and SlACS.Metabolomic profiling identified 82 differentially accumulated flavonoid metabolites,61 of them showing significantly decreased contents.Taken together,our results exhibit the negative regulatory role of FcERF12 in fig ethylene-signal transduction,providing new information on precise control of fruit firmness and other quality traits at ripening.
文摘Background In July 2024,the European Union's Ecodesign for Sustainable Products Regulation,or ESPR,officially came into effect.This regulation mandates that products entering the EU market must use a Digital Product Passport,known as DPP,to disclose their compliance certifications,environmental impact,and supply chain information.Failure to comply may result in exclusion from the EU market.
基金Acknowledgements This work is supported by the National Natural Science Foundation of China （No. 71172078） and the Key Program of National Natural Science Foundation of China （No. 71232009）.
文摘The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by extending empirical work to the largely underexplored context of Chinese high-tech industries. Results from a survey of 252 Chinese high-tech firms demonstrate： （1） entrepreneurial orientation is positively related to firm performance; （2） organizational learning is also positively related to firm performance; （3） organizational learning partly mediates the positive impact of entrepreneurial orientation on firm performance; and （4） high-tech companies in the start-up and growth stage are likely to demonstrate stronger linkages in the EO-OL-performance relationship than in mature stage, which shows that the EO-OL-performance relationship is moderated by firms＇ life cycle.
文摘The high-tech listed firms are not only representative for mainstream of nongovernmental businesses, but also afflux new livingness into the capital market development in China. By considering our country＇s high-tech listed firms as study object, we have disclosed different degree between diverse financial targets and business value, built a financial targets sequence model of impact on business value. The study supplies a certain extent reference to valid supervising and exalting of firms＇ financial core.
文摘The present work makes an in-depth analysis of an aspect not yet sufficiently examined by the studies into regional innovation systems, relating to why the policy makers must adopt regional innovation policies in accordance with the development cycle of the active clusters in the territory. The analysis carried out in the course of the work contributes towards understanding the validity of an evolutionary-type development model for which the regional innovation policies for the growth of high-tech firms should dynamically change in relation to the various cluster stages. The development model proposed provides a framework for the policy makers in order to state more efficiently through time the regional innovation strategies.
文摘This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.
文摘This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables.Profitability,often measured by Return on Assets(ROA)or Return on Equity(ROE),is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits.Firm size,measured by total assets or the logarithm of sales,is also assumed to influence firm value,both through economies of scale and better access to capital markets.Meanwhile,capital structure,measured by Debt to Equity Ratio(DER)or Debt to Asset Ratio(DAR),has a complex impact;while debt can enhance firm value through tax shields,excessive debt levels can increase financial risk and potentially decrease firm value.The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value,though there is variation in the significance and direction of the relationship for capital structure variables.This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.
文摘Firm-level productivity analysis serves as a cornerstone for understanding the micro-foundations of economic growth,industrial competitiveness,and efficient resource allocation.This comprehensive review synthesizes and critically evaluates the primary statistical and econometric methodologies employed in the measurement and analysis of productivity at the firm level.We systematically delineate the evolution from traditional parametric techniques,such as production function estimation and Stochastic Frontier Analysis(SFA),to non-parametric approaches,including Data Envelopment Analysis(DEA)and the Malmquist Productivity Index.A significant focus is placed on addressing pervasive micro-level challenges,notably firm heterogeneity,measurement error,and endogeneity biases,which are endemic to firm-level data.The paper further explores recent methodological innovations,highlighting the integration of machine learning,quantile regression,and network analysis into the productivity research arsenal.By providing a structured guide for selecting and applying appropriate statistical tools,this review aims to equip researchers with the knowledge to conduct robust micro-level productivity analyses.Finally,we outline promising future research trajectories,emphasizing the potential of novel data sources and computational methods to deepen our understanding of productivity determinants.
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Following the global economy’s shift toward a digital-based system,the significance of digital transformation(DT)at the firm level has become increasingly important.Accordingly,this study aims to enhance understanding of a firm’s DT by examining the varying impacts ofirm life cycle(FLC)stages on DT adoption.We consider the impact of the mass entrepreneur and innovation campaign(MEIC)on this relationship.Based on the data of China A-share non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2020.The baseline findings reveal that firms in the growth stage are likelier to adopt DT than firms in the introduction and decline stages;however,DT adoption in the maturity stage is uncertain.MEIC encourages DT adoption during the introduction,maturity,and decline stages.Furthermore,the univariate test demonstrates a relative enhancement in DT after implementing MEIC,underscoring its role in effectively allocating resources within the firms to embrace DT.This study’s results are robust across various estimation techniques and instrumental variables.The empirical results offer insights into policy implications,highlighting the factors shaping firms’DT adoption decisions at different FLC stages and endorsing resource-based and agency theories.
基金supported by General Project of the National Social Science Fund of China(NSSFC),“Mechanisms and Strategies of Artificial Intelligence’s Impact on Inter-firm Wage Disparities”(Grant No.21BJY097).
文摘The diffusion of industrial robot technology has coincided with increasing divergence in firms’market shares,potentially leading to enhanced market power and shifts in the distribution of factor income.This paper investigates the impact of industrial robot adoption on firms’labor income share and explores the underlying mechanisms,with particular attention to the rise of superstar firms.The findings suggest that,overall,the use of industrial robots contributes to an increase in labor’s income share,reflecting a generally favorable trend for labor’s position in primary income distribution.This effect,however,is markedly heterogeneous across different types of firms,regions,and industries.A significant concern is that robot adoption strengthens firms’relative market power within industries,fueling the emergence of superstar firms.These firms jointly influence labor income share through both a competition effect and a demonstration effect:the former is the main cause of declining labor shares,while the latter introduces a new channel through which labor’s share is further reduced.Although antitrust policies can help improve labor’s income share,they are not well-suited to curbing the market power expansion driven by industrial robot adoption.Thus,the concern over superstar firms’suppression of labor income remains.Amid the intensifying trend of“machines replacing humans”,this paper offers empirical insights into how to address the distributional implications brought about by the rise of superstar firms.
文摘This study explores the impact of board diversity on firm performance,with a focus on companies listed on the Singapore Stock Exchange(SGX).Board diversity is examined across various dimensions,including gender,age,ethnicity,and professional background,to understand its relationship with key performance indicators such as Return on Assets(ROA)and Return on Equity(ROE).Using a quantitative research approach,the study analyzes data from 90 publicly listed firms,employing descriptive statistics,correlation analysis,and multiple regression techniques.The findings reveal that the direct correlation between board diversity and financial performance,particularly in terms of ROA and ROE,is not statistically significant in the studied sample.Despite the lack of direct significance,the research underscores the nuanced and multifaceted role of diversity in corporate governance,suggesting that its impact may be more complex and influenced by various contextual factors.The study concludes by recommending that companies continue to enhance gender diversity,balance age structures,tailor professional backgrounds to industry needs,and manage board tenure effectively to optimize corporate governance and support sustainable growth.
