Browsing by Author "Tang, Ying"

Now showing 1 - 4 of 4
  • Thumbnail Image
    ItemOpen Access
    Modelling trust evolution within small business lending relationships
    (Springer, 2018-09-01) Tang, Ying; Moro, Andrea; Sozzo, Sandro; Li, Zhiyong
    Trust is a key dimension in the principal-agent relationship and it has been studied extensively. However, the dynamics, evolution, and intrinsic motivation and mechanisms have received less attention. This paper investigates the intrinsic motivation of trust and it proposes a theoretical model of trust evolution that is based on the notion of ‘trust response’ and ‘trust spiral’. We then specifically focus on trust within the lending relationship between banks and small businesses, and we run numerical simulations to further illustrate the evolution of involved mutual trust over time. Our model provides implications for future research in both trust evolution and small business lending relationships.
  • Thumbnail Image
    ItemOpen Access
    Reducing arsenic toxicity using the interfacial oxygen nanobubble technology for sediment remediation
    (Elsevier, 2021-09-11) Tang, Ying; Zhang, Meiyi; Zhang, Jing; Lyu, Tao; Cooper, Mick; Pan, Gang
    The arsenic (As)-bearing eutrophic waters may suffer from the dual conditions of harmful algal blooms and release of As, driven by algal-induced hypoxia/anoxia. Here, we investigate the use of interfacial oxygen (O2) nanobubble technology to combat the hypoxia and control As exposure in simulated mesocosm experiments. It was observed that remediation of algal-induced hypoxia at the sediment-water interfaces (SWI) by application of O2 nanobubbles reduced the level of dissolved As from 23.2 μg L−1 to <10 μg L−1 and stimulated the conversion of As(III) to the less toxic As(V) (65–75%) and methylated As (10–15%) species. More than half of the oxidation and all the methylation of As(III) resulted from the manipulation by O2 nanobubbles of microbes responsible for As(III) oxidation and methylation. Hydroxyl radicals were generated during the oxidation of reductive substances at the SWI in darkness, and should be dominant contributors to As(III) abiotic oxidation. X-ray absorption near-edge structure (XANES) spectroscopic analysis demonstrated that surface sediments changed from being sources to acting as sinks of As, due to the formation of Fe-(hydr)oxide. Overall, this study suggests that interfacial O2 nanobubble technology could be a potential method for remediation of sediment As pollution through the manipulation of O2-related microbial and geochemical reactions
  • Thumbnail Image
    ItemOpen Access
    Trade credit and firm efficiency: evidence from Chinese manufacturing firms
    (Taylor & Francis, 2023-02-02) Tang, Ying; Xu, Lu; Guo, Shijun; Moro, Andrea
    Our work focuses on the impact of trade credit financing on firm efficiency exploiting a sample of Chinese manufacturing listed firms for the period 2004 to 2018. We find that trade credit significantly improves firm efficiency. This positive association is stronger in firms located in regions with higher levels of social trust, during periods with higher economic policy uncertainty and in times of economic downturn. We reveal three economic mechanisms underlying our baseline findings: alleviating financial constraints, mitigating agency conflicts, and reducing transaction costs.
  • Thumbnail Image
    ItemOpen Access
    Trade credit in China: Exploring the link between short term debt and payables
    (Elsevier, 2019-11-04) Tang, Ying; Moro, Andrea
    Trade credit constitutes an essential element of short-term financing for most firms, especially for small and medium-sized enterprises. This paper investigates the dynamics between short-term bank debt and payables among 1525 Chinese small and medium-sized listed companies over the period of 2008–2016. The results suggest that an increase in stock and receivables is financed by both bank credit and payables. In addition, we find that bank credit and payables substitute each other. We also uncover a strong substitution effect among weak firms, possibly linked to the fact that weak firms struggle to access additional bank finance and thus are forced to rely on suppliers to support their growth. The substitution effect between payables and bank credit is robust to different cash conversion cycles and to the firm's liquidity.