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28 pages, 1524 KiB  
Article
Digital Transformation and Competitive Advantage in Manufacturing: The Role of Business Model Innovation
by Shanqiang Zheng and Yaodong Zhou
Economies 2025, 13(7), 209; https://doi.org/10.3390/economies13070209 - 20 Jul 2025
Viewed by 378
Abstract
In the era of the digital economy, how digital transformation (DT) contributes to economic development has become a topic of growing interest. This study focuses on business model innovation (BMI) driven by DT in the manufacturing sector. From this perspective, we aim to [...] Read more.
In the era of the digital economy, how digital transformation (DT) contributes to economic development has become a topic of growing interest. This study focuses on business model innovation (BMI) driven by DT in the manufacturing sector. From this perspective, we aim to explore how DT can reshape the fundamental connotation of economic development. To this end, we construct a mathematical model grounded in a Multi-Structural Economic System framework and employ econometric models focusing on fixed effects, mediation effects, and moderation effects. We also compile a panel dataset using data from China spanning from 2008 to 2024. The empirical findings reveal that BMI serves as a mediation mechanism between the DT and competitive advantage (CA) of manufacturing enterprises. However, competitive imitation of BMI by peer enterprises partially offsets this effect, weakening the relationship between DT and enhanced CA. These findings offer evidence-based insights into the role of BMI in the digital era. For policymakers and industry regulators, this study provides practical implications for promoting knowledge spillovers from BMI, thereby fostering market dynamism and enabling structural transformation in the manufacturing industry. Full article
(This article belongs to the Special Issue Economic Development in the Digital Economy Era)
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30 pages, 435 KiB  
Review
Vaccination as a Game: Behavioural Dynamics, Network Effects, and Policy Levers—A Comprehensive Review
by Pedro H. T. Schimit, Abimael R. Sergio and Marco A. R. Fontoura
Mathematics 2025, 13(14), 2242; https://doi.org/10.3390/math13142242 - 10 Jul 2025
Viewed by 438
Abstract
Classical epidemic models treat vaccine uptake as an exogenous parameter, yet real-world coverage emerges from strategic choices made by individuals facing uncertain risks. During the last two decades, vaccination games, which combine epidemic dynamics with game theory, behavioural economics, and network science, have [...] Read more.
Classical epidemic models treat vaccine uptake as an exogenous parameter, yet real-world coverage emerges from strategic choices made by individuals facing uncertain risks. During the last two decades, vaccination games, which combine epidemic dynamics with game theory, behavioural economics, and network science, have become a very important tool for analysing this problem. Here, we synthesise more than 80 theoretical, computational, and empirical studies to clarify how population structure, psychological perception, pathogen complexity, and policy incentives interact to determine vaccination equilibria and epidemic outcomes. Papers are organised along five methodological axes: (i) population topology (well-mixed, static and evolving networks, multilayer systems); (ii) decision heuristics (risk assessment, imitation, prospect theory, memory); (iii) additional processes (information diffusion, non-pharmacological interventions, treatment, quarantine); (iv) policy levers (subsidies, penalties, mandates, communication); and (v) pathogen complexity (multi-strain, zoonotic reservoirs). Common findings across these studies are that voluntary vaccination is almost always sub-optimal; feedback between incidence and behaviour can generate oscillatory outbreaks; local network correlations amplify free-riding but enable cost-effective targeted mandates; psychological distortions such as probability weighting and omission bias materially shift equilibria; and mixed interventions (e.g., quarantine + vaccination) create dual dilemmas that may offset one another. Moreover, empirical work surveys, laboratory games, and field data confirm peer influence and prosocial motives, yet comprehensive model validation remains rare. Bridging the gap between stylised theory and operational policy will require data-driven calibration, scalable multilayer solvers, and explicit modelling of economic and psychological heterogeneity. This review offers a structured roadmap for future research on adaptive vaccination strategies in an increasingly connected and information-rich world. Full article
(This article belongs to the Special Issue Mathematical Epidemiology and Evolutionary Games)
24 pages, 1196 KiB  
Article
Playing with Numbers: The Social and Behavioural Impacts of Using a Card Game to Teach Business Metrics
by Ruth Smith and Elaine Conway
Behav. Sci. 2025, 15(6), 761; https://doi.org/10.3390/bs15060761 - 1 Jun 2025
Viewed by 768
Abstract
This study investigated the social and behavioural impacts of employing a card game designed to support the teaching of business metrics through active peer-to-peer engagement, contrasting with traditional passive lectures. Grounded in Bandura’s Social Learning Theory (SLT), the study used a multiple-methods approach [...] Read more.
