Joint Impact Research Articles

Joint Impact of Market Volatility and Cryptocurrency Holdings on Corporate Liquidity: A Comparative Analysis of Cryptocurrency Exchanges and Other Firms

This study examines the impact of market volatility and cryptocurrency holdings on corporate liquidity, with a particular focus on the differences between cryptocurrency exchanges and other businesses. The analysis is based on 181 firm-year observations from 2017 to 2022, using Bitcoin volatility, VIX, and VKOSPI as indicators of market volatility. Ordinary Least Squares (OLS) and robust regression analyses are employed to assess the relationships between these variables. It is first noted that, albeit insignificant, market volatility has a detrimental influence on company liquidity. The positive correlation for cryptocurrency exchanges, however, suggests that cryptocurrency exchanges could potentially leverage market volatility as a strategic advantage. Additionally, the study shows that cryptocurrency holdings enhance corporate liquidity, with a stronger association observed in cryptocurrency exchanges. The analysis also incorporates lagged variables to capture delayed effects, confirming that cryptocurrency holdings exert both immediate and delayed positive impacts on liquidity, likely due to effective strategic management practices within exchanges.

Complex nexus: Economic development, rural-to-urban migration, and transition to adulthood in China

Transition to adulthood in low- and middle-come countries (LMIC) has increasingly been diversified and individualized. Economic development and migration are often cited as reasons for diversification but have been analytically examined interactively. To examine the complex linkages between development, migration, and transition to adulthood, we use China data to cover a decade when it has experienced rapid economic development, a large flow of rural-to-urban migration, and changes in the transition to adulthood. Applying the latent class analysis and multinomial logistic regression on the Chinese General Social Survey 2008 and 2017, we obtain three main findings. First, economic development increases the diversification of the transition to adulthood. Second, rural-to-urban migration has a greater impact on the postponement than on other pathways. Third, the joint impact of economic development and migration is not evident: the change do not differ between men and women as well as young adults of different migration experience. These findings collectively imply signs of the diversification of transition to adulthood in China, but also entail the individualization behind it.

A novel framework for assessing the joint and relative impacts of precipitation and groundwater on ecological drought processes in Northwest China

AbstractEcological drought has emerged as a critical research topic within eco‐hydrology, driven by the increased drought risk associated with global warming. This study aims to unravel the hydrological processes driving ecological drought in Northwest China by (1) constructing standardized indices for precipitation, groundwater storage anomaly, and ecological water deficit to detect variation across different hydrological components; (2) developing a framework to assess the joint and relative impacts of precipitation and groundwater variations on ecological drought; and (3) identifying the primary hydrological drivers of ecological drought across different regions. The results indicate that the joint impact of precipitation and groundwater on ecological drought variation dominates approximately 60% of the area, primarily in arid and semi‐arid regions. The average contribution of this joint impact to the alleviation of ecological drought ranges between 0.26 and 0.43 across all seasons. Notably, groundwater scarcity, rather than precipitation variation, is the primary driver of ecological drought in regions such as southern Shaanxi, southeastern Gansu, and southern Qinghai, accounting for 12.7% to 21.8% of the total area. These insights into the complex hydrological processes underlying ecological drought have significant implications for water resource management and ecosystem conservation in drought‐prone regions. This research provides valuable information for mitigating drought impacts and protecting vulnerable ecosystems in Northwest China and similar regions worldwide.

How digital finance and green finance can synergize to improve urban energy use efficiency? New evidence from China

Accelerating the greening and digital transformation of the energy industry to enhance energy efficiency is pivotal for constructing a new energy system. The high-quality development of the energy sector necessitates the support of emerging financial forces. This study utilizes panel data from 279 prefecture-level cities spanning from 2011 to 2021, employing mediation and moderation models to verify the synergistic impact of digital finance and green finance on energy efficiency. Findings indicate that the synergy between digital finance and green finance enhances energy efficiency. Mechanism analysis reveals that this synergy promotes energy efficiency through advancements in green and digital technology innovations. Climate policy uncertainty positively moderates the process by which digital finance and green finance synergistically improve energy efficiency, enhancing the intermediary effects of digital and green technologies. Environmental regulations similarly exert positive moderation on the joint impact of digital finance and green finance on energy efficiency, yet their effects vary heterogeneously, with market-based environmental regulatory tools demonstrating superior policy outcomes. Moreover, the impact of the synergy between digital finance and green finance on energy efficiency exhibits heterogeneity across geographic regions, development timelines, resource endowments, and policy trial effects.

