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- Genre: Doctoral Dissertation
Description
This paper focuses on the path of business model digitalization and its impact on corporate performance, and empirically tests the relationship between the path of business model digitalization and corporate performance of listed companies in China.The empirical results show that: digital transformation will improve enterprise performance, the technological innovation capability of enterprises helps to improve the business performance of enterprises; the level of enterprise technological innovation has a strengthening effect on the positive impact of digitalization on enterprise performance; corporate financing constraints will weaken the positive effect of corporate digital transformation on corporate performance; the improvement of technological innovation capability is conducive to the improvement of the performance of digital transformation enterprises; technological innovation of manufacturing enterprises is difficult to have a greater impact on enterprise performance by improving production efficiency.
Based on the empirical results of this paper, in order to fully grasp the development opportunities of the digital economy, the government should take the digital transformation of enterprises as a way to help enterprises develop with high quality. At the industrial level, we should promote the digital transformation of economic industries based on the principle of differentiation. At the enterprise level, we should strengthen the financial services and R&D investment that match the financing needs of enterprises, effectively play the positive regulatory role of enterprises' technological innovation ability on the performance of enterprises' digital transformation, and effectively weaken the negative regulatory role of financing constraints on the performance of enterprises' digital transformation.
ContributorsWang, Minghui (Author) / Chen, Pei-Yu (Thesis advisor) / Jiang, Zhan (Thesis advisor) / Zheng, Zhiqiang (Committee member) / Arizona State University (Publisher)
Created2023
Description
This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm’s market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm’s and the target firm’s industries. These findings have important implications for the investors and senior executives of firms listed in the GEM.
ContributorsZhou, Wei (Author) / Shen, Wei (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
Description
As securities companies occupy an increasingly important position in the national economy, and the most valuable competitive advantage for whom is human resources; therefore, Security Industry practitioners pay close attention to the influences of securities companies' incentive mechanisms regarding to various business types.
This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper is to theoretically deduce the most reasonable and optimal securities companies’ incentive mechanism.
This paper intends to identify the principle component factors influencing securities brokerage services via questionnaire investigations towards 75 branches under the same securities company and 13 different securities companies, respectively. In addition, based on historical data, the paper aim to explain rationales between adjustments of incentive mechanisms and market shares of securities brokerage services.Lastly, combining author’s personal experience of various incentive mechanisms and development tracks in four securities companies that hopefully presents valuable information and clues for deducing the optimal securities company incentive mechanism.
There are two critical agency relationships in securities brokerage services. One is between principals, securities companies, and agents which are directors of branches. The other is between principals, securities companies, and agents which are securities marketers or brokers. Because of such operational setup, information is highly asymmetrical between all parties. It brought prominent problems regarding agency relationship and motivation aspects.
Under the certain circumstances, implementation of Incomplete Contracting Theory with franchising models in securities companies is quite useful. Specifically, for the former relationship between securities companies and marketers, the motivation effects of sub-license franchising are better than bonus compensation structure. Fixed salaries without bonus have the worst stimulating effects in such business model. For the latter relationship between securities companies and directors of branches, the agents focus on long term residual value claim rights, since it coincides with agents’ appraisals, focusing on incremental market shares and profit drawings.
This paper finds that asymmetry of information in business models is the motivation of the gaming for all participants, through analyzing the differences of various business models of securities brokerage services. Further, various incentive mechanisms under different circumstances result in diverse strategies of gaming. It varies development paths of securities companies. Therefore, the purpose of the paper is to theoretically deduce the most reasonable and optimal securities companies’ incentive mechanism.
This paper intends to identify the principle component factors influencing securities brokerage services via questionnaire investigations towards 75 branches under the same securities company and 13 different securities companies, respectively. In addition, based on historical data, the paper aim to explain rationales between adjustments of incentive mechanisms and market shares of securities brokerage services.Lastly, combining author’s personal experience of various incentive mechanisms and development tracks in four securities companies that hopefully presents valuable information and clues for deducing the optimal securities company incentive mechanism.
There are two critical agency relationships in securities brokerage services. One is between principals, securities companies, and agents which are directors of branches. The other is between principals, securities companies, and agents which are securities marketers or brokers. Because of such operational setup, information is highly asymmetrical between all parties. It brought prominent problems regarding agency relationship and motivation aspects.
Under the certain circumstances, implementation of Incomplete Contracting Theory with franchising models in securities companies is quite useful. Specifically, for the former relationship between securities companies and marketers, the motivation effects of sub-license franchising are better than bonus compensation structure. Fixed salaries without bonus have the worst stimulating effects in such business model. For the latter relationship between securities companies and directors of branches, the agents focus on long term residual value claim rights, since it coincides with agents’ appraisals, focusing on incremental market shares and profit drawings.