This study investigated the social and behavioural impacts of employing a card game designed to support the teaching of business metrics through active peer-to-peer engagement, contrasting with traditional passive lectures. Grounded in Bandura’s Social Learning Theory (SLT), the study used a multiple-methods approach including student feedback, a focus group, and an interview. A novel card game, Metrics Masters©, was played by 390 students across a range of educational levels and settings. The research found that the game effectively introduced and reinforced their understanding of key business metrics, while simultaneously enhancing social interaction, teamwork, and problem-solving among Millennial and Generation Z students. The findings underline the efficacy of game-based learning and its close alignment with the SLT principles of observation, imitation, and social interaction. The theoretical contribution of this paper lies in its explicit application and extension of SLT within the context of business education, illustrating empirically how social interactions facilitated by game-based activities significantly enhance learning outcomes. Furthermore, this paper contributes to educational practice by providing robust evidence that game-based learning methods can effectively address educational challenges heightened by the COVID-19 pandemic, offering actionable strategies for educators aiming to foster both academic and social development among students. Full article
(This article belongs to the Special Issue Benefits of Game-Based Learning)
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16 pages, 3019 KiB  
Article
Linguistic and Communicative Diversity in Inclusive Settings—Effects, Challenges, and Opportunities
by Ulrich Stitzinger
Educ. Sci. 2025, 15(2), 157; https://doi.org/10.3390/educsci15020157 - 27 Jan 2025
Viewed by 1167
Abstract
Diversity is understood as a significant advantage for inclusive learning. However, the questions of whether linguistic and communicative diversity in the classroom is truly beneficial and whether mutually linguistic support is effective between students with and without language impairments have not yet been [...] Read more.
Diversity is understood as a significant advantage for inclusive learning. However, the questions of whether linguistic and communicative diversity in the classroom is truly beneficial and whether mutually linguistic support is effective between students with and without language impairments have not yet been answered comprehensively. Therefore, within the research project ‘LINUS—Learners in Inclusive Settings’, interactions between children (n = 48; aged 6 y 7 m to 7 y 7 m) in dyads in primary school were videotaped and micro-sequentially analyzed. The pairs of children were engaged in a 15 min playful framework within a quasi-experimental design. Based on quantitative language corpus analyses, the occurrence of linguistic elements was compared between pairs of children with (a) typical age-appropriate language acquisition, (b) developmental language disorders, and (c) heterogeneous settings with respect to backgrounds of language acquisition. Additionally, quantitative coding was used to analyze how often linguistic elements were productively imitated from one child to the other in different peer settings. The results show that there is a higher potential for mutually motivated communication and more resources for linguistic support in mixed dyads. From this study, specific principles for teachers and students can be drawn to foster linguistic support between children in the context of diversity. Full article
(This article belongs to the Special Issue Cultivating Inclusive Classrooms: Practices in Special Education)
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21 pages, 710 KiB  
Article
The Peer Effects of Residents’ Carbon Emission Behavior: An Empirical Analysis in China
by Congxian He, Ruiqing Shi and Huwei Wen
Sustainability 2024, 16(21), 9300; https://doi.org/10.3390/su16219300 - 25 Oct 2024
Cited by 2 | Viewed by 1675
Abstract
The responsible low-carbon behavior of household residents is a crucial factor for the purpose of achieving carbon neutrality in the economy and society. Based on the peer effects theory, this study constructs a fixed-effects model to empirically analyze the existence, heterogeneity, and action [...] Read more.
The responsible low-carbon behavior of household residents is a crucial factor for the purpose of achieving carbon neutrality in the economy and society. Based on the peer effects theory, this study constructs a fixed-effects model to empirically analyze the existence, heterogeneity, and action mechanism of peer effects in household carbon emission behavior, which uses panel data from the China Household Finance Survey (CHFS). The results indicate that peer effects have a significantly positive impact on residents’ carbon emission behavior, and the results are verified by the robustness test in various ways. Further mechanism tests show that peer effects influence carbon emission behavior through methods including the learning imitation mechanism and competitive imitation mechanism. In addition, we find that peer effects have different impacts on residents’ carbon emission behavior in varying regions, income levels, education levels, and ages groups. This study aims to embed residents’ carbon emission behavior into the strong relationship between surrounding groups, raise consumers low-carbon awareness through publicity, guidance, and group interaction, form a low-carbon atmosphere for the whole society, and contribute to the realization of Sustainable Development Goals. Full article
(This article belongs to the Section Sustainable Urban and Rural Development)
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17 pages, 5518 KiB  
Article
Robustness and Scalability of Incomplete Virtual Pheromone Maps for Stigmergic Collective Exploration
by Kaloyan Dimitrov and Vladimir Hristov
Processes 2024, 12(10), 2122; https://doi.org/10.3390/pr12102122 - 29 Sep 2024
Viewed by 1016
Abstract
The Swarm Guiding and Communication System (SGCS) is a decision-making and information-sharing framework for robot swarms that only needs close-range peer-to-peer communication and no centralized control. Each robot makes decisions based on an incomplete virtual pheromone map that is updated on each interaction [...] Read more.
