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Daojuan Wang
Aalborg Universitet, Aalborg, Denmark

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Earlycite article
Published: 06 April 2021 in International Journal of Emerging Markets
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Purpose This paper explores the contextual factors involved in the development and application of paradigmatic theories in general, and the application and development of Agency Theory in the Chinese context in particular. Design/methodology/approach Referring to four templates for the design of conceptual papers as outlined by Jaakkola (2020), i.e. theory synthesis, theory adaptation, typology and model – we adopt an approach combining theory/literature synthesis and model establishment. Based on a thorough analysis and discussion of the literature on the topics of “context effect “, “interface between theory and context”, “special characteristics of Chinese context” and “invalid application of Agency Theory in a Chinese context”, we use Agency Theory as the lens to discuss the importance of context in applying and developing paradigmatic theory specifically. We start from the contextualization of Agency Theory and then explore approaches to theorizing the Chinese context by developing a conflict coefficient model. Findings First, the application validity of paradigmatic theories is not sustainable; contextual factors are critical in applying and developing not only propositional but also paradigmatic theories, such as Agency Theory. Second, the Chinese context requires special attention when applying paradigmatic theories originating from Western countries. Third, the traditional application logic of Agency Theory is invalid in the Chinese context due to the coexistence of principal-agent conflicts (PAC) and principal–principal conflicts (PPC), and changeable dominance status of two conflicts according to the contexts. Based on these observations, a model of contextualization theory of PAC and PPC (i.e. conflict coefficient model) is developed from a dynamic perspective, which connects the separated situation states and allows the identification and measurement of the relative severity of the two types of agency conflicts. Practical implications Practitioners can also use this model to identify and measure the relative strength of the two conflicts and determine the direction of control and improvement. Moreover, analysis of Chinese context and agency problems of Chinese firms also has great practical significance considering the increased importance of the Chinese market and the increasingly important role played by Chinese firms in the international economy in general, and in specific host countries in particular. Originality/value First, in general, this study expands Whetten's (2009) study of the interface between theory and context. It specifically discusses approaches to considering contextual factors in the development and application of the relatively overlooked paradigmatic theories, using traditional and widely used Agency Theory as a lens. Our study suggests that typical Agency Theory, developed based on Western-centric assumptions, does not completely hold in the context of Chinese business practices because of different cultural, legal and governance realities. Second, it improves and extends the application of Agency Theory by proposing the new perspective that PAC and PPC coexist in specific contexts and positing that the relative severity of two types of agency conflicts depends on the context variables. Third, it puts forward a conflict coefficient model offering a more comprehensive, intuitive and quantifiable method for comparing the extent of the two conflicts in different scenarios, providing a reference for empirical studies of corporate governance.

ACS Style

Chong Chen; Daojuan Wang; Beibei Wang. Interface between context and theory: the application and development of Agency Theory in the Chinese context. International Journal of Emerging Markets 2021, ahead-of-p, 1 .

AMA Style

Chong Chen, Daojuan Wang, Beibei Wang. Interface between context and theory: the application and development of Agency Theory in the Chinese context. International Journal of Emerging Markets. 2021; ahead-of-p (ahead-of-p):1.

Chicago/Turabian Style

Chong Chen; Daojuan Wang; Beibei Wang. 2021. "Interface between context and theory: the application and development of Agency Theory in the Chinese context." International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.

Article
Published: 25 June 2020 in International Entrepreneurship and Management Journal
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Innovation may be a basis for starting a business, and financing is typically needed for starting. Innovation and financing may conceivably be negatively related, or be unrelated, or plausibly be beneficially related. These possible scenarios frame the questions: What is the coupling between innovation and financing at inception, and what is the embeddedness of coupling in networks around the entrepreneur, specifically networks with investors and researchers? These questions are addressed with a globally representative sample of entrepreneurs interviewed at inception of their business. Innovation and financing are found to be decoupled, typically; less frequently to be loosely coupled, and rarely to be tightly coupled. Coupling is promoted by networking with both investors and researchers, with additive effects and with a synergy effect. By ascertaining coupling and its embeddedness in networks as a way for building capability in a startup, the study contributes to empirically supported theorizing about capability building.

ACS Style

Daojuan Wang; Thomas Schøtt. Coupling between financing and innovation in a startup: embedded in networks with investors and researchers. International Entrepreneurship and Management Journal 2020, 1 -21.

