Using the Blau index, this study measures board diversity and uses data on A-share companies listed in Shanghai and Shenzhen between 2011 and 2020 to investigate how board diversity affects the ...marginal value of corporate cash holdings. We find that greater board diversity indicates a greater marginal value of corporate cash holdings. Board independence, property rights, and environmental dynamism moderate the relationship between board diversity and the marginal value of corporate cash holdings. Further mechanism analysis shows that high-diversity boards improve the marginal value of corporate cash holdings by alleviating agency problems and increasing firms' resources. This study provides new ideas and evidence for discussing how macro- and micro-factors affect corporate governance. Furthermore, the results provide a reference for accounting information users to analyze corporate value and make reasonable investment decisions.
•We explore how board diversity affects the marginal value of corporate cash holdings.•Our sample covers A-share firms listed in Shanghai and Shenzhen, China (2011−2020).•Board diversity positively affects the marginal value of corporate cash holdings.•The relationship is driven by alleviating agency problems and increasing firm resources.•Board independence, property rights, and environmental dynamism will moderate the relationship.
Natural resources are major economic assets and play a critical role in creating jobs, promoting economic growth, and enhancing the quality of life for people worldwide. Some countries have had ...success stories; however, many resource-rich countries have been unable to realize the benefits of their resources. Many theoretical analyses have been carried out on the natural resource rent-led growth phenomena. Several studies have already been conducted on the impact that the rent paid for natural resources has on the expansion of the economy as a whole. This research examines the effect of natural resource rent, digitalization, financial market risk, and globalization on economic growth in the case of G7 economies from 1990 to 2020. Quantile regression is used to examine the impact of these potential indicators on economic performance. The study finds that natural resource rent negatively affects economic growth in countries with low GDP and positively affects economic growth in countries with high GDP. Hence, the resource curse hypothesis is valid in relatively low-income countries, and the resource blessing hypothesis is valid in countries with relatively high GDP. The study further finds that the economy as a whole benefits from the advent of digitalization in its various forms. Hence, digitalization is having a beneficial effect on all levels of the economic system. Further, we find that a slower rate of economic growth characterizes the initial stages of the process of globalization. Hence, developed countries stand to benefit from globalization. Last, we find an inverse connection between financial risk and economic development.
•Role of natural resources rent in affecting economic growth is examined.•Resource curse hypothesis is valid in relatively low-income countries.•Resource blessing hypothesis is valid in relatively high-income countries.•Digitalization enhances economic growth in all G7 countries.•Relatively high-income countries get more benefits from globalization.
Mobile app providers are increasingly enhancing customer value through mobile app updates (MAUs). However, such an approach may induce user resistance, which has already been quite prevalent among ...users today. This study investigates why users might resist updating mobile apps. First, a netnography study conducted in the context of four online communities in China identified seven barriers that are closely related to users' resistance to MAUs, i.e., perceived uselessness, usage pattern conflict, information overload, interrupted experience, psychological reactance, skepticism, and inertia. Then, we conduct a configurational study based on fuzzy-set Qualitative Comparative Analysis (fsQCA) to examine combinations of the barriers for different forms of users' resistance to MAUs, namely postponement, rejection, and opposition. The analysis was based on survey data collected from 312 mobile app users in China. The results suggest that the role of a certain barrier varies depending on accompanying barriers in determining users' intention to resistance. The results also reveal that configurations for the three forms of users' resistance to MAUs differ significantly. These observations helped to generate propositions on the dynamics between different barriers in explaining users' resistance to MAUs. Overall, the study provides new insights into the limited understanding of the reasons underlying users' resistance to MAUs.
•A mixed-approach that combines netnography and fsQCA was employed to unveil the reasons for users’ resistance to mobile app updates (MAUs).•We identified seven barriers associated to users’ resistance to MAUs.•Configurations of barriers that leading to three forms of users’ resistance to MAUs, namely, postponement, rejection, opposition, are quite different.•The three forms of users’ resistance to MAUs differ in their intensity.
•Board informal hierarchy positively affects firm innovation.•The impact is positively moderated by board size and environmental dynamism and negatively moderated by CEO's rank in informal ...hierarchical and company performance.•Board informal hierarchy based on external director positions, government experience, tenure, and gender have significant positive effects on firm innovation.
Using data from Chinese listed companies from 2008 to 2021, we investigate how board informal hierarchy affects firm innovation. We find that: (1) Board informal hierarchy positively affects firm innovation. (2) The impact is positively moderated by board size and environmental dynamism and negatively moderated by CEO's rank in informal hierarchical and firm performance. (3) Board informal hierarchy based on external director positions, government experience, tenure, and gender have significant positive effects on firm innovation.
