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This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

This paper aims to study the impact of external fairness of executive compensation on M&A premium, and examine the moderate role of institutional investors. The high M&A premium is the main factors that induce the huge impairment of listed companies’ goodwill and the plummeting performance. Executives are the decision-makers of M&As, and their decision-making process is inevitably affected by the psychological factors. In recent years, institutional investors have become an important external force that can affect the governance of listed companies.

The authors use M&A data of listed companies from 2008 to 2018 and use OLS regression to test the relationship between executive compensation fairness and M&A premium.

The results show that the lower the external fairness of executive compensation, the greater the M&A premium. Institutional investors can effectively reduce the impact of external compensation unfairness on M&A premiums. The mechanism tests show that executives' psychological perception of fairness induced by external unfairness reduces their motivation to work and prompts them to use high premium to seek alternative compensation incentives. Further examinations of executive characteristics and corporate characteristics show that the role of external unfairness in executive compensation in driving M&A premiums is more pronounced in companies with longer executive tenure, weaker executive reputation incentives and private property.

This paper enriches the research on the pre-factors of M&A premiums from the perspective of executives’ psychological perception of fairness, provides evidence that institutional investors play a positive governance role and provides decision-making references for companies to take corresponding measures to reduce M&A premium risks.

Based on the perspective of cognitive psychology, this paper takes the M&A events of Chinese A-share listed enterprises from 2008 to 2015 as the research samples, and then empirically analyzes the influence of managerial overconfidence on M&A premium under the special circumstances in China and tests the moderating effect of debt capacity between managerial overconfidence and M&A premium.

This paper selects the M&A events of all A-share listed enterprises from 2008 to 2015 as the total samples. In view of the fact that the data in this paper are unbalanced panel data, so this paper uses the LR test, LR test and Hausman test to filter the mixed OLS model, fixed effect model and random effect model. Finally, using the random effect model for empirical testing reduces the endogeneity of the model.

The study shows that managerial overconfidence is positively correlated with M&A premium; at the same time, compared with the state-owned enterprises, the relationship between managerial overconfidence and M&A premium is more significant in private enterprises. Further study shows that debt capacity can strengthen the relationship between managerial overconfidence and M&A premium, to be specific, the larger the debt capacity is, the stronger the positive relationship between managerial overconfidence and M&A premium will be. Moreover, after considering the influence of agency cost and financing expense, and conducting endogenous test and robust test, this research’s conclusions remain the same.

This research also has some limitations. Some M&A announcements are incomplete, and the target has more information missing, resulting in a decrease in the number of samples, which may affect the accuracy of the conclusions. This paper does not address the research of the economic consequences of M&A, namely, the impact of managerial overconfidence and debt capacity on M&A performance. This is one of the future research directions for this paper.

The conclusions of this paper provide new theory evidence for Chinese enterprises' M&A decision-making.

First, enterprises should gradually improve corporate governance structure and governance mechanisms to guide more stakeholders to participate in corporate governance, and also they should strengthen the pre-evaluation, in-process control and post-supervision of managers' behavioral decisions to prevent irrational M&A caused by managerial overconfidence. Especially in private enterprises, this issue should be paid more attention. Second, enterprises should make full use of the debt governance function of creditors and improve the creditors' supervision mechanism for managers' decision-making behavior.

The innovation value and increment contribution of this paper may include the following aspects: the conclusions of this paper expand the research boundary of the relationship between managerial overconfidence and M&A premium, and enrich related literature about debt capacity and the influence of debt capacity on M&A decision-making, and also provide new theory evidence for Chinese enterprises' M&A decision-making. In a word, this research is a beneficial supplement and extension for existing research.

As American firms formulate competitive strategies for the 1990s and beyond they are realising that significant profit opportunities exist outside the United States. As managers deal with globalising their logistics systems to support overseas marketing efforts transportation becomes an extremely important factor. The readiness of the US transportation system to support the growing global logistics needs of American business is examined. The authors conclude that with few exceptions the US international freight transport industry cannot meet the challenges presented by the rapid globalisation of the marketplace.

Purpose – By using the metaphor of the human life cycle this paper examines some of the longevity issues of branding. The paper also explores how brands can be resuscitated (or rejuvenated) when in declining health or indeed on the edge of death (brand heart attack). Linked to this is the Darwinian view of adaptability where brands have extended and, indeed, developed their market position through innovation and re‐positioning. Equally, it considers the outcomes when there is little or no hope of resuscitating the brand, and the future of the organization. Mini cases studies are provided throughout that illustrate some of the issues in the life, death and resuscitation of brands. Design/methodology/approach – While using a metaphor the paper is designed to consider real issues that brands face within dynamic highly competitive environments. If brands do not adapt (through innovation and re‐positioning) they risk premature decline and death. Findings – The “health” of a brand is determined by numerous internal and external factors. Some within the control of the organization others not. Simple errors of judgement can have a catastrophic impact on the brand. However, though continual monitoring organizations can adapt the brand to evolve within changing environments. Research limitations/implications – There is potential for future research in two core areas: developing the human life span further as a metaphor for brand existence; and considering the ‘vital’ signs for an ailing brand. This may then lead to a better diagnosis of failing brands and more informed ways of rejuvenating such brands. Practical implications – Organizations must seek to continually monitor the ‘health’ of the brand in relation to its changing environments. Life expectancy can be increased through evolving the brand (innovations and re‐positioning). However, organizations must also recognize when the brand had genuinely reached the end of its life span. Brands that have a lingering decline do little for the brand or the organization. The difficulty for many organizations is really knowing when the brand can no longer be resuscitated. Originality/value – The objective of this paper was to explore the idea of the human life cycle being a metaphor for a brand’s existence. By taking such an approach it may assist managers in determining: the potential longevity of their brand; and rejuvenate ailing brands. Thus the article has a practical application.

The origin of bankruptcy dates back to the laws of the Roman Empire which were instrumental in the formation of both English and American laws (Galligan, 1991). However, it was not until 1898 that the United States enacted its bankruptcy laws for the first time. Later, the Chandler Act of 1938 was added in order to legislate reorganisation into existing bankruptcy laws. In order to expand this critical domain, the 1978 Bankruptcy Reform Act was made into law. Finally, Congress passed the Bankruptcy Amendments and Federal Judgeship Act in 1984 so that some weaknesses in the 1978 reform act could be improved.

Explores the influence of Japan’s culture on its innovative strengths and weaknesses. Indicates that Japan is good at evolutionary and process innovation but not so hot on inventing. Links this to Hofstede’s cultural dimensions, comparing Japanese with US results. Attempts to link Japanese cultural attributes to rice and its consequent agricultural system and associated human relations. Devotes a section each to Japanese collectivism, power, uncertainty avoidance, masculinity/femininity, and Confucianism. Finds that Japanese culture does not promote individuality or risk‐taking (unlike the US), but does excel at process technology.

In the fairytale Peter Pan, the Lost Boys are quite content to skip merrily along behind their leader. The extent of their ambition is to emulate him. At Nissan, a somewhat different philosophy prevails. The Japanese automaker has no intention of simply following in the wake of rivals because, according to CEO Carlos Ghosn, those who habitually follow the leader never get to be leader themselves.