Financial development is often considered one of the main drivers promoting household consumption. As a form of financial development, whether digital financial inclusion can promote household consumption has been a concern for researchers and policymakers. Considering geographical connectivity characteristics, we examine the effects of digital financial inclusion on household consumption by applying spatial econometric models and using data from 31 provinces in China from 2013 to 2018. The impact of digital financial inclusion is further disaggregated into direct, indirect, and total (...) impacts. The results show that if digital financial inclusion is improved by 1%, household consumption will correspondingly increase by 0.2207%. The spatial spillover effect on neighboring areas is negative: a 1% increase in the level of digital financial inclusion of nearby provinces leads to a 0.1289% decrease in household consumption in the local province. For policymakers, it is necessary to balance the development of digital financial inclusion and view different areas as a whole when making policies to promote consumption. Further analysis based on subsamples finds that the effect of digital financial inclusion on household consumption is more considerable for rural households than for urban households. (shrink)

We assess the extent to which Chinese MBOs of listed corporations enable a balance to be achieved between facilitating growth and supporting the interests of minority shareholders other than the buyout organization. Using novel, hand-collected data from 19 MBOs of listed corporations in China, a matched sample of 19 non-MBOs and the population of listed corporations, we examine the extent to which boards of directors are changed to bring in executive and outside directors with the skills to grow as well (...) as restructure a business. We also examine the extent to which outside directors become involved in actions to develop the business rather than actions related to fostering the interests of all shareholders. We find in fact little evidence that outside board members have the skills to add value to the MBO firms. Boards appear to focus mainly on related-party transactions with some more limited attention to growth strategies. Outside directors do not seem to openly disagree with incumbent managers on the disclosure of their actions but may express their views and exert pressure behind the scenes. (shrink)

Due to extensive product differentiation and the personalized aesthetic needs of consumers, modern enterprises need different expressions of information to attract consumers’ interest and improve their purchase intention. This study draws from the elaboration likelihood model, anchoring theory, and media richness theory to explore how the expression of advertised information can be effectively matched to the product type to enhance consumers’ purchase intention. The mediating effect of information-processing fluency and moderating effect of consumers’ personal involvement on this relationship is also (...) explored. Data from experiments and questionnaires involving 1,292 participants were analyzed. The results show that direct expression of advertised information is more suitable for advertising search products, while metaphorical expressions of advertised information are more suitable for advertising experience products. These combinations of product type and expression of advertised information can effectively improve consumers’ purchase intention. Meanwhile, the main combined effect of the product type and expression of advertised information is mediated by consumers’ information-processing fluency, and moderated by consumers’ personal involvement positively. (shrink)