NH2-MIL-125 and its derivatives are receiving more attention in various aspects of photocatalytic reactions, especially in the photocatalytic hydrogen peroxide (H2O2) production from water (H2O) and ...oxygen (O2), which is a promising and sustainable strategy. However, the generation of H2O2 from NH2-MIL-125 is far from satisfactory due to rapid photo-generated carriers recombination and poor surface electron transfer. In the work, the composite photocatalyst CQDs/TiO2/NH2-MIL-125 (C/T/NM) was designed for the first time by one-step hydrothermal method. TiO2 was in situ converted from partial NH2-MIL-125 (NM) during the successful loaded of Carbon quantum dots (CQDs) by hydrothermal process. The results indicated the type Ⅱ heterojunction was successfully constructed between the NM and TiO2 interface, which could promote the transmission of photo-generated electrons. In addition, the successful loaded of CQDs could effectively transfer and stored the photo-generated electrons to the photocatalyst surface to participate in the reaction, and further avoiding the recombination of photo-generated carriers. The C/T/NM composite photocatalyst achieved a H2O2 generation of 455 µmol/L for 5 hours under visible light without oxygen bubbling, which was 7.1 times superior to that of NM. The H2O2 generation rate reached 645.4 µM/(g·h), which was in priority in the reported literature under the same conditions. Finally, based on the active species capture experiments, energy band structure analysis and the photoelectrochemical measurements, a possible mechanism for the efficient H2O2 generation through C/T/NM had been proposed. This work provided new ideas for designing NH2-MIL-125 based composite photocatalysts for the production of H2O2.
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Purpose
Shareholder heterogeneity reflects the interactive relationship between shareholder groups of different industries and ownership types. This paper aims to discuss the impact of shareholder ...heterogeneity on ambidextrous corporate innovation.
Design/methodology/approach
Combining questionnaire and database data, this study empirically analyzes the internal mechanisms of the impact of shareholder heterogeneity on ambidextrous corporate innovation.
Findings
The authors find that shareholder heterogeneity can promote ambidextrous corporate innovation and that board’s decision-making processes play an intermediary role. Specifically, shareholder industry-type heterogeneity promotes ambidextrous corporate innovation by improving procedural rationality in board’s decision-making process, and shareholder ownership-type heterogeneity promotes ambidextrous corporate innovation by improving political behavior in board’s decision-making process. The analysis of the impact degree shows that shareholder industry-type heterogeneity has a greater impact on exploitation innovation, while shareholder ownership-type heterogeneity has a greater impact on exploratory innovation. In addition, the research also shows that shareholder groups dominated by industry-type heterogeneity have an impact on corporate innovation by shaping an engaged board with higher procedural rationality and lower political behavior. Shareholder groups dominated by ownership-type heterogeneity have an impact on corporate innovation by shaping a contested board with higher political behavior and lower procedural rationality.
Originality/value
This study not only enriches the research on shareholder heterogeneity and corporate innovation in the context of transformation but also provides an analytical framework for research on board’s decision-making process.
TiO2 is considered one of the most promising photocatalysts for photocatalytic treatment of dye wastewater. However, TiO2 only responds to ultraviolet light, with a small specific surface area and ...weak photogenerated carrier separation ability, which limit its application in the treatment of high concentration dye wastewater. In this paper, 2-amino terephthalic acid (NH2-BDC) modified TiO2 photocatalyst (NH2BDCX-TiO2) were prepared for the first time through in situ acid-etching strategy of NH2-MIL-125(Ti), and then YCQDs/NH2BDC10-TiO2 composite photocatalysts were synthesized by loading carbon quantum dots (CQDs) on its surface. The results indicated that the NH2BDCX-TiO2 photocatalyst had excellent visible light response and enhanced adsorption capacity. In addition, the successful loading of CQDs on its surface effectively enhanced the separation of photogenerated carriers and further expanded the light absorption range of the composite photocatalyst to the near-infrared region. The adsorption and photocatalytic degradation efficiency of 5CQDs/NH2BDC10-TiO2 composite photocatalyst for high concentration RhB solution (80 mg/L) reached 24.8 % and 87.1 %, respectively, which were 2.0 times and 435.5 times higher than commercial P25, respectively. Moreover, the optimum concentration of RhB solution, photocatalyst dosage and initial pH of RhB solution were also explored. Finally, based on active species capture experiments and energy band structure analysis, a possible mechanism for photocatalytic degradation of high concentration RhB solution by 5CQDs/NH2BDC10-TiO2 was also proposed. This work provided a new insight into the design of TiO2-based composite photocatalysts for the practical treatment of highly concentrated dye wastewater.