AMA Style

Daojuan Wang, Thomas Schøtt. Coupling between financing and innovation in a startup: embedded in networks with investors and researchers. International Entrepreneurship and Management Journal. 2020; ():1-21.

Chicago/Turabian Style

Daojuan Wang; Thomas Schøtt. 2020. "Coupling between financing and innovation in a startup: embedded in networks with investors and researchers." International Entrepreneurship and Management Journal , no. : 1-21.

Journal article
Published: 12 March 2020 in International Business Review
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Research on cross-border acquisitions (CBAs) consistently recognizes the importance of cultural differences, yet it lacks consensus on whether it has a positive or negative impact. While tied to the purpose and consequences of an acquisition, synergy realization has not received much attention in research on culture-performance relationship. Focusing on synergy realization in CBAs and applying a process and conditional perspective, we propose the relationship between national/ organizational culture differences and synergy realization to be moderated by the quality and extent of due diligence and post-acquisition coordination. Drawing from cross-cultural interaction and inter-organizational learning arguments, we further propose idiosyncratic effects of cultural differences in different synergy realization contexts, where we contrast explicit with implicit synergy realization. Our analysis is based on a unique survey on a sample of 103 cross-border acquisitions. The results indicate that both national and organizational culture differences exert a negative impact on the realization of implicit synergies while no impact on the realization of explicit synergies. National culture differences are found to have a stronger negative effect than organizational culture differences on synergy realization. Sufficient culture and human due diligence prior to the acquisition is found to significantly moderate the impact of high cultural differences.

ACS Style

Daojuan Wang; Daniel Hain; Jorma Larimo; Li T. Dao. Cultural differences and synergy realization in cross-border acquisitions. International Business Review 2020, 29, 101675 .

AMA Style

Daojuan Wang, Daniel Hain, Jorma Larimo, Li T. Dao. Cultural differences and synergy realization in cross-border acquisitions. International Business Review. 2020; 29 (3):101675.

Chicago/Turabian Style

Daojuan Wang; Daniel Hain; Jorma Larimo; Li T. Dao. 2020. "Cultural differences and synergy realization in cross-border acquisitions." International Business Review 29, no. 3: 101675.

Chapter
Published: 04 September 2019 in Doing Business in Africa
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This chapter updates the technology adoption literatures by investigating the technology evolution and analyzing the network actor’s interactions in a case study of blockchain technology (BT) adoption in Chinese financial industry. Based on the primary data collected via interview and focus group discussion, as well as the secondary data from the websites and media reports. Three main findings and contributions are obtained. First of all, we propose a combinative perspective of technology evolution and social network to analyze the technology adoption. This adds new insights to the research on technology adoption. Secondly, we identify a close relationship between technology evolution and network actor’s interactions, which can explain how BT is adopted in Chinese financial industry, and three stages are distinguished under the background of worldwide BT development. Thirdly, this chapter analyzes BT adoption case systematically from different actors’ perspectives, such as investors, exchanges, BT companies, traditional financial institutions, government and block chain financial research institutes, which provides a comprehensive investigation of this phenomenon and suggests some future research directions Lastly, some adoption problems have been observed from this case and the corresponding solutions are proposed, which are expected to offer some managerial insights.

ACS Style

Ziwei Zhao; Daojuan Wang; Xianhua Wei. A Combinative Perspective on Technology Adoption: A Case Analysis of Blockchain Technology Adoption in the Chinese Financial Industry. Doing Business in Africa 2019, 189 -219.

AMA Style

Ziwei Zhao, Daojuan Wang, Xianhua Wei. A Combinative Perspective on Technology Adoption: A Case Analysis of Blockchain Technology Adoption in the Chinese Financial Industry. Doing Business in Africa. 2019; ():189-219.

Chicago/Turabian Style

Ziwei Zhao; Daojuan Wang; Xianhua Wei. 2019. "A Combinative Perspective on Technology Adoption: A Case Analysis of Blockchain Technology Adoption in the Chinese Financial Industry." Doing Business in Africa , no. : 189-219.

Journal article
Published: 24 January 2019 in Emerging Markets Finance and Trade
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ACS Style

Zhengquan Guo; Xingping Zhang; Daojuan Wang; Xiaonan Zhao. The Impacts of an Energy Price Decline Associated with a Carbon Tax on the Energy-Economy-Environment System in China. Emerging Markets Finance and Trade 2019, 55, 2689 -2702.

