Quality has always been an important factor affecting the competitive advantages and financial performance of firms. Some research has examined the impacts of Malcolm Baldrige Award and European Quality Award announcements on the market value of winners. However, the effect of the China Quality Award on firm market value has rarely been studied and has not been fully elucidated. On the basis of 85 China Quality Award announcements, this study explores whether winners show significant abnormal stock returns on the award announcement day using an event study. Some firm characteristics, such as ownership type, industry type, registered address, first time winning the award or not, and whether related firms won the awards are further considered. A market adjustment model is also adopted to re-estimate the short-term market reaction to test the robustness of our findings. It is found that China Quality Award winners do not show a significant market reaction for the full sample in the short term. However, the China Quality Award has brought significantly positive benefits to firms located in eastern China, first-time winners, and firms winning the award themselves. The long-term stock price performance is significantly positive. The findings may expand the research on the relationship between quality awards and firm market value in various institutional contexts.

Pakistan's eastern provinces are very badly affected by haze and smog caused by burning of rice straw and stubbles after reaping season. This practice causes emission of greenhouse gases and pollutant materials which not only has severe health consequences but also the main source of traffic disturbance and accidents due to poor visibility. A ban on burning of crop residue deems to be ineffective without alternative means and consultation of farmers. Previous studies were aimed to figure out causes, contributing factors and impacts of stubble burning, but largely ignored farmers choices and market environment. In this study, a survey-based farmers' preference order was obtained through hybrid AHP-TOPSIS model. The analysis traces out why most of the farmers prefer open field burning. The present study proposes a national residue management service (NRMS) platform based on preferences of the alternatives and considering market externalities. This research provides an appropriate mechanism and policy suggestions to policy makers and practitioners that may help in minimising the environmental impacts due to improper management of the crop residue.

Listing markets have different cultural backgrounds and experience different economic development. This study examines the impact of cultural values and the moderating effect of economic growth on IPO underpricing issued by Chinese companies in different stock markets. Using a sample of 2429 IPOs issuing in four different stock markets for the 2000–2018 period, the results suggest that in markets with higher power distance or longer-term orientation, IPOs experience higher underpricing; in markets with higher uncertainty avoidance scores, masculinity, individualism, or indulgence, IPOs experience lower underpricing. The greater the multidimensional cultural distance is to the Chinese A-share market, the less underpricing IPOs experience. Economic growth has a significant moderating effect, thereby intensifying or restraining the relationship between culture and IPO underpricing. The additional analysis considering cross-listing companies, and the robustness tests considering alternative measures of culture further support the above conclusions. This study highlights the cultural and economic factors motivating IPO underpricing, can help managers select listing markets from cultural and economic perspective.