The Swarm Guiding and Communication System (SGCS) is a decision-making and information-sharing framework for robot swarms that only needs close-range peer-to-peer communication and no centralized control. Each robot makes decisions based on an incomplete virtual pheromone map that is updated on each interaction with another robot, imitating ant colonial behavior. Similar systems rely on continuous communication with no range limitations, environment modification, or centralized control. A computer simulation is developed to assess the effectiveness and robustness of the framework in covering an area. Consistency and the time needed for 99% coverage are compared with an unbiased random walk. The pheromone approach is shown to outperfom the unbiased one regardless of number of agents. Innate resilience to individual failures is also demonstrated. Full article
(This article belongs to the Special Issue Challenges and Advances of Process Control Systems)
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19 pages, 1303 KiB  
Article
Learn from Whom? An Empirical Study of Enterprise Digital Mimetic Isomorphism under the Institutional Environment
by Ying Chen, Haiyan Ma and Tianyi Zhou
Economies 2024, 12(9), 243; https://doi.org/10.3390/economies12090243 - 11 Sep 2024
Cited by 2 | Viewed by 2040
Abstract
The digital economy is a prevailing trend in global development, yet traditional firms still face challenges in digital transformation. Under institutional pressure, firms might imitate the digital strategy of their peers to mitigate these issues; there is still a lack of empirical research [...] Read more.
The digital economy is a prevailing trend in global development, yet traditional firms still face challenges in digital transformation. Under institutional pressure, firms might imitate the digital strategy of their peers to mitigate these issues; there is still a lack of empirical research to support this. Therefore, this study, drawing on new institutional theory, focuses on investigating whether and how the institutional environment influences companies in embracing digital transformation in the digital economy era. We employ generalized least squares (GLS) regression models on a sample of 2862 non-IT listed firms in China from 2012 to 2020. In addition, we conduct a series of robustness checks. The results show that firms’ mimetic isomorphism of digital transformation is related to the institutional environment. Specifically, both industrial digitalization and regional digitalization promote digital mimetic isomorphism independently; their interaction is positively related to the digital mimetic isomorphism of successful firms but negatively related to similar firms. The results provide empirical evidence for non-IT firms to converge upwards in digital transformation and achieve high-quality development. Full article
(This article belongs to the Special Issue Economic Development in the Digital Economy Era)
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14 pages, 511 KiB  
Systematic Review
The Efficacy of Music Therapy Programs on the Development of Social Communication in Children with Autism Spectrum Disorder: A Systematic Review
by Athina Tsirigoti and Maria Georgiadi
Educ. Sci. 2024, 14(4), 373; https://doi.org/10.3390/educsci14040373 - 4 Apr 2024
Cited by 4 | Viewed by 11004
Abstract
Autism spectrum disorder (ASD) in children is characterized by difficulties in social communication and restricted repetitive behavior patterns. Music therapy appears to have beneficial effects in the area of social interaction and communication. The aim of this systematic literature review is to investigate [...] Read more.