PENGARUH INTELLECTUAL CAPITAL, INVESTMENT OPPORTUNITY SET, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

The purpose of this study is to ascertain intellectual capital, investment opportunity set, also dividend policy on firm value in food and beverage (F&B) sub-sector manufacturing companies registered on the Indonesia Stock Exchange in 2019-2022. The object of this study is manufacturing companies in the F&B sub-sector registered on the Indonesia Stock Exchange in 2019-2022. The sample untilized in this purchase was 18 companies with a research period of 4 years with 72 data processed using purposive sampling techniques. This study employs descriptive statistical analysis methods, also panel data regression analysis. From the outcomes of this study, it was gained that these three variables have a joint impact on the company's value. Meanwhile, intellectual capita, also dividend policies have a negative impact on each. Meanwhile, the investment opportunity set has a positive impact on the company's value

Corporate social initiatives and wealth creation for firms-an empirical examination

Purpose This study aims to examine whether social initiatives adopted by firms lead to improved financial performance. The authors analyse the impact of different elements of social initiatives on wealth creation for firms in terms of operating and market performance. Design/methodology/approach The study is based on the social initiative scores of over 4,500 firms collected from Thomson Reuters' ESG database. The study uses two-stage least squares (2SLS) to analyse the relationship between social initiatives and firm performance. Findings Profitable, mature, capital intensive and firms with high sales growth rate tend to invest more in social initiatives. Firms with high agency costs invest in social initiatives for workforce efficiency, maintaining human rights and product responsibility. The study documents evidence that social investments are value creating mechanism for firms which leads to improved financial performance in terms of operating and stock market performance. Firms with high dividend intensity invest in social initiatives for workforce welfare and human rights initiatives. Investment in employee well-being and community initiatives results in intangible benefits such as improved stock market valuation. Practical implications The research model has not considered the impact of intervening variables to understand the relationship between corporate social performance and corporate financial performance. Social implications Firms ought to recognize that social investment is beneficial in terms of value creation of firms as stock market perceive such investments favourably. Firms must focus more on community development initiatives and workforce initiatives for the value creation of firms compared to investments directed towards human rights initiatives and product responsibility initiatives. Originality/value This study focusses exclusively on the social dimension of the CSR activities. The authors examine the impact of social welfare scores on firm performance by analysing the valuation effects on scores representing workforce, human rights, community and product responsibility. Moreover, the paper also examines the impact of a new dimension of product responsibility on firm performance. They also focus on both aspects of financial performance in terms of operating performance (proxied by ROE) and the joint impact of both operating and market performance (proxied by Tobin’s Q). This paper contributes to the research on the linkage of social performance to financial performance by observing that firms with high agency cost characteristics tend to invest in social initiatives for work force efficiency, maintaining human rights and product responsibility.

Effect of joint behaviors on the load-carrying capacity of single-layer reticulated dome

