Business Commons^™

The Impact Of Corporate Mergers And Acquisitions On Performance From The Perspective Of Growth Pressure, Jiandong Wang

Dissertations and Theses Collection (Open Access)

Against the backdrop of economic volatility and intensified industry competition, firms generally face multidimensional growth pressures, including historical growth pressure, social growth pressure, and market competition pressure. Growth pressure is not only related to firms’ operational stability, but also profoundly influences their strategic choices, particularly merger and acquisition (M&A) behaviour.Grounded in performance feedback theory, this study constructs an integrated analytical framework encompassing growth pressure, M&A strategic decisions, and M&A performance, and systematically examines how different types of growth pressure affect firms’ M&A decisions, as well as how M&A performance varies across different firm characteristics and different types of M&A.

The …

Winner-Take-All In International Markets? Performance Persistence Of Social Platforms, Yang Yang, Liang Chen, Jiang Wei, Yang Liu

Research Collection Lee Kong Chian School Of Business

Strategy research has long linked sustained competitive advantage to barriers to imitation. We highlight network effects as an alternative mechanism and adopt a geotemporal perspective to theorize how firms sustain advantage as it unfolds over time in international markets. Our study examines this question through the performance persistence of social platforms, focusing on how institutional and demand-side conditions shape the sustainability of platforms’ competitive advantages. We propose that intellectual property rights protection may restrict the degree of freedom in information dissemination, dampening the role of network effects in sustaining superior performance, whilst demand heterogeneity may enhance the value of sizable …

Modelling Nature? The Digital Twinning And Untwinning Of Urban Farms, Prerona Das, Orlando Woods, Lily Kong

Research Collection College of Integrative Studies

Data-driven solutions and innovations have been extended to various industries, including agriculture, to increase efficiency. With the emergence of smart farming and agriculture 4.0, advanced technologies such as IoT, big data, machine learning, and cloud computing are increasingly integrated into farming. Among these, technologies such as digital models, digital twins and the metaverse are now used to control various farming activities remotely based on real-time data. However agricultural ecosystems, involving uncertain nature-based factors and complex human-nature interactions cannot always be accurately represented or predicted by digital models. Digital models aim to reduce natural environments into controllable game-like situations and undermine …

Multihoming And Single-Homing Complementors' Responses To Intensified Between-Platform Competition: Evidence From The Youtube–Twitch Rivalry, Niloofar Abolfathi

Research Collection Lee Kong Chian School Of Business

Research Summary: This paper examines how heterogeneous YouTube content creators-specifically, single-homing and multihoming channels-respond to a sudden increase in the exposure of the rival platform, Twitch. Contrary to expectations, I find that multihoming channels reduce their content creation efforts and underperform relative to single-homers. To make sense of these surprising results, I develop a formal model that characterizes the strategic behavior of different types of complementors operating across two platforms with varying levels of user exposure. The model offers a plausible explanation for the observed empirical patterns, suggesting that intensified competition between platforms, as a consequence of their changing exposure, …

Trading With The Enemy: A Coopetitive Perspective Of Resource Exchange At Arm’S Length, Zhefei Li, David Gomulya, Heli Wang

Research Collection Lee Kong Chian School Of Business

Research Summary: Research on inter-firm cooperation often focuses on long-term strategic alliances while overlooking the distinct form of arm's-length resource exchanges. Our study addresses this gap using the National Basketball Association (NBA) data for precise resource exchange measurements. Contrary to strategic alliances, where competitive pressure fosters cooperation, we find that competitive pressure reduces cooperation in arm's-length exchanges. However, relational capital helps to facilitate resource exchanges. We also found that while resource bundling exacerbates the negative effect of competitive pressure, it amplifies the positive effect of relational capital. Interestingly, relational rivalry intensifies the impact of competitive pressure but does not diminish …

Freedom Of Expression Protection And Corporate Concealment Of Bad News: Evidence From State Anti-Slapp Laws, Jimmy Lee, Shaphan Ng, Il Sun Yoo, Liandong Zhang

Research Collection School Of Accountancy

The protection of free speech enhances the ability of various public stakeholders to disseminate privately observed adverse information about public firms, making it difficult for corporate managers to conceal negative information about their companies. Using the staggered enactment of anti strategic lawsuit against public participation (anti-SLAPP) laws across U.S. states as a shock that strengthens free speech protection, we show that stronger protection is associated with less concealment of bad news. This is evidenced by a lower likelihood of stock price crashes, a decreased probability of accounting fraud, and an increased frequency of firm-initiated negative press releases. These results are …

