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We show that labor market frictions are first-order for understanding credit markets. Wage growth and labor share forecast aggregate credit spreads and debt growth as well as or better than alternative predictors. They also predict credit risk and debt growth in a cross section of international firms. Finally, high labor share firms choose lower financial leverage. A model with labor market frictions and risky long-term debt can explain these findings, and produce large credit spreads despite realistically low default probabilities. This is because precommitted payments to labor make other committed payments (i.e., interest) riskier. (JEL D33, E23, E24, E25, E44, F23, G32)

With the popularity of artificial intelligence, big data and Internet of Things, business nowadays is featured with technology advancement, open innovation and collaboration. This happens particularly in the manufacturing sectors, known as the Industrial 4.0 or the 4th Industrial Revolution. Alongside this trend, there is also a movement towards servitisation and service innovation. In the financial service sector, FinTech firms, traditional large firms, intermediaries, users and regulators are actively engaged together to develop a smart system of banking, investing and insurance service. Nevertheless, the sector is facing challenges in relation to security, trust and external disruptions. To solve this, first, this article builds an ambidextrous open innovation model with multi-dimensions, which are motivated by the arriving of the 4th Industrial Revolution. Second, this article applies the ambidextrous open innovation model with multi-dimensions to the financial sectors to validate the model basically. Third, this model is applied to several research studies to obtain additional validation of it.

As people pay attentions to social innovation as the source of innovative ideas and the repository of new business models, this study poses the following research questions: How does a social open innovation succeed? What is the success factor of social open innovation? What are the successful dynamics of social open innovation?This article selected two case studies: one is the Burro Battery Company in Ghana and the other is grassroots innovation enterprise of India known as the Honey Bee Network and its collaborator, National Innovation Foundation (NIF), Ahmedabad. The first case is a social open innovation firm case while the second case is a social open innovation policy case. Through deep case study, we found out the ways of success of social open innovation strategy and social open innovation policy.

The discussion of open innovation has always been centred on the organisation where innovation occurs. The focus would be on the inflow and outflow of knowledge into the organisation; several studies and cases published have addressed the concept around business (or government) organisations and their research and development (R&D) activities. The open innovation framework is based on a focal organisation, which is usually a business organisation that provides a platform for other organisations to collaborate—either helping the focal organisation to commercialise its knowledge and gain economic benefits or vice versa. This notion, we argue, is where an open innovation platform is 'supplier-driven', that is, 'supplier' indicating the focal organisation where innovation occurs. In this article, however, we propose an alternate framework for open innovation, that is, one that is 'customer-driven' where the customer organisation or demand-creating organisation provides a platform for open innovation. This alternate notion is derived from the case of the flagship applications of Malaysia's Multimedia Super Corridor (MSC Malaysia). The MSC Malaysia flagships can be seen as open innovation type platforms established by the customer, that is, the Malaysian government—which provides the demand pull for creating an open-innovation platform. This framework of a 'customer-driven' open innovation platform could provide lessons for other emerging economies to understand how their governments can play a more active role, as policymaker and demand-generating entity, to create a platform for open innovation.

We conducted a survey to verify the relationship between vertical and horizontal collectivism and Chinese organizational citizenship behavior (Chinese OCB) with a focus on the moderating effects of guanxi. Data were collected through emails and an online survey from 432 full-time Chinese
employees. The findings of the study indicated that collective orientation was positively related to Chinese OCB, and that guanxi moderated only the relationship between vertical collectivism and Chinese OCB. Our findings help strengthen the understanding of the dimensions of Chinese OCB.
Theoretical contributions are discussed; in particular, possible reasons for the nonsignificant moderating effects of guanxi on horizontal collectivism and Chinese OCB are given. Study results provide not only practical implications for existing employers or human resource managers, but also
for start-up entrepreneurs in their human resource management practices and innovative policies. Limitations of the study are pointed out and topics for future research are suggested.