The majority of previous studies have primarily focused on the impact of nodal deviation or joint’s strong axis bending stiffness of semi-rigid single-layer reticulated shell, ignoring the effect of other kinds of joint stiffness and its interaction with joint size and nodal deviation. Therefore, the single-layer reticulated dome considering all kinds of joint stiffness and joint size is established initially. Subsequently, a comprehensive investigation is conducted to analyze the effect of all types of joint stiffness of improved bolt-column (IBC) joints, as well as joint size and nodl deviation, on the load-carrying capacity of dome. Finally, the coupling effect among these factors on the mechanical performance of dome is also determined. The main conclusions obtained are presented as follows: (I) the axial stiffness of the IBC joint significantly influences the load-carrying capacity of single-layer reticulated dome, resulting in an average decline ratio of 27 %; however, the other types of joint stiffness have a negligible impact, with an average effect of only 1 %. Moreover, the limit load of the dome considering practical stiffness of IBC joint can achieve the 61 % of that of rigid dome; (II) rigidly joined domes with nodal deviations of S/300, S/600, S/900, S/1200 and S/1500 exhibit decline ratios of 0.57, 0.47, 0.41, 0.37 and 0.34, respectively, in load-carrying capacity compared to perfect domes. Moreover, when considering the coupling effect of joint stiffness, joint size and nodal deviation on the load-carrying capacity of the domes, these nodal deviations affect the capacity by 0.65, 0.57, 0.52, 0.49 and 0.46.

Exploring the Sequential Relationship of a Leader’s Collective Leadership Style and the Team’s Shared Leadership: The Moderating Role of Gender

In this study, we explore the relationship between a team’s shared leadership and a formal leader’s collective leadership style, and their joint impact on team performance. We draw upon identity theory to examine how shared leadership in the team influences formal leaders’ leadership identity claims. We also examine how a formal leader’s use of a collective leadership style facilitates the claiming and granting of leadership identities by other team members. We also draw on role congruity theory and the social categorization perspective to examine the moderating role of gender, a critical component of identity. Our findings suggest that there is a mutual relationship between the formal leader’s collective leadership style and the team’s shared leadership, and that they jointly influence team performance, but these effects are contingent on the formal leader’s gender and the gender composition of the team. This study addresses several calls in the leadership field for examining the more nuanced ways shared leadership and the actions of a formal leader may influence each other, as well as the contextual conditions in which shared leadership is enacted.

Impact of carbon quota policy on clean energy investment strategies with financial constraints

The actions of electricity enterprises investing in clean energy are mainly affected by national policies and financial constraints. However, their joint impact on corporate decision-making for clean energy investment (CEI) is unclear. This study develops a game model to study the impact of carbon quota policies on corporate decision-making under financial constraints, including the grandfathering quota policy and benchmarking quota policy. A series of interesting conclusions were obtained. (1) With the goal of CEI, irrespective of financial constraints, the benchmarking quota policy is the best option. (2) With total carbon emissions (TCEs), consumer surplus, or enterprise profit as the goal, financial constraints will have an impact on optimal carbon quota policies. (3) In addition to TCEs, an increase in the financial constraints cap will enhance CEI, consumer surplus, and enterprise profit. These conclusions provide new insights for government policy-making and business decision-making, requiring comprehensive consideration of financial constraints.

Seafarer competency analysis: Data-driven model in restricted waters using Bayesian networks

Despite the efforts of maritime authorities to enhance seafarer competencies through the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), human error remains a leading cause of maritime accidents. To thoroughly investigate the impact of various human errors among seafarers on accidents, this paper aims to examine the relationships between seafarer competencies and maritime accidents using a data-driven approach from the perspective of bridge resource management (BRM). Through analysis of historical maritime accident reports, the dataset of seafarer competencies associated with maritime accidents is established. The least absolute shrinkage and selection operator (LASSO) method is employed to identify the critical seafarer competencies for accident prevention. Then, a data-driven Bayesian Network (BN) model, based on a Tree Augmented Naive Bayes (TAN) method, is constructed to reveal the relationship between seafarer competencies and accident types, which are validated by sensitivity analysis and case study. The results indicate that the key seafarer competencies for all maritime accidents are ‘Maneuvers’, ‘Amend/maintain ship course’, ‘Decision making’, ‘Cognitive capacity’, ‘Information’, ‘Procedure operations’, ‘Situational awareness’ and ‘Communication’. Moreover, the study underscores the importance of leveraging lessons learned from past accidents to mitigate risks and ensure safe maritime operations. The findings contribute to a deeper understanding of the dynamics between seafarer competencies and accident types, unveiling the joint impact of different seafarer competencies on maritime accidents. This perspective offers valuable insights for maritime authorities in strengthening maritime safety regulations.