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Purpose Digital technologies over time are becoming increasingly pervasive and relatively affordable, finding a large diffusion in Small and Medium Enterprises (SMEs) also for internationalization ...purposes. However, less is known about the specific mechanisms by which this can be achieved. Specifically, we focus on how SMEs can face the international environment, leveraging digital technologies and thanks to their intellectual capital (IC). Design/methodology/approach We analyze the relationship between digital technologies and the internationalization of SMEs, exploring the mediating role of IC in its three dimensions: human, relational and innovation capital, and assessing the possible moderating effects posed by international institutional conditions, specifically the Sino-US trade frictions. The relationships are tested using a sample of companies listed on China’s A-share Growth Enterprise Market (GEM) from 2010 to 2021. Findings Digital technologies help to internationalize SMEs. However, this positive relationship is affected (mediated) by the presence of an already consolidated IC. In addition, the institutional conditions of the international market, such as the Sino-US trade friction, moderate the components of IC differently. Specifically, the overall mediating effect of human and relational capital is boosted, while this does not happen for innovation capital. Originality/value First, this study contributes to the literature on organizational resilience, especially digital resilience, confirming its validity in the context of internationalization and, in particular, those processes adopted by SMEs. Second, we clarify the mechanisms through which digital technologies exert their impact on the process of internationalization and in particular the prominent necessity of having IC. Third, our conclusions enrich the understanding of how IC components react to turbulence in international markets.
The main objective of the current study was to examine the anticancer effects of Curzerenone - a naturally occurring sesquiterpene against gemcitabine-resistant lung carcinoma cells. The effects of ...Curzerenone on mitochondrial-mediated apoptosis, ROS, and ERK/MAPK and NF-kB signalling pathways were also investigated in the present study.
Cell proliferation was evaluated by MTT assay. Apoptosis was detected by acridine orange (AO)/ethidium bromide (EB) and DAPI staining as well as flow cytometry using annexin V apoptosis assay. The effects on reactive oxygen species (ROS) as well as mitochondrial membrane potential (MMP) were examined by flow cytometry. Protein expression was examined by western blotting.
It was found that Curzerenone induced potent antiproliferative effects against the gemcitabine-resistant lung cancer cells and exhibited an IC50 of 24 µM. The anticancer effects of curzerenone were due to the induction of apoptosis which was also associated with alteration of apoptosis-related proteins (Bax,Bcl-2). Curzerenone also caused ROS-mediated alterations in the MMP. Curzerenone induced cell death in gemcitabine-resistant lung cancer cells by activating p38 MAPK/ERK signalling pathway while NF-kB pathway was inhibited in a dose-dependent manner.
In conclusion, the current results strongly indicate that Curzerenone may prove a potential anticancer drug candidate against drug-resistant lung cancer.
Bulk–boundary correspondence, a guiding principle in topological matter, relates robust edge states to bulk topological invariants. Its validity, however, has so far been established only in closed ...systems. Recent theoretical studies indicate that this principle requires fundamental revisions for a wide range of open systems with effective non-Hermitian Hamiltonians. Therein, the intriguing localization of nominal bulk states at boundaries, known as the non-Hermitian skin effect, suggests a non-Bloch band theory in which non-Bloch topological invariants are defined in generalized Brillouin zones, leading to a general bulk–boundary correspondence beyond the conventional framework. Here, we experimentally observe this fundamental non-Hermitian bulk–boundary correspondence in discrete-time non-unitary quantum-walk dynamics of single photons. We demonstrate pronounced photon localizations near boundaries even in the absence of topological edge states, thus confirming the non-Hermitian skin effect. Facilitated by our experimental scheme of edge-state reconstruction, we directly measure topological edge states, which are in excellent agreement with the non-Bloch topological invariants. Our work unequivocally establishes the non-Hermitian bulk–boundary correspondence as a general principle underlying non-Hermitian topological systems and paves the way for a complete understanding of topological matter in open systems.Measurements of non-Hermitian photon dynamics show boundary-localized bulk eigenstates given by the non-Hermitian skin effect. A fundamental revision of the bulk–boundary correspondence in open systems is required to understand the underlying physics.
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