AMA Style

Zhengquan Guo, Xingping Zhang, Daojuan Wang, Xiaonan Zhao. The Impacts of an Energy Price Decline Associated with a Carbon Tax on the Energy-Economy-Environment System in China. Emerging Markets Finance and Trade. 2019; 55 (12):2689-2702.

Chicago/Turabian Style

Zhengquan Guo; Xingping Zhang; Daojuan Wang; Xiaonan Zhao. 2019. "The Impacts of an Energy Price Decline Associated with a Carbon Tax on the Energy-Economy-Environment System in China." Emerging Markets Finance and Trade 55, no. 12: 2689-2702.

Journal article
Published: 15 September 2018 in Sustainability
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This paper examines the effect of independent director reputation incentives on corporate social responsibility (CSR). Using an unbalanced panel of 3765 Chinese-listed firms between 2009 and 2014, this study suggests that independent director reputation incentives improve CSR. Furthermore, it is found that this effect is more pronounced in non-state-owned enterprises (non-SOEs) than in state-owned enterprises (SOEs). In addition, our results also show that the effect of independent director reputation incentives on CSR is moderated by firm size, and this effect is much stronger in relatively larger firms. Together, these results suggest that reputation is an effective mechanism that can motivate independent directors to fulfill their role of monitoring and advising CSR, especially in non-SOEs and relatively larger firms. We add new insights to the research on the topics of independent director system, protection of the stakeholders’ interests, and CSR enhancement.

ACS Style

Lei Yu; Daojuan Wang; Qi Wang. The Effect of Independent Director Reputation Incentives on Corporate Social Responsibility: Evidence from China. Sustainability 2018, 10, 3302 .

AMA Style

Lei Yu, Daojuan Wang, Qi Wang. The Effect of Independent Director Reputation Incentives on Corporate Social Responsibility: Evidence from China. Sustainability. 2018; 10 (9):3302.

Chicago/Turabian Style

Lei Yu; Daojuan Wang; Qi Wang. 2018. "The Effect of Independent Director Reputation Incentives on Corporate Social Responsibility: Evidence from China." Sustainability 10, no. 9: 3302.

Journal article
Published: 28 August 2018 in Chinese Business Review
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ACS Style

Ziwei Zhao; Daojuan Wang. Demand- vs. Supply-Driven Innovation: A Case Study of Alipay Credit Renting Platform. Chinese Business Review 2018, 17, 1 .

AMA Style

Ziwei Zhao, Daojuan Wang. Demand- vs. Supply-Driven Innovation: A Case Study of Alipay Credit Renting Platform. Chinese Business Review. 2018; 17 (8):1.

Chicago/Turabian Style

Ziwei Zhao; Daojuan Wang. 2018. "Demand- vs. Supply-Driven Innovation: A Case Study of Alipay Credit Renting Platform." Chinese Business Review 17, no. 8: 1.

Book chapter
Published: 06 November 2016 in Value Creation in International Business
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Numerous waves of mergers and acquisitions (M&As) have led to substantial industrial restructuring in different parts of the world (DePamphilis 2012:18). Since the beginning of the 1990s, an increasing share of M&As has taken the form of cross-border acquisitions (CBAs) (Bertrand and Betschinger 2012). Paralleling with their popularity and practical importance, in both monetary and strategic terms, however, a majority of research findings show that the performance of M&A deals has not significantly improved over these decades (King et al. 2004; Martynova and Renneboog 2008). Other studies (Larimo and Pynnönen 2008; Kallunki et al. 2001), on the other hand, have concluded that, on average, foreign direct investment has significant value creating effects for investing firm shareholders. The researchers continue to be bewildered by the unpredictable nature of M&As, concluding their studies with: “a huge portion of variance remains unexplained” (Stahl and Voight 2004). According to Meglio and Risberg (2010), “one has not learnt very much about how the M&A process unfolds over time, how to measure M&A performance, and what makes an acquisition succeed.” Based on their experience with 70 M&As, Marks and Mirvis (2001) argue that the process through which the deal is conceived and executed is at the core of many failed combinations. Hence, an important question is not simply what to acquire, but also how to acquire. In order to develop a deeper understanding of the consequences of acquisitions, greater attention must be paid to the process that acquirers use to seize value from acquisitions (Hapeslagh and Jemison 1991; Haleblian et al. 2009).

