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This study aims to propose that, in business-to-business (B2B) industries, number of strategic alliances firms established before a “black swan” event enhances their chances to survive the black swan, and the enhancements take place through moderation effects. Changes in firms’ core structures – their stated goals, authority structure, core technologies and marketing strategies – to adapt to business jolts have adverse effects on firm performance. Firms’ existing B2B strategic alliances moderate the effects negatively by outsourcing different goals, authority structures, core technologies and marketing strategies to partners who fit the changed environment.

This study collected quantitative data and analyzed the data with the regression method.

Using data from Chinese firms in five technology industries during the 2007–2009 economic crisis, this study finds that firms’ internal adaptation is negatively correlated with their performance during economic crises, and B2B strategic alliances negatively moderate this relationship.

First, this study focuses on B2B strategic alliances, and it is not clear whether the findings apply to B2C industries, where strategic alliances may not be common. Perhaps firms can use other means of survival in addition to strategic alliances in B2C industries. Second, this study does not differentiate between fast-moving and slow-moving industries, and it is not clear whether strategic alliances play the same role in both industries. Third, this study does not differentiate firm ages and sizes. It remains unclear how large, established and small, young firms differ when facing crises. Finally, this study is based on the Chinese setting, and it is not clear whether the findings apply to other markets as well. These issues should be explored in future studies.

Changing firms’ core structures harms their performance during black swan crises because such crises are unpredictable, and planned changes may not adapt firms to crises. Managers should not attempt to change their core structures during crises. B2B strategic alliances provide an effective means for firms to survive crises.

This paper makes two contributions to the existing literature: First, this paper demonstrates that changes of one of the four core structures of a firm to cope with black swan events have negative impacts on firm performance. Second, this paper identifies the importance of holding a variety of strategic alliances previously to the black swan events to reduce the negative impacts of changing core structures.

This study reviews existing cryptocurrency research to provide answers to three puzzles in the literature. First, is cryptocurrency more like gold (i.e., a commodity) or should it be classified as a new financial asset? Second, can we apply our knowledge of the traditional capital market to the emerging cryptocurrency market? Third, what might be the future of cryptocurrency?

Bibliometric analysis is used to assess 2,098 finance-related cryptocurrency publications from the Web of Science (WoS) Core Collection database from January 2009 to April 2022. Three key research streams are identified, namely, (1) cryptocurrency features, (2) behaviour of the cryptocurrency market and (3) blockchain implications.

First, cryptocurrency should be viewed and regulated as a new asset class rather than a currency or a new commodity. While it can provide diversification benefits to the portfolio, cryptocurrency cannot work as a safe haven asset. Second, crypto markets are typically inefficient. Asset bubbles exist and are exacerbated by behavioural finance factors. Third, cryptocurrency demonstrates increasing potential as a medium of exchange and store of value.

Extant review papers primarily study one or two particular research topics, overlooking the interaction between topics. The few existing systematic literature reviews in this area typically have a narrow focus on trend identification. This study is the first study to provide a comprehensive review of all financial-related studies on cryptocurrency, synthesising the research findings from 2,098 publications to answer three cryptocurrency puzzles.

This study aims to investigate how firms of different sizes respond to competitive pressure from peers.

This study employs machine learning techniques to measure competitive pressure based on management discussion and analysis (MD&A) documents and then utilises the constructed pressure indicator to explore the relationship between competitive pressure and corporate risk-taking behaviours amongst firms of different sizes.

We find that firm sizes are positively associated with their risk-taking behaviours when firms respond to competitive pressure. Large firms are inclined to exhibit a high level of risk-taking behaviours, whereas small firms tend to make conservative decisions. Regional growth potential and institutional ownership moderate the relationships.

Utilising text mining techniques, this study constructs a novel quantitative indicator to measure competitive pressure perceived by focal firms and demonstrates the heterogeneous behaviour of firms of different sizes in response to competitive pressure from peers, advancing research on competitive market pressures.

Customers often trace a product-harm crisis to the deviant firm's capability- or character-relevant issues. This study examines how capability- and character-based stigma associated with product-harm crises influence foreign customers' product preferences (i.e. brand affect and purchase intention) for other firms from the same country of origin.

Qualitative survey data are used to test hypotheses with a structural equation model.

The authors find that negative capability judgment significantly affects foreign customers' product preferences for other firms from the same country of origin, whereas negative character judgment does not. However, customers' national animosity and product knowledge moderate the stigma spillover effects. Specifically, national animosity and product knowledge weaken the spillover effects of capability-based stigma but strengthen those of character-based stigma.

Future research could examine strategies for uninvolved firms to avoid the stigma-by-association effect. Moreover, due to the lack of resources to collect data, this study does not investigate how customers' generalized favorability and familiarity with crisis-stricken firms and uninvolved firms moderate the stigma-by-association effect.

The findings of this study advance our knowledge on product-harm crises and the stigma-by-association effect.

In recent years, railway systems worldwide have faced challenges such as the modernization of engineering projects, efficient management of intelligent digital railway equipment, rapid growth in passenger and freight transport demands, customized transport services and ubiquitous transport safety. The transformation toward intelligent digital transformation in railways has emerged as an effective response to the formidable challenges confronting the railway industry, thereby becoming an inevitable global trend in railway development.

This paper, therefore, conducts a comprehensive analysis of the current state of global railway intelligent digital transformation, focusing on the characteristics and applications of intelligent digital transformation technology. It summarizes and analyzes relevant technologies and applicable scenarios in the realm of railway intelligent digital transformation, theoretically elucidating the development process of global railway intelligent digital transformation and, in practice, providing guidance and empirical examples for railway intelligence and digital transformation.

