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- Liu, Weihua, et al.
(författare)
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Effects of smart agricultural production investment announcements on shareholder value : Evidence from China
- 2022
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Ingår i: Journal of Management Science and Engineering. - China : KeAi Publishing Communications Ltd.. - 2096-2320. ; 7:3, s. 387-404
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Tidskriftsartikel (refereegranskat)abstract
- The advent of the era of the smart economy has made agricultural production more intelligent. An increasing number of companies have launched a series of investment activities aimed at smart agricultural production (SAP). However, whether smart agricultural production investment (SAPI) impacts the stock market has yet to be confirmed. Therefore, based on the sample data of 118 listed companies in China from 2010 to 2019, this study empirically examines the impact of SAPI announcements on shareholder value, as indicated by abnormal returns of stocks. Further, we tested the moderating effect of certain characteristic factors on abnormal stock returns. The research results illustrate a significant positive connection between SAPI announcements and shareholder value. Moreover, considering the announcement content and company factors, this study investigates the impacts of different investment targets and industries on the market reaction to SAPI announcements. We find that non-agricultural companies have a more positive market reaction to SAPI than agricultural companies; the higher the liability-asset ratio, the more positive will be the stock market reaction to SAPI.
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| 2. |
- Liu, Weihua, et al.
(författare)
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Smart logistics transformation collaboration between manufacturers and logistics service providers : A supply chain contracting perspective
- 2021
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Ingår i: Journal of Management Science and Engineering. - : Science Press. - 2096-2320. ; 6:1, s. 25-52
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Tidskriftsartikel (refereegranskat)abstract
- Intelligent transformation of manufacturers requires smart logistics transformation collaboration, which improves competitiveness. In this study, we construct a Stackelberg game model based on the mutual influence and restriction in the relationship between a manufacturer and a logistics service provider (LSP) undergoing smart logistics transformation. We investigate whether cost-sharing (CS) or revenue-sharing (RS) contracts can coordinate the supply chain and suggest a hybrid CS-RS contract to improve performance. We find that, compared with decentralized options, CS and RS contracts achieve a higher level of smart logistics transformation. While the coordination and effectiveness of CS contracts are superior to those of RS contracts, neither can fully coordinate the supply chain. The proposed hybrid CS-RS contract allows the manufacturer to share the LSPs costs before the transformation and its partial revenue after transformation, so that the LSP can reduce its service charge, thereby achieving full supply chain coordination. (c) 2021 China Science Publishing & Media Ltd. Publishing Services by Elsevier B.V. on behalf of KeAi Communications Co. Ltd.
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