High-quality implementation of cross-border mergers and acquisitions (cross-border M&As) is an important pathway for emerging-market multinational enterprises (EMNEs) to enhance their international competitiveness. However, in comparison to developed countries, cross-border M&As by EMNEs are often prohibited by the liability of origin caused by negative political coverage. How and why negative political coverage affect the completion of cross-border M&As by EMNEs? What are the contextual constraints that moderate the impact of negative political coverage on cross-border M&As completion? Based on the “liability of origin” theory, this paper addresses these questions using data from the Zephyr database on cross-border M&As by EMNEs in the United States from 2016 to June 2021 and employing a logit model for estimation. The research findings are as follows: (1) Negative political coverage leads to negative perceptions of emerging market countries by host country stakeholders, creating the liability of origin and stigmatizing the corporate nationality, thereby reducing the success rate of cross-border M&As by EMNEs. (2) Increasing geographical distance leads to information asymmetry, reinforcing the negative impact of negative political coverage on the completion of cross-border M&As by EMNEs. (3) Relevant mergers and acquisitions exacerbate the negative effect of negative political coverage on the success rate of cross-border M&As by EMNEs. (4) Being a publicly traded firm and having successful experience in cross-border M&As both intensify the negative impact of negative political coverage on the success rate of cross-border M&As by EMNEs.

In the rapidly evolving landscape of China’s pharmaceutical industry, this study investigates how pharmaceutical enterprises can achieve profitable sales innovation amid the process of digital transformation. Grounded in the Affordance theory, it posits that the positive impact of digital transformation on sales innovation is driven by the affordance afforded by digital technology and ubiquity. The research focuses on A-share pharmaceutical companies in China, utilizing data from 2012 to 2022 and employing multiple regression analysis to examine the influence of digital transformation on corporate sales innovation. The results demonstrate a significant positive effect of digital transformation on sales innovation. The study further categorizes digital transformation into technological affordance and ubiquity affordance, separately validating their roles in promoting sales innovation. Moreover, by considering synergistic effects, the research unveils the intricate relationship between digital transformation and corporate innovation performance. The findings provide a fresh perspective on understanding how digital technology propels sales innovation and offer concrete guidance for the digital transformation practices in the pharmaceutical industry.

In the process of seeking sustainable development, enterprises have chosen international business strategy. The purpose of this study is to examine the relationship between the degree of internationalization of Chinese listed firms and financial reporting quality, as well as whether audit committees can moderate the impact of enterprise internationalization on financial reporting quality. The empirical analysis results of Chinese listed manufacturing firms from 2014 to 2018 show that: the degree of corporate internationalization has a significant U-shaped relationship with earnings management. This new finding solves the problem that scholars have inconsistent views on the internationalization of enterprises and the quality of financial reporting. The study also found that audit committees with experience working in accounting firms can inhibit firm earnings management behavior in the early stage of internationalization; audit committees with experience working overseas can inhibit firm earnings management behavior in the later stage of internationalization; the higher the remuneration of audit committee experts, the more it can inhibit firm earnings management behavior in the early stage of internationalization. In the later stage of internationalization, the higher the remuneration of audit committee experts, it helps the earnings management behavior of firms. This provides new evidence on the functioning of the audit committee’s role; however, the independence of the audit committee and the proportion of financial experts do not have a significant effect on the inhibition of earnings management.

Objective: To study the growth, accumulation and soil nutrient content of each overseeded species under different interharvesting intensity treatments of Eucalyptus, and to explore the best re-cultivation method suitable for mixed overseeded species after Eucalyptus interharvesting. Methods: In Guangxi state-owned Qipo forest, Eucalyptus tailorii with different planting densities (DH32-29) were mixed with Castanopsis hystrix, Mytilaria laosensis and Michelia macclurei, and four different treatments (CK, LT, MT and HT) were established for re-cultivation of Eucalyptus near-mature forests with different logging intensities, and the differences in growth conditions and soil physicochemical properties of each species were analyzed. Results: (1) As the proportion of Eucalyptus allocation decreased, the growth of Eucalyptus diameter at breast height, tree height and individual wood volume could be promoted; the growth of the three parameters of HT and MT Eucalyptus were significantly different from LT and CK. (2) The average wood volume per plant of the set species in the CK and LT treatments was Mytilaria laosensis > Michelia macclurei > Castanopsis hystrix, while in the MT and HT treatments it was Mytilaria laosensis > Castanopsis hystrix > Michelia macclurei. (3) The differences in soil aeration, total saturated water holding capacity, capillary water holding capacity, and field water holding capacity in soil layers of different depth varied. In the same soil layer, soil aeration, total porosity and capillary porosity were HT > CK > LT > MT; saturated water holding capacity and capillary water holding capacity were HT > CK > LT > MT, while field water holding capacity was CK > HT > LT > MT. (4) Organic matter, pH, total nitrogen, total phosphorus, total potassium, fast-acting nitrogen, fast-acting phosphorus, and fast-acting potassium changed with varying soil depth in each treatment.

The management of Mediterranean mountains need to know whether or not the flora is adapted to respond to fire and, if so, through what mechanisms. Serpentine outcrops constitute particular ecosystems in the Mediterranean Basin, and plants need to make an additional adaptive effort. The objective of this study is to know the response to fire of the main members of the group of serpentine plants, which habit the Spanish Mediterranean ultramafic mountain, to help in their management. For this purpose, monitoring plots were established on a burned ultramafic outcrop, which was affected by fire in August 2012.They were located in the Mediterranean south of the Iberian Peninsula, Andalusia region. The dominant vegetation of this serpentine ecosystem had been studied previously to fire; it was a shrubland composed of endemic serpentinophytes (small shrubs and perennial herbs) included in Digitali laciniatae-Halimietum atriplicifolii plant association (Cisto-Lavanduletea class) in an opened pine forest. The post-fire response of the plants was studied in the stablished burned plots by field works through permanent 200 x 10 m transect methods, consisting on checking whether they were resprouters, seeders, both of them or if they showed no survival response. Additional information about fire related functional traits is provided for the studied taxa from other studies. Of the total of plants studied (23 taxa), 74% acted as resprouters, 30% as seeders, some of which also had the capacity to resprout (13%), and only 9% of the plants did not show any survival strategy. The presence of a resprouting burl was not high (17%), although serpentine small shrubs such as Bupleurum acutifolium and the generalist Teucrium haenseleri had this kind of organ. The herbaceous taxa Sanguisorba verrucosa, Galium boissieranum and Linum carratracense were seen to be resprouters and seeders. The serpentine obligated Ni-accumulator, Alyssum serpyllifolium subsp. malacitanum, did not show any survival strategy in the face of fire and therefore their populations need monitoring after fires. In the studied ecosystems no species had traits that would protect the aerial part of the plant against fire, although most of the species are capable of post-fire generation by below ground buds. Our results show that the ecosystem studied, composed of taxa with a high degree of endemism and some of them threatened, is predominantly adapted to survival after a fire, although their response capacity may be decreased by environmental factors.