Future 5G networks aim at providing new high-quality wireless services to meet stringent and case-specific needs of various vertical sectors beyond traditional mobile broadband offerings. 5G is expected to disrupt the mobile communication business ecosystem and open the market to drastically new sharing based network operational models. 5G technical features of network slicing and small cell deployments in higher carrier frequencies will lower the investment barrier for new entrants to deploy local radio access networks and offer vertical specific services in specific areas and allow them lease the remaining required infrastructure on demand from mobile network operators (MNO) or infrastructure vendors. To realize the full vision of 5G to benefit the society and promote competition, innovation and emergence of new services when the 5G end-to-end network spans across different stakeholders administrative domains, the existing regulations governing the mobile communication business ecosystem are being refined. This paper provides a tutorial overview on how 5G innovations impact mobile communications and reviews the regulatory elements relevant to 5G development for locally deployed networks. This paper expands the recent micro licensing model for local spectrum authorization in future 5G systems and provides guidelines for the development of the key micro licensing elements. This local micro licensing model can open the mobile market by allowing different stakeholders to deploy local small cell networks with locally issued spectrum licenses ensuring pre-defined quality guarantees for the vertical sectors' case specific needs.

5G will change the mobile communication business ecosystem by introducing location specific high-quality wireless networks that can by operated by different stakeholders. This development will change the traditional business models and ecosystem roles, as well as open the market for new local mobile network operators. These operators, such as recently introduced micro operators, can target specific customers in different vertical sectors with closed 5G networks, serve mobile network operator's (MNO) customers in high-demand areas on behalf of the MNO as a neutral host with open 5G networks, or mix different types of customers and offerings through various hybrid business models. This paper discusses business model options for local 5G micro operators, addressing also the different network deployment options. Three generic 5G business models and respective value ecosystems are presented: Vertical business model and ecosystem, Horizontal business model and ecosystem, and Oblique business model and ecosystem. Finally, the scalability, adaptability and sustainability of the business models and ecosystems are examined.

5G will change the mobile communication business ecosystem by introducing location specific high-quality wireless networks that can by operated by different stakeholders. This development will change the traditional business models and ecosystem roles, as well as open the market for new local mobile network operators. These operators, such as recently introduced micro operators, can target specific customers in different vertical sectors with closed 5G networks, serve mobile network operator's (MNO) customers in high-demand areas on behalf of the MNO as a neutral host with open 5G networks, or mix different types of customers and offerings through various hybrid business models. This paper discusses business model options for local 5G micro operators, addressing also the different network deployment options. Three generic 5G business models and respective value ecosystems are presented: Vertical business model and ecosystem, Horizontal business model and ecosystem, and Oblique business model and ecosystem. Finally, the scalability, adaptability and sustainability of the business models and ecosystems are examined.

Radio spectrum is a scarce natural resource, whose efficient management calls for a thorough understanding of its value. A number of spectrum valuation approaches has emerged considering different elements, some with potentially high uncertainty as future profits, total cost of ownership and societal benefits. Spectrum valuation is important in regulators' 5G spectrum decisions and will face a new situation, where location specific services and higher carrier frequencies give rise to local network operator models. This paper analyses the existing spectrum management and spectrum valuation approaches and identifies key elements to consider, when defining and assessing the value of spectrum especially in the context of future local 5G networks. The growing pressure to open the mobile market for location and vertical specific 5G networks promotes new sharingbased spectrum access models, to allow the emergence of local 5G operators. We characterize the identified spectrum valuation elements in the context of these new local 5G networks from the perspectives of the different stakeholder roles including regulators, mobile network operators (MNOs) and entrant local 5G operators. We further present a spectrum valuation case study of the recent 5G spectrum decisions in the 3.5 GHz band in different countries.

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Recent research suggests that the effect of greenwashing and corporate financial performance (CFP) is ambiguous. This call for study the contextual factors that create contingencies in the greenwashing–CFP relationship. Using a sample of 2816 observations covering 735 Chinese‐listed firms in 21 different industries from 2013 to 2017, this research examines the effect of greenwashing on CFP and explores the moderating effects of local environmental regulation, media visibility and media favourability. Results show that greenwashing positively affects CFP and effect weakened with stringent environmental regulations and reversed with low media favourability. Our finding implies that stakeholders could hardly identify greenwashing in the context of an emerging economy with high‐level information asymmetry. However, local environmental regulation and negative media coverage could reduce this information asymmetry, making greenwashing easier to be identified. It is the first study to investigate greenwashing–CFP relationship from institutional environment perspective.