In order to improve public financing sustainability in China, the Chinese government has announced several administrative policies on crowdfunding, concerning platform construction and operation, in recent years. However, the existing policy scope rarely mentions the importance of social psychology, which also plays a decisive role in determining the participation and success rates of crowdfunding. Therefore, this study uses the knowledge from social exchange theory (SET) and customer value perspective (CVP) to develop and validate a conceptual model of the key determinants of the public’s intention in investing in crowdfunded projects in China. Based on the primary survey data, the SEM (structural equation modeling) estimations suggest that: (1) communication, shared values, investors’ perceived benefits, and perceived risk have significant effects on crowdfunding investors’ trust in fundraisers of a particular crowdfunding project, which in turn act on their commitment and intentions to invest in the project; (2) trust strengthens funding intentions through fulfilling commitments, whereas its direct effect on funding intentions is insignificant; (3) commitment has a direct and significant positive effect on the enhancement of funding intentions. These findings propose a new perspective of improving public policies to support small and micro enterprises (SMEs) and individual innovative projects in China.

In this study, we examined whether private benefits of control can influence corporate social responsibility performance. We used both separations between cash flow and control rights and the length of the longest control chain to measure private benefits of control. Consistent with the private benefits motive, we found that firms with greater divergence between cash-flow rights and control rights, with longer control chains, are associated with lower corporate social responsibility performance. Further, we found that earnings management and capital occupation by the controlling shareholder are the two effective channels through which private benefits of control affect corporate social responsibility. Additionally, this negative association is more pronounced for firms located in regions with low degree of law environment and with CEOs appointed by the largest shareholder. Additional robustness tests using alternative CSR measurements, and two-stage least squares (2SLS) regression support the main findings. This study highlights a new determination channel of private benefits of control and practically guides the introduction of corporate social responsibility activities in emerging markets.

Purpose: The purpose is to investigate how to create a new premium new energy vehicle brand. Design/methodology/approach: This study employed a two-stage design. Firstly, a single-case study of NIO was undertaken to execute a thematic analysis, from which propositions were proposed and a theoretical model was constructed. Subsequently, quantitative data were collected through the questionnaire method to empirically test the model developed in the first stage. Findings: NIO creates great user experience through four aspects: product, service, digital touchpoints and lifestyle. Functional experience is shaped by product and digital touchpoints, while emotional experience is affected by service and lifestyle. NIO wins extremely high user satisfaction through great user experience. User satisfaction is affected by both functional and emotional experience. Taking extremely satisfied users as the core, NIO leverages word-of-mouth recommendations to increase brand awareness and build premium brand image, so as to achieve high performance in the long term. Originality/value: This study contributes to the literature by proposing and testing a theoretical model of creating a new premium new energy vehicle brand. It highlights the significance of emotional factors in the process of creating a new premium brand. It proposes employing the “ripple model” to translate user satisfaction into financial performance. It provides a three-step guide to creating a new premium brand for managers.

As an emerging technology-intensive industry, the low-altitude economy (hereafter LAE) has attracted growing attention for its potential contribution to sustainable development. However, little is known about whether its expansion can simultaneously promote environmental improvement and economic growth. Using panel data from 30 Chinese provinces from 2012 to 2023, this study examines the relationship between the LAE and the synergistic development of carbon reduction, pollution mitigation, green transition, and economic growth (hereafter CPGE). Green technological innovation (hereafter GT) is incorporated as a mediating variable, while artificial intelligence (hereafter AI) is introduced as both a moderating and a threshold variable to explore the underlying mechanisms and nonlinear effects. The results show that the LAE is significantly and positively associated with CPGE. GT exhibits a significant negative mediating effect, suggesting that the benefits of green innovation may not yet have been fully translated into coordinated green development outcomes during the sample period. AI not only strengthens the positive association between the LAE and CPGE but also exhibits a significant threshold effect. The contribution of the LAE becomes substantially stronger once AI development surpasses a critical level, highlighting the important role of digital intelligence in amplifying the environmental benefits of emerging industries. In addition, the impact of the LAE displays pronounced regional heterogeneity, with stronger effects observed in non-resource-based and non-central regions. This study contributes to the literature by revealing that the environmental effects of the LAE depend not only on innovation channels but also on the level of digital intelligence development. AI serves as a critical enabling condition for translating the growth potential of the LAE into coordinated green development. By revealing the mediating role of GT and the moderating and threshold effects of AI, this study provides new evidence on how emerging industries contribute to sustainable development. The findings underscore the importance of aligning LAE development with AI-driven digital transformation to advance sustainable regional development.