This study examines the cyclicality of the corporate investment–financing maturity mismatch in Vietnam. Using panel data from 548 non-financial listed firms in Vietnam over the period 2008 to 2024, the study estimates fixed-effects and dynamic generalized method of moments (GMM) models to address persistence and endogeneity concerns. The findings are further validated through a broad set of robustness tests. The results provide strong evidence that maturity mismatch is procyclical. Economic expansions shorten firms' debt maturity and raise their risk-taking behavior, both of which intensify the mismatch. The procyclical pattern is less pronounced for larger firms, Ho Chi Minh Stock Exchange (HOSE)-listed firms and high-growth firms. Firms in high-tech sectors and those operating under monetary easing conditions also show weaker procyclical responses. This study extends the corporate maturity mismatch literature by highlighting the role of business cycles as a systematic macroeconomic determinant of firms' maturity structure decisions, particularly in emerging markets. It further provides evidence on how economic cycles influence maturity mismatch through debt maturity and risk-taking and highlights heterogeneous firm responses across firm characteristics, industries and monetary policy environments.
This study examines whether CEO financial background shapes corporate artificial intelligence (AI) overclaiming in an emerging-market context. Drawing on upper echelons theory (UET), we argue that financially experienced CEOs may frame AI as a market-oriented strategic narrative while underinvesting in the long-term technological capabilities needed to substantiate such claims. Using Chinese A-share listed firms from 2010 to 2023, we measure AI overclaiming as the gap between AI disclosure and invention-based AI capability. We estimate models with firm and year fixed effects and validate the findings through robustness tests, including AI investment- and residual-based measures, as well as endogeneity, placebo and channel analyses. CEO financial background is positively associated with corporate AI overclaiming. Channel analyses suggest that financially experienced CEOs widen the disclosure–capability gap by increasing short-term financial asset allocation and reducing R&D investment. This effect is stronger when external verification is weak, market pressure is high and policy-driven AI narratives are more salient. This study identifies CEO financial background as a managerial antecedent of AI overclaiming. It extends UET by showing how financial career imprints shape emerging-technology narratives and resource allocation. It also advances AI overclaiming research in emerging markets by showing that weak verification, state-guided capital allocation and policy-driven AI narratives intensify symbolic–substantive decoupling.
Purpose This study explores how economically constrained mothers rationalize risky purchases of counterfeit household goods in informal markets, extending attention beyond luxury counterfeits and treating caregiving responsibility as a central analytic concern. Design/methodology/approach Using grounded theory, the study analyzes 45 intercept interviews with low-income mothers shopping in two San Andresito markets in Bogotá, Colombia. Analysis used open coding, constant comparison and selective coding, with saturation tracked through a code-emergence log. Findings Mothers rationalize counterfeit purchases through Constrained Risk Rationalization (CRR): economic necessity, social normalization, trust-based mitigation and psychological trade-offs. Together, these mechanisms may help make counterfeit buying a practical, morally defensible response to household need. Research limitations/implications This first-stage qualitative study is bounded to brief interviews with one participant group in one market system. Future research should test CRR through ethnographic and mixed-method designs. Practical implications Risk warnings may be less effective when consumers already know the risks but perceive few alternatives. Responses may be more effective if they focus on affordability, community trust and safer local options. Social implications Counterfeit purchasing in informal markets is tied to poverty, exclusion and provisioning pressures; reducing it may require addressing these conditions, not enforcement or deterrence alone. Originality/value The paper extends counterfeit consumption research beyond luxury goods, offering a process-based account of how necessity, norms, trust and coping may operate together, and brings gendered caregiving responsibility into counterfeit consumption research in emerging markets.
Purpose This research examines how behavioral factors shape cryptocurrency investment intention, with particular emphasis on overconfidence, fear of missing out (FOMO), crypto decision bias (CID) and gamified trading. Design/methodology/approach A latent variable model was developed using exploratory factor analysis (EFA) and tested using partial least squares structural equation modeling (PLS-SEM) on survey data collected from 208 individual cryptocurrency investors in Croatia. Necessary condition analysis (NCA) was additionally applied to complement the sufficiency logic of PLS-SEM. Findings The results show that FOMO and gamified trading have significant positive effects on cryptocurrency investment intention, while overconfidence and crypto decision bias show nonsignificant effects. NCA findings further indicate that FOMO and gamified trading represent necessary conditions for achieving higher levels of investment intention. Originality/value This study contributes to behavioral finance and cryptocurrency literature by showing the differential roles of affective, cognitive and platform-related behavioral factors in cryptocurrency investment intention. It further combines sufficiency and necessity perspectives to distinguish factors associated with higher investment intention from necessary conditions for higher levels of intention.
Purpose This study aims to evaluate the impact of climate transition risk on agricultural firms' cash holdings, and to further explore the underlying mechanisms and economic consequence. Design/methodology/approach This study constructs a panel dataset from the annual reports of Chinese agricultural listed firms using textual analysis, and employs a fixed-effects model to explore the relationship between climate transition risk and cash holdings. Findings This study demonstrates that climate transition risk significantly reduces the cash holdings of agricultural firms. Corporate investment and financing constraints mediate this effect, while customer concentration moderates it. Firms located in western regions, large-scale firms, those with a high degree of digital transformation, and foreign-invested firms are better able to cushion the impact of climate transition risk on cash holdings. The influence of climate transition risk on cash holdings further leads to a reduction in operating profit margins. Originality/value This study makes a significant contribution to revealing the relationship between climate transition risk and cash holdings in agricultural firms.