Evaluating planning and operational policies for urban public electric vehicle charging infrastructure

It is expected that public electric vehicle charging demands will gradually increase in Korea. In this study, we propose a macroscopic indicator of the level of service (LOS) of urban public fast charging infrastructure to quantitively evaluate the joint impacts of possible planning and operational policies on it. The indicator is defined as the reliability-based capacity, the number of electric vehicles that can be charged within the maximum targeted weighted delay between wait and detour. We consider three combinable policies: changing the distribution of chargers in the planning stage; assigning the optimal charging station to each charging event in real-time and evenly distributing daily charging demands in the operational phase. For multiple policy combinations and various demand cases, we compare their LOS levels, calculated by Monte Carlo simulations that can efficiently address the complex joint impact of stochastic demands. The simulation experiments are designed to explicitly discover the impacts of policies along with varying charging demands. The results show that certain combinations of proposed policies can effectively and efficiently improve LOS.

Significant contribution of internal variability to recent Barents–Kara sea ice loss in winter

The Arctic has experienced a rapid sea ice loss in the Barents and Kara Seas in winter over the satellite era. Such sea ice loss has been modulated by anthropogenic forcing and internal variability, but a precise estimate of their relative contribution remains unclear. Here, using large ensemble simulations and machine-learning techniques, we successfully reproduce wintertime Barents-Kara sea ice trends as the joint impact of anthropogenic and internal variability components. Over the whole satellite period, anthropogenic forcing contributes about 70% to the Barents-Kara sea ice loss, with internal variability contributing to the remainder. However, internal variability is more important in explaining varying sea ice trends over shorter periods (~20 years), including the accelerated sea ice loss up to 2017, consistent with an extreme, unforced atmospheric circulation dipole trend in the Euro-Atlantic sector. Overall, this study highlights that internal variability plays a more important role in shaping recent winter Arctic sea ice loss than previously thought, and has implications for Arctic sea ice projections and the use of machine learning methods in future attribution studies.

Quantum chaotic features of the spin-orbit coupled excitons in disordered two-dimensional insulators.

We study the synergy between disorder (phenomenologically modeled by the introduction of Riesz fractional derivative in the corresponding Schrödinger equation) and spin-orbit coupling (SOC) on the exciton spectra in two-dimensional (2D) semiconductor structures. We demonstrate that the joint impact of "fractionality" and SOC considerably modifies the spectrum of corresponding "ordinary" (i.e., without fractional derivatives) hydrogenic problem, leading to the non-Poissonian statistics of the adjacent level distance distribution. The latter fact is strong evidence of the possible emergence of quantum chaotic features in the system. Using analytical and numerical arguments, we discuss the possibilities to control the above chaotic features using the synergy of SOC, Coulomb interaction, and "fractionality," characterized by the Lévy index μ.

Establishing buyer-supplier self-organization through LSP brokered learning and information technologies: The effects on relational performance in logistic service triads

Logistics service providers (LSPs) can have a profound impact on other companies operating in supply chains. To investigate the role of LSP, we propose and develop the concept of brokered LSP learning (i.e., supply chain learning run by the LSP) as exploitation and exploration practices imposed by the single actor to run organizational learning among supply chain actors. The research examines how supply chain learning run by the LSP affects self-organization of the buyer-supplier dyad and triadic relational performance. Our results provide insight into whether LSP-brokered learning alone is sufficient to improve triadic relational performance. The study shows that LSP-brokered learning, supported by decentralized technologies, has a positive effect on buyer-supplier self-organization. As a resulting effect, the study also operationalizes triadic relational performance composed of the joint impact of relational performances produced by three dyads in the logistics service triads, which can be improved by buyer-supplier self-organization.

