Mar 2021, Volume 15 Issue 1
    

  • Select all
  • RESEARCH
    Weidong Chen, Xiaohui Yuan

    Financial inclusion has become an important development strategy in many countries, and related research is increasing. Financial inclusion in China has had significant progress recently. It has gradually formed a unique and sustainable development path with supporting policies and regulations as well as rapid development and application of digital technology. While challenges remain, the experience of Chinese financial inclusion provides valuable lessons and research directions for policymakers and researchers.

  • RESEARCH
    Congjia Huo, Guoan Xiao, Lingming Chen

    The pace of aging in China is accelerating, from the introduction of family planning to the liberalization of the two-child policy, with a growing proportion of families in the 4–2-1 structure. With filial piety in mind, most adult children will live with their elderly parents and share income and expenditure. Concurrently, due to the inadequacy of the social security system, a heavy supplementary burden of supporting the elderly has been placed on adult children. Based on data from the 2011, 2013, 2015, and 2017 Chinese Social Survey (CSS) of the Chinese Academy of Social Sciences (CASS), this study analyzes the objective factors affecting household elderly support expenditure using the ordinary least squares (OLS) estimation method. It also examines the crowding-out effect of elderly support expenditure on the consumption of different types of households through a panel generalized method of moments (GMM) approach. Finally, the crowding-out effect of elderly support expenditure is discussed in a sub-sample according to the number of households needing to support the elderly aged 60 and above. The empirical results illustrate that there is a crowding-out effect of elderly support expenditure on household consumption, and the magnitude of the crowding-out effect varies for diverse consumption. Our study reveals that the crowding-out effect of elderly support expenditure on core consumption is the largest in a sample with different numbers of elderly persons in families. The empirical results for the sub-sample show that the larger the elderly population, the stronger the crowding-out effect of elderly support expenditure on core consumption and the less pronounced the effect on marginal consumption.

  • RESEARCH
    Yifan Chen, Limin Yu, Jianhua Gang

    This paper investigates the linkage of returns and volatilities between the United States and Chinese stock markets from January 2010 to March 2020. We use the dynamic conditional correlation (DCC) and asymmetric Baba–Engle–Kraft–Kroner (BEKK) GARCH models to calculate the time-varying correlations of these two markets and examine the return and volatility spillover effects between these two markets. The empirical results show that there are only unidirectional return spillovers from the U.S. stock market to the Chinese stock market. The U.S. stock market has a consistently positive spillover to China’s next day’s morning trading, but its impact on China’s next day’s afternoon trading appears to be insignificant. This finding implies that information in the U.S. stock market impacts the performance of the Chinese stock market differently in distinct semi-day trading. Moreover, with respect to the volatility, there are significant bidirectional spillover effects between these two markets.

  • RESEARCH
    Xiaoqiang Zhi, Zuming Kang

    Using manually collected data on the number and category of critical audit matters (CAMs) in the period 2016–2017, we investigate the hitherto unexplored questions of whether CAMs affect firm-specific crash risk, how CAMs influence crash risk in the Chinese capital market, and recognize CAMs that contain incremental information. Our findings are as follows: (1) Crash risk decreases after implementing the new audit standard requiring the disclosure of CAMs; (2) CAMs release negative information and change the capital market information environment; (3) only corporateidiosyncratic CAMs contain incremental information; (4) crash risk is mitigated only by CAMs disclosed by companies with a high shareholding of institutional investors. The main conclusion of our study is a positive assessment of the new audit standard and of CAMs in terms of protecting the interests of investors and strengthening the stability of the capital market to provide a new perspective for supervising the implementation of the new audit standard.

  • RESEARCH
    Yang Yang, Jianming Yao

    This paper analyzes the key issues of resource integration, and proposes a method for solving the problem of achieving efficient resource integration for convenience service platforms that adopt dynamic service modes. This method considers both the service level of collaborative resources under dynamic service modes, and collaborative resources’ satisfaction of service modes in the resource integration. In addition, dominant factors needing the most attention during resource integration under dynamic service modes are excavated. Moreover, a model for resource integration optimization is established, and ant colony algorithm is used to solve the problem. Finally, a case is used to verify the feasibility of the method.

  • RESEARCH
    Adnan Fateh, Norizah Mustamil, Fakhar Shahzad

    Personality dispositions and their role in inducing employee creative behavior are well documented in the literature. However, much is unexplored about the collective and relative contribution of personality orientations and environmental factors in explaining creative behavior. This study used a framework based on selfdetermination theory (SDT) to measure the combined and relative contribution of personal mastery orientation and authentic leadership in predicting employee creative behavior as mediated by autonomous motivation. A self-reported survey was conducted among software developers working in software houses. The results of the study show that both personal mastery and authentic leadership are significant predictors of employee creative behavior. In addition, autonomous motivation significantly mediates the relationship between personal mastery, authentic leadership, and creative behavior. The findings of the study lend support to the combined effect of personality orientation and environmental factors in predicting employee creative behavior and test the SDT framework’s efficacy in predicting creative behavior.