ContributorsZhang, Xiangdong (Author) / Pei, Ker-Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
Description
This study investigates the impact of a specific organizational form – partnership – on employees’ awareness of risk control and job engagement in securities companies. Given that their organizational performance relies heavily on the performance of individual employees, it is critical for securities companies in China to adopt appropriate organizational forms so that they can better captalize on their employees’ human capital to cope with the increasingly intense market competition. Partnership, as one of the few organizational forms, has been widely adopted in industries that rely on the performance of individuals, such as law, auditing, consulting, and investment banking, around the world. In the context of China’s emerging economy, it has also been adopted as an incentive system by market leaders across several industries, including Alibaba in online shopping, Vanke in real estate, and Fosun in investments. In contrast, partnership has not been adopted or implemented by securities companies in China as most of them are still state-owned enterprises.
Based on my review of the corporate governance literature and qualitative analysis of partnership adoption in China, I propose that partnership can help better alighn the interests of employees with owners in securities companies as well. Specifically, the prospect of becoming a partner in the future can improve employees’ awareness of risk control and increase their job engagement. Taking advantage of partnership adoption at a Chinese securities company as a natural field experienment, I surveyed its employees about their awareness of risk contrl and job dedication before and after the adoption. The results from 505 matched surveys showed an increase in the average scores of both awareness of risk control and job dedication after the company adopted partnership as a new organizational form. Findings of this study have important implications for organizational and incentive design for securities companies in China.
Based on my review of the corporate governance literature and qualitative analysis of partnership adoption in China, I propose that partnership can help better alighn the interests of employees with owners in securities companies as well. Specifically, the prospect of becoming a partner in the future can improve employees’ awareness of risk control and increase their job engagement. Taking advantage of partnership adoption at a Chinese securities company as a natural field experienment, I surveyed its employees about their awareness of risk contrl and job dedication before and after the adoption. The results from 505 matched surveys showed an increase in the average scores of both awareness of risk control and job dedication after the company adopted partnership as a new organizational form. Findings of this study have important implications for organizational and incentive design for securities companies in China.
ContributorsSha, Changming (Author) / Shen, Wei (Thesis advisor) / Li, Feng (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2018
Description
Valuation adjustment mechanism has been widely applied in acquisitions of listed companies in China today, and is usually agreed upon future financial performance indicators of acquired companies (mostly net income). This paper examines how changes of key contents of VAM agreement affect firms’ ability to meet performance commitments from the perspective of incentive effects. Empirical results show that as the performance goals set in VAM agreement becomes higher, the incentive for management to meet performance commitments will initially increase and then decrease, so that the ratio of actual profits to promised profits for target firms will reach peak at some reasonable performance goal and then decrease. Second, as the level of the information asymmetry between buyer and seller turns higher, the incentive effect of performance goals becomes lower. Third, compared with cash-based compensation, stock-based compensation shows significantly higher incentive effects on promisors thus increasing the ability for target firms to achieve performance commitments.
ContributorsWang, Yixin (Author) / Gu, Bin (Thesis advisor) / Yu, Xiaoyun (Thesis advisor) / Jiang, Zhan (Committee member) / Arizona State University (Publisher)
Created2018
Description
I center my analysis on Amazon’s recent foray into alternative history The Man in the High Castle premised on Philip K. Dick’s 1962 novel of the same name. Amazon Studio’s production The Man in the High Castle builds upon the premise of an alternative history where World War II ends differently. Here, the diegetic narrative depicts a United States split into three distinct regions: the east coast, now part of the German Reich; the Neutral Zone, or most of the Midwest and the Rocky Mountains; and the west coast, controlled by Japanese Empire. The film version debuted in 2015 as a series extending to four seasons of 10 episodes a piece by 2019. I argue that the show takes cues from modern political tensions, the rise of the alt-right and “post-truth” media manipulations, to intentionally destabilize viewers’ memories of the historical past. By blurring the boundaries between the diegetic reality of the show and our accepted version of history, The Man in the High Castle disrupts the facility in which the viewer assumes alignment with memory and past, opting instead for a complicated refiguring of the political present. Here I articulate how film as a medium tampers with the viewer’s ontological understanding of image by collapsing history and fiction together. Additionally, the capacity of film to provoke empathy from viewers complicates the universal condemnation of Nazism we are familiar with and permits viewers to see the banality of evil in this reimagined history. Finally, I discuss how film as a medium capitalizes on the incompleteness of memory and the loopholes of history to fabricate viewer memory.
