This paper explores whether the certification effect of R&D subsidies exists in China, a typical transition economy, and how subsidies from different sources present distinct signals to external investors. Using the sample of Chinese listed companies and a multivariate regression model, our results suggest that R&D subsidies from the central government send a negative signal about the quality of R&D projects and worsen the access of subsidized firms to external capital. In contrast, subsidies from local governments serve as a positive signal and the access is eased. We contribute to the studies of the certification effect by taking the distinct incentives of different government agencies in China into account and by investigating the relevance of such incentives to the diverse types of signal. The implications of our findings and related directions for future research are further discussed.
In order to realize the mechanized transplanting of rice pot seedling and ensure our food security, The pitch curve of non-circular gear is fitted based on cubic, non-uniform and rational B-spline curve. The planetary gear train transplanting mechanism has been invented for ride type, and kinematics mathematical model has been built through the kinematics analysis of transplanting mechanism. The computer aided analytical and optimized software has been developed by using software platform of Matlab. Through tuning the data points by man-machine interaction, pitch curve of non-circular gear is optimized and structural parameters are obtained, which can meet the demand of track and attitude in the transplanting process for rice pot seedling. In condition of the parameters, the correctness of the established model is verified by the virtual experiment by software of Adams.
PurposeThe primary aim of this article is to develop an understanding that resolves and integrates the conflicting findings with regard to the effects of platform-owner entry on the innovation of individual complementors.Design/methodology/approachDrawing on the platform ecosystem literature and the profiting from innovation (PFI) framework, this study presents a conceptual model that articulates how developers' marketing capabilities and the size of platform's installed base are two key moderators that explain the conflicting results between platform-owner entry and complementor innovations.FindingsThis article theorizes that platform owners' entry stimulates developers' innovations when the size of platform's installed base is large or when developers' marketing capabilities are strong while the entry can discourage innovations otherwise.Originality/valueBy proposing the conceptual model, this article makes important theoretical contributions to the rising literature on platform governance and complementor innovations. It lays a foundation for future research exploring the implications of platform-owner entry.
PurposeThe purpose of this paper is to investigate the role of cross-listing in overcoming liability of origin (LOO) facing emerging economy corporations (EECs).Design/methodology/approachThis paper takes Chinese firms' cross-listing in Hong Kong and the firms' establishment of international joint ventures (IJVs) with foreign partners as the research setting. This is an empirical study using Heckman's self-selection model as the primary econometric technique and two-stage least square (2SLS) regressions as the supplementary estimation procedure.FindingsCross-listing in developed economies can serve as a signal for EECs to overcome the LOO. In addition, the regional institutional voids of emerging economies (EEs) and state ownership are prominent boundary conditions shaping this effect.Research limitations/implicationsOnly Chinese firms and the firms' cross-listing in Hong Kong are considered for the empirical context as a result of data availability.Practical implicationsThis paper provides a practical solution for EECs whose internationalisation tends to be hindered by the LOO.Originality/valueThis study is of high importance in that it centres on a distinctive and challenging problem faced with EECs—the LOO. Besides, it ascribes this liability to a matter of information asymmetries and explores how cross-listing can serve as a signal to cope with this challenge.
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