Autism spectrum disorder (ASD) in children is characterized by difficulties in social communication and restricted repetitive behavior patterns. Music therapy appears to have beneficial effects in the area of social interaction and communication. The aim of this systematic literature review is to investigate the effectiveness of music therapy programs on the development of social communication among preschool- and school-aged children with ASD. For this purpose, a detailed study of the relevant literature that has been published in the last decade in peer-reviewed scientific journals was conducted. Web of Science, Springer Link, PsyINFO, and ERIC databases were searched, and according to the eligibility and exclusion criteria, 12 studies were finally selected from the 167 initially found. From the analysis of the results, the following categories were defined to contribute to enhancing social communication: (a) improvisational music therapy; (b) joint attention and eye contact; (c) therapeutic relationship, synchronization, and attunement; (d) imitation; (e) understanding and interaction; (f) family-centered music therapy; and (g) language and socioemotional adjustment. The results of the review were mixed, as music therapy appeared to have a positive effect on improving the social communication of children with ASD, but a general conclusion could not be drawn about the degree of its effectiveness compared to the standard treatments that children usually receive. In the future, further research in this field, especially on the improvisational music Therapy technique, is recommended. Moreover, an increased focus on the development of a common methodological practice regarding the sample selection process and measurement tools is suggested. Full article
(This article belongs to the Section Special and Inclusive Education)
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16 pages, 494 KiB  
Review
Educational Robots, Emotion Recognition and ASD: New Horizon in Special Education
by Fabrizio Schiavo, Lucia Campitiello, Michele Domenico Todino and Pio Alfredo Di Tore
Educ. Sci. 2024, 14(3), 258; https://doi.org/10.3390/educsci14030258 - 1 Mar 2024
Cited by 13 | Viewed by 6243
Abstract
Technology has always represented the key to human progress. It is believed that the use of supportive technological mediators can facilitate teaching/learning processes and enable everyone to learn how to critically manage technology without being its slave or passive user while contributing to [...] Read more.
Technology has always represented the key to human progress. It is believed that the use of supportive technological mediators can facilitate teaching/learning processes and enable everyone to learn how to critically manage technology without being its slave or passive user while contributing to the collective well-being. Educational robotics is a new frontier for learning that can offer numerous benefits to students. The use of robots can offer the possibility of creating inclusive educational settings in which all students, regardless of their abilities or disabilities, can participate meaningfully. The article proposes an analysis of the evidence obtained from a systematic literature review with reference to general educational robotics and social robotics for emotion recognition. Finally, as a practical implementation of an educational robotic intervention on emotion recognition, the “Emorobot Project” as part of the EU-funded “Ecosystem of Innovation—Technopole of Rome” Project in NextGenerationEU will be presented. The project’s aim is to foster the development of social skills in children with autism spectrum disorders through the creation of an open-source social robot that can recognize emotions. The project is intended to provide teachers with a supportive tool that allows them to design individual activities and later extend the activity to classmates. An educational robot can be used as a social mediator, a playmate during the learning phase that can help students develop social skills, build peer connection, reduce social isolation—one of the main difficulties of this disorder—and foster motivation and the acquisition of interpersonal skills through interaction and imitation. This can help ensure that all students have access to quality education and that no one is left behind. Full article
(This article belongs to the Special Issue The "Gentle Push" of Technologies to Change the School)
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22 pages, 3818 KiB  
Article
Autism-Related Differences in Cortical Activation When Observing, Producing, and Imitating Communicative Gestures: An fNIRS Study
by Wan-Chun Su, McKenzie Culotta, Jessica Mueller, Daisuke Tsuzuki and Anjana N. Bhat
Brain Sci. 2023, 13(9), 1284; https://doi.org/10.3390/brainsci13091284 - 4 Sep 2023
Cited by 2 | Viewed by 2669
Abstract
Children with autism spectrum disorder (ASD) have difficulties in gestural communication during social interactions. However, the neural mechanisms involved in naturalistic gestural communication remain poorly understood. In this study, cortical activation patterns associated with gestural communication were examined in thirty-two children with and [...] Read more.
Children with autism spectrum disorder (ASD) have difficulties in gestural communication during social interactions. However, the neural mechanisms involved in naturalistic gestural communication remain poorly understood. In this study, cortical activation patterns associated with gestural communication were examined in thirty-two children with and without ASD (mean age: 11.0 years, SE: 0.6 years). Functional near-infrared spectroscopy (fNIRS) was used to record cortical activation while children produced, observed, or imitated communicative gestures. Children with ASD demonstrated more spatial and temporal errors when performing and imitating communicative gestures. Although both typically developing (TD) children and children with ASD showed left-lateralized cortical activation during gesture production, children with ASD showed hyperactivation in the middle/inferior frontal gyrus (MIFG) during observation and imitation, and hypoactivation in the middle/superior temporal gyrus (MSTG) during gesture production compared to their TD peers. More importantly, children with ASD exhibited greater MSTG activation during imitation than during gesture production, suggesting that imitation could be an effective intervention strategy to engage cortical regions crucial for processing and producing gestures. Our study provides valuable insights into the neural mechanisms underlying gestural communication difficulties in ASD, while also identifying potential neurobiomarkers that could serve as objective measures for evaluating intervention effectiveness in children with ASD. Full article
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14 pages, 3767 KiB  
Communication
Current Perspective of Metaverse Application in Medical Education, Research and Patient Care
by Irene Suh, Tess McKinney and Ka-Chun Siu
Virtual Worlds 2023, 2(2), 115-128; https://doi.org/10.3390/virtualworlds2020007 - 18 Apr 2023
Cited by 45 | Viewed by 10539
Abstract
As virtual and augmented reality simulation technologies advance, the use of such technologies in medicine is widespread. The advanced virtual and augmented systems coupled with a complex interactive, immersive environment create a metaverse. The metaverse enables us to connect with others in a [...] Read more.