ContributorsAbele, Kelsey Taylor (Author) / Brouwer, Daniel (Thesis advisor) / Carlson, Adina (Committee member) / Hedberg Olenina, Ana (Committee member) / Arizona State University (Publisher)
Created2020
Description
China's city commercial banks were reorganized by the urban credit cooperatives in the same city in the 1990s. Although they are allowed to open branches outside the registered city, the location and the number of their branches have been strictly restricted. It is fatal to them to increase the competitiveness of their branches. Based on the diversity theory and its mechanism, in this study I examined the impact of source diversity of the senior management in the branches of the city commercial bank on the branches’ productivity and their asset yield. Invoking the resource-based theory and the social capital framework, the source diversity lead to the organization resources diversity and the organization knowledge diversity. The results demonstrate that the source diversity contribute to the branches’ competitiveness advantage. Both internal trained personnel and external introduction personnel are important for the branches’ top management team. But one of the two kinds of personnel is more suitable to their middle management team.
ContributorsZhang, Xiande (Author) / Gu, Bin (Thesis advisor) / Wang, Tan (Thesis advisor) / Shen, Wei (Committee member) / Arizona State University (Publisher)
Created2017
Description
The purpose of this dissertation is to explore how humans experience relationships with machines such as love and sex dolls and robots. This study places a particular emphasis on in-depth, rich, and holistic understanding of people’s lived experiences in the context of human-machine relationships and draws on human-machine communication scholarship by examining media evocation perspectives, the role of illusions, and the topic of care. Therefore, this study uses a funneled serial interview design employing three waves of semi-structured interviews (N = 47) with 29 love and sex doll owners and users. Utilizing a phronetic iterative qualitative data analysis approach coupled with metaphor analysis, the findings of this study reveal how participants experience dolls as evocative objects and quasi-others. Moreover, the findings illustrate how participants actively construct and (re)negotiate authenticity in their human-machine relationships, driven by a cyclical process between doll characteristics (agency and presence) and doll owner characteristics (imagination and identity extension) that results in an illusion of being cared for. This study extends previous scholarship by: 1) showcasing a new type of mute machines, namely humanoid mute relational machines; 2) adding empirical evidence to the largely theoretical work on dolls and doll owners; 3) adding empirical evidence to and extending media evocation perspectives by illustrating the suitability of participant metaphors for understanding machines’ evocative nature; and 4) proposing an integrative model of care and illusions that lays the foundation for a new relational interaction illusion model to be examined in future research. This study also discusses practical implications for doll owners, the public, and doll developers.
ContributorsDehnert, Marco (Author) / Sharabi, Liesel L (Thesis advisor) / Tracy, Sarah J (Thesis advisor) / Edwards, Autumn P (Committee member) / Arizona State University (Publisher)
Created2024
Description
College graduates are expected to acquire certain skill sets that are necessary andsought after by potential employers, as many industries in the United States continue to
grow a global footprint. Employers also value good communication skills, and
communication classes are a staple of most general education curricula, including those
taught on community college campuses. The diversity of the student populations on
community college campuses in the United States is vast, as is the cultural wealth
accompanying this diversity. Diverse and internationalized student populations at
community colleges include local students living in communities surrounding community
colleges and international students studying abroad in the United States. This action
research study infused intercultural intelligence activities into a third culture
Communication 100 classroom using the prescribed course objectives to prepare both
local and international students to enter a global, or a glocal-local (glocal) workforce.
This was done by having local and international students communicate, share, and teach
each other and their instructor via their cultural capital in a third culture classroom.
Mixed methods were employed by collecting student reflection journals after completing
four class activities that introduced them to the principles of cultural intelligence.
Students in an experimental class and two control classes completed the Global
Perspectives Inventory (GPI) as a pre- and post-assessment. The experimental students’
GPI scores indicated they perceived themselves to have grown more on all seven
variables in the study and felt more prepared to enter a global workforce. In the
experimental class, results from both qualitative and quantitative data indicated that the
international and local Latine students had comparable cultural intelligence skills upon
entering the class and that they felt they learned more about the world by working with
each other. Their perceptions changed in a positive direction regarding their intercultural
intelligence growth, and they felt more prepared to enter a global and glocal workforce
due to their participation in the Communication 100 third culture classroom.
ContributorsPetit, Annique (Author) / Judson, Eugene (Thesis advisor) / Hesse, Maria (Committee member) / Amavisca Reyes, Nora (Committee member) / Arizona State University (Publisher)
Created2024