Peer Effects Of Corporate Disclosures: Evidence From The Registration-Based Ipo System In China, Ruilin Liu, Beng Wee Goh, Dan Li, Zheyuan Zhang

Research Collection School Of Accountancy

China launched the registration-based IPO system in 2019 whereby all firms listed on the newly established STAR board (“peer firms”) are required to disclose specific innovation and industry-related information in their prospectus. Using this event as a quasi-experiment, our study investigates the causal effects of peer firms’ disclosures on individual firms’ disclosure strategy. We find that individual firms’ management earnings forecast (MEF) precision, both its form and width, significantly decreases when peer firms disclose more information during the IPO period. In cross-sectional analyses, we find this effect to be more pronounced for individual firms that are likely to experience greater …

Algorithm Envelopment In Platform Markets, Liang Chen, Zhou Zhou, Lester Chan

Research Collection Lee Kong Chian School Of Business

The theory of platform envelopment rests on network effects as the key mechanism for value creation, which nonetheless receives mixed support for its efficacy in determining competitive outcomes. We argue that the value of network effects depends on matching quality, which is a function of platform-specific algorithm technology and market-level data-driven learning. In formalizing these conceptualizations, we analyze a model that demonstrates how an entrant with a superior algorithm technology may outcompete an incumbent possessing a user base advantage, a strategy we call “algorithm envelopment.” By considering specific characteristics of data-driven learning, our analysis leads to propositions regarding the entry …

The Effects Of Financing Green And Brown Sectors: What Do Theories And Evidence Say?, Hao Liang, Maria Teresa Punzi

Research Collection Lee Kong Chian School Of Business

This paper critically examines the economic and welfare implications of financing green and brown sectors. Drawing on a comprehensive review of recent theoretical and empirical literature, we highlight that while conventional green finance—allocating capital toward environmentally friendly (“green”) sectors and away from carbon-intensive (“brown”) sectors—can promote decarbonization, it may also produce unintended externalities. In particular, it can inadvertently incentivize higher emissions from brown firms and contribute to economic disruption. Using a dynamic stochastic general equilibrium (DSGE) model, we demonstrate that lowering the cost of capital for green sectors leads to only modest reductions in emissions, whereas raising it for brown …

Policy Uncertainty Reduces Green Innovation, Mengyu Wang, Jeffrey Wurgler, Hong Zhang

Research Collection Lee Kong Chian School Of Business

Policy uncertainty can undermine the power of government subsidies to stimulate environmentally friendly research and development. We show that Chinese firms’ green R&D falls as the uncertainty of environmental subsidies rises: Exogenous, weather-driven air pollution variability induces subsidies to fluctuate, and firms in areas with high weather-driven subsidy variability undertake less green R&D and hire fewer technical employees, controlling for the average level of subsidies. Heavy emitters and environmental technology firms are more affected. The results also illustrate how policy uncertainty can arise when policymakers are influenced by conditions that are salient but with causes that are difficult to disentangle.

Fluid Agency In Ai Systems: A Case For Functional Equivalence In Copyright, Patent, And Tort, Anirban Mukherjee, Hannah H. Chang

Research Collection Lee Kong Chian School Of Business

Modern Artificial Intelligence (AI) systems exhibit fluid agency in multi-step workflows: lacking human-like consciousness or culpability, yet they display behavior that is (i) stochastic (probabilistic and path‑dependent), (ii) dynamic (co‑evolving with user interaction), and (iii) adaptive (able to reorient across contexts). These properties generate valuable outputs but collapse attribution, irreducibly entangling human and machine inputs. Doctrines that assume traceable provenance—authorship, inventorship, and liability—fracture under this unmappability, yielding ownership gaps and moral “crumple zones.”This Article argues that only functional equivalence stabilizes doctrine under unmappability: Where provenance is indeterminate, legal frameworks should treat human and AI contributions as equivalent for allocating rights …

Large Owner Expropriation Threat And Stock Option Pay's Effect On Firm Risk-­Taking Behaviors In Weak Institutions, Cuili Qian, Lipeng (Gary) Ge, Xuesong Geng, Jiatao Li, Maria Hasenhuttl

