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AbstractThis study investigates how leadership by married couples affects the firm value of family businesses in the institutional context of the Chinese capital market. Marital leadership is found to significantly decrease firm value compared with other family firms, which is supported by a battery of estimation strategies. Aggravating the principal–principal problem, tunnelling behaviour and financial fraud are confirmed as potential economic mechanisms. Moreover, monitoring from the internal corporate governance and external institution environment helps marital leadership focus on shareholder wealth beyond family interest. Our findings indicate that marital leadership implies more of a collusion effect than a collaboration effect in China.

Integrated reporting (IR), as a novel corporate reporting approach, focuses on how six forms of capital promote corporate value. This paper explores whether this kind of multiple capitals disclosure (MCD) framework has an impact on the capital market. Using a sample of Chinese A-share firms from 2012 to 2016, we examine the relationship between MCD quality and firm value. The results indicate that a higher MCD quality leads to a greater firm value. Our results are robust to a variety of sensitivity tests. Further evidence suggests that MCD quality could increase profitability by affecting the decision-making of non-financial stakeholders and enhance the value relevance of financial information by affecting the decision-making of investors. The paper helps understand how the IR approach affects the perception of investors on the value of a firm. The findings of the paper are of interest to academics, corporate management, investors, and governmental officials.

Abstract
Driven by both climate change and urbanization, extreme rainfall events are becoming more frequent and having an increasing impact on urban commuting. Using hourly rainfall data and "metro" origin–destination (OD) flow data in Shanghai, China, this study uses the Prophet time series model to calculate the predicted commuting flows during rainfall events and then quantifies the spatiotemporal variations of commuting flows due to rainfall at station and OD levels. Our results show the following: 1) In general, inbound commuting flows at metro stations tend to decrease with hourly rainfall intensity, varying across station types. The departure time of commuters is usually delayed by rainfall, resulting in a significant stacking effect of inbound flows at metro stations, with a pattern of falling followed by rising. The sensitivity of inbound flows to rainfall varies at different times, high at 0700 and 1700 LT and low at 0800, 0900, 1800, and 1900 LT because of the different levels of flexibility of departure time. 2) Short commuting OD flows (≤15 min) are more affected by rainfall, with an average increase of 7.3% and a maximum increase of nearly 35%, whereas long OD flows (>15 min) decrease slightly. OD flows between residential and industrial areas are more affected by rainfall than those between residential and commercial (service) areas, exhibiting a greater fluctuation of falling followed by rising. The sensitivity of OD flows to rainfall varies across metro lines. The departure stations of rainfall-sensitive lines are mostly distributed in large residential areas that rely heavily on the metro in the morning peak hours and in large industrial parks and commercial centers in the evening peak hours. Our findings reveal the spatiotemporal patterns of commuting flows resulting from rainfall at a finer scale, which provides a sound basis for spatial and temporal response strategies. This study also suggests that attention should be paid to the surges and stacking effects of commuting flows at certain times and areas during rainfall events.

AbstractTo increase game loyalty but decrease game addiction, this study examines online game social migration and tests the mediating effects of offline social value and maladaptive cognition on the basis of the theory of consumption value and the cognitive behavioral model of pathological Internet use. The results are as follows: (i) Overall, online game social migration is associated with greater game loyalty and less game addiction; (ii) The positive association between online game social migration and game loyalty was mediated by offline social value; and (iii) Online game social migration is associated with lower game addiction. This paper provides a new perspective (taking into account both business interests and players' psychological health) for online game research and also offers practical guidance for cooperation between game companies and the public. Copyright © 2017 John Wiley & Sons, Ltd.