CATRO: Channel Pruning via Class-Aware Trace Ratio Optimization.

Deep convolutional neural networks are shown to be overkill with high parametric and computational redundancy in many application scenarios, and an increasing number of works have explored model pruning to obtain lightweight and efficient networks. However, most existing pruning approaches are driven by empirical heuristics and rarely consider the joint impact of channels, leading to unguaranteed and suboptimal performance. In this article, we propose a novel channel pruning method via c lass-aware t race r atio o ptimization (CATRO) to reduce the computational burden and accelerate the model inference. Utilizing class information from a few samples, CATRO measures the joint impact of multiple channels by feature space discriminations and consolidates the layerwise impact of preserved channels. By formulating channel pruning as a submodular set function maximization problem, CATRO solves it efficiently via a two-stage greedy iterative optimization procedure. More importantly, we present theoretical justifications on convergence of CATRO and performance of pruned networks. Experimental results demonstrate that CATRO achieves higher accuracy with similar computation cost or lower computation cost with similar accuracy than other state-of-the-art channel pruning algorithms. In addition, because of its class-aware property, CATRO is suitable to prune efficient networks adaptively for various classification subtasks, enhancing handy deployment and usage of deep networks in real-world applications.

Power distance, legal protection of intellectual property rights and corporate R&D human resources

Existing studies have mainly investigated the pairwise relationship between culture, intellectual property rights (IPR) protection, and enterprises' innovation input. This paper links culture and IPR law to study their joint impact on enterprises' innovation human input. Based on the panel data of Chinese listed companies in Shanghai and Shenzhen Stock Exchange, studying a specific cultural dimension (i.e., power distance) and its influence with legal protection of IPR on corporate research and development (R&D) human resources (defined in terms of scale and efficiency). Power distance is negatively related to the R&D human resources scale and positively related to their efficiency. This is because power distance affects the R&D personnel's job satisfaction and turnover rate. Relaxed IPR legal environment is not conducive to expanding the scale of R&D human resources. Because the vital interests of R&D personnel are not legally protected, and the turnover cost is reduced. There is an interaction between Power Distance and Legal Protection of IPR, which can moderate relationship between Power Distance and R&D Human Resources Scale. Weak Legal Protection of IPR may enhance the positive correlation between Power Distance and R&D Efficiency. Enterprises should take corresponding measures to enhance their ability of independent innovation and R&D human resource management in culture, IPR protection, and human resources management.

Contribution of ankle motion pattern during landing to reduce the knee-related injury risk

BackgroundSingle-leg landing (SL) is an essential technique in sports such as basketball, soccer, and volleyball, which is often associated with a high risk of knee-related injury. The ankle motion pattern plays a crucial role in absorbing the load shocks during SL, but the effect on the knee joint is not yet clear. This work aims to explore the effects of different ankle plantarflexion angles during SL on the risk of knee-related injury. MethodsThirty healthy male subjects were recruited to perform SL biomechanics tests, and one standard subject was selected to develop the finite element model of foot-ankle-knee integration. The joint impact force was used to evaluate the impact loads on the knee at various landing angles. The internal load forces (musculoskeletal modeling) and stress (finite element analysis) around the knee joint were simulated and calculated to evaluate the risk of knee-related injury during SL. To more realistically revert and simulate the anterior cruciate ligament (ACL) injury mechanics, we developed a knee musculoskeletal model that reverts the ACL ligament to a nonlinear short-term viscoelastic mechanical mechanism (strain rate-dependent) generated by the dense connective tissue as a function of strain. ResultsAs the ankle plantarflexion angle increased during landing, both the peak knee vertical impact force (p = 0.001) and ACL force (p = 0.001) decreased significantly. The maximum von Mises stress of ACL, meniscus, and femoral cartilage decreased as the ankle plantarflexion angle increased. The overall range of variation in ACL stress was small and was mainly distributed in the femoral and tibial attachment regions, as well as in the mid-lateral region. ConclusionThe current findings revealed that the use of larger ankle plantarflexion angles during landing may be an effective solution to reduce knee impact load and the risk of rupture of the medial femoral attachment area in the ACL. The findings of this study have the potential to offer novel perspectives in the optimized application of landing strategies, thus giving crucial theoretical backing for decreasing the risk of knee-related injury.