Digital and intelligent technologies follow a wave-like pattern of continuous iterative evolution, progressing from the early stages, to a period of increasing attention and popularity, then to a phase of declining interest, followed by a resurgence and ultimately reaching a mature stage.

The results offer reference and guidance to fully leverage the opportunities presented by the latest wave of the digitalization revolution, accelerate the overall upgrade of the railway industry and promote global collaborative development in railway intelligent digital transformation.

Much of the extant evidence in the marketing literature posits that firms use strategic alliances to share resources, costs and risks as paths to performance improvements. Drawing from the organizational ecology theory, this study aims to propose a different rationale, namely, that strategic alliances protect a firm’s core structure – its stated goals, authority structure, core technologies and marketing strategies – by mitigating the need for hazardous changes in hostile environments.

This study collected quantitative data using market survey and analyzed the data with the regression method.

Using Chinese firms in three technology industries as the research setting, this research finds a positive and significant relationship between environmental hostility and core structure dynamism. Although strategic alliances themselves have no direct bearing on core structure dynamism, they are found to moderate this relationship negatively, that is, strategic alliances attenuate the relationship between environmental hostility and structural changes.

This paper argues that strategic alliances have significant moderating effects on firm performance, that is, firms use strategic alliances to outsource competence to partners and, thus, avoid internal turmoil. However, the moderating effect alone cannot explain the complexity of strategic alliances. There could exist other effects that remain unknown. In addition, individual-level factors could have significant impacts on strategic alliance management. Future studies should look into these issues to advance the authors’ knowledge on strategic alliances.

The findings of this study show that managers should outsource competence to partners when they experience turmoil in markets. Adapting to market turmoil internally could lead to market failure.

This study provides a new rationale for strategic alliances, that is, firms use strategic alliances to reduce market uncertainty. This rationale has not been reported in the existing literature.

The purpose of this paper is to construct a new algorithm of program procedure for medical grey relational method based on SAS software.

Based on the SAS environment, the authors construct a new algorithm of program procedure through the following methods: the construction data set, confirmation of the comparison sequence and reference sequence, the original data transformation, calculation of the grey relational coefficient of reference sequence and comparison sequence and calculating the correlation.

The results show that the novel algorithm of program procedure for medical grey relational method based on SAS software satisfies the properties properly. It also fully confirmed the biggest advantage of the grey relational analysis is that its requirements are not too high for the amount of data, and it does not need to follow the typical distribution.

The paper succeeds in constructing a novel algorithm of program procedures for medical grey relational method and providing a valuable tool for solving similar problems.

The purpose of this paper is to provide the historical background of genealogical records and analyze the value of Chinese genealogical research through the study of names and genealogical resources.

The paper examines the historical evolution and value of Chinese genealogical records, with the focus on researching the Islamic Chinese names used by the people living in Guilin. The highlight of this paper includes the analysis and evolution of the Islamic Chinese names commonly adopted by the local people in Guilin. It concludes with the recommendations on emphasizing and making the best use of genealogical records to enhance the research value of Chinese overseas studies.

The paper covers the history of Islam and describes how the religion was introduced into China, as well as Muslims' ethnicity and identity. It also places focus on the importance of building a research collection in Asian history and Chinese genealogy.

This research study has a strong subject focus on Chinese genealogy, Asian history, and Islamic Chinese surnames. It is a narrow field that few researchers have delved into.

The results of this study will assist students, researchers, and the general public in tracing the origin of their surnames and developing their interest in the social and historical value of Chinese local history and genealogies.

The study of Chinese surnames is, by itself, a particular field for researching the social and political implications of contemporary Chinese society during the time the family members lived.

Very little research has been done in the area of Chinese local history and genealogy. The paper would be of value to researchers such as historians, sociologists, ethnologists and archaeologists, as well as students and anyone interested in researching a surname origin, its history and evolution.

Since China initiated its “go global” policy that promotes its overseas investment, China’s Outward Foreign Direct Investment (OFDI) has increased almost twenty times during the last 10 years, reaching $55.9 billion in 2008. The issue of internationalization of Chinese OFDI has attracted increasing attention of researchers from a business perspective. This article systematically reviews the previous studies on overseas investments by Chinese MNEs and discusses the characteristics of Chinese internationalization behavior at both firm level and country level. The internationalization of Chinese companies cannot be understood as a simple game of “catch up” with established MNEs, and more firm‐level empirical studies should be carried out on how these characteristics influence firms’ strategic decisions.

Prefabricated components sustainable supplier (PCSS) selection is critical to the success of prefabricated projects. However, limited studies have addressed the uncertainty and complexities during the selection process, particularly in multi-criterion group decision-making (MCGDM) circumstances. Hence, the research aims to develop a group decision-making model using a modified fuzzy MCGDM approach for PCSS selection under uncertain situation.

The proposed study develops a framework for sorting decisions in PCSS selection by using the hesitant fuzzy technique for order preference by similarity to ideal solution (HF-TOPSIS) method. The maximum consistency (MC) model is used to calculate the weights of decision makers (DMs) based on the cardinality and sequence of decision data.

The proposed framework has been successfully applied and illustrated in the case example of CB01 contract section in Hong Kong-Zhuhai-Macao Bridge (HZMB) megaproject. The results show various complicated decision-making scenarios can be addressed through the proposed approach. The MC model is able to calculate the weights of DMs based on the cardinality and sequence of decision data.

The research contributes to improving accuracy and reliability decision-making processes for PCSS selection, especially under hesitant and fuzzy situations in prefabricated megaprojects.