Wentao Gu

Purpose: Amid China's “Digital China” agenda and mixed findings largely drawn from large firms and digital-native startups, we ground the study in the essence of entrepreneurial innovation (EI) as the fusion of creative innovation and entrepreneurial behavior. We therefore examine ChiNext-listed small and medium-sized enterprises, which best match this nature, to assess whether, how and under what conditions digital transformation (DT) influences EI. We further analyze how these effects vary with internal organizational behavior and management as well as external financing forces in order to clarify mechanisms and boundary conditions and to inform policy and practice. Design/methodology/approach: We develop a context-centered framework to test how DT shapes EI across industry, organizational and social settings, drawing on principal–agent and cognitive theories. Using ChiNext-listed SMEs (2010–2023), we construct NLP-based DT and myopia measures from annual reports, combine them with financial and governance data and estimate firm- and year-fixed-effects panels to test main effects, mediations and venture capital (VC) moderation. Findings: DT lifts EI among ChiNext-listed SMEs, but gains vary by ownership, life cycle, and region. Value arises via governance: equity-based incentives mediate positively, while managerial myopia mediates negatively. VC has a dual, path-dependent role: it amplifies DT’s effect yet can suppress EI, dampen incentives and heighten myopia. Managers should tailor DT and incentives to context, strengthen absorptive capacity and engage long-term-oriented investors so DT translates into sustained, innovation-led performance. Originality/value: Rather than correcting sample bias, we target the DT–EI relationship at its natural locus by aligning the inquiry with EI’s essence and focusing on ChiNext-listed SMEs. We integrate a context-based framework with firm-level governance, identify managerial incentives myopia as internal channels and show heterogeneous moderation by VC, delivering rigorous, replicable evidence and actionable guidance for SME governance in digital markets.

Employing Chinese A-share market data, this study explores how news text and economic policy uncertainty (EPU) can be combined to predict a company’s unanticipated earnings using the XL (extra long) Transformer and long short term memory (LSTM) models. The results show that adding news text features or the EPU index can improve the model’s predictive performance. However, adding the EPU index improves the model prediction performance by a tiny amount. Next, news headlines have better predictive performance relative to news content. Meanwhile, as a supplement to news headlines, news content can further improve predictive performance. Finally, the XL-Transformer model has better predictive performance than the LSTM model, but the improvement in the effect is limited.

The private placement of A-shares gained momentum with the release of the Administrative Measures for Securities Issuance of Listed Companies in 2006. This led to enhanced research on the impact of private placement on stock prices. In 2012, the Chinese government relaxed the requirements for directed issuance of listed companies, resulting in a surge of directed issuance since then. This study uses a sample of listed companies that conducted private placements in the A-share market between 2013 and 2021, to analyze the impact of investor sentiment on stock price differences after private placements from the perspective of short and long-term excess returns. This study constructs the non-main investor sentiment of individual stocks using high-frequency tick data of individual stocks and explores the relationship between this stock price anomaly and investor sentiment using multiple regression analysis. The results show a positive short-term announcement effect of A-share private placements, with the excess return rate occurring mainly before the plan announcement date. The stock price difference from the plan announcement date to ten trading days thereafter has a significantly negative relationship with the excess return rate. Furthermore, investor sentiment in private placements may negatively affect long-term stock performance. This study suggests that this phenomenon is caused by higher investor sentiment pushing stock prices upward in the short term, causing them to deviate from fundamentals, creating mispricing, and then driving them back to fundamentals, with information disclosure. After controlling for the severity of information disclosure, the effect of investor sentiment on long-term stock price performance becomes insignificant.

Purpose: The purpose of this article is to explore the impact of the firm's entrepreneurship for the transformation of circular economy (CE). The role of entrepreneurship is thought to be important for the process of four Rs in the CE, and the authors have tried to study the role and impact path of entrepreneurship in CE.Design/methodology/approach: Empirical data from Chinese listed firms are collected, and a measure of digital technology is constructed by text mining method. Mediation analysis method is used to test the proposed hypothesis.Findings: The results show that the innovation entrepreneurship has a significant positive impact upon the CE and digital technology is playing a mediating role in the impact path. However, the business entrepreneurship is negatively affecting the CE adoption. Also, the proportion of shares hold by the institution has a heterogenous influence for the innovation entrepreneurship.Practical implications: This study guides policy makers about the role of entrepreneurship and the mediating effect of digital technology and to encourage the adoption of CE for firms.Originality/value: This study reveals the mediation effect of digital technology in the impact of entrepreneurship on CE in the emerging market. The heterogeneity of the proportion of shares hold by the institutions is also analyzed in the empirical study.

Based on the data of 22 different countries from 2005 to 2018, this paper mainly studies the influence of entrepreneurship on sustainability, and further explores the influence of Economic Policy Uncertainty (EPU) and the interaction effect between EPU and entrepreneurship on sustainability. The results show that EPU can promote economic, environmental, and social development, the interaction between EPU and green entrepreneurship is beneficial to social development, and the interaction between EPU and non-green entrepreneurship inhibits social development. For the heterogeneity analysis, 22 countries are grouped by high and low Human Development Index (HDI). The empirical results find that EPU has a better performance in low HDI countries than that in high HDI countries. In high HDI countries, the interaction between EPU and green entrepreneurship will weaken the positive effects of green entrepreneurship on the environment.

In this article, a generalized Lévy model is proposed and its parameters are estimated in high-frequency data settings. An infinitesimal generator of Lévy processes is used to study the asymptotic properties of the drift and volatility estimators. They are consistent asymptotically and are independent of other parameters making them better than those in Chen et al. ( 2010 Chen, S. X. , Delaigle, A. , Hall, P. (2010). Nonparametric estimation for a class of Lévy processes. Journal of Econometrics 157:257–271. [Crossref], [Web of Science ®] [Google Scholar] ). The estimators proposed here also have fast convergence rates and are simple to implement.