Research Collection Lee Kong Chian School Of Business

Research Question/Issue: This study investigates the impact of managerial stock option pay on firm risk-­ taking behaviors in aweak institutional context, a critical question that has been overlooked by the literature. Specifically, we build on the comparative corporate governance perspective that emphasizes the implications of large shareholders' expropriation threat in weak institutions to develop predictions about their impact on the stock option's incentive alignment effect. We further explore the boundary conditions of such a relationship.Research Findings/Insights: Based on a sample of Chinese listed firms between 2006 and 2016, we find that a high level of large shareholders' expropriation threat weakens …

The Charity Capacity Curse, Shirley (Lijun) Zhang, Thomas Allard, David Hardisty, Shane Wang

Research Collection Lee Kong Chian School Of Business

Can displays of charity capacity cues paradoxically harm charities' fundraising efforts? Six pre-registered studies provide evidence of a charity capacity curse whereby donors penalize charities for displaying capacity cues, such as human resources capacity, organizational capacity, and financial capacity cues. This curse occurs because donors perceive higher-capacity charities as needing less help. As donors typically donate based on need, they donate less to charities with superior capacity signals. This effect is attenuated when: (1) higher-capacity charities' needs are made salient, and (2) donors reflect on how their decision impacts end-beneficiaries. This research contributes to the literature on effective altruism and …

Choice-Based Crowdshipping For Next-Day Delivery Services: A Dynamic Task Display Problem, Alp Arslan, Firat Kilci, Shih-Fen Cheng, Archan Misra

Research Collection School Of Computing and Information Systems

This paper studies integrating the crowd workforce into next-day home delivery services. In this setting, both crowd drivers and contract drivers collaborate in making deliveries. Crowd drivers have limited capacity and can choose not to deliver if the presented tasks do not align with their preferences. The central question addressed is: How can the platform minimize the total task fulfilment cost, which includes payouts to crowd drivers and additional payouts to contract drivers for delivering the unselected tasks by customizing task displays to crowd drivers? To tackle this problem, we formulate it as a finite-horizon Stochastic Decision Problem, capturing crowd …

Shrinkflation And Consumer Demand, Aljoscha Janssen, Johannes Kasinger

Research Collection School Of Economics

This study investigates shrinkflation—the practice of reducing product size while maintaining or slightly changing prices—in the U.S. retail grocery market. We analyze a decade of retail scanner data to assess the prevalence and patterns of product size changes across various product categories. Our findings show that approximately 1.92% of products have been downsized. When comparing total sales, product downsizing is more than five times as prevalent as upsizing. Product downsizing typically occurs without a corresponding decrease in price and is widespread across product categories. Consequently, consumers end up paying more per unit volume. We further find that consumers are more …

Grand Theft Identity: The Privacy Costs Of Digitalization, Kenny Phua, Chishen Wei, Gloria Yang Yu

Sim Kee Boon Institute for Financial Economics

We study whether greater digital engagement increases the risk of identity theft by exploiting bank branch closures as a shock that shifts economic activity online. Using a quasi-natural experiment, we find causal evidence that branch closures increase identity theft, particularly in more vulnerable communities. Exposed consumers spend more time on mobile apps and shift their expenditures from offline to online channels. Adversarial activities associated with identity theft, such as unwanted calls and phishing attempts, increase after branch closures. Overall, our evidence suggests that digitalization offers consumer benefits, but also imposes hidden privacy costs.

The Influence Of Culture + Technology On Night-Time Economy, Jianping Xu

Dissertations and Theses Collection (Open Access)

As a vital component of modern urban economies, the night-time economy has emerged as a crucial pathway for stimulating domestic demand and promoting consumption upgrading. With the rapid development of digital technologies and increasingly diversified cultural demands, the deep integration of 'Culture + Technology' has provided new momentum for the innovative development of the night-time economy. This study focuses on how 'Culture + Technology' empowers the night-time economy, exploring its impact mechanisms, current status, and development pathways through theoretical analysis, case studies, and empirical surveys.

First, this paper constructs a theoretical framework for 'Culture + Technology' empowering the night-time economy …

National Halo And Culture Mixing: U.S. Consumer Acceptance Of Korean Cultivated Meat Made With Seaweed Components, Mark Chong, Angela K. Y. Leung, Tricia Marjorie Fernandez

Research Collection Lee Kong Chian School Of Business

The purpose of this qualitative study was to investigate U.S. consumers’ perception and acceptance of a “culturally mixed” product – i.e., cultivated meat (beef) made with Korean seaweed components – a product that involves the blending of a foreign cultural element (Korean seaweed) with a local cultural element (cultivated beef) to create a mixed cultural representation. Subsequently, it aimed to assess if the product’s country of origin (i.e., South Korea) would influence consumer perception and acceptance. Online in-depth interviews were conducted with 20 U.S. consumers recruited through two market research companies. The interview transcripts were analyzed by two trained coders …