Entrepreneur Characteristics, Human Capital Diversity and Access to Debt Financing Among SMEs: Moderating Effect of Academic Qualification and Social Networks

The purpose of the study was to investigate entrepreneur characteristics and human capital diversity as determinants of debt financing among micro, small, and medium enterprises. Additionally, the moderating effect of academic qualification and social networks is ascertained. Drawing on a diverse sample from various micro, small and medium enterprises in Ghana, the research employs a cross-sectional quantitative survey design. The findings reveal significant positive relationships between entrepreneurial characteristics, human capital diversity, and access to debt financing. Additionally, academic qualifications demonstrate an interactive effect, enhancing the joint impact of entrepreneurial characteristics and human capital diversity on financial access. Social networks emerge as influential moderators, accentuating the importance of external relationships in shaping access to debt financing for entrepreneurs. The study contributes to a nuanced understanding of the factors influencing SMEs' financial outcomes and offers actionable insights for entrepreneurs, policymakers, and financial institutions.

Interaction effects of market-based and incentive-driven low-carbon policies on carbon emissions

It is imperative to address global climate change through the formulation and implementation of low-carbon policies. While existing research predominantly analyzes individual policy impacts, this research adopts a Propensity Score Matching (PSM)-weighted Difference-in-Differences (DID) strategy, integrated with an innovative policy-matching methodology, to systematically examine the interaction effects between market-based constraint low-carbon policies and incentive-driven guiding low-carbon policies. The empirical findings underscore substantial positive interaction effects resulting from the combined implementation of these policy types. Even after meticulous control for the individual policies, the amalgamation yields a notable additional emission reduction effect of 0.0571%. This effect further intensifies, reaching 0.132%, when exclusively considering the joint impact of these policies, while robustness is maintained across varied weighting schemes. Moreover, the study elucidates the pivotal role of green innovation as a complete mediator in this synergy, with industrial restructure contributing 18.49% to the overall mediation effect. Despite the ostensibly weak constraints imposed by Low-Carbon City Pilots, the confluence of policies significantly amplifies the emission reduction effects of the Emission Trading Scheme and bolsters the impetus for green innovation. Ultimately, this study not only advances collaborative perspectives on policy effect identification but also offers valuable insights into the combined efficacy of diverse low-carbon policies.

The joint impact of PM2.5 constituents on the risk of cerebrovascular diseases hospitalization: A large community-based cohort study

Air pollution poses significant health risks to urban areas, with limited focus on the chronic association of PM2.5 and its constituents on cerebrovascular diseases (CERs), especially regarding the joint associations. This study explores the individual and joint associations between PM2.5 constituents and CER hospitalization risks through a cohort analysis of 36,271 adults in the Pearl River Delta, South China, from 2015 to 2020. Cox proportional hazards regression and quantile-based g-computation models were used to quantify the individual and joint associations of annual mean concentrations of PM2.5 constituents with hospitalization for CERs. 1151 participants were hospitalized due to CERs during the five-year follow-up period. Joint associations analyses identified that one quartile increase in co-exposure may result in hazard ratios of 1.530 (1.441–1.623), 1.840 (1.710–1.980), and 1.609 (1.491–1.737) for CERs, total, and ischemic stroke hospitalization, respectively. The adverse effect was primarily driven by organic matter and chlorine. Men, those with a history of tobacco or alcohol use or with low residential greenness, were more susceptible to CERs hospitalization following PM2.5 constituents co-exposure. Upcoming strategies should focus on monitoring and regulating PM2.5 constituents, encouraging healthy lifestyles, and enhancing urban greenery.