As virtual and augmented reality simulation technologies advance, the use of such technologies in medicine is widespread. The advanced virtual and augmented systems coupled with a complex interactive, immersive environment create a metaverse. The metaverse enables us to connect with others in a virtual world free of spatial restrictions and time constraints. In the educational aspect, it allows collaboration among peers and educators in an immersive 3D environment that can imitate the actual classroom setting with learning tools. Metaverse technology enables visualization of virtual 3D structures, facilitates collaboration and small group activities, improves mentor–mentee interactions, provides opportunities for self-directed learning experiences, and helps develop teamwork skills. The metaverse will be adapted rapidly in healthcare, boost digitalization, and grow in use in surgical procedures and medical education. The potential advantages of using the metaverse in diagnosing and treating patients are tremendous. This perspective paper provides the current state of technology in the medical field and proposes potential research directions to harness the benefits of the metaverse in medical education, research, and patient care. It aims to spark interest and discussion in the application of metaverse technology in healthcare and inspire further research in this area. Full article
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20 pages, 1723 KiB  
Article
Imitating the Robots: Measuring Memory Flexibility with Monolingual and Bilingual Preschoolers
by Joscelin Rocha-Hidalgo, Sylvia N. Rusnak, Olivia A. Blanchfield, Sharanya Suresh, Lily Tahmassebi, Hadley Greenwood, Kimberly Chanchavac and Rachel Barr
Languages 2022, 7(4), 268; https://doi.org/10.3390/languages7040268 - 21 Oct 2022
Viewed by 2553
Abstract
Millions of children in the United States are growing up hearing multiple languages. Memory flexibility is the ability to apply information from a past experience to future situations that are perceptually different from the initial learning experience and differs between monolinguals and bilinguals [...] Read more.
Millions of children in the United States are growing up hearing multiple languages. Memory flexibility is the ability to apply information from a past experience to future situations that are perceptually different from the initial learning experience and differs between monolinguals and bilinguals during infancy. We use a new, non-verbal object sequencing imitation task (OSI) to measure memory flexibility changes in monolingual and bilingual preschoolers. In the OSI task, children imitate target actions to produce a final pose on a robot figure. Children are tested with different robots than those used to demonstrate the target actions to test memory flexibility. We hypothesized that both monolingual and bilingual children would imitate the sequences significantly above baseline, but bilingual preschoolers would do so at a greater rate than their monolingual peers. To test this hypothesis, we visited 101 3-year-olds in their homes. An experimenter demonstrated 2- to 5-step sequences on one robot, and children were tested on a functionally similar but perceptually different robot. All preschoolers performed significantly above baseline on the total composite percentage score (the correct number of movements and pairs summed across all sequences, divided by the possible maximum score). There were no significant differences between monolinguals and bilinguals in baseline and test trials. We repeated the same pattern of results using a multi-level model, including all trials. The common binary classification of bilinguals and monolinguals often does not adequately describe the complex experience of growing up in a bilingual environment. Modeling the heterogeneity that arises from growing up in a bilingual home is important for understanding how this arrangement could impact an individual’s cognitive development. To consider such heterogeneity, we implemented latent profile modeling to identify language groups based on a series of variables such as L2, L3 exposure, speakers’ nativeness to the languages, and speakers’ proficiency and identified three profiles (low, medium, and high multilingual exposure). The pattern of results remained the same. We conclude that memory flexibility differences exhibited during infancy may plateau during early childhood. Full article
(This article belongs to the Special Issue New Perspectives on Bilingual Cognition in Children)
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11 pages, 12558 KiB  
Article
A Binary Decision Model and Fat Tails in Financial Market
by Kazuo Sano
Appl. Sci. 2022, 12(14), 7019; https://doi.org/10.3390/app12147019 - 12 Jul 2022
Cited by 4 | Viewed by 2455
Abstract
Binary decision models have been the subject of renewed research in recent years. In these models, agents follow a stochastic evolution where they must choose between two possible choices by taking into account the choices of their peers. Kirman explained the process of [...] Read more.