A Transaction Cost Perspective On Option Anomalies, James O'Donovan, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We examine the impact of transaction costs on the profitability of long-short portfolios of delta-hedged option returns. Of the 24 portfolio sort variables studied, 17 generate positive and significant gross returns, but none remain profitable after accounting for trading costs. We propose a cost-mitigation approach that restores profitability to 7 key portfolios. Furthermore, we demonstrate that the choice of delta-hedging frequency has a first-order impact on transaction costs. Our findings underscore the central role of implementation costs in shaping the investment opportunity set in equity–option markets, highlighting the need to account for transaction costs when evaluating option-based strategies.

The Impact Of Top Management Team Heterogeneity On Corporate Green Innovation, Xueyan Luo

Dissertations and Theses Collection (Open Access)

At present, green innovation has become a key path for enterprises to achieve sustainable competitive advantage. However, existing research pays limited attention to how internal governance factors—especially top management team (TMT) heterogeneity—affect green innovation. Based on Upper Echelons Theory, managerial cognition theory, and institutional theory, this paper constructs a framework of “TMT heterogeneity–green strategic orientation–green innovation,” and explores the impact of different types of heterogeneity and the moderating role of regional innovation environments. Heterogeneity is categorized into conflict-type (gender, age, financial background) and complementary-type (educational, professional, overseas background) to better explain its mechanisms.

Using a sample of Chinese A-share listed …

A Study On The Influence Of Entity Internet Hospital Platforms And Health Literacy Facilitation On Postoperative Patients’ Platform Usage, Hong Ye

Dissertations and Theses Collection (Open Access)

Entity Internet Hospital (EIH) is emerging online medical service platforms in China. Currently, while EIHs in China are developing rapidly, their usage rates remain low. However, postoperative patients have substantial follow-up consultation needs. Consequently, incentivizing postoperative patients to use EIH from the demand side is a highly challenging proposition in the current era. Grounded in Technology Acceptance Model and Health Belief Model, this study examined the impacts of platform and health literacy facilitation on platform usage (including intention and frequency) among 631 postoperative patients with cardiovascular disease from four medical institutions in Wuhan, and explored the moderating role of literacy …

Research On The Impact Mechanism Of The Development Level Of Smart Agriculture On Farmers' Income, Baoping Liu

Dissertations and Theses Collection (Open Access)

Agriculture is a fundamental and strategic industry essential to national food security and farmers’ well-being. Faced with global population growth, climate change, and resource constraints, the traditional high-input agricultural model is unsustainable. Smart agriculture, empowered by IoT, big data, and AI, has become critical for agricultural transformation and sustainable development. However, existing research overemphasizes technical efficiency and neglects how smart agriculture systematically affects farmers’ income, especially its transmission mechanism and regional heterogeneity.

Against China’s rural revitalization and digital village strategy, this study investigates how smart agriculture development influences farmers’ income, using a hybrid framework of macro empirics and micro analysis. …

A Study On The Impact Of Ceos’ Financial And Technical Backgrounds On The Innovation Strategy Of The Enterprise, Jianyu Cheng

Dissertations and Theses Collection (Open Access)

Amid regional economic integration and market competition, innovation has become a key driver for enterprises to gain competitive advantages and ensure sustainable development. As primary decision-makers in corporate strategy and resource allocation, chief executive officers (CEOs) impact the selection and implementation of innovation strategies through their financial and technical backgrounds, which influence their strategic cognition and risk preferences, leading to heterogeneous innovation behaviors. While existing research has examined the relationship between CEOs and corporate innovation, studies have inadequately explored CEOs’ diverse background characteristics, particularly the interaction between financial and technical backgrounds. Given the rising trend of CFOs and CTOs advancing …

Corporate Strategic Changes In Response To Negative Performance Gaps: The Role Of Listing Board In China, Lei Yu

Dissertations and Theses Collection (Open Access)

This dissertation investigates how Chinese listed companies respond strategically to negative performance gaps under different institutional environments defined by the Main Board and ChiNext Board of China’s capital market. Drawing on Performance Feedback Theory and New Institutional Theory, it explores whether and how listing board heterogeneity moderates the relation between performance shortfalls and corporate strategic transformation, and further examines the boundary effects of internal governance factors including ownership type, CEO power, and resource slack.

