ABSTRACT
This research investigates the influence of bank loans on Chinese listed companies' performance by collecting data on bank loan amounts and indicators used to measure performance, such as return on assets (ROA) and Tobin's Q, semiannually from 2015 to 2020. Pooling panel regression models are employed to determine the relationship between firms' performance and their amount of bank loans. This study contributes to the literature by controlling for additional bank loan characteristics and comparing the relevance between bank loans and bond issuance. The authors also find that the relationship between firm performance and bank loans shows a nonlinear concave relationship, suggesting the negative impact is more severe in the high loan-to-asset region. The subsample after 2018 shows a significantly positive relationship, indicating that the impact of COVID-19 might alter the prevalent relationship. In addition, short-term debt has a more noticeable negative impact on firm performance than long-term debt. Both results become weaker after COVID-19. This chapter can help listed companies to trade off using long-term or short-term bank loans as their debt financing methods and approach a better capital structure. © 2023 by Emerald Publishing Limited.
ABSTRACT
The connection between enterprises is an important part of urban connection. Strengthening the analysis of urban functional network based on the connection between enterprises is of great significance to enrich the theoretical research of urban network. Based on the trade relationship data between listed companies and their top five customers from 2010 to 2020, this paper constructs China's urban network, and analyzes the spatio- temporal evolution characteristics of urban network based on the perspective of trade links between enterprises. The research shows that: ① From 2010 to 2020, the urban network scale shows the characteristics of first rising and then falling, and the overall network density is low, ranging from 0.014 to 0.018. The center of gravity of the network presents the trend of "S" - shaped spatial trajectory change and overall southward movement.This feature is consistent with the trend of China's economic center moving southward in recent years. The overall spatial structure of the network changes from coastal to "T" - shaped structure. This feature is consistent with the "T" strategy of China's land development. ② The network traffic is concentrated in a few node cities. The total amount of capital in and out of the top 20 cities accounts for 71.9% of the total capital flow. Beijing and Shanghai are the absolute core of the network. The provincial capitals or sub provincial cities such as Hangzhou, Wuhan, Shenzhen and Guangzhou assume the function of regional centers. Foshan, Qiqihar, Nantong and other manufacturing developed cities are important nodes. It indicates that trade links are more likely to occur in cities with high administrative levels or developed industries. ③ The Pearl River Delta has the highest network density, which is between 0.324 and 0.334. The Yangtze River Delta has the highest total trade flow, which is 78.35 billion yuan. Although the networking level of urban agglomeration in the middle reaches of the Yangtze River and Chengdu Chongqing urban agglomeration is relatively low, they have become an important force to promote the evolution of network structure. ④ The COVID-19 has had a significant impact on the trade flow and network structure of the overall network. The network associations have been further divided and reorganized. The Guangzhou Shenzhen associations have been significantly strengthened. It shows that Guangzhou and Shenzhen have a strong combination effect. The Shanghai associations have been significantly weakened. The research results have a certain reference value for promoting the construction of domestic big cycle and unified big market. © 2023 Journal of Geo-Information Science. All rights reserved.
ABSTRACT
Purpose: The primary goal of this study is to evaluate the importance of developing organizational agility and alliance capability to survive during turbulence times such COVID-19 pandemic. Design/methodology/approach: The study's data was gathered through a survey of 103 top management teams from 55 publicly listed companies in Indonesia, and the responses were analyzed to determine the relationships between leadership, agile organization, alliance management, and firm performance. Findings: This study found that ambidextrous leadership at publicly listed companies has no direct impact on firm performance during times of turbulence. Agility and alliance management capability, on the other hand, fully mediate the relationship between ambidextrous leadership and firm performance. Research limitations/implications: Leaders, particularly those in public listed companies, must continuously improve their organizational agility and alliance management capability to remain competitive and adaptive to face environmental changes. For utilizing organizational agility and alliance management capability as a firm strategy during times of turbulences, ambidextrous leaders are expected to balance exploiting and exploring practices. Originality/value: This study compares the perceptions of top management team during and normal time and during the COVID-19 pandemic specifically on leadership, agility, and alliance management capability in a stock market environment. © The Author(s).
ABSTRACT
With the rise of the proportion of the elderly population and the improvement of the national economic level, people pay more and more attention to health. At the same time, the impact of COVID-19 on various industries has also made us realize that medicine is necessary. Pharmaceutical stocks have become one of the most prominent sectors in China's stock market in recent years. However, investors also have problems such as blind following and impulsive investment. In order to provide professional suggestions to investors, this paper makes an empirical analysis based on the stock data of pharmaceutical companies in the A-share market and the CSI 300 Index by using PE ratio, EPS ratio and CAPM model. Finally, according to the data analysis results and the nature of each pharmaceutical company, this paper suggests that investors with risk preference can invest in pharmaceutical manufacturing enterprises. In terms of those risk-averse investors, they can choose leading enterprises in the pharmaceutical retail industry. Moreover, the future market for vaccines will be a very large one with clear long-term value © 2021 ACM.
ABSTRACT
The COVID-19 pandemic created enormous uncertainty for achieving the sustainable development goals in waste management. China implemented a number of new policies recently to encourage waste-to-energy (WTE) and waste-to-material (WTM) industry, which was also impacted by the spread of COVID-19, while the impact on the solid waste industry was merely discussed. In this work, the quarter-level financial statement data of thirty listed companies in Chinese Stock Market were analyzed by applying ARIMA intervention analysis, moreover, a system dynamic model was established for examining the impacting pathway of the pandemic. Main results are: (1) the total annual turnover of total solid waste industry increased by 28.2 times in recent 14 years, however, the estimated turnover of solid waste industry in 2020 dropped around 55.8 billion CNY; (2) the WTE industry kept growing (+21%), the WTM industry dropped significantly (-28%), while the waste disposal industry and other solid waste industry varied slightly (-10% and +9%), comparing their turnovers in 2019 and 2020; (3) the average trade-prices of the secondary materials during the COVID-19 pandemic were only 43.4%-85.8% of the maximum price from 2017 to 2019, resulting in the decline of the WTM industry. Considering a possible sluggish growth of the solid waste industry, the waste separation and zero waste programs in China may meet non-trivial challenges in the future. Policy implications are put forward, such as quantitative simulating the long-term impact, increasing investment and incentive on waste recycling, and building an internal circulation system for waste management.