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(Heckman, 1979), they discover that the association between investment performance in
China and divestiture decisions exhibit an inverted U-shaped pattern when investment
performance in China is favorable. Nonetheless, these companies are less likely to divest
from China when the investment performance becomes poor. They also uncover a positive
association between divestiture decisions and market performance. Finally, they reveal the
Inverse Mill’s Ratio and decision incompatibility both approach significance and success-
fully control selection bias.
The second article titled “Do Tax Risk and Tax Avoidance Affect Firm Value?” in the
field of finance by Kuo, Ko, Wu, and Ho looks at the impact of tax risk and tax avoidance,
both individually and jointly, on firm value. Using the data of listed companies in Taiwan
from 2000-2019, the results of measuring tax avoidance and tax risk with the cash effec-
tive tax rate show that investors negatively value tax risk while positively value tax avoid-
ance; furthermore, tax risk moderates the positive valuation of tax avoidance. Additionally,
they discover that across different tax systems or tax rate periods, tax avoidance and tax
risk have roughly the same impact on firm value; nonetheless, the magnitude of the impact
varies in some periods. Altogether, while prior literature on firm value has mostly focused
on tax avoidance, the empirical results of this study show that future researchers should
also consider the interaction between tax risk and tax avoidance.
The third article titled “A Humanistic Innovation Business Model for Higher
Education: The Case Study of Coursera” by Chiu, Wu, and Chuang is a case study on
digital transformation and value creation. The study traces the development of Coursera
(2012-2022) and analyzes how Coursera fosters the emergence of a new ecosystem
through the perspectives of ecosystem and institutional theory. This study finds that as a
hub firm, Coursera functions as an ecosystem architect and advocates for “educational
equity,” gaining legitimacy and support from elite universities. Specifically, this study
proposes a process model illustrates how Coursera connects and orchestrates ecosystem
members; designs the content, structure and governance models of new activities; and
fosters a dual-flywheel ecosystem business model centered on humanistic innovation,
which promotes the generating of a new ecosystem. This study proves that Coursera
provides a notable example which is distinct from traditional technology innovation
ecosystems.
The fourth article titled “Logical Correspondences: Lessons from the Digital
Transformation Case Study via Institutional Logic Perspective” by Chen is also a case
study on digital transformation and value creation. The research aims to explore the shift