Binary decision models have been the subject of renewed research in recent years. In these models, agents follow a stochastic evolution where they must choose between two possible choices by taking into account the choices of their peers. Kirman explained the process of ant social herding using a simple model, and he conducted an interesting simulation. The fat-tail distribution in the security market is well known, but its causes have not been sufficiently clarified. The aim of this article is to clarify them by a very simple model. In this article, by establishing a simple security market model and by applying the model of Kirman, the fat tail observed for price fluctuations is reproduced. Recent research in neuroscience has shown that noise plays a positive roll and enables us to have a deeper understanding of a natural commonality between ants and traders. The beauty competition of Keynes is kept in mind, and it is shown that a cause of the fat tail is the balance between independence and interdependence of the economic agents. Using a natural computing algorithm called Kirman’s ant model, I conducted a time series analysis of finance that appears when simplifying the human “behavior of imitating others”. The results show that natural fat tails appear. Full article
(This article belongs to the Special Issue Intelligence in Natural and Digital Computing)
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18 pages, 1323 KiB  
Article
Peer Effects on Farmers’ Purchases of Policy-Based Planting Farming Agricultural Insurance: Evidence from Sichuan Province, China
by Xueling Bao, Fengwan Zhang, Shili Guo, Xin Deng, Jiahao Song and Dingde Xu
Int. J. Environ. Res. Public Health 2022, 19(12), 7411; https://doi.org/10.3390/ijerph19127411 - 16 Jun 2022
Cited by 10 | Viewed by 2708
Abstract
The tendency to conform with peers, and learning by imitation, have become new influencing factors that affect farmers’ purchases of policy-based planting agricultural insurance. Based on the survey data of 540 farmers in Sichuan Province in 2021, this study empirically analyzed the impact [...] Read more.
The tendency to conform with peers, and learning by imitation, have become new influencing factors that affect farmers’ purchases of policy-based planting agricultural insurance. Based on the survey data of 540 farmers in Sichuan Province in 2021, this study empirically analyzed the impact of peer effects on farmers’ purchases of policy-based planting agricultural insurance and its mechanism. The results show that: (1) Regardless of whether farmers’ relatives and friends visit during the New Year period, the purchase of policy-based planting agricultural insurance by relatives and friends will positively and significantly affect the purchasing behavior of the farmers. (2) The impact of the peer effect on the behavior of farmers purchasing policy-based planting agricultural insurance is related to the relationship between the strengths and weaknesses. (3) The results of the mechanism analysis show that, through the mediating variables of social network and trust, the influence of the peer effect is weakened. (4) Heterogeneity analysis shows that farmers having a larger land scale and higher educational background are more influenced by the same peer effect. The results of the study emphasize the importance of the peer effect on the behavior of farmers purchasing policy-based planting agricultural insurance, and can provide a decision-making reference for the formulation of related policies. Full article
(This article belongs to the Special Issue Livelihoods Resilience and Sustainable Rural Development)
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20 pages, 510 KiB  
Article
Peer Effect in Merger and Acquisition Activities and Its Impact on Corporate Sustainable Development: Evidence from China
by Yue Gu, Shenglin Ben and Jiamin Lv
Sustainability 2022, 14(7), 3891; https://doi.org/10.3390/su14073891 - 25 Mar 2022
Cited by 17 | Viewed by 3990
Abstract
The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on [...] Read more.
The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China between 2005 and 2019. Then, two econometric models are proposed separately to explore the impact of economic policy uncertainty on the merger and acquisition peer effect, as well as how the peer effect affects corporate sustainability. The key findings show that (i) firms tend to imitate their peers’ merger and acquisition behaviors, which means that the peer effect does exist in mergers and acquisitions; (ii) economic policy uncertainty could strengthen the peer effect in mergers and acquisitions; (iii) the peer effect has a negative impact on corporate sustainable development, and the impact is more significant within a relatively short period. Therefore, this study enriches the research of behavior science in mergers and acquisitions, improves the accuracy of peer effect testing and enables both firms and policymakers to mitigate irrational imitation in merger and acquisition deals, thus achieving their sustainable development goals. Full article
(This article belongs to the Special Issue Contemporary Issues in Applied Economics and Sustainability)
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