ACS Style

Daojuan Wang; Hamid Moini; John Kuada. Antecedents of Cross-Border Acquisition Performance: Implementation Issues. Value Creation in International Business 2016, 237 -277.

AMA Style

Daojuan Wang, Hamid Moini, John Kuada. Antecedents of Cross-Border Acquisition Performance: Implementation Issues. Value Creation in International Business. 2016; ():237-277.

Chicago/Turabian Style

Daojuan Wang; Hamid Moini; John Kuada. 2016. "Antecedents of Cross-Border Acquisition Performance: Implementation Issues." Value Creation in International Business , no. : 237-277.

Journal article
Published: 03 August 2016 in Thunderbird International Business Review
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ACS Style

Daojuan Wang; Olav Jull Sørensen; Hamid Moini. Disentangling the Value Creation Mechanism in Cross-Border Acquisitions: A Process-Oriented Approach. Thunderbird International Business Review 2016, 60, 387 -409.

AMA Style

Daojuan Wang, Olav Jull Sørensen, Hamid Moini. Disentangling the Value Creation Mechanism in Cross-Border Acquisitions: A Process-Oriented Approach. Thunderbird International Business Review. 2016; 60 (3):387-409.

Chicago/Turabian Style

Daojuan Wang; Olav Jull Sørensen; Hamid Moini. 2016. "Disentangling the Value Creation Mechanism in Cross-Border Acquisitions: A Process-Oriented Approach." Thunderbird International Business Review 60, no. 3: 387-409.

Journal article
Published: 04 August 2015 in Journal of Business Ethics
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Frequent and open interaction between venture capitalists (VCs) and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust is more relevant for investments in emerging economies, and relational trust is more relevant for investments in developed economies.

ACS Style

Daniel Hain; Sofia Johan; Daojuan Wang. Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust. Journal of Business Ethics 2015, 138, 743 -764.

AMA Style

Daniel Hain, Sofia Johan, Daojuan Wang. Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust. Journal of Business Ethics. 2015; 138 (4):743-764.

Chicago/Turabian Style

Daniel Hain; Sofia Johan; Daojuan Wang. 2015. "Determinants of Cross-Border Venture Capital Investments in Emerging and Developed Economies: The Effects of Relational and Institutional Trust." Journal of Business Ethics 138, no. 4: 743-764.

Book chapter
Published: 01 January 2015 in Encyclopedia of Information Science and Technology, Third Edition
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ACS Style

Daojuan Wang; Hamid Moini. Technology-Based Mergers and Acquisitions. Encyclopedia of Information Science and Technology, Third Edition 2015, 53 -64.

AMA Style

Daojuan Wang, Hamid Moini. Technology-Based Mergers and Acquisitions. Encyclopedia of Information Science and Technology, Third Edition. 2015; ():53-64.

Chicago/Turabian Style

Daojuan Wang; Hamid Moini. 2015. "Technology-Based Mergers and Acquisitions." Encyclopedia of Information Science and Technology, Third Edition , no. : 53-64.

Preprint
Published: 01 January 2014 in SSRN Electronic Journal
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ACS Style

Daniel S. Hain; Sofia Johan; Daojuan Wang. Cross Border Venture Capital Investment: A Network of Emerging Trust. SSRN Electronic Journal 2014, 1 .

AMA Style

Daniel S. Hain, Sofia Johan, Daojuan Wang. Cross Border Venture Capital Investment: A Network of Emerging Trust. SSRN Electronic Journal. 2014; ():1.

Chicago/Turabian Style

Daniel S. Hain; Sofia Johan; Daojuan Wang. 2014. "Cross Border Venture Capital Investment: A Network of Emerging Trust." SSRN Electronic Journal , no. : 1.

Preprint
Published: 01 January 2012 in SSRN Electronic Journal
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This paper focuses on three topics in mergers and acquisitions (M&As) field: motives for M&As, valuation techniques and performance assessment. This study wants

ACS Style

Daojuan Wang. Cross-Border Mergers and Acquisitions: A Survey of Field Evidence from Danish Firms. SSRN Electronic Journal 2012, 1 .

AMA Style

Daojuan Wang. Cross-Border Mergers and Acquisitions: A Survey of Field Evidence from Danish Firms. SSRN Electronic Journal. 2012; ():1.

Chicago/Turabian Style

Daojuan Wang. 2012. "Cross-Border Mergers and Acquisitions: A Survey of Field Evidence from Danish Firms." SSRN Electronic Journal , no. : 1.