Using panel data of A-share listed companies from 2009 to 2019 obtained from the CSMAR database, this study employs multiple regression analysis and interaction modeling to …

The Impact Of Value Co-Creation On Organizational Resilience In Small And Medium-Sized Traditional Foreign Trade Enterprises, Dan Yan

Dissertations and Theses Collection (Open Access)

Against the backdrop of increasing uncertainty in the global business environment, international scholarly attention to individual, group, and organizational resilience has risen significantly. Chinese export trading enterprises—especially small and medium-sized export trading enterprises(SMETEs)—face disadvantages such as small scale, weak financing capacity, limited access to information, and low brand strength. After experiencing shocks from digital transformation, the COVID-19 pandemic, the Russia–Ukraine war, and the European energy crisis, these firms have been compelled to reconsider how to enhance their organizational resilience in order to adapt to an increasingly turbulent external environment.

First, this study selects Company H as a representative case of …

Striking A Balance Between Personal Data Protection And Transactional Efficiency In The Context Of Data-Driven Mergers, Jun Hu

Dissertations and Theses Collection (Open Access)

The proliferation of data-driven mergers and acquisitions (M&A) has created a critical tension between the commercial value of integrated data assets and the fundamental privacy rights of users. This dissertation addresses the underexplored micro-foundations of user consent when personal data is transferred wholesale to an acquiring firm. It develops and empirically tests a sequential mediation model, anchored in Privacy Calculus and Signaling Theory, to explain how users' perceptions and intentions are shaped by different corporate data protection strategies.

A between-subjects experimental design was employed (N=532), exposing participants to one of three distinct protection mechanisms: procedural safeguards (emphasizing fairness and control), …

From Discrete Manufacturing To Continuous Manufacturing: Examining The Relationship Among Digital Capability, Organizational Learning, And Enterprise Performance, Demu Chen

Dissertations and Theses Collection (Open Access)

In 2018, Company J launched its intelligent drive digital transformation project, which was completed and entered operation in 2021. That December, the project obtained certification under Zhejiang Province's "1353" system for the future factory enterprises, marking a successful transition from discrete to continuous manufacturing. To address the asynchronous flows of logistics, information, personnel, capital, and value indiscrete manufacturing enterprises, as well as pain points such as lowper capita output, long product delivery cycles, and low annual inventory turnover rates, this study, based on organizational learning theory, constructs ananalytical model encompassing digital capability (independent variable X), organizational learning (mediating variable Z), …

Rethinking Singer: Toward A Valid Argument For Helping The Global Poor, Joshua Luczak

Research Collection College of Integrative Studies

For more than 50 years, Peter Singer has argued that we are required to donate to aid agencies. While many commentators have rejected one or more of his premises, no one appears to have challenged the argument’s validity, and it is often assumed to be valid even by critics. This article demonstrates that Singer’s common-sense morality arguments for donating to aid agencies are invalid. It then reconstructs a valid version of the argument consistent with Singer’s broader work, but shows that this version carries significant costs. The paper concludes that although we have a moral obligation to help those less …

The Token-Effort Effect: Trivial Redemption Effort Increases Price Promotions Effectiveness, Kuangjie Zhang, Thomas Allard, Nidhi Agrawal, Rajesh Bagchi

Research Collection Lee Kong Chian School Of Business

This research documents how introducing redemption tasks requiring a token (i.e., trivial) amount of effort—for instance, by asking the consumer to enter a promo code or solve a CAPTCHA to receive a discount—increases price promotion effectiveness compared with equivalent straight discounts (i.e., applied automatically). Eight studies (including two field experiments) and three additional Web Appendix studies provide robust evidence for the beneficial effect of token-effort requirements on redemption rates. This effect occurs because the easy-to-attain redemption task induces a high perceived return on effort. Thus, this effect only occurs when the redemption task requires token-type effort but not when it …

Riding Attention Spikes: How Analysts Respond To Advertising, Minjae Koo, Annika Yu Wang, Yin Wang, Liandong Zhang

Research Collection School Of Accountancy

Product market advertising, while containing little new information, triggers spikes in investor attention. Using weekly advertising data, we find that sell-side analysts issue optimistic earnings forecasts in response to heavier advertising in the prior week. This effect is not driven by confounding earnings or product news. It is more pronounced for experienced analysts and analysts affiliated with brokerages relying solely on trading revenues. The optimistic forecast bias intensifies the impact of advertising on investor trades, especially on retail buying, of the underlying stock during the following week. Overall, analysts appear to issue optimistic forecasts to